Americas Transportation Railroads Weekly Rail Carload Snapshot — Week 37

Equity Research 21 September 2026 | 5:47PM EDT

Americas Transportation: Railroads: Weekly Rail Carload Snapshot — Week 37

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

at +5.2% YoY in week 37, an acceleration versus -3.5% YoY in week 36. This Andrzej Tomczyk, CFA | past week’s US intermodal volume growth of +6.9% YoY was up versus -4.3% last Goldman Sachs & Co. LLC week, while ex-intermodal volume growth of +3.6% was up versus -2.7%. For Paul Stoddard | week 37, UNP had the highest US intermodal carload growth at +17% YoY (vs. Goldman Sachs & Co. LLC CSX at +6.8% and NSC at -1.9%); while NSC had the highest ex-intermodal carload growth at +9.0% YoY (vs. CSX at +1.6% and UNP at +1.6%). Aakarsh Goyal | n Total Canadian carload growth came in at +0.3% YoY in week 37, up versus Goldman Sachs India SPL

-3.3% YoY in week 36. CN’s carload growth of -2.5% YoY (vs. -4.8% in week 36) came with higher intermodal carload growth versus last week (-3.0% vs. -11%) but lower ex-intermodal carload growth (-2.2% vs. -0.8%). CPKC’s total carload growth of +3.6% YoY in week 37 (vs. -1.6% in week 36) came with higher intermodal carload growth (+5.7% vs. +0.7%) and higher ex-intermodal carload growth versus last week (+2.3% vs. -3.2%). n For our US Class 1 rail coverage (UNP, NSC, CSX), 3Q26 total carload growth is tracking at +3.9% YoY with intermodal carloads +5.7% and ex-intermodal carloads +2.2%. Combined CPKC/CN carloads are tracking at +2.2% YoY for 3Q, with intermodal carloads +0.9% and ex-intermodal carloads +3.2%.

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Goldman Sachs Americas Transportation: Railroads

Exhibit 1: Public US Class 1 rail carload growth accelerated YoY in total in week 38; CAD growth also accelerated Week 37 Rail Carload Growth Total Traffic Intermodal Ex-intermodal (in carloads) Week 37 (YoY) Previous Week QTD YTD (YoY) Week 37 (YoY) Previous Week QTD YTD (YoY) Week 37 (YoY) Previous Week QTD YTD (YoY) CSX 4.1% -5.0% 4.4% 4.5% 6.8% -3.8% 6.5% 7.2% 1.6% -6.0% 2.5% 2.1% NSC 2.6% -5.4% 1.9% 1.7% -1.9% -8.2% 1.9% 1.1% 9.0% -1.5% 2.1% 2.4% UNP 8.3% -0.8% 5.3% 2.4% 16.7% -0.4% 9.2% 1.3% 1.6% -1.1% 2.0% 3.4% Total U.S. 5.2% -3.5% 3.9% 2.8% 6.9% -4.3% 5.7% 2.8% 3.6% -2.7% 2.2% 2.8%

Total Traffic Intermodal Ex-intermodal (in carloads) Week 37 (YoY) Previous Week QTD YTD (YoY) Week 37 (YoY) Previous Week QTD YTD (YoY) Week 37 (YoY) Previous Week QTD YTD (YoY) CPKC 3.6% -1.6% 5.2% 0.9% 5.7% 0.7% 9.4% 2.0% 2.3% -3.2% 2.4% 0.2% CN -2.5% -4.8% -0.2% 0.3% -3.0% -10.6% -5.8% -2.3% -2.2% -0.8% 3.8% 2.1% Total CAD 0.3% -3.3% 2.2% 0.6% 0.8% -5.5% 0.9% -0.4% 0.0% -1.9% 3.2% 1.2%

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