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SURFACE TRANSPORTATION BOARD
OFFICE OF ECONOMICS, ENVIRONMENTAL ANALYSIS, AND ADMINISTRATION
WASHINGTON, DC 20423

CLASS I FREIGHT RAILROADS - SELECTED EARNINGS DATA

(000 OMITTED)

QUARTER ENDED SEPTEMBER 30

Net
Railway Railway Revenue
Operating Operating Net Ton-Miles
Revenues Income Income Of Freight
Railroad Year (1)
TOTAL ALL CLASS I 2000 8,565,804 1,107,021 727,730 376,029,673
FREIGHT RR'S (1)............ 1999 8,415,766 1,018,055 779,390 363,971,548

Burlington Northern - Santa Fe 2000 2,314,254 377,604 308,643 127,484,361
1999 2,338,200 405,279 369,340 125,056,905
Consolidated Rail Corp. 2000 0 0 0 0
1999 0 0 0 0
CSX Transportation 2000 1,499,899 98,691 22,650 52,632,500
1999 1,484,535 73,083 59,567 51,139,100
Grand Trunk Western 2000 85,351 13,000 11,877 2,759,608
1999 85,308 23,226 28,900 2,544,757
Illinois Central 2000 170,967 25,612 15,166 6,839,023
1999 169,468 (1,795) (16,689) 6,232,809
Kansas City Southern 2000 132,819 17,421 2,646 5,094,354
1999 138,301 13,446 6,541 5,588,482
Norfolk Southern 2000 1,517,414 173,902 77,850 49,676,037
1999 1,500,053 136,166 82,540 47,655,615
Soo Line 2000 141,015 14,545 14,815 5,472,790
1999 141,415 14,590 14,840 5,405,880
Union Pacific 2000 2,704,085 386,246 274,083 126,071,000
1999 2,558,486 354,060 234,351 120,348,000

12 MONTHS ENDED SEPTEMBER 30

Net Return
Railway Railway Revenue On Net
Operating Operating Net Ton-Miles Investment
Revenues Income Income Of Freight (%)
Railroad Year (1) (2)
TOTAL ALL CLASS I 2000 33,897,084 4,033,126 2,717,003 1,472,582,964 6.05%
FREIGHT RR'S (1)............ 1999 33,576,300 3,986,547 2,987,769 1,413,819,341 6.80%

Burlington Northern - Santa Fe 2000 9,153,066 1,453,173 1,182,647 497,113,747 9.31%
1999 9,002,300 1,439,608 1,185,146 480,553,060 9.57%
Consolidated Rail Corp. 2000 0 0 0 0 NA
1999 2,559,303 213,044 195,858 65,119,662 NA
CSX Transportation 2000 6,070,866 277,947 66,713 210,433,800 2.65%
1999 5,370,778 429,023 260,870 182,147,100 5.48%
Grand Trunk Western 2000 373,117 70,123 59,656 11,233,039 21.02%
1999 350,238 76,218 87,135 9,925,685 27.66%
Illinois Central 2000 699,163 122,284 92,929 26,318,501 10.70%
1999 651,815 89,045 62,085 24,084,193 8.28%
Kansas City Southern 2000 536,917 68,537 19,132 21,234,372 7.69%
1999 545,555 64,900 38,077 22,075,308 7.52%
Norfolk Southern 2000 6,061,075 545,691 246,754 197,677,965 4.67%
1999 4,752,123 487,428 424,945 149,459,065 6.76%
Soo Line 2000 549,849 55,403 32,179 21,760,540 5.38%
1999 540,842 38,863 30,016 20,324,268 3.83%
Union Pacific 2000 10,453,031 1,439,968 1,016,993 486,811,000 7.28%
1999 9,803,346 1,148,418 703,637 460,131,000 5.84%

Norfolk Southern and CSX formally began to exercise operating control over Conrail on June 1, 1999. Thus, there are no reported numbers for Conrail after that date. Norfolk Southern and CSX results for this quarter include former Conrail operations. 1999 results for Conrail for the first half of 1999 are shown separately and are not included with those for Norfolk Southern and CSX.

SOURCES OF DATA:

Railway Operating Revenues, Net Railway Operating Income, and Net Income are from the "Quarterly Report of Revenues, Expenses, and Income - Railroads" (Form RE&I).
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Revenue Ton Miles of Freight are from the "Quarterly Condensed Balance Sheet - Railroads (Form CBS).
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NOTES:
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(1) Net Railway Operating Income is the difference between railway operating revenues and the total of railway operating expenses, railway tax accruals, and net equipment and joint facility rents.
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(2) Return on Net Investment (ROI) is the ratio of net railway operating income to net investment in railway property used in transportation services at end of previous calendar year. The latter includes an allowance for working capital. Accumulated deferred income tax reserve are subtracted from the net investment base. Since net investment figures are only available on an end-of-year basis from the Annual Report Form R-1's, filed on March 31 of each year, the net investment bases used to compute returns on net investment in this report are the most recent year-end figures available (data as of the end of 1999 and 1998).
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ROI's, as computed by the Board for its annual determination of the revenue adequacy of each class I railroad, will differ from the ROI's computed for this report. ROI's for the revenue adequacy determination are based upon the average of the beginning and end-of-year net investment bases, while ROI's for this report are based on end-of-year data only. Also, ROI's for revenue adequacy determinations are computed using data reported by the class I railroads in Annual Report Form R-1, Schedule 250, "Consolidated Information for Revenue Adequacy Determination." The data contained in Schedule 250 differ somewhat from the data in the Form RE&I, and are therefore not totally compatible.

SURFACE TRANSPORTATION BOARD
OFFICE OF ECONOMICS, ENVIRONMENTAL ANALYSIS, AND ADMINISTRATION
WASHINGTON, DC 20423

CLASS I FREIGHT RAILROADS - SELECTED EARNINGS DATA

(000 OMITTED)

		QUARTER ENDED SEPTEMBER 30

			Net
		Railway	Railway		Revenue
		Operating	Operating	Net	Ton-Miles
		Revenues	Income	Income	Of Freight
Railroad	Year		(1)
TOTAL ALL CLASS I	2000	8,565,804	1,107,021	727,730	376,029,673
FREIGHT RR'S (1)............	1999	8,415,766	1,018,055	779,390	363,971,548

Burlington Northern - Santa Fe	2000	2,314,254	377,604	308,643	127,484,361
	1999	2,338,200	405,279	369,340	125,056,905
Consolidated Rail Corp.	2000	0	0	0	0
	1999	0	0	0	0
CSX Transportation	2000	1,499,899	98,691	22,650	52,632,500
	1999	1,484,535	73,083	59,567	51,139,100
Grand Trunk Western	2000	85,351	13,000	11,877	2,759,608
	1999	85,308	23,226	28,900	2,544,757
Illinois Central	2000	170,967	25,612	15,166	6,839,023
	1999	169,468	(1,795)	(16,689)	6,232,809
Kansas City Southern	2000	132,819	17,421	2,646	5,094,354
	1999	138,301	13,446	6,541	5,588,482
Norfolk Southern	2000	1,517,414	173,902	77,850	49,676,037
	1999	1,500,053	136,166	82,540	47,655,615
Soo Line	2000	141,015	14,545	14,815	5,472,790
	1999	141,415	14,590	14,840	5,405,880
Union Pacific	2000	2,704,085	386,246	274,083	126,071,000
	1999	2,558,486	354,060	234,351	120,348,000

		12 MONTHS ENDED SEPTEMBER 30

			Net			Return
		Railway	Railway		Revenue	On Net
		Operating	Operating	Net	Ton-Miles	Investment
		Revenues	Income	Income	Of Freight	(%)
Railroad	Year		(1)			(2)
TOTAL ALL CLASS I	2000	33,897,084	4,033,126	2,717,003	1,472,582,964	6.05%
FREIGHT RR'S (1)............	1999	33,576,300	3,986,547	2,987,769	1,413,819,341	6.80%

Burlington Northern - Santa Fe	2000	9,153,066	1,453,173	1,182,647	497,113,747	9.31%
	1999	9,002,300	1,439,608	1,185,146	480,553,060	9.57%
Consolidated Rail Corp.	2000	0	0	0	0	NA
	1999	2,559,303	213,044	195,858	65,119,662	NA
CSX Transportation	2000	6,070,866	277,947	66,713	210,433,800	2.65%
	1999	5,370,778	429,023	260,870	182,147,100	5.48%
Grand Trunk Western	2000	373,117	70,123	59,656	11,233,039	21.02%
	1999	350,238	76,218	87,135	9,925,685	27.66%
Illinois Central	2000	699,163	122,284	92,929	26,318,501	10.70%
	1999	651,815	89,045	62,085	24,084,193	8.28%
Kansas City Southern	2000	536,917	68,537	19,132	21,234,372	7.69%
	1999	545,555	64,900	38,077	22,075,308	7.52%
Norfolk Southern	2000	6,061,075	545,691	246,754	197,677,965	4.67%
	1999	4,752,123	487,428	424,945	149,459,065	6.76%
Soo Line	2000	549,849	55,403	32,179	21,760,540	5.38%
	1999	540,842	38,863	30,016	20,324,268	3.83%
Union Pacific	2000	10,453,031	1,439,968	1,016,993	486,811,000	7.28%
	1999	9,803,346	1,148,418	703,637	460,131,000	5.84%

Norfolk Southern and CSX formally began to exercise operating control over Conrail on June 1, 1999. Thus, there are no reported numbers for Conrail after that date. Norfolk Southern and CSX results for this quarter include former Conrail operations. 1999 results for Conrail for the first half of 1999 are shown separately and are not included with those for Norfolk Southern and CSX.