1、A business of Marsh McLennanNorth American Freight Rail PerformanceQ1 2025 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 Q1 2025 compared to Q1 2024 and peak quarter5Total revenue two-year trend with compound quarterly growth rate(CQGR)for Q1 2023 to Q1 20256Total revenue units for Q1 2025 compared to Q1 20247Average freight revenue per unit for Q1 2025 compared to Q1 20248Carloads and intermodal units for Q1

5、 2025 compared to Q1 20249Non-coal and coal carloads for Q1 2025 compared to Q1 202410Revenue ton-miles(RTMs)for Q1 2025 compared to Q1 202411Freight revenue per RTM for Q1 2025 compared to Q1 202412Adjusted operating ratio(OR)for Q1 2025 compared to Q1 202413Unadjusted operating ratio(OR)for Q1 202

6、5 compared to Q1 202414Operating ratio two-year trend with CQGR for Q1 2023 to Q1 202515Freight revenue and operating expense per RTM for Q1 2025 compared to Q1 2024164 Oliver WymanCONTENTS(2/2)Total employees for Q1 2025 compared to Q1 202417Total employment count and RTMs Q1 2018 to Q1 202518RTMs