1、A business of Marsh McLennanNorth American Freight Rail PerformanceQ2 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 Q2 2024 compared to Q2 2023 and peak quarter5Total revenue two-year trend with compound quarterly growth rate(CQGR)for Q2 2022 to Q2 20246Total revenue units for Q2 2024 compared to Q2 20237Average revenue per unit for Q2 2024 compared to Q2 20238Carloads and intermodal units for Q2 2024 co

5、mpared to Q2 20239Non-coal and coal carloads for Q2 2024 compared to Q2 202310Revenue ton-miles(RTMs)for Q2 2024 compared to Q2 202311Freight revenue per RTM for Q2 2024 compared to Q2 202312Adjusted operating ratio(OR)for Q2 2024 compared to Q2 202313Unadjusted operating ratio(OR)for Q2 2024 compar

6、ed to Q2 202314Operating ratio two-year trend with CQGR for Q2 2022 to Q2 202415Freight revenue and operating expense per RTM for Q2 2024 compared to Q2 2023164 Oliver WymanCONTENTS(2/2)Total employees for Q2 2024 compared to Q2 202317Average employment count and RTMs for Q2 2017 to Q2 202418RTMs pe