CSX Corporation (CSX) 2026 Q2 法說會逐字稿

Good afternoon and welcome everyone to the CSX Corporation second-quarter 2026 earnings conference call. Today's conference is being recorded. (Operator Instructions)

各位下午好，歡迎參加 CSX Corporation 2026 年第二季財報電話會議。今天的會議將被錄音。(接線員指示)

At this time, I would like to turn the conference over to Matthew Korn, Head of Investor Relations and Corporate Communications. Please go ahead.

此刻，我想將會議交給投資人關係與企業傳播主管 Matthew Korn。請開始。

Thank you, Audra. Good afternoon, everyone. We are very pleased to have you join our second-quarter 2026 earnings call. Joining me from the CSX leadership team are Steve Angel, President and Chief Executive Officer; Mike Cory, EVP and Chief Operating Officer; Kevin Boone, EVP and Chief Financial Officer; and Maryclare Kenney, Senior Vice President and Chief Commercial Officer.

謝謝你，Audra。各位下午好。我們非常高興各位參加我們 2026 年第二季財報電話會議。與我一同出席的 CSX 領導團隊成員包括：總裁兼執行長 Steve Angel；執行副總裁兼營運長 Mike Cory；執行副總裁兼財務長 Kevin Boone；以及資深副總裁兼首席商務長 Maryclare Kenney。

In the presentation that accompanies this call, which is available on our website, you will find slides with our forward-looking and our non-GAAP disclosures. We encourage you to review them.

在本次電話會議所搭配的簡報（可於我們網站取得）中，您將看到關於前瞻性陳述與非 GAAP 的揭露投影片。我們鼓勵您加以查閱。

And with that, I'm very happy to turn the call over to Mr. Steve Angel.

那麼，我很高興把電話會議交給 Steve Angel 先生。

Good afternoon. Thank you for joining our earnings call. This quarter, CSX continued to make progress toward our goal of best-in-class performance. Stronger demand led to volume growth across our business, and we managed this growth while delivering strong safety and productivity outcomes. These results reflect the hard work and dedication of our railroaders as they serve our customers safely and reliably.

各位下午好。感謝各位參加我們的財報電話會議。本季，CSX 持續朝向我們「同級最佳」的績效目標取得進展。更強勁的需求帶動全業務量的成長，而我們在管理這些成長的同時，也交出強勁的安全與生產力成果。這些結果反映了我們鐵路同仁的辛勤付出與投入，他們以安全且可靠的方式服務客戶。

For the quarter, volume increased 6% and our revenue increased 10%, reaching a new quarterly record. At the same time, we improved operating efficiency and maintained strong cost discipline, driving substantial margin expansion and double-digit growth in operating income and earnings per share. We are proud of our accomplishments so far this year, but our objective is to build an organization that can consistently deliver strong performance over the long term. There are many areas across the business where we can improve performance, and network fluidity and service are among them.

本季運量成長 6%，營收成長 10%，創下新的單季紀錄。同時，我們提升營運效率並維持嚴謹的成本紀律，帶動利潤率大幅擴張，營業利益與每股盈餘皆達到雙位數成長。我們為今年迄今的成果感到自豪，但我們的目標是打造一個能在長期內持續交出強勁表現的組織。在業務的許多面向仍有提升空間，其中包括網路流動性與服務。

Plans are in place to address opportunities for improvement, and we expect to see steady progress throughout the quarter while maintaining our focus on profitable growth. Our solid volume growth this quarter reflects the benefits of our commercial initiatives, network investments, and the execution of our team across the railroad. Our priority is achieving profitable growth, not gaining market share for its own sake. I believe that industries that become too focused on market share eventually drive out profitability.

我們已制定計畫以因應改善機會，並預期在本季期間可看到穩健進展，同時維持對獲利成長的聚焦。本季穩健的運量成長，反映了我們商務策略、網路投資，以及全鐵路團隊執行力所帶來的效益。我們的優先事項是達成獲利成長，而不是為了市場占有率而追求市場占有率。我相信，若產業過度聚焦市場占有率，最終會犧牲獲利能力。

At CSX, what's most important is that the business we add increases operating income, expands margins, and delivers good returns on invested capital. Mike?

在 CSX，最重要的是我們新增的業務能提升營業利益、擴大利潤率，並帶來良好的投入資本報酬率。Mike？

Thank you very much, Steve, and good afternoon, everyone. The railroad made solid progress in safety and productivity this quarter, as shown on slide 5. Our team continued its consistent and disciplined approach to managing risk and controlling cost, even as the amount of volume we handled grew substantially. The strength of our safety culture is the foundation for everything we do at CSX, and our year-over-year safety performance was impressive in the second quarter.

非常感謝你，Steve，各位下午好。如第 5 頁投影片所示，本季鐵路在安全與生產力方面取得扎實進展。即使我們處理的運量大幅增加，團隊仍持續以一致且嚴謹的方法管理風險並控制成本。我們強健的安全文化是 CSX 一切工作的基礎，而我們第二季的年對年安全表現令人印象深刻。

Our FRA injury rate improved by 19% compared to last year, even as our base of total people hours declined by 7%, and our train accident rate improved by 30%. We see opportunities to build on these results through continued focus on risk awareness, field-level engagement, and applied technology as we pursue best-in-class performance. We managed stronger-than-expected growth in the second quarter, with volumes increasing 6% year over year. Handling this growth while experiencing seasonal reductions in employee availability created tightness in certain areas of the network.

我們的 FRA 受傷率較去年改善 19%，即使總工時基礎下降 7%，列車事故率也改善 30%。在追求同級最佳表現的過程中，我們看到可透過持續聚焦風險意識、現場層級參與，以及應用科技來延續並擴大這些成果的機會。我們在第二季管理了高於預期的成長，運量年增 6%。在員工可用性因季節性因素下降的情況下處理這些成長，使得網路某些區段出現吃緊。

And while our average velocity improved 3% compared to the prior year, we also saw an increase in dwell. We're taking clear steps to improve the consistent availability of our crews, and with the effective management of resources, we expect sequential improvement in our service metrics. Network productivity continued to increase this quarter. The metrics on the right side of this slide highlight the specific gains our team delivered.

此外，雖然我們的平均速度較去年提升 3%，但我們也看到停留時間（dwell）增加。我們正採取明確措施改善乘務人員的穩定可用性，並透過有效的資源管理，預期服務指標將逐季改善。本季網路生產力持續提升。本頁右側的指標凸顯了團隊所交付的具體增益。

Our fuel efficiency improved year over year for the fourth straight quarter as we improved locomotive utilization and continued to maximize the use of Trip Optimizer. We increased the number of GTMs we generated per unit of horsepower for the sixth quarter in a row. Our employees were more productive, and we moved more tonnage per train compared to a year ago. Overall, our team stepped up as customers brought more business to CSX.

隨著我們提升機車利用率並持續最大化 Trip Optimizer 的使用，我們的燃油效率已連續第四季年對年改善。我們連續第六季提高每單位馬力所產生的 GTM 數。員工生產力提升，且相較一年前，我們每列車運送的噸數更多。整體而言，當客戶將更多業務交由 CSX 承運時，我們的團隊挺身而出。

We ran safely and efficiently, and I expect fluidity to improve as the year progresses. Kevin is now going to review our financial results. And over to you, Kevin.

我們以安全且高效率的方式運行，我預期隨著年度推進，網路流動性將改善。接下來 Kevin 將回顧我們的財務結果。交給你了，Kevin。

All right. Thank you, Mike, and good afternoon. As both Mike and Steve noted, the CSX team delivered another strong quarter, including higher volume, record revenue, and lower non-fuel expense. These results reflect continued partnership across the business to improve safety and drive cost efficiencies while meeting increased demand from our customers. Total revenue increased 10%, benefiting from higher fuel surcharge combined with both volume growth and higher pricing across our Merchandise, Intermodal, and Coal markets.

好的。謝謝你，Mike，各位下午好。如 Mike 與 Steve 所提到，CSX 團隊本季再度交出強勁表現，包括更高的運量、創紀錄的營收，以及較低的非燃料費用。這些結果反映了全公司持續協作，在滿足客戶需求增加的同時，提升安全並推動成本效率。總營收成長 10%，受惠於較高的燃油附加費，並結合我們商品（Merchandise）、聯運（Intermodal）與煤炭市場的運量成長及更高定價。

Total expenses increased by 6%, with a 2% reduction in non-fuel expenses. Putting it all together, operating income increased by 17%, with operating margins improving 240 basis points despite 160 basis points of fuel price headwinds. This strong performance drove earnings per share growth of 23% in the quarter.

總費用增加 6%，其中非燃料費用下降 2%。綜合來看，營業利益成長 17%，營業利益率提升 240 個基點，儘管燃油價格帶來 160 個基點的不利因素。這項強勁表現帶動本季每股盈餘成長 23%。

Let's now turn to the next slide for a closer look at expenses. Total second-quarter expenses increased by $138 million compared to the prior year. This includes an increase of $177 million for fuel, driven by higher diesel prices, net of savings from a record-setting quarter fuel efficiency. Labor costs increased by $40 million, with a nearly $90 million combined impact from higher incentive compensation and inflation.

接下來我們看下一頁投影片，更深入檢視費用。第二季總費用較去年增加 1.38 億美元。其中燃料費用增加 1.77 億美元，主要由柴油價格上升所致，並扣除燃油效率創紀錄季度所帶來的節省。人力成本增加 4,000 萬美元，其中較高的獎酬性薪酬與通膨合計帶來近 9,000 萬美元的影響。

These headwinds were mostly offset by savings from a 6% lower headcount, with declines across both management and craft employees. C&E headcount will increase modestly in the coming months to support our service product with improved demand, while we expect to leverage process improvements and technology to absorb attrition in other areas of the business. PS&O expenses were lower again in the second quarter, with efficiency savings across each of our operating departments as well as our D&A and technology functions.

這些逆風多數被員工人數下降 6% 所帶來的節省所抵銷，管理職與技術／現場員工（craft）皆呈下降。未來幾個月，為了在需求改善下支撐我們的服務產品，C&E 人力將小幅增加；同時，我們預期透過流程改善與科技應用，在業務其他領域吸收自然流失。PS&O 費用在第二季再次下降，我們各營運部門以及折舊與攤銷（D&A）與科技職能皆實現效率節省。

Discretionary costs remain under intense review, and managers across the company are being empowered with tools and visibility to take action on wasteful spending and other cost opportunities. For example, spend on third-party services across our operations team was lowered by $23 million in the quarter, benefiting from better utilization of our internal maintenance functions and detailed reviews of contractor activity.

裁量性成本仍在嚴格檢視之下，公司各部門主管正被賦予工具與可視性，以便對浪費性支出及其他成本機會採取行動。例如，本季我們營運團隊在第三方服務上的支出降低 2,300 萬美元，受惠於更佳的內部維修職能利用，以及對承包商活動的細緻審查。

That discipline also applies to our corporate functions, with savings in external technology labor, corporate communications support, and legal fees. The business also demonstrated an ability to efficiently absorb higher volumes with a 12% reduction in our Intermodal terminal cost per lift.

這項紀律同樣適用於我們的公司職能部門，包括外部科技人力、企業傳播支援以及法律費用的節省。公司也展現出能夠有效吸收更高運量的能力，聯運（Intermodal）終端每次吊裝（lift）的成本降低了12%。

Moving to the third quarter, incentive compensation expense will step lower sequentially, largely offset by the 3.75% union wage increase. And within PS&O, we expect fewer property gains and insurance recoveries, as well as higher costs for locomotive overhauls in the second half relative to the first. As Steve noted, we are focused on our service product while embedding a culture of continuous improvement. Our accomplishments year to date put us in a position to invest in initiatives to drive further productivity in 2027 and beyond.

展望第三季，激勵性薪酬費用將較前一季下降，並大致被3.75%的工會薪資調升所抵銷。此外，在PS&O方面，我們預期資產處分收益與保險理賠回收將減少，且相較上半年，下半年機車大修成本將更高。如Steve所提，我們專注於服務產品，同時深化持續改善的文化。截至目前的成果，使我們得以投資於各項計畫，以在2027年及其後推動更進一步的生產力提升。

With that, I'll turn it over to Maryclare to review our revenue results.

接下來，我把時間交給Maryclare，請她回顧我們的營收表現。

Thank you, Kevin, and good afternoon, everyone. Before I get into the results, I want to recognize the hard work of our Commercial and Operations teams, who worked closely together to handle volumes that exceeded our expectations.

謝謝你，Kevin，各位下午好。在我進入結果之前，我想肯定我們商務與營運團隊的辛勤付出；他們緊密合作，成功處理了超出我們預期的運量。

Heading into the second quarter, we saw favorable trends emerging in select markets. What started as a narrow supply-driven improvement in market conditions broadened through the spring, resulting in strong volume growth across the business. Customers are increasingly turning to rail for their supply chain needs, and we are focused on earning their business through competitive service offerings and reliable execution.

進入第二季前，我們看到部分市場出現有利趨勢。原本由供給面帶動、較為狹窄的市場狀況改善，在春季期間逐步擴大，帶動全公司強勁的運量成長。客戶愈來愈多地將鐵路用於其供應鏈需求，而我們專注於以具競爭力的服務方案與可靠的執行來贏得客戶業務。

Turning to slide 10, I'll walk you through second-quarter volume and revenue performance. Overall, total volume was up 6% in the quarter, revenue was up 10%, and revenue per unit was up 4%. Total revenue per unit excluding fuel declined 1% compared to the prior year due to mix, as Intermodal grew at more than double the rate of other business units.

請看第10頁投影片，我將帶各位了解第二季的運量與營收表現。整體而言，本季總運量成長6%，營收成長10%，每單位營收（RPU）成長4%。由於組合因素（mix），在聯運的成長速度超過其他業務單位兩倍以上的情況下，剔除燃油後的總每單位營收較去年同期下降1%。

In Merchandise, volume was up 4% year over year, while revenue grew 8%. Merchandise RPU excluding fuel was 1% higher, as solid pricing helped offset negative mix. Including fuel, RPU was 4% year over year. Strength was broad based across Merchandise, with six of our seven business units growing or holding flat year over year. Chemicals volume increased 8% compared to last year, supported by plastics exports and demand for waste by rail.

在商品（Merchandise）業務方面，運量年增4%，營收成長8%。剔除燃油後的商品RPU提高1%，穩健的定價有助於抵銷不利的組合影響。若包含燃油，RPU年增4%。商品業務的強勁表現相當廣泛，我們七個業務單位中有六個年增或持平。化學品運量較去年增加8%，主要受塑膠出口與以鐵路運輸廢棄物需求的支撐。

Metals and Equipment delivered a standout quarter, with 14% revenue growth on 3% higher volume, driven by increased customer production and new plate mills and favorable mix from higher military and equipment moves. Forest Products volume was flat year over year, a significant improvement from the first quarter, as conversions increased on tighter truck capacity and higher fuel costs. Intermodal continues to build momentum and was the largest contributor to unit growth this quarter, with revenue up 26% on 9% higher volume and RPU up 16% year over year driven by fuel surcharge.

金屬與設備（Metals and Equipment）交出亮眼的一季：在運量增加3%的情況下，營收成長14%，主要受客戶產量提升、新增厚板廠（plate mills），以及軍用與設備運輸增加帶來的有利組合所帶動。林產品（Forest Products）運量年比持平，較第一季顯著改善，因卡車運能吃緊與燃油成本上升，促使轉換（conversions）增加。聯運持續累積動能，為本季單位成長的最大貢獻者；在運量增加9%的情況下，營收成長26%，RPU年增16%，主要由燃油附加費帶動。

Our diverse domestic business drove our volume growth, as new service offerings continue to ramp, and truck-to-rail conversions have accelerated. Faster service and expanded network capacity enabled by the Howard Street Tunnel have positioned us well to capture this business. Finally, Coal revenue grew 9% on 4% higher volume. Coal RPU increased 4%, primarily due to strong domestic contract renewals, as Hampton Roads benchmark prices were relatively stable during the quarter.

我們多元的國內業務帶動了運量成長，因新的服務方案持續放量，且由卡車轉鐵路的轉換加速。Howard Street Tunnel所帶來的更快服務與擴增的網路運能，使我們具備良好條件來掌握這些業務。最後，煤炭營收在運量增加4%的情況下成長9%。煤炭RPU提高4%，主要來自強勁的國內合約續約表現，因Hampton Roads基準價格在本季相對穩定。

Export tonnage increased 12% year over year, driven by mine restarts and a best-ever four-month stretch of tonnage through Curtis Bay. Domestic tonnage declined 2% as lower natural gas prices and normalized customer inventories modestly tempered otherwise healthy demand. As we look to the second half of the year, our commercial initiatives continue to create opportunities for us to grow the business, including new service offerings, the ramp-up of industrial development projects, and investments in our transload and terminal network. Our opportunities to convert business to the railroad continue to grow as tighter truck supply and higher rates are highlighting the value proposition of rail.

出口噸數年增12%，主要受礦場復產，以及Curtis Bay創下史上最佳的連續四個月噸數表現所帶動。國內噸數下降2%，因天然氣價格走低與客戶庫存回歸常態，使原本健康的需求略受抑制。展望下半年，我們的商務計畫持續為業務成長創造機會，包括新的服務方案、工業開發專案的放量，以及對轉運（transload）與終端網路的投資。隨著卡車供給更緊與運價更高凸顯鐵路的價值主張，我們將業務轉換至鐵路的機會持續增加。

On the Merchandise side, this is most prominent in Forest Products, waste, and Metals. We also expect strength and conversions to support domestic Intermodal volume. Steady construction activity continues to support Minerals and Metals, and investment tied to power infrastructure and data center buildout is driving demand in domestic Coal, frac sand, and heavy equipment. Agricultural exports are another area of strength, with record US corn shipments through Chesapeake expected to continue through year-end.

在商品業務方面，這一點在林產品、廢棄物與金屬領域最為明顯。我們也預期強勁需求與轉換將支撐國內聯運運量。穩定的建築活動持續支撐礦物與金屬，而與電力基礎設施及資料中心建置相關的投資，正帶動國內煤炭、壓裂砂（frac sand）與重型設備的需求。農產品出口也是另一個強勢領域，預期美國玉米經由Chesapeake的出貨量創紀錄表現將延續至年底。

That said, we do see the potential for momentum to slow in some markets. Following a quarter of strong production in Automotive, normalized inventories and summer shutdowns are leading to a softer start to the second half ahead of new model launches in the fourth quarter.

不過，我們確實看到部分市場的動能可能放緩。汽車（Automotive）在經歷一季強勁生產後，庫存回歸常態與夏季停工，使下半年在第四季新車款上市前的起步較為疲弱。

In Chemicals, we expect plastics volumes to moderate following pull-forward activity in the first half. Meanwhile, core fundamentals remain strong. Power demand and recent plant life extensions will support domestic utility burn. New business wins are driving growth in domestic steel and industrial markets. And export volumes are expected to remain steady, benefiting from improved mine supply.

在化學品方面，我們預期塑膠運量在上半年提前拉貨（pull-forward）後將趨於溫和。同時，核心基本面仍然強勁。電力需求與近期電廠延長使用年限將支撐國內公用事業用煤燃燒量。新業務得標正帶動國內鋼鐵與工業市場成長。而出口運量預期將維持穩定，受惠於礦源供給改善。

Finally, on the outlook for revenue per unit, underlying core pricing remains at or above our plan. With most of our contract renewals for the year already complete, we expect fuel and mix to be the primary drivers of RPU in the second half, as any flow-through from truck rate pricing to yield typically takes time to materialize. Overall, trends for the back half of the year remain encouraging, and we're focused on converting those opportunities into long-term growth for the railroad.

最後，關於每單位營收（RPU）的展望，核心定價動能仍維持在我們計畫水準或以上。由於今年大部分合約續約已完成，我們預期下半年RPU的主要驅動因素將是燃油與組合（mix），因卡車運價對收益率（yield）的傳導通常需要時間才會顯現。整體而言，今年下半年的趨勢仍令人鼓舞，我們專注於將這些機會轉化為鐵路業務的長期成長。

With that, I'll turn it back over to Steve.

接下來，我把時間交回給Steve。

Thank you, Maryclare. Now we'll review our updated guidance for 2026 on slide 13. Based on our results year to date and our expectations for the balance of the year, we are adjusting our 2026 outlook higher. We now expect full-year revenue growth in the mid- to high single digits, operating margin expansion of greater than 350 basis points, and free cash flow growth of greater than 80%.

謝謝你，Maryclare。現在我們將在第13頁投影片回顧更新後的2026年指引。基於截至目前的表現以及我們對今年剩餘期間的預期，我們上調2026年的展望。我們目前預期全年營收成長為中至高個位數百分比，營業利益率擴張超過350個基點，自由現金流成長超過80%。

Our outlook for capital spending remains unchanged at less than $2.4 billion. The updated outlook reflects strong volume growth, improved financial performance, and the continued focus on productivity and cost control that you've heard about in today's call. We continue to see opportunities to strengthen service execution, improve productivity, and drive long-term efficiency across the railroad. Those efforts remain central to our goal of delivering sustainable improvement over time.

我們對資本支出（capital spending）的展望維持不變，仍為低於24億美元。更新後的展望反映了強勁的運量成長、改善的財務表現，以及各位在今天電話會議中聽到的、我們對生產力與成本控管的持續聚焦。我們仍看到機會可在整個鐵路系統中強化服務執行、提升生產力並推動長期效率。這些努力仍是我們隨時間推進、交付可持續改善目標的核心。

Finally, I want to thank our railroaders for their hard work and dedication this quarter. These results were made possible by their commitment to safety, integrity, and serving our customers efficiently.

最後，我要感謝我們的鐵路同仁在本季的辛勤工作與投入。這些成果得以實現，仰賴他們對安全、誠信，以及高效率服務客戶的承諾。

Matthew will now open it up for questions.

Matthew 現在將開放提問。

Thank you, Steve. We will now proceed with the question-and-answer session. To ensure that we maximize everyone's opportunities to participate, we ask that you please limit yourselves to one and only one question. Audra, we are ready to begin.

謝謝你，Steve。我們現在將進入問答環節。為了確保我們能最大化每位與會者參與的機會，請各位將提問限制為一題且僅一題。Audra，我們準備開始。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

Stephanie Benjamin Moore, Jefferies.

Jefferies 的 Stephanie Benjamin Moore。

Great, and good afternoon. Appreciate the question. I guess maybe starting on one of the last points here in the prepared remarks about just the pricing opportunity in the back half. Understand the benefits you're seeing mix- and fuel-wise and maybe not necessarily seeing some of the truckload benefits yet. So maybe just help us understand when we would expect to maybe see some of those benefits come through as the underlying environment certainly has seemed to heat up a bit here in the last month, couple of months or so.

很好，下午好。感謝讓我提問。我想先從你們在事先準備的講稿中最後幾點之一談起，也就是關於下半年定價機會的部分。我理解你們在產品組合與燃油方面看到一些效益，但可能尚未真正看到部分卡車運輸（truckload）的效益。所以想請你們協助我們理解，考量到過去一個月、兩個月左右整體環境似乎確實升溫了一些，我們大概何時可以預期看到其中一些效益開始反映出來？

So, yeah, if we think about pricing, we said earlier this year and we reaffirm it today that we expect our same-store sales pricing to be stronger this year than it was last year. I think as I think about our Merchandise portfolio, the team recognizes the value of the service that we provide, and they're leaning in, having conversations with customers and continuing to accelerate price. I think there's a lot of obviously conversation out there in terms of the truck market. We did see truck capacity tighten, I think, particularly over the course of the last couple of months with regulatory enforcement.

是的，如果我們談到定價，我們今年稍早就說過，今天也再次確認，我們預期今年同店銷售的定價表現會比去年更強。就我們的 Merchandise（商品/一般貨運）組合而言，團隊認知到我們所提供服務的價值，他們正積極投入，與客戶進行對話並持續加速調價。我想外界對卡車市場顯然有很多討論。我認為，特別是在過去幾個月，隨著法規執法加強，我們確實看到卡車運能趨緊。

I'd say on the Intermodal side, we're near the tail end of the domestic Intermodal bid season for 2026, and I'm not going to get into 2027 at this point, but I would say we have seen pricing accelerate in our domestic spot segment, which is a smaller portion of our business, but we've also seen it on some of our recent rail asset contract renewals. The team is constantly evaluating what market conditions look like, and like I said, they recognize the importance of ensuring we're getting the value for the service we provide.

至於 Intermodal（聯運）方面，我們已接近 2026 年國內聯運標案季的尾聲；此時我不會談到 2027 年，但我會說，我們已看到國內現貨聯運（占我們業務較小的一部分）價格加速上升，同時在近期部分鐵路資產合約續約上也看到類似情況。團隊持續評估市場狀況；如我所說，他們也認知到確保我們的服務能取得相應價值的重要性。

I do think it's important on the Intermodal side to remember that not all areas of that business have the same market dynamics. For example, International, I think I've mentioned this before, is heavily concentrated, it's competitive, and it's primarily contracted and they're long-term deals. So that is not as highly correlated to the truck market as you might see on domestic.

我認為在聯運業務上也要記得，並非所有領域都具有相同的市場動態。例如國際業務，我之前提過，它高度集中、競爭激烈，而且主要是合約型、長期交易。因此，它與卡車市場的連動性，不像國內業務那麼高。

Chris Wetherbee, Wells Fargo.

Wells Fargo 的 Chris Wetherbee。

Maybe wanted to get your perspective on productivity and cost control progress from here. So obviously some really good momentum so far in these first two quarters of '26, particularly seeing it on the PS&O line. I guess as you think about the bigger picture opportunity, is this sort of just low-hanging fruit that you're capturing now? I guess you've been there a couple of quarters now and have a better sense of what maybe the bigger picture opportunity is. Wondering if maybe you can comment on what you think you can continue to generate out of the business as we maybe look into the second half and potentially beyond into '27.

想請教你們對於接下來生產力與成本控管進展的看法。很明顯在 2026 年前兩季你們已展現非常好的動能，尤其在 PS&O 這一行目上看得特別清楚。從更宏觀的機會來看，這是否只是你們目前正在摘取的「低垂果實」？你們已經執行了幾個季度，對於更大的整體機會應該也更有概念。想請你們評論一下，當我們展望下半年，甚至延伸到 2027 年，你們認為還能持續從業務中創造出多少成效？

Kevin, why don't you take that one?

Kevin，你來回答這題如何？

Yeah. I would say expenses and efficiencies are never low hanging. There's a lot of work that goes into the efforts. Obviously, coming into the year, we had a plan and we're delivering on that plan, which I'm encouraged about. And I could say we looked outward first. We're looking at all of our contractors, everything that we pay outside of the company first. And quite frankly, Mike and his team have come to the table with ideas on insourcing, and we found opportunities to insource activity and use our employees to do that work. And that's materialized in the savings as well, and we see other opportunities there.

好的。我會說，費用與效率提升從來都不是什麼「低垂果實」。這些努力背後需要投入大量工作。很明顯地，進入今年時我們有一個計畫，而我們正在按計畫交付成果，這讓我感到鼓舞。我也可以說，我們先從外部著手。我們先檢視所有承包商，以及所有我們支付給公司外部的支出。坦白說，Mike 和他的團隊提出了將部分工作內製（insourcing）的想法，我們也找到機會把一些活動內製，改由我們的員工來完成這些工作。這也實際轉化為節省，而且我們也看到其他機會。

The pipeline is robust. We're currently in the process of building out our 2027 plan and efficiencies, bringing the whole team together. We obviously have targets that we're setting for ourselves internally and goals there. I would say we're about halfway through that process and moving on probably a lot earlier than we normally would in any other year that I've seen.

我們的專案管線很充實。我們目前正在制定 2027 年的計畫與效率提升方案，把整個團隊聚在一起。我們當然也在內部為自己設定目標與方向。我會說我們大概完成了一半的流程，而且推進的時間點可能比我過去看到的任何一年都更早。

And it's really about creating the muscle. It's about creating the accountability throughout the organization, ownership, common goals. And from a finance perspective, it's about us providing the tools and the visibility for Mike and his team and others to really go out and get those costs and understand where those cost opportunities are.

而這真的在於建立這種「肌肉」。也就是在整個組織中建立問責、所有權與共同目標。從財務角度來看，我們要做的是提供工具與可視性，讓 Mike 和他的團隊以及其他人，能真正去把成本抓下來，並了解成本機會在哪裡。

So a lot of collaboration. We're excited. We're reviewing those tomorrow, again, with our status update, and more to come on that.

所以會有很多協作。我們很期待。我們明天會再一次在進度更新時檢視這些內容，後續也會有更多資訊。

Scott Group, Wolfe Research.

Wolfe Research 的 Scott Group。

I just want to follow up on the pricing question. So first question, I think you answered a lot about Intermodal pricing. I want to ask about Merchandise. We're seeing better volumes there. I'm sure they have some competition with the truck market. Do you think Merchandise price should be accelerating as well with Intermodal?

我想追問一下定價的問題。第一個問題，我想你已經回答了很多關於聯運定價的部分。我想問的是 Merchandise（商品/一般貨運）。我們看到那邊的量在改善。我確定它們也會面臨來自卡車市場的競爭。你認為 Merchandise 的價格也應該像聯運一樣加速上升嗎？

And so maybe in an aggregate basis, you said, hey, we think same-store pricing better in '26 than '25. Maybe it's too early to ask this, but would you think we see another acceleration in overall same-store price in '27?

另外，從整體角度來看，你們說，嘿，我們認為 2026 年同店定價會比 2025 年更好。也許現在問還太早，但你們是否認為 2027 年整體同店價格還會再出現一次加速？

So I would say yes. I'll reiterate, this year better than last year. I would say we're constantly looking at the markets and having discussions with customers. They want us to reinvest in the business. They understand inflation. I would tell you we have seen improvement in several markets as we've gone throughout the course of this year, but too early to get into '27 at this point.

我會說是的。我再重申一次，今年會比去年好。我會說我們持續觀察市場並與客戶討論。他們希望我們再投資於業務。他們理解通膨。我可以告訴你，隨著今年的推進，我們確實在幾個市場看到改善，但現在談 2027 年還太早。

Brian Ossenbeck, JPMorgan.

JPMorgan 的 Brian Ossenbeck。

Question for Mike. We see some of the KPIs, some of them moving in what we'd historically see as not a good direction. The trip plan, the cars, the dwell. But clearly setting records in fuel, locomotive safety, and the solid results. So just wanted to see if you can square the KPIs that we normally see maybe a little bit more mixed picture, and you still think there's some improvement with sort of the impact on the business.

給 Mike 的問題。我們看到一些 KPI，其中有些指標的變化方向，從歷史經驗來看並不是好的方向。例如行程計畫（trip plan）、車輛（cars）、停留時間（dwell）。但你們在燃油、機車安全方面又創下紀錄，而且整體結果也很穩健。所以想請教你是否能把這些我們通常看到較為分歧的 KPI 串起來解釋一下，同時你仍然認為在對業務的影響上還有一些改善空間。

Is this really affecting pricing renewals? The service looks at least a little challenged in some areas. And was this any impact from the surprise in volume growth?

這真的正在影響續約定價嗎？這項服務在某些方面看起來至少有點吃緊。而這是否也受到運量成長意外上升的影響？

Yeah, thanks for the question, Brian. And I'll turn the second piece over to Maryclare on any effect it may have. But you're correct, our service metrics aren't where we want them to be, particularly terminal dwell and trip plan performance. But the short version of that is the demand came in much stronger than we expected, and we were tighter on crews in some of our locations. The volume was up 6% across the network and higher in some individual locations, while the headcount was lower than last year.

是的，謝謝你的提問，Brian。第二部分我會請 Maryclare 說明它可能帶來的任何影響。不過你說得沒錯，我們的服務指標沒有達到我們想要的水準，特別是終端停留時間（terminal dwell）與行程計畫（trip plan）表現。但簡而言之，需求比我們預期強得多，而我們在部分地點的乘務人力更吃緊。全網運量成長 6%，在某些個別地點更高，但人員編制卻比去年更少。

But we managed through that by being safer and more efficient, and we increased our average tonnage per Merchandise train by 5%, and we improved our workforce productivity. And while we were doing that, it added pressure obviously to our service metrics, and I'd tell you that's our area of opportunity, and we're extremely focused on it. It's not a structural service issue, and certainly not to minimize the importance of it, but we're very productive, just not as fluid as we need to be. So the forward work is pretty straightforward for us.

但我們透過更安全、更有效率的方式挺過來；我們把每列貨運（Merchandise）列車的平均噸數提高了 5%，也改善了人力生產力。而在做到這些的同時，顯然也對我們的服務指標造成壓力；我會說這就是我們的改善機會，我們也非常專注在這上面。這不是結構性的服務問題；當然不是要淡化其重要性，但我們的生產力很高，只是網路流暢度還沒達到需要的程度。所以接下來要做的工作對我們而言相當直接。

A fluid network provides reliable service at the cost that we need, and this isn't really about choosing one or the other. It's about meeting our customers' needs effectively and productively. We're going to keep improving on the safety and productivity gains we earned, but our goal is to create the capacity where the demand profile requires it. So that's going to include a little modest increase in our T&E headcount to support that service product. However, we expect productivity to increase.

一個流暢的網路能以我們所需的成本提供可靠服務，而這並不是在兩者之間二選一。而是要以有效且具生產力的方式滿足客戶需求。我們會持續改善已取得的安全與生產力提升，但我們的目標是依需求型態所需來創造產能。因此，這將包括小幅、適度增加我們的 T&E（運輸與引擎）人力編制，以支援該服務產品。不過，我們預期生產力仍會提升。

And again, we're being deliberate about it. We aren't going to overcorrect and reduce the productivity the team has really worked hard to earn. We're focused on creating the consistency that our customers need and deserve. The bottom that the quarter showed that we can handle stronger volumes and do it safely and efficiently, and while we count on those two things to continuously improve, our next step is really to convert that into more consistent fluidity and service, and that's going to prepare us for productive growth.

而且再次強調，我們會審慎推進。我們不會過度修正，導致團隊辛苦爭取到的生產力被削弱。我們專注於建立客戶需要且應得的一致性。本季的結果顯示，我們能在更強的運量下安全且有效率地運作；在我們期待這兩點持續改善的同時，下一步就是把它轉化為更一致的流暢度與服務，這也將為我們的高效率成長做好準備。

So that's what we're focused on, and I see us sequentially improving our operating and service metrics, no doubt about it. But over to you, Maryclare.

所以這就是我們的重點；我相信我們的營運與服務指標會逐季改善，毫無疑問。接下來交給你，Maryclare。

Yeah, and I'd just add that the team's obviously staying very close with customers and with our operating team. Mike and I spend a lot of time together. Our teams spend a lot of time together, and we're constantly reviewing service. We're talking through if we see an area that is an opportunity, how do we work through it together, and then making sure we're staying close to the customer.

是的，我只想補充，團隊顯然一直與客戶以及我們的營運團隊保持非常緊密的聯繫。Mike 和我花很多時間一起。我們的團隊也花很多時間一起，而且我們持續檢視服務表現。如果我們看到某個領域有改善空間，我們會一起討論如何共同解決，並確保我們與客戶保持緊密互動。

Ken Hoexter, BofA Securities.

Ken Hoexter，BofA Securities。

So great job on the higher volumes, but I guess maybe just to clarify, the 350-basis-point target, that includes the gain on sale, right? So about $93 million this quarter? And then, Mike, on that point of hiring faster, do you need to hire faster given the 6% jump in carloads? I mean, isn't this the time where you need to start planning ahead for not just what may come, but if the truck market keeps tightening and we keep getting a spillover? Can you meet that with productivity, or do you need to start hiring faster given the lead time you have to start working on that?

運量提升做得很棒，但我想釐清一下：你們 350 個基點的目標包含出售收益（gain on sale），對吧？所以本季大約 9,300 萬美元？另外，Mike，關於更快招募這點，鑑於車載量（carloads）跳升 6%，你們是否需要更快招人？我的意思是，這不正是你們需要開始超前規劃的時候嗎——不只是因應可能發生的情況，而是如果卡車市場持續吃緊、我們持續看到外溢需求？你們能靠生產力來承接嗎？還是考量到你們需要的前置時間，必須開始更快招募並著手準備？

Yeah, just to clarify on the margin side, it does include obviously the results that we reported in the first half, including some of the real estate gains, as you mentioned. It wasn't $93 million in the quarter. It was much less than that in the second quarter. But in the first half of the year, it was about that amount.

是的，先釐清一下利潤率的部分：它確實包含我們上半年已揭露的結果，當然也包括你提到的一些不動產處分收益。但本季不是 9,300 萬美元。第二季的金額遠低於此。不過在上半年合計大約是那個數字。

Okay. Let me take it. This is Steve. Any kind of headcount increase is very modest. And one thing that happened, I think Mike covered it, is the summer months are where we have a lot of vacations, and those people have really come back. So it's concentrated in just a few months. And that's right at the same time that we saw that acceleration in demand, so we kind of got caught a little bit there.

好的。我來回答。我是 Steve。任何人力編制的增加都會非常有限。而且有一件事發生了，我想 Mike 已經提到：夏季月份是我們休假較多的時期，而那些人現在已經回來了。所以它集中在短短幾個月內。而那也正好與我們看到需求加速的時間重疊，因此我們在那裡有點措手不及。

But those people are back at work, and any increases we're contemplating will be very modest. It will be in good shape going forward. And in fact, as you look at our service metrics today, they're definitely improving.

但那些人已經回到工作崗位，而我們正在考量的任何增員都會非常有限。未來會處於良好狀態。事實上，從我們目前的服務指標來看，確實正在改善。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Kevin, you called out two cost line items somewhat specifically. So on labor, it feels like it's going to be roughly flattish as the incentive comp declines, but then you have the annual wage inflation. And then PS&O, I guess you insinuated that's going to be higher without the gains on sales, some of the locomotive work, et cetera. We would typically, I think, maybe expect to see the 3Q margin improving, especially when you have this type of volume acceleration, the strong start that you've had in July.

Kevin，你相當具體地點出了兩個成本科目。就人力而言，隨著獎酬性薪酬（incentive comp）下降，感覺大致會持平，但同時又有年度薪資通膨。另外 PS&O（採購、服務與其他）方面，我想你暗示在沒有出售收益、一些機車相關工作等因素下，這會更高。一般而言，我想我們可能會預期第三季利潤率改善，尤其在這種運量加速、7 月開局強勁的情況下。

Given some of those costings that you've just noted, maybe some of the hiring, fuel volatility again, would you expect to see a more seasonal trend as we go through the second half of this year? Or some of the lower-hanging fruit and heavy lifting has already been done in the first half?

考量你剛提到的部分成本、可能的一些增員、燃油再次波動，你會預期今年下半年會呈現較符合季節性的走勢嗎？還是說一些較容易摘取的果實與較重的改善工作已在上半年完成？

No, I wouldn't say that. I think we have a lot of good initiatives that we're going to continue to carry through on the PS&O side. I think you're spot on on the labor side. Incentive comp largely will offset some of the labor increases that we have starting July 1 with our union labor workforce. But otherwise, I think you'll see typically some of the same seasonality.

不，我不會這麼說。我認為在 PS&O 方面我們還有很多好的措施會持續推進。你對人力的判斷非常到位。獎酬性薪酬在很大程度上會抵消我們自 7 月 1 日起對工會勞動力調薪所帶來的一部分人力成本增加。除此之外，我認為你會看到大致相同的季節性。

I think typically you'll see third quarter maybe a little lower than the second quarter. Really, the big factor here on the margin side will be the fuel. We've seen a lot of volatility in the fuel price. Certainly, we faced the fuel lag in the second quarter of the year, and that should go away. But all bets are off on where fuel could go. We saw a pretty dramatic increase this past week.

我想通常第三季可能會比第二季略低一些。就利潤率而言，這裡最大的因素會是燃油。我們看到燃油價格波動很大。當然，我們在第二季面臨燃油滯後（fuel lag），而那應該會消失。但燃油價格可能走向何處就很難說了。我們在上週看到相當劇烈的上漲。

But all else equal, I think we'll see some benefit quarter over quarter, and that's probably going to help our margin story a little bit as well as we move from second quarter to the third quarter. So probably a little bit better than the typical seasonality when we see a little bit of deterioration from an operating income perspective from the second to the third quarter.

但在其他條件相同的情況下，我認為我們將看到一些環比的效益，而當我們從第二季走到第三季時，這也可能會在一定程度上幫助我們的利潤率敘事。因此，從營業利益的角度來看，第二季到第三季通常會出現一些惡化；但這次可能會比典型的季節性表現稍微好一些。

Thomas Wadewitz, UBS.

Thomas Wadewitz，瑞銀。

So I wanted to swing back a little bit to the pricing side. I think maybe, Maryclare, if I ask it in a way that you can kind of frame where we're at on Merchandise pricing, maybe that'll help us to think about what the upside could be. So if we think about kind of a range of Merchandise pricing you've achieved over time, I don't know if the low end 1%, the high end 5% or 6%, something like that. Obviously, if I'm off on that, please correct me.

我想稍微回到定價這一塊。我想也許，Maryclare，如果我用一種方式來問，讓你可以大致框定我們在商品（Merchandise）定價方面所處的位置，或許能幫助我們思考上行空間可能有多大。如果我們回顧你們長期以來達成的商品定價幅度區間，我不確定低端是不是 1%，高端是不是 5% 或 6%，大概像那樣。當然，如果我說得不對，請糾正我。

But where do you think you're at on the range of pricing gains in '26, just so we can have a sense of if you see some of this tighter truck market and maybe some strength in your markets, how much upside is there in pricing when you look to 2027, and in particular on the Merchandise segment?

那麼你認為在 2026 年，你們在這個定價增幅區間中大概處於什麼位置？這樣我們就能感受一下：如果卡車市場更緊、而且你們的市場可能更強，當你們展望 2027 年時，定價方面的上行空間有多大，特別是在商品（Merchandise）部門？

So we're not going to put out a number associated with pricing. But what I would tell you is the team is closely looking at it. I think in several markets, the fundamentals have changed over the course of the last several months, and so it's something that we watch closely. We have a highly skilled team on the marketing side. They understand their markets, they're constantly having conversations with customers, and we're going to make sure that we continue to price to the value of the service and make sure that as people are looking to bring more to rail, we're taking that into account.

我們不會公布一個與定價相關的具體數字。但我可以告訴你的是，團隊正在密切關注。我認為在幾個市場中，過去幾個月基本面已經發生變化，因此這是我們密切追蹤的事項。我們在行銷端有一支非常專業的團隊。他們了解各自的市場，並且持續與客戶對話；我們會確保我們持續以服務價值來定價，並確保當客戶希望把更多貨量轉到鐵路時，我們會把這點納入考量。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊。

Maryclare, maybe I can ask one of you too. It looks like your units are running up maybe 6.5% right now early in the third quarter. How can you compare that to your annual revenue guidance here? And I know you called out some headwinds in the back half, but are we just running maybe even ahead of expectations right now?

Maryclare，我也許可以問你一個問題。看起來你們的單位量在第三季初期目前大概成長 6.5%。你會如何把這個情況與你們的全年營收指引做比較？我知道你提到下半年有一些逆風，但我們現在是不是其實已經跑在甚至高於預期的水準？

I would say right now we called out a couple of areas that we're watching. So Merchandise and Intermodal improved in the second quarter. I'd say if we think about the balance of year, the tighter truck capacity does create some additional opportunities on domestic Intermodal. We've taken that into account as we think about the balance of year. And in certain areas of our Merchandise portfolio, I'd say we saw probably the strongest acceleration due to truck conversion in the Forest Products segment in Q2 versus where we were in Q1.

我會說，目前我們點出了幾個正在觀察的領域。因此，商品（Merchandise）與聯運（Intermodal）在第二季有所改善。我認為若看今年剩餘期間，更緊的卡車運能確實在國內聯運方面創造了一些額外機會。我們在思考今年剩餘期間時已將這點納入考量。而在我們的商品組合某些領域，我會說第二季相較第一季，我們可能在林產品（Forest Products）部門看到因卡車轉換而帶來最強的加速。

When I think about the future, there are two areas of Merchandise that were a little stronger in the second quarter than we anticipated that we're keeping our eye on, and I mentioned in the prepared remarks, it's Chemicals and Automotive. I'd say on the Chemicals side, with the war in Iran, we saw an uptick in plastics as people were looking to pull ahead inventories now. We're keeping a close eye on those. They could moderate as we get into the back half, and so that's an area we're keeping focus on.

當我展望未來時，商品（Merchandise）有兩個領域在第二季的表現比我們預期稍強，我們正在密切關注；我在事先準備的發言中也提到，就是化學品（Chemicals）與汽車（Automotive）。在化學品方面，因伊朗戰爭，我們看到塑膠需求上升，因為大家希望現在先把庫存拉前備貨。我們正密切關注這些情況。隨著進入下半年，這些動能可能會趨緩，因此這是我們聚焦的領域。

And then on the Automotive side, overall Automotive demand really hasn't improved. So the current outlook for North American light vehicle production is still to be down just under 2% for the year. It was a slower first quarter. It accelerated some in the second quarter, but we're watching those trends coming out of shutdown. Some inventories are high, and so we're keeping an eye on that. So that could decelerate a bit.

至於汽車方面，整體汽車需求其實並沒有改善。因此，目前對北美輕型車產量的展望仍是全年下滑、幅度略低於 2%。第一季較為疲弱。第二季有所加速，但我們正在觀察停工（shutdown）結束後的趨勢。部分庫存偏高，因此我們也在留意。所以這可能會稍微減速。

But I think as we think about the rest of the markets, there are better fundamentals we see out there now than where we saw starting out this year.

但我認為，當我們看其他市場時，我們現在看到的基本面比今年年初時要好。

Walter Spracklin, RBC Capital.

Walter Spracklin，RBC Capital。

I was going to come back to Mike on the capacity side. I know you talked a little bit about labor and hiring, but I was wondering if you're seeing pinch points from a structural standpoint, anything that might make you look a little bit harder at the CapEx. And I know you held it on this year, but when growth comes on, sometimes you find some pinch points that you didn't know were there before. Is there any evidence of that at all?

我想回到運能這一塊問 Mike。我知道你談了一些關於勞動力與招募，但我想知道你是否從結構性角度看到任何瓶頸，會讓你更仔細地重新檢視資本支出（CapEx）。我知道你今年維持不變，但當成長出現時，有時會發現一些以前不知道的瓶頸。目前有任何這方面的跡象嗎？

No, in terms of structural issues, no. We're always looking at our capacity, and actually we're working very hard to define and make better our capacity modeling. But in terms of the network itself, we showed with the volume we brought, with the exception of some locations where we were very tight on crews, we can handle it. We can handle more. So we'll continue to look at our demand profile and work hard to find out the capacity that we have and obviously insert everything we can out of it.

沒有，就結構性問題而言，沒有。我們一直在檢視我們的運能，事實上我們也非常努力在定義並改善我們的運能模型。但就網路本身而言，我們已經用我們帶進來的貨量證明了——除了少數地點我們在乘務人員（crews）上非常吃緊之外——我們可以應付。我們也能承接更多。因此，我們會持續檢視需求輪廓，並努力找出我們擁有的運能，當然也會盡可能把它的效益全部釋放出來。

But in terms of structural issues, no. We're in good shape going forward, and that's how we see it.

但就結構性問題而言，沒有。我們未來的狀況良好，我們就是這樣看待的。

Ari Rosa, Citi.

Ari Rosa，花旗。

Hi, Maryclare. I was hoping you could talk about the Intermodal opportunity, maybe staying on the idea of available capacity now that Howard Street is open. Obviously, the trucking market has tightened a lot, especially in the East, and we heard J.B. Hunt speak to that. Just talk about how you're balancing the desire to grow volume against the pricing opportunity and how much available capacity is on the network. How should we be modeling that over the next couple of quarters?

嗨，Maryclare。我希望你能談談聯運（Intermodal）的機會，或許可以延續「可用運能」這個概念，因為現在 Howard Street 已經開通。顯然卡車市場收緊很多，尤其在東部，我們也聽到 J.B. Hunt 提到這點。請談談你們如何在「希望擴大貨量」與「定價機會」之間取得平衡，以及網路上到底還有多少可用運能。未來幾季我們應該如何建模？

So I'd say when we think about domestic Intermodal this year and longer term, we see opportunity out there. We talked about that. Go back to even a couple of years ago when we talked publicly about where we saw domestic Intermodal. There's a good amount of traffic that moves over the highway that is suitable for Intermodal conversion. Certainly, we're coming out of what was a pretty soft truck market at the time pretty significantly over the course of the last several months, and we're having a lot of conversations with customers.

我會說，當我們思考今年以及更長期的國內聯運（domestic Intermodal）時，我們看到市場上存在機會。我們也談過這點。甚至回到幾年前，我們公開談到我們如何看待國內聯運時，公路上有相當多的貨流其實適合轉換為聯運。當然，相較當時相當疲弱的卡車市場，過去幾個月已經明顯收緊，而我們也正在與客戶進行大量對話。

I'd tell you the investments we've made in our infrastructure have allowed us to capitalize on opportunities probably pretty quickly over the course of the last few months. I'm closely watching as the team goes out there and sells against Howard Street Tunnel and the new connectivity that we've put in place, what that looks like on a weekly basis. We've talked about over the last couple of calls some of the new services that we've put in place, including the partnership with CPKC on SMX.

我想告訴你的是，我們在基礎設施上的投資，使我們能在過去幾個月相當快速地把握機會。我也在密切觀察團隊在對外銷售 Howard Street 隧道以及我們建立的新連通性時，每週的表現如何。在過去幾次電話會議中，我們談到一些新推出的服務，包括與 CPKC 在 SMX 上的合作夥伴關係。

And when I look at SMX and Howard Street Tunnel over the course of the last few weeks, really over the course of the last couple of months, we've seen growth week over week in both of those areas. And then as I look at the last couple of weeks, it's adding a couple of points, I would say, in terms of domestic Intermodal growth. And so we see additional opportunity there.

而當我回顧過去幾週、其實是過去幾個月的 SMX 與 Howard Street Tunnel（霍華德街隧道）時，我們看到這兩個領域都呈現逐週成長。接著看最近幾週，我會說在國內聯運（Intermodal）成長方面又增加了幾個百分點。因此我們在那裡看到更多的機會。

Howard Street is still pretty early for our customers, and it was later in the bid cycle when that was unlocked this year. So as we go into the back end of this year and we go into next year, we see additional opportunity. I think as we think about -- I know pricing is a hot topic today. As we think a bout that and going forward, we're constantly watching the market, evaluating the market. Not everything comes up at the same time.

對我們的客戶而言，Howard Street 仍然算是相當早期，而且今年是在投標週期較後段才解鎖。因此當我們進入今年下半年並邁入明年時，我們看到更多的機會。我想在我們思考——我知道今天定價是個熱門話題。當我們思考這件事以及往後走時，我們會持續觀察市場、評估市場。並不是所有事情都會在同一時間到期或浮現。

I talked earlier about the bid season associated with domestic Intermodal, and that comes into play. In terms of capacity, it's a constant conversation with Mike and his team. I would say as I think about our Intermodal trains, they're out there running today. There's capacity on many of our trains. And so it gives us the ability to bring on business pretty quickly within that area and still be able to support it from a reliability and consistency perspective for our customers.

我先前談到與國內聯運相關的投標季，這會在此發揮作用。就運能而言，這是我與 Mike 及其團隊持續在討論的議題。我會說，當我看我們的聯運列車，它們今天都在外面運行。我們許多列車仍有運能。因此這讓我們能在該領域相當快速地承接業務，同時仍能從可靠性與一致性的角度為客戶提供支援。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

So I just wanted to discuss more about customer feedback. The value proposition for Intermodal is pretty clear, but more broadly, I guess how are customers feeling? What's driving them to CSX? Does it feel very company-specific? You've optimized your product portfolio, you're exposed to specific projects, or does it feel like there's true macro uplift here?

我想更深入討論一下客戶回饋。聯運的價值主張相當清楚，但更廣泛來看，我想問客戶整體感受如何？是什麼驅動他們選擇 CSX？這是否很偏向公司自身因素？例如你們已優化產品組合、你們曝險於特定專案，或是這裡確實存在真正的總體環境上行（macro uplift）？

And then I just wanted to clarify that there's no fear around broad-based pull forward. Maryclare, I think you gave a lot on plastics and auto, but wanted to confirm you don't feel like there was broader pull forward out there given the high-level data we see from the ports. And then along those lines, maybe also comment on the competitive environment and how that's affecting your ability to optimize demand in this environment.

另外我也想釐清，對於廣泛性的提前拉貨（pull forward）並沒有疑慮。Maryclare，我想你在塑膠與汽車方面已提供很多資訊，但我想確認，鑑於我們從港口看到的高層級數據，你們不覺得外面存在更廣泛的提前拉貨。同時也請你談談競爭環境，以及這如何影響你們在此環境下優化需求的能力。

Yeah, so I'll try to remember all of that. Maybe starting on the Intermodal side, like I said, I think there's good opportunity for Intermodal conversion. We have a wholesale channel of sale. We work with our channel partners. We have lots of conversations with them.

好的，我會盡量把這些都記住。也許先從聯運談起，如我所說，我認為聯運轉換（Intermodal conversion）有不錯的機會。我們有批發通路的銷售模式。我們與通路夥伴合作。我們與他們有很多對話。

We also have a BCO National Accounts team that talks directly with shippers, and so we're constantly working with them, evaluating what they're moving over the road, looking at their truckload profiles, and advising them on what are the best lanes that are suitable for Intermodal conversion.

我們也有 BCO（貨主）全國客戶團隊，直接與託運人溝通，因此我們持續與他們合作，評估他們目前走公路在運什麼、檢視其整車（truckload）運輸輪廓，並就哪些最佳路線適合轉為聯運提供建議。

And so we do continue to see opportunities there, and with a tighter truck market, the value proposition that Intermodal provides, I think, is really strong, and it will be an area of opportunity as we proceed through this year into next. When I think about the broader markets, I mentioned a couple in terms of Automotive and plastics. What I would say is, talking maybe a little bit about Forest Products, that's an area coming into this year where we saw the biggest headwinds.

因此我們確實持續看到那裡的機會；在卡車市場更緊俏的情況下，聯運所提供的價值主張我認為非常強，並且在我們今年往明年推進的過程中，將會是一個機會領域。當我思考更廣泛的市場時，我提到幾個，例如汽車與塑膠。我想再談一下林產品（Forest Products），那是今年一開始我們看到逆風最大的領域。

I wouldn't say that the demand has necessarily strengthened, but the supply really has. And so we do continue to see opportunities within that area, as we think about tighter truck capacity out there. And then we've said many times this year about several of the other areas of the business more tied to infrastructure. So think about Metals going into data centers, infrastructure investment, your plate, your rebar. We continue to see strength there and expect that to maintain, and same with the Minerals perspective.

我不會說需求一定變強了，但供給確實改善很多。因此當我們考量外部卡車運能更緊時，我們仍持續在那個領域看到機會。另外我們今年也多次提到，業務中有幾個領域與基礎建設更為相關。例如金屬用於資料中心、基礎建設投資，包括鋼板（plate）、鋼筋（rebar）。我們持續看到那裡的強勁表現並預期會維持，同樣地，從礦產（Minerals）的角度也是如此。

So a lot of funding with IIJA, a lot of investment continuing in that area, and so we don't see a material change in that going forward. We're positive about that.

因此在《基礎建設投資與就業法》（IIJA）之下有大量資金投入，該領域也持續有許多投資，所以我們不認為未來會出現實質性的變化。我們對此持正面看法。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

Steve and team, good job on the quarter. Maryclare, I wanted to talk a little bit more about two things you brought up. Number one, you mentioned sort of your spot Intermodal business. Maybe you can remind us the percent of the total that is. And also, you referenced your SMX advantage business with CPKC. Just curious what the longer-term opportunity is with that.

Steve 和團隊，本季表現不錯。Maryclare，我想再多談你提到的兩件事。第一，你提到你們的即期（spot）聯運業務。也許你可以提醒我們，這占總量的百分比是多少。另外，你也提到與 CPKC 的 SMX 優勢業務。我想了解那項業務的長期機會是什麼。

And especially given that we saw the FMCSA eliminate thousands of individual carriers overnight earlier this year that violated cabotage, I was wondering if you're getting a lot of questions from maybe new people that might want to ship cross-border Intermodal from Mexico.

尤其考量到我們看到今年稍早 FMCSA 一夜之間取消了數千家違反沿岸运輸（cabotage）規定的個別承運人資格，我想知道你們是否收到很多來自新客戶的詢問，他們可能想從墨西哥進行跨境聯運運輸。

Yeah, on the spot piece, I'd say that it's a very small portion of our business. So it's a small element of our domestic Intermodal side, but it's an area that we've seen acceleration recently. In terms of SMX and CPKC, I mentioned we've continued growth. We saw good volumes as we started the program a little over a year ago.

是的，關於即期那一塊，我會說它在我們業務中占比非常小。所以它是我們國內聯運的一個小部分，但這是我們最近看到加速的領域。至於 SMX 與 CPKC，我提到我們持續成長。在我們於一年多前啟動該計畫時，我們看到不錯的運量。

We've been very happy as we come into this year with the acceleration that we've seen already. And like I said, similar to Howard Street Tunnel, it's something that is building upon itself, and we're seeing growth week in and week out. We think as we've improved the service in recent months and we've added additional lanes of service to SMX, as we get into the back half of this year and start into next year's bid season, we're going to continue to see additional growth in that area.

我們對今年以來已看到的加速成長感到非常滿意。而且如我所說，類似 Howard Street Tunnel，這是一個會自我累積、持續堆疊的項目，我們看到每週都在成長。我們認為，隨著近幾個月我們改善服務並為 SMX 增加更多服務路線，當我們進入今年下半年並開始明年的投標季時，我們將持續在該領域看到更多成長。

Harrison Bauer, Susquehanna.

Harrison Bauer，Susquehanna。

(technical difficulty) earlier comments you provided on Merchandise RPU ex fuel. I was curious if you can offer what Intermodal RPU ex fuel was, or said another way, what your renewals, particularly in the domestic business, were like.

（技術問題）你先前對商品運輸（Merchandise）RPU（每單位收入）扣除燃油的評論。我想請問你是否能提供聯運 RPU 扣除燃油的數字，或者換句話說，你們的續約情況——特別是國內業務——大概如何。

And then maybe taking a step back off of that, if truckload sees two strong bid seasons of over double-digit renewals, what's the ultimate opportunity for pricing within your domestic Intermodal business without sacrificing maybe some of that opportunity for truckload conversion?

另外也許退一步來看，如果整車運輸（truckload）連續兩個強勁的投標季都出現超過兩位數的續約漲幅，那麼在不犧牲部分整車轉聯運機會的前提下，你們國內聯運業務在定價方面的最終機會有多大？

Yeah, I think I mentioned that fuel was a big driver on Intermodal RPU in this past quarter. I would say as we think about the future, I mean, the truck market has just recently tightened. And so when we think about our bid season, it's not different than what you hear from some of the other large trucking companies out there, ones that reported recently and ones that will report. The bid season kicks off towards the end of the year, and we start seeing pricing then, and it's coming up to the tail end of it right now.

是的，我想我提過燃油是本季聯運 RPU 的一個重要驅動因素。我會說，當我們思考未來時，卡車市場其實是最近才開始收緊。因此當我們思考投標季時，情況與你從其他大型卡車公司聽到的並沒有不同——包括最近已公布財報的，以及即將公布的。投標季在年底前後啟動，我們那時開始看到定價，而目前正接近尾聲。

And so I would say the market dynamics have shifted as we've been in bid season for domestic Intermodal this year. As we think about the future, there's some business we can reprice each year. There's some that is in multi-year agreements that have specific things tied to it. And so we're going to lean in, as I've mentioned, but I think that's about as far as we're going to go at this point on domestic Intermodal pricing.

因此我會說，隨著我們今年進入國內聯運（Intermodal）的投標季，市場動態已經發生了轉變。展望未來，有些業務我們每年都可以重新定價。也有一些是在多年期協議之下，並且綁定了特定條款。因此我們會如我先前提到的那樣加大投入，但就國內聯運定價而言，我認為目前我們大概就會做到這個程度。

David Vernon, Bernstein.

David Vernon，Bernstein。

So Kevin, I wanted to get your sense for how you're feeling about the operating leverage on the incremental business that's coming, and there's a lot of sort of stuff that you guys have done this year, which is commendable job around headcount reductions and expense reductions, but when I think about the freight revenue growth in relation to the profit growth, ex some of those one-time items, maybe the incrementals aren't so great. I'm just wondering how you're feeling about the leverage you're getting on the new business and how much of the $54 million in efficiency gains is really volume-driven versus more cost takeout-driven.

所以 Kevin，我想了解你對即將到來的增量業務之營運槓桿的感受。你們今年做了很多事情，像是人力縮減與費用削減，表現值得肯定；但當我把貨運營收成長與利潤成長（扣除一些一次性項目）放在一起看時，增量表現可能沒那麼好。我想問的是，你對新業務帶來的槓桿效益感覺如何？以及 5,400 萬美元的效率提升中，有多少真的是由量的成長所驅動， versus 更多是由成本削減所驅動？

Yeah, I mean, when I do the math, quite frankly, the incremental margins were very, very strong when you ex fuel for your overall expenses to be down 2% and the growth that we achieved in the quarter. That's the incremental margin I'm quite pleased with if you do that math. So as we move forward, this is a model that has a lot of fixed costs, and as we bring volume on, it's got to be profitable, and it supports obviously our reinvestments in our railroad, we expect to generate powerful incremental margins.

是的，我的意思是，坦白說，當我做數學計算時，如果把燃油因素排除在外，在你們整體費用下降 2% 且本季達成的成長之下，增量利潤率其實非常、非常強。如果你這樣算，那就是我相當滿意的增量利潤率。因此往前看，這是一個固定成本占比很高的模式；當我們把運量帶進來時，它必須是有利可圖的，並且顯然也支撐我們對鐵路的再投資；我們預期能產生強勁的增量利潤率。

And so I think you did see that in the second quarter if you do the math and look at the fuel impact that occurred. And moving forward, obviously that net fuel impact will be less going forward, so it won't be quite the headwind as we saw in the second quarter. But I see line of sight to strong, powerful incremental margins.

所以我認為，如果你做一下計算並看第二季發生的燃油影響，你確實看到了這一點。而往前看，顯然淨燃油影響會減少，因此不會像第二季那樣形成那麼大的逆風。但我看得到通往強勁、強大增量利潤率的清晰路徑。

It's a cost discipline. Obviously, as we take on the volume, not all volume is created equal, to your point, so we're looking for volume that supports our reinvestments, and returns on invested capital is a real focus for this team.

這是成本紀律。顯然，當我們承接運量時，正如你所說，不是所有運量都一樣，因此我們會尋找能支撐我們再投資的運量；而投資資本報酬率（ROIC）是這個團隊真正的重點。

And we do have one more question, and that comes from Bascome Majors at Stephens.

我們還有最後一個問題，來自 Stephens 的 Bascome Majors。

Steve, I'd be curious on your perspective as an outsider, now 10 months into being an insider at the railroad, relative to what you were thinking when you came in and accepted this role. Where do you still think there is a lot of opportunity to do things differently in the old economy, established industry? And where maybe have you sort of given up where there's too much friction or just processes that are too ingrained to really change?

Steve，我想聽聽你作為外部人士、如今在鐵路公司內部待了 10 個月後的觀點，與你當初進來並接受這個職位時的想法相比如何。在這個舊經濟、成熟產業中，你仍然認為在哪些方面有很大的機會可以用不同方式來做事？又有哪些地方你可能已經放棄了，因為摩擦太大，或流程根深蒂固到幾乎不可能真正改變？

Well, I would say as a 10-month veteran, I'm encouraged about the progress we've made and really what we have ahead of us. And I always think of it in terms of there's opportunity to improve everything, and I've always found that to be true. In operations, I think it's probably a never-ending endeavor to continue to improve operations. And Mike Cory is a 40-year veteran. He knows all about it, and I'm always amazed how much he knows about the railroads and how to operate the railroads. And there's always going to be opportunities to improve that. And we talked about that a little bit today, some of the things we're doing to improve.

嗯，我會說，作為一名 10 個月的「老兵」，我對我們已取得的進展以及未來要做的事情感到鼓舞。我一直都用「每件事都有改善空間」的角度來看，而我也一直發現這是真的。在營運方面，我認為持續改善營運可能是一項永無止境的工作。而 Mike Cory 是一位有 40 年資歷的老將。他對此瞭若指掌，我總是驚訝於他對鐵路以及如何營運鐵路的了解之深。而這方面永遠都會有改善的機會。我們今天也稍微談到一些我們正在做、用來改善的事情。

Pricing, Maryclare had to answer about 18 pricing questions today. But I really think that's a muscle we're building. I think we get better every day at that, building price management capabilities. She's all over it. This is an area where AI can really do some good with good price analytical tools, so we can get a little better at that.

定價方面，Maryclare 今天得回答大概 18 個定價問題。但我真的認為這是一塊我們正在鍛鍊的肌肉。我覺得我們每天都在變得更好，持續建立價格管理能力。她全力投入。這也是 AI 能夠透過良好的價格分析工具真正發揮作用的領域，讓我們在這方面做得更好一些。

I always think about pricing in terms of making sure that we understand the value we're providing the customer. What is the value we're providing? What is their next best alternative? Are we earning good returns? Do we have the capacity to serve? And all that goes into those decisions, and you make those decisions surgically. It's not a blanket, we're going to do X% price across this segment of the market.

我一直用「定價要確保我們理解自己為客戶提供的價值」來思考。我們提供的價值是什麼？他們下一個最佳替代方案是什麼？我們是否賺取了良好的報酬？我們是否有能力提供服務？這些都會納入決策之中，而你會以外科手術般精準的方式做出這些決策。這不是一刀切地對市場某個區隔全面調漲 X%。

Those are all surgical decisions, and of course we want profitable business. We want good returns on capital, as Kevin said, and continue to reinvest in the business. I think on the productivity side, Kevin talked a lot about that. Mike did too, to some degree. And I think there's a lot of opportunity on the productivity side. I think obviously the team responded great so far this year.

這些都是精準的決策，當然我們希望是有利可圖的業務。正如 Kevin 所說，我們希望有良好的資本報酬，並持續再投資於業務。在生產力方面，我認為 Kevin 談了很多。Mike 也在某種程度上談到了。而我認為在生產力方面有很大的機會。我想顯然團隊今年到目前為止的反應非常好。

But as we look at -- we're talking -- working on '27, we'll be talking about benefits that will carry forward to '28. So it's really all about building that productivity muscle, and I think that's an opportunity for improvement. But all businesses, great businesses, have opportunities for improvement, and we're no different than anyone else.

但當我們展望——我們正在談、正在做 2027 年的規劃時，我們也會談到能延續到 2028 年的效益。所以這真的就是在建立那個生產力的肌肉，而我認為這是一個可以改善的機會。但所有企業、優秀的企業，都有改善的機會，我們也不例外。

And this concludes today's question-and-answer session and conference call. Thank you for your participation. You may now disconnect.

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