Total Revenue

+2.2% (from $3,044M in Q2 2024 to $3,110M in Q2 2025)

The modest revenue growth reflects a balanced performance among segments—with strong gains in Merchandise (up 3.6%) and improvements in the Automotive subsegment—offsetting a flat Intermodal performance and a slight decline in Coal. This outcome builds on prior adjustments seen in previous periods where pricing improvements and operational enhancements helped partially overcome earlier challenges such as fuel surcharge declines and adverse revenue mixes. " " "

Merchandise

+3.6% (from $1,904M in Q2 2024 to $1,972M in Q2 2025)

The increase was driven by robust pricing and mix improvements that were evident in earlier quarters, including a record 4% increase in revenue per unit (excluding fuel) in Q1 2025. These gains helped reverse the prior year's decline and delivered higher overall revenue, continuing the momentum from previously implemented operational improvements. " " " " "

Automotive

Increased from $310M in Q2 2024 to $323M in Q2 2025

A roughly $13M uplift was achieved by addressing earlier quality hold issues and by shippers increasing volumes in anticipation of tariff changes seen in previous periods. This reflects improved operational execution and steadier demand compared to the flat performance reported in Q1 2025. " " "

Intermodal

Essentially flat at approximately $743M

Even though previous analyses noted volume gains and slight RPU improvements, lower fuel surcharge revenues and an adverse mix of domestic versus international traffic continued to limit growth, leaving the segment performance nearly unchanged in Q2 2025—consistent with challenges identified in earlier quarters. " " "

Coal

Slight decrease from $398M in Q2 2024 to $395M in Q2 2025

The minor decline of about $3M reflects ongoing pricing pressures and unfavorable mix factors that had impacted earlier quarters, including weaker export prices and subdued volumes. This trend continues despite some offsetting factors observed previously, such as modest volume adjustments in specific coal categories. " " "