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1、A business of Marsh McLennanNorth American Freight Rail PerformanceQ3 2024 Financial and Operations ReviewA business of Marsh McLennan2 Oliver WymanOliver Wymans quarterly North American Freight Rail Performance report compiles and analyzes publicly available data from the seven largest North Americ

2、an 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 Association of American Railroads(AAR),the

3、 Federal Railroad Administration(FRA),industry financial 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 rev

4、enue for Q3 2024 compared to Q3 2023 and peak quarter5Total revenue two-year trend with compound quarterly growth rate(CQGR)for Q3 2022 to Q3 20246Total revenue units for Q3 2024 compared to Q3 20237Average freight revenue per unit for Q3 2024 compared to Q3 20238Carloads and intermodal units for Q3

5、 2024 compared to Q3 20239Non-coal and coal carloads for Q3 2024 compared to Q3 202310Revenue ton-miles(RTMs)for Q3 2024 compared to Q3 202311Freight revenue per RTM for Q3 2024 compared to Q3 202312Adjusted operating ratio(OR)for Q3 2024 compared to Q3 202313Unadjusted operating ratio(OR)for Q3 202

6、4 compared to Q3 202314Operating ratio two-year trend with CQGR for Q3 2022 to Q3 202415Freight revenue and operating expense per RTM for Q3 2024 compared to Q3 2023164 Oliver WymanCONTENTS(2/2)Total employees for Q3 2024 compared to Q3 202317Total employment count and RTMs Q3 2017 to Q3 202418RTMs

7、per employee for Q3 2024 compared to Q3 202319Operating income for Q3 2024 compared to Q3 2023 and peak quarter20Operating income two-year trend with CQGR for Q3 2022 to Q3 202421Year-to-date capital expenditures for Q3 2024 compared to Q3 202322Year-to-date free cash flow for Q3 2024 compared to Q3

8、 202323Return on invested capital for Q3 2024 compared to Q3 202324Railroad stock price performance three-year index 25Average dwell time and velocity for Q3 2024 compared to Q3 202326FRA reportable employee and equipment incidents Q3 2024 compared to Q3 2023275 Oliver Wyman2,9532,4733,5722,9715,941

9、5,7185173,0442,6293,6193,0516,0915,881571CPKCCSXNSFXEBNSFUPCN+3.1%+6.3%+1.3%+2.7%+2.5%+2.9%+10.5%ALL RAILROADS EXPERIENCED REVENUE GROWTH,WITH CPKC SEEING THE LARGEST INCREASETotal revenue:$millions202220243,3432,629202220222022202220243,8953,3436,5666,530571Peak quarterNotes:The line running across

10、 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.BNSF is BNSF Railway,not BNSF,LLC Sources:Industry financial repo

11、rts;railroad company press releases;Surface Transportation Board Quarterly Revenue,Expenses,and Income;Y;Oliver Wyman analysis Peak Q3 yearQ3 2023Q3 2024Q3 2024 compared to Q3 2023 and peak quarterPending FXE quarterly report6 Oliver WymanTotal revenue:2-year quarter-over-quarter$millions01,0002,000

12、3,0004,0005,0006,0007,000Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024CNCPKCCSXNSUPBNSFFXENotes: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 reflects eith

13、er combined CP and KCS results prior to the merger or the consolidated CPKC reporting post-merger.BNSF is BNSF Railway,not BNSF,LLC Sources:Industry financial reports;railroad company press releases;Surface Transportation Board Quarterly Revenue,Expenses,and Income;Y;Oliver Wyman analysis FXE1.63%CP

14、KC0.16%CSX-0.91%UP-0.93%NS-1.14%CN-1.16%BNSF-1.30%2year compound quarterly growth rateACROSS THE INDUSTRY,REVENUE HAS BEEN FLAT OR DECLINING OVER THE PAST TWO YEARSPending7 Oliver WymanTotal revenue units carload and intermodal:Thousands1,3261,1291,5501,6872,0522,2964621,3041,0921,5901,8012,1672,487

15、494CPKCCSXNSFXEBNSFUPCN-1.7%-3.3%+2.6%+6.8%+5.6%+8.3%+7.1%Notes:Carload figures are based on quarterly financial statements except for FXE,which is calculated based on AAR weekly carloads reports and reflects Grupo Mexico Transportess overall operations in both the US and Mexico.Sources:Industry fin

16、ancial reports;press releases;AAR Weekly Carload reports;Oliver Wyman analysis Q3 2023Q3 2024Q3 2024 compared to Q3 2023ONLY THE US RAILROADS INCREASED THEIR UNIT VOLUMESBoth CN and CPKC were impacted by work stoppages in the third quarter of 2024,and CPKC continues to grow single-line haul trafficP

17、ending FXE quarterly report8 Oliver WymanAverage freight revenue per unit:$2,1342,1422,3051,7612,7022,4361,1192,2282,3472,2761,6942,6622,3091,155CPKCCSXNSFXEBNSFUPCN+4.4%+9.6%-1.2%-3.8%-1.5%-5.2%+3.1%Notes:To ensure proper comparison,financial figures for CN,CPKC,and FXE are converted to US dollars

18、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 AAR weekly carloads reports.FXEs average revenue per car reflects Grupo Mexico Transportess overall operations in both the US and Mexico.BN

19、SF is BNSF Railway,not BNSF,LLC.Sources:Industry financial reports;railroad company press releases;AAR Weekly Carload reports;Y;Oliver Wyman analysis Q3 2023Q3 2024Q3 2024 compared to Q3 2023Pending FXE quarterly reportWHILE US CARRIERS SAW VOLUMES INCREASE,CN AND CPKC GREW YIELDUS carriers grew int

20、ermodal and shorter-haul export coal business9 Oliver WymanCarloads:ThousandsIntermodal units:Thousands8326748427221,2891,0602908036768607491,2581,045287CPKCCSXNSFXEBNSFUPCN-3.5%+0.2%+2.1%+3.8%-2.4%-1.4%-1.0%4944557089657631,2361725014167301,0529091,442207CPKCCSXNSFXEBNSFUPCN+1.4%-8.5%+3.1%+9.0%+19.

21、1%+16.7%+20.8%Notes:Carload and intermodal unit figures for BNSF are derived from BNSFs Consumer Products business segment based on the relative share of quarterly motor vehicle and parts carloads and total intermodal units for U.S.Class I Railroads in the AAR Weekly Commodity Statistics.Carload fig

22、ures for FXE reflect Grupo Mexico Transportess overall operations in both the US and MexicoSources:Industry financial reports;AAR Weekly Carload reports;press releases;Oliver Wyman analysis Q3 2023Q3 2024Q3 2024 compared to Q3 2023Q3 2024 compared to Q3 2023Pending FXE quarterly reportPending FXE qu

23、arterly reportWESTERN CARRIERS AND NS HAVE SEEN SIGNIFICANT INTERMODAL GROWTHCarload traffic was more mixed,with only CSX and NS seeing a noticeable increases10 Oliver WymanCarloads excluding coal:ThousandsCoal carloads:Thousands7085466495551,0586842906875546705641,066716287CPKCCSXNSFXEBNSFUPCN-3.0%

24、+1.5%+3.2%+1.6%+0.8%+4.7%-1.0%124128193167231376116122190185192329CNCPKCCSXNSUPBNSFFXE-6.5%-5.2%-1.6%+11.2%-16.9%-12.5%Notes:Carload and intermodal unit figures for BNSF are derived from BNSFs Consumer Products business segment based on the relative share of quarterly motor vehicle and parts carload

25、s and total intermodal units for U.S.Class I Railroads in the AAR Weekly Commodity Statistics.Union Pacifics coal carload figures are taken from the Coal&Renewables business segment.Carload figures for FXE reflect Grupo Mexico Transportess overall operations in both the US and Mexico;FXE does not se

26、parately report coal carloads,and this report assumes no coal volumeSources:Industry financial reports;AAR Weekly Carload reports;press releases;Oliver Wyman analysis Q3 2023Q3 2024Q3 2024 compared to Q3 2023Q3 2024 compared to Q3 2023COAL CONTINUES TO BE A SIGNIFICANT DRAG ON WESTERN CARRIERS CARLO

27、ADSNS carloads were buoyed by export coal volumes,while CSX and BNSF saw the biggest merchandise increasesPending FXE quarterly report11 Oliver WymanRevenue ton-miles:Millions55,64049,32047,80042,800103,000142,9897,92556,54851,52048,80044,500104,035146,8497,423CPKCCSXNSFXEBNSFUPCN+1.6%+4.5%+2.1%+4.0

28、%+1.0%+2.7%-6.3%Sources:Industry financial reports;railroad company press releases;Surface Transportation Board Quarterly Revenue,Expenses,and Income;Oliver Wyman analysis Q3 2023Q3 2024Q3 2024 compared to Q3 2023Pending FXE quarterly reportREVENUE TON-MILES INCREASED AT ALL RAILROADSCPKC and NS saw

29、 RTM increases of 4%or more12 Oliver WymanRevenue per thousand revenue ton-miles:$50.9 49.1 74.7 69.4 53.8 39.1 65.2 51.4 49.8 74.2 68.6 55.4 39.1 76.9 CPKCCSXNSFXEBNSFUPCN+1.0%+1.4%-0.8%-1.2%+3.0%0.0%+17.9%Notes:To ensure proper comparison,financial figures for CN,CPKC,and FXE are converted to US d

30、ollars using the exchange rate at the end of the latest quarter.BNSF is BNSF Railway,not BNSF,LLC Sources:Industry financial reports;railroad company press releases;Surface Transportation Board Quarterly Revenue,Expenses,and Income;Y;Oliver Wyman analysis Q3 2023Q3 2024UNION PACIFIC WAS ABLE TO INCR

31、EASE REVENUE PER RTM BY 3%Q3 2024 compared to Q3 2023Pending FXE quarterly report13 Oliver WymanAdjusted operating ratio:PercentNotes:All adjusted operating ratios are shown as reported by carriers.BNSF is BNSF Railway,not BNSF,LLC Sources:Industry financial reports;railroad company press releases;S

32、urface Transportation Board Quarterly Revenue,Expenses,and Income;Oliver Wyman analysis 62.061.764.469.163.468.473.363.162.962.663.460.365.076.4CNCPKCCSXNSUPBNSFFXE+1.8%+1.9%-2.8%-8.2%-4.8%-4.9%+4.2%Q3 2023Q3 2024Q3 2024 compared to Q3 2023UP60.3CSX62.6CPKC62.9CN63.1NS63.4BNSF65.0Current rankingONLY

33、 THE US CARRIERS SAW IMPROVEMENTS IN OPERATING RATIOSNS and BNSF have brought OR more in line with industry peersFXE76.4Pending FXE quarterly report14 Oliver WymanUnadjusted operating ratio:PercentNotes:All unadjusted operating ratios are calculated as operating income to total revenue and may margi

34、nally differ from those reported by carriers.BNSF is BNSF Railway,not BNSF,LLC Sources:Industry financial reports;railroad company press releases;Surface Transportation Board Quarterly Revenue,Expenses,and Income;Oliver Wyman analysis 62.064.964.474.663.468.573.363.166.162.647.760.365.076.4CNCPKCCSX

35、NSUPBNSFFXE+1.9%+1.9%-2.8%-36.0%-4.8%-5.0%+4.2%Q3 2023Q3 2024TRENDS WERE SIMILAR FOR UNADJUSTED OPERATING RATIOSNSs operating ratio was heavily impacted due to 2023 East Palestine insurance compensation and gains on railroad line salesQ3 2024 compared to Q3 2023NS47.7UP60.3CSX62.6CN63.1BNSF65.0CPKC6

36、6.1Current rankingFXE76.4Pending FXE quarterly report15 Oliver WymanAdjusted operating ratio:2-year quarter-over-quarterPercent556065707580Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024CNCPKCCSXNSUPBNSFFXENotes:All unadjusted operating ratios are calculated as operating income to to

37、tal revenue and may marginally differ from those reported by carriers.BNSF is BNSF Railway,not BNSF,LLC Sources:Industry financial reports;railroad company press releases;Surface Transportation Board Quarterly Revenue,Expenses,and Income;Oliver Wyman analysis CN1.23%FXE0.90%CSX0.64%CPKC0.44%NS0.28%U

38、P0.09%BNSF-0.50%2year compound quarterly growth rateHIGHER LABOR RATES AND LARGER EMPLOYEE COUNTS TO IMPROVE SERVICE LEVELS HAVE CONTRIBUTED TO STEADY OR SLIGHTLY GROWING OPERATING RATIOSBNSF is the only railroad that has brought down its OR since Q3 2022Pending16 Oliver WymanRevenueExpenseCPKCCSXNS

39、FXEBNSFUPCNFreight revenue and operating expense per thousand RTMs:$32.932.548.151.836.527.447.834.033.746.432.735.326.058.8+3.4%+3.7%-3.6%-36.8%-3.3%-4.9%+22.9%50.949.174.769.453.839.165.251.449.874.268.655.439.176.9+1.0%1.4%-0.8%-1.2%+3.0%0.0%+17.9%Notes:To ensure proper comparison,financial figur

40、es for CN,CPKC,and FXE are converted to US dollars using the exchange rate at the end of the latest quarter.Percentages may not add due to rounding.BNSF is BNSF Railway,not BNSF,LLC Sources:Industry financial reports;railroad company press releases;Surface Transportation Board Quarterly Revenue,Expe

41、nses,and Income;Y;Oliver Wyman analysis Q3 2023Q3 2024OR IMPROVEMENT IN THE US IS BEING LARGELY DRIVEN BY OPERATING COST IMPROVEMENTBNSF has both lowest revenue and cost per RTM,while CSX has the highest revenue and cost per RTMQ3 2024 compared to Q3 2023Pending FXE quarterly report17 Oliver WymanTo

42、tal employees:25,10120,24323,02320,44931,80037,1917,88425,42820,22423,35519,88930,51836,6218,248CPKCCSXNSFXEBNSFUPCN+1.3%-0.1%+1.4%-2.7%-4.0%-1.5%+4.6%Notes:Represents the total end of period employees,unless railroad only reports average employees.BNSF figures are taken from STB Form C employee cou

43、nts from the last month in the quarter.Sources:Industry financial reports;railroad company press releases;Surface Transportation Board Monthly Form C;Oliver Wyman analysis RAILROADS WITH THE LARGEST IMPROVEMENTS IN OPERATING RATIO ALSO DECREASED THEIR EMPLOYEE COUNT THE MOSTQ3 2023Q3 2024Q3 2024 com

44、pared to Q3 2023Pending FXE quarterly report18 Oliver WymanEMPLOYMENT AND RTMS HAVE TRENDED TOGETHER,EXCEPT AT CN AND CSXEmployment countThousands010203040502018201920202021202220232024CNCPKCCSXNSUPBNSFFXENote:Notes:Represents the total end of period employees,unless railroad only reports average em

45、ployees.BNSF figures are taken from STB Form C employee counts from the last month in the quarter.All operational information for CPKC reflects either combined CP and KCS results prior to the merger or the consolidated CPKC reporting post-mergerSources:Industry financial reports;railroad company pre

46、ss releases;Surface Transportation Board Quarterly Wage Form A&B;Oliver Wyman analysis Percentage change in employee count:Q3 2017 to Q3 2024Revenue ton-milesMillionsPercentage change in revenue ton-miles:Q3 2017 to Q3 2024CNCPKC8.5%5.8%CSX-5.1%NS-25.7%UP-27.6%BNSF-12.1%FXE8.6%CNCPKC-4.2%6.8%CSX2.1%

47、NS-12.9%UP-12.6%BNSF-12.4%FXE0.6%050,000100,000150,000200,0002018201920202021202220232024CNCPKCCSXNSUPBNSFFXEPendingPending19 Oliver WymanRevenue ton-miles per average employee:Millions2.212.432.092.093.263.841.012.212.562.092.243.474.010.90CPKCCSXNSFXEBNSFUPCN-0.1%+5.2%+0.2%+6.9%+6.7%+4.3%-10.5%Not

48、es:BNSF is BNSF Railway,not BNSF,LLC Sources:Industry financial reports;railroad company press releases;Surface Transportation Board Quarterly Revenue,Expenses,and Income;Oliver Wyman analysis Q3 2023Q3 2024Q3 2024 compared to Q3 2023ALL THE CLASS IS EXCEPT FOR CN AND CSX HAVE SIGNIFICANTLY IMPROVED

49、 PRODUCTIVITYPending FXE quarterly report20 Oliver WymanOperating income:$millions202220221,5311,019202220242022202220221,5791,5962,6332,117145Notes:The line running across the bar charts represent the highest historical operating income for the equivalent quarter.To ensure proper comparison,financi

50、al figures for CN,CPKC,and FXE are converted to US dollars using the exchange rate at the end of the latest quarter.BNSF is BNSF Railway,not BNSF,LLC.NS East Palestine insurance benefits are net of legal,environmental and other expenses.Sources:Industry financial reports;railroad company press relea

51、ses;Surface Transportation Board Quarterly Revenue,Expenses,and Income;Y;Oliver Wyman analysis Peak Q3 yearPeak quarterQ3 2023Q3 20241,1248691,2717562,1771,8031381,1228911,3541,5962,4162,057135CPKCCSXNSFXEBNSFUPCN-0.1%+2.6%+6.5%+111.1%+11.0%+14.1%-2.4%Q3 2024 compared to Q3 2023 and peak quarterPend

52、ing FXE quarterly reportNSS Q3 OPERATING INCOME WAS BOLSTERED BY INSURANCE COMPENSATION AND GAINS FROM LINE SALESAdjusting for these non-recurring items,NS income would be$1.1 billionEast Palestine insurance benefits and line sales contributed$539 million to Q3 income21 Oliver WymanOperating income:

53、2-year quarter-over-quarter$millions05001,0001,5002,0002,5003,000Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024CNCPKCCSXNSUPBNSFFXENotes: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 qua

54、rter.All financial information for CPKC reflects either combined CP and KCS results prior to the merger or the consolidated CPKC reporting post-merger.BNSF is BNSF Railway,not BNSF,LLC Sources:Industry financial reports;railroad company press releases;Surface Transportation Board Quarterly Revenue,E

55、xpenses,and Income;Y;Oliver Wyman analysis CN-3.81%CPKC-1.66%CSX-1.90%NS2.88%UP-1.07%BNSF-0.36%FXE-0.92%2year compound quarterly growth rateRAIL INDUSTRY OPERATING INCOME CONTINUES ITS DOWNWARD DRIFT OVER THE PAST TWO YEARSNS and UP have been bucking that trend in 2024 by backing out unusual items;N

56、S is approaching its 2022 operating incomePending22 Oliver WymanYear-to-date capital expenditures:$millions1,6691,4801,5711,4962,5822,8581761,9301,5641,6913,3492,5302,779198CPKCCSXNSFXEBNSFUPCN+15.6%+5.7%+7.6%+123.9%-2.0%-2.8%+12.6%Notes:To ensure proper comparison,financial figures for CN,CPKC,and

57、FXE are converted to US dollars using the exchange rate at the end of the latest quarter.All financial information for CPKC reflects either combined CP and KCS results prior to the merger or the consolidated CPKC reporting post-merger.BNSF is BNSF Railway,not BNSF,LLC Sources:Industry financial repo

58、rts;press releases;Y;Oliver Wyman analysis Q3 2024 compared to Q3 2023Q3 2023Q3 2024MOST RAILROADS HAVE BEEN SCALING UP THEIR CAPITAL SPENDINGNS capital expenses include the acquisition of the Cincinnati Southern Railway(CSR),while UP and BNSF are the only railroads that have not spent more than in

59、2024 than in 2023Q3 2024 includes$1.6 billion for the CSR acquisitionPending FXE quarterly report23 Oliver WymanYear-to-date free cash flow:$millions1,7039362,4541,0103,4023,3952441,5551,0762,168-2484,1543,766328CPKCCSXNSFXEBNSFUPCN-8.7%+15.0%-11.7%-124.6%+22.1%+10.9%+34.7%Notes:Free Cash Flow calcu

60、lated as(Cash from Operations)(Total Capex)as reported by SnP CapIQ.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 financial information for CPKC reflects either combined CP and KCS results pr

61、ior to the merger,or the consolidated CPKC reporting post-merger.BNSF is BNSF Railway,not BNSF,LLC.NS East Palestine insurance benefits are net of legal,environmental and other expenses.Sources:Industry financial reports,press releases,Y;Oliver Wyman analysis Q3 2023Q3 2024Q3 2024 compared to Q3 202

62、3Pending FXE quarterly reportCASH FLOW IS MIXED,WITH BNSF,CPKC,AND UP SHOWING DOUBLE-DIGIT INCREASESNS free cash flow remains a difficult comparison due to insurance compensation,gains from line sales,and the CSR acquisitionBacking out insurance,line sales,and the CSR acquisition,YTD cash flow would

63、 have been$1.5 billion,an increase of 48%24 Oliver WymanReturn on invested capital(4-quarter rolling average-based):Percent13.17.312.57.413.810.223.613.85.311.78.113.910.218.3CPKCCSXNSUPBNSFFXECN+0.7-1.9-0.8+0.6+0.1-0.1-5.2Notes:ROIC is calculated for all reported companies as(Net Income)/(Total Deb

64、t+Total Equity)as reported by SnP CapIQ,based on 4-quarter rolling averages of reported values.All financial information for CPKC reflects either combined CP and KCS results prior to the merger or the consolidated CPKC reporting post-merger.BNSF is BNSF Railway,not BNSF,LLC Sources:Industry financia

65、l reports;Y;press releases;Oliver Wyman analysis Q3 2023Q3 2024RETURN ON INVESTED CAPITAL HAS REMAINED RELATIVELY STABLE ACROSS THE INDUSTRYQ3 2024 compared to Q3 2023Pending FXE quarterly report25 Oliver WymanClass I indexed stock price performance,Percent-20-15-10-50510152025303540-25Sep 2021Dec 2

66、021Mar 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024CNCPKCCSXNSUPS&P 500Jun 2022Source:Publicly available stock price data 9/30/2021-9/30/2024STOCK PRICES ARE UP FOR ALL RAILROADS VERSUS 2021 BUT DIVERGED FROM THE S&P 500 IN 2024This is the first time since early 2023

67、that railroad stocks have been above the index lineS&P 50033.70%CPKC31.46%UP25.75%CSX16.11%NS3.87%CN1.30%Current index26 Oliver WymanAverage dwell time:HoursAverage velocity:MPH15.522.020.323.423.625.314.923.721.122.522.423.3CNCPKCCSXNSUPBNSF-4.4%+7.4%+3.9%-3.7%-5.1%-8.1%24.121.126.220.523.526.324.8

68、21.925.422.423.225.3CNCPKCCSXNSUPBNSF+2.8%+3.9%-3.3%+9.2%-1.1%-4.1%Note:System-average dwells and velocities shown.Quarterly values are based on weekly reported values,averaged over all weeks in the reported quarter.Sources:Association of American Railroads data;Oliver Wyman analysis Q3 2023Q3 2024D

69、WELL TIME AND VELOCITY WERE MIXED IN Q3Only NS and CN saw improvements in both metrics;CSX was the only carrier to perform worse on both metricsQ3 2024 compared to Q3 2023Q3 2024 compared to Q3 202327 Oliver WymanEmployee incidents per 200,000 employee hoursEquipment incidents per million train-mile

70、s1.081.021.051.361.311.251.181.040.851.141.201.611.161.17CPKCCSXNSIndustry AverageBNSFUPCN-3.7%-16.7%+7.7%-11.7%+23.0%-7.4%-1%2.101.383.994.414.552.493.161.461.273.572.044.172.412.49CPKCCSXNSIndustry AverageBNSFUPCN-30.5%-8.0%-10.4%-53.8%-8.5%-3.5%-21%Note:Percentages may not add due to rounding.CN

71、and CPKC figures originate from their respective financial statements,all other figures originate from the FRA.BNSF is BNSF Railway,not BNSF,LLC.Industry average evaluated as average across reported railroads,not weighted averageSources:Federal Railroad Administration;corporate financial reports;Oli

72、ver Wyman analysisQ3 2023Q3 2024Q3 2024 compared to Q3 2023Q3 2024 compared to Q3 2023ONLY UP AND CSX SAW INCREASED EMPLOYEE INCIDENT RATES,WHILE ALL RAILROADS IMPROVED ON EQUIPMENT INCIDENT RATES,WITH NS AND CN IMPROVING THE MOST28 Oliver WymanJason KuehnVice PYury GorbunovDEric HellerDFOR MORE INF

73、ORMATION,PLEASE CONTACTCopyright 2024 Oliver WymanAll rights reserved.This report may not be reproduced or redistributed,in whole or in part,without the written permission of Oliver Wyman andOliver Wyman accepts no liability whatsoever for the actions of third parties in this respect.The information

74、 and opinions in this reportwere prepared by Oliver Wyman.This report is not investment advice and should not be relied on for such advice or as a substitute forconsultation with professional accountants,tax,legal,or financial advisors.Oliver Wyman has made every effort to use reliable,up to date,an

75、d comprehensive information and analysis,but all information is provided without warranty of any kind,express or implied.Oliver Wyman disclaims any responsibility to update the information or conclusions in this report.Oliver Wyman accepts no liability forany loss arising from any action taken or re

76、frained from as a result of information contained in this report or any reports or sources ofinformation referred to herein,or for any consequential,special or similar damages even if advised of the possibility of such damages.Thereport is not an offer to buy or sell securities or a solicitation of an offer to buy or sell securities.This report may not be sold without thewritten consent of Oliver Wyman.A business of Marsh McLennan