Quarterly financial comparison of Class I railroads.
Last updated: March 13, 2026
Latest Quarter
Q3 2025
Combined Revenue
$27.2B
Combined Net Income
$7.1B
Avg Operating Ratio
63.4%
Union Pacific
Revenue
$6.2B
Operating Ratio
58.7%
5 quarters of data available
BNSF Railway
Revenue
$6.0B
Operating Ratio
66.9%
5 quarters of data available
Canadian National
Revenue
$4.4B
Operating Ratio
62.0%
5 quarters of data available
Canadian Pacific Kansas City
Revenue
$3.8B
Operating Ratio
67.9%
5 quarters of data available
CSX Transportation
Revenue
$3.8B
Operating Ratio
61.3%
5 quarters of data available
Norfolk Southern
Revenue
$3.1B
Operating Ratio
64.8%
5 quarters of data available
| Railroad | Revenue | OpEx | Net Income | OR | Margin |
|---|---|---|---|---|---|
| UP Union Pacific | $6.2B | $3.6B | $1.8B | 58.7% | 29.4% |
| BNSF BNSF Railway | $6.0B | $4.0B | $1.6B | 66.9% | 26.3% |
| CN Canadian National | $4.4B | $2.7B | $1.2B | 62.0% | 27.5% |
| CPKC Canadian Pacific Kansas City | $3.8B | $2.6B | $740M | 67.9% | 19.5% |
| CSX CSX Transportation | $3.8B | $2.3B | $1.0B | 61.3% | 27.5% |
| NS Norfolk Southern | $3.1B | $2.0B | $730M | 64.8% | 23.5% |
| Total / Avg | $27.2B | $17.3B | $7.1B | 63.4% | 26.1% |
Source: Class I railroad quarterly earnings reports. All figures in USD millions.