# North American Class I railroads peer review

Descriptive comparison assembled from public SEC filings and verified companyfacts.

**Descriptive comparison -- not investment advice.** This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better.

## Companies

[UNP](/company/UNP/), [CSX](/company/CSX/), [NSC](/company/NSC/), [CNI](/company/CNI/), [CP](/company/CP/)

## Methodology

The cluster is selected mechanically from public SEC SIC 4011 railroad companies already present in grepcent's processed universe. Requested Canadian-domiciled SEC filers CNI and CP are disclosed in the definition but are not included unless present in the processed cache. Absolute-dollar rows are reported-currency filing facts when non-U.S. filers are present; ratio comparisons are unitless. The review publishes no proprietary index-membership labels.

Pack hash: `72e4d0fdf57f5ff0b52834477e3ce24067ad228366f9b027f847d4c25d88e6eb`. Generated: 2026-06-27.

## Verified Quantitative Matrix

| Metric | UNP | CSX | NSC | CNI | CP | Comparability |
| --- | --- | --- | --- | --- | --- | --- |
| Revenue | 24,510,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNP_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 14,092,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CSX_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 12,180,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NSC_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 17,304,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNI_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 15,078,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CP_REVENUE_FY2025; concept us-gaap:Revenues | period aligned; reference 2025-12-31; offsets CNI 0d aligned, CP 0d aligned, CSX 0d aligned, NSC 0d aligned, UNP 0d aligned; tags mixed; concepts us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping CNI -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CP -> us-gaap:Revenues; CSX -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; NSC -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; UNP -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Operating expense / revenue | 59.83%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNP_OPERATING_RATIO_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; us-gaap:OperatingIncomeLoss | 67.92%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CSX_OPERATING_RATIO_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; us-gaap:OperatingIncomeLoss | 64.24%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NSC_OPERATING_RATIO_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; us-gaap:OperatingIncomeLoss | 61.93%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNI_OPERATING_RATIO_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; us-gaap:OperatingIncomeLoss | 62.80%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CP_OPERATING_RATIO_FY2025; concept us-gaap:Revenues; us-gaap:OperatingIncomeLoss | period aligned; reference 2025-12-31; offsets CNI 0d aligned, CP 0d aligned, CSX 0d aligned, NSC 0d aligned, UNP 0d aligned; tags mixed; concepts us-gaap:OperatingIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping CNI -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CP -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; CSX -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; NSC -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; UNP -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Operating margin | 40.17%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNP_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 32.08%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CSX_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 35.76%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NSC_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 38.07%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNI_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 37.20%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CP_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | period aligned; reference 2025-12-31; offsets CNI 0d aligned, CP 0d aligned, CSX 0d aligned, NSC 0d aligned, UNP 0d aligned; tags mixed; concepts us-gaap:OperatingIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping CNI -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CP -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; CSX -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; NSC -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; UNP -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Net margin | 29.12%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNP_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 20.50%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CSX_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 23.59%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NSC_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 27.28%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNI_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 27.46%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CP_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | period aligned; reference 2025-12-31; offsets CNI 0d aligned, CP 0d aligned, CSX 0d aligned, NSC 0d aligned, UNP 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping CNI -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CP -> us-gaap:NetIncomeLoss + us-gaap:Revenues; CSX -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; NSC -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; UNP -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Return on equity | 38.65%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNP_ROE_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:StockholdersEquity | 21.95%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CSX_ROE_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 18.48%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NSC_ROE_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:StockholdersEquity | 21.88%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNI_ROE_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:StockholdersEquity | 9.03%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CP_ROE_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:StockholdersEquity | period aligned; reference 2025-12-31; offsets CNI 0d aligned, CP 0d aligned, CSX 0d aligned, NSC 0d aligned, UNP 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:StockholdersEquity, us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; concept mapping CNI -> us-gaap:NetIncomeLoss + us-gaap:StockholdersEquity; CP -> us-gaap:NetIncomeLoss + us-gaap:StockholdersEquity; CSX -> us-gaap:NetIncomeLoss + us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; NSC -> us-gaap:NetIncomeLoss + us-gaap:StockholdersEquity; UNP -> us-gaap:NetIncomeLoss + us-gaap:StockholdersEquity |
| Capital expenditures | 3,791,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNP_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 2,902,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CSX_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 2,204,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NSC_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 3,658,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNI_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 3,102,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CP_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | period aligned; reference 2025-12-31; offsets CNI 0d aligned, CP 0d aligned, CSX 0d aligned, NSC 0d aligned, UNP 0d aligned; tags clean |
| Capex / revenue | 15.47%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNP_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 20.59%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CSX_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 18.10%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NSC_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 21.14%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNI_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 20.57%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CP_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; us-gaap:Revenues | period aligned; reference 2025-12-31; offsets CNI 0d aligned, CP 0d aligned, CSX 0d aligned, NSC 0d aligned, UNP 0d aligned; tags mixed; concepts us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping CNI -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CP -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; CSX -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; NSC -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; UNP -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Free cash flow | 5,499,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNP_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 1,711,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CSX_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 2,157,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NSC_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 3,391,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNI_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 2,207,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CP_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | period aligned; reference 2025-12-31; offsets CNI 0d aligned, CP 0d aligned, CSX 0d aligned, NSC 0d aligned, UNP 0d aligned; tags clean |
| Liabilities / equity leverage | 2.77; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNP_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 2.32; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CSX_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 1.91; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NSC_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 1.71; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNI_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 0.85; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CP_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | period aligned; reference 2025-12-31; offsets CNI 0d aligned, CP 0d aligned, CSX 0d aligned, NSC 0d aligned, UNP 0d aligned; tags mixed; concepts us-gaap:Liabilities, us-gaap:StockholdersEquity, us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; concept mapping CNI -> us-gaap:Liabilities + us-gaap:StockholdersEquity; CP -> us-gaap:Liabilities + us-gaap:StockholdersEquity; CSX -> us-gaap:Liabilities + us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; NSC -> us-gaap:Liabilities + us-gaap:StockholdersEquity; UNP -> us-gaap:Liabilities + us-gaap:StockholdersEquity |
| Dividends paid | 3,236,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNP_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | 972,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CSX_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 1,215,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NSC_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 2,208,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNI_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 796,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CP_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | period aligned; reference 2025-12-31; offsets CNI 0d aligned, CP 0d aligned, CSX 0d aligned, NSC 0d aligned, UNP 0d aligned; tags mixed; concepts us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock; concept mapping CNI -> us-gaap:PaymentsOfDividendsCommonStock; CP -> us-gaap:PaymentsOfDividendsCommonStock; CSX -> us-gaap:PaymentsOfDividendsCommonStock; NSC -> us-gaap:PaymentsOfDividendsCommonStock; UNP -> us-gaap:PaymentsOfDividends |
| Share buybacks | 2,679,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNP_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 1,396,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CSX_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 534,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NSC_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 2,059,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNI_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 3,942,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CP_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | period aligned; reference 2025-12-31; offsets CNI 0d aligned, CP 0d aligned, CSX 0d aligned, NSC 0d aligned, UNP 0d aligned; tags clean |
| Cash and equivalents | 1,266,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNP_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | Not available | 1,530,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NSC_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 350,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNI_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 184,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CP_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | period aligned; reference 2025-12-31; offsets CNI 0d aligned, CP 0d aligned, NSC 0d aligned, UNP 0d aligned; tags clean |
| Volume / RTM / carload KPIs | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Only 0 of 5 companies have a verified fact; threshold is 2. |

## Code-computed comparisons

- grepcent-computed capex intensity range: range endpoints are [UNP](/company/UNP/) (15.47%) and [CNI](/company/CNI/) (21.14%). Computed from facts NUM_UNP_CAPEX_INTENSITY_FY2025 and NUM_CNI_CAPEX_INTENSITY_FY2025; comparability: period aligned; reference 2025-12-31; offsets CNI 0d aligned, CP 0d aligned, CSX 0d aligned, NSC 0d aligned, UNP 0d aligned; tags mixed; concepts us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping CNI -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CP -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; CSX -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; NSC -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; UNP -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- grepcent-computed operating expense / revenue range: range endpoints are [UNP](/company/UNP/) (59.83%) and [CSX](/company/CSX/) (67.92%). Computed from facts NUM_UNP_OPERATING_RATIO_FY2025 and NUM_CSX_OPERATING_RATIO_FY2025; comparability: period aligned; reference 2025-12-31; offsets CNI 0d aligned, CP 0d aligned, CSX 0d aligned, NSC 0d aligned, UNP 0d aligned; tags mixed; concepts us-gaap:OperatingIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping CNI -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CP -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; CSX -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; NSC -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; UNP -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

Market-risk companion: [/compare/railroads/risk/](/compare/railroads/risk/).

## Gate summary

Facts: 65. Claims survived: 1. Claims dropped: 0. Cells quarantined: 29.