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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.


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.

BNSF released their second-quarter earnings of 2018. The railroad saw increases across the board.

  • Net Earnings: Increased by 37 percent to $1.3 billion from $958 million
  • Revenue: Increased 12 percent from $5.25 billion to $5.87 billion
  • Operating Income: Increased 6 percent to $1.88 billion from $1.77 billion
  • Operating Ratio: Increased to 66.8 percent from 65.3 percent

Click here to view BNSF’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.

 

 
 
 
 
Net Earnings: $459 million or $0.51 per share, up from $455 million or $0.49 per share for the same period last year
Revenue: Increased 1 percent to $2,743 million
Operating Income: Improved 4 percent to $876 million
Operating Ratio: Improved 90 basis points to 68.1 percent
Click here to read CSX’s full earnings report.
 

 
 
 
 
 
 
 
Net Earnings: Increased to $130 million or $1.23 per diluted share
Revenue: Increased 9 percent to $657 million
Operating Income: Increased 17 percent to $234 million, a third quarter record
Operating Ratio: Improved 2.5 points to 64.4 percent, a third quarter record
Click here to read KCS’s full earnings report.
 

 
 
 
 
Net Earnings: Increased 47 percent to C$510 million or 50 percent to C$3.50 diluted earnings per share
Revenue: Increased 3 percent to C$1.6 billion, up from C$1.55 billion
Operating Income: Increased 5 percent to C$690 million, up from C$657 million
Operating Ratio: Improved 100 basis points to 56.7 percent from 57.7 percent
Click here to read CP’s full earnings report.
 

 
 
 
 
 
 
 
Net Earnings: Increased to $1.2 billion or $1.50 per diluted share
Revenue: Up 5 percent from $5.4 billion
Operating Income: Increased 3 percent to $2.0 billion
Operating Ratio: Increased 0.7 points to 62.8 percent
Click here to read UP’s full earnings report.
 

 
 
 
 
Net Earnings: Decreased 1 percent to C$958 million, while diluted earnings per share increased 2 percent to C$1.27
Revenue: Increased 7 percent to C$3,221 million
Operating Income: Increased 4 percent to C$1,459 million
Operating Ratio: Increased 1.4 points to 54.7 percent
Click here to read CN’s full earnings report.
 

 
 
 
Net Earnings: Up 10 percent to $506 million or diluted earnings per share up 13 percent to $1.75
Revenue: Increased 6 percent to $2.7 billion
Operating Income: Up 11 percent to $911 million
Operating Ratio: 65.9 percent, a quarterly record
Click here to read NS’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.

4th Quarter 2016

Net Earnings: $458 million or $0.49 per share, up from $466 million or $0.48 per share in 2015’s 4th quarter
Revenue: Increased by 9 percent to $3,037 billion
Operating Income: Increased to $1 billion over last year’s $791 million
Operating Ratio: 67 percent, an improvement over last year’s 71.6 percent

2016 Annual Earnings

Net Earnings: Decreased to $1.7 billion or $1.81 earnings per share, down from $1.96 billion or $2.00 per share in 2015
Revenue: Decreased to $11.1 billion from $11.8 billion in 2015
Operating Income: Decreased $3.4 billion from $3.6 billion in 2015
Operating Ratio: 69.4 percent
Click here to read CSX’s full earnings report

4th Quarter 2016

Net Earnings: Net income increased by 20 percent to C$3.84 million; diluted earnings per share increased 25 percent to C$2.61 from fourth quarter 2015’s reported C$2.08
Revenue: Decreased 3 percent to C$1.64 billion from C$1.69 billion
Operating Income: Increased 6 percent to C$717 million over fourth quarter 2015’s C$677 million
Operating Ratio: 56.2 percent, a record low

2016 Annual Earnings

Net Earnings: Net income increased by 18 percent to C$1.6 billion from C$1.4 billion; diluted earnings per share increased 27 percent to C$10.63 from C$8.40
Revenue: Decreased 7 percent to C$6.23 billion from 2015’s reported C$6.71 billion
Operating Income: Decreased 4 percent from 2015’s C$2.7 billion to C$2.6 billion
Operating Ratio: 58.6 percent, a record low
Click here to read CP’s full earnings report

4th Quarter 2016

Net Earnings: $1.1 billion or $1.39 per diluted share, an increase of 6 percent
Revenue: Down 1 percent to $5.2 billion
Operating Income: Up 2 percent to $2.0 billion
Operating Ratio: Improved by 1.2 points to 62.0 percent

2016 Annual Earnings

Net Earnings: Decreased by 11 percent to $4.2 billion or 8 percent to $5.07 per diluted share, down from 2015’s reported $4.8 billion or $5.49 per diluted share
Revenue: Decreased to $19.9 billion from $21.8 billion
Operating Income: Decreased by 10 percent to $7.3 billion
Operating Ratio: Increased 0.4 points to 63.5 percent
Click here to read UP’s full earnings report

4th Quarter 2016

Net Earnings: Decreased by 5 percent to $130 million or $1.21 earnings per share
Revenue: Static at $599 million
Operating Income: Decreased by 4 percent to $211 million
Operating Ratio: 64.8 percent, a 1.4 point increase from 2015’s 4th quarter report of 63.4 percent

2016 Annual Earnings

Net Earnings: $480 million or $4.43 per share, down from 2015’s reported $485 million or $4.40 per share
Revenue: Down 3 percent to $2.3 billion
Operating Income: Increased by 2 percent to $819 million
Operating Ratio: 64.9 percent, a 1.9 point improvement over 2015
Click here to read KCS’s full earnings report

4th Quarter 2016

Net Earnings: Increased 8 percent to C$1,018 million; diluted earnings per share increased 12 percent to C$1.32
Revenue: Increased by 2 percent to C$3,217 million
Operating Income: Increased by 3 percent to C$1,395 million
Operating Ratio: 56.6 percent, an improvement of 0.6 points

2016 Annual Earnings

Net Earnings: Increased 3 percent to C$3,640 million; diluted earnings per share rose 6 percent to C$4.67
Revenue: Decreased by 5 percent to C$12,037 million
Operating Income: Increased 1 percent to C$5,312 million
Operating Ratio: Improved 2.3 points to 55.9 percent
Click here to read CN’s full earnings report

4th Quarter 2016

Net Earnings: Increased 15 percent to $416 million; diluted earnings per share increased 18 percent to $1.42
Revenue: Decreased 1 percent to $2.5 billion
Operating Income: Increased 19 percent to $761 million
Operating Ratio: 69.4 percent, a 510 point improvement over 74.5 percent reported for the fourth quarter of 2015

2016 Annual Earnings

Net Earnings: Increased 7 percent to $1.7 billion; diluted earnings per share increased 10 percent to $5.62
Revenue: Decreased by 6 percent to $9.9 billion
Operating Income: Increased 7 percent to $3.1 billion
Operating Ratio: Improved 370 points to 68.9 percent as compared to 2015’s reported 72.6 percent
Click here to read NS’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.