Americas Transportation Railroads Weekly Rail Carload Snapshot — Week 31

Equity Research 11 August 2026 | 8:39AM EDT

Americas Transportation: Railroads: Weekly Rail Carload Snapshot — Week 31

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

at +5.7% YoY in week 31, an acceleration versus +2.4% YoY in week 30. This Andrzej Tomczyk, CFA | past week’s US intermodal volume growth of +6.5% YoY was up versus +4.6% last Goldman Sachs & Co. LLC week, while ex-intermodal volume growth of +4.8% was up versus +0.3%. For Paul Stoddard | week 31, CSX had the highest US intermodal carload growth at +8.9% YoY (vs. Goldman Sachs & Co. LLC UNP at +7.2% and NSC at +4.0%) and had the highest ex-intermodal carload growth at +5.5% YoY (vs. UNP at +5.4% and NSC at +3.3%). n Total Canadian carload growth came in at +3.6% YoY in week 31, higher versus +0.1% YoY in week 30. CN’s carload growth of +2.7% YoY (vs. -4.1% in week 30) came with lower intermodal carload growth versus last week (-7.7% vs -7.4%) but higher ex-intermodal carload growth (+11% vs. -1.8%). CPKC’s total carload growth of +4.7% YoY in week 31 (vs. +5.3% in week 30) came with higher intermodal carload growth (+9.1% vs. +8.1%) but lower ex-intermodal carload growth versus last week (+1.6% vs +3.4%). n For our US Class 1 rail coverage (UNP, NSC, CSX), 3Q26 total carload growth is tracking at +3.7% YoY with intermodal carloads +5.6% and ex-intermodal carloads +1.9%. Combined CP/CN carloads are tracking at +0.5% YoY for 3Q with intermodal carloads -2.6% and ex-intermodal carloads +2.7%.

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Goldman Sachs Americas Transportation: Railroads

Exhibit 1: Public US Class 1 rail carload growth accelerated YoY in total in week 31; CAD growth was higher YoY in the week Week 31 Rail Carload Growth Total Traffic Intermodal Ex-intermodal (in carloads) Week 31 (YoY) Previous Week QTD YTD (YoY) Week 31 (YoY) Previous Week QTD YTD (YoY) Week 31 (YoY) Previous Week QTD YTD (YoY) CSX 7.1% 2.7% 5.1% 4.7% 8.9% 2.9% 6.8% 7.4% 5.5% 2.6% 3.6% 2.2% NSC 3.7% 2.9% 3.1% 1.8% 4.0% 5.0% 3.8% 1.3% 3.3% 0.0% 2.2% 2.5% UNP 6.3% 1.9% 3.3% 1.6% 7.2% 5.5% 6.4% -0.6% 5.4% -1.2% 0.6% 3.5% Total U.S. 5.7% 2.4% 3.7% 2.5% 6.5% 4.6% 5.6% 2.2% 4.8% 0.3% 1.9% 2.8%

Total Traffic Intermodal Ex-intermodal (in carloads) Week 31 (YoY) Previous Week QTD YTD (YoY) Week 31 (YoY) Previous Week QTD YTD (YoY) Week 31 (YoY) Previous Week QTD YTD (YoY) CPKC 4.7% 5.3% 3.7% -0.1% 9.1% 8.1% 5.6% 0.0% 1.6% 3.4% 2.5% -0.3% CN 2.7% -4.1% -2.2% 0.1% -7.7% -7.4% -9.1% -2.1% 10.8% -1.8% 2.9% 1.7% Total CAD 3.6% 0.1% 0.5% 0.0% -0.3% -0.5% -2.6% -1.2% 6.5% 0.6% 2.7% 0.8%

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