Americas Transportation Railroads Weekly Rail Carload Snapshot — Week 29

Equity Research 27 July 2026 | 3:30PM EDT

Americas Transportation: Railroads: Weekly Rail Carload Snapshot — Week 29

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

at +3.6% YoY in week 29, a slight deceleration versus +4.6% YoY in week 28. Andrzej Tomczyk, CFA | This past week’s US intermodal volume growth of +5.3% YoY was down versus Goldman Sachs & Co. LLC +7.8% last week, while ex-intermodal volume growth of +2.0% was up versus Paul Stoddard | +1.4% last week. For week 29, UNP had the highest US intermodal carload Goldman Sachs & Co. LLC growth at +8.2% YoY (vs. NSC at +3.8% and CSX at +3.4%) whereas CSX had the highest ex-intermodal carload growth at +5.1% YoY (vs. NSC at +1.1% and UNP at +0.3%). n Total Canadian carload growth came in at +0.2% YoY in week 29, a slight acceleration versus -0.8% YoY in week 28. CN’s carload growth of -4.2% YoY (vs. -3.1% in week 28) came with lower intermodal carload growth versus last week (-17% vs -9.7%) but higher ex-intermodal carload growth (+5.1% vs. +1.8%). CPKC’s total carload growth of +5.5% YoY in week 29 (vs. +2.0% in week 28) came with higher intermodal carload growth (+6.4% vs. +3.6%) and higher ex-intermodal carload growth versus last week (+4.8% vs +0.9%). n For our US Class 1 rail coverage (UNP, NSC, CSX), 3Q26 total carload growth is tracking at +3.5% YoY with intermodal carloads +5.6% and ex-intermodal carloads +1.5%. Combined CP/CN carloads are tracking at -0.4% YoY for 3Q with intermodal carloads -4.1% and ex-intermodal carloads +2.2%.

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Goldman Sachs Americas Transportation: Railroads

Exhibit 1: Public US Class 1 rail carload growth decelerated YoY in total in week 29; CAD growth accelerated slightly Week 29 Rail Carload Growth Total Traffic Intermodal Ex-intermodal (in carloads) Week 29 (YoY) Previous Week QTD YTD (YoY) Week 29 (YoY) Previous Week QTD YTD (YoY) Week 29 (YoY) Previous Week QTD YTD (YoY) CSX 4.3% 7.7% 5.2% 4.6% 3.4% 13.1% 7.5% 7.5% 5.1% 3.0% 3.2% 2.1% NSC 2.6% 3.0% 3.0% 1.7% 3.8% 3.1% 3.3% 1.1% 1.1% 2.9% 2.5% 2.6% UNP 3.9% 3.7% 2.8% 1.4% 8.2% 8.9% 6.5% -1.1% 0.3% -0.6% -0.4% 3.6% Total U.S. 3.6% 4.6% 3.5% 2.4% 5.3% 7.8% 5.6% 2.0% 2.0% 1.4% 1.5% 2.9%

Total Traffic Intermodal Ex-intermodal (in carloads) Week 29 (YoY) Previous Week QTD YTD (YoY) Week 29 (YoY) Previous Week QTD YTD (YoY) Week 29 (YoY) Previous Week QTD YTD (YoY) CPKC 5.5% 2.0% 2.9% -0.5% 6.4% 3.6% 3.6% -0.6% 4.8% 0.9% 2.4% -0.4% CN -4.2% -3.1% -3.2% 0.2% -17.1% -9.7% -10.2% -1.7% 5.1% 1.8% 2.0% 1.5% Total CAD 0.2% -0.8% -0.4% -0.1% -6.7% -3.7% -4.1% -1.2% 5.0% 1.4% 2.2% 0.6%

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