Report published September 1, 2026
Americas Transportation: Weekly Rail Carload Snapshot (Week 34) — Goldman Sachs Research
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: Jordan Alliger, Andrzej Tomczyk, CFA, Paul Stoddard
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
US Class I rail carload growth slowed to +4.0% YoY in week 34 from +4.7% YoY in week 33, while Canadian carload growth decelerated to +4.2% YoY from +6.2% YoY. CSX led US carriers with +11.3% intermodal and +3.6% ex-intermodal growth.
Key Takeaways
- 1.Total US Class I rail traffic growth under coverage decelerated slightly to +4.0% YoY in week 34 compared to +4.7% YoY in week 33, driven by a slowdown in intermodal growth (+5.5% vs +7.3%).
- 2.Total Canadian rail carload growth slowed to +4.2% YoY in week 34 from +6.2% YoY in week 33, with CPKC growing +4.7% YoY and CN growing +3.8% YoY.
- 3.For 3Q26 tracking, US Class I carload growth stands at +3.7% YoY (intermodal +5.5%, ex-intermodal +2.0%), while combined CPKC/CN carloads are tracking at +2.5% YoY.
Table of Contents
- Key Takeaways
- Exhibit 1: Public US Class 1 rail carload growth decelerated YoY in total in week 34; CAD growth also decelerated
- Disclosure Appendix
Report data
Exhibit 1: Public US Class 1 rail carload growth decelerated YoY in total in week 34; CAD growth also decelerated — Week 34 Rail Carload Growth
| Metric | Estimate | Context |
|---|---|---|
| US Class I Total Rail Traffic Growth | 4.0% | Total carload traffic growth across covered US Class I railroads. |
| US Class I Intermodal Volume Growth | 5.5% | Intermodal volume growth across US Class I rails under coverage. |
| US Class I Ex-Intermodal Volume Growth | 2.4% | Ex-intermodal carload volume growth across US Class I rails under coverage. |
| Canadian Total Rail Traffic Growth | 4.2% | Total carload traffic growth across Canadian railroads CPKC and CN. |
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Authors / Editors
Reported Data Context
- US Class I Total Rail Traffic Growth: 4.0 % (Week 34 2026 YoY) · Source: Company data, Data compiled by Goldman Sachs Global Investment Research
- US Class I Intermodal Volume Growth: 5.5 % (Week 34 2026 YoY) · Source: Company data, Data compiled by Goldman Sachs Global Investment Research
- US Class I Ex-Intermodal Volume Growth: 2.4 % (Week 34 2026 YoY) · Source: Company data, Data compiled by Goldman Sachs Global Investment Research
- Canadian Total Rail Traffic Growth: 4.2 % (Week 34 2026 YoY) · Source: Company data, Data compiled by Goldman Sachs Global Investment Research
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