Report published September 28, 2026
Weekly Rail Carload Snapshot — Week 38: US Class I Rail Traffic Accelerates
Goldman Sachs · September 28, 2026
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%).
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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.
Key Takeaways
- 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.
Table of Contents
- Key Takeaways
- Exhibit 1: Public US Class 1 rail carload growth accelerated YoY in total in week 38; CAD growth also accelerated
Report data
Exhibit 1: Public US Class 1 rail carload growth accelerated YoY in total in week 38; CAD growth also accelerated — Week 38 Rail Carload Growth
| Metric | Estimate | Context |
|---|---|---|
| US Class I Rail Total Carload Growth (YoY) | 7.1% | Total traffic results for US Class I rails under coverage (CSX, NSC, UNP), accelerating from +5.2% YoY in week 37. |
| US Class I Intermodal Volume Growth (YoY) | 8.8% | Intermodal carload growth across US Class I rails under coverage, up from +6.9% in week 37. |
| US Class I Ex-Intermodal Volume Growth (YoY) | 5.4% | Ex-intermodal carload growth for US Class I rails under coverage, up from +3.6% in week 37. |
| Canadian Rail Total Carload Growth (YoY) | 0.5% | Total Canadian carload growth (CPKC and CN), versus +0.3% YoY in week 37. |
| US Class I 3Q26 QTD Carload Growth (YoY) | 4.2% | Quarter-to-date carload tracking for US Class 1 rail coverage (UNP, NSC, CSX). |
Reports in this series
Weekly Rail Carload Snapshot is shown in chronological order through this edition, published on September 28, 2026.
Part of the Weekly Rail Carload Snapshot series — view all 3 editions
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