Thomas Wall

Switchman Thomas A. Wall, 22, of Local 206 (Peru, Ind.) died suddenly on Oct. 19 after experiencing a flare-up of an autoimmune liver disease while at work. His family said that he was responding well to treatment and was looking forward to returning to work after undergoing a few more procedures.

A 2018 graduate of Speedway High School, Brother Wall enjoyed computer gaming and model railroading. After high school, he attended Michigan Tech University where he was a member of the Railroad Engineering & Activities Club. His dream job was to work for the railroad, a dream which came true when he hired on with Norfolk Southern earlier this year.

Brother Wall is survived by his parents Dennis (a retired railroader) and Crystal Wall; sister, Melanie Wall; grandparents, Russell and Janet Beery; many aunts, uncles, cousins and his newly-adopted cat, Nubbs. He was preceded in death by his mother, Terri L. (Glidewell) Wall; grandparents Carl and Jeanne Wall, Hubert Jr. and Gloria Ann Glidewell; as well as an uncle, Edward G. Wall.

Brother Wall enjoyed model railroading.

Donations for funeral costs may be sent directly to the family: Dennis & Crystal Wall, 2726 Patton Dr., Indianapolis, IN 46224.

SMART-TD offers our heartfelt condolences to the Wall family, Local 206 and to all who knew and worked with Brother Wall.

Follow this link to view Brother Wall’s official obituary or to leave condolences.

Members in Local 1263 (Valdosta, Ga.) are in mourning after their Local Chairperson Richard G. Keen Jr., 36, was killed in a car accident caused by a drunk driver Saturday, Sept. 10 while on his way home from work as an engineer at Norfolk Southern.

A member of SMART-TD since 2007, Keen became active in his union when he was elected local chairperson in 2015, a position he still held. He also served his local as local alt. legislative rep. (2016 – present), S&T (2018 – 2020) and as alternate delegate for the 2019 convention.

“Richard was a valued member of our union and a strong leader,” wrote Georgia State Legislative Director Matt Campbell. “He believed in doing what was right and holding the railroad accountable for their actions. But more than all that, Richard was a good man, he was funny, and he was a loyal friend. I am so thankful that I knew this man. He will be so missed by all of us.”

GCA-898 General Chairperson Tom Gholson wrote in an email: “As many of you may not have known him, I can assure each of you that didn’t, when you met him you would like him and find something in common. While he was local chairman of Local 1263 he helped rebuild many of the past relationships that were tarnished by old union politics. He placed the membership foremost in priority and was selfless with his work as secretary and treasurer and local chairman. While his body will no longer be with us, the memories we shared together will live on in the meetings to come.”

In his spare time, Keen loved spending time with his children, fishing and working on cars. He loved to help people and could always make them laugh.

Keen is survived by his wife, Mechelle Keen; children Kaleb, Emerson and Harper Keen; father Richard Keen Sr.; mother Bernice Moore; sisters Heather Campbell and Brooke Rowan; Brothers Amy Brad Rowan and Josh Rowan; grandmother Gail Reed; and his in-laws. He also leaves behind his best friends and mentors Patrick Folsom (1st GCA vice chairperson for NS GO 898), Richard Parry and James Warren. He was predeceased by his paternal grandparents Carolyn Cowart and George Keen; and his maternal grandfather Robert Reed.

A visitation will be held Thursday, September 15 from 12 – 2 p.m. at the Warren Funeral Services of Quitman Chapel, 100 S. Second St., Quitman, GA 31643. A funeral service will immediately follow at 2 p.m., followed by interment at Riverview Memorial Gardens Cemetery, Valdosta, Ga.

A GoFundMe has been established by Patrick Folsom to support the family. Folsom is also accepting checks or money orders and will deliver them to Keen’s wife. Please mail checks to Patrick Folsom, 3330 Empress Road, Quitman, GA 31643.

Follow this link to leave condolences for the family or to read the official obituary.

Follow this link to make an online donation.

SMART-TD offers our heartfelt condolences to Keen’s family, friends, Local 1263 and all who knew him.

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.


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


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


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

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


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

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


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

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


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

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


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

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

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

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

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


Notes: 

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


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

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

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

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

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

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

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


Notes: 

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


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

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

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

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

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

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

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


Notes: 

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


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

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

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

 
 
 

4th Quarter 2020

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

 
 
 
 
 
 

4
th Quarter 2020

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

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

 
 
 
 
 
 

4
th Quarter 2020

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


Notes:  

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


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: $1.466 billion, a slight increase from the $1.4 billion in 2018’s third quarter
Revenue: $6.021 billion, a decrease of 2% from the same period in 2018
Operating Income: $1.9 billion, an increase of 3.3% from the same period in 2018
Operating Expenses: $3.809 billion, a decrease of 4.9% from the same period in 2018
Operating Ratio: Improved to 63.3%
Berkshire Hathaway’s third quarter earnings reports is available in this PDF — the in-depth BNSF analysis begins on Page 35.


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