What changed
EPS of $3.26 missed consensus by $0.26 (7.4% below). Revenue hit a record $3.5B, up 11% YoY, beating estimates on 4% volume growth and higher fuel surcharges. Adjusted EPS of $3.52 beat by $0.00 (in-line), but the GAAP miss masks a 5% rise in adjusted railway op income. The key nuance: the 67.6% operating ratio missed badly vs 62.2% last year, inflated by merger costs and 110bps of fuel headwind—strip those out, the 65.5% adjusted OR still shows margin pressure.
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Jul 23, 2026 06:42 PM ET