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“Our team delivered a strong fourth quarter and closed 2025 with disciplined execution and a relentless focus on capturing opportunities for our customers,” CN President and CEO Tracy Robinson said during a fourth-quarter and full-year 2025 financial report. “I thank our railroaders for their commitment to running the railroad safely and efficiently. In a challenging demand environment, their focus on service, cost control and productivity drove solid performance.”

Among CN’s quarterly financial highlights:

• Revenues of C$4.464 million, an increase of C$106 million, or 2%.
• Operating income of C$1.733 million, an increase of C$105 million, or 6%, and adjusted operating income of C$1.782 million, an increase of C$154 million, or 9%.
• Operating ratio of 61.2%, an improvement of 1.4-points, and adjusted operating ratio of 60.1%, an improvement of 2.5 points.
• Net income of C$1.248 million, an increase of C$102 million, or 9%, and adjusted net income of C$1.284 million, an increase of C$138 million, or 12%.
• Diluted EPS of C$2.03, an increase of 12% and adjusted diluted EPS of C$2.08, an increase of 14%.
• The Company repurchased close to 4.4 million shares in the fourth quarter for approximately C$600 million.

Among CN’s quarterly performance highlights:

• Gross ton miles (GTMs) increased 5% to 118,923 (millions).
• Revenue ton miles (RTMs) increased 4% to 61,707 (millions).
• Through dwell decreased 1% to 7.0 (entire railroad hours).
• Car velocity increased 2% to 215 (car miles per day).
• Through network train speed of 19.2 (mph) was in line with prior year.
• Fuel efficiency of 0.875 (US gallons of locomotive fuel consumed per 1,000 GTMs), was 1% more efficient.
• Train length increased 3% to 7,868 (feet).
• GTMs per average number of employees increased 8% to 4,957 (thousands).
• Operating expenses per GTM decreased 4% to 2.30 (cents).

Among CN’s full-year financial highlights:

• Revenues of C$17.304 million, an increase of C$258 million, or 2%.
• Operating income of C$6.587 million, an increase of C$340 million, or 5%, and adjusted operating income of C$6.636 million, an increase of C$311 million, or 5%.
• Operating ratio of 61.9%, an improvement of 1.5 points, and adjusted operating ratio of 61.7%, an improvement of 1.2 points.
• Net income of C$4.720 million, an increase of C$272 million, or 6%, and adjusted net income of C$4.756 million, an increase of C$250 million, or 6%.
• Diluted EPS of C$7.57, an increase of 8% and adjusted diluted EPS of C$7.63, an increase of 7%.
• Free cash flow of C$3.336 million, an increase of C$244 million, or 8%.
• Net cash provided by operating activities of C$7.049 million, an increase of C$350 million, or 5%, and net cash used in investing activities of C$3.713 million, an increase of C$106 million, or 3%.
• Adjusted EBITDA of C$8.734 million, an increase of 4%.
• Adjusted debt-to-adjusted EBITDA of 2.51 times as at and for the year ended December 31, 2025.
• Return on invested capital (ROIC) of 12.9% was in line with prior year, and adjusted ROIC of 13.0%, a decrease of 0.1-point.
• The Company repurchased approximately 15 million shares in the year for approximately C$2 billion.

Among CN’s full-year performance highlights:

• GTMs increased 1% to 463,002 (millions).
• RTMs increased 1% to 238,159 (millions).
• Through dwell increased 1% to 7.1 (entire railroad hours).
• Car velocity decreased 1% to 206 (car miles per day).
• Through network train speed decreased 1% to 18.8 (mph).
• Fuel efficiency of 0.873 (US gallons of locomotive fuel consumed per 1,000 GTMs), was in line with prior year.
• Train length increased 1% to 7,909 (feet).
• GTMs per average number of employees increased 4% to 18,893 (thousands).
• Operating expenses per GTM decreased 2% to 2.31 (cents).

CN says it assumes that volume growth in terms of RTMs will be “flattish.” The Class I expects that adjusted diluted EPS growth will “slightly exceed volume growth.”

In 2026, CN says it plans to invest approximately C$2.8 billion in its capital program, “net of amounts reimbursed by customers.” The Class I says it also “expects to continue improving its free cash flow conversion throughout 2026.”

“As we enter 2026, we expect continued macroeconomic uncertainty and elevated geopolitical risk. We are managing through this environment by focusing on what we can control: disciplined capital allocation, rigorous cost management and strengthening free cash flow. This approach positions CN to respond quickly as volumes shift and to deliver sustainable long-term value for shareholders,” said Robinson.

For more financial details, visit the CN Investors website.

The post CN: ‘Disciplined Execution, Relentless Focus’ appeared first on Railway Age.

Jacksonville, Fla.-based Pinsly Railroad Company (Pinsly) on Jan. 29 held a ribbon-cutting ceremony in Andalusia, Ala., to commemorate the rehabilitation and return to service of the 36-mile short line now operated by Georgiana & Andalusia Railroad (GAR).

“Previously out of service, the line is now fully restored following more than $6 million in infrastructure rehabilitation investments by GAR,” said Pinsly (formerly known as Gulf & Atlantic Railways, LLC), whose portfolio also includes eight other small roads (Florida Gulf & Atlantic Railroad; Grenada Railroad, a Railway Age 2021 Short Line of the Year Honorable Mention; Camp Chase Railway; Chesapeake & Indiana Railroad; Vermilion Valley Railroad Company; North Florida Industrial Railroad; Pioneer Valley Railroad; and Hondo Railway). “The first railcars in over a year were successfully delivered to customers on Jan. 20, restoring regional rail service.”

GAR, formerly operated by Genesee & Wyoming’s Three Notch Railway LLC, connects to CSX at Georgiana, Ala., and spans to Andalusia, serving key customers Shaw Industries Group and Arclin. In October, Pinsly reported that GAR had assumed operations.

“This was a great opportunity to partner with Shaw, Arclin, CSX and the communities of Andalusia and Georgiana to bring customer-focused short line service back to the region,” Pinsly Chief Commercial Officer Cassie Dull said. “These investments reflect our belief in the region’s long-term growth and our commitment to delivering safe, reliable, customer-focused rail service.”

In other developments, Pinsly’s Chief Human Resources Officer Gaynor Ryan earned a 2025 Railway Age Women in Rail award and CEO Ryan Ratledge, who was selected by Railway Age readers as one of ten Most Influential Leaders for 2025, last year joined the Surface Transportation Board’s Railroad-Shipper Transportation Advisory Council.

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Connecticut’s Valley Railroad announced in January that its Chinese-built 2-8-2 steam locomotive is being converted to burn oil, and if successful, the railroad will convert additional engines. 

Valley 3025, an SY-type 2-8-2 built at the Tangshan Locomotive and Rolling Stock Works in 1989 and made to look like a New Haven locomotive, is presently down for its federally-mandated 15-year overhaul. While the engine is out of service, the railroad has decided to install an oil-burning system. The railroad said it was making the change because oil was easier to acquire and handle than coal. The railroad would also save money by disposing of less ash. 

The Valley is just the latest in a long line of steam operators that have decided to convert to oil, including the Durango & Silverton, Cumbres & Toltec Scenic, and those restoring Reading 2100 and Chesapeake & Ohio 2-8-4 2716. Aside from it being easier to acquire oil, groups have also cited environmental reasons, most notably the desire to continue operating during dry conditions. The trend is also underway in England for the same reasons. 

—Justin Franz 

The post Valley Railroad to Convert 2-8-2 to Burn Oil appeared first on Railfan & Railroad Magazine.

CSX on Jan. 28 reported the successful cutover of an extended hump lead at Avon Yard, delivering “measurable gains in efficiency, capacity and railcar velocity.” (Watch video above.)

The project—completed incident  and injury free—added 3,500 feet of new track, extending the hump lead to a total of 8,000 feet. According to the railroad, this “enhancement allows Avon Yard to process full length trains in a single cut, improve remote control switching movements, and reduce railcar dwell time—strengthening the fluidity of freight movement through the terminal.”

Avon Yard can now handle an additional 200 to 300 railcars per day, which CSX pointed out helps it move customer shipments from origin to destination faster and with greater reliability.

“The goal is efficiency—switching cars as quickly as possible so they don’t spend unnecessary time in the yard,” said David Clark, Director of Construction Engineering at CSX. “This extension gives our teams the room they need to operate more effectively and deliver better service.”

CPKC on Jan. 28 announced that, as part of its ongoing Board succession planning, Gordon Trafton, a current CPKC Board member, has been appointed Vice Chair. It also announced that Marc Parent has been appointed to the Board effective Jan. 27, 2026, and that Kate Stevenson has been nominated to stand for election as a director at CPKC’s Annual General Meeting of Shareholders in April 2026.   

Trafton, of Naperville, Ill., has been a Board member since Jan. 1, 2017. He retired in 2010 from CN, following a 33-year railroad career that included time at CN, Illinois Central, and Burlington Northern Railroad. From 2003 to 2009, he successively served as Senior Vice President, Strategic Acquisitions and Integration, and as Senior Vice President, Southern Region at CN. Prior to that, Trafton worked as CN’s Vice President, Operations Integration.

On CPKC’s Board, Trafton chairs the Risk and Sustainability Committee, serves on the Management Resources and Compensation Committee, and previously served on the Board’s Integration Committee.

“I am honored to be appointed Vice Chair of the Board,” Trafton said. “Isabelle Courville has established a legacy of excellence as Board Chair, and I look forward to working closely with her, my fellow Board members, and our talented management team as we forge ahead together in our commitment to maximizing the value of CPKC for our shareholders, employees, and customers.”

Parent, of Montreal, is a seasoned CEO and Corporate Director with more than three decades of leadership experience in the aerospace industry. Throughout his 15-year tenure as President and CEO of CAE, Parent grew the company into what CPKC described as “the undisputed leader in global aviation training and simulation.” He has also been appointed to the Order of Canada, the country’s highest civilian honor.

“It is with great excitement that I join CPKC’s board,” Parent said. “CPKC plays a vital role in connecting communities and nations while driving economic growth across the continent. I look forward to collaborating with the talented CPKC team to shape the company’s next phase of growth and success.”

Stevenson, of Toronto, has extensive corporate governance experience, having served on numerous public company and not-for-profit boards in Canada and the United States over the past two decades, CPKC reported. With experience as a financial executive in the telecommunications and banking sectors, Stevenson is currently Chair of the Board of Directors of CIBC.

“It is an honor to be nominated to join CPKC, a company critical to our supply chain and vital to our North American economy,” Stevenson said. “I am excited at the prospect of bringing my perspective and expertise to the board to advance the company’s remarkable success.”

CPKC is proud to be named one of Alberta’s Top Employers for 2026 for the 7th consecutive year. Read the feature here: https://t.co/53FlBv1CLy #ABTopEmployers #TopEmployers2026 pic.twitter.com/oVyBhgzjLL

Meanwhile, CPKC also reported via social media that it has been named to Mediacorp Canada Inc.’s list of Alberta’s Top Employers for 2026. It is the seventh consecutive year the railroad has been recognized.

According to Mediacorp, following are among the reasons why CPKC was selected:

• “CPKC helps employees prepare for life after work with contributions to a defined benefit pension plan—employees can also participate in a share purchase plan to enhance their savings.
• “CPKC encourages ongoing professional development throughout an employee’s career, offering in-house apprenticeships (railcar and diesel mechanic roles), leadership development programs and tuition subsidies (to C$5,000) for courses related to their current position.
• “CPKC hosts a busy social calendar for employees every year, including the annual Olympiad event (featuring a range of activities from soccer and Fortnite to trivia), a family movie night (with complimentary admission, popcorn and beverages), a steps challenge every July, and an evening holiday party during the Christmas season at the Calgary headquarters for employees, their family and friends.”

“Our success is driven by our dedicated railroaders who are deeply connected to their work, their communities and their colleagues,” CPKC said.

The post Class I Briefs: CSX, CPKC appeared first on Railway Age.

The Phoenix City Council on Jan. 27 approved a new expansion of Valley Metro’s light rail system to west Phoenix after voting to end the Capitol light rail extension that would have connected downtown Phoenix to the state Capitol.

The City Council voted by a 7 to 2 vote to expedite light rail along Indian School Road, which will “provide west Phoenix with its fair share of transit and development opportunities and will connect Valley Metro and west Phoenix’s residents, businesses, and neighborhoods.”

The City of Phoenix and Valley Metro had been working to extend light rail to the state’s Capitol and west down the middle of Interstate 10. However, the Arizona State Legislature, the City Council says, “has the specific legal authority to block stations within a certain part of the state Capitol Mall, via legislation previously signed by then-Governor Ducey.”

The new path will serve Maryvale, as well as the Encanto and Alhambra villages, allowing residents to more easily access jobs, education, entertainment, and a host of other amenities across the Valley.

“Valley Metro appreciates the City Council’s thoughtful consideration of transit options that will best serve west Phoenix residents and businesses,” the agency said in a statement.

“We remain committed to advancing high-capacity transit to west Phoenix to meet significant demand, support mobility in this corridor and to continue to deliver upon the community’s vision for transit and transportation. Following the Phoenix City Council’s decision, Valley Metro will exit project development and the Capital Investment Grant process for the Capitol Extension (CAPEX) project.

“As directed by Phoenix City Council, we will advance planning of the West Phoenix corridor along Indian School Road. Comprehensive community engagement will be central to this work, ensuring we hear from all residents, business owners and stakeholders along the corridor as we develop solutions that serve the needs of west Phoenix. We will work closely with the City of Phoenix on project development and begin coordinating with our partners at the Federal Transit Administration to explore funding opportunities.”

As the primary public transit agency serving Levi’s Stadium, VTA says it is prepared to “deliver record ridership safely, smoothly, and reliably” for crowds attending the Super Bowl LX. Planning began immediately after Levi’s Stadium was named host, building on lessons learned during Super Bowl L 10 years ago.

“We know what it takes,” said VTA General Manager and CEO Carolyn Gonot at a press conference Monday, Jan. 26, 2026. “We’ve taken every lesson from Super Bowl L and built an even stronger, smarter, more efficient plan for Super Bowl LX.”

VTA is working closely with local, state, and federal partners to ensure a coordinated, region-wide security approach.

A comprehensive emergency management plan for large-scale events is in place, supported by extensive training and exercises over the past year. A dedicated Emergency Operations Center will be activated to monitor conditions, coordinate responses, and share real-time information. VTA’s cybersecurity teams will operate around the clock to protect critical systems.

On Super Bowl Sunday, VTA will operate 22 additional light rail trains on top of regular service. Most will be three-car trains, each carrying approximately 450 passengers directly to the stadium.

Due to security constraints around Levi’s Stadium, VTA has adjusted its service plan. Passengers traveling from downtown San Jose or Milpitas BART will arrive and depart from Lick Mill Station on the east side of the stadium. Passengers connecting from Caltrain in Mountain View will arrive and depart from Great America Station on the west side. This post-game departure plan, VTA says, is expected to reduce wait times and move fans out faster.

VTA expects to transport approximately 25,000 fans, surpassing previous record ridership levels seen during the Taylor Swift concerts in 2023.

System-wide preparations include track repairs to eliminate slow zones, upgraded ticket machines and information displays, and enhanced station readiness. Up to 100 VTA ambassadors, wearing blue VTA vests, will assist riders throughout the system on game day.

The New York MTA on Jan. 28 announced a record increase in subway customer satisfaction in the Fall 2025 Customers Count survey. The subway system saw increases across all key metrics, with 62% of subway riders reporting they feel satisfied with the system overall, which is a five-point increase from the Spring 2025 survey, and the highest percentage since the current Customers Count survey was launched in 2022, according to the agency.

The questionnaire, which was offered online in nine languages and included a phone option, gauged satisfaction levels of 92,269 customers between Oct.14 and Nov. 2, 2025. Now in its fifth year, the Customers Count survey allows the Authority “to better understand riders’ most significant concerns and prioritize issues that need to be addressed across the MTA network.”

Customer safety is at record highs, with 63% saying they feel safe on trains. This is a six-point increase from the Spring and the highest level reported since the survey began in 2022. Fifty-nine percent feel safe in stations, up from 54% in the Spring; 53% of riders feel safe on subway platforms, a five-point increase from the Spring. This is also the first-time platform safety was above 50% since the question was introduced in Spring 2023, according to the MTA.

According to the survey, 65% of subway riders say they are satisfied with their train line, up four points from 61% in the Spring 2025 survey. The top performing lines all gained from the previous survey—the 7 is at 73%, the G is at 72% and the Q is at 72%. Satisfaction with service reliability is also up two points to 62%. Other metrics, including satisfaction with waiting time (59%) and frequency of delays (53%) also saw two percentage point increases from the Spring. Satisfaction with cleanliness on board trains substantially increased from the Spring 2025 survey, up to 59% from 52%.

Overall subway satisfaction increased among subway customers in four boroughs, with 52% of Bronx customers satisfied, up from 46% in the Spring. This, MTA says, is the first time Bronx customer satisfaction is more than 50%. In Brooklyn, 63% of subway customers were satisfied, up from 57% in the Spring. Manhattan saw a five-point increase from the Spring, with 65% of subway customers satisfied; 59% of Queens customers were satisfied with the subway overall—a two-point increase from the Spring; Staten Island remained at 79%, consistent with levels reported in the Spring 2025 survey.

These survey results, MTA says, “reflect record-breaking 2025 operational performance for the subway system.” Subways hit six milestone months with historic on-time performance highs outside of COVID years, culminating in the best on-time performance year achieved since modern reliable record keeping began with a weekday on-time performance of 83.7%—a 2.1% increase from 2024. In May 2025, subway weekday OTP reached 85.2%, the best single month for performance in history.

These on-time performance improvements, the agency says, come as the MTA “explores new ways to use data to deliver better and more efficient service by making schedule adjustments based on ridership patterns and other factors.” This resulted not only in faster and more frequent service but also 13,000 fewer delays in 2025 compared to 2024, the MTA noted. In addition, service was increased service on several lines in 2025, including the A and L in November and the M in December in conjunction with the F/M swap.

The subway continues to see record increases in ridership growth, with nearly 1.3 billion rides taken in 2025—up 7% from the previous year. The subway also broke its post-pandemic single-day weekday and weekend ridership records on numerous occasions in 2025, most recently on Dec. 11 with 4.65 million customers. Notably, the MTA celebrated its one billionth subway rider of 2025 in mid-October—three weeks earlier than 2024 and nearly three months earlier than 2022.

More information is available here.

In related news, the New York MTA on Jan. 28 also announced that it has made a record $15.8 billion in capital commitments in 2025, “marking the largest single-year investment in transit infrastructure in the agency’s history.”

The commitments advance critical accessibility upgrades, state-of-good-repair work, and major megaprojects across the system, including more than $5 billion made possible through Congestion Relief funding. Projects advanced also included the first round of investments made possible by the MTA’s historic 2025-2029 Capital Plan, which was fully funded by Governor Kathy Hochul and the state legislature in the FY26 Enacted State Budget. 

This historic year for capital awards includes investments across the transit system to improve reliability and accessibility, along with targeted investments in system expansion.

• Signal improvements: $2 billion
• Rolling Stock: $6.6 billion
• Expansion: $2.7 billion
• Accessibility: $500 million
• State-Of-Good-Repair & other program support: $3.4 billion

The MTA also awarded a significant $166 million contract for engineering and design of the Interborough Express last August, which advanced the project from planning to active phase. The MTA’s 2025-2029 Capital Plan includes $2.75 billion for this transformative transit expansion project between Brooklyn and Queens. 

Thanks to funding from congestion pricing, the MTA says major projects are advancing, including:

• “Second Avenue Subway Phase 2 Contract 2 for tunneling. This major expansion is advancing on time and on budget.
• “Signal Modernization on the Fulton & Liberty AC lines in Brooklyn and Queens. Thanks to a new delivery approach, this project is 33 percent cheaper on a per-mile basis than prior signal modernization projects.
• “Accessibility upgrades at seven stations, including the Bryant Park Complex on the BDFM7 trains. These accessibility projects came in 6% below engineering estimates.”

In addition, 2025 saw progress on the MTA’s new 2025-2029 Capital Plan. This includes new contracts for more than 300 new train cars on the Long Island Rail Road.

 The record-breaking year, the agency says, surpasses the previous mark set in 2022, when $11.4 billion in contracts were awarded. 

In addition to the “record-setting commitments,” the MTA completed $6.7 billion in projects in 2025, trailing only 2023’s $7.1 billion as the strongest year for capital project completions. 

 Customers saw major benefits throughout the system in 2025, with 41 elevator replacements and 10 new accessible stations across the subways and railroads. That record setting number of replacements saw the average project duration drop by more than two months, the MTA noted. 

 Other major projects completed included circulation improvements at Grand Central as part of the 42nd Street Connection program, which saved $46.5 million; the opening of New York City’s new Rail Car Acceptance Facility in Brooklyn; and the rehabilitation of the lower-level main span deck of the Verazzano-Narrows Bridge. In addition, the MTA awarded a contract to Kawasaki last fall to construct 378 new R268 subway cars, which will ultimately replace nearly 50-year-old cars and improve reliability and performance. 

 Megaprojects also made major advances, according to the MTA. The first phase of the full replacement of the Park Avenue Viaduct—the elevated steel structure that carries four Metro-North Railroad tracks and serves all Metro-North trains traveling into and out of Grand Central Terminal—saw bridge replacement completed 21 months ahead of schedule and $93 million under budget. Further south, additional savings were achieved during the rebuilding of the Grand Central Train Shed that holds up Park Avenue and the surrounding skyscrapers above Metro-North tracks near Grand Central, which came in $20 million under budget in its first phase and has secured $75 million in private funding for the second phase.

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The reflectorization rule (download below), according to the FRA, “sets minimum safety requirements to help motor vehicle operators see rail freight rolling stock at night and in poor visibility conditions.” This final rule would codify two waivers, one excluding rail freight rolling stock used only for tourist, historic, excursion, educational, recreational, or private (THEERP) purposes, except for incidental freight service; and one allowing the use of a performance-based method to determine when to replace reflectorization sheeting.

For the latter waiver, railroads had previously been required to replace reflectorization sheeting every 10 years, “even though sheeting can continue to perform effectively beyond the 10-year mark,” according to the American Short Line and Regional Railroad Association (ASLRRA), which published the announcement in its latest edition of Views and News. The FRA now allows alternative evaluation of sheeting but continues to retain the 10-year replacement cycle as an option. “Small railroads with limited equipment may still prefer the time-based approach,” noted ASLRRA, which added that it is “pleased with the new rule, as it provides regulatory flexibility for short line railroads.”

By publishing this final rule, the FRA, ASLRRA says, eliminates the need for railroads to submit waiver petitions and request waiver extensions every five years. The FRA will also no longer need to review and approve waiver petition and extension requests.

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