Key Partners
- Connecting U.S., Canadian and Mexican railroads (FACT).
- Only railroad serving all 6 major Mexico gateways (FACT).
- Two domestic locomotive suppliers (FACT).
- Labor unions — majority of employees (FACT).
- STB — rate, service and merger regulator (FACT).
- Norfolk Southern — pending merger partner (FACT).
Key Activities
- Build trains in classification yards (FACT).
- Line-haul moves origin → destination (FACT).
- Track replacement — $1.99B in FY2025 (FACT).
- Price contracts, quotes and tariffs (FACT).
- Safety — PTC + 7,000+ wayside detectors (FACT).
- Pursue STB approval of NS merger (FACT).
Key Resources
- 32,889 route miles in 23 states (FACT).
- 6,964 locomotives owned or leased (FACT).
- 53,790 freight cars owned or leased (FACT).
- ~50,700 containers and chassis (FACT).
- 29,287 average employees in 2025 (FACT).
- Industrial-park real estate (FACT).
Value Propositions
- Lower cost per ton-mile than trucks on long hauls (INFERENCE).
- All major West Coast + Gulf ports (FACT).
- All 6 major Mexico gateways (FACT).
- Intermodal service index 99% in FY2025 (FACT).
- Hazmat-trained, tracked handoffs (FACT).
- Fewer trucks on highways (INFERENCE).
Customer Relationships
- Private contracts with key shippers (FACT).
- Private rate / letter quotes (FACT).
- Public tariffs for others (FACT).
- Volume incentives reduce revenue (FACT).
- Paid after delivery of each shipment (FACT).
- Sticky — rail-served plants rarely relocate (INFERENCE).
Channels
- Commodity-group marketing & sales (FACT).
- Intermodal marketing companies (FACT).
- Truckload carriers as intermodal customers (FACT).
- West Coast + Gulf ports (FACT).
- Interline gateways to East, Canada, Mexico (FACT).
- Industrial parks on owned land (FACT).
Customer Segments
- Bulk — $7.59B FY2025 (FACT).
- Industrial — $8.60B FY2025 (FACT).
- Premium — $7.03B FY2025 (FACT).
- Mexico shipments — $2.9B (FACT).
- Coal & renewables revenue +20%, mostly PRB coal (FACT).
- Six vehicle assembly plants served (FACT).
Cost Structure
- FY2025 operating expenses $14.66B (FACT).
- Compensation & benefits $4.90B (FACT).
- Fuel $2.39B; $2.49 avg. per gallon (FACT).
- Depreciation $2.47B (FACT).
- FY2025 capital investment $3.79B (FACT).
- 2026 capital plan ~$3.3B (FACT).
Revenue Streams
- FY2025 revenue $24.51B, +1% (FACT).
- Freight revenues $23.22B, +2% (FACT).
- Other revenues $1.29B, −10% (FACT).
- Avg. revenue per car $2,749 (FACT).
- FY2025 operating income $9.85B (FACT).
- FY2025 net income $7.14B, +6% (FACT).