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EVP of Marketing & Sales Kenny Rocker responded that the biggest positive is having a strong service product to handle the stops and starts caused by tariffs. He noted some 'green shoots,' such as customers shifting production from Asia to Mexico, and believes that while not immediate, there will be a long-term positive for metals and other domestic volumes.

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EVP Kenny Rocker attributed the pricing success to the strong service product and network investments, which allow the company to price for value. CEO Vincenzo Vena added that investments in new facilities and network fluidity improvements, such as in Houston, also support better pricing by providing enhanced service and market access for customers.

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EVP of Marketing and Sales Kenny Rocker noted that while the company's rail-owned fleet was deployed more in the second half of the year, there is still upside as the broader market has not fully recovered. On the second point, he acknowledged that higher natural gas prices should theoretically benefit coal demand but was cautious about forecasting the volatile commodity.

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EVP Eric Gehringer acknowledged the issue, attributing it to the network absorbing an unexpected 33% surge in international intermodal volume. Executive Vincenzo Vena added that while velocity was impacted, the overall supply chain remained fluid, with no ships held up at ports. He framed it as a success story in handling a massive, unplanned volume increase, proving the resilience of the West Coast ports.

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CEO Robert Isom stated that progress will be measured by customer perception via Net Promoter Scores (NPS) and by financial results, specifically premium and overall unit revenues. He highlighted investments in flagship suites, lounges, and in-flight amenities. He confirmed they benchmark NPS against peers and see it as a significant opportunity, starting with running a reliable operation.

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CEO Robert Isom confirmed the airline has a "negative bias to all capacity" going forward and will react nimbly to demand shifts, though summer capacity is largely set. Vice Chair Steve Johnson added that the corporate share recovery is proceeding as expected.

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EVP & CCO Kevin Boone stated that over half of CSX's business touches another railroad but declined to provide a more specific breakdown of revenue origination by geography.

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EVP and COO Michael Cory described the recovery as a "gradual process" that will not be resolved overnight but will show improvement throughout Q2. He noted that recent flooding on a key reroute corridor complicated recovery efforts, requiring the team to essentially "start from scratch" on certain operational plans.

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EVP and CCO Kevin Boone clarified the $300 million headwind was entirely related to met coal prices and fuel surcharge, not volume. EVP and CFO Sean Pelkey added that they do not anticipate any volume disruption from the Howard Street Tunnel project, as the incremental costs are specifically to preserve that volume for future growth.

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CEO Joseph Hinrichs stated that while culture is hard to measure, the company has seen meaningful improvements in employee Net Promoter Scores. He directly linked these cultural efforts to business results, including record-high customer NPS, improved efficiency, and network resiliency, citing the company's hurricane response and early labor agreements as tangible outcomes of a stronger 'ONE CSX' team culture.

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CEO Tracy Robinson stated that the timing of a tariff resolution is unpredictable. However, she emphasized that CN is actively working with customers to find alternative markets and that the fundamental growth strategy, particularly in resilient sectors like agriculture and energy, remains strong and intact regardless of the near-term trade environment.

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CEO Tracy Robinson asserted that Prince Rupert has a competitive advantage in almost any situation, highlighting its growth in bulk and liquids in addition to containers. CCO Remi Lalonde added that Rupert's value proposition of being the fastest, flattest, and least congested route to the Midwest remains strong, making it cost-competitive and reliable on an end-to-end basis.

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Chief Commercial Officer Remi Lalonde clarified that significant growth from natural gas liquids is expected later in 2026 with the AltaGas Vopak project, with 2025 growth being more incremental. For the Jansen potash mine, he noted it is not expected to start until Q3 2026, and market share details are still pending.

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CFO Ghislain Houle acknowledged this as a 'conundrum' that is regularly debated internally and with the Board. He confirmed that for now, the company has decided to manage to its 2.5x adjusted debt-to-EBITDA leverage target but advised investors to 'stay tuned' as discussions are ongoing.

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EVP & CFO Mike Leskinen explained that the $9-$11 EPS guidance reflects their conservative philosophy of building in a contingency, which the prior higher range lacked. He noted the guidance could prove conservative if strong booking trends persist. EVP & CCO Andrew Nocella detailed that the Q3-to-Q4 RASM step-up is driven by lower published industry capacity, a rebound in higher-yielding business traffic, and a shift to positive domestic yields, creating a setup similar to the strong Q4 of 2024.

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CEO Scott Kirby asserted there is no tension between the two, as winning brand-loyal customers is the core strategy that leads to top margins and resilience. EVP and CFO Mike Leskinen added that United maintains its lead through continuous innovation, a multi-year head start on investments like clubs and WiFi, and a pipeline of unannounced customer-facing initiatives.

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EVP and CFO Mike Leskinen stated that United maintains a 'no-excuses philosophy' for guidance and expects 3 to 4 points of margin expansion in Q1. He acknowledged potential upside in the second half of the year beyond the current guidance and confirmed that the forecast does incorporate anticipated labor deals.

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EVP & CCO Andrew Nocella explained that United's strong global gateways enable profitable flights to a wide range of destinations, enhancing the brand. He also noted that wide-body production will likely not meet demand for the next 3-5 years, creating a favorable setup for global networks. EVP & CFO Mike Leskinen added that ongoing 787 delays would create a downward bias to CapEx.

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President Glen Hauenstein stated the outlook is a combination of both factors: what Delta can control and what is visible in competitors' schedules through September. CEO Ed Bastian reiterated his strong stance that Delta does not plan to pay any tariffs on aircraft deliveries, expressing encouragement about progress in Washington and citing the recent UK-US trade agreement as a positive template.

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President Glen Hauenstein stated the outlook is based on a combination of what Delta can control and visible capacity adjustments from peers. On tariffs, CEO Ed Bastian was firm, stating, "we're not planning on paying any tariffs for aircraft deliveries." He added that Delta is encouraged by progress in trade discussions, particularly the UK-US acknowledgment of the 1979 Aviation Act.

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CEO Ed Bastian stated unequivocally that Delta will not be paying tariffs on aircraft deliveries and is working closely with its partner Airbus. President Glen Hauenstein confirmed that the premium cabins continue to outperform Main Cabin and that he expects the yield spreads between them to widen in the upcoming quarter, not converge.

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President Glen Hauenstein stated that corporate growth was initially driven by traffic and is now fueled by a mix of both positive traffic and positive yield. He asserted that Delta's corporate share is at record highs. He guided that international ASM growth would be slightly higher than domestic, with Latin America seeing the lowest growth.

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President Glen Hauenstein explained that the election's impact is clearly isolated to the two weeks surrounding the event, with strong booking trends before and after, indicating it's not a sign of general consumer weakness. CEO Ed Bastian added that while details will come at Investor Day, Delta is restoring capacity in core hubs like Atlanta to pre-COVID levels.

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CFO Brian Dykes projected a similar level of savings in 2026 but deferred a precise figure. He explained the 8.5% decline in Ground Saver volume was largely intentional, aimed at improving revenue quality by shedding less profitable business. CEO Carol Tomé added that UPS's high reliability, with 97% on-time delivery, is a key differentiator against competitors.

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CFO Brian Dykes stated that a similar amount of cost savings is expected in 2026 but deferred specifics. Regarding Ground Saver, he confirmed an 8.5% volume decline in Q1 was an 'intentional decline' to improve revenue quality with certain customers following the in-sourcing. CEO Carol Tomé added that this trend would likely continue in Q2 and emphasized the product's high reliability as a key differentiator.

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CFO Brian Dykes explained that the forecast already includes taking out fixed costs commensurate with the volume drawdown, leading to a 6% rise in revenue per piece. He noted the actions unlock future margin control. CEO Carol Tomé addressed growth, stating the non-Amazon small package market is growing in the low single digits and UPS plans to take share, particularly in SMBs (targeting 32% of U.S. volume in 2025). She emphasized growth in complex logistics, healthcare, and B2B. Brian Dykes quantified that the Amazon action reduces revenue by ~$2.5B, offset by over $1B in growth from other areas.

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CFO Brian Dykes attributed the projected profit increase to a focus on revenue quality, strategic pricing actions, and the acceleration of cost-out initiatives like 'Fit to Serve' and 'Network of the Future'. He noted that these productivity gains provide an incremental bump over normal seasonality and that the company expects to exit the year with a domestic margin slightly higher than the previously guided 10%.

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Chief Operating Officer Andrew Watterson explained the lower load factor was a result of a deliberate pricing strategy to maintain robust yields amid macro weakness, avoiding a 'falling knife' scenario of deep discounting. He noted that load factors began improving in April as the company participated more in further-out discounting. Watterson added that initiatives like Basic Economy and improved network connectivity are designed to boost off-peak load factors without sacrificing peak-period yields.

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President and CEO Rajesh Subramaniam stated that the Network 2.0 rollout is progressing well, achieving its goal of a 10% reduction in P&D costs while maintaining solid service levels. He noted that by the end of FY'25, 12% of total volume will flow through these facilities, with that figure expected to reach about 40% by the end of FY'26.

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President and CEO Raj Subramaniam stated that 250 stations are expected to be integrated by the end of fiscal 2025. He clarified that the 'big lift' for the Network 2.0 rollout, presumably including the more complex major metro areas, is scheduled for fiscal year 2026, with FY26 and FY27 being the two most significant years for the initiative.

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EVP and CFO John Dietrich declined to comment on the specifics of the Freight review, stating the ongoing assessment is comprehensive. Regarding cadence, he reiterated that Q2 seasonality would be below normal, with the second half being stronger, and that profits are expected to improve sequentially through the year, driven by DRIVE and other initiatives.

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CEO Christopher Urmson expressed optimism for a national regulatory framework, citing supportive comments from the Transportation Secretary. CFO David Maday clarified that the operational focus is shifting to *no* vehicle operators for commercial runs, making the single vs. dual operator mix for testing a less relevant metric. Maday did not provide a specific upper bound for the truck count, reiterating focus on execution and the mid-single-digit millions revenue guidance for 2025.

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CEO Christopher Urmson explained that a core company thesis is the 'self-similarity' of freeways, meaning driving is fundamentally the same across different states. He noted that the Aurora Driver's capabilities transferred seamlessly to the Phoenix lane, requiring only minor, anticipated work. Urmson emphasized that their granular validation process allows them to identify only the incremental features needed for a new lane, making each subsequent lane deployment faster.

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CMO Ed Boyle indicated that the headwind on coal RPU from lower seaborne prices is present now and expected to continue in the near-to-medium term. CEO Mark George stated the 150 bps OR improvement is an annual target, and while quarterly results will have puts and takes, strong operational momentum provides confidence in hitting the full-year goal despite inflationary pressures.

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CMO Ed Elkins stated that while it's early for a 2025 view, the U.S. has historically remained very competitive. He noted a strong demand position for export thermal coal and identified China's demand and geopolitical uncertainty as key variables for met coal. He affirmed the company is prepared to meet global customer demand.

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