1、A business of Marsh McLennanNorth American Freight Rail PerformanceQ4 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 Q4 2024 compared to Q4 2023 and peak quarter5Total revenue two-year trend with compound quarterly growth rate(CQGR)for Q4 2022 to Q4 20246Total revenue units for Q4 2024 compared to Q4 20237Average freight revenue per unit for Q4 2024 compared to Q4 20238Carloads and intermodal units for Q4

5、 2024 compared to Q4 20239Non-coal and coal carloads for Q4 2024 compared to Q4 202310Revenue ton-miles(RTMs)for Q4 2024 compared to Q4 202311Freight revenue per RTM for Q4 2024 compared to Q4 202312Adjusted operating ratio(OR)for Q4 2024 compared to Q4 202313Unadjusted operating ratio(OR)for Q4 202

6、4 compared to Q4 202314Operating ratio two-year trend with CQGR for Q4 2022 to Q4 202415Full-year adjusted operating ratio(OR)for 2024 compared to 2023164 Oliver WymanCONTENTS(2/2)Freight revenue and operating expense per RTM for Q4 2024 compared to Q4 202317Total employees for Q4 2024 compared to Q