Railroads

6 companies · $64.1B combined revenue · $21.2B operating profit

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The typical US-listed railroads company grew revenue 0.8% and earnings 10.2% in its latest year, at a 33.9% operating margin, and 1 of 5 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.

0.8%Median revenue growth
10.2%Median earnings growth
1.2%Median revenue growth, 3 yrs
3.1%Median earnings growth, 3 yrs
33.9%Median operating margin
10.6%Median ROCE
Fastest revenue growthWestinghouse Air Brake Technologies WAB7.5%Fastest earnings growthTrinity Industries TRN82.9%Highest ROCEUnion Pacific UNP15.2%Biggest margin gainTrinity Industries TRN+14.1 pts

Growth engines: the 4 Cylinders

All four working: 0% of companies

A company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.

  • Sales growth · Revenue up 10% or more0%
  • Operating leverage · Operating income growing faster than a growing revenue67%
  • Margin expansion · Operating margin up 1 point or more50%
  • Debt reduction · Debt down 5% or more, or net cash0%

Combined revenue · 5 companies reporting in US dollars

Revenue
$0$20B$40B$60B$80BFY21FY22FY23FY24FY25

Combined operating margin

Operating margin
0%10%20%30%40%FY21FY22FY23FY24FY25

All 6 companies

Median–0.8%10.2%33.9%10.6%1.24x
UNPUnion Pacific$24.5B1.1%▲5.8%▼40.2%▲15.2%▲1.72x▼
CSXCSX$14.1B-3.1%▼-16.7%▼32.1%▼11.1%▲1.38x▼
CPCanadian Pacific Kansas CityCAD 15.0B3.9%▲11.4%▲37.5%▲7%▼0.46x▲
NSCNorfolk Southern$12.2B0.5%▼9.6%▼35.8%▲10.5%▼1.10x▲
WABWestinghouse Air Brake Technologies$11.2B7.5%▲10.8%▲16.1%▼10.6%0.50x▲
TRNTrinity Industries$2.2B-30%▼82.9%▲30.1%▼–5.05x▼

▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).