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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


Net Earnings: Decreased 5% to $1.19 billion.
Revenue: Decreased 6% to $5.4 billion.
Operating Income: Increased 2% to $1.8 billion.
Operating Expenses:Decreased 6.7% to $3.6 billion.
Operating Ratio: Improved by 4 points to 65.2%.
Link to read BNSF’s full earnings report.
 

Net Earnings: Increased to C$1.01 billion from C$786 million.
Earnings Per Share: Diluted earnings per share increased 31% to C$1.42 from C$1.08 and adjusted diluted EPS increased by 4% to C$1.22.
Revenue: Remained flat at C$3.5 billion.
Operating Income: Increased to C$1.215 million from C$1.08 billion.
Operating Expenses: Decreased 5% to C$2.33 billion from C$2.46 billion.
Operating Ratio: Improved by 3.8 points to 65.7%; Adjusted operating ratio improved 1.5 points to 65.7% from 67.2%.
Link to read CN’s full earnings report.
 

Net Earnings: Decreased to C$409 million from C$434 million.
Earnings Per Share: Diluted earnings per share decreased 4% to $2.98; adjusted diluted earnings per share increased 58% to $4.42.
Revenue: Increased 16% to C$2.04 billion from C$1.77 billion.
Operating Income: Increased 54% to C$834 million from C$534 million.
Operating Expenses: Decreased to C$1.209 billion from C$1.224 billion.
Operating Ratio: Improved 1,010 basis points to 59.2%.
Link to read CP’s full earnings report.
 

Net Earnings: Decreased 8% to $770 million from $834 million.
Earnings Per Share: Decreased 2% to $1.00.
Revenue: Decreased 5% to $2.85 billion from $3.01 billion.
Operating Income: Decreased 3% to $1.17 billion from $1.22 billion.
Operating Expenses: Decreased 7% to $1.68 billion.
Operating Ratio: Improved to a first quarter record of 58.7% from 59.5%
Link to read CSX’s full earnings report.
 

Net Earnings: Increased to $151.7 million from $102.7 million.
Earnings Per Share: Increased to $1.58 per diluted share from $1.02.
Revenue: Increased 8% to a record $731.7 million from $674.8 million
Operating Income: Increased to $288.8 million from $160.3 million.
Operating Expenses: Decreased to $442.9 million from $514.5 million
Operating Ratio: Improved 15.7 points to 60.5% from 76.2%; adjusted operating ratio improved 6.5 points to 59.7% from 66.2%
Link to read KCS’s full earnings report.
 

Net Earnings: Decreased 44% to $381 million from $677 million.
Earnings Per Share: Diluted earnings per share decreased to $1.47 from $2.51.
Revenue: Decreased to $2.63 billion from $2.8 billion.
Operating Income: Decreased to $568 million from $966 million.
Operating Expenses: Increased to $2.06 billion from $1.87 billion.
Operating Ratio: Declined to 78.4% from 66.0%.
Link to read NS’s full earnings report.
 

Net Earnings: Increased to $1.5 billion from $1.4 billion.
Earnings Per Share: Increased to $2.15 per diluted share from $1.93 per diluted share
Revenue: Decreased 3% to $5.2 billion from $5.4 billion
Operating Income: Increased 9% to $2.14 billion from $1.96 billion
Operating Expenses: Decreased 10% to $3.09 billion from $3.4 billion
Operating Ratio: Improved 4.6 points to 59.0% from 63.6%
Link 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 2019’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 2019
Net Earnings: Increased 4% to $1.42 billion from $1.37 billion
Earnings Per Share: n/a – BNSF is not publicly traded
Revenue: Decreased 6% to $5.84 billion from $6.21 billion
Operating Income: Increased 2% to $2.11 billion from $2.06 billion
Operating Expenses: Decreased 10% to $3.73 billion from $4.14 billion
Operating Ratio: Improved to 62.8% from 65.6%
2019 Annual Earnings
Net Earnings: Increased 5% to $5.5 billion from $5.2 billion
Earnings Per Share: n/a – BNSF is not publicly traded
Revenue: Decreased 1% to $23.5 billion from $23.9 billion
Operating Income: Increased 3% to $8.1 billion from $7.8 billion
Operating Expenses: Decreased 4% to $15.4 billion from $16.1 billion
Operating Ratio: Improved to 64.5% from 66.2%
Click here to read BNSF’s full earnings report.
 

4th Quarter 2019
Net Earnings: Decreased 24% to C$873 million from C$1.14 billion
Earnings Per Share: Diluted earnings per share decreased 22% to $1.22 from $1.56
Revenue: Decreased 6% to C$3.6 billion from C$3.8 billion
Operating Income: Decreased 16% to C$1.22 billion from C$1.45 billion
Operating Expenses: Increased to C$2.36 billion from C$2.35 billion
Operating Ratio: Worsened by 4.1 points to 66% from 61.9%
2019 Annual Earnings
Net Earnings: Decreased 3% to C$4.2 billion from C$4.3 billion
Earnings Per Share: Diluted Earnings Per Share decreased 1% to $5.83 from $5.87
Revenue: Increased 4% to C$14.9 billion from C$14.3 billion
Operating Income: Increased 2% to C$4.6 billion from C$5.5 billion
Operating Expenses: Increased from C$8.8 billion to C$9.3 billion
Operating Ratio: Worsened 0.9 points to 62.5% from 61.6%
Click here to read CN’s full earnings report.
 

4th Quarter 2019
Net Earnings: Increased 22% to C$664 million from C$545 million
Earnings Per Share: Diluted earnings per share improved 26% to $4.82 from $3.83
Revenue: Increased 3% to C$2.07 billion from C$2.01 billion
Operating Income: Increased 2% to C$890 million from C$874 million
Operating Expenses: Increased 4% to C$1.18 billion from C$1.13 billion
Operating Ratio: Worsened 50 basis points to 57.0% from 56.5%
2019 Annual Earnings
Net Earnings: Increased 25% to C$2.44 billion from C$1.95 billion
Earnings Per Share: Diluted EPS increased 29% to a record $17.52 from $13.61
Revenue: Increased 7% to a record C$7.79 billion from C$7.32 billion
Operating Income: Increased 10% to C$3.12 billion from C$2.83 billion
Operating Expenses: Increased 4% to C$4.65 billion from C$4.49 billion
Operating Ratio: Improved 140 basis points to 59.9% from 61.3%
Click here to read CP’s full earnings report.
 

4th Quarter 2019
Net Earnings: Decreased 9% from $848 million to $771 million
Earnings Per Share: Decreased from $1.01 to $0.99 per share
Revenue: Decreased 8% to $2.89 billion from $3.14 billion
Operating Income: Decreased 8% to $1.15 billion from $1.25 billion
Operating Expenses: Decreased 9% to $1.73 billion from $1.9 billion
Operating Ratio: A fourth-quarter record of 60.0%, down from 60.3%
2019 Annual Earnings
Net Earnings: Increased 1% to $3.33 billion from $3.31 billion
Earnings Per Share: Increased 9% to $4.17 per share from $3.84 per share
Revenue: Decreased 3% to $11.94 billion from $12.25 billion
Operating Income: Increased 2% to $4.97 billion from $4.87 billion
Operating Expenses: Decreased 6% to $6.97 billion from $7.38 billion
Operating Ratio: A U.S. Class I railroad record of 58.4%, down from 60.3%
Click here to read CSX’s full earnings report.
 

4th Quarter 2019
Net Earnings: Decreased to $127.9 million from $161.8 million
Earnings Per Share: Decreased 18% to $1.30 per diluted share from $1.59 per diluted share
Revenue: Increased 5% to $729.5 million from $694.0 million
Operating Income: Decreased to $236.0 million from $256.4 million
Operating Expenses: Increased to $493.5 million from $437.6 million
Operating Ratio: Worsened 450 basis points to 67.6% from 63.1%
2019 Annual Earnings
Net Earnings: Decreased to $540.8 million from $629.4 million
Earnings Per Share: Decreased 12% to $5.40 per diluted share from $6.13 per diluted share
Revenue: Increased 6% to $2.9 billion from $2.7 billion
Operating Income: Decreased to $886.3 million from $986.3 million
Operating Expenses: Increased to $1.98 billion from $1.73 billion
Operating Ratio: Worsened 540 basis points to 69.1% from 63.7%
Click here to read KCS’s full earnings report.
 

4th Quarter 2019
Net Earnings: Decreased 5% to $666 million from $702 million
Earnings Per Share: Decreased 1% to $2.55 per diluted share from $2.57 per diluted share
Revenue: Decreased 7% to 2.7 billion from $2.9 billion
Operating Income: Decreased 11% to $1.0 billion from $1.1 billion
Operating Expenses: Decreased 5% to $1.7 billion from $1.8 billion
Operating Ratio: Worsened to 64.2% from 62.8%
2019 Annual Earnings
Net Earnings: Increased 2% to $2.72 billion from $2.67 billion
Earnings Per Share: Increased 8% to $10.25 per diluted share from $9.51 per diluted share
Revenue: Decreased 1% to $11.3 billion from $11.5 billion
Operating Income: Increased 1% to $3.989 billion from $3.959 billion
Operating Expenses: Decreased 3% to $7.3 billion from $7.5 billion
Operating Ratio: Improved to a record 64.7% from 65.4%
Click here to read NS’s full earnings report.
 

4th Quarter 2019
Net Earnings: Decreased 10% to $1.4 billion from $1.6 billion
Earnings Per Share: Decreased 5% to $2.02 per diluted share from $2.12 per diluted share
Revenue: Decreased 9% to $5.2 billion from $5.8 billion
Operating Income: Decreased 5% to $2.1 billion from $2.2 billion
Operating Expenses: Decreased 12% to $3.1 billion from $3.5 billion
Operating Ratio: Increased 1.9 points to a record 59.7% from 61.6%
2019 Annual Earnings
Net Earnings: Decreased 1% to $5.91 billion from $5.97 billion
Earnings Per Share: Increased 6% to $8.38 per diluted share from $7.91 per diluted share
Revenue: Decreased 5% to $21.7 billion from $22.8 billion
Operating Income: Stayed flat at $8.6 billion
Operating Expenses: Decreased 8% to $13.2 billion from $14.3 billion
Operating Ratio: Decreased 2.1 points to 60.6% from 62.7%
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 2018’s fourth quarter and annual financial results respectively for each railroad.
  • All figures for CN & CP are in Canadian currency, except for earnings per share


Net Earnings: Increased 9.4% to $1.25 billion
Revenue: Increased 2.5% to $5.57 billion
Operating Income: Increased 2.3% to $1.78 billion
Operating Expenses:Increased 2.5% to $3.79 billion
Operating Ratio: Improved by 2 points to 66.5%
Click here to read BNSF’s full earnings report.
 

Net Earnings: Increased 6% to C$786 million from C$741 million
Earnings Per Share: Diluted earnings per share increased 8% to C$1.08 from C$1.00 and adjusted diluted EPS increased by 17% to C$1.17
Revenue: Increased by 11% to C$3.5 billion from C$3.2 billion
Operating Income: Increased 5% to C$1.08 billion from C$1.03 billion
Operating Expenses: Increased 14% to C$2.5 billion from C$2.2 billion
Operating Ratio: Worsened by 1.7 points to 69.5%; Adjusted operating ratio improved 0.6 points to 67.2%
Click here to read CN’s full earnings report.
 

Net Earnings: Increased 25% to C$434 million from C$348 million
Earnings Per Share: Diluted earnings per share increased 28% to $3.09 from $2.41; adjusted diluted earnings per share increased 3% to $2.79 from $2.70
Revenue: Increased 6% to C$1.77 billion from C$1.66 billion
Operating Income: Increased 1% to C$543 million from C$540 million
Operating Expenses: Increased 9% to C$1.2 billion from C$1.1 billion
Operating Ratio: Worsened 180 basis points to 69.3% from 67.5%
Click here to read CP’s full earnings report.
 

Net Earnings: Increased 20% to $834 million from $695 million
Earnings Per Share: Increased 31% to $1.02 from $0.78 per share
Revenue: Increased 5% to $3.01 billion from $2.9 billion
Operating Income: Increased 17% to $1.22 billion from $1.04 billion
Operating Expenses: Decreased 2% to $1.79 billion from $1.83 billion
Operating Ratio: Improved to a first quarter record of 59.5% from 63.7%
Click here to read CSX’s full earnings report.
 

Net Earnings: Decreased to $103.2 million from $145 million
Earnings Per Share: Decreased 27% to $1.02 from $1.40; adjusted diluted earnings per share increased 18% to $1.54 from $1.30
Revenue: Increased 6% to a record $675 million from $639 million
Operating Income: Decreased to $160.3 million from $219 million; adjusted operating income increased 10% to a record $242 million
Operating Expenses: Decreased to $514.5 million from $515 million
Operating Ratio: Worsened 10.4 points to 76.2% from 65.8%; adjusted operating ratio improved 1.6 points to 64.2% from 65.8%
Click here to read KCS’s full earnings report.
 

Net Earnings: Increased 23% to $677 million from $552 million
Earnings Per Share: Diluted earnings per share increased 30% to $2.51 from $1.93
Revenue: Increased 5% to a first-quarter record of $2.8 billion from $2.7 billion
Operating Income: Increased 16% to a first-quarter record of $966 million from $835 million
Operating Expenses: Decreased by $8 million to $1.874 billion from $1.882 billion
Operating Ratio: Improved to a first-quarter record 66.0% from 69.3%
Click here to read NS’s full earnings report.
 

Net Earnings: Increased 6% to $1.4 billion from $1.3 billion
Earnings Per Share: Increased 15% to $1.93 per diluted share from $1.68 per diluted share
Revenue: Decreased 2% to $5.4 billion from $5.5 billion
Operating Income: Increased 1% to $2.0 billion from $1.93 billion
Operating Expenses: Decreased 3% to $3.4 billion from $3.5 billion
Operating Ratio: Improved 1.0 point to 63.6% from 64.6%
Click here to read UP’s full earnings report.
 


Net Earnings: Decreased to $38.8 million from $76.0 million
Earnings Per Share: Diluted earnings per share decreased 42.9% to $0.68 from $1.19
Revenue: Increased 2.1% to $332.4 million from $325.6 million
Operating Income: Decreased 5.3% to $69.3 million from $73.2 million; adjusted operating income decreased 4.2% to $70.3 million from $73.4 million
Operating Expenses: Increased to $263.1 million from $252.5 million
Operating Ratio: Worsened to 79.1% from 77.5%; adjusted operating ratio worsened to 78.9% from 77.5%
Click here to read G&W’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 2018’s first-quarter results for each railroad.
  • Figures for G&W are for North American operations only, with the exception of Net Earnings & Earnings Per Share, which includes all G&W operations, as solely North American figures were unavailable in these categories.
  • All figures for CN & CP are in Canadian currency, except for earnings per share for CP


Net Earnings: Increased 34 percent to $1.4 billion
Revenue: Increased 16 percent to $6.1 billion
Operating Income: Increased 9 percent to $2.1 billion
Operating Expenses: Increased 20 percent to $4.0 billion
Operating Ratio: Increased 2.1 points to 64.5 percent
Click here to read BNSF’s full earnings report.
 

Net Earnings: Increased 18 percent to C$1,134 million
Earnings Per Share: Diluted earnings per share increased 21 percent to C$1.54
Revenue: Increased 14 percent to a record C$3,688 million
Operating Income: Increased 8 percent to C$1,492 million
Operating Expenses: Increased 19 percent to C$2,196
Operating Ratio: Increased 2.3 points to 59.5 percent
Click here to read CN’s full earnings report.
 

Net Earnings: Increased 22 percent to C$622 million
Earnings Per Share: Diluted earnings per share increased 24 percent to a record C$4.35
Revenue: Increased 19 percent to a record C$1.9 billion
Operating Income: Increased 27 percent to C$790 million
Operating Expenses: Increased 14 percent to C$1,108 million
Operating Ratio: Decreased 270 points to a record low of 58.3 percent
Click here to read CP’s full earnings report.
 

Net Earnings: Increased 106 percent to $894 million
Earnings Per Share: Increased to $1.05 per share from $0.51 per share
Revenue: Increased 14 percent to $3.13 billion
Operating Income: Increased 49 percent to $1.29 billion
Operating Expenses: Declined 2 percent to $1,84 billion
Operating Ratio: Improved 970 basis points to a record 58.7 percent
Click here to read CSX’s full earnings report.
 

Net Earnings: Increased to $174 million from $129 million
Earnings Per Share: Diluted earnings per share increased 38 percent to $1.70
Revenue: Increased 6 percent to a record $699 million
Operating Income: Increased 14 percent to $265 million
Operating Expenses: Increased to $433.6 million from $422.8 million
Operating Ratio: Improved 2.4 basis points to 62 percent
Click here to read KCS’s full earnings report.
 

Net Earnings: Increased 39 percent to $702 million
Earnings Per Share: Diluted earnings per share increased 44 percent to a third quarter record of $2.52
Revenue: Increased 10 percent to $2.9 billion
Operating Income: Increased 14 percent to a third quarter record of $1.0 billion
Operating Expenses: Increased 9 percent to $1.9 billion
Operating Ratio: Declined 1.1 basis points to a record 65.4 percent
Click here to read NS’s full earnings report.
 

Net Earnings: Increased from $1.2 billion to $1.6 billion
Earnings Per Share: Increased 43 percent from $1.50 to a record $2.15 per diluted share
Revenue: Increased 10 percent to $5.9 billion
Operating Income: Increased 9 percent to $2.3 billion
Operating Expenses: Increased 10 percent from $3.3 billion to $3.7 billion
Operating Ratio: Stayed flat at 61.7 percent
Click here to read UP’s full earnings report.
 
Financial results of the largest shortline:
 

Net Earnings: Increased to $69.6 million from $50.2 million
Earnings Per Share: Increased 45 percent to $1.16
Revenue: Increased 11.5 percent to $355.7 million from $318.9 million
Operating Income: Increased 24.7 percent to $102.5 million, up from $82.2 million
Operating Expenses: Increased to $253,225 from $236,724
Operating Ratio: Improved 3 points to 71.2 percent from 74.2 percent
Click here to read G&W’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 2017’s third quarter financial results for each railroad.
  • Figures for G&W are for North American operations only with the exception of Net Earnings & Earnings Per Share, which includes all G&W operations, as solely North American figures were unavailable in these categories.


Net Earnings: Increased 27 percent to C$1,310 million; diluted earnings per share increased 30 percent to C$1.77
Revenue: Increased 9 percent to C$3,631 million
Operating Income: Increased 7 percent to C$1,519 million
Operating Ratio: Increased 0.7 points to 58.2 percent (worsened as compared to the same period in 2017, but an improvement from the first quarter 2018)
Click here to read CN’s full earnings report.
 

Net Earnings: Decreased 9 percent to C$436 million from C$480 million; Diluted earnings per share declined 7 percent to C$3.04, down from C$3.27
Revenue: Increased 7 percent to C$1.75 billion from C$1.64 billion
Operating Income: Increased 3 percent to C$627 million
Operating Ratio: Increased 140 basis points to 64.2 as compared to last year’s 62.8 percent
Click here to read CP’s full earnings report.
 

Net Earnings: $877 million or $1.01 per share, up from $510 million or $0.55 per share
Revenue: Increased 6 percent to $3.10 billion
Operating Income: Increased 34 percent to $1.28 billion from $957 million
Operating Ratio: An all time company quarterly record of 58.6 percent as compared to last year’s 67.4 percent
Click here to read CSX’s full earnings report.
 

Net Earnings: Increased to $149 million or $1.45 per diluted share, as compared to last year’s $135 million or $1.27 per diluted share. Adjusted diluted earnings per share increased 16 percent to a record $1.54
Revenue: Increased 4 percent to a record $682 million
Operating Income: Increased 3 percent to a record $246 million
Operating Ratio: Increased 0.5 points to 64 percent as compared to 63.5 percent a year ago
Click here to read KCS’s full earnings report.
 

Net Earnings: Increased 43 percent to $710 million; Diluted earnings per share increased 46 percent to $2.50 per share
Revenue: Increased 10 percent to $2.9 billion
Operating Income: Increased 18 percent to a record $1.0 billion
Operating Ratio: A record 64.6 percent
Click here to read NS’s full earnings report.
 

Net Earnings: Increased to $1.5 billion from $1.2 billion, or a record $1.98 diluted earnings per share an increase of 37% from $1.45 per share
Revenue: Increased 5 percent to $2.1 billion
Operating Income: Increased 8 percent to $5.7 billion
Operating Ratio: Increased 1.1 points to 63.0 percent
Click here to read UP’s full earnings report.
 

Financial results of the largest U.S. shortline:


Net Earnings: Decreased to $44.2 million or $0.73 diluted earnings per share from $46 million or $0.74 per share
Revenue: Increased 7.6 percent to $339.6 million from $315.7 million
Operating Income: Increased 0.7 percent to $80.3 million from $79.7 million
Operating Ratio: Increased 1.6 points to 76.4 percent
Click here to read G&W’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 2017’s second quarter financial results for each railroad.


Net Earnings: Up 37 percent, to $1.1 billion
Revenue: $5.6 billion, an increase of 8 percent
Operating Income: $1.74 billion, up from $1.58 billion a year ago
Operating Ratio: Increased to 68.5 percent, but down from 69.2 percent a year ago
Click here to read BNSF’s full earnings report. (PDF)
 

Net Earnings: Increased 16 percent to C$741 million from C$884 million; diluted earnings per share decreased by 14 percent to C$1.00 from C$1.16
Revenue: Decreased C$12 million to C$3,194 million from C$3,206 million
Operating Income: Decreased 16 percent to C$1,030 million from C$1,224 million
Operating Ratio: Increased 6.0 points to 67.8 percent from 61.8 percent
Click here to read CN’s full earnings report.
 

Net Earnings: Decreased 19 percent from C$431 million to C$348 million; diluted earnings per share decreased 18 percent to C$2.41 from C$2.93
Revenue: Increased 4 percent to C$1.66 billion from C$1.60 billion
Operating Income: Decreased 11 percent to C$540 million from C$604 million
Operating Ratio: Increased 510 basis points to 67.5 percent
Click here to read CP’s full earnings report.
 

Net Earnings: A record $695 million or $0.78 per share as compared to 2017’s $362 million or $0.39 per share
Revenue: Remained flat at $2.88 billion
Operating Income: Increased 36 percent to $1.04 billion from $769 million from the same quarter in 2017
Operating Ratio: Improved 950 basis points to 63.7 percent from 73.2 percent in 2017
Click here to read CSX’s full earnings report.
 

Net Earnings: Decreased to $145 million or $1.40 diluted earnings per share from $147 million or $1.38 per share
Revenue: Increased 5 percent to a record $639 million, up from $610 million
Operating Income: Increased 4 percent to a record $219 million from $211 million
Operating Ratio: Increased to 65.8 percent from 65.4 percent
Click here to read KCS’ full earnings report.
 

Net Earnings: Increased 27 percent to a record $552 million from $757 million; diluted earnings per share increased 30 percent to a record $1.93 from $1.48
Revenue: Increased 6 percent to $2.7 billion from $2.6 billion
Operating Income: Increased 10 percent to a record $835 million from $757 million
Operating Ratio: A record 69.3 percent down from 70.6 percent
Click here to read NS’ full earnings report.
 

Net Earnings: Increased to $1.3 billion from $1.1 billion; diluted earnings per share increased 27 percent to a record $1.68 from $1.32 per share.
Revenue: Increased 7 percent to $5.5 billion, up from $5.1 billion
Operating Income: Increased 8 percent to $1.9 billion from $1.8 billion
Operating Ratio: Improved 0.6 points to 64.6 percent from 65.2
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 2017’s first quarter financial results for each railroad.

4th Quarter 2017

Net Earnings: $552 million or $5.33 per diluted share, compared with 2016’s $130 million or $1.21 per diluted share
Revenue: 4th quarter record of $660 million, a 10 percent increase
Operating Income: 4th quarter record of $238 million, a 13 percent increase
Operating Ratio: 64.0 percent, 0.8 point improvement over fourth quarter 2016

2017 Annual Earnings

Net Earnings: $964 million or $9.16 per diluted share, as compared to 2016’s $480 million or $4.43 per diluted share
Revenue: A record $2.6 billion, up 11 percent from 2016
Operating Income: A record $922 million, a 13 percent increase
Operating Ratio: A record 64.3 percent, a 0.6 improvement
Click here to read KCS’s full earnings report

4th Quarter 2017

Net Earnings: Increased by 156 percent to C$2,611 million and diluted earnings per share increased by 164 percent to C$3.48
Revenue: Increased 2 percent to C$3,285 million
Operating Income: Decreased by 7 percent to C$1,301 million
Operating Ratio: 60.4 percent, an increase of 3.8 points

2017 Annual Earnings

Net Earnings: Increased 51 percent to C$5,484 million and diluted earnings per share increased 55 percent to C$7.24
Revenue: Increased 8 percent to C$13,041 million
Operating Income: Increased 5 percent to C$5,558 million
Operating Ratio: 57.4 percent, an increase of 1.5 points
Click here to read CN’s full earnings report

4th Quarter 2017

Net Earnings: Increased 156 percent to a record C$984 million from C$384 million and diluted earnings per share increased by 159 percent to C$6.77 from C$2.61
Revenue: A record 4th quarter with an increase of 5 percent to C$1.71 billion, up from C$1.64 billion
Operating Income: Increased 5 percent to C$753 million
Operating Ratio: A record 56.1 percent, an improvement of 10 basis points

2017 Annual Earnings

Net Earnings: Increase of 50 percent to C$2.4 billion
Revenue: Increased 5 percent to C$6.55 billion from C$6.23 billion
Operating Income: Increased 8 percent to C$2.8 billion from C$2.6 billion
Operating Ratio: Improved 40 basis-points to a record 58.2 percent from 58.6 percent
Click here to read CP’s full earnings report

4th Quarter 2017

Net Earnings: $4.1 billion or $4.62 per share, up from $458 million or $0.49 per share
Revenue: Decreased 6 percent to $2,863 million from $3,037 million
Operating Income: Increased by 12 percent to $1.12 billion from $1.00 billion
Operating Ratio: Improved 6.1 basis points to 60.9 percent from 67.0 percent

2017 Annual Earnings

Net Earnings: Increased 219% to $2.3 billion from $1.02 billion
Revenue: Increased by 3 percent to $11.4 billion, up from $11.07 billion
Operating Income: $3.7 billion, up 8 percent from $3.4 billion
Operating Ratio: 67.9 percent, improvement from 69.4 percent
Click here to read CSX’s full earnings report

4th Quarter 2017

Net Earnings: Increased 17 percent to $3,968 million and diluted earnings per share (EPS) increased 19 percent to $13.79 (adjusted EPS is a record $1.69)
Revenue: Increased 7 percent to $2,669 million from $2,490 million
Operating Income: Increased 13 percent to $1,014 million from $761 million
Operating Ratio: 62.0 percent, improved over 67.7 percent

2017 Annual Earnings

Net Earnings: Increased 15 percent to $5,404 million and increased 18 percent to a record diluted earnings per share of $18.61 (or $6.61 adjusted EPS)
Revenue: Increased 7 percent to $10.6 billion from $9.89 billion
Operating Income: Increased 12 percent to $3,586 million from $3,074 million
Operating Ratio: Improved by 2 percent to a record 67.4 percent from 68.9 percent
Click here to read NS’s full earnings report

4th Quarter 2017

Net Earnings: Increased to $7.3 billion or $9.25 per diluted share as compared to $1.1 billion or $1.39 per diluted share
Revenue: Increased 5 percent to $5.5 billion from $5.2 billion
Operating Income: Increased 4 percent to $2,039 million from $1,965 million
Operating Ratio: Improved 0.6 points to 62.6 percent from 62.0 percent

2017 Annual Earnings

Net Earnings: $10.7 billion or $13.36 earnings per share, from $4.2 billion or $5.07 per diluted share
Revenue: Increased to $21.2 billion from $19.9 billion
Operating Income: $7.8 billion from $7.3 billion, an 8 percent increase
Operating Ratio: Improved 0.5 points to 63 percent from 63.5 percent
Click here to read UP’s full earnings report

Note: 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.