Plunkett Analytics Financial Benchmarks Report Sample

Railroads, Passenger and Freight Industry (U.S.
)
Analytics, Extensive Financial Benchmarks, Metrics and
Revenue Forecasts to 2023, NAIC 482110
Published May 02, 2016
www.plunkettresearch.com | info@plunkettresearch.com
Copyright 2016, Plunkett Research, Ltd. All Rights Reserved.

TABLE OF CONTENTS
I. Introduction 1
A. Core Benefits to Customer:

Comprehensive overview of an industry's
financial results, ratios, and vital metrics in one
package (U.S. data)
Benchmarking of:
1. Deep financials of each of the leading
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companies in the industry
2. Multi-year financial averages for all
companies in the industry
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3. This industrys financial ratios compared to
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all other industries
Historical revenues
Enterprise population
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Multi-year employee count and sales per
employee
Current and forecast revenues and CAGR to
2023
Profiles of the industry's leading firms, with multi-
year financial histories
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II. Industry Description for this NAIC Code
Types of business activities
III. Industry Summary, Current Year (U.S. data)

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Revenues and CAGR 2015
Revenue forecast to 2023 with CAGR
Historical revenues
Historical CAGR
Top U.S. companies, by revenues
Employment within the industry, 2015 and historic
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IV. Employment and Establishment Count (U.S. data) 5

Number of firms and establishments, 2008-2015
Employees, 2008-2015, with growth rates
Average annual sales per firm and per establishment,
2008-2015
Annual sales per employee, 2008-2015
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V. This Industry's Financial Data, U.S., With Revenue 8

Projections to 2023
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A. Revenues, Historical and Projected 9

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Historical revenues & CAGR growth rates,

2008-2015
Projected revenues & CAGR growth rates,
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2016-2023
B. Average Annual Operating Ratio Estimates and 10

Benchmarks for Current Year
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Income items, expenses, profits and taxes as a

percent of total revenues for this industry
C. This Industry Compared to All Industries, 13

Benchmarks for Current Year
Comparison of revenues for this industry to total
revenues for all industries
Comparison of EBITDA, profits and income taxes
for this industry to the same items in total for all
industries
D. Table of Companies Used in Creating Industry 15
Averages
Detailed, alphabetical listing of companies, with
revenues, location, ticker symbol and exchange
E. Industry Results and Benchmarks for Publicly-Held 16

Companies
Income statement averages, 2010-2015
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All income statement items, including, cost of
sales, SGA, R&D, salaries and wages, and
EBITDA, with ratios
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Chart showing key expenses as a percent of
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revenues
Balance sheet averages, 2010-2015
All items, including property plant and
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equipment, accumulated depreciation,
goodwill, and long term debt, including ratios
Cash flow averages, 2010-2015
All cash flow items
VI. Top Companies Profiled & Ranked 23

In-depth profiles, financial reports, ranks & executive
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lists for up to 10 top U.S.-based corporations
A. Top Companies Ranked for Key Items:

Approximate market capitalization
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Employees
Revenues
Net income
3-Year revenue growth (%)
3-Year income growth (%)
Return on assets (%)
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Return on equity (%)

Return on invested capital (%)
B. Benchmarking of the Industry's Top Companies, to 25

Each Other and to their Industry's Averages for All
Metrics
Income statements, balance sheets and cash
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flow statements for each of the top companies

compared to the industrys overall average
C. Corporate Profiles (Descriptions of the Top 31

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Companies Within the Industry, Including Executive

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Listings and Multi-Year Financial Results)

Contact information, executive lists
Business descriptions
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Key financial data for 6 years

Brands and divisions
Top salaries
Corporate culture
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Charts comparing revenues vs. net income
VII. Appendix: Assumptions 58

Tables of assumptions used in revenue projections
VII. Data Description and Sources 59
Copyright, Terms of Use, Limited Warranty 60

Plunkett Research, Ltd. All Rights Reserved. www.plunkettresearch.com
Introduction
This report is published by the Plunkett Analytics unit of Plunkett Research, Ltd.,
Copyright , Plunkett Research, Ltd., All Rights Reserved. www.plunkettresearch.com

P. O. Drawer 541737, Houston, Texas, 77254-1737, USA
voice: 713.932.0000, fax: 713.932.7080, email: info@plunkettresearch.com
The purpose of this report is to provide estimates of vital industry-specific data, within the United States, on a per-industry
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basis. Further comments are provided at the beginning of each section. A description of data sources can be found in the
back of this report.
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Video: How to Use Plunkett Analytics
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Core Benefits to Customer:
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1) Comprehensive overview of an industry's financial results, ratios, vital statistics and metrics in one package
2) Comparisons of a) deep financials of the leading companies within an industry, b) all companies (public and private)
to publicly-held companies, and c) one industrys ratios to all other industries.
3) Historical industry data going back eight years for key figures including revenues, enterprises and sales per employee.
4) Current and projected revenues, including forecasts for seven years into the future.
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The primary sources are as follows:
Plunkett Research database of company fundamentals on over 30,000 leading corporations
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Plunkett Research database of industry statistics
Industry associations and professional societies
Forecasts, primary research and secondary research by the Plunkett Research staff
U.S. Government Agency databasesmultiple sources, including the IRS, the Bureau of the Census and the Bureau of Labor
Statistics.
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While many other research firms mine U.S. government data in order to publish industry-specific information, we believe that
such efforts produce limited and often inaccurate results.
Plunkett Research has unique capabilities for creating industry information, due to the industry databases and research that
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our firm has been conducting for more than 20 years. Our access to hundreds of industry tables from our own databases,
along with our databases of public and private company information, industry trends analysis and other resources, have been
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utilized fully in preparing this report.

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The following types of data will be found in this report:

Revenuescurrent, historical and projected
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RevenuesCAGR (compound annual growth rate)

Employee countcurrent and historical
Leading companiesprofiles, financial results, and operating ratios for up to 10 top corporations per industry
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Top Companies Rankedcompanies ranked in order to list top 10 by revenues, net income, employees, market capitalization, return
on assets, return on equity, return on invested capital, 3-year profit growth and 3-year revenues growth
Benchmarkscomparison of this industry to the total for all industries
Employment and establishment counts, current and historical
Income and balance sheet ratios
Similar reports are available from Plunkett Research for nearly all U.S. industries, by subscription or by individual report.
info@plunkettresearch.com. 713.932.0000 (USA)
Data includes estimates and forecasts. See "Data Description and Sources" section for details.
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Industry Description
48211 Railroads, Passenger and Freight Industry
Industries in the Rail Transportation subsector provide rail transportation of passengers and/or cargo using railroad rolling
stock. The railroads in this subsector primarily operate on networks, with physical facilities, labor force and equipment spread
over an extensive geographic area, or over a short distance on a local rail line.
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Scenic and sightseeing rail transportation and street railroads, commuter rail and rapid transit are not included in this
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subsector but are included in Subsector 487, Scenic and Sightseeing Transportation, and Subsector 485, Transit and Ground
Passenger Transportation, respectively. Although these activities use railroad rolling stock, they are different from the
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activities included in rail transportation. Sightseeing and scenic railroads do not usually involve place-to-place
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transportation; the passenger's trip typically starts and ends at the same location. Commuter railroads operate in a manner
more consistent with local and urban transit and are often part of integrated transit systems.
Related subsectors include:
4851 Urban Transit Systems
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487110 Scenic and Sightseeing Transportation, Land
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488210 Support Activities for Rail Transportation
482112 Short Line Railroads

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Industry Summary
NAIC 482110
Title Railroads, Passenger and Freight Industry (U.S.)
Revenues(2015)* $92,048,515,127
Employees(2015) 241,800
AnnualRevenueGrowthRate(2015) 7.06%
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CAGR*,Estimated(2008through2015) 4.51%
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Revenues(2023) $148,671,526,807
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CAGR*,Estimated(2016through2023) 6.06%
* Compound Annual Growth Rate
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TopU.S.CompaniesOperatingWithinThisIndustyInclude:
Company Revenues(WholeNumbers)2015orlastestyearavailable*
BurlingtonNorthernSantaFeLLC $23,239,000,000
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UnionPacificCorp
CSXCorp
$21,813,000,192
$11,811,000,320
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CSXTransportationInc $11,811,000,320
NorfolkSouthernCorp $10,510,999,552
Amtrak(NationalRailroadPassengerCorp) $3,069,000,000
KansasCitySouthern $2,418,800,128
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Genesee&WyomingInc $2,000,401,024
Providence&WorcesterRailroadCompany $35,797,000
PioneerRailcorp $24,146,000
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*Note: "Summary" data above includes only activities and employees specific to this NAIC industry code, and only activities and
employees within the U.S. "Leading Companies" data includes top companies headquartered in the U.S. that are designated with this
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NAIC as a primary industry code. Consequently, the total revenues of these Leading Companies may be significantly higher than
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the revenues assigned to the Summary section. In many industries, leading U.S.-based firms generate a significant amount of
revenues outside the U.S. or outside of their primary industry code. Likewise, a significant number of their employees may be
offshore and therefore not counted here. This will be especially true in a large number of manufacturing-based industries, such as
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electronics and apparel.

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Employment and Establishments
(Where Available)
NAIC 482110
IndustryPopulationAnalyzed,U.S.
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2008 2009 2010 2011 2012 2013 2014 2015
Firms 566 564 566 568 569 570 576 581
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Establishments(allmajorbusinessunits) 924 919 923 926 927 929 941 952
Employees 231,000 218,200 216,400 228,100 230,200 231,900 236,100 241,800
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GrowthRate,Employees 1.16% 5.54% 0.82% 5.41% 0.92% 0.74% 1.81% 2.41%
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`AverageAnnualU.S.Sales(WholeNumber)
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Year PerFirm PerEstablishment(allmajorbusinessunits)
2008 $119,441,696 $73,164,502

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2009 $94,425,532 $57,949,946
2010 $114,217,314 $70,040,087
2011 $130,940,141 $80,317,495
2012 $136,209,139 $83,606,257
2013 $141,966,460 $87,105,363
2014 $149,345,905 $91,406,862
2015 $158,306,659 $96,652,037
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AnnualSalesPerU.S.Employee(WholeNumber)
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2008 $292,658
2009 $244,070
2010 $298,738
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2011 $326,059
2012 $336,677
2013 $348,947
2014 $364,161
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2015 $380,680
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Industry Financial Data, U.S. Introduction

This section of this report provides estimates and forecasts of revenues, employees and other vital statistics for an industry
sector, based on NAIC industry codes.
The historical and projected total revenues stated for an industry are for U.S. business operations (but not foreign subsidiaries
of U.S.-based companies). This report used Plunkett Research algorithms and analysis to estimate and forecast revenues,
both historical and for the future. Factors used include GDP growth, growth trends within the specific industry, government
agency reports, the latest reported results of publicly-held companies, and industry analysis.
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In addition, comparisons are provided between the industry sector for total companies and for publicly-held companies that
have the same NAIC code as their primary industry code.
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Publicly-held company revenues: You may see much higher total revenues for the public companies as a group than for the
primary industry sector itself. This is due to the fact that many companies financial results include revenues from other
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industries. (That is, their revenues reflect operations in the primary sector, plus operations in other sectors.) Also, public
companies results may include revenues generated outside of the U.S., in addition to U.S. revenues.
Publicly-held companies average operating metrics: This section provides average income statement, balance sheet and
cash flow items, for several years, for publicly-held, U.S.-based companies. It includes companies that have reported at least
$200,000 in revenues during recent years. (We have used this criteria in order to better present benchmark data on
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companies with actual operations, while eliminating development companies, blind pools and emerging firms with
insignificant revenues but high costs.)
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Notes:
1) Publicly-held corporate data: Data availability will vary according to the reporting methods and reporting consistency of
the companies involved. While publicly held companies are required by regulatory authorities to file financial reports on a
continual basis, many companies fail to meet their reporting obligations in a timely manner due to various circumstances,
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including financial difficulties or disagreements with their auditors.
2) Industry Codes: NAIC codes (2012 North American Industry Classification codes) are used as a method of categorizing and
organizing data for this report. For additional information regarding NAIC codes, see http://www.census.gov/eos/www/naics/ .
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3) Scope of Details Provided: Certain data, such as number of establishments within an industry, or line-item details on
expenses for an entire industrial sector, rely heavily on U.S. government agency data. The more the industry is narrowed to a
small niche, the less likely it becomes that line-items will be available. Complete details are most often available for higher
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level NAIC codes, such as 220000 Utilities, than for niche codes, such as 222232 Electric Bulk Power Transmission. Where we
believe it will best serve the end user, we have used data from the nearest related NAIC. In such cases, we have noted the
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NAICs covered.
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Revenues, Historical and Projected
NAIC 482110
RevenuesHistorical(Millionsof$)
2008 2009 2010 2011 2012 2013 2014 2015
Revenues $67,604 $53,256 $64,647 $74,374 $77,503 $80,921 $85,978 $92,049
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GrowthRate,Revenues 12.78% 21.22% 21.39% 15.05% 4.21% 4.41% 6.25% 7.06%
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RevenuesProjected(Millionsof$)
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2016 2017 2018 2019 2020 2021 2022 2023
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Revenues $98,492 $105,337 $112,047 $119,588 $127,744 $136,366 $142,474 $148,672
GrowthRate,Revenues 7.00% 6.95% 6.37% 6.73% 6.82% 6.75% 4.48% 4.35%
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Average Annual Operating Ratio Estimates

Calculated on income tax filings for latest 6-year period that has been released by the Internal Revenue
Service (2007-2012). If data is not available from IRS for this specific industry sector, then calculations are
made using data for the nearest related industry code.
NAIC 482110
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Revenues(%)
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ThisIndustry AllIndustries
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TotalRevenues 100% 100%
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NonoperatingReceiptsas%oftotalrevenues:
Rents 0.78% 0.50%
Interest 0.76% 5.38%
Royalties 0.08% 0.64%
NetCapitalGain(longtermandshortterm) 0.24% 0.51%

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NetGainonNoncapitalAssets
Dividends
0.45%
0.07%
0.31%
0.53%
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OtherIncome 1.84% 4.08%
Expensesasa%ofTotalRevenues
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CostofGoodsSold 18.56% 55.81%
OfficersCompensation 0.57% 1.65%
OtherSalariesandWages 17.89% 9.43%

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Pensions,ProfitSharingandStockPlans 1.35% 0.62%
OtherEmployeeBenefitsandHealthPlans 4.77% 1.24%

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TaxesPaid,General 4.95% 1.82%

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Repairs 4.03% 0.64%
BadDebts 0.08% 1.02%

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Rent,Leases 3.88% 1.74%
Interest 5.00% 3.85%

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CharitableContributions 0.12% 0.05%
Advertising 0.18% 0.95%
NetLossonInvestments 0.06% 0.29%
OtherExpenses 17.32% 12.34%
Amortization 0.14% 0.70%
DepreciationandDepletion 12.96% 2.84%
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ProfitsandIncomeTaxesasa%ofTotalRevenues
EBIT(OperatingEarningsBeforeInterestandTaxes) 17.26% 10.41%
EBITDA(OperatingEarningsBeforeInterest,Taxes,Depreciation&Amortization) 30.20% 13.88%
NetIncomeBeforeIncomeTaxes 7.90% 5.26%
IncomeTaxesPaid 2.84% 1.28%
NetIncomeAfterTax 5.05% 3.97%
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Benchmarks
Multiple benchmarking data sets are provided in this section of the report.
I. The first two pages in this section enable you to:
1) Compare this industrys metrics to all industries, both in dollar amounts and as a percentage
2) Compare this industry to the total results of publicly-held, U.S.-based companies with the same primary NAIC code as
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this industry
II. The next portion of this section is comprised of a time series containing average operating results and financial data for
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publicly-held, U.S.-based firms in this industry. The data includes:
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1) Six-year time series of Income Statement averages
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2) Six-year time series of Balance Sheet averages
3) Six-year time series of Cash Flow statement averages
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This Industry Compared to All Industries
(Latest year available 2015)

NAIC 482110
Revenues(Millionsof$)
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Publicly-Held, U.S.
All Publicly-Held This Industry as a
This Industry as a Based Companies
NAIC 48211 All U.S. Based Percentage of All
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All Industries Percentage of All with a Primary NAIC
Companies * Companies in All Publicly-Held U.S.
Industries Industry Code of
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Industries based Companies
48211 *
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Total Revenues $86,200 $32,703,370 0.26 % $48,590 $15,041,549 0.32 %
*Note: The revenues shown for All Publicly-Held Companies may exceed that shown for All Companies. This is due to the following
factors. 1) The All Companies column represents this sectors U.S. revenues only. 2) The All Publicly-Held Companies column
represents total, global revenues. In many industries, publicly-held firms in total generate a significant amount of their revenues
outside the U.S. 3) Likewise, a significant portion of their revenues may be generated in various, secondary industry sectors outside
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of the specific NAIC code discussed in this report.
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ProfitsandIncomeTaxes(Millionsof$)
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ThisIndustryas
All
PubliclyHeld aPercentageof
ThisIndustryas PubliclyHeld
U.S.Based All
NAIC48211* AllIndustries* aPercentageof U.S.Based
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Companiesin PubliclyHeld
AllIndustries* Companiesin
NAIC48211 U.S.based
AllIndustries
Companies
EBITDA(Operating
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EarningsBefore
Interest,Taxes, $26,033 $4,538,186 0.57% $25,718 $1,960,631 1.31%
Depreciation&
Amortization)
NetIncomeBefore
$6,810 $1,718,972 0.40% $17,350 $1,277,895 1.36%
IncomeTaxes
IncomeTaxesPaid $2,448 $419,676 0.58% $6,374 $364,639 1.75%
NetIncomeAfter
$4,353 $1,299,297 0.34% $10,974 $902,795 1.22%
Tax
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ProfitsandIncomeTaxes(%)
All
PubliclyHeld
PubliclyHeld
U.S.Based
NAIC48211* AllIndustries* U.S.Based
Companiesin
Companiesin
NAIC48211
AllIndustries
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EBITDA(OperatingEarningsBeforeInterest,Taxes,
Depreciation&Amortization)
30.20% 13.88% 52.93% 13.03%
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NetIncomeBeforeIncomeTaxes 7.90% 5.26% 35.71% 8.50%
IncomeTaxesPaid 2.84% 1.28% 13.12% 2.42%
NetIncomeAfterTax 5.05% 3.97% 22.58% 6.00%

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Revenues are estimates. Revenues, profits and income taxes for Publicly-Held companies represent the total for U.S.-based firms that
Plunkett Research categorizes as having a primary industry code within this sector. The Plunkett Research database includes
approximately 7,000 active, U.S.-based publicly-traded firms.
* Profits, income taxes and EBITDA marked * (asterisk) represent estimates and forecasts based on Average Annual Operating Ratio
Estimates. See the table with that name for additional information.
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You may see higher total revenues for the Publicly-Held Companies group than for the All Companies group. This is due to the fact that
many companies' financial results include revenues from other industry sectors. That is, their revenues reflect operations in the primary
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industry, plus operations in other industries. In addition, public companies' revenues often include both U.S. and non-U.S. revenues.
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Companies Used in Creating This Study
NAIC 482110
(Data are in whole numbers)

Company Symbol Employees Revenue2015 Revenue2014 City State Country NAICS
CSXCorp NAS:CSX 31,511 $11,811,000,320 $12,668,999,680 Jacksonville FL UnitedStates 482111
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Genesee&WyomingInc NYS:GWR 5,200 $2,000,401,024 $1,639,011,968 Darien CT UnitedStates 482112
KansasCitySouthern NYS:KSU 6,490 $2,418,800,128 $2,577,100,032 KansasCity MO UnitedStates 482111
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NorfolkSouthernCorp NYS:NSC 29,482 $10,510,999,552 $11,623,999,488 Norfolk VA UnitedStates 482111
Providence&Worcester
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NAS:PWX 138 $35,797,000 $34,318,000 Worcester MA UnitedStates 482111
RailroadCompany
UnionPacificCorp NYS:UNP 46,445 $21,813,000,192 $23,988,000,768 Omaha NE UnitedStates 482111
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Industry Results, Publicly-Held Companies (U.S.) Averages
Average of Companies Reporting $200,000 or More in Recent Revenues

NAIC 482110
Income Statement (Whole $) Note: Delays in reporting may affect latest year.
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$USD,Inwhole
numbers, 2010Averageof 2011Averageof 2012Averageof 2013Averageof 2014Averageof 2015Averageof
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exceptmarked*or 6Companies 6Companies 6Companies 6Companies 6Companies 6Companies
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%
TotalRevenue 6,598,643,452 7,572,181,249 7,810,912,544 8,200,938,131 8,755,238,323 8,098,333,036
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CostOfRevenue 2,134,496,809 2,747,625,004 2,763,375,789 2,872,577,576 2,989,741,621 2,501,956,509
% 32.35 36.29 35.38 35.03 34.15 30.89
GrossProfit 4,464,146,387 4,824,556,416 5,047,536,909 5,328,360,576 5,765,496,776 5,596,376,484
% 67.65 63.71 64.62 64.97 65.85 69.11
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OperatingExpenses
SGAExpense 1,737,002,301 1,876,591,000 1,867,679,365 1,927,692,468 1,997,095,937 2,012,605,144

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% 26.32 24.78 23.91 23.51 22.81 24.85
R&DExpense
OtherOperating
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711,663,877 754,602,656 807,406,972 851,233,683 905,928,731 965,330,143

Expenses
Restructuringand
Merger/Acquisition
Costs
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Amortization
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%
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TotalOperating
2,448,666,179 2,631,193,656 2,675,086,337 2,778,926,151 2,903,024,668 2,977,935,287
Expenses
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% 37.11 34.75 34.25 33.89 33.16 36.77
OperatingIncome 1,890,813,709 2,193,362,845 2,372,450,484 2,549,434,500 2,862,472,081 2,618,441,123

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% 28.65 28.97 30.37 31.09 32.69 32.33
MiscOtherSpecial
58,900,000 22,494,000 18,400,000 125,200,000 (24,850,000) 67,600,000
Charges
% 0.89 0.30 0.24 1.53 0.28 0.83
InterestExpense 360,449,400 291,137,833 293,241,167 293,582,333 358,392,400 309,996,167
% 5.46 3.84 3.75 3.58 4.09 3.83
GainOnSaleOf
0 907,000 0 0
Security
% 0.00 0.01 0.00 0.00
OtherIncome
31,495,500 43,853,167 42,936,167 43,311,833 33,926,167 58,334,000
(expense)
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% 0.48 0.58 0.55 0.53 0.39 0.72
PreTaxIncome 1,624,000,812 1,947,452,021 2,124,136,543 2,301,159,136 2,600,980,036 2,368,697,959
% 24.61 25.72 27.19 28.06 29.71 29.25
IncomeTaxes 607,766,656 700,397,333 795,648,167 836,357,167 955,067,167 867,337,500
% 9.21 9.25 10.19 10.20 10.91 10.71
NetIncomefrom
Continuous 1,016,234,177 1,247,054,667 1,331,081,177 1,464,801,959 1,645,912,887 1,501,360,456
Operations
% 15.40 16.47 17.04 17.86 18.80 18.54
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NetIncomefor
Common 1,014,865,511 1,246,519,333 1,328,448,521 1,462,795,800 1,644,387,211 1,499,859,967
Stockholders
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% 15.38 16.46 17.01 17.84 18.78 18.52
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EarningsperShare
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BasicEarningsper
1.99 2.80 2.78 3.52 4.01 3.57
Share
DilutedEarnings
1.94 2.74 2.74 3.47 3.97 3.54
perShare
WeightedAverage
Shares
Shares
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BasicAverage
441,663,505 425,474,511 410,390,167 404,351,000 396,303,839 387,067,333
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DilutedAverage
446,677,840 428,599,989 414,083,833 406,340,167 397,989,172 387,999,333
Shares
CommonDividend 0.51 0.63 0.93 1.03 1.21 1.35
Other
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DepreciationAnd
583,148,344 619,659,156 669,434,667 695,246,823 738,272,843 792,637,335
Amortization
PromotionAnd

Advertising
ResearchAnd

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Development
SalariesAnd
2,587,074,952 2,230,404,000 2,219,144,238 2,277,765,362 2,364,945,323 2,360,884,974
Wages
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EBITDA 2,507,567,135 2,858,249,016 3,086,812,408 3,289,988,433 3,637,828,892 3,471,331,485

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% = Percentage of Total Revenues

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Balance Sheet (Whole $)
$USD,Inwhole
exceptmarked* 6Companies 6Companies 6Companies 6Companies 6Companies 6Companies
or%
Assets
CurrentAssets
Cash
CashAnd
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553,222,333 396,601,989 439,720,500 660,331,677 607,023,500 549,803,667
CashEquivalents
ShortTerm
168,500,000 274,000,000 301,000,000 302,500,000 146,000,000 810,000,000
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Investments
e
TotalCash 721,722,333 670,601,989 740,720,500 962,831,677 753,023,500 1,359,803,667
Receivables 546,518,500 647,889,645 642,168,332 676,696,665 723,147,503 640,555,831
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Inventory 172,701,833 197,981,167 218,161,333 213,650,500 227,219,667 256,933,500
Deferred

IncomeTaxes
Prepaid
7,453,500 6,872,000 17,015,500 23,597,333 12,405,000 21,909,000
Expenses
Assets
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OtherCurrent
TotalCurrent
160,840,800 103,125,000 125,600,000 94,325,000 246,400,000 250,400,000
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1,595,120,855 1,550,792,861 1,608,613,656 1,861,373,341 1,901,541,159 1,809,224,989
Assets
% 8.93 8.33 8.06 8.80 8.59 7.80
NonCurrent
Assets
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Gross
Property,Plant& 20,587,289,461 21,837,417,547 23,248,851,883 24,375,326,837 25,786,790,965 27,264,294,107
Equipment
Accumulated
(5,472,517,676) (5,759,547,507) (6,088,414,913) (6,445,314,692) (6,854,858,896) (7,257,398,676)
Depreciation
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Net
Property,Plant 15,114,771,227 16,077,870,561 17,160,437,333 17,930,011,984 18,931,932,240 20,006,895,475
&Equipment
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% 84.57 86.38 85.95 84.80 85.53 86.27

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Goodwill 115,314,496 112,138,496 349,476,512 630,462,016 628,814,976 826,574,976
Intangible
a
237,355,008 230,628,000 670,206,016 613,932,992 587,662,976 1,128,952,064

Assets
OtherLong

TermAssets
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TotalNon
16,277,285,487 17,062,598,967 18,356,998,613 19,281,919,653 20,233,239,888 21,382,401,743
CurrentAssets
TotalAssets 17,872,405,963 18,613,391,428 19,965,612,312 21,143,293,037 22,134,780,769 23,191,626,657
Liabilitiesand
stockholders'
equity
Current
Liabilities
ShortTerm
238,781,667 159,931,333 228,961,500 439,873,200 266,859,600 292,012,167
Debt
Accounts
606,394,587 456,621,177 601,092,332 417,042,500 577,436,320 510,204,345
Payable
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Deferred
0 518,000 1,597,000 119,500 230,000 319,000
Revenues
Accrued
266,251,000 268,164,667 259,000,000 219,000,000 177,000,000 316,000,000
Liabilities
Total
Current 1,385,460,992 1,401,712,491 1,445,768,844 1,618,794,833 1,503,491,669 1,447,776,201
Liabilities
% 12.45 11.86 11.34 12.41 11.02 9.86
NonCurrent
Liabilities
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LongTerm
5,143,554,739 4,499,441,196 4,933,861,120 6,038,849,126 6,569,010,381 6,325,381,040
Debt
DeferredTax
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0 925,000 3,083,000 0
Liability
e
Minority
148,300,000 153,600,000 107,875,000 109,425,000 111,240,333 163,200,000
Interest
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Pensions&
784,000,000 569,000,000 665,000,000
OtherBenefits
OtherNon
941,580,479 1,188,464,387 1,223,621,174 685,489,600 851,429,200 779,055,014
CurrentLiabilities
TotalNon
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Current
Liabilities
%
9,747,122,036
87.55
10,421,325,053
88.14
11,304,432,871
88.66
11,425,805,769
87.59
12,141,160,892
88.98
13,234,454,187
90.14
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TotalLiabilities 11,132,583,263 11,823,037,368 12,750,201,917 13,044,600,192 13,644,652,508 14,682,230,601
Stockholders'
Equity
CommonStock 1,000,000 461,844,333 454,186,167 451,697,844 680,199,344 674,206,167

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AdditionalPaid
1,191,544,823 1,209,324,009 1,313,558,832 1,429,109,289 1,480,340,649 1,502,249,176
InCapital
Retained
6,278,048,823 6,521,039,788 7,130,375,871 8,013,575,539 8,768,233,097 9,368,579,829
Earnings
PreferredStock 3,166,000 3,066,000 3,066,000 3,066,000 32,000 3,066,000

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TreasuryStock (2,115,313,032) (2,748,976,096) (3,458,132,904) (4,565,180,560) (6,144,273,504) (7,878,403,968)
Total
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Stockholders' 6,739,822,839 6,790,353,825 7,215,410,075 8,098,693,016 8,490,128,432 8,509,396,355

Equity
F
TotalLiabilities
&Shareholders' 17,872,406,101 18,613,391,193 19,965,611,992 21,143,293,208 22,134,780,940 23,191,626,956
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% = Percentage of Total Assests or % of Total Liabilities

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Cash Flow (Whole $)
$USD,Inwhole
exceptmarked*or 6Companies 6Companies 6Companies 6Companies 6Companies 6Companies
%
OperatingCash
Flow
NetIncome 1,016,666,011 936,079,750 1,331,061,511 1,464,801,959 1,645,912,887 1,501,360,456
DepreciationAnd
583,148,344 619,659,156 669,434,667 695,246,823 738,272,843 792,637,335
Amortization
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Investment/Asset
(5,660,000) (11,225,000)
Impairment
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DeferredIncome
262,740,833 378,272,333 345,548,833 234,441,333 282,861,667 286,275,833
e
Taxes
StockBased
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5,355,333 5,469,333 7,651,000 10,214,333 7,657,333 8,711,333
Compensation
Accounts
(99,262,333) (86,598,000) 8,391,167 (10,694,167) (61,225,833) 92,202,167
Receivable
CashFrom
Discontinued
933,000 (13,000) (118,000)
Operating
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Activities
ChangeIn
Inventory
(11,571,000) (25,739,200) (12,600,800) 986,400 (11,991,800) (17,823,400)
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ChangeIn
79,000,000 84,000,000 (3,000,000) 28,000,000 1,000,000 (79,000,000)
AccountPayable
Prepaid
(400,500) 1,756,500 (2,708,500) (42,500) 8,662,500 3,737,500
Expenses
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AccruedLiabilities
IncomeTax
28,000,000 96,000,000 (17,000,000) (67,000,000) 74,000,000 (73,500,000)
Payable
OtherWorking
(7,276,000) 23,244,167 (67,421,167) 51,138,833 (100,548,500) (58,787,833)
Capital
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OtherNon
13,972,750 31,863,500 866,500 7,257,250 7,704,750 11,524,500
CashItems
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OperatingCash
1,789,451,155 2,234,730,343 2,169,704,792 2,397,516,881 2,497,498,833 2,496,694,297
Flow
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% 22.10 27.59 26.79 29.61 30.84 30.83
CashFlowfrom
a
Investing
Capital
(1,031,072,301) (1,399,990,145) (1,561,541,145) (1,473,223,167) (1,703,237,141) (1,801,177,280)
Expenditure
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Acquisitions,net (172,511,504) (44,967,500) (962,648,000) 0 (221,451,008) (740,236,992)
PurchaseOf
(176,400,000) (220,100,000) (230,400,000) (472,533,333) (521,233,312) (587,133,355)
Investments
Sales/Maturities
140,402,667 146,917,667 164,750,000 487,999,979 890,000,000 732,499,968
ofInvestments
NetOther
24,308,800 43,708,400 89,400,500 (22,096,750) (9,447,750) (3,966,000)
InvestingChanges
CashFlowfrom
(1,066,718,501) (1,371,564,188) (1,759,755,481) (1,428,552,661) (1,655,014,493) (1,901,436,391)
Investing
% 13.17 16.94 21.73 17.64 20.44 23.48
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FinancingCash
Flow
IssuanceOfDebt 455,191,000 653,732,320 968,086,005 1,022,610,214 4,918,774,944 3,077,589,899
RepaymentOf
(489,349,328) (513,800,495) (503,501,169) (580,859,499) (3,650,847,091) (2,589,906,035)
Debt
CommonStock
(891,212,484) (1,258,581,516) (875,078,500) (802,273,718) (1,016,046,484) (1,108,292,200)
Repurchased
CommonStock
75,994,750 40,033,333 136,567,750 43,701,000 33,036,750 15,758,667
Issued
CashDividends
(299,954,800) (379,355,000) (403,208,833) (440,686,156) (510,897,000) (776,776,200)
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Paid
OtherFinancing
(41,645,200) (48,830,500) (971,800) (83,334,600) 361,600 (11,629,500)
Activities
es r
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FinancingCash
(851,919,344) (1,019,699,833) (367,667,988) (748,229,656) (895,791,365) (651,429,007)
Flow
R po
% 10.52 12.59 4.54 9.24 11.06 8.04
Other
Effectof
Changesin
(4,009,000) (521,000) 5,023,000 (740,000) (7,000) (6,293,000)
CurrencyExchange
Rates
Cash
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NetChangein
(129,838,333) (156,620,333) 43,118,500 220,611,167 (53,308,167) (57,219,833)
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BeginningCash
683,060,667 553,222,333 396,601,989 439,720,500 660,331,677 607,023,500
Position
EndCash
553,222,333 396,601,989 439,720,500 660,331,677 607,023,500 549,803,667
Position
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% = Percentage of Total Revenues

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Top Companies Profiled & Ranked
This section consists of multiple data sets, designed to 1) help the user understand the financial results of the top firms within
a sector, and 2) compare the results of specific top firms to their peers and to industry averages.
The data sets include:
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1) A rankings page (ranks for revenues, ROE, ROA, and six additional ranks)
2) A summary listing of all U.S. companies in the Plunkett Research database that have primary NAICs for this industry
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sector
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3) Financial results comparisons for top companies
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a) this data includes income statement, balance sheet and cash flow for specific companies, latest year
b) It is broken down into groups of up to 5 companies each. The companies are listed in order of revenues.
c) The user may compare companies to each other, and to industry averages.
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3) A profiles section (In-depth descriptions, executive listings and summary financial results)
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Note: For some NAIC codes, there are fewer than 10 major companies reporting results that include this NAIC as their primary
industry codes. In such cases, a lower number of companies will be ranked and profiled.
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Top Companies Ranked, U.S.

(2015 or latest year available data)
This list may include private companies in the following categories: Total Revenue, Employee Count and Net Income.
Also, the list may include companies in closely related sectors.
NAIC 482110

CompanyRanks
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ApproximateMarketCap2015(Whole$) EmployeeCount
1.UnionPacificCorp 105,983,200,000 1.UnionPacificCorp 47,457

2.CSXCorp 35,656,250,000 2.BurlingtonNorthernSantaFeLLC 41,000
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3.NorfolkSouthernCorp 33,557,090,000 3.CSXCorp 31,511
4.KansasCitySouthern 12,790,020,000 4.CSXTransportationInc 31,511
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5.Genesee&WyomingInc 5,564,717,000 5.NorfolkSouthernCorp 30,456
6.Providence&WorcesterRailroadCompany 91,414,180 6.ConrailInc 21,280
7.ContinentalRailCorp 39,386,950 7.Amtrak(NationalRailroadPassengerCorp) 20,899
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8.LasVegasRailwayExpressInc 441,209 8.KansasCitySouthern 6,670
9.Genesee&WyomingInc 5,200
10.FloridaEastCoastIndustriesInc 1,053
TotalRevenue(Whole$) NetIncome(Whole$)
1.BurlingtonNorthernSantaFeLLC 23,239,000,000 1.UnionPacificCorp 4,772,000,000

2.UnionPacificCorp 21,813,000,192 2.BurlingtonNorthernSantaFeLLC 3,869,000,000
3.CSXCorp 11,811,000,320 3.CSXCorp 1,968,000,000
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4.CSXTransportationInc
5.NorfolkSouthernCorp
6.Amtrak(NationalRailroadPassengerCorp)
7.KansasCitySouthern
8.Genesee&WyomingInc
11,811,000,320
10,510,999,552
3,069,000,000
2,418,800,128
2,000,401,024
4.CSXTransportationInc
5.NorfolkSouthernCorp
6.KansasCitySouthern
7.Genesee&WyomingInc
8.PioneerRailcorp
1,968,000,000
1,556,000,000
483,500,000
225,037,000
1,993,000
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9.Providence&WorcesterRailroadCompany 35,797,000 9.Providence&WorcesterRailroadCompany 1,826,000
10.PioneerRailcorp 24,146,000 10.ContinentalRailCorp (684,087)
3YearRevenueGrowth(%) 3YearIncomeGrowth(%)
1.Genesee&WyomingInc 32 1.Genesee&WyomingInc 63
2.Providence&WorcesterRailroadCompany 6 2.KansasCitySouthern 9
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3.KansasCitySouthern 3 3.UnionPacificCorp 7
4.UnionPacificCorp 1 4.CSXCorp 2
5.CSXCorp 0 5.NorfolkSouthernCorp (4)
6.LasVegasRailwayExpressInc 0 6.Providence&WorcesterRailroadCompany (20)
7.NorfolkSouthernCorp (2)
8.ContinentalRailCorp
ReturnonAssets(%) ReturnonEquity(%)
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1.UnionPacificCorp 9 1.UnionPacificCorp 23
2.KansasCitySouthern 6 2.CSXCorp 17
3.CSXCorp 6 3.KansasCitySouthern 13
4.NorfolkSouthernCorp 5 4.NorfolkSouthernCorp 13
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5.Genesee&WyomingInc 4 5.Genesee&WyomingInc 9
6.Providence&WorcesterRailroadCompany 2 6.Providence&WorcesterRailroadCompany 2
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7.LasVegasRailwayExpressInc (581)
8.ContinentalRailCorp (2,984)
ReturnonInvestedCapital(%)
a
1.UnionPacificCorp 15
2.CSXCorp 11
3.KansasCitySouthern 9
4.NorfolkSouthernCorp 9
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5.Genesee&WyomingInc 6
6.Providence&WorcesterRailroadCompany 2
7.ContinentalRailCorp
8.LasVegasRailwayExpressInc
24
Compare Top Publicly-Held Companies to Industry Average, 2015

NAIC 482110
Group Number 1
Income Statement (Whole $), % = Percent of Total Revenues
$USD,Inwholenumbers, NorfolkSouthern KansasCity Genesee& IndustryAverage

UnionPacificCorp CSXCorp
exceptmarked*or% Corp Southern WyomingInc of6Companies
TotalRevenue 21,813,000,192 11,811,000,320 10,510,999,552 2,418,800,128 2,000,401,024 8,098,333,036
CostOfRevenue 5,664,000,000 3,728,999,936 3,662,000,128 888,200,000 1,048,396,992 2,501,956,509
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% 25.97 31.57 34.84 36.72 52.41 30.89
GrossProfit 16,149,000,192 8,081,999,872 6,848,999,936 1,530,599,936 952,003,968 5,596,376,484
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% 74.03 68.43 65.16 63.28 47.59 69.11
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OperatingExpenses
SGAExpense 5,160,999,936 3,289,999,872 2,911,000,064 442,200,000 265,044,992 2,012,605,144
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% 23.66 27.86 27.69 18.28 13.25 24.85
OtherOperatingExpenses 2,936,000,000 1,208,000,000 1,053,999,872 284,600,000 302,697,984 965,330,143
% 13.46 10.23 10.03 11.77 15.13 11.92
TotalOperatingExpenses 8,096,999,936 4,497,999,872 3,964,999,936 726,800,000 567,742,976 2,977,935,287
% 37.12 38.08 37.72 30.05 28.38 36.77
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OperatingIncome
MiscOtherSpecialCharges
8,051,999,744
36.91

3,584,000,000
30.34

2,884,000,000
27.44

803,800,000
33.23
67,600,000
384,260,992
19.21

2,618,441,123
32.33
67,600,000
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% 2.79 0.83
InterestExpense 622,000,000 544,000,000 545,000,000 81,900,000 67,073,000 309,996,167
% 2.85 4.61 5.19 3.39 3.35 3.83
GainOnSaleOfSecurity
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OtherIncome(expense) 221,000,000 92,000,000 103,000,000 (49,300,000) (16,738,000) 58,334,000
% 1.01 0.78 0.98 2.04 0.84 0.72
PreTaxIncome 7,656,000,000 3,137,999,872 2,441,999,872 672,600,000 300,931,008 2,368,697,959

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% 35.10 26.57 23.23 27.81 15.04 29.25
IncomeTaxes 2,884,000,000 1,170,000,000 886,000,000 187,300,000 75,894,000 867,337,500
% 13.22 9.91 8.43 7.74 3.79 10.71

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NetIncomefromContinuousOperations 4,771,999,744 1,968,000,000 1,556,000,000 485,300,000 225,036,992 1,501,360,456

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% 21.88 16.66 14.80 20.06 11.25 18.54
NetIncomeforCommonStockholders 4,771,999,744 1,967,000,064 1,550,000,000 483,300,000 225,036,992 1,499,859,967

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% 21.88 16.65 14.75 19.98 11.25 18.52
EarningsperShare
BasicEarningsperShare 5.51 2.00 5.13 4.41 3.97 3.57

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DilutedEarningsperShare 5.49 2.00 5.10 4.40 3.89 3.54
WeightedAverageShares
BasicAverageShares 866,200,000 983,000,000 301,900,000 109,709,000 56,734,000 387,067,333
DilutedAverageShares 869,400,000 984,000,000 301,900,000 109,915,000 57,848,000 387,999,333
CommonDividend 2.20 0.70 2.36 1.32 1.35
Other
DepreciationAndAmortization 2,012,000,000 1,208,000,000 1,059,000,000 284,600,000 188,535,008 792,637,335
ResearchAndDevelopment
SalariesAndWages 5,160,999,936 3,289,999,872 2,911,000,064 442,200,000 2,360,884,974
EBITDA 10,289,999,872 4,889,999,872 4,046,000,128 1,039,100,032 556,539,008 3,471,331,485
25
Balance Sheet (Whole $), % = Percent of Total Assets or Total Liabilities
$USD,Inwholenumbers, UnionPacific NorfolkSouthern KansasCity Genesee& IndustryAverage

CSXCorp
exceptmarked*or% Corp Corp Southern WyomingInc of6Companies
Assets
CurrentAssets
Cash
CashAndCashEquivalents 1,391,000,064 628,000,000 1,100,999,936 136,600,000 35,941,000 549,803,667
ShortTermInvestments 810,000,000 810,000,000
TotalCash 1,391,000,064 1,438,000,000 1,100,999,936 136,600,000 35,941,000 1,359,803,667
Receivables 1,356,000,000 982,000,000 946,000,000 171,900,000 382,457,984 640,555,831
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Inventory 736,000,000 350,000,000 271,000,000 137,900,000 45,790,000 256,933,500
DeferredIncomeTaxes 126,000,000 121,000,000 69,174,000 105,391,333
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PrepaidExpenses 43,197,000 21,909,000
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OtherCurrentAssets 647,000,000 70,000,000 194,000,000 90,600,000 250,400,000
TotalCurrentAssets 4,129,999,872 2,966,000,128 2,632,999,936 537,000,000 576,560,000 1,809,224,989
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% 7.56 8.46 7.69 6.44 8.48 7.80
NonCurrentAssets
GrossProperty,Plant&Equipment 66,564,001,792 41,573,998,592 40,469,999,616 9,813,699,584 5,012,312,064 27,264,294,107
AccumulatedDepreciation (17,698,000,896) (11,399,999,488) (11,477,999,616) (2,108,300,032) (797,249,024) (7,257,398,676)
NetProperty,Plant&Equipment 48,866,000,896 30,173,999,104 28,992,000,000 7,705,399,808 4,215,063,040 20,006,895,475
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%
Goodwill
89.50

86.12

84.62

92.38

62.03
826,574,976
86.27
826,574,976
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IntangibleAssets 1,128,952,064 1,128,952,064
TotalNonCurrentAssets 50,469,998,592 32,073,000,960 31,626,999,808 7,804,000,256 6,219,043,840 21,382,401,743
TotalAssets 54,599,999,488 35,038,998,528 34,260,000,768 8,341,000,192 6,795,603,968 23,191,626,657
Liabilitiesandstockholders'equity
CurrentLiabilities
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ShortTermDebt 594,000,000 20,000,000 700,000,000 356,100,000 81,953,000 292,012,167
AccountsPayable 743,000,000 764,000,000 1,091,000,064 176,700,000 282,275,008 510,204,345
DeferredRevenues 319,000
AccruedLiabilities 885,000,000 490,000,000 139,000,000 83,400,000 169,586,000 294,740,833

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TotalCurrentLiabilities 3,206,000,128 1,952,000,000 2,231,000,064 757,600,000 533,814,016 1,447,776,201
% 9.46 8.35 10.11 17.11 12.48 9.86
LongTermDebt 13,607,000,064 10,682,999,808 9,393,000,448 2,044,999,936 2,223,305,984 6,325,381,040

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DeferredTaxLiability 15,240,999,936 9,304,999,936 9,063,000,064 1,191,100,032 1,052,150,016 5,977,641,997

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Pensions&OtherBenefits 665,000,000 665,000,000
MinorityInterest 16,000,000 310,400,000 163,200,000

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OtherNonCurrentLiabilities 1,844,000,000 1,431,000,064 323,000,000 122,600,000 174,675,008 779,055,014
TotalNonCurrentLiabilities 30,691,999,744 21,435,000,832 19,840,999,424 3,669,100,032 3,742,329,088 13,234,454,187
% 90.54 91.65 89.89 82.89 87.52 90.14

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TotalLiabilities 33,898,000,384 23,387,000,832 22,072,000,512 4,426,699,776 4,276,143,104 14,682,230,601
CommonStock 2,776,000,000 966,000,000 299,000,000 1,100,000 705,000 674,206,167
AdditionalPaidInCapital 4,416,999,936 113,000,000 2,143,000,064 947,100,032 1,355,345,024 1,502,249,176
RetainedEarnings 30,232,999,936 11,237,999,616 10,190,999,552 2,964,699,904 1,544,675,968 9,368,579,829
PreferredStock 6,100,000 3,066,000
TreasuryStock (15,528,999,936) 0 0 0 (227,808,000) (7,878,403,968)
TotalStockholders'Equity 20,701,999,104 11,651,999,744 12,188,000,256 3,914,299,904 2,519,461,120 8,509,396,355
TotalLiabilities&Shareholders'Equity 54,599,999,488 35,039,000,576 34,260,000,768 8,340,999,680 6,795,604,224 23,191,626,956
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Cash Flow (Whole $), % = Percent of Total Revenues
$USD,Inwholenumbers, UnionPacific NorfolkSouthern KansasCity Genesee& IndustryAverage

CSXCorp
exceptmarked*or% Corp Corp Southern WyomingInc of6Companies
OperatingCashFlow
NetIncome 4,771,999,744 1,968,000,000 1,556,000,000 485,300,000 225,036,992 1,501,360,456
Investment/AssetImpairment
DeferredIncomeTaxes 765,000,000 456,000,000 320,000,000 135,800,000 40,477,000 286,275,833
DepreciationAndAmortization 2,012,000,000 1,208,000,000 1,059,000,000 284,600,000 188,535,008 792,637,335
CashFromDiscontinuedOperating

Activities
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StockBasedCompensation 11,400,000 14,649,000 8,711,333
AccountsReceivable 255,000,000 149,000,000 109,000,000 12,000,000 28,905,000 92,202,167
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ChangeInInventory (24,000,000) (35,000,000) (26,200,000) (4,073,000) (17,823,400)
ChangeInAccountPayable (79,000,000) (79,000,000)
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PrepaidExpenses 7,462,000 3,737,500
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AccruedLiabilities
IncomeTaxPayable (85,000,000) (62,000,000) (73,500,000)
OtherWorkingCapital (177,000,000) (194,000,000) 83,000,000 (55,700,000) (8,469,000) (58,787,833)
OtherNonCashItems 22,000,000 11,500,000 13,172,000 11,524,500
OperatingCashFlow 7,344,000,000 3,369,999,872 2,876,999,936 909,299,968 475,147,008 2,496,694,297
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%
CashFlowfromInvesting
CapitalExpenditure
33.67
(4,649,999,872)
28.53
(2,561,999,872)
27.37
(2,384,999,936)
37.59
(832,200,000)
23.75
(371,504,000)
30.83
(1,801,177,280)
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Acquisitions,Net (740,236,992) (740,236,992)
PurchaseOfInvestments (1,739,000,064) (5,000,000) (17,400,000) (587,133,355)
Sales/MaturitiesofInvestments 1,224,999,936 240,000,000 732,499,968
NetOtherInvestingChanges (77,000,000) 37,000,000 (28,000,000) 52,136,000 (3,966,000)

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CashFlowfromInvesting (4,476,000,256) (2,892,000,000) (2,087,000,064) (873,000,000) (1,074,273,024) (1,901,436,391)
% 20.52 24.49 19.86 36.09 53.70 23.48
FinancingCashFlow
IssuanceOfDebt 3,328,000,000 1,200,000,000 1,184,999,936 11,489,899,520 1,261,639,936 3,077,589,899
RepaymentOfDebt (556,000,000) (229,000,000) (102,000,000) (11,387,100,160) (675,430,016) (2,589,906,035)

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CommonStockIssued 43,000,000 4,200,000 15,758,667
CommonStockRepurchased (3,464,999,936) (804,000,000) (1,075,000,064) (194,200,000) (3,261,000) (1,108,292,200)

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OtherFinancingActivities (26,000,000) (20,400,000) (1,316,000) (11,629,500)

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FinancingCashFlow (3,063,000,064) (519,000,000) (662,000,000) (247,700,000) 581,633,024 (651,429,007)
CashDividendsPaid (2,344,000,000) (686,000,000) (713,000,000) (140,100,000) (776,776,200)

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% 14.04 4.39 6.30 10.24 29.08 8.04
EffectofChangesinCurrencyExchRates (6,293,000) (6,293,000)
NetChangeinCash (195,000,000) (41,000,000) 128,000,000 (211,400,000) (23,786,000) (57,219,833)

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BeginningCashPosition 1,586,000,000 669,000,000 973,000,000 348,000,000 59,727,000 607,023,500
EndCashPosition 1,391,000,064 628,000,000 1,100,999,936 136,600,000 35,941,000 549,803,667
OperatingCashFlow 7,344,000,000 3,369,999,872 2,876,999,936 909,299,968 475,147,008 2,496,694,297
FreeCashFlow 2,694,000,128 808,000,000 492,000,000 77,100,000 103,643,000 695,517,021
% 12.35 6.84 4.68 3.19 5.18 8.59
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Compare Top Companies to Industry Average Continued, Group Number 2
Income Statement (Whole $), % = Percent of Total Revenues
$USD,Inwholenumbers, Providence&Worcester IndustryAverageof6

exceptmarked*or% RailroadCompany Companies
TotalRevenue 35,797,000 8,098,333,036
CostOfRevenue 20,142,000 2,501,956,509
% 56.27 30.89
GrossProfit 15,655,000 5,596,376,484
% 43.73 69.11
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OperatingExpenses
SGAExpense 6,386,000 2,012,605,144
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% 17.84 24.85
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OtherOperatingExpenses 6,683,000 965,330,143
% 18.67 11.92
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TotalOperatingExpenses 13,069,000 2,977,935,287
% 36.51 36.77
OperatingIncome 2,586,000 2,618,441,123
% 7.22 32.33
MiscOtherSpecialCharges 67,600,000
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%
InterestExpense

4,000
0.83
309,996,167
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% 0.01 3.83
GainOnSaleOfSecurity
OtherIncome(expense) 42,000 58,334,000

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% 0.12 0.72
PreTaxIncome 2,657,000 2,368,697,959
% 7.42 29.25
IncomeTaxes 831,000 867,337,500
% 2.32 10.71
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NetIncomefromContinuousOperations 1,826,000 1,501,360,456
% 5.10 18.54
NetIncomeforCommonStockholders 1,823,000 1,499,859,967

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% 5.09 18.52
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EarningsperShare
BasicEarningsperShare 0.38 3.57

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DilutedEarningsperShare 0.37 3.54
WeightedAverageShares
BasicAverageShares 4,861,000 387,067,333

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DilutedAverageShares 4,933,000 387,999,333
CommonDividend 0.16 1.35
Other
DepreciationAndAmortization 3,689,000 792,637,335
ResearchAndDevelopment
SalariesAndWages 225,000 2,360,884,974
EBITDA 6,350,000 3,471,331,485
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Balance Sheet (Whole $), % = Percent of Total Assets or Total Liabilities

Assets
CurrentAssets
Cash
CashAndCashEquivalents 6,281,000 549,803,667
ShortTermInvestments 810,000,000
TotalCash 6,281,000 1,359,803,667
Receivables 4,977,000 640,555,831
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Inventory 911,000 256,933,500
DeferredIncomeTaxes 105,391,333
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PrepaidExpenses 621,000 21,909,000
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OtherCurrentAssets 250,400,000
TotalCurrentAssets 12,790,000 1,809,224,989
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% 11.20 7.80
NonCurrentAssets
GrossProperty,Plant&Equipment 151,752,992 27,264,294,107
AccumulatedDepreciation (62,843,000) (7,257,398,676)
NetProperty,Plant&Equipment 88,910,000 20,006,895,475
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%
Goodwill
77.88

86.27
826,574,976
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IntangibleAssets 1,128,952,064
TotalNonCurrentAssets 101,367,000 21,382,401,743
TotalAssets 114,157,000 23,191,626,657
Liabilitiesandstockholders'equity
CurrentLiabilities
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ShortTermDebt 20,000 292,012,167
AccountsPayable 4,251,000 510,204,345
DeferredRevenues 319,000 319,000
AccruedLiabilities 1,459,000 294,740,833

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TotalCurrentLiabilities 6,243,000 1,447,776,201
% 18.61 9.86
LongTermDebt 980,000 6,325,381,040

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DeferredTaxLiability 13,602,000 5,977,641,997

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Pensions&OtherBenefits 665,000,000
MinorityInterest 163,200,000
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OtherNonCurrentLiabilities 779,055,014
TotalNonCurrentLiabilities 27,296,000 13,234,454,187
% 81.39 90.14
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TotalLiabilities 33,539,000 14,682,230,601
CommonStock 2,432,000 674,206,167
AdditionalPaidInCapital 38,050,000 1,502,249,176
RetainedEarnings 40,104,000 9,368,579,829
PreferredStock 32,000 3,066,000
TreasuryStock 0 (7,878,403,968)
TotalStockholders'Equity 80,618,000 8,509,396,355
TotalLiabilities&Shareholders'Equity 114,157,000 23,191,626,956
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Cash Flow (Whole $), % = Percent of Total Revenues

OperatingCashFlow
NetIncome 1,826,000 1,501,360,456
Investment/AssetImpairment
DeferredIncomeTaxes 378,000 286,275,833
DepreciationAndAmortization 3,689,000 792,637,335
CashFromDiscontinuedOperating

Activities
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StockBasedCompensation 85,000 8,711,333
AccountsReceivable (692,000) 92,202,167
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ChangeInInventory 156,000 (17,823,400)
ChangeInAccountPayable (79,000,000)
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PrepaidExpenses 13,000 3,737,500
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AccruedLiabilities
IncomeTaxPayable (73,500,000)
OtherWorkingCapital (558,000) (58,787,833)
OtherNonCashItems (574,000) 11,524,500
OperatingCashFlow 4,719,000 2,496,694,297
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%
CashFlowfromInvesting
CapitalExpenditure
13.18
(6,360,000)
30.83
(1,801,177,280)
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Acquisitions,Net (740,236,992)
PurchaseOfInvestments (587,133,355)
Sales/MaturitiesofInvestments 732,499,968
NetOtherInvestingChanges (3,966,000)
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CashFlowfromInvesting (6,345,000) (1,901,436,391)
% 17.72 23.48
FinancingCashFlow
IssuanceOfDebt 1,000,000 3,077,589,899
RepaymentOfDebt (2,589,906,035)
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CommonStockIssued 76,000 15,758,667
CommonStockRepurchased (1,108,292,200)
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OtherFinancingActivities 1,198,000 (11,629,500)

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FinancingCashFlow 1,493,000 (651,429,007)
CashDividendsPaid (781,000) (776,776,200)

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% 4.17 8.04
EffectofChangesinCurrencyExchRates (6,293,000)
NetChangeinCash (133,000) (57,219,833)

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BeginningCashPosition 6,414,000 607,023,500
EndCashPosition 6,281,000 549,803,667
OperatingCashFlow 4,719,000 2,496,694,297
FreeCashFlow (1,641,000) 695,517,021
% 4.58 8.59
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Top Companies, Profiles and Financials

NAIC 482110
TopCompaniesInclude:
Rank Company Ticker ExchangeID Revenues (Whole Numbers) 2015 or latest year available
1 Burlington Northern Santa Fe LLC Subsidiary $23,239,000,000
2 Union Pacific Corp UNP NYS $21,813,000,192
3 CSX Corp CSX NAS $11,811,000,320
4 CSX Transportation Inc Subsidiary $11,811,000,320
5 Norfolk Southern Corp NSC NYS $10,510,999,552
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6 Amtrak (National Railroad Passenger Corp) Government-Owned $3,069,000,000
7 Kansas City Southern KSU NYS $2,418,800,128
8 Genesee & Wyoming Inc GWR NYS $2,000,401,024
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9 Providence & Worcester Railroad Company PWX NAS $35,797,000
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10 Pioneer Railcorp PRRR PINX $24,146,000
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CompanyProfile

BURLINGTONNORTHERNSANTAFELLC(WWW.BNSF.COM)
Ticker:Subsidiary Phone:8173521000
Exchange: Fax:8173527171
Employees:41,000 Address:2650LouMenkDr.
FiscalYearEndsin12/31 FortWorth,TX761312830UnitedStates
TypesOfBusiness IndustryRankforTotalRevenueforCloselyRelated
Companies
IndustryNAICScode:482111 1.BurlingtonNorthernSantaFeLLC 23,239,000,000
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2.UnionPacificCorp 21,813,000,192
ParentCompany:BerkshireHathawayInc 3.CSXCorp 11,811,000,320
4.CSXTransportationInc 11,811,000,320
LineHaulRailroads 5.NorfolkSouthernCorp 10,510,999,552
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RailroadInfrastructureManagement 6.Amtrak(NationalRailroadPassengerCorp) 3,069,000,000
LocomotiveOperation 7.KansasCitySouthern 2,418,800,128
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IntermodalHubs 8.Genesee&WyomingInc 2,000,401,024
RealEstateDevelopmentServices 9.Providence&WorcesterRailroadCompany 35,797,000
10.PioneerRailcorp 24,146,000
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Contacts Description
BurlingtonNorthernSantaFeLLC(BNSF),asubsidiaryofBerkshire
CarlR.Ice CEO Hathaway,Inc.,isengagedinthefreightrailtransportationbusiness.
CarlR.Ice Pres. BNSF,throughitsprimarysubsidiary,BNSFRailwayCompany,controls
JulieA.Piggott CFO/Exec.VP oneofNorthAmericaslargestrailroadsystems,operatingapproximately
32,500routemilesoftrackthatpassthrough28statesandtwo
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StevanB.Bobb
JoannM.Olsovsky
DeanWise
RichardWeicher
Exec.VP/ChiefMktg.Officer
VPTech.Svcs.
VPNetworkStrategy
GeneralCounselRegulatory/VP
Canadianprovinces.Therailwaytodayisaproductofnearly400
railroadsacquiredoverthepast160years.BNSFRailwayoperates
variousfacilitiesandequipment,including7,000locomotives.Italso
operates30intermodalhubsandservesmorethan40ports.Inaddition
tomajorcitiesandports,thecompanyservessmallermarketsthrough
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CharlesW.Shewmake GeneralCounsel/VP partnershipswithnumerousshortlinepartners.Therailwaytransports
GregoryC.Fox Exec.VPOper. consumer,industrialandagriculturalfreightproducts.Intermodalor
consumerproductsincludetrucktrailersandcontainers,cannedgoods,
JulieA.Piggott VPPlanning&Studies
sugar,automotivegoodsandlowsulfurcoal.Industrialproductsinclude
ZakAndersen VPCorp.Rel. construction,building,petroleum,forestproducts,metals,minerals,
DavidStropes VPCorp.AuditServices chemicalsandplasticproducts.Agriculturalproductsincludewheat,corn,
JulieA.Piggott Controller/VP bulkfoods,soybeans,oilseedsandmeals,feeds,barley,oatsandrye,
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flourandmillproducts,sorghum,oils,specialtygrains,malt,ethanoland
RogerNober Exec.VPLaw&Secretary fertilizer.Asasupplementtorailwayrevenues,thecompanyalsooffers
MichaelR.Annis VPTax economicandrealestatedevelopmentservices.Annually,thefirm
JudyCarter VPCompliance&Audit deliversover900,000carloadsofagriculturalproducts,1.8carloadsof
industrialproducts,2.2millioncoalshipmentsand5millionintermodal
DeanH.Wise VPNetworkStrategy
shipments(trucktrailersorcontainers).
GergoryC.Fox COO
MatthewK.Rose Chmn.
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PaulW.Bischler ChiefSourcingOfficer/VP

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Financials
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$USD,Inwholenumbers 2014 2013 2012 2011 2010 2009 2008

Sales 23,239,000,000 22,014,000,000 20,835,000,000 19,548,000,000 16,850,000,000 14,016,000,000 18,018,000,000
a
Profits 3,869,000,000 3,793,000,000 3,372,000,000 2,972,000,000 2,459,000,000 1,721,000,000 2,115,000,000
Brands,DivisionsandAffiliates TopSalaries
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BerkshireHathawayInc
BSNFRailwayCompany Salary Bonus
1,183,583 1,679,480
584,092 546,920
OtherThoughts CorporateCulture
EstimatedFemaleOfficersorDirectors:3 Thefirmoffersemployeeshealth,dental,visionandlifeinsurancea
prescriptiondrugplanshortandlongtermdisabilitycoveragetuition
reimbursementflexiblespendingaccountspersonalaccidentinsurance
andretireelifeinsurance.
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CompanyProfile

UNIONPACIFICCORP(WWW.UP.COM)
Ticker:UNP Phone:4025445000
Exchange:NYS Fax:4022716408
YearEstablished:1969 Address:1400DouglasStreet
Employees:46,445 Omaha,NE68179UnitedStates
FiscalYearEndsinDecember
Companies
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3.CSXCorp 11,811,000,320
LineHaulRailroads 4.CSXTransportationInc 11,811,000,320
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5.NorfolkSouthernCorp 10,510,999,552
6.Amtrak(NationalRailroadPassengerCorp) 3,069,000,000
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7.KansasCitySouthern 2,418,800,128
8.Genesee&WyomingInc 2,000,401,024
9.Providence&WorcesterRailroadCompany 35,797,000
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UnionPacificCorp.isaproviderofrailfreighttransportation.The
JamesTheisen AssistantGeneralCounsel/OtherExecutive companyoperatesprimarilythroughUnionPacificRailroadCompany
Officer (UPRC),oneofthelargestrailroadsinNorthAmerica.UPRCsoperating
LanceFritz CEO/CEO,Subsidiary/Chairmanofthe basecovers23statesacrossthewesterntwothirdsoftheU.S.Itisa
Board/ChairmanoftheBoard,
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RobertKnight
Subsidiary/Director/President/President,
Subsidiary
CFO/CFO,Subsidiary/ExecutiveVP,
Divisional/ExecutiveVP,Subsidiary
ClassIrailroadwithapproximately31,974routemileslinkingPacific
CoastandGulfCoastportswiththeMidwestandeasternU.S.gateways
andprovidingseveralnorth/southcorridorstokeyMexicangateways.
Thefirmhandlesfreightinsixcommoditygroups:coal,whichaccounted
for18%ofitsfreightrevenueintermodalcontainers(internationaland
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ToddRynaski ChiefAccountingOfficer, domesticshipments),20%industrialproducts,includingstone,cement,
Subsidiary/Controller/Controller, lumber,paperandgovernmentandconsumergoods,20%agriculture,
Subsidiary/VicePresident includinggrains,foodproducts,beveragesandsweeteners,17%
LyndenTennison ChiefInformationOfficer/SeniorVP chemicals,includingliquidanddrychemicals,plasticsandliquid
AndrewCard Director petroleumproducts,16%andautomotive,9%.UnionPacificsrailfleet
StevenRogel Director comprises8,463locomotives(6,067owned)and66,218freightcars
ThomasMcLarty Director (35,429owned),including28,556coveredhoppers,11,628open
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DavidDillon Director hoppers,10,117gondolas,6,612refrigeratedcars,5,033boxcars,3,898

CharlesKrulak Director flatcarsand374otherrailcars.SubsidiaryPSTechnology,Inc.isan
ErrollDavis Director enterpriseworkforcemanagementsoftwareproviderspecializinginrail
JoseVillarreal Director crewmanagementandtimekeepingsolutions.
MichaelMcconnell Director
MichaelMccarthy Director
JudithHope Director
JaneLute Director
EricButler ExecutiveVP,Subsidiary
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CameronScott ExecutiveVP,Subsidiary
DianeDuren ExecutiveVP/ExecutiveVP,
Subsidiary/Secretary/Secretary,Subsidiary
PatrickO'Malley OtherCorporateOfficer/VicePresident,
Divisional
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ScottMoore SeniorVP,Divisional
D.Kelley SeniorVP,Subsidiary
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MichaelRock VicePresident,Divisional
JosephO'Connor VicePresident,Subsidiary
MaryJones VicePresident/Treasurer
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Auditor:Deloitte&ToucheLLP
LegalAdvisor:
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Financials
$USD,Inwholenumbers,
2015 2014 2013 2012 2011 2010
exceptmarked*or%
Financials
Revenue 21,813,000,000 23,988,000,000 21,963,000,000 20,926,000,000 19,557,000,000 16,965,000,000
CostofRevenue 5,664,000,000 7,331,000,000 7,084,000,000 6,948,000,000 6,753,000,000 5,464,000,000
GrossMargin% 74.03 69.44 67.75 66.80 65.47 67.79
R&DExpense
OperatingMargin% 36.91 36.49 33.90 32.23 29.27 29.36
SGAExpense 5,161,000,000 5,076,000,000 4,807,000,000 4,685,000,000 4,681,000,000 4,314,000,000
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NetIncome 4,772,000,000 5,180,000,000 4,388,000,000 3,943,000,000 3,292,000,000 2,780,000,000
EarningsPerShare 5.51 5.77 4.74 4.17 3.39 2.79
Dividends 2.20 1.91 1.48 1.25 0.97 0.66
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BookValuePerShare 24.26 24.40 22.78 21.17 19.34 18.07
OperatingCashFlow 7,344,000,000 7,385,000,000 6,823,000,000 6,161,000,000 5,873,000,000 4,105,000,000
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CapitalExpenditure 4,650,000,000 4,346,000,000 3,496,000,000 4,012,000,000 3,261,000,000 2,482,000,000
FreeCashFlow 2,694,000,000 3,039,000,000 3,327,000,000 2,149,000,000 2,612,000,000 1,623,000,000
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Profitability
EBITDA 10,290,000,000 10,808,000,000 9,351,000,000 8,613,000,000 7,453,000,000 6,522,000,000
ReturnonAssets% 8.89 10.11 9.06 8.55 7.47 6.50
ReturnonEquity% 22.78 24.43 21.35 20.51 18.12 16.02
NetMargin% 21.88 21.59 19.98 18.84 16.83 16.39
AssetsTurnover 0.41 0.47 0.45 0.45 0.44 0.40
DebtEquityRatio 0.66 0.52 0.42 0.44 0.47 0.51
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Brands,DivisionsandAffiliates
UnionPacificRailroadCompany
TopSalaries
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PSTechnologyInc Name Title Salary(US$) Bonus
(US$)
LanceFritz CEO/Chairmanofthe 966,000 2,000,000
Board/President
RobertKnight CFO/ExecutiveVP, 566,167 1,350,000
Divisional
EricButler ExecutiveVP,Divisional 477,500 830,000
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CameronScott ExecutiveVP,Divisional 416,667 860,000

DianeDuren ExecutiveVP/Secretary 477,500 790,000
EstimatedFemaleOfficersorDirectors:4 UnionPacificemployeesreceivebenefitsincludinghealthcarecoverage,
401(k)andmaternityleave.
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CompanyProfile

CSXCORP(WWW.CSX.COM)
Ticker:CSX Phone:9043593200
Exchange:NAS Fax:8047821409
YearEstablished:1978 Address:500WaterStreet
Employees:31,000 15thFloor
FiscalYearEndsinDecember Jacksonville,FL32202UnitedStates
Companies
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3.CSXCorp 11,811,000,320
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IntermodalServices 5.NorfolkSouthernCorp 10,510,999,552
LogisticsSoftware&Services 6.Amtrak(NationalRailroadPassengerCorp) 3,069,000,000
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RealEstate 7.KansasCitySouthern 2,418,800,128
AutomotiveDistribution&Storage 8.Genesee&WyomingInc 2,000,401,024
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CSXCorp.isarailandintermodaltransportationcompany.The
MichaelWard CEO/ChairmanoftheBoard/Director companyslargestbusinessunit,CSXTransportation,Inc.(CSXT),isa
CarolynSizemore ChiefAccountingOfficer/Controller/Vice leadingrailroadcompanyintheU.S.Thedivisioncoversroughly21,000
President routemilesin23statesintheeasternhalfoftheU.S.,Washington,D.C.
LisaMancini ChiefAdministrativeOfficer/ExecutiveVP
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FredrikEliasson
CindySanborn
StevenHalverson
ChiefMarketingOfficer/ExecutiveVP/Other
ExecutiveOfficer
COO,Subsidiary/ExecutiveVP,Subsidiary
Director
andtheCanadianprovincesOntarioandQuebec.CSXTalsoservesover
70ocean,riverandlakeportsaswellasthousandsofproductionand
distributionfacilitiesthroughtrackconnectionstomorethan240
shortlineandregionalrailroads.CSXTprovidestransportationfor
customersinawidevarietyofindustries,suchascoal,chemicals,
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PamelaCarter Director automobiles,minerals,agriculturalproducts,foodandconsumergoods,
TimothyO'Toole Director metals,forestandpaperproductsandphosphatesandfertilizer.The
EdwardKelly Director firmsintermodalsegment,operatedthroughsubsidiaryCSXIntermodal
J.Whisler Director Terminals,Inc.,combinesrailandtruckserviceswithadomestic
DavidRatcliffe Director containerfleettoprovideanetworkofintermodalfacilitiesacrossNorth
DavidMoffett Director America.OthermajorcompanysubsidiariesincludeTotalDistribution
DonnaAlvarado Director Services,Inc.,whichprovidesvalueaddeddistributionandstorage
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DonaldShepard Director servicestotheautomotiveindustryCSXRealProperty,Inc.,an

JohnMcpherson Director organizationresponsibleforthecompanysrealestatesales,leasing,
JohnBreaux Director acquisitionandmanagementanddevelopmentactivitiesCSX
EllenFitzsimmons ExecutiveVP,Divisional/General Technology,Inc.,acompanyprovidinginformationtechnology
Counsel/Secretary applicationsandsupportservicesforvariousshippingneedsand
FrankLonegro ExecutiveVP/CFO TransfloTerminalServices,Inc.,whichhandlesintermodalbulk
DavidBaggs OtherCorporateOfficer/Treasurer/Vice transportationandmaterialsservices.InJanuary2016,thefirm
President announceditwouldbeclosingitsadministrativeofficesinHuntington,
ClarenceGooden President WestVirginia.CSXwillcontinuetoruntrainsovertheterritoryand
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operateitsyardsandotherfacilitiesintheHuntingtonregion.
Auditor:Ernst&YoungLLP
LegalAdvisor:Cravath,Swaine&MooreLLP
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Financials
2015 2014 2013 2012 2011 2010
exceptmarked*or%
Financials
Revenue 11,811,000,000 12,669,000,000 12,026,000,000 11,756,000,000 11,743,000,000 10,636,000,000
CostofRevenue 3,729,000,000 4,528,000,000 4,311,000,000 4,220,000,000 4,276,000,000 2,913,000,000
GrossMargin% 68.43 64.26 64.15 64.10 63.59 72.61
R&DExpense
SGAExpense 3,290,000,000 3,377,000,000 3,138,000,000 3,020,000,000 3,073,000,000 2,957,000,000
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NetIncome 1,968,000,000 1,927,000,000 1,864,000,000 1,859,000,000 1,822,000,000 1,563,000,000
Dividends 0.70 0.63 0.59 0.54 0.37 0.33
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FreeCashFlow 808,000,000 894,000,000 954,000,000 605,000,000 1,194,000,000 1,421,000,000
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Profitability
EBITDA 4,890,000,000 4,740,000,000 4,588,000,000 4,589,000,000 4,416,000,000 4,050,000,000
ReturnonAssets% 5.78 5.94 5.98 6.19 6.32 5.67
ReturnonEquity% 17.25 17.80 19.15 21.32 21.26 17.83
NetMargin% 16.65 15.20 15.50 15.81 15.52 14.70
AssetsTurnover 0.35 0.39 0.39 0.39 0.41 0.39
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CSXTransportationInc
TopSalaries
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CSXIntermodalTerminalsInc Name Title Salary(US$) Bonus
TotalDistributionServicesInc (US$)
CSXRealPropertyInc MichaelWard CEO/Chairmanofthe 1,200,000
CSXTechnologyInc Board
TransfloTerminalServicesInc ClarenceGooden President 665,720
OscarMunoz FormerCOO/Former 604,207
President
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FredrikEliasson ChiefMarketing 565,720

Officer/Executive
VP/OtherExecutiveOfficer
Ellen ExecutiveVP/General 550,000
Fitzsimmons Counsel/Secretary
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EstimatedFemaleOfficersorDirectors:4 Thefirmoffersemployeesauto,home,pet,life,medical,disability,
vision,dental,travelaccident,personalaccidentanddomesticpartner
insuranceflexiblespendingaccountsanemployeeassistanceplana
401(k)planapensionplanoptionalrailroadretirementplantuition
reimbursementprepaidlegalcoverageandemployeediscounts.
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CompanyProfile

CSXTRANSPORTATIONINC(WWW.CSX.COM)
Ticker:Subsidiary Phone:9043593200
Employees:31,511 Address:500WaterSt.,15thFl.
FiscalYearEndsin12/31 Jacksonville,FL32202UnitedStates
Companies
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ParentCompany:CSXCorp 3.CSXCorp 11,811,000,320
4.CSXTransportationInc 11,811,000,320
LineHaulRailroads 5.NorfolkSouthernCorp 10,510,999,552
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CSXTransportation,Inc.(CSXT)operatesoneofthelargestrail
MichaelWard CEO/ChairmanoftheBoard/Director networksintheeasternU.S.Itprovidesrailfreighttransportationovera
CarolynSizemore ChiefAccountingOfficer/Controller/Vice networkofapproximately21,000routemilesin23states,Washington,
President D.C.andtwoCanadianprovinces(QuebecandOntario).Thenetwork
LisaMancini ChiefAdministrativeOfficer/ExecutiveVP accessesover70ocean,lakeandriverportsandservesproductionand
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FredrikEliasson
CindySanborn COO,Subsidiary/ExecutiveVP,Subsidiary
distributionfacilitiesthroughconnectionsto240shortlineandregional
ChiefMarketingOfficer/ExecutiveVP/Other railroads.Itsactivitiesarefocusedonfourmajortransportationnetworks
ExecutiveOfficer andcorridors:thecoalnetwork,theInterstate90(I90)corridor,
Interstate95(I95)corridorandtheSoutheasterncorridor.Thecoal
networkconnectstheAppalachiancoalminingregionwithindustrial
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StevenHalverson Director
centersintheNortheastandMidAtlanticregionaswellasportfacilities.
PamelaCarter Director
TheI90corridorlinksChicagoandtheMidwestregiontothemajor
TimothyOToole Director northeastmetroareas.TheI95corridorconnectsthesoutheasthubs
EdwardKelly Director withthenortheast.TheSoutheasterncorridormovesbetweenthe
MidwestcitiesofChicagoandSt.LouisandtheSoutheastregionofthe
J.Whisler Director
U.S.asfarasTampa,Florida.Thecompanysfleetconsistsofmorethan
DavidRatcliffe Director 4,000locomotivesand180,000freightcars.Thefirmcarriesfreight
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DavidMoffett Director includingchemicals,agriculturalandfoodproducts,forestandindustrial

DonnaAlvarado Director products,phosphatesandfertilizer,automotiveproductsandcoal,coke
andironore.BasedinJacksonville,Florida,thecompanyistheprincipal
DonaldShepard Director operatingsubsidiaryofCSXCorp.
JohnMcpherson Director
JohnBreaux Director
EllenFitzsimmons ExecutiveVP,Divisional/General
Counsel/Secretary
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FrankLonegro ExecutiveVP/CFO
DavidBaggs OtherCorporateOfficer/Treasurer/Vice
President
ClarenceGooden President
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Sales 12,668,999,680 12,026,000,384 11,756,000,256 11,742,999,552 10,636,000,256 9,041,000,448 11,255,000,064
Profits 1,927,000,064 1,864,000,000 1,859,000,064 1,822,000,000 1,563,000,064 1,152,000,000 1,364,999,936
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CSXCorp
Salary Bonus
EstimatedFemaleOfficersorDirectors:5
40
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CompanyProfile

NORFOLKSOUTHERNCORP(WWW.NSCORP.COM)
Ticker:NSC Phone:7576292680
YearEstablished:1980 Address:ThreeCommercialPlace
Employees:30,103 Norfolk,VA235102191UnitedStates
Companies
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3.CSXCorp 11,811,000,320
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CargoServices 5.NorfolkSouthernCorp 10,510,999,552
LogisticsServices 6.Amtrak(NationalRailroadPassengerCorp) 3,069,000,000
e
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NorfolkSouthernCorp.,basedinNorfolk,Virginia,isaholdingcompany
JamesSquires CEO/ChairmanoftheBoard/Director forNorfolkSouthernRailwayCo(NSRC).NSRCisprincipallyengagedin
/President therailtransportationofrawmaterials,intermediateproductsand
MartaStewart CFO/ExecutiveVP,Divisional finishedgoodsintheSoutheast,EastandMidwestand,viainterchange
ThomasHurlbut ChiefAccountingOfficer/Controller/Vice
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CindyEarhart
AlanShaw
President
ChiefInformationOfficer/ExecutiveVP,
Divisional
ChiefMarketingOfficer/ExecutiveVP
withrailcarriers,therestoftheU.S.NSRCalsotransportsoverseas
freightthroughseveralAtlanticandGulfCoastports.Thecompanys
generalmerchandisetrafficiscomposedoffivemajorcommodity
groupings:automotivechemicalsmetalsandconstructionagriculture,
consumerproductsandgovernmentandpaper,clayandforest
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JohnThompson Director products.Coalaccountsforroughly21%ofthefirmsrailwayoperating
KarenHorn Director revenue.Thefirmownsandleases4,265locomotivesandnearly
MichaelLockhart Director 71,301freightcars.Itslinesreachmanyindividualindustries,electric
RobertBradway Director generatingfacilities,mines,warehouses,paperandsteelmills,
ThomasBell Director automobileassemblyplants,railautopartscenters,vehiclemixing
StevenLeer Director centers,distributioncenters,transloadfacilitiesandotherbusinesses
WesleyBush Director locatedinsmallercommunities.Throughalimitedliabilitycompany,the
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MartinNesbitt Director firmandCSXCorp.jointlyownConrail,Inc.,whoseprimarysubsidiaryis

AmyMiles Director ConsolidatedRailCorp.OthersubsidiariesofNorfolkSoutherninclude
DanielCarp Director TripleCrownServicesCo.,whichoffersdoortodoortruckloadservice
ErskineBowles Director usingRoadRailerequipmentandLambertsPointDocks,Inc.,which
JamesHixon ExecutiveVP,Divisional providesexporttransloadingservices.InJanuary2015,thefirm
MichaelWheeler ExecutiveVP/COO announcedplanstocloseitsRoanokeofficebuilding,relocatingits
DeniseHutson Secretary employeesandfunctionstoeitherAtlantaorNorfolk.InSeptemberof
WilliamGalanko VicePresident,Divisional sameyear,thecompanyacquired282milesoftheDelaware&Hudson
PhilipMerilli VicePresident,Divisional RailwayCo.slinebetweenSunbury,Pa.andSchenectady,N.Y.
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JuanCunningham VicePresident,Divisional
Auditor:KPMGLLP
LegalAdvisor:
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Financials
2015 2014 2013 2012 2011 2010
exceptmarked*or%
Financials
Revenue 10,511,000,000 11,624,000,000 11,245,000,000 11,040,000,000 11,172,000,000 9,516,000,000
CostofRevenue 3,662,000,000 4,201,000,000 4,070,000,000 4,040,000,000 4,123,000,000 3,313,000,000
GrossMargin% 65.16 63.86 63.81 63.41 63.10 65.19
R&DExpense
SGAExpense 2,911,000,000 2,897,000,000 3,002,000,000 2,960,000,000 2,974,000,000 2,708,000,000
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NetIncome 1,556,000,000 2,000,000,000 1,910,000,000 1,749,000,000 1,916,000,000 1,496,000,000
Dividends 2.36 2.22 2.04 1.94 1.66 1.40
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FreeCashFlow 492,000,000 734,000,000 1,107,000,000 824,000,000 1,067,000,000 1,244,000,000
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Profitability
EBITDA 4,046,000,000 4,647,000,000 4,412,000,000 4,175,000,000 4,242,000,000 3,655,000,000
ReturnonAssets% 4.59 6.07 6.06 5.91 6.75 5.38
ReturnonEquity% 12.60 16.83 18.08 17.69 18.62 14.23
NetMargin% 14.75 17.15 16.92 15.76 17.15 15.72
AssetsTurnover 0.31 0.35 0.36 0.38 0.39 0.34
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NorfolkSouthernRailwayCo
TopSalaries
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ConrailInc Name Title Salary(US$) Bonus
TripleCrownServicesCo (US$)
Lambert'sPointDocksInc Charles CEO/Chairmanofthe 1,000,000
ConsolidatedRailCorp Moorman Board
JamesSquires President 750,000
DeborahButler ChiefInformation 600,000
Officer/ExecutiveVP,
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Divisional
MarkManion ExecutiveVP/COO 600,000
MartaStewart CFO/ExecutiveVP, 500,000
Divisional
EstimatedFemaleOfficersorDirectors:3 Thecompanyoffersitsemployeesmedical,dentalandvisioncoverage
o p
a401(k)planrailroadretirement,whichincludesanadditionalbenefit
basedonrailroadearningsandeducationassistance.
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CompanyProfile

AMTRAK(NATIONALRAILROADPASSENGERCORP)(WWW.AMTRAK.COM)
Ticker:GovernmentOwned Phone:2029063000
Employees:20,899 Address:60MassachusettsAve.NE
FiscalYearEndsin9/30 Washington,DC20002UnitedStates
Companies
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3.CSXCorp 11,811,000,320
RailroadMaintenance 5.NorfolkSouthernCorp 10,510,999,552
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Amtrak(officiallyTheNationalRailroadPassengerCorp.)isa
JosephH.Boardman CEO governmentownedpassengerraillineandthecountryslargestprovider
GeraldSokol,Jr. CFO ofcontractcommuterservice.Itsroutesystemcovers21,000route
MattHardison CMO milesin46States,Washington,D.CandthreeCanadianprovinces,
stoppingatmorethan500stations.Thebusieststationsarelocatedin
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BarryMelnkovic
JasonMolfetas
EmmettFremaux
EleanorAcheson
ChiefPeopleOfficer
CIO
VPProd.Mgmt.
GeneralCounsel/VP/Corp.Sec.
NewYorkCity,Philadelphia,Washington,D.C.,ChicagoandLosAngeles.
During2014,thefirmcarriedapproximately31millionpassengersand
collectednearly$2billioninticketrevenue.Theorganizationalsoowns
andmaintainsmorethan100stationfacilities,23tunnelsand1,209
bridges.Amtrakoperatesover1,800railroadcarsincludingsleeper,
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DJStadltler VPOper. coach,firstclass,businessclass,dormitory,crew,loungeanddiningcars
JosephMcHugh VPCorp.Comm.&Gov'tAffairs aswellasbaggageandmailcars.Amtrakcontractswith13state
transportationagenciesorcommuteragenciesforuseoffacilitiesand
TheodoreAlves InspectorGen.
assetsorfordeliveryofcommuterservices.Theseagenciesinclude
StephenGardner VPNECInfrastructure&InvestmentDev. MarylandAreaRegionalCommuter,ConnecticutsShoreLineEastand
PollyHanson ChiefofPolice CalifroniasMetrolink.Additionally,thefirmconductsmaintenanceforthe
D.J.Stadtler VPOperations SoundTransitSysteminSeattle,dispatchingfortheSouthFlorida
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RegionalTransportationAuthorityTriRailserviceanddispatchingand
AnthonyR.Coscia Chmn. maintenancefortheMassachusettsBayTransportationAuthority.Amtrak
islargelyownedbytheU.S.DepartmentofTransportationandis
subsidizedbythefederalgovernment.

Financials
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Sales 3,069,000,000 2,941,300,000 2,877,000,000 2,706,800,000 2,513,384,000 2,352,793,000 2,452,780,000
Profits (1,261,200,000) (415,000,000) (1,159,000,000) (1,342,000,000) (1,208,396,000) (1,154,445,000) (1,132,778,000)
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CompanyProfile

KANSASCITYSOUTHERN(WWW.KCSOUTHERN.COM/ENUS)
Ticker:KSU Phone:8169831303
YearEstablished:1887 Address:427West12thStreet
Employees:6,670 KansasCity,MO64105UnitedStates
Companies
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3.CSXCorp 11,811,000,320
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LocomotiveLeasing 5.NorfolkSouthernCorp 10,510,999,552
Insurance 6.Amtrak(NationalRailroadPassengerCorp) 3,069,000,000
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RailroadTies 7.KansasCitySouthern 2,418,800,128
BulkMaterialsHandling 8.Genesee&WyomingInc 2,000,401,024
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KansasCitySouthern(KCS)isaholdingcompanythat,throughits
DavidStarling CEO/CEO,Subsidiary/Director subsidiaries,ownsandoperatesrailtransportationcompaniesinNorth
MichaelUpchurch CFO/ExecutiveVP America.ThecompanyownsandoperatesKansasCitySouthern
MaryStadler ChiefAccountingOfficer/SeniorVP RailwayCompany(KCSR)KansasCitySoutherndeMexico,SAdeCV
MichaelNaatz ChiefInformationOfficer/SeniorVP,
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BrianHancock
DavidGarzaSantos
LuCordova
Divisional
ChiefMarketingOfficer/ExecutiveVP
Director
Director
(KCSM)andMexrail,Inc.,whichownsTheTexasMexicanRailway
Company(TexMex).Additionally,thefirmmaintainsthePanamaCanal
RailwayCompany(PCRC)asajointventurewithMiJackProducts,Inc.
Thefirmsfirstrailway,KCSR,wasfoundedin1887andprovidesoneof
theshortestnorthtosouthrailroutesbetweenKansasCity,Missouri
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RodneySlater Director andsignificantportsalongtheGulfofMexicoinTexas,Mississippi,
TerrenceDunn Director LouisianaandAlabama.KCSR,KCSMandTexMextogetheroperate
ThomasMcdonnell Director over6,500trackmiles,extendingfromthesoutheastandMidwest
AntonioGarza Director regionsoftheU.S.intoMexico,connectingwithallotherClassI
HenryDavis Director railroadsalongthecorridor.Byaspecialconcessionfromthe
RobertDruten Director/ChairmanoftheBoard GovernmentofPanama,PCRCoperatesa47milerailroadlocated
WarrenErdman ExecutiveVP,Divisional adjacenttothePanamaCanal,providinginternationalcontainershipping
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JoseDelano OtherCorporateOfficer/President, companieswitharailwaytransportationoptionacrosstheisthmus.

Subsidiary PanarailTourismCompany,asubsidiaryofPCRC,offerscommuterand
WilliamWochner OtherExecutiveOfficer/SeniorVP touristpassengerserviceoverthePanamaCanalRailway.Inadditionto
JeffreySonger OtherExecutiveOfficer/SeniorVP,Divisional itsprimaryrailways,KCSalsoholdsinterestsinPabtex,Inc.,abulk
PatrickOttensmeyer President handlingfacilityinPortArthur,Texasspecializinginexportingpetroleum
LoraCheatum SeniorVP,Divisional cokeandcoal.Thecompanyalsoshipsviamaritimetothewestern
AdamGodderz VicePresident/Secretary shoresofSouthAmericaandvariousAsiaPacificmarkets.
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Auditor:KPMGLLP
LegalAdvisor:HuschBlackwellLLP
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Financials
2015 2014 2013 2012 2011 2010
exceptmarked*or%
Financials
Revenue 2,418,800,000 2,577,100,000 2,369,300,000 2,238,600,000 2,098,300,000 1,814,800,000
CostofRevenue 888,200,000 1,035,400,000 965,800,000 936,400,000 902,300,000 774,100,000
GrossMargin% 63.28 59.82 59.24 58.17 57.00 57.35
R&DExpense
OperatingIncome 803,800,000 809,100,000 738,600,000 715,900,000 611,600,000 486,500,000
SGAExpense 442,200,000 474,500,000 441,600,000 430,500,000 423,800,000 369,300,000
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NetIncome 483,500,000 502,600,000 351,400,000 377,300,000 330,300,000 180,200,000
Dividends 1.32 1.12 0.86 0.78 0.00 0.00
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OperatingCashFlow 909,300,000 906,000,000 798,300,000 673,200,000 638,000,000 496,300,000
e
CapitalExpenditure 832,200,000 970,300,000 806,600,000 540,000,000 495,000,000 287,300,000
FreeCashFlow 77,100,000 (64,300,000) (8,300,000) 133,200,000 143,000,000 209,000,000
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Profitability
EBITDA 1,039,100,000 1,044,000,000 855,500,000 915,600,000 770,300,000 632,200,000
ReturnonAssets% 5.88 6.47 5.08 6.00 5.56 3.04
ReturnonEquity% 12.61 14.11 10.88 12.89 12.68 7.56
NetMargin% 19.98 19.49 14.82 16.85 15.67 9.32
AssetsTurnover 0.29 0.33 0.34 0.36 0.36 0.33
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KansasCitySouthernRailwayCompany
TopSalaries
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KansasCitySoutherndeMexicoSAdeCV Name Title Salary(US$) Bonus
MexrailInc (US$)
TexasMexicanRailwayCompany(The) DavidStarling CEO 900,000 326,669
PanamaCanalRailwayCompany Patrick President 576,868 91,609
PanarailTourismCompany Ottensmeyer
PabtexInc MichaelUpchurch CFO/ExecutiveVP 445,701 91,609
JoseDelano OtherCorporate 348,129 100,172
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Officer/President,
Subsidiary
BrianHancock ChiefMarketing 188,406
Officer/ExecutiveVP
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CompanyProfile

GENESEE&WYOMINGINC(WWW.GWRR.COM)
Ticker:GWR Phone:2032028900
YearEstablished:1977 Address:20WestAvenue
Employees:5,200 Darien,CT06820UnitedStates
Companies
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3.CSXCorp 11,811,000,320
ShortLineRailroads 4.CSXTransportationInc 11,811,000,320
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RegionalFreightRailroads 5.NorfolkSouthernCorp 10,510,999,552
ShortLineRailroads 6.Amtrak(NationalRailroadPassengerCorp) 3,069,000,000
e
FreightCarSwitching&RailServices 7.KansasCitySouthern 2,418,800,128
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Genesee&Wyoming,Inc.(GWI)isaholdingcompanywhose
TimothyGallagher CFO subsidiariesandaffiliatesownandoperateshortlineandregionalfreight
MortimerFuller ChairmanoftheBoard/Director railroadsintheU.S.,Canada,theNetherlands,BelgiumandAustralia.
ChristopherLiucci ChiefAccountingOfficer/OtherCorporate GWIhas120railroadsorganizedin11regions,withmorethan15,600
Officer
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DavidBrown
AnnReese
MichaelNorkus
OivindLorentzen
COO
Director
Director
Director
milesofownedandleasedtrack.G&WAustraliaoperatesthe1,400mile
TarcoolatoDarwinrailline,whichlinksthePortofDarwinwiththe
interstaterailnetworkinSouthAustralia.GWIsnineU.S.railroadregions
consistofRailLink,Pacific,MountainWest,Central,Southern,Coastal,
Midwest,OhioValleyandNortheast.Theremainingthreeregionsconsist
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PhilipRingo Director ofAustralia,Canada(whichincludesacontiguousrailroadlocatedinthe
AlbertNeupaver Director U.S.)andEurope(whichincludestheNetherlandsandBelgium).The
JosephPyne Director firmprovidesrailserviceat37portsinNorthAmerica,Australiaand
HunterSmith Director Europe,andprovidescontractcoalloadingandrailcarswitchingservices
MarkScudder Director toindustrialcustomers.Thecompanysrailroadstransportavarietyof
RichardAllert Director commoditiesincludingcoal,coke,ores,pulpandpaper,foodandfarm
RichardBott Director products,mineralsandstone,plastic&chemicals,metals,lumberand
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MatthewWalsh ExecutiveVP,Divisional forestproducts,petroleumproductsandautomobilesandrelatedparts.

AllisonFergus GeneralCounsel/Secretary Thefirmgeneratesrevenuesprimarilyfromhaulingfreightbyrailover
JohnHellmann President/Director/CEO relativelyshortdistances(representingabout75%ofrevenues).
Nonfreightoperations,whichincluderailcarswitching,fuelsalestothird
parties,carhireandrentalservices,demurrageandstorageof
Auditor:PricewaterhouseCoopersLLP customersrailcarsandcarrepairservicesforthirdpartyrailcars,account
LegalAdvisor:SimpsonThacher&BartlettLLP fortheremaining25%.InJanuary2015,thefirmacquiredPinsly
RailroadCompanysArkansasrailroadsdivision,whichhauls
approximately35,000carloadsperyear.InMarchofsameyear,GWI
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acquired94%stakeinFreightlinerGroupLimited.
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Financials
2015 2014 2013 2012 2011 2010
exceptmarked*or%
Financials
Revenue 2,000,401,000 1,639,012,000 1,569,011,000 874,916,000 829,096,000 630,195,000
CostofRevenue 1,048,397,000 823,682,000 785,339,000 419,901,000 411,941,000 325,678,000
GrossMargin% 47.59 49.75 49.95 52.01 50.31 48.32
R&DExpense
OperatingIncome 384,261,000 421,571,000 380,188,000 190,322,000 191,779,000 130,410,000
SGAExpense 265,045,000 152,487,000 171,782,000 105,430,000 101,179,000 66,433,000
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NetIncome 225,037,000 260,755,000 271,296,000 52,433,000 119,484,000 81,260,000
Dividends
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FreeCashFlow 103,643,000 159,965,000 164,186,000 (61,015,000) (5,203,000) 52,845,000
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Profitability
EBITDA 556,539,000 581,356,000 527,925,000 219,646,000 263,122,000 183,146,000
ReturnonAssets% 3.63 4.78 5.10 1.28 5.48 4.32
ReturnonEquity% 9.23 11.58 14.78 3.91 13.44 10.79
NetMargin% 11.25 15.91 17.15 5.49 14.41 12.89
AssetsTurnover 0.32 0.30 0.30 0.23 0.38 0.33
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FreightlinerGroupLimited
TopSalaries
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Name Title Salary(US$) Bonus
(US$)
JohnHellmann President/CEO 849,750
MatthewWalsh SeniorVP,Divisional 500,000
Timothy CFO 466,796
Gallagher
AllisonFergus General 437,750
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Counsel/Secretary
DavidBrown COO 414,812
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CompanyProfile

PROVIDENCE&WORCESTERRAILROADCOMPANY(WWW.PWRR.COM)
Ticker:PWX Phone:5087554000
Exchange:NAS Fax:5087950748
YearEstablished:1973 Address:75HammondStreet
Employees:138 Worcester,MA01610UnitedStates
Companies
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3.CSXCorp 11,811,000,320
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Providence&WorcesterRailroadCompanyisaninterstatefreightcarrier
RobertEder CEO/ChairmanoftheBoard/Director conductingrailroadoperationsinMassachusetts,RhodeIsland,
DanielNoreck CFO/ChiefAccountingOfficer/Treasurer ConnecticutandNewYork.Throughitsconnectingcarriers,itservices
P.Conti COO/Director/President customerslocatedthroughoutNorthAmerica.Thecompanyistheonly
RichardAnderson Director
r e AlfredSmith
DavidMcQuade
RogerBegin
FrankBarrett
Director
Director
Director
Director
interstatefreightcarrierservingtheStateofRhodeIslandandpossesses
theexclusiveandperpetualrighttoconductfreightoperationsoverthe
NortheastCorridorbetweenNewHaven,Connecticutandthe
Massachusetts/RhodeIslandborder.Thefirmoperatesdoublestack
intermodalterminalfacilitiesinNewEnglandinWorcester,
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JamesGarvey Director Massachusetts,astrategiclocationforregionaltransportationand
JohnHealy Director distributionenterprises.Providence&Worcestertransportsavarietyof
CharlesRennick GeneralCounsel/Secretary commoditiesforitscustomers,includingconstructionaggregate,ironand
FrankRogers VicePresident/OtherExecutiveOfficer steelproducts,chemicals,lumber,scrapmetals,plasticresins,cement,
coal,constructionanddemolitiondebris,processedfoodsandedible
foodstuffs,suchasfrozenfoods,cornsyrupandanimalandvegetable
Auditor:Stowe&DegonLLC oils.ItscustomersincludeCargill,Inc.TheDowChemicalCompany
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LegalAdvisor:Hinckley,Allen&SnyderLLP ExxonMobilCorporationFritoLay,Inc.andInternationalPaper
Company.

Financials
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2015 2014 2013 2012 2011 2010

exceptmarked*or%
Financials
Revenue 35,797,000 34,318,000 33,318,000 29,960,000 33,693,000 29,865,000
CostofRevenue 20,142,000 19,368,000 19,326,000 15,954,000 19,509,000 17,203,000
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GrossMargin% 43.73 43.56 42.00 46.75 42.10 42.40

F
R&DExpense
OperatingIncome 2,586,000 3,161,000 1,819,000 2,481,000 1,798,000 (28,000)
a
SGAExpense 6,386,000 5,589,000 5,773,000 5,146,000 6,567,000 7,281,000

NetIncome 1,826,000 3,171,000 1,421,000 3,536,000 935,000 (264,000)
Dividends 0.16 0.16 0.16 0.16 0.16 0.16
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FreeCashFlow (1,641,000) 2,905,000 1,876,000 (1,203,000) (2,356,000) 428,000
Profitability
EBITDA 6,350,000 6,617,000 5,505,000 8,628,000 5,072,000 3,057,000
ReturnonAssets% 1.61 2.87 1.32 3.34 0.91 0.27
ReturnonEquity% 2.28 4.06 1.86 4.75 1.28 0.37
NetMargin% 5.09 9.23 4.26 11.79 2.77 0.89
AssetsTurnover 0.32 0.31 0.31 0.28 0.33 0.31
DebtEquityRatio 0.01 0.05
Name Title Salary(US$) Bonus

53
(US$)
RobertEder CEO/Chairmanofthe 459,401
Board
P.Conti COO/President 238,479
FrankRogers VicePresident/Other 171,740 6,000
ExecutiveOfficer
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CompanyProfile

PIONEERRAILCORP(WWW.PIONEERRAILCORP.COM)
Ticker:PRRR Phone:3096971400
Exchange:PINX Fax:3096975387
Employees:119 Address:1318S.JohansonRoad
FiscalYearEndsin12 Peoria,IL61607UnitedStates
Companies
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3.CSXCorp 11,811,000,320
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PioneerRailcorpisarailroadholdingcompany.Itisengagedintheshort
J.MichaelCarr President,CEO linerailroadsandseveralotherrailroadrelatedbusinessesincludinga
GregMiller CFO,Treasurer railroadequipmentleasingandacontractswitchingservicescompany.It
owns/operates23railoperationsin13states.

r eFinancials
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Sales 20,842,000 21,637,000 20,359,000
Profits 2,043,000 4,544,000 919,000
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Salary Bonus
EstimatedFemaleOfficersorDirectors:
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Appendix: Assumptions
U.S. GDP Growth Forecasts

(In Bil. Current US$)
Year Amount % Chg.
2011 15,533.80 3.85%
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2012 16,163.15 4.05%
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2013 16,768.05 3.74%
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2014 17,418.92 3.88%
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2015 18,124.73 4.05%
2016 18,959.22 4.60%
2017 19,864.55 4.78%

r e 2018 20,769.42 4.56%
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2019 21,615.36 4.07%
2020 22,488.62 4.04%

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2021 23,480.25 4.41%
2022 24,506.47 4.37%
Sources: International Monetary Fund - World Economic Outlook,

October 2015; Plunkett Research Estimates.
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Railroads, Passenger and Freight Industry (U.S.

Copyright 2016, Plunkett Research, Ltd. All Rights Reserved.

A. Core Benefits to Customer:

III. Industry Summary, Current Year (U.S. data)

IV. Employment and Establishment Count (U.S. data) 5

V. This Industry's Financial Data, U.S., With Revenue 8

A. Revenues, Historical and Projected 9

Historical revenues & CAGR growth rates,

B. Average Annual Operating Ratio Estimates and 10

Income items, expenses, profits and taxes as a

C. This Industry Compared to All Industries, 13

E. Industry Results and Benchmarks for Publicly-Held 16

VI. Top Companies Profiled & Ranked 23

A. Top Companies Ranked for Key Items:

Return on equity (%)

B. Benchmarking of the Industry's Top Companies, to 25

flow statements for each of the top companies

C. Corporate Profiles (Descriptions of the Top 31

Companies Within the Industry, Including Executive

Listings and Multi-Year Financial Results)

Key financial data for 6 years

Charts comparing revenues vs. net income

VII. Appendix: Assumptions 58

VII. Data Description and Sources 59

Copyright, Terms of Use, Limited Warranty 60

Copyright , Plunkett Research, Ltd., All Rights Reserved. www.plunkettresearch.com

utilized fully in preparing this report.

The following types of data will be found in this report:

RevenuesCAGR (compound annual growth rate)

48211 Railroads, Passenger and Freight Industry

Related subsectors include:

4851 Urban Transit Systems

482112 Short Line Railroads

electronics and apparel.

Employment and Establishments

Firms 566 564 566 568 569 570 576 581

Employees 231,000 218,200 216,400 228,100 230,200 231,900 236,100 241,800

Year PerFirm PerEstablishment(allmajorbusinessunits)

2008 $119,441,696 $73,164,502

2009 $94,425,532 $57,949,946

2010 $114,217,314 $70,040,087

2011 $130,940,141 $80,317,495

2012 $136,209,139 $83,606,257

2013 $141,966,460 $87,105,363

2014 $149,345,905 $91,406,862

2015 $158,306,659 $96,652,037

Industry Financial Data, U.S. Introduction

including financial difficulties or disagreements with their auditors.

Revenues, Historical and Projected

2008 2009 2010 2011 2012 2013 2014 2015

Revenues $67,604 $53,256 $64,647 $74,374 $77,503 $80,921 $85,978 $92,049

GrowthRate,Revenues 7.00% 6.95% 6.37% 6.73% 6.82% 6.75% 4.48% 4.35%

Average Annual Operating Ratio Estimates

Rents 0.78% 0.50%

Interest 0.76% 5.38%

Royalties 0.08% 0.64%

NetCapitalGain(longtermandshortterm) 0.24% 0.51%

CostofGoodsSold 18.56% 55.81%

OfficersCompensation 0.57% 1.65%

OtherSalariesandWages 17.89% 9.43%

Pensions,ProfitSharingandStockPlans 1.35% 0.62%

OtherEmployeeBenefitsandHealthPlans 4.77% 1.24%

TaxesPaid,General 4.95% 1.82%

Repairs 4.03% 0.64%