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

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

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

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

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

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

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


Net Earnings: Decreased to $38.8 million from $76.0 million
Earnings Per Share: Diluted earnings per share decreased 42.9% to $0.68 from $1.19
Revenue: Increased 2.1% to $332.4 million from $325.6 million
Operating Income: Decreased 5.3% to $69.3 million from $73.2 million; adjusted operating income decreased 4.2% to $70.3 million from $73.4 million
Operating Expenses: Increased to $263.1 million from $252.5 million
Operating Ratio: Worsened to 79.1% from 77.5%; adjusted operating ratio worsened to 78.9% from 77.5%
Click here to read G&W’s full earnings report.
 

Notes: 

  • Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
  • All comparisons are made to 2018’s first-quarter results for each railroad.
  • Figures for G&W are for North American operations only, with the exception of Net Earnings & Earnings Per Share, which includes all G&W operations, as solely North American figures were unavailable in these categories.
  • All figures for CN & CP are in Canadian currency, except for earnings per share for CP


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

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

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

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

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

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

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

Net Earnings: Increased to $69.6 million from $50.2 million
Earnings Per Share: Increased 45 percent to $1.16
Revenue: Increased 11.5 percent to $355.7 million from $318.9 million
Operating Income: Increased 24.7 percent to $102.5 million, up from $82.2 million
Operating Expenses: Increased to $253,225 from $236,724
Operating Ratio: Improved 3 points to 71.2 percent from 74.2 percent
Click here to read G&W’s full earnings report.
 

Notes: 

  • Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
  • All comparisons are made to 2017’s third quarter financial results for each railroad.
  • Figures for G&W are for North American operations only with the exception of Net Earnings & Earnings Per Share, which includes all G&W operations, as solely North American figures were unavailable in these categories.


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

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

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

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

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

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

Financial results of the largest U.S. shortline:


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

Notes: 

  • Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
  • All comparisons are made to 2017’s second quarter financial results for each railroad.


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

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

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

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

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

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

Net Earnings: Increased to $1.3 billion from $1.1 billion; diluted earnings per share increased 27 percent to a record $1.68 from $1.32 per share.
Revenue: Increased 7 percent to $5.5 billion, up from $5.1 billion
Operating Income: Increased 8 percent to $1.9 billion from $1.8 billion
Operating Ratio: Improved 0.6 points to 64.6 percent from 65.2
Click here to read UP’s full earnings report.
 

Notes:

  • Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
  • All comparisons are made to 2017’s first quarter financial results for each railroad.

4th Quarter 2017

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

2017 Annual Earnings

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

4th Quarter 2017

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

2017 Annual Earnings

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

4th Quarter 2017

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

2017 Annual Earnings

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

4th Quarter 2017

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

2017 Annual Earnings

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

4th Quarter 2017

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

2017 Annual Earnings

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

4th Quarter 2017

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

2017 Annual Earnings

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

Note: Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.

 

 
 
 
 
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.

CSX

Net Earnings: $510 million or $0.55 per share, up 15 percent from $445 million or $0.47 per share from 2016’s second quarter earnings results
Revenue: Increased 8 percent to $2,933 million
Operating Income: $958 million, up 14 percent
Operating Ratio: 67.4 percent, down from 68.9 percent
Click here to read CSX’s full earnings report.
 

KCS

Net Earnings: $135 million or $1.27 per diluted share, up from 2016 second quarter’s reported $121 million or $1.11 per diluted share
Revenue: Record second quarter revenues of $656 million, a 15 percent increase from the second quarter of 2016
Operating Income: All-time record of $239 million, an increase of 9 percent from the second quarter of 2016
Operating Ratio: 63.5 percent, a 2.2 increase from second quarter 2016
Click here to read KCS’s full earnings report.
 

CP

Net Earnings: Rose 46 percent to C$480 million or C$3.27 per diluted share (a second quarter record)
Revenue: C$1.64 billion, up 13 percent
Operating Income: A second-quarter record of C$679 million, up 23 percent
Operating Ratio: Improved 330 basis points to a second quarter record of 58.7 percent
Click here to read CP’s full earnings report.
 

UP

Net Earnings: $1.2 billion or $1.45 per diluted share (a second quarter record), as compared to the $1.0 billion or $1.17 per diluted share reported for the second quarter of 2016
Revenue: Up 10 percent to $5.3 billion
Operating Income: Up 21 percent to $2.0 billion
Operating Ratio: A second quarter record of 61.8 percent, a 3.4 point improvement compared to the second quarter 2016
Click here to read UP’s full earnings report.
 

CN

Net Earnings: Increased 20 percent to C$1,031 million and diluted earnings per share increased 24 percent to C$1.36
Revenue: Increased 17 percent to a quarterly record of C$3,329 million
Operating Income: Increased 16 percent to C$1,495 million
Operating Ratio: Increased 0.6 points to 55.1 percent
Click here to read CN’s full earnings report.
 

NS


Net Earnings: Up 23 percent to $497 million while diluted earnings per share increased 26 percent to $1.71
Revenue: Increased 7 percent to $2.6 billion
Operating Income: Up 15 percent year-over-year to $888 million
Operating Ratio: An all-time record at 66.3 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.

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.

CSX_logo
Net Earnings: $455 million or $0.48 per share; down from $507 million or $0.52 per share
Revenue: Declined 8 percent
Operating Income: Declined 10 percent to $841 million
Operating Ratio: Increased 70 basis points to 69.0 percent
Click here to read CSX’s full earnings report
 
KCS_rail_logo
Net Earnings: $121 million or $1.12 per diluted share; down from $132 million or $1.20 per diluted share
Revenue: Decreased 4 percent to $605 million
Operating Income: Decreased 9 percent to $200 million
Operating Ratio: Increased to 66.9 percent
Click here to read Kansas City Southern’s full earnings report
 
CP_Logo_RGB
Net Earnings: C$347 million (7 percent increase) or C$2.34 diluted earnings per share (a 15 percent increase); up from C$323 million or C$2.04 diluted earnings per share
Revenue: Decrease of 9 percent to C$1.55 billion
Operating Income: C$657 million, a decrease of 13 percent
Operating Ratio: 57.7 percent, lowest ever reported
Click here to read Canadian Pacific’s full earnings report
 
union_pacific_logo
Net Earnings: $1.1 billion or $1.36 per diluted share (9 percent decline); down from $1.3 billion or $1.50 per diluted share
Revenue: $5.2 billion, down 7 percent
Operating Income: Declined 11 percent to $2.0 billion
Operating Ratio: 62.1 percent, up 1.8 points
Click here to read Union Pacific’s full earnings report
 
CN_red_logo
Net Earnings: C$972 million or C$1.25 per diluted share, as compared to 2015 3rd quarter of C$1,007 million or C$1.26 per diluted share
Revenue: Decreased 6 percent to C$3,014 million
Operating Income: Declined 5 percent to C$1,407 million
Operating Ratio: A record 53.3 percent, a 0.5-point improvement
Click here to read Canadian National’s full earnings report
 
ns_Logo
Net Earnings: $460 million (2 percent increase) or $1.55 diluted earnings per share (4 percent increase); up from $452 million or $1.49 diluted earnings per share
Revenue: Declined 7 percent to $2.5 billion
Operating Income: Stayed at a steady $820 million
Operating Ratio: 67.5 percent, a 220 basis point improvement over 2015’s reported 69.7 percent in the third quarter
Click here to read Norfolk Southern’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.

CSX_logo

Net Earnings: $445 million or $0.47 per share; down from $533 million or $0.56 per share
Revenue: Down 12 percent
Operating Income: Down 17 percent to $840 million
Operating Ratio: Increased 210 basis points to 68.9 percent
Click here to read CSX’s full earnings report.
 
KCS_rail_logo
Net earnings: $120 million or $1.11 diluted earnings per share, a 10 percent increase
Revenue: $569 million, a decrease of 3 percent
Operating Income: $220 million, an 18 percent increase
Operating Ratio: 61.3 percent, improvement of 6.8 points
Click here to read Kansas City Southern’s full earnings report.
 
CP_Logo_RGB
Net Earnings: C$328 million or C$2.15 per share, a decline of 16 percent
Revenue: C$1.45 billion, a decrease of 12 percent
Operating Income: C$551 million, a decrease of C$95 million
Operating Ratio: 62 percent, an increase of 110 basis points
Click here to read Canadian Pacific’s full earnings report.
 
union_pacific_logo
Net Earnings: $1.0 billion or $1.17 per diluted share, a decline of 15 percent
Revenue: $4.8 billion, down 12 percent
Operating Income: $1.7 billion, down 15 percent
Operating Ratio: 65.2 percent, an increase of 1.1 points
Click here to read Union Pacific’s full earnings report.
 
CN_red_logo
Net Earnings: Decreased to C$858 million or C$1.10 per diluted share
Revenue: Decreased to C$2,842 million, a 9 percent decrease
Operating Income: C$1,549 million, a 12 percent decline
Operating Ratio: Second quarter record of 54.5 percent, an improvement of 1.9 points
Click here to read Canadian National’s full second quarter earnings report.
 
ns_Logo
Net Earnings: $405 million or $1.36 diluted earnings per share, a decline in net earnings and a 4 percent decline in earnings per share.
Revenue: $2.5 billion, down 10 percent
Operating Income: $770 million, a 5 percent decrease
Operating Ratio: Improved to 68.6 percent, a 140 basis point improvement or 11 percent reduction
Click here to read Norfolk Southern’s full second quarter 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.