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1、North American Freight Rail PerformanceQ4 2025 Financial and Operations Review2 Oliver WymanOliver Wymans quarterly North American Freight Rail Performance report compiles and analyzes publicly available data from the seven largest North American railroads:BNSF Railway(BNSF)Canadian National Railway

2、(CN)Canadian Pacific Kansas City Railway(CPKC)CSX Transportation(CSX)Ferromex(FXE)Norfolk Southern Railway(NS)Union Pacific Railroad(UP)Data sources include the US Surface Transportation Board(STB),the Association of American Railroads(AAR),the Federal Railroad Administration(FRA),industry financial

3、 reports,and public company informationAll dollar figures are US dollars.Financial figures for CN,CPKC,and FXE are converted to US dollars using the exchange rate at the end of the latest quarterINTRODUCTION23 Oliver WymanCONTENTS(1/2)Total revenue for Q4 2025 compared to Q4 2024 and peak quarter5To

4、tal revenue two-year trend with compound quarterly growth rate(CQGR)for Q4 2023 to Q4 20256Total revenue units for Q4 2025 compared to Q4 20247Average freight revenue per unit for Q4 2025 compared to Q4 20248Carloads and intermodal units for Q4 2025 compared to Q4 20249Non-coal and coal carloads for

5、 Q4 2025 compared to Q4 202410Revenue ton-miles(RTMs)for Q4 2025 compared to Q4 202411Freight revenue per RTM for Q4 2025 compared to Q4 202412Adjusted operating ratio(OR)for Q4 2025 compared to Q4 202413Operating ratio two-year trend with CQGR for Q4 2023 to Q4 202514Annual adjusted operating ratio

6、(OR)for 2025 compared to 202415Freight revenue and operating expense per RTM for Q4 2025 compared to Q4 2024164 Oliver WymanCONTENTS(2/2)Total employees for Q4 2025 compared to Q4 202417Total employment count and RTMs Q4 2018 to Q4 202518RTMs per employee for Q4 2025 compared to Q4 202419Operating i