Local 600 in Cumberland, Md., is mourning the loss of CSX conductor trainee Travis Bradley alongside his family and friends.

Brother Travis Bradley, a conductor trainee out of Local 600 in Cumberland, Md., died after an at-work accident on Aug. 7

Shortly after midnight August 7, Brother Bradley, 40, died from injuries he received Aug. 6 while working in an incident involving a close clearance in a yard track. Brother Bradley referred to his new career in railroading as his dream job. Unfortunately, his career and life were both tragically cut short in Cumberland Yard.

Bradley came to the railroad in hopes of providing for his wife and three children. Like most of us, he was willing to sacrifice holidays, sleep and any aspect of a normal lifestyle to bring his family the security of railroad worker wages, healthcare and retirement.

As a trainee, Brother Bradley’s family is not protected by the same level of benefits that non-probationary employees are. The ugly truth is that his wife and children will not be taken care of by the railroad in the way that Travis had set out.

We all began as trainees, and even if it was 30 years ago, many of us remember having a close call while learning how to railroad safely. Brother Bradley didn’t survive that moment in his young career.

SMART-TD is asking all those who can identify with Brother Bradley and are able to do so, to please consider following this link to the GoFundMe campaign established to benefit Bradley’s wife, Nichole, and their three young daughters.

SMART-TD extends its condolences to the Bradley family and all our members in Local 600 and thanks Local 600’s Local Chairperson Danny Strang for establishing the GoFundMe campaign to benefit Brother Bradley’s family. Your leadership and willingness to go above and beyond the call of duty for the men and women of your crew base is appreciated.

Read Brother Bradley’s obituary

As a result of last year’s national rail negotiations, some TD freight rail members have gained — for the first time — paid sick leave benefits for train and engine workers for U.S.-based carriers on the East Coast.

In late April, GO-049 Mid-Atlantic District members ratified the first agreement for freight rail operating employees to receive paid sick days.

The agreement with CSX set a historic precedent, providing for five paid sick days, adding an option to convert personal days to sick days and cashing out sick time at the end of the year.

The lack of paid sick time within the railroad industry was highlighted in the media in 2022, when workers rejected a tentative national agreement that covered most railroad carriers and labor organizations, almost leading to a shutdown of the nation’s vital supply chain.

The operating crafts (which include engineers, conductors and trainmen) have what is perceived as the most demanding of working conditions of the railroad crafts due to the travel requirements, extreme weather conditions and the on-call nature of their positions. This agreement establishes a benefit in the railroad industry that many American workers already enjoy.

In addition to paid sick time, the agreement, which covers approximately 2,400 conductors and trainmen on CSX Northern line, also adopts the current attendance policy put in place by CSX into the collective bargaining agreement. Railroads in the past have been reluctant to negotiate attendance; this is another first for the operating workforce, as it subjects the former policy (now agreement) to negotiations if any changes are desired by either the carrier or the employees in the future.

“It’s refreshing and impressive to see the overwhelming support of the membership on this tentative agreement. It is also encouraging that SMART-TD and CSX leadership were able to sit down at the table and reach a consensus on items as important as these. I am hopeful this momentum will carry forward in future negotiations and help us collectively improve the working conditions and overall morale at CSX,” General Chairperson Richard Lee said.

Two other CSX committees, GOs 513 and 851, also reached similar tentative agreements in late May.

All Norfolk Southern operating general committees have ratified an agreement and completed negotiations with the carrier gaining five paid sick days, additional financial compensation and addressing scheduling and quality-of-life concerns. Yardmasters also reached an agreement that provides paid sick time.

UP GO reaches crew-consist agreement

Out west, GO-953 ratified a crew-consist agreement, preserving the in-cab role of the conductor until national negotiations reopen. The ratified agreement provides for a substantial signing bonus, work protections and no rules changes regarding road/yard switching.

General Chairperson Luke Edington of Local 286 (North Platte, Neb.) negotiated the successful agreement with assistance from Vice General Chairperson Zach Nagy and Vice President Brent Leonard.

GO-953 has members in 48 TD locals and represents workers in Union Pacific’s Eastern, Pacific Northwest and Idaho territories (former Chicago-Northwestern Railway Co.), Kyle, Nebraska Central and Portland Terminal railroads and the Wichita Terminal Association.

Property-specific negotiations continue with BNSF and remaining segments of CSX and UP, while talks with Norfolk Southern have concluded. The SMART website will continue to be updated with the latest information about continued negotiations and the substantial gains these agreements bring to our members’ quality of life.

CSX facts

  • Five paid sick days with option to convert two personal days
  • Unused sick days converted to cash
  • Incorporates more lenient carrier attendance policy
  • Covers ~2,400 members

UP facts

  • A $27,500 signing bonus upon the contract’s ratification
  • Continues to require the conductor’s position as being based in the cab of the locomotive
  • 30 years of protections for brakemen/switchmen, with assignments abolished

NS facts

  • T&E workers get five paid sick days with the option to convert up to two personal leave days to on-demand sick days
  • Unused personal leave days can now be carried over and accumulated indefinitely, with no limitations
  • Yardmasters get four paid sick days with the option to convert up to three personal leave days

Momentum is a powerful force. Right now, it is on rail labor’s side and our leadership is doing a great job of using it to the advantage of our membership. Monday, May 22, Joe Bennett, general chairperson of GO-851, and Brian Killough, general chairperson of GO-513 announced a tentative agreement with CSX to grant paid sick leave to its members.   

This announcement continues the progress that has been made by their counterpart in the northern region of CSX (GO-49) and by the general committees of Norfolk Southern. Paid sick leave has been the goal of railroaders for generations. It is not only the quality-of-life issue that defines our industry but also a validation of the dignity of our profession. Not only were Brothers Bennett and Killough able to get paid sick leave in this tentative agreement, but they were able to gain traction in several other areas as well.   

The tentative agreement synopsis is as follows:  

  • Provides five paid sick with the option to convert two personal days to paid sick days for conductors and trainmen. 
  • Unused sick days are converted to cash at the end of the year with the option to defer those payments into a 401(k).  
  • Incorporates the current 2023 CSX Revised Attendance Policy (the most lenient policy at CSX in decades) as a component of the CBA and is only subject to amendments under the provisions of the Railway Labor Act.  
  • Allows conductors to carry over up to 100 personal days from year to year rather than carrying over just 30 and losing the rest.  
  • Provides improved work/rest initiatives with the formation of a Joint Labor/Management Committee to implement “Smart Rest” options, which could provide for up to 24 hours off between tours of duty and voluntary rest day schedules.  
  • Reintroduces the safety boots program for trainpersons.  
  • Allows local union officials to be reimbursed for lost earnings when they mark off for vacation scheduling rather than just a basic day’s pay rate.  
  • Permits train service employees, when practicable, to drive themselves or their own crew within defined terminal switching limits under limited conditions.  

“We thank CSX CEO Joseph Hinrichs and Executive Vice President Jamie Boychuk for exhibiting flexibility and working with our union in a collaborative manner in reaching this tentative agreement,” SMART Transportation Division President Jeremy Ferguson said. “This serves as a vital first step to giving T&E personnel the paid sick time they deserve, and I am hopeful this accommodation will be soon extended to the employees working under the jurisdiction of all other rail carriers.”  

Brother Killough was quick to give credit for this TA coming together to SMART-TD Vice Presidents J.D. (John) Whitaker and Jamie Modesitt.   

“Brother Whitaker did a great job taking the lead on these negotiations, and Joe and I are excited about the end results. Not only did our team put us in a position to get the paid sick time our people need and deserve, but we got CSX to put the attendance policy into the Collective Bargaining Agreement,” Killough said. “That is a way bigger deal than most people realize. They can’t make a unilateral change to the attendance policy if this passes, and you can’t put a price tag on that kind of progress.”  

Bennett also brought the attendance policy up while he was discussing the advantages of this TA.   

“I’ve been working for CSX since 1998, and in the span of my career, they have had 4 or 5 different attendance policies. Each one was worse than the one it replaced,” he said. “Now we put ourselves in a good situation where they can’t just change our lives by simply sending out a system bulletin.”  

Another item in the agreement that both GCs brought up was the reinstatement of the boot program.   

“When CSX stopped providing safety boots for our men and women, it made a statement. It couldn’t have been a big enough expenditure to have made a real difference to them, but the money and implied downgrade in respect meant a lot to our guys,” Bennett said. “Hopefully, CSX agreeing to reinstate the program is just as good of an indicator of what is on the horizon as losing it was.”   

The boot program’s discontinuation was one of the first moves CSX made as E. Hunter Harrison embarked on implementing Precision Scheduled Railroading.  

Both Bennett and Killough went out of their way to point out that this tentative agreement is not written in stone. Bennett wanted it known that “We worked long and hard on forming this agreement and getting our members the paid sick time they obviously deserve, but it is up to individual locals to vote on whether or not this agreement gets ratified.”  

Per the SMART Constitution, each Local chair will be given the opportunity to cast a ballot, and the fate of this agreement will be decided by a simple majority of this vote.   

Both GCs have reached out to the locals they represent and provided the language of the tentative agreement. They are working to schedule conference calls with their local leaders in hopes of answering any questions they might have and ensuring that accurate information is being provided to the crew bases so they can make their decisions based on facts.  

SMART-TD is grateful to the leadership of Brothers Bennett and Killough for getting this agreement to this point. They have not only made us proud but have made strides to improve the lives of the SMART members they serve. We encourage all the members of these two general committees to read the agreement in its entirety and let your voices be heard in your local meetings. This union is in place to represent you. For SMART-TD to function properly, it requires that you take an active role, especially in matters of this level of importance.  

2nd Quarter 2022

Net Earnings: Increased 10% to $1.7 billion from $1.5 billion  
Earnings Per Share: n/a – BNSF is not publicly traded  
Revenue: Increased 14% to $6.6 billion from $5.8 billion  
Operating Income: Increased 7% to $2.4 billion from $2.2 billion
Operating Expenses: Increased 19% to $4.3 billion from $3.6 billion 
Operating Ratio: Worsened 2.8% to 63.2% from 60.4% 

Follow the link for full financial results from BNSF.

2nd Quarter 2022   

Net Earnings: Increased 28% to C$1.33 billion from C$1.04 billion  
Diluted Earnings Per Share: Increased 32% to C$1.92 per share from C$1.46 per share 
Revenue: Increased 21% to a record C$4.34 billion from C$3.6 billion  
Operating Income: Increased 28% to a record C$1.8 billion from C$1.4 billion 
Operating Expenses: Increased 18% to C$2.6 billion from C$2.2 billion  
Operating Ratio: Improved 2.3 points to 59.3% from 61.6% 

Follow the link for full financial results from CN.

2nd Quarter 2022

Net Earnings: Decreased 39% to C$765 million from C$1.25 billion  
Diluted Earnings Per Share: Decreased 56% to $0.82 per share from $1.86 per share 
Revenue: Increased 7% to C$2.20 billion from C$2.05 billion  
Operating Income: Increased 6% to C$868 million from C$820 million  
Operating Expenses: Increased 8% to C$1.33 billion from C$1.23 billion  
Operating Ratio: Worsened by 50 basis points to 60.6% from 60.1%

Follow the link for full financial results from CP.

2nd Quarter 2022

Net Earnings: Increased to $1.18 billion from $1.17 billion  
Diluted Earnings Per Share: Increased 4% to $0.54 per share from $0.52 per share  
Revenue: Increased 28% to $3.82 billion from $3.00 billion  
Operating Income: Increased 1% to $1.70 billion from $1.69 billion  
Operating Expenses: Increased 63% to $2.11 billion from $1.30 billion  
Operating Ratio: Worsened to 55.4% from 43.4% 

Follow the link for full financial results from CSX.

2nd Quarter 2022

Net Earnings: Increased 142% to $194 million from -$459.6 million  
Earnings Per Share: n/a  
Revenue: Increased 13% to $846 million from $750 million  
Operating Income: Increased 172% to $313 million from -$432 million  
Operating Expenses: Decreased 55% to $533 million from $1.18 billion  
Operating Ratio: Improved 94.6 points to 63.0% from 157.6% 

Follow the link for full financial results from KCS.

2nd Quarter 2022

Net Earnings: Stayed flat at $819 million  
Diluted Earnings Per Share: Increased 5% to $3.45 per share from $3.28 per share  
Revenue: Increased to $3.3 billion from $2.8 billion  
Operating Income: Increased 9% to $1.09 billion from $1.04 billion  
Operating Expenses: Increased 21% to $2 billion from $1.6 billion  
Operating Ratio: Worsened to 60.9% from 58.3%

Follow the link for full financial results from NS.

2nd Quarter 2022

Net Earnings: Increased 2% to $1.84 billion from $1.79 billion  
Diluted Earnings Per Share: Increased to $2.93 per share from $2.72 per share  
Revenue: Increased 14% to $6.3 billion from $5.5 billion 
Operating Income: Increased 1% to $2.49 billion from $2.47 billion 
Operating Expenses: Increased 25% to $3.8 billion from $3.03 billion  
Operating Ratio: Worsened 5.1 points to 60.2% from 55.1% 

Follow the link for full financial results from UP.

Local 1374 (New Castle, Pa.) conductor Erik D. O’Brien, 44, lost his life Saturday, May 21, 2022, when his car hit the back of a semi-truck on his way home from work around 4 p.m.

Erik D. O’Brien

A 1996 graduate of Marlington High School in Alliance, Ohio, Brother O’Brien was a member of the Louisville Baptist Temple, the Civil Air Patrol, the NRA and was a part of his high school wrestling team. He enjoyed skydiving, going to shooting ranges and spending time with his dog and family.

A 23-year member of CSX Local 1374, Brother O’Brien was both a certified conductor and engineer.

“I only knew Erik from some phone calls over the years, and he seemed to be a great person,” said GO 049 General Chairperson Rick Lee. “He was a loyal member of UTU/SMART.”

Brother O’Brien is survived by his parents, Daniel and Denise (Boyce) O’Brien; wife, Catherine (Welton); son, Caiden John O’Brien; brother, Shane (Jodi) O’Brien; as well as several nieces, nephews, aunts, uncles, cousins and friends. He was preceded in death by his paternal and maternal grandparents.

A visitation is scheduled Friday, May 27 at the Louisville Baptist Temple, 6565 Columbus Road NE, Louisville, OH 44641, from 4 p.m. to 7 p.m.. A funeral service will be held privately and he will be interred at Fairmount Memorial Park.

A fund has been set up for Erik’s son, Caiden, and checks may be made out and sent to the funeral home with the name Caiden O’Brien in the memo. The funeral home handling the fund is Cassaday-Turkle-Christian Funeral Home, 75 S. Union Ave., Alliance, Ohio 44601. Memorial contributions may also be made to the NRA, 11250 Waples Mill Road, Fairfax, VA 22030 or to Gideons International, P.O. Box 97251, Washington, D.C. 20090.

Click here to leave condolences for the family.

SMART-TD offers our sincere condolences to Brother O’Brien’s family, Local 1374, his friends and all who knew him.

The federal Surface Transportation Board issued the following statement on Friday, May 6:

The Surface Transportation Board today announced that it will require certain railroads to submit service recovery plans as well as provide additional data and regular progress reports on rail service, operations, and employment.  These measures are meant to inform the Board’s assessment of further actions that may be warranted to address the acute service issues facing the rail industry and to promote industry-wide transparency, accountability, and improvements in rail service.

This decision follows extensive testimony on severe rail service issues reported by a wide range of witnesses — including agricultural, energy, and other shippers, as well as government officials, rail labor, and rail experts — during the Board’s April 26 and 27, 2022 public hearing in Urgent Issues in Freight Rail Service. The Board has also continued to review and monitor weekly rail service performance data, which indicate trends in deteriorating service. The decision focuses on the adequacy of recovery efforts involving BNSF Railway Company (BNSF), CSX Transportation (CSX), Norfolk Southern Railway Company (NS), and Union Pacific Railroad Company (UP), and it requires more comprehensive and customer-centric reporting of all Class I railroads’ service metrics.

“Our freight rail service hearing highlighted the grave concerns of shippers and others regarding freight rail service,” said Chairman Martin J. Oberman. “While the railroads have faced certain challenges over the last few years, the evidence produced at last week’s hearing is overwhelming that the railroads’ longstanding practice of reducing operating ratios by cutting employment levels, mothballing locomotives, and eliminating other essential resources are the central reasons  why farmers have been hours away from depopulating herds, manufacturing facilities have reduced operating hours, and shippers cannot get their products to market on time or receive essential raw materials for their companies. These failures are harming the nation’s economy and, in my view, are contributing to the inflationary forces affecting food and fuel in particular.”

“Requiring additional reporting from railroads may not be the final result of our hearing on service issues. Today’s decision is an immediate step the Board can take to enable needed monitoring of the improved efforts the railroads have been promising for months, and to determine if additional regulatory steps are necessary to promote reliable service.”

Today’s decision requires all Class I carriers to submit several specific reports on rail service, performance, and employment.  In addition, BNSF, CSX, NS, and UP are required to submit service recovery plans, progress reports, historical data, and participate in bi-weekly conference calls with Board staff.

A recording of the Board’s April 26 and 27, 2022 hearing in Urgent Issues in Freight Rail Service, may be viewed on the Board’s YouTube page.  Today’s decision in Urgent Issues in Freight Rail Service—Railroad Reporting, Docket No. EP 770 (Sub-No. 1), may be viewed and downloaded here.


4th Quarter 2021
Net Earnings: Increased 13% to $1.7 billion from $1.5 billion
Diluted Earnings Per Share: n/a – BNSF is not publicly traded
Revenue: Increased 11% to $6.3 billion from $5.7 billion
Operating Income: Increased 12% to $2.4 billion from $2.2 billion
Operating Expenses: Increased 10% to $3.9 billion from $3.5 billion
Operating Ratio: Improved to 60.0% from 60.3%


2021 Annual Earnings
Net Earnings: Increased 16% to $6.0 billion from $5.2 billion
Diluted Earnings Per Share: n/a – BNSF is not publicly traded
Revenue: Increased 12% to $23.3 billion from $20.9 billion
Operating Income: Increased 14% to $8.8 billion from $7.7 billion
Operating Expenses: Increased 10% to $14.5 billion from $13.1 billion
Operating Ratio: Improved to 60.9% from 61.6%
Read BNSF’s full earnings report.


4th Quarter 2021
Net Earnings: Increased 17% to C$1.20 billion from C$1.02 billion
Diluted Earnings Per Share: Increased 18% to $1.69 per share from $1.43 per share
Revenue: Increased 3% to C$3.75 billion from C$3.66 billion
Operating Income: Increased 11% to a record C$1.57 billion from C$1.41 billion
Operating Expenses: Decreased 1% to C$2.19 billion from C$2.25 billion
Operating Ratio: Improved 3.1 points to 58.3% from 61.4%

2021 Annual Earnings
Net Earnings: Increased 37% to C$4.90 billion from C$3.60 billion
Diluted Earnings Per Share: Increased 38% to $6.89 per share from $5.00 per share
Revenue: Increased 5% to C$14.48 billion from C$13.82 billion
Operating Income: Increased 18% to C$5.62 billion from C$4.78 billion
Operating Expenses: Decreased 2% to C$8.86 billion from C$9.04 billion
Operating Ratio: Improved 4.2 points to 61.2% from 65.4%
Read CN’s full earnings report.


4th Quarter 2021
Net Earnings: Decreased 34% to C$532 million from C$802 million
Diluted Earnings Per Share: Decreased 38% to $0.74 per share from $1.19 per share
Revenue: Increased 1% to C$2.04 billion from C$2.01 billion
Operating Income: Decreased 10% to C$832 million from C$928 million
Operating Expenses: Increased 11% to C$1.21 billion from C$1.08 billion
Operating Ratio: Worsened 530 basis points to 59.2% from 53.9%

2021 Annual Earnings
Net Earnings: Increased 17% to C$2.9 billion from C$2.44 billion
Diluted Earnings Per Share: Increased 16% to $4.18 per share from $3.59 per share
Revenue: Increased 4% to C$8.0 billion from C$7.71 billion
Operating Income: Decreased 3% to C$3.21 billion from C$3.31 billion
Operating Expenses: Increased 9% to C$4.80 billion from C$4.40 billion
Operating Ratio: Worsened 280 basis points to 59.9% from 57.1%
Read CP’s full earnings report.


4th Quarter 2021 
Net Earnings: Increased 23% to $934 million from $760 million
Earnings Per Share: Increased 27% to $0.42 per share from $0.33 per share
Revenue: Increased 21% to $3.43 billion from $2.83 billion
Operating Income: Increased 12% to $1.37 billion from $1.22 billion
Operating Expenses: Increased 28% to $2.1 billion from $1.6 billion
Operating Ratio: Worsened to 60.1% from 57.0%

2021 Annual Earnings
Net Earnings: Increased 37% to $3.8 billion from $2.8 billion
Earnings Per Share: Increased 40% to $1.68 per share from $1.20 per share
Revenue: Increased 18% to $12.52 billion from $10.58 billion
Operating Income: Increased 28% to $5.6 billion from $4.4 billion
Operating Expenses: Increased 11% to $6.9 billion from $6.2 billion
Operating Ratio: Improved to 55.3% from 58.8%
Read CSX’s full earnings report.


4th Quarter 2021
Net Earnings: Increased 258% to $595.1 million from $166.3 million
Earnings Per Share: On December 14, 2021, Canadian Pacific Railway acquired the outstanding common and preferred stock of KCS. Therefore, earnings per share data is not presented because the company does not have any outstanding or issued publicly traded stock.
Revenue: Increased 8% to $747.8 million from $693.4 million
Operating Income: Increased 209% to $810.6 million from $262.3 million
Operating Expenses: Decreased 115% to a negative $62.8 million from $431.1 million due to the merger
Operating Ratio: Improved 70.6 points to –8.4% from 62.2%

2021 Annual Earnings 
Net Earnings: Decreased 15% to $527 million from $619 million
Earnings Per Share: On December 14, 2021, Canadian Pacific Railway acquired the outstanding common and preferred stock of KCS. Therefore, earnings per share data is not presented because the company does not have any outstanding or issued publicly traded stock.
Revenue: Increased 12% to $2.95 billion from $2.63 billion
Operating Income: Decreased 12% to $884 million from $1.00 billion
Operating Expenses: Increased 27% to $2.06 billion from $1.63 billion
Operating Ratio: Worsened 8.1 points to 70.0% from 61.9%
Read KCS’s full earnings report.


4th Quarter 2021
Net Earnings: Increased 13% to $760 million from $671 million
Diluted Earnings Per Share: Increased 18% to $3.12 per share from $2.64 per share
Revenue: Increased 11% to $2.9 billion from $2.6 billion
Operating Income: Increased 15% to a 4th quarter record of $1.1 billion from $1.0 billion
Operating Expenses: Increased 8% to $1.7 billion from $1.59 billion
Operating Ratio: Improved 2% to a 4th quarter record 60.4% from 61.8%

2021 Annual Earnings 
Net Earnings: Increased 27% to $3 billion from $2 billion
Diluted Earnings Per Share: Increased 31% to $12.11 per share from $7.84 per share
Revenue: Increased 14% to $11.1 billion from $9.8 billion
Operating Income: Increased 28% to a record $4.4 billion from $3.0 billion
Operating Expenses: Decreased 1% to $6.7 billion from $6.8 billion
Operating Ratio: Improved 7% to an all-time record of 60.1% from 69.3%
Read NS’s full earnings report.

4th Quarter 2021 
Net Earnings: Increased 24% to $1.7 billion from $1.4 billion
Earnings Per Share: Increased 30% to $2.67 per share from $2.05 per share
Revenue: Increased 12% to $5.7 billion from $5.1 billion
Operating Income:  Increased 22% to $2.4 billion from $2.0 billion
Operating Expenses: Increased 5% to $3.3 billion from $3.1 billion
Operating Ratio: Improved 3.6 points to 57.4% from 61.0%

2021 Annual Earnings 
Net Earnings: Increased 22% to $6.5 billion from $5.3 billion
Earnings Per Share: Increased 26% to $9.98 per share from $7.90 per share
Revenue: Increased 12% to $21.8 billion from $19.5 billion
Operating Income: Increased 19% to $9.3 billion from $7.8 billion
Operating Expenses: Increased 7% to $12.5 billion from $11.7 billion
Operating Ratio: Improved 2.7 points to 57.2% from 59.9%

“The Union Pacific team concluded its most profitable year ever in 2021. We produced double-digit fourth-quarter revenue growth by leveraging our great rail franchise to generate positive business mix and core pricing gains,” UP CEO Lance Fritz said.
Read UP’s full earnings report.


Notes: 

  • Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
  • All comparisons are made to 2020’s fourth-quarter and 2020 year-end results respectively for each railroad.
  • All figures for CN & CP are in Canadian currency, except for earnings per share.


2nd Quarter 2021
Net Earnings: Increased 34% to $1.52 billion from $1.13 billion
Earnings Per Share: n/a – not publicly traded
Revenue: Increased 26% to $5.81 billion from $4.60 billion
Operating Income: Increased 28% to $2.22 billion from $1.73 billion
Operating Expenses: Increased 25% to $3.6 billion from $2.9 billion
Operating Ratio: Improved 0.7% to 60.4% from 61.1% 
Click here to read BNSF’s full earnings report.
 

2nd Quarter 2021
Net Earnings: Increased 90% to C$1.034 million from C$545 million
Diluted Earnings Per Share: Increased 90% to C1.46 from C$0.77
Revenue: Increased 12% to C$3.598 million from C$3.209 million
Operating Income: Increased 76% to C$1.382 million from C$785 million
Operating Expenses: Decreased 9% to C$2.216 million from C$2.424 million
Operating Ratio: Improved 13.9 points to 61.6% from 75.5% 
Click here to read CN’s full earnings report.
 

2nd Quarter 2021
Net Earnings: Increased 96% to C$1.25 billion from C$635 million
Diluted Earnings Per Share: Increased 100% to a record $1.86 per share from $0.93 per share
Revenue: Increased 15% to a record C$2.05 billion from C$1.79 billion
Operating Income: Increased 6% to C$820 million from C$770 million
Operating Expenses: Increased 21% to C$1.23 billion from C$1.02 billion
Operating Ratio: Improved 170 basis points to a record 55.3% from 57% 
Click here to read CP’s full earnings report.
 

2nd Quarter 2021
Net Earnings: Increased 135% to $1.17 billion from $499 million
Earnings Per Share: Increased 136% to $0.52 per share from $0.22 per share
Revenue: Increased 33% to $2.99 billion from $2.26 billion
Operating Income: Increased 104% to $1.70 billion from $828 million
Operating Expenses: Decreased 9% to $1.30 billion from $1.43 billion
Operating Ratio: Improved to 43.4% from 63.3% 
Click here to read CSX’s full earnings report.
 

2nd Quarter 2021
Net Earnings: Reported a loss of ($378.0 million) from $110.3 million* 
Diluted Earnings Per Share: Increased 79% to $2.06 per share from $1.16 per share
Revenue: Increased 37% to $749.5 million from $547.9 million
Operating Income: Reported a loss of ($431.7 million) from $180.4 million* 
Operating Expenses: Increased to $460.4 million from $357.0 million
Operating Ratio: Improved 3.8 basis points to 61.4% from 65.2% 
Click here to read KCS’s full earnings report.
*losses due to CP-KCS & CN-KCS merger deals 
 

2nd Quarter 2021
Net Earnings: Increased 109% to a second-quarter record of $819 million from $392 million
Diluted Earnings Per Share: Increased 114% to a second-quarter record of $3.28 per share from $1.53 per share
Revenue: Increased 34% to $2.8 billion from $2.1 billion
Operating Income: Increased 91% to an all-time quarterly record of $1.2 billion from $610 million
Operating Expenses: Increased 11% to $1.6 billion from $1.5 billion
Operating Ratio: Improved 18% to an all-time quarterly record of 58.3% from 70.7% 
Click here to read NS’s full earnings report.
 

2nd Quarter 2021
Net Earnings: Increased 59% to $1.8 billion from $1.1 billion
Earnings Per Share: Increased to $2.72 per share from $1.67 per share
Revenue: Increased 30% to $5.5 billion from $4.2 billion
Operating Income: Increased 50% to $2.5 billion from $1.7 billion
Operating Expenses: Increased 17% to $3.0 billion from $$2.6 billion
Operating Ratio: Improved 590 basis points to 55.1% from 61.0% 
Click here to read UP’s full earnings report.
 


Notes: 

  • Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
  • All comparisons are made to 2020’s second-quarter results for each railroad.
  • All figures for CN & CP are in Canadian currency, except for earnings per share for CP


1st Quarter 2021
Net Earnings: Increased 5% to $1.3 billion from $1.2 billion
Earnings Per Share: n/a – not publicly traded
Revenue: Stayed flat at $5.4 billion
Operating Income: Increased 4% to $1.9 billion from $1.8 billion
Operating Expenses: Decreased 2% to $3.5 billion from $3.6 billion
Operating Ratio: Improved 1.5% to 63.7% from 65.2%
Click here to read BNSF’s full earnings report.
 

1st Quarter 2021
Net Earnings: Decreased 4% to C$974 million from C$1.011 million
Diluted Earnings Per Share: Decreased 4% to C1.37 from C$1.42
Revenue: Stayed relatively flat, with a slight decrease to C$3.535 million from C$3.545 million
Operating Income: Increased 9% to C$1.327 million from C$1.215 million
Operating Expenses: Stayed relatively flat, with a slight decrease to C$2.208 million from C$2.330 million
Operating Ratio: Improved 3.2 points to 62.5% from 65.7%
Click here to read CN’s full earnings report.
 

1st Quarter 2021
Net Earnings: Increased 47% to C$602 million from C$409 million
Diluted Earnings Per Share: Increased 51% to $4.50 from $2.98
Revenue: Decreased 4% to C$1.96 billion from C$2.04 billion
Operating Income: Decreased 6% to C$780 million from C$834 million
Operating Expenses: Decreased 2% to C$1.179 million from C$1.209 million
Operating Ratio: Worsened 100 points to 60.2% from 59.2%
Click here to read CP’s full earnings report.
 

1st Quarter 2021
Net Earnings: Decreased 8% to $706 million from $770 million
Earnings Per Share: Decreased 7% to $0.93 per share from $1.00 per share
Revenue: Decreased 1% to $2.81 billion from $2.86 billion
Operating Income: Decreased 7% to $1.10 billion from $1.18 billion
Operating Expenses: Increased 2% to $1.71 billion from $1.68 billion
Operating Ratio: Worsened by 220 basis points to 60.9% from 58.7%
Click here to read CSX’s full earnings report.
 

1st Quarter 2021
Net Earnings: Increased 1% to $153 million from $152 million
Diluted Earnings Per Share: Increased 6% to $1.68 from $1.58
Revenue: Decreased 4% to $706 million from $732 million
Operating Income: Decreased 13% to $253 million from $289 million
Operating Expenses: Increased 2% to $453 million from $443 million
Operating Ratio: Worsened 3.7 points to 64.2% from 60.5%
Click here to read KCS’s full earnings report.
 

1st Quarter 2021
Net Earnings: Increased 77% to $673 million from $381 million
Diluted Earnings Per Share: Increased 81% to a first-quarter record of $2.66 from $1.47
Revenue: Increased 1% to $2.64 billion from $2.63 billion
Operating Income: Increased 79% to a first-quarter record of $1.0 billion from $568 million
Operating Expenses: Decreased 21% to $1.6 billion from $2.1 billion
Operating Ratio: Improved to an all-time quarterly record of 61.5% from 78.4%
Click here to read NS’s full earnings report.
 

1st Quarter 2021
Net Earnings: Decreased 9% to $1.3 billion from $1.5 billion
Earnings Per Share: Decreased 7% to $2.01 per share from $2.15 per share
Revenue: Decreased 4% to $5.0 billion from $5.2 billion
Operating Income: Decreased 7% to $2.0 billion from $2.1 billion
Operating Expenses: Decreased 3% to $3.0 billion from $3.1 billion
Operating Ratio: Worsened 1.1 points to 60.1% from 59.0%
Click here to read UP’s full earnings report.
 


Notes: 

  • Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
  • All comparisons are made to 2020’s first-quarter results for each railroad.
  • All figures for CN & CP are in Canadian currency, except for earnings per share for CP


 
 
4th Quarter 2020
Net EarningsIncreased 5% to $1.5 billion from $1.4 billion
Earnings Per Share: n/a – BNSF is not publicly traded
Revenue: Decreased 3% to $5.7 billion from $5.8 billion
Operating Income: Increased 3% to $2.2 billion from $2.1 billion
Operating Expenses: Decreased 6% to $3.5 billion from $3.7 billion
Operating Ratio:  Improved to 60.3% from 62.8%
2020 Annual Earnings
Net Earnings: Decreased 6% to $5.2 billion from $5.5 billion
Earnings Per Share: n/a – BNSF is not publicly traded
Revenue: Decreased 11% to $20.9 billion from $23.5 billion
Operating Income: Decreased 4% to $7.7 billion from $8.1 billion
Operating Expenses: Decreased 15% to $13.1 billion from $15.4 billion
Operating Ratio:  Improved to 61.6% from 64.5%
Click here for full financial results from BNSF.
 

 
 
 
4th Quarter 2020 
Net EarningsIncreased 17% to C$1,021 million from C$873 million
Earnings Per Share: Increased 17% to C$1.44 per share from C$1.22 per share
Revenue: Increased 2% to C$3,656 million from C$3,584 million
Operating Income: Increased 16% to C$1,411 from C$1,218 million
Operating Expenses: Decreased 5% to C$2,245 million from C$2,366 million
Operating Ratio: Improved 4.6 points to 61.4% from 66.0% 
2020 Annual Earnings
Net Earnings: Decreased 16% to C$3,562 million from C$4,216 million
Earnings Per Share: Decreased 14% to C$5.01 per share from C$5.85 per share
Revenue: Decreased 7% to C$13,819 million from C$14,917 million
Operating Income: Decreased 15% to C$4,777 million from C$5,593 million
Operating Expenses: Decreased to C$9,042 million from C$9,324 million
Operating Ratio: Worsened by 2.9 points to 65.4% from 62.5%  
Click here for full financial results from CN.  
 

 
 
 
 
4th Quarter 2020 
Net EarningsIncreased 21% to C$802 million from C$664 million
Earnings Per Share: Improved 23% to C$5.97 per share from C$4.84 per share
Revenue: Decreased 3% to C$2.01 billion from C$2.07 billion
Operating Income: Increased by 4% to C$928 million from C$890 million
Operating Expenses: Decreased 8% to C$1,084 billion from C$1.18 billion
Operating Ratio: Improved by 310 basis points to a record-low 53.9% from 57.0% 
2020 Annual Earnings 
Net Earnings: Increased to C$2,444 billion from C$2,440 billion
Earnings Per Share: Increased 3% to a record C$18.05  per share from C$17.58 per share
Revenue: Decreased 1% to C$7.71 billion from C$7.79 billion
Operating Income: Increased 6% to C$3,311 billion from C$3,124 billion
Operating Expenses: Decreased 6% to C$4,399 billion from C$4,67 billion
Operating Ratio: Improved 280 basis points to a record-low 57.1% from 59.9% 
Click here for full financial results from CP.
 

 
 
 

4th Quarter 2020

Net EarningsDecreased 1% to $760 million from $771 million
Earnings Per Share: Stayed flat at $0.99 per share
Revenue: Decreased 2% to $2,825 million from $2,885
Operating Income: Increased 5% to $1,215 million from $1,154 million
Operating Expenses: Decreased 7% to $1,610 million from $1,731 million
Operating Ratio: Improved 300 basis points to a record 57.0% from 60.0% 
2020 Annual Earnings 
Net Earnings: Decreased 17% to $2,765 million from $3,331 million
Earnings Per Share: Decreased 14% to $3.60 per share from $4.17 per share
Revenue: Decreased 11% to $10,583 million from $11,937 million
Operating Income: Decreased 12% to $4,362 million from $4,965 million
Operating Expenses: Decreased 12% to $4,326 million from $4,965 million
Operating Ratio: Worsened to 58.8% from 58.4% 
Click here for full financial results from CSX.
 

 
 
 
 
 
 

4
th Quarter 2020

Net EarningsIncreased to $165.7 million from $127.2 million
Earnings Per Share: Increased 38% to $1.81 per share from $1.31 per share
Revenue: Decreased 5% to $693.4 million from $729.5
Operating Income: Increased to $262.3 million from $236.0 million
Operating Expenses: Decreased to $431.1 million from $493.5 million
Operating Ratio: Improved 5.4 points to 62.2% from 67.6% 
2020 Annual Earnings
Net Earnings: Increased to $617.0 million from $538.9 million
Earnings Per Share: Increased to $6.57 per share from $5.42 per share
Revenue: Decreased 8% to $2,632.6 million from $2,866.0 million
Operating Income: Increased to $1,003.0 million from $886.3 million
Operating Expenses: Decreased to $1,629.6 million from $1,979.7 million
Operating Ratio: Improved to 61.9% from 69.1% 
Click here for full financial results from KCS.
 

 
 
 
4th Quarter 2020
Net EarningsIncreased 1% to $671 million from $666 million
Earnings Per Share: Increased 4% to $2.64 per share from $2.55 per share
Revenue: Decreased 4% to $2.6 billion from $2.7 billion
Operating Income: Increased 2% to $1.0 billion from $962 million
Operating Expenses: Decreased 8% to $1.59 billion from $1.73 billion
Operating Ratio: Improved 4% to an all-time quarterly record of 61.8% from 64.2% 
2020 Annual Earnings
Net Earnings: Decreased 13% to $2.0 billion from $2.7 billion
Earnings Per Share: Decreased 10% to $7.84 per share from $10.25 per share
Revenue: Decreased 13% to $9.8 billion from $11.3 billion
Operating Income: Decreased 13% to $3.0 billion from $4.0 billion
Operating Expenses: Decreased 7% to $6.8 billion from $7.3 billion
Operating Ratio: Worsened to 69.3% from 64.7% 
Click here for full financial results from NS.
 

 
 
 
 
 
 

4
th Quarter 2020

Net EarningsDecreased 2% to $1.38 billion from $1.40 billion
Earnings Per Share: Increased 1% to $2.05 per share from $2.03 per share
Revenue: Decreased 1% to $5.billion from $5.billion
Operating Income: Decreased4% to $2.0 billion from $2.1 billion
Operating Expenses: Increased 1% to $3.1 3 billion from $3.11 billion
Operating Ratio: Worsened 1.3 points to 61.0% from 59.7% 
2020 Annual Earnings
Net Earnings: Decreased 10% to $5.3 billion from $5.9 billion
Earnings Per Share: Decreased 6% to $7.90 per share from $8.41 per share
Revenue: Decreased 10% to $19.5 billion from $21.7 billion 
Operating Income: Decreased 8% to $7.8 billion from $8.6 billion
Operating Expenses: Decreased 11% to $11.7 billion from $13.2 billion
Operating Ratio: Improved 0.7 points to 59.9% from 60.6% 
Click here for full financial results from UP.
 


Notes:  

  • Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad. 
  • All comparisons are made to 2019’s fourth quarter and annual financial results respectively for each railroad. 
  • CN and CP financial results are in Canadian currency