第二季度北美一级货运铁路性能
© Oliver WymanINTRODUCTION Oliver Wyman’s quarterly North American Freight Rail Performance reportcompiles and analyzes publicly available data from the seven largest NorthAmerican railroads:•BNSF Railway (BNSF)•Canadian National Railway (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 Associationof American Railroads (AAR), the Federal Railroad Administration (FRA), industryfinancial reports, and public company informationAll dollar figures are US dollars. Financial figures for CN, CPKC, and FXE areconverted to US dollars using the exchange rate at the end of the latest quarter © Oliver Wyman2,9612,3173,6992,9805,9635,7045723,1602,6303,7013,0446,0075,715CPKCCSXNSFXEBNSFUPCN+6.7%+13.5%+0.1%+2.1%+0.7%+0.2%+7.0%MEXICO IS A POTENTIAL GROWTH ENGINE FOR RAIL, AS BOTH CPKC AND FXE POSTEDRECORD QUARTERLY REVENUESTotal revenue: Q2 2024 compared to Q2 2023 and peak quarter$ millions202220243,1712,630202220222022202220243,8153,2506,2696,453612Peak quarterNotes: The line running across the bar charts represent the highest historical revenue for the equivalent quarter. To ensure proper comparison, financial figures for CN, CPKC, and FXE are converted to US dollars using the exchange rate at the end of the latest quarter.All post-merger revenues for CPKC reflect their reported results. CPKC also reported adjusted combined revenues increased 8% for Q2 2024 compared to Q2 2023. BNSF is BNSF Railway, not BNSF, LLCSources: Industry financial reports; railroad company press releases; Surface Transportation Board Quarterly Revenue, Expenses, and Income; Ycharts.com; Oliver Wyman analysisPeak Q2 yearQ2 2023 © Oliver WymanTotal revenue: 2-year quarter-over-quarter$ millions01,0002,0003,0004,0005,0006,0007,000Q2 2022Q3 2022Q4 2022Notes: To ensure proper comparison, financial figures for CN, CPKC, and FXE are converted to US dollars using the exchange rate at the end of the latest quarter. All revenues for CPKC reflect their reported results. CPKC also reported combined revenues increased 8% for Q22024 compared to Q2 2023. BNSF is BNSF Railway, not BNSF, LLCSources: Industry financial reports; railroad company press releases; Surface Transportation Board Quarterly Revenue, Expenses, and Income; Ycharts.com; Oliver Wyman analysisLOOK SOUTH FOR GROWTHOnly CPKC and FXE grew total revenues over the past two years Q1 2023Q2 2023 © Oliver WymanTotal revenue units– carload and intermodal:Thousands1,3691,1281,5461,6582,0272,2021,4191,0851,5781,7432,0372,295CPKCCSXNS+3.7%-3.7%+2.1%+5.1%+0.5%+4.2%Notes: Carload figures for FXE reflect Grupo Mexico Transport’s overall operations in both the US and Mexico. Carload and Intermodal figures for CPKC prior to the CP-KCS merger are sourced from CPKC’s published Unaudited Combined Summary of Supplemental Data.Sources: Industry financial reports; press releases; AAR Weekly Carload reports; Oliver Wyman analysisQ2 2024 compared to Q2 2023ALL RAILROADS EXCEPT CPKC REGISTERED AN INCREASE IN REVENUE UNITSCPKC showed a decline due to a loss of intermodal traffic, primarily in Mexico but also in Western Canada © Oliver WymanAverage revenue per unit: Q2 2024 compared to Q2 2023$2,1632,0552,3931,7982,9422,5901,2372,2272,4232,3451,7472,9492,490CPKCCSXNS+2.9%+17.9%-2.0%-2.8%+0.2%-3.9%Notes: To ensure proper comparison, financial figures for CN, CPKC, and FXE are converted to US dollars using the exchange rate at the end of the latest quarter. Carload figures are based on quarterly financial statements, except for FXE, which is calculated based on AARweekly carloads reports. All post-merger revenues for CPKC reflect its reported results. CPKC also reported pre-merger combined revenue per unit increased 13% for Q2 2024 compared to Q2 2023. BNSF is BNSF Railway, not BNSF, LLC. FXE’s average revenue per car reflectsGrupo Mexico Transport’s overall operations in both the US and MexicoSources: Industry financial reports; railroad company press releases; AAR Weekly Carload reports; Ycharts.com; Oliver Wyman analysisREVENUE PER UNIT WAS MIXED, REFLECTING MIX CHANGES BETWEEN COAL TRAFFICDECLINES AND INTERMODAL GROWTHQ2 2023 © Oliver WymanCarloads:ThousandsIntermodal units:Thousands8196738627321,2781,0452978226828627391,239965315CPKCCSXNSFXEBNSFUPCN+0.4%+1.4%0.0%+1.0%-3.1%-7.7%+6.1%5504556849257491,1571665974047161,0047981,330208CPKCCSXNSFXEBNSFUPCN+8.5%-11.3%+4.7%+8.4%+6.5%+15.0%+25.7%Notes: Carload and Intermodal unit figures for CPKC prior to the CP-KCS merger are sourced from CPKC’s published Unaudited Combined Summary of Supplemental Data. Carload and intermodal unit figures for BNSF are derived from BNSF’s Consumer Products businesssegment based on the relative share of motor vehicle carloads and intermodal units as reported in the AAR Weekly Commodity Statistics. Carload figures for FXE reflect Grupo Mexico Transport’s overall operations in bo
