Weekly Rail Carload Snapshot

Latest edition · September 28, 2026

Americas Transportation Railroads Weekly Rail Carload Snapshot — Week 38

US Class I rail traffic growth accelerated to +7.1% YoY in week 38, up from +5.2% in week 37, driven by strength in both intermodal and ex-intermodal carloads. Canadian rail volume growth was steady at +0.5% YoY, supported by CPKC (+3.7%) and offset by declines at CN (-2.2%).

Goldman Sachs' Week 38 rail carload tracker shows an acceleration in US Class I rail traffic to +7.1% YoY compared to +5.2% in week 37. Growth was broad-based, with US intermodal volumes rising +8.8% YoY (led by UNP at +15.0%) and ex-intermodal carloads rising +5.4% YoY (led by NSC at +6.1%). Canadian carload growth was relatively steady at +0.5% YoY, where CPKC's +3.7% YoY gain offset CN's -2.2% contraction. For 3Q26 QTD, US Class I rails are tracking +4.2% YoY total volume growth, while Canadian rails are tracking at +2.1% YoY.

Key takeaways from the latest edition

• 1.Total traffic results for US Class I rails under coverage showed carload growth accelerating to +7.1% YoY in week 38 from +5.2% in week 37, driven by higher intermodal (+8.8% YoY) and ex-intermodal (+5.4% YoY) volumes.
• 2.Union Pacific (UNP) led US intermodal carload growth at +15% YoY, while Norfolk Southern (NSC) posted the highest ex-intermodal carload growth at +6.1% YoY.
• 3.Total Canadian rail carload growth remained modest at +0.5% YoY in week 38, with CPKC expanding at +3.7% YoY while CN contracted -2.2% YoY.

What this series covers

• Key Takeaways
• Exhibit 1: Public US Class 1 rail carload growth accelerated YoY in total in week 38; CAD growth also accelerated

Edition archive

• Americas Transportation Railroads Weekly Rail Carload Snapshot — Week 38

  September 28, 2026

• Americas Transportation Railroads Weekly Rail Carload Snapshot — Week 37

  September 21, 2026

• Americas Transportation Railroads Weekly Rail Carload Snapshot — Week 34

  September 1, 2026