Americas Transportation Railroads Weekly Rail Carload Snapshot —

Equity Research 24 August 2026 | 4:18PM EDT

Americas Transportation: Railroads: Weekly Rail Carload Snapshot — Week 33

Key Takeaways Jordan Alliger | n Total traffic results for US Class I rails under coverage imply carload growth Goldman Sachs & Co. LLC

at +4.7% YoY in week 33, an acceleration versus +2.4% YoY in week 32. This Andrzej Tomczyk, CFA | past week’s US intermodal volume growth of +7.3% YoY was up versus +3.0% last Goldman Sachs & Co. LLC week, while ex-intermodal volume growth of +2.1% was up versus +1.7%. For Paul Stoddard | week 33, UNP had the highest US intermodal carload growth at +14% YoY (vs. Goldman Sachs & Co. LLC CSX at +9.6% and NSC at -0.6%) while UNP and NSC had the highest ex-intermodal carload growth with each at +3.2% YoY (vs. CSX at -0.5%). n Total Canadian carload growth came in at +6.2% YoY in week 33, lower versus +7.3% YoY in week 32. CN’s carload growth of +4.3% YoY (vs. +4.8% in week 32) came with lower intermodal carload growth versus last week (-4.5% vs. +0.3%) but higher ex-intermodal carload growth (+12% vs. +8.3%). CPKC’s total carload growth of +8.5% YoY in week 33 (vs. +10% in week 32) came with lower intermodal carload growth (+15% vs. +17%) and lower ex-intermodal carload growth versus last week (+4.1% vs. +5.7%). n For our US Class 1 rail coverage (UNP, NSC, CSX), 3Q26 total carload growth is tracking at +3.7% YoY with intermodal carloads +5.4% and ex-intermodal carloads +1.9%. Combined CP/CN carloads are tracking at +2.2% YoY for 3Q with intermodal carloads -0.3% and ex-intermodal carloads +4.0%.

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Goldman Sachs Americas Transportation: Railroads

Exhibit 1: Public US Class 1 rail carload growth accelerated YoY in total in week 33; CAD growth was higher YoY in the week Week 33 Rail Carload Growth Total Traffic Intermodal Ex-intermodal (in carloads) Week 33 (YoY) Previous Week QTD YTD (YoY) Week 33 (YoY) Previous Week QTD YTD (YoY) Week 33 (YoY) Previous Week QTD YTD (YoY) CSX 4.2% 2.2% 4.6% 4.6% 9.6% 0.0% 6.2% 7.2% -0.5% 4.4% 3.1% 2.2% NSC 1.0% -0.2% 2.3% 1.7% -0.6% 0.5% 2.6% 1.2% 3.2% -1.1% 1.9% 2.4% UNP 8.2% 4.6% 4.2% 1.9% 14.3% 8.0% 7.7% 0.1% 3.2% 1.7% 1.1% 3.4% Total U.S. 4.7% 2.4% 3.7% 2.6% 7.3% 3.0% 5.4% 2.4% 2.1% 1.7% 1.9% 2.8%

Total Traffic Intermodal Ex-intermodal (in carloads) Week 33 (YoY) Previous Week QTD YTD (YoY) Week 33 (YoY) Previous Week QTD YTD (YoY) Week 33 (YoY) Previous Week QTD YTD (YoY) CPKC 8.5% 10.2% 5.3% 0.4% 15.1% 17.1% 8.5% 1.0% 4.1% 5.7% 3.1% 0.0% CN 4.3% 4.8% -0.3% 0.4% -4.5% 0.3% -7.1% -2.1% 11.5% 8.3% 4.8% 2.2% Total CAD 6.2% 7.3% 2.2% 0.4% 3.7% 7.5% -0.3% -0.8% 8.0% 7.1% 4.0% 1.2%

Source: Company data, Data compiled by Goldman Sachs Global Investment Research