Barclays Mix Monitor: Rail Revenue Through Week 19

Research evidence excerpt

Barclays Mix Monitor: Rail Revenue Through Week 19

Equity Research

19 May 2026

North America Transportation

Barclays Mix Monitor: Rail Revenue

Through Week 19

North American rail volumes came in generally ahead of North America Transportation

normal seasonality last week, with our objective QTD revenue POSITIVE

measures tracking well ahead of consensus, aided by fuel and North America Transportation

Brandon R. Oglenski

mix. Comparisons should ease further through June. +1 212 526 8903

brandon.oglenski@barclays.com

BCI, US

2Q26 Revenue Through May 16, 2026

North American rail volumes trended positively last week, especially on the West Coast (in both Eric Morgan, CFA

+1 212 526 9642the US and Canada), with Eastern carriers slightly behind normal seasonality. Industry QTD

eric.morgan@barclays.com

volumes are up 2% on a YoY basis (through week 18) supported by easing comparisons, with BCI, US

growth across all major commodity groups aside from coal (owing to contraction in Canada and

the Western US). Among the carriers, CSX and Norfolk Southern lead the group on QTD volumes David Zazula, CFA

+1 212 526 5108(through week 19) with chemicals, coal and intermodal supporting 3-5% growth YoY. Union

david.zazula@barclays.com

Pacific carloads are up 1% (with coal and intermodal declines partially offsetting growth BCI, US

elsewhere) while units are roughly flat at Canadian National (with grain offsetting intermodal)

and Canadian Pacific Kansas City (with increased agricultural shipments offsetting declines in John Dorsett

+1 212 526 8487coal).

john.dorsett@barclays.com

BCI, USAt a revenue level, we mark to market carrier results quarter to date for the latest reported

volumes, RTMs, diesel prices and FX rates. Our analysis indicates all five publicly traded carriers