STB Ralroad Economic Data Content:

SURFACE TRANSPORTATION BOARD

OFFICE OF ECONOMICS, ENVIRONMENTAL ANALYSIS, AND ADMINISTRATION

WASHINGTON, DC 20423

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CLASS I FREIGHT RAILROADS - SELECTED EARNINGS DATA

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(000 OMITTED)

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QUARTER ENDED DECEMBER 31

Net

Railway Railway Revenue

Operating Operating Net Ton-Miles

Revenues Income Income Of Freight

Railroad Year (1)

TOTAL ALL CLASS I 1997 8,232,594 890,963 652,452 338,436,093

FREIGHT RR'S (1)............ 1996 8,302,847 1,246,315 1,140,557 338,318,857

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Burlington Northern - Santa Fe 1997 2,186,096 285,251 261,115 115,030,000

1996 2,080,481 294,182 270,115 104,466,000

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Consolidated Rail Corp. 1997 947,443 148,087 118,842 25,817,689

1996 914,783 167,813 146,585 23,886,121

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CSX Transportation 1997 1,274,466 207,056 186,678 42,722,500

1996 1,248,448 174,173 173,735 40,722,000

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Grand Trunk Western 1997 87,292 (7,754) (6,636) 2,498,805

1996 120,585 (10,500) (7,999) 2,430,097

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Illinois Central 1997 167,520 46,775 40,800 5,965,888

1996 154,442 35,301 38,794 5,880,280

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Kansas City Southern 1997 141,624 (18,225) (120,161) 5,421,190

1996 121,188 13,794 5,583 4,561,546

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Norfolk Southern 1997 1,061,765 221,043 219,285 34,364,197

1996 1,026,202 203,106 205,607 32,453,189

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Soo Line 1997 141,720 25,326 23,911 5,632,824

1996 174,614 119,685 114,219 6,056,418

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Union Pacific 1997 2,224,668 (16,596) (71,382) 100,983,000

1996 2,462,104 248,761 193,918 117,863,206

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12 MONTHS ENDED DECEMBER 31

Net Return

Railway Railway Revenue On Net

Operating Operating Net Ton-Miles Investment

Revenues Income Income Of Freight (%)

Railroad Year (1) (2)

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TOTAL ALL CLASS I 1997 32,913,581 3,835,109 3,051,162 1,356,058,732 7.78%

FREIGHT RR'S (1)............ 1996 32,648,281 4,373,147 3,897,207 1,337,797,771 9.20%

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Burlington Northern - Santa Fe 1997 8,408,503 1,123,302 1,029,959 432,309,400 8.84%

1996 8,141,264 1,066,982 1,012,317 409,166,000 9.17%

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Consolidated Rail Corp. 1997 3,646,148 130,310 5,840 97,446,682 2.51%

1996 3,597,248 427,077 335,493 94,770,126 8.29%

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CSX Transportation 1997 4,989,450 693,607 624,911 165,680,500 9.70%

1996 4,909,073 610,622 577,476 160,117,000 8.89%

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Grand Trunk Western 1997 347,968 252 1,776 9,752,803 0.13%

1996 363,168 18,329 (20,014) 9,479,505 13.69%

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Illinois Central 1997 622,475 157,837 136,195 22,154,471 15.81%

1996 617,264 143,241 126,646 22,131,645 15.22%

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Kansas City Southern 1997 516,052 27,455 (105,451) 19,418,707 3.07%

1996 491,635 65,718 17,152 18,174,605 6.57%

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Norfolk Southern 1997 4,222,649 858,476 751,712 135,918,145 13.08%

1996 4,101,038 787,725 766,312 130,446,693 12.45%

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Soo Line 1997 559,668 91,048 86,262 21,524,024 11.42%

1996 668,961 182,621 161,490 24,683,873 27.57%

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Union Pacific 1997 9,600,668 752,822 519,958 451,854,000 5.09%

1996 9,758,630 1,070,832 920,335 468,828,324 7.24%

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 reserves 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 1996 and 1995).

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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.

		QUARTER ENDED DECEMBER 31

			Net
		Railway	Railway		Revenue
		Operating	Operating	Net	Ton-Miles
		Revenues	Income	Income	Of Freight

Railroad	Year		(1)
TOTAL ALL CLASS I	1997	8,232,594	890,963	652,452	338,436,093
FREIGHT RR'S (1)............	1996	8,302,847	1,246,315	1,140,557	338,318,857
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Burlington Northern - Santa Fe	1997	2,186,096	285,251	261,115	115,030,000
	1996	2,080,481	294,182	270,115	104,466,000
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Consolidated Rail Corp.	1997	947,443	148,087	118,842	25,817,689
	1996	914,783	167,813	146,585	23,886,121
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CSX Transportation	1997	1,274,466	207,056	186,678	42,722,500
	1996	1,248,448	174,173	173,735	40,722,000
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Grand Trunk Western	1997	87,292	(7,754)	(6,636)	2,498,805
	1996	120,585	(10,500)	(7,999)	2,430,097
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Illinois Central	1997	167,520	46,775	40,800	5,965,888
	1996	154,442	35,301	38,794	5,880,280
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Kansas City Southern	1997	141,624	(18,225)	(120,161)	5,421,190
	1996	121,188	13,794	5,583	4,561,546
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Norfolk Southern	1997	1,061,765	221,043	219,285	34,364,197
	1996	1,026,202	203,106	205,607	32,453,189
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Soo Line	1997	141,720	25,326	23,911	5,632,824
	1996	174,614	119,685	114,219	6,056,418
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Union Pacific	1997	2,224,668	(16,596)	(71,382)	100,983,000
	1996	2,462,104	248,761	193,918	117,863,206

		12 MONTHS ENDED DECEMBER 31

			Net			Return
		Railway	Railway		Revenue	On Net
		Operating	Operating	Net	Ton-Miles	Investment
		Revenues	Income	Income	Of Freight	(%)
Railroad	Year		(1)			(2)
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TOTAL ALL CLASS I	1997	32,913,581	3,835,109	3,051,162	1,356,058,732	7.78%
FREIGHT RR'S (1)............	1996	32,648,281	4,373,147	3,897,207	1,337,797,771	9.20%
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Burlington Northern - Santa Fe	1997	8,408,503	1,123,302	1,029,959	432,309,400	8.84%
	1996	8,141,264	1,066,982	1,012,317	409,166,000	9.17%
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Consolidated Rail Corp.	1997	3,646,148	130,310	5,840	97,446,682	2.51%
	1996	3,597,248	427,077	335,493	94,770,126	8.29%
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CSX Transportation	1997	4,989,450	693,607	624,911	165,680,500	9.70%
	1996	4,909,073	610,622	577,476	160,117,000	8.89%
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Grand Trunk Western	1997	347,968	252	1,776	9,752,803	0.13%
	1996	363,168	18,329	(20,014)	9,479,505	13.69%
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Illinois Central	1997	622,475	157,837	136,195	22,154,471	15.81%
	1996	617,264	143,241	126,646	22,131,645	15.22%
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Kansas City Southern	1997	516,052	27,455	(105,451)	19,418,707	3.07%
	1996	491,635	65,718	17,152	18,174,605	6.57%
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Norfolk Southern	1997	4,222,649	858,476	751,712	135,918,145	13.08%
	1996	4,101,038	787,725	766,312	130,446,693	12.45%
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Soo Line	1997	559,668	91,048	86,262	21,524,024	11.42%
	1996	668,961	182,621	161,490	24,683,873	27.57%
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Union Pacific	1997	9,600,668	752,822	519,958	451,854,000	5.09%
	1996	9,758,630	1,070,832	920,335	468,828,324	7.24%

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.
-
(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 reserves 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 1996 and 1995).
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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.