Americas Transportation Railroads Weekly Rail Carload Snapshot — Week 30

Equity Research 3 August 2026 | 4:54PM EDT

Americas Transportation: Railroads: Weekly Rail Carload Snapshot — Week 30

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

at +2.4% YoY in week 30, a deceleration versus +3.6% YoY in week 29. This Andrzej Tomczyk, CFA | past week’s US intermodal volume growth of +4.6% YoY was down slightly versus Goldman Sachs & Co. LLC +5.3% last week, while ex-intermodal volume growth of +0.3% was down versus Paul Stoddard | +2.0%. For week 30, UNP had the highest US intermodal carload growth at +5.5% Goldman Sachs & Co. LLC YoY (vs. NSC at +5.0% and CSX at +2.9%) whereas CSX had the highest ex-intermodal carload growth at +2.6% YoY (vs. NSC at +0.0% and UNP at -1.2%). n Total Canadian carload growth came in at +0.1% YoY in week 30, essentially unchanged versus +0.2% YoY in week 29. CN’s carload growth of -4.1% YoY (vs. -4.2% in week 29) came with higher intermodal carload growth versus last week (-7.4% vs -17%) but lower ex-intermodal carload growth (-1.8% vs. +5.1%). CPKC’s total carload growth of +5.3% YoY in week 30 (vs. +5.5% in week 29) came with higher intermodal carload growth (+8.1% vs. +6.4%) but lower ex-intermodal carload growth versus last week as well (+3.4% vs +4.8%). n For our US Class 1 rail coverage (UNP, NSC, CSX), 3Q26 total carload growth is tracking at +3.3% YoY with intermodal carloads +5.3% and ex-intermodal carloads +1.2%. Combined CP/CN carloads are tracking at -0.3% YoY for 3Q with intermodal carloads -3.2% and ex-intermodal carloads +1.8%.

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Goldman Sachs Americas Transportation: Railroads

Exhibit 1: Public US Class 1 rail carload growth decelerated YoY in total in week 30; CAD growth was ~unchanged Week 30 Rail Carload Growth Total Traffic Intermodal Ex-intermodal (in carloads) Week 30 (YoY) Previous Week QTD YTD (YoY) Week 30 (YoY) Previous Week QTD YTD (YoY) Week 30 (YoY) Previous Week QTD YTD (YoY) CSX 2.7% 4.3% 4.6% 4.6% 2.9% 3.4% 6.3% 7.3% 2.6% 5.1% 3.1% 2.1% NSC 2.9% 2.6% 2.9% 1.8% 5.0% 3.8% 3.7% 1.2% 0.0% 1.1% 1.9% 2.5% UNP 1.9% 3.9% 2.5% 1.4% 5.5% 8.2% 6.2% -0.9% -1.2% 0.3% -0.6% 3.4% Total U.S. 2.4% 3.6% 3.3% 2.4% 4.6% 5.3% 5.3% 2.1% 0.3% 2.0% 1.2% 2.8%

Total Traffic Intermodal Ex-intermodal (in carloads) Week 30 (YoY) Previous Week QTD YTD (YoY) Week 30 (YoY) Previous Week QTD YTD (YoY) Week 30 (YoY) Previous Week QTD YTD (YoY) CPKC 5.3% 5.5% 3.5% -0.3% 8.1% 6.4% 4.7% -0.3% 3.4% 4.8% 2.7% -0.3% CN -4.1% -4.2% -3.4% 0.0% -7.4% -17.1% -9.5% -1.9% -1.8% 5.1% 1.0% 1.4% Total CAD 0.1% 0.2% -0.3% -0.1% -0.5% -6.7% -3.2% -1.2% 0.6% 5.0% 1.8% 0.6%

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