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%
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%
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%
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%
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%
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%
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%
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
WASHINGTON – Chair of the House Committee on Transportation and Infrastructure Peter DeFazio (D-Ore.) sent a letter to the Surface Transportation Board (STB) opposing the approval of a trust for the proposed merger of the Canadian National (CN) and Kansas City Southern (KCS) railroads. In his letter, DeFazio stated that approving the trust is not in the public interest and would reduce competition. “A single holding company responsible for this traffic would likely change rail traffic patterns in the significant areas of parallel service overlap and that would reduce the rail service options these 300 customers currently enjoy,” Chair DeFazio wrote in his letter. “I am also troubled that this combination of Class I railroads serving all three nations in North America will exacerbate U.S. job losses from cross-border trade agreements that prioritize profits over people and inflict harm on worker’s rights, consumer safety, and the environment.” In April 2021, Chair DeFazio issued a statement after Canadian Pacific (CP) and CN each made separate multi-billion dollar offers to buy KCS, warning that the bidding war that ensued for the railroad threatened to usher in a new round of consolidations in the rail sector, ultimately threatening jobs and affecting shipping in the U.S. DeFazio’s full letter to STB can be found below and here.
July 26, 2021 Ms. Cynthia Brown Chief, Section of Administration Office of Proceedings Surface Transportation Board 395 E Street, S.W. Washington, DC 20423 Re: Finance Docket No. 36514, Canadian National Railway Company, et al. – Control – Kansas City Southern Railway Company, et al. Dear Ms. Brown: I am writing to express opposition to the voting trust proposed by Canadian National Railway Company (CN) in its proposed merger with Kansas City Southern Railway Company (KCS). I am concerned that this proposed trust is not in the public interest. The trust would reduce competition and prejudice the outcome of the Surface Transportation Board’s merger proceeding. In its May 14, 2021, submission to this docket, the Antitrust Division of the U.S. Department of Justice explained how voting trusts reduce competition both in general for railroad mergers and in particular to the consideration of a voting trust for CN and KCS. In general, putting two formerly competitive businesses under a single holding company immediately reduces the parties’ incentives to engage in competition. While the Surface Transportation Board regularly allowed railroad trusts throughout the many railroad consolidations of the 1980s and 1990s, the board has made the requirements to approve a voting trust more stringent since 2001 as part of an overall reform of merger rules. Now, according to 49 CFR 1180.4(b)(4)(iv), applicants must demonstrate that trusts would be in the public interest. Approving a CN-KCS trust would signal to the rest of the rail industry that the STB is engaging in business as usual, despite the requirement to consider the public interest, and could launch a new round of mergers. Specifically with regard to the potential for a CN-KCS trust, I am concerned that approximately 300 current customers overlap on the CN and KCS networks. A single holding company responsible for this traffic would likely change rail traffic patterns in the significant areas of parallel service overlap and that would reduce the rail service options these 300 customers currently enjoy. I am also troubled that this combination of Class I railroads serving all three nations in North America will exacerbate U.S. job losses from cross-border trade agreements that prioritize profits over people and inflict harm on worker’s rights, consumer safety, and the environment. I trust that the Surface Transportation Board will look at the specific facts of this action and conclude that approving a trust is too much, too soon. Too much authority in one company to somehow keep two companies competing against each other that have significant service overlap and too soon because allowing the trust creates a new floor purchase price for any other potential competitive bidders for KCS railroad. Sincerely, Peter A. DeFazio
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 Earnings: Increased 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 Earnings: Increased 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$5.01per 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 Earnings: Increased 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 Earnings: Decreased 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$1,154million 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.
4th Quarter 2020 Net Earnings: Increased to $165.7 millionfrom $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 Earnings: Increased 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.
4th Quarter 2020 Net Earnings: Decreased 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 $5.1 billion from $5.2 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
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 to C$1,195 million from C$1,134 million Diluted Earnings Per Share: Increased 8% to $1.66 from $1.44 Revenue: Increased 4% to C$3.830 million from C$3,688 million Operating Income: Increased 8% to C$1,613 million Operating Expenses: Increased 1% to C$2,217 million from C$2,196 million Operating Ratio: Improved 1.6 points to 57.9% from 59.5% Click here to read CN’s full earnings report.
Net Earnings: Decreased 1% to C$618 million from C$622 million Diluted Earnings Per Share: Increased 3% to $4.46 from $4.35 Revenue: Increased 4% to a record C$1.98 billion from C$1.90 billion Operating Income: Increased 10% to C$869 million from C$790 million Operating Expenses: Increased to C$1.11 billion from C$1.10 billion Operating Ratio: Improved 220 basis points to a record-low 56.1% from 58.3% Click here to read CP’s full earnings report.
Net Earnings: Decreased 4% to $856 million from $894 million Earnings Per Share: Increased 3% to $1.08 per share from $1.05 per share Revenue: Decreased 5% to $2.98 billion from $3.13 billion Operating Income: Stayed flat at $1.29 billion Operating Expenses: Decreased 8% to $1.69 billion from $1.84 billion Operating Ratio: Improved 1.9 points to a record 56.8% from 58.7% Click here to read CSX’s full earnings report.
Net Earnings: Increased to $180.6 million from $174 million Diluted Earnings Per Share: Increased 6% to $1.81 from $1.70. Adjusted Diluted EPS increased 24% to a record $1.94 from $1.57 Revenue: Increased 7% to a record $747.7 million from $699.0 million Operating Income: Increased to $282 million from $265.4 million. Adjusted Operating Income increased 15% to a record $294 million Operating Expenses: Increased to $465.7 million from $433.6 million Operating Ratio: Worsened 0.3 points to 62.3% from 62.0% Click here to read KCS’s full earnings report.
Net Earnings: Decreased 6% to $657 million from $702 million Diluted Earnings Per Share: Decreased 1% to $2.49 from $2.52 Revenue: Decreased 4% to $2.8 billion from $2.9 billion Operating Income: Decreased $24 million to $1.0 billion Operating Expenses: Decreased 4% or $82 million to $1.8 billion from $1.9 billion Operating Ratio: Improved to a third quarter record 64.9% from 65.4% Click here to read NS’s full earnings report.
Net Earnings: Decreased 2% to $1.55 billion from $1.59 billion Diluted Earnings Per Share: Increased 3% to $2.22 from $2.15 Revenue: Decreased 7% to $5.5 billion from $5.9 billion Operating Income: Decreased 2% to $2.2 billion from $2.3 billion Operating Expenses: Decreased 10% to $3.3 billion from $3.7 billion Operating Ratio: Improved 2.2 points to a quarterly record 59.5% from 61.7% 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 third quarter results 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
