Norfolk Southern Corp (NSC) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Norfolk Southern Corporation fourth quarter 2025 earnings conference call. (Operator Instructions) Also note that this call is being recorded on Thursday, January 29, 2026.

女士們、先生們，早安，歡迎參加諾福克南方鐵路公司2025年第四季財報電話會議。（操作員指示）另請注意，本次通話將於 2026 年 1 月 29 日星期四進行錄音。

I would now like to turn the conference over to Luke Nichols, Senior Director, Investor Relations. Please go ahead.

現在我將把會議交給投資者關係高級總監盧克·尼科爾斯。請繼續。

Good morning, everyone. Please note that during today's call, we will make certain forward-looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future performance of Norfolk Southern Corporation, which are subject to risks and uncertainties and may differ materially from actual results.

各位早安。請注意，在今天的電話會議中，我們將根據 1995 年《私人證券訴訟改革法案》的安全港條款做出某些前瞻性聲明。這些聲明涉及諾福克南方公司的未來事件或未來業績，存在風險和不確定性，可能與實際結果有重大差異。

Please refer to our annual and quarterly reports filed with the SEC for a full discussion of those risks and uncertainties we view as most important. Our presentation slides are available at norfolksouthern.com in the Investors section, along with a reconciliation of any non-GAAP measures used today to the comparable GAAP measures, including adjusted or non-GAAP operating ratio. Please note that all references to our prospective operating ratio during today's call are being provided on an adjusted basis.

有關我們認為最重要的風險和不確定性的全面討論，請參閱我們向美國證券交易委員會提交的年度和季度報告。我們的簡報可在 norfolksouthern.com 的「投資者」部分找到，其中還包含今天使用的任何非 GAAP 指標與可比較 GAAP 指標的調整表，包括調整後的或非 GAAP 營業比率。請注意，今天電話會議中所有提及的預期營運比率均已進行調整。

Turning to Slide 3. I'll now turn the call over to Norfolk Southern's, President and Chief Executive Officer, Mark George.

翻到第三張幻燈片。現在我將把電話交給諾福克南方鐵路公司總裁兼執行長馬克喬治。

Good morning, and thanks for joining. With me today are John Orr, our Chief Operating Officer; Ed Elkins, our Chief Commercial Officer; and Jason Zampi, our Chief Financial Officer.

早安，感謝各位的參與。今天陪同我的有：營運長約翰·奧爾；首席商務官艾德·艾爾金斯；以及財務長傑森·贊皮。

Before we get into the numbers, I want to recognize our Thoroughbred team. 2025 was a demanding year in every sense, and our people have met it with resilience, focus and commitment. They kept serving customers, improving our railroad, and they did it while tuning out the noise and concentrating on what matters most.

在深入探討具體數據之前，我想特別稱讚我們的純種馬團隊。 2025年是充滿挑戰的一年，我們的團隊成員以堅韌不拔的精神、專注的態度和高度的敬業精神應對了所有挑戰。他們始終為顧客服務，不斷改進我們的鐵路，並且屏蔽外界幹擾，專注於最重要的事情。

Look, Q4 played out in an environment where volume was clearly softer than anyone had predicted. But even so, we controlled the controllables. Costs landed exactly in line with the guidance we provided last quarter, reflecting disciplined execution across the company. And while there's been heavy external attention around the merger, I'm really proud that the team maintained its focus on the business, prioritizing safety, dependable service and strong cost control.

你看，第四季的交易量明顯低於任何人的預期。但即便如此，我們還是控制了可控因素。成本完全符合我們上季提供的預期，這反映了公司各部門的嚴格執行。雖然此次合併受到了外界的廣泛關注，但我真的為團隊能夠始終專注於業務，並優先考慮安全、可靠的服務和嚴格的成本控製而感到自豪。

Now looking back at the full year, 2025 was dizzying. It started with a challenging winter followed by persistent tariff uncertainty and then competitive dynamics tied to the announced merger. In the back half, the macro softened further and freight flows shifted. But through it all, our operating foundation held.

現在回過頭來看2025年，真是令人眼花撩亂。先是經歷了一個充滿挑戰的冬季，隨後是持續的關稅不確定性，然後是與已宣布的合併相關的競爭動態。下半年，宏觀經濟進一步走軟，貨運流向也發生了變化。但即便如此，我們的營運基礎依然穩固。

Safety, our most important work, continued to advance and service was consistent and reliable. We expanded our digital train inspection program, so now more than three-fourth of our traffic each month is scanned by portal technology. We had 0 reportable mainline derailments in the fourth quarter. Let me repeat that, 0 reportable mainline derailments in the quarter.

安全是我們最重要的工作，我們不斷進步，服務始終如一、可靠。我們擴大了數位化列車檢查計劃，現在每月超過四分之三的列車流量都透過門戶技術進行掃描。第四季我們沒有發生任何需要報告的主線脫軌事故。我再說一遍，本季沒有發生任何需要回報的幹線脫軌事故。

Our investments in our one-of-a-kind digital inspection technology, our enhanced processes as well as investments we've made in our people are collectively paying dividends. John will share more detail, but based on current data, 2025 stands as our best year in more than a decade when it comes to train accident rates. That progress comes from better technology tools, rigorous standards and a culture that treats safety as a value, not a statistic.

我們在獨一無二的數位檢測技術、改進的流程以及對員工的投資，正在共同帶來回報。約翰會分享更多細節，但根據目前的數據，就火車事故率而言，2025 年是我們十多年來最好的一年。這項進步源自於更先進的技術工具、更嚴格的標準以及將安全視為價值觀而非統計數據的文化。

A year ago, I spoke about our desire to adopt a total quality management mindset at the railroad. And in our results, we are now seeing evidence of what we call total quality railroading. On cost and productivity, we did what we said we would do. And in several areas, we did better. We moved 3% more GTMs in 2025 with 4% fewer employees.

一年前，我曾談到我們希望在鐵路部門採用全面品質管理理念。我們的研究結果顯示，現在出現了我們所說的全面品質鐵路運輸的證據。在成本和生產力方面，我們做到了我們承諾的事情。在一些方面，我們做得更好。到 2025 年，我們用減少 4% 的員工實現了 3% 的 GTM 成長。

That's 7% productivity. Our network is humming. And in 2025, we delivered steady efficiency gains with improved fluidity, asset utilization and day-to-day execution that our customers can feel. These aren't one-off wins, but they're the product of sustained discipline and a team that knows how to execute.

那相當於7%的生產效率提升。我們的網路運作正常。到 2025 年，我們實現了效率的穩定提升，提高了營運流暢性、資產利用率和日常執行力，客戶可以真切感受到這些提升。這些勝利並非偶然，而是持續自律和團隊執行力的成果。

With that, I'll turn it over to the rest of our leadership team to walk through the quarter in more detail. John, let's start with you.

接下來，我將把工作交給其他領導團隊成員，讓他們更詳細地解釋本季的工作狀況。約翰，我們先從你開始。

Good morning, and thanks, Mark. I want to repeat Mark's opening comments, recognizing the outstanding railroaders across all of Norfolk Southern. Today, I will highlight their resilience, discipline and committed leadership that produced the transformational results that I'll share with you today. 2025 was a defining year for operations.

早安，謝謝你，馬克。我想重複馬克開場白，表彰諾福克南方鐵路公司所有傑出的鐵路員工。今天，我將重點放在他們的韌性、自律和卓越的領導力，而正是這些特質帶來了變革性的成果，我今天將與大家分享。 2025年是營運的關鍵一年。

We strengthened the core of the franchise, delivered measurable improvements in safety and service and advanced the structural changes required under PSR 2.0 to build a more resilient and efficient railroad. Despite macroeconomic volatility, weather-related disruptions and the operational transitions required by the zero-based plan, the team executed with discipline and intention.

我們加強了特許經營的核心，在安全性和服務方面取得了可衡量的改進，並推進了 PSR 2.0 下所需的結構性變革，以建設一個更具韌性和效率的鐵路。儘管宏觀經濟波動、天氣相關幹擾以及零基計畫要求的營運轉型，團隊仍以嚴謹的態度和明確的目標執行了任務。

The progress achieved in 2025 reflects the maturing operational culture, one grounded in accountability, transparency and intentional leadership and positioned us to enter 2026 with stronger fundamentals, improved cost discipline and a more reliable network for our customers.

2025 年取得的進展反映了日益成熟的營運文化，以問責制、透明度和有意識的領導為基礎，使我們能夠以更強大的基本面、更嚴格的成本控制和更可靠的網路進入 2026 年，從而更好地服務我們的客戶。

Turning to Slide 5, safety as an operating system. In 2025, we closed the year with exceptional safety performance. As we enter '26, operations strategy is clear a relentless commitment to our core value of safety, a relentless focus on service and decisive actions to operate with cost discipline, positioning Norfolk Southern to compete and win. The data points on the slide represent a structurally safer, more resilient railroad poised to deliver consistent and reliable performance.

翻到第 5 張投影片，安全就像一個作業系統。2025年，我們以卓越的安全表現為這一年畫上了圓滿的句號。進入 2026 年，營運策略很明確：堅持不懈地致力於安全這一核心價值觀，堅持不懈地專注於服務，並採取果斷行動以成本控制為導向，使諾福克南方鐵路公司能夠在競爭中脫穎而出，贏得勝利。幻燈片上的數據點代表著一個結構更安全、更具韌性的鐵路，能夠提供持續可靠的性能。

Our FRA reportable injury ratio improved 15% to 1.0 and reportable accidents improved 31% to 2.19, reflecting meaningful sustained progress that underscores the effectiveness of our transformation. We closed the year with a capstone and tremendous momentum, delivering a quarter with 0 reportable mainline derailments, finishing the year with an industry-leading 0.43 ratio.

我們的 FRA 可報告傷害率提高了 15%，達到 1.0；可報告事故率提高了 31%，達到 2.19，這反映了有意義的持續進步，凸顯了我們轉型工作的有效性。我們以一個里程碑式的成就和強勁的勢頭結束了這一年，實現了主線脫軌事故為零的季度報告，並以行業領先的 0.43 比率結束了這一年。

For the quarter, our mainline accident rate dropped to 0.13, a 71% improvement year-over-year. Taken together, these results are balanced and intentional. We are developing generational railroaders through the Thoroughbred Academy, placing people in the right roles with the right workload and reinforcing organizational clarity. Top work authority is respected and safety accountability is synchronized at every level.

本季度，我們的幹線事故率降至 0.13，年減 71%。綜合來看，這些結果是平衡且有意為之的。我們正在透過「純種馬學院」培養一代又一代的鐵路人才，將合適的人安排在合適的崗位上，承擔合適的工作量，並加強組織清晰度。最高工作權威受到尊重，安全責任在各層級保持一致。

Turning to Slide 6, disciplined scheduled operations. Our PSR 2.0 transformation has been rapid, multidimensional and disciplined. It is an operating model designed to simultaneously deliver safety, service and productivity. In 2025, we focused on delivering high-quality service and reducing costs in response to variability.

請看第 6 張投影片，有條不紊的計畫操作。我們的 PSR 2.0 轉型是快速的、多維度的和有條不紊的。它是一種旨在同時提供安全、服務和生產力的營運模式。2025年，我們專注於提供高品質的服務並降低成本以應對各種變化。

One of our most effective productivity levers was train operations, increasing train size while lowering the horsepower used to move those trains. Throughout this effort, we were intentional about protecting service performance and keeping the network operating at a low-cost structure. This strategy delivered meaningful results. Train load increased 4%. Horsepower per ton decreased nearly 10% fuel efficiency improved 4% and GTMs per crew start rose 2.5%.

我們提高生產力最有效的手段之一是列車運營，即增加列車尺寸，同時降低驅動這些列車所需的馬力。在此過程中，我們始終致力於保護服務效能，並保持網路以低成本結構運作。這項策略取得了顯著成效。列車載重增加了4%。每噸馬力下降了近 10%，燃油效率提高了 4%，每組人員啟動的 GTM 增加了 2.5%。

War rooms have matured into a core competency, improving over-the-road performance and tackling complex mechanical and need for speed challenges. Year-over-year, unscheduled stops declined 31% and through zero-based plan migrations, Q4 '24 versus Q4 '25, we reduced qualified T&E headcount by 7% and 6% for the full year.

作戰室已發展成為一項核心競爭力，提高了公路運輸性能，並應對了複雜的機械和速度需求方面的挑戰。與去年同期相比，非計畫停留減少了 31%，透過零基計畫調整，2024 年第四季與 2025 年第四季相比，我們全年合格差旅費用人員減少了 7% 和 6%。

Let's go to the ballast line for a minute. Our new wheel integrity system introduced just last quarter has already proven its value, pinpointing a critical external vendor casting flaw on a wheel set that had been in service for less than a week. The new system internally developed by NS, coupled with our relentless root cause investigation with stakeholders, confirmed there were seven additional brand-new wheel sets across North America with the same manufacturing defect. Our findings and the collective actions of stakeholders led to an immediate industry wide recall of these defects across North America.

我們先去看看壓載線。我們上個季度推出的全新車輪完整性系統已經證明了其價值，它精準地定位了一套投入使用不到一周的車輪組上的一個關鍵的外部供應商鑄造缺陷。NS 內部開發的新系統，加上我們與利害關係人不懈的根本原因調查，證實北美地區還有七套全新的輪組存在同樣的製造缺陷。我們的調查結果以及利害關係人的集體行動，促使北美地區立即對這些缺陷產品進行了全行業範圍的召回。

This is a powerful example of how Norfolk Southern's advanced digital capabilities help us solve real problems with scale, speed and accountability. From an infrastructure point of view, mega work blocks continue to elevate productivity. In 2025, we delivered our $2.2 billion capital programs on time and on budget.

這是諾福克南方鐵路公司先進的數位化能力如何幫助我們大規模、快速、負責地解決實際問題的有力例證。從基礎設施的角度來看，大型工程模組持續提升生產力。2025年，我們按時按預算完成了22億美元的資本項目。

Network reliability derived from our PSR 2.0 flywheel has allowed us to reduce our 2026 capital envelope by a further 14%, bringing our 2026 capital budget down to approximately $1.9 billion, delivering a two-year $450 million planned capital reduction while supporting a safe and reliable network ready for future growth.

由於 PSR 2.0 飛輪帶來的網路可靠性，我們得以將 2026 年的資本支出再減少 14%，使 2026 年的資本預算降至約 19 億美元，實現了兩年內 4.5 億美元的計劃資本削減，同時支持安全可靠的網絡，為未來的增長做好準備。

Turning to Slide 7, continuous measurable improvement. Our team delivered a clear and compelling result. Even after raising our cost takeout commitment to $200 million during the year, we outperformed that higher target, delivering $216 million in full year savings. As we have said before, our team is never satisfied.

請看第 7 張投影片，持續可衡量的改進。我們的團隊取得了清晰且令人信服的成果。即使我們將年度成本削減目標提高到 2 億美元，我們仍然超額完成了這個更高的目標，全年節省了 2.16 億美元。正如我們之前所說，我們的團隊永不滿足。

As you can see in the chart, we exceeded our 2025 cost takeout targets, and we are once again raising our 2026 cost takeout savings commitment from $100 million to $150 million, bringing our three-year cumulative total cost takeout to approximately $650 million. This underscores the strength of our PSR 2.0 transformation and our committed leadership to deliver.

從圖表中可以看出，我們超額完成了 2025 年的成本削減目標，並且我們再次將 2026 年的成本削減節約承諾從 1 億美元提高到 1.5 億美元，使我們三年累計的總成本削減額達到約 6.5 億美元。這凸顯了我們PSR 2.0轉型計畫的強大實力以及我們領導階層為實現目標所做的堅定承諾。

Turning to 2026. We are intensifying efforts to lower dwell for both cars and locomotives. We will apply our new zero-based terminal methodology to terminals with outsized consumption of core resources and assets. By challenging and strengthening processes, our ZBT will instill factory management mindset, empowering terminal teams to operate their yards like small businesses.

展望2026年。我們正在加大力度，降低汽車和機車的停留時間。我們將對核心資源和資產消耗過大的碼頭應用我們新的零基碼頭管理方法。透過挑戰和加強流程，我們的 ZBT 將灌輸工廠管理思維，使碼頭團隊能夠像經營小型企業一樣運作他們的場地。

Supporting this shift are our clarity camps, which will equip frontline supervisors to think like owners, understanding how their decisions influence cost, how they drive profitability and how to do so while maintaining industry-leading safety performance. They will gain a deeper appreciation for the cost of every asset and help build a bottom-up culture of disciplined cost control.

為了支持這一轉變，我們舉辦了清晰思維訓練營，旨在幫助一線主管像主人翁一樣思考，了解他們的決策如何影響成本、如何提高盈利能力，以及如何在保持行業領先的安全績效的同時做到這一點。他們將更深刻地認識到每項資產的成本，並有助於建立自下而上、嚴格的成本控製文化。

I'm proud of how our team performed in 2025. They embraced change, delivered results and strengthened the foundation of this railroad. We have talent. We have 19,000 railroaders who deliver safety with intention, where discipline drives performance, where accountability builds trust and where culture fuels pride. Our people are propelling our PSR 2.0 transformation, shift by shift, mile by mile with intention and clarity.

我為我們團隊在2025年的表現感到自豪。他們擁抱變革，取得了成果，並鞏固了這條鐵路的基礎。我們有人才。我們有 19,000 名鐵路員工，他們以安全為重，紀律驅動績效，責任建立信任，文化激發自豪感。我們的員工正以清晰的目標和明確的方向，一步一腳印、一英里一英里地推動 PSR 2.0 的轉型。

Now I will pass the mic to Ed.

現在我把麥克風交給艾德。

Thanks, John. Let's move to Slide 9. Overall, this quarter presented challenges for both volume and for revenue. As you can see on the slide, merchandise led the way, although our success was tempered by challenging market conditions within Intermodal, along with persistently weak export coal markets.

謝謝你，約翰。我們來看第9張投影片。總體而言，本季銷售和收入都面臨挑戰。正如您在幻燈片中看到的，商品運輸業務佔據了主導地位，儘管多式聯運市場環境充滿挑戰，以及煤炭出口市場持續疲軟，削弱了我們的成功。

Overall volume for the fourth quarter was down 4%, driving a 2% reduction in total revenue. The volume impacts were partially offset by positive mix with RPU increasing 2% year-over-year. Now within merchandise, volume increased 1% from a year ago, driven by auto and our chemicals markets.

第四季整體銷售量下降 4%，導致總營收下降 2%。銷售下滑的影響被正面的產品組合部分抵消，RPU較去年同期成長2%。商品銷量較上年同期成長 1%，主要得益於汽車和化學市場的推動。

Merchandise revenue less fuel grew 2% year-over-year, reflecting strength in both volume and price, supported by our strong service product that John mentioned. RPU less fuel grew 1% year-over-year within the segment as negative mix offset core pricing, most notably mix within the chemicals franchise.

商品收入（不含燃料）年增 2%，反映出銷售量和價格的強勁成長，這得益於約翰提到的我們強大的服務產品。由於負面產品組合抵消了核心定價，尤其是化學品產品組合的負面影響，該細分市場的 RPU（不含燃料）比去年同期成長了 1%。

In our Intermodal business, shifting market conditions during the quarter drove a 7% decline in volume. RPU was up slightly at 1% as we continue to compete in an unexceptional pricing environment, leading to a 6% decline in revenue.

在我們的多式聯運業務中，本季市場環境的變化導致貨運量下降了 7%。由於我們繼續在非同尋常的定價環境下競爭，RPU 略微上升了 1%，導致收入下降了 6%。

Let's look at coal. Volume was up as increased electricity demand, favorable natural gas prices and regulatory support gave strength to our utility markets, which was partially offset by reduced volume in export. So while volume was up 1%, revenue was down 11% as lower seaborne coal prices drove RPU less fuel down by 12%.

我們來看看煤炭。電力需求增加、天然氣價格有利以及監管支持推動了公用事業市場的發展，因此交易量有所上升，但出口量減少部分抵消了這一增長。因此，儘管銷量增加了 1%，但收入下降了 11%，因為海運煤炭價格下降導致 RPU（每單位可回收燃料）下降了 12%。

If you'll turn with me now to Slide 10, let's review the full year. Walking left to right on the waterfall chart, we achieved an outstanding year in our merchandise business, growing revenue less fuel by $287 million or 4% through volume growth and pricing discipline. To underscore the strength, we delivered record annual revenue and record revenue, excluding fuel across each of the underlying merchandise business groups for the full year 2025.

請翻到第 10 張投影片，讓我們回顧一下全年的情況。從瀑布圖的左向右看，我們的商品業務取得了卓越的一年，透過銷售成長和定價策略，扣除燃油成本後的收入成長了 2.87 億美元，增幅達 4%。為了凸顯這一優勢，我們實現了 2025 年全年各基礎商品業務集團的年度收入和不包括燃料在內的收入均創歷史新高。

Now I want to drill into this one just a bit. We delivered a record year for our automotive franchise, setting a record for total revenue and revenue less fuel. And this performance was enabled by strong train performance and car order fill, thanks to our operations group as well as focused efforts by our customer logistics group to reduce on terminal dwell.

現在我想更深入地探討一下這個問題。我們的汽車特許經營業務取得了創紀錄的一年，總收入和扣除燃油費用後的收入均創下歷史新高。而這項業績的取得，得益於我們營運團隊的出色列車運行和車輛訂單的順利完成，以及客戶物流團隊為減少終端停留時間所做的專注努力。

The key result of these combined efforts was a 4% year-over-year improvement in equipment cycle times and substantially greater terminal fluidity, allowing us to take advantage of the favorable market conditions and deliver the record revenues that I just noted. A really nice job by everyone involved and our customers took note, gaining confidence in our service throughout the year.

這些共同努力的關鍵成果是設備週轉時間年增 4%，碼頭流動性大幅提高，使我們能夠利用有利的市場條件，實現我剛才提到的創紀錄的收入。所有參與人員都做得非常出色，我們的客戶也注意到了這一點，並在這一年中不斷增強了對我們服務的信心。

Back to the numbers. Intermodal revenue finished flat as we weathered trade volatility throughout the year and second half share losses due to merger-related competitor activity. Seaborne coal market weakness throughout the year drove a $108 million year-over-year decline even as utility coal volumes increased in 2025.

回到數字本身。由於全年貿易波動以及下半年因競爭對手併購活動而導致的市場份額損失，多式聯運收入最終持平。儘管公用事業煤炭運輸量在 2025 年有所增加，但由於全年海運煤炭市場疲軟，導致同比下降了 1.08 億美元。

Finally, volatile fuel surcharge revenue represented $134 million of drag for the year. These factors combined to produce a modest increase to overall volume and revenue. Moving to Slide 11, we have our market outlook. Like last quarter, we continue to navigate an uncertain economic environment. For our merchandise markets, we expect a mixed outlook for vehicle production due to affordability challenges and the fading EV incentives.

最後，波動較大的燃油附加費收入導致全年虧損 1.34 億美元。這些因素共同作用，使得整體銷售和收入略有成長。接下來是第 11 張投影片，我們來看看市場展望。與上個季度一樣，我們繼續應對充滿不確定性的經濟環境。對於我們的商品市場而言，由於價格承受能力方面的挑戰以及電動車激勵措施的逐漸消失，我們預計汽車生產的前景喜憂參半。

Overall manufacturing activity remains mixed with output forecast to expand modestly amid ongoing economic uncertainty. Elevated natural gas fracking and drilling activity in the Marcellus Utica is contributing to stronger demand across non-crude chemical energy sectors, driving increased engagement and business development with both new and existing customers.

整體製造業活動依然喜憂參半，在持續的經濟不確定性下，預計產出將小幅成長。馬塞勒斯-尤蒂卡頁岩氣頁岩氣開採和鑽探活動的增加，帶動了非原油化學能源領域的需求成長，推動了與新舊客戶的互動和業務發展。

Looking to our intermodal markets, import volumes are expected to remain soft due to continued tariff volatility and evolving trade pressures. Warehousing capacity is increasing as companies deplete inventory backlogs and truck capacity remains oversupplied.

展望我們的多式聯運市場，由於關稅持續波動和貿易壓力不斷變化，預計進口量將保持疲軟。隨著企業逐步消除庫存積壓，倉儲能力不斷提升，卡車運力仍過剩。

All these factors, plus an enhanced competitive environment in response to our merger announcement shape our restrained view for intermodal. Seaborne coal prices have remained pressured with significant uncertainty surrounding export trade, but we expect that utility demand to remain elevated due to continued strong demand for electricity generation in our service area, along with supportive natural gas pricing. All right.

所有這些因素，加上我們宣布合併後競爭環境的加劇，共同塑造了我們對多式聯運的謹慎態度。由於出口貿易存在很大的不確定性，海運煤炭價格持續承壓，但我們預計，由於我們服務區域內電力生產需求持續強勁，以及天然氣價格走強，公用事業需求將保持在高位。好的。

Let's quickly turn to Slide 12, while we're on the topic of coal. We're proud to be partners with Warrior Met Coal in servicing their new Blue Creek facility in Alabama. Back in 2024, we noted that the mine was in development, and we're equally proud now to have attended the formal ribbon-cutting ceremony earlier this month.

既然我們談到了煤炭，那就讓我們快速翻到第 12 張投影片吧。我們很榮幸能與 Warrior Met Coal 合作，為其位於阿拉巴馬州的新 Blue Creek 工廠提供服務。早在 2024 年，我們就注意到礦場正在開發中，現在我們同樣感到自豪的是，我們參加了本月初舉行的正式剪綵儀式。

As the mining operations, the belts and the rail loadout are now fully operational, we are pleased to be ramping up rail service and delivering high-quality metallurgical coal to markets around the world. As always, we want to thank all of our customers for their continued partnership and their business. The entire NS team is aligned around delivering the service that our customers need every day, building trust as a vital partner in their supply chains.

隨著採礦作業、傳送帶和鐵路裝載設施的全面投入運營，我們很高興能夠擴大鐵路運輸服務，並將優質冶金煤運往世界各地的市場。一如既往，我們要感謝所有客戶的持續合作與支持。整個 NS 團隊齊心協力，致力於提供客戶每天所需的服務，努力成為他們供應鏈中至關重要的合作夥伴，並以此贏得客戶的信任。

And with that, I'll hand it over to Jason to review our financial results.

接下來，我將把工作交給傑森，讓他來審核我們的財務表現。

Thanks, Ed. I'll start with a reconciliation of our GAAP results to the adjusted numbers that I will speak to today on Slide 14. Total costs attributable to the Eastern Ohio incident were $29 million, which included $24 million of recoveries under our property insurance policies. In addition, we recorded $65 million in merger-related costs consisting primarily of legal and professional services and employee retention accruals. Adjusting for these items, the operating ratio for the quarter was 65.3%. And from an EPS perspective, we earned $3.22 per share.

謝謝，埃德。我先來比較一下我們的GAAP結果和今天我將在第14張投影片中講解的調整後資料。俄亥俄州東部事件造成的總成本為 2,900 萬美元，其中包括根據我們的財產保險單獲得的 2,400 萬美元賠償。此外，我們記錄了 6,500 萬美元的併購相關成本，主要包括法律和專業服務費用以及員工留任準備金。剔除這些項目後，該季度的營業比率為 65.3%。從每股盈餘 (EPS) 的角度來看，我們每股獲利 3.22 美元。

Moving to Slide 15. You'll find the comparison of our adjusted results versus last year and last quarter. Both comparisons reflecting a degradation in the operating ratio due to the top line headwinds as Ed just discussed. The drivers of the revenue decline are similar to what we discussed last quarter. And additionally, as we previously guided, we absorbed a full quarter's worth of impact from competitor responses to the merger in the fourth quarter.

切換到第15張投影片。您可以看到我們調整後的業績與去年同期和上一季的比較情況。正如 Ed 剛才討論的那樣，這兩項比較都反映出由於營收逆風導致營運比率下降。導致營收下降的原因與我們上個季度討論的原因類似。此外，正如我們之前所預測的那樣，我們在第四季度承受了競爭對手對合併的反應所帶來的整整一個季​​度的影響。

Expenses were favorable by 1% in both periods, primarily due to one large land sale in the quarter that benefited operating expenses by $85 million. Those year-over-year expense variances are laid out on Slide 16. Overall, we had guided to quarterly expenses of $2 billion to $2.1 billion, and absent the large land sale that we weren't counting on closing in the quarter, we were right within that range.

兩個時期的支出均比去年同期增加了 1%，主要原因是季度內一筆大額土地出售，使營運支出減少了 8,500 萬美元。這些年比費用差異列於第 16 頁。總體而言，我們預計季度支出為 20 億至 21 億美元，如果排除本季無法完成的大筆土地出售，我們的實際支出就在這個範圍內。

Notably, inflationary pressures we've experienced throughout 2025 in wages, materials and depreciation continued to be headwinds in the quarter. That, coupled with timing of certain expense activity, drove increases primarily within purchase services and materials. Nonetheless, we continue to focus on the controllables, delivering significant improvements in fuel efficiency and continued strong labor productivity.

值得注意的是，2025 年全年薪資、材料和折舊方面的通膨壓力在本季持續構成不利因素。這種情況，再加上某些支出活動的時機，主要導致採購服務和材料的支出增加。儘管如此，我們仍繼續專注於可控因素，在提高燃油效率和維持強勁的勞動生產力方面取得了顯著進展。

Lastly, I'd point out we did have some recoveries in the quarter associated with storm damage incurred throughout the year. All in, while there were some puts and takes in the quarter, we are pleased with how our team handled a dynamic environment.

最後，我想指出，本季我們確實收回了一些與全年風暴造成的損失相關的款項。總而言之，雖然本季經歷了一些起伏，但我們對團隊在動態環境中的應對方式感到滿意。

Turning to full year results on Slide 17. You'll note favorable performance across all metrics compared to last year. However, not in the way we originally intended. A year ago, we were projecting 3% revenue growth, which didn't materialize, but we did control the controllables.

接下來請看第 17 頁投影片，了解全年業績。你會注意到，與去年相比，所有指標都表現良好。然而，事情的發展並非我們最初設想的那樣。一年前，我們預期營收成長 3%，但這目標並未實現，不過我們確實控制了可控因素。

We had good cost discipline and exceeded our original productivity targets, as John just discussed, by over $65 million. In addition, while the timing of large land sales are hard to predict, the actions we took to monetize these underutilized assets during the third and fourth quarters helped to mitigate the operating income shortfall from the weak macro.

正如約翰剛才所說，我們嚴格控製成本，並超額完成了最初的生產力目標，超出了 6500 多萬美元。此外，雖然大宗土地出售的時機難以預測，但我們在第三季和第四季採取的將這些未充分利用的資產貨幣化的措施，有助於緩解疲軟的宏觀經濟帶來的營業收入缺口。

The fourth quarter and full year also benefited from the resolution of a state tax issue, which increased net income and EPS by $50 million and $0.22, respectively. Overall, the bottom line grew by 5% compared to last year.

第四季和全年也受惠於州稅問題的解決，淨收入和每股盈餘分別增加了 5,000 萬美元和 0.22 美元。總體而言，淨利潤比去年增長了 5%。

Finally, moving to cash flow on Slide 18. We generated $2.2 billion in free cash flow, an increase of almost $500 million over the prior year. In addition, our free cash flow conversion was very strong with the highest conversion rate since 2021. As we had guided to, we spent $2.2 billion on our capital plan, a 7.5% decrease from 2024. Going forward, we are planning for a $1.9 billion CapEx spend in 2026 with continued focus on the safety and resiliency of our network.

最後，我們來看第 18 頁的現金流量部分。我們產生了 22 億美元的自由現金流，比前一年增加了近 5 億美元。此外，我們的自由現金流轉換率非常高，達到了 2021 年以來的最高水準。正如我們之前所指導的那樣，我們在資本計劃上花費了 22 億美元，比 2024 年減少了 7.5%。展望未來，我們計劃在 2026 年投入 19 億美元的資本支出，並繼續關注我們網路的安全性和韌性。

I'll hand it back to Mark to wrap it up.

我把它交還給馬克，讓他收尾。

Okay. Thanks, Jason. Before we wrap up, I want to leave you with a clear view of how we are approaching the road ahead. With the amount of change and uncertainty around us, given the demand environment and of course, the pending merger, we are keeping our team focused on simple priorities for 2026. We will prioritize safety.

好的。謝謝你，傑森。在結束之前，我想讓大家清楚地了解我們將如何應對未來的道路。鑑於我們周圍存在著許多變化和不確定性，考慮到市場需求環境以及即將到來的合併，我們將使我們的團隊專注於 2026 年的簡單優先事項。我們將安全放在首位。

We've got to keep our employees and our communities safe. We must continue to deliver consistent and reliable service, and we will control costs by driving productivity across the network, all while we fight for every dollar of quality revenue that is available.

我們必須保障員工和社區的安全。我們必須繼續提供穩定可靠的服務，並透過提高整個網路的生產力來控製成本，同時為每一分可獲得的優質收入而奮鬥。

While we are seeing long-awaited stabilization in truck pricing, the impacts of shifting tariff policies remain uncertain, and many customers continue to adjust to fluid conditions. But the macro backdrop remains hard to read, but we are staying sharply focused on the fundamentals. For the year ahead, we expect our cost base to be in the range of $8.2 billion to $8.4 billion with an ability to accommodate a variety of volume growth scenarios within this cost envelope.

雖然我們看到卡車價格出現了期待已久的穩定，但不斷變化的關稅政策的影響仍然不確定，許多客戶仍在適應不斷變化的市場環境。但宏觀經濟情勢依然難以預測，我們將始終密切關注基本面。展望未來一年，我們預計成本基數將在 82 億美元至 84 億美元之間，並且能夠在該成本範圍內適應各種銷售成長情況。

We are also reducing capital spending by nearly $300 million to $1.9 billion, reflecting a prudent approach in this environment while still supporting the reliability and safety of the network. Now let me close with a brief update on the merger. As you heard from Jim on Tuesday, we are working closely with UP to include the additional information requested by the STB and submit an augmented application, taking the necessary time to ensure that it's thorough.

我們同時將資本支出削減了近 3 億美元，降至 19 億美元，這體現了在當前環境下審慎的做法，同時仍能保障網路的可靠性和安全性。最後，我簡單報告合併的最新進展。正如吉姆週二向您透露的那樣，我們正在與UP密切合作，將STB要求的補充資訊納入其中，並提交一份補充申請，我們將花必要的時間來確保申請的全面性和完整性。

We remain committed to working constructively with all stakeholders throughout the regulatory review. We continue to firmly believe in the benefits of creating the nation's first transcon rail network, one that connects the United States from East to West and gives shippers a more competitive single-line rail option to ship across and within the watershed.

我們將繼續致力於在整個監管審查過程中與所有利益相關者進行建設性合作。我們仍然堅信，創建美國第一條橫貫大陸的鐵路網將帶來許多益處，這條鐵路網連接美國東西海岸，為托運人提供更具競爭力的單線鐵路運輸選擇，以便跨越流域並在流域內進行運輸。

Growth has alluded the US rails, and I strongly believe that this merger is a necessary catalyst to grow, helping us recapture freight from the highway while supporting the reindustrialization of our country and strengthening our supply chains while offering better opportunities for employees across a unified network. We will have a more efficient, flexible and reliable railroad, providing single-line access to more than 100 ports connecting to global markets and 10 gateways to markets in Canada and Mexico.

美國鐵路一直未能實現成長，我堅信此次合併是實現成長的必要催化劑，它將幫助我們從公路運輸中奪回貨運份額，同時支持我國的再工業化，加強我們的供應鏈，並為統一網絡中的員工提供更好的機會。我們將擁有更有效率、更靈活、更可靠的鐵路，提供一條線路連接全球市場的 100 多個港口，以及通往加拿大和墨西哥市場的 10 個門戶。

So to wrap, as we move into 2026, the priorities for our team are clear focus on the preservation of safety, protect the excellent service that our customers count on, maintain tight control of our cost structure and compete hard for quality revenue. That's how we will continue delivering value both as Norfolk Southern today and as part of a stronger future transcontinental network. So thanks for your time and your continued confidence in our team.

綜上所述，展望 2026 年，我們團隊的優先事項是：明確關注安全保障，保護客戶所依賴的優質服務，嚴格控製成本結構，並努力爭取高品質的收入。這就是我們繼續為諾福克南方鐵路公司創造價值的方式，也是我們未來作為更強大的跨大陸鐵路網絡的一部分所做的貢獻。感謝您抽出時間，也感謝您一直以來對我們團隊的信任。

We'll open it up to questions.

我們將開放提問環節。

(Operator Instructions)

（操作說明）

Tom Wadewitz, UBS.

瑞銀集團的湯姆·瓦德維茨。

Yeah, good morning. I wanted to ask you a bit about the -- how you're thinking about volume. You gave us the expense guide. I just want to see if you could kind of point us to an area for volume and revenue? And also, I guess, within that, how are you thinking about, I guess, the strategy on volume? Obviously, you took a bit of a hit from the shift in some of the J.B. Hunt business over to CSX.

早安.我想問你一些關於——你如何看待銷量的問題。您給了我們費用指南。我只是想請您指出一下銷售和收入方面需要關注的領域？另外，我想問的是，在這樣的背景下，您是如何考慮成交量策略的？顯然，由於 J.B. Hunt 的部分業務轉移到了 CSX，你們受到了一些衝擊。

I'm just wondering -- and it's a weak overall freight backdrop, right? So I'm wondering, do you get more aggressive in your focus on growing volume or those efforts? Or do you kind of say, look, we'll just kind of deliver good service, and we'll see what the market does kind of take what the market brings to us thank you.

我只是在想——而且目前整體貨運市場環境疲軟，對吧？所以我想知道，你會更積極地專注於提高銷售還是其他方面的努力？或者你會說，我們只要提供優質服務，看看市場會如何發展，接受市場帶給我們的東西，謝謝。

Hey, Tom, thanks a lot for the question. And look, like I mentioned, it's a tough demand environment out there. It's actually pretty hard to predict. As we go into 2026, just you have to understand, we're also swallowing about 1 point of revenue headwind from the enhanced competition that already exists out there and some of the losses that we've had because of that new competitive environment.

嘿，湯姆，非常感謝你的提問。正如我之前提到的，現在的市場需求環境非常嚴峻。實際上很難預測。進入 2026 年，你必須明白，由於市場競爭加劇，我們也面臨著大約 1 個百分點的收入逆風，以及由於新的競爭環境而造成的一些損失。

We feel really good coming off of '25 based on our performance in merchandise, where we grew healthy, and we also took share. Obviously, intermodal was the battleground for us where we faced some real challenges.

2025 年，我們在商品銷售方面取得了良好的業績，實現了穩健成長，並且還擴大了市場份額，我們對此感到非常滿意。顯然，多式聯運是我們面臨真正挑戰的戰場。

So it's a little bit hard to say, and I'll hand it to Ed to give you his perspective. But right now, we're really focused on just maintaining our cost within the guidance range that we gave you, where we can accommodate a variety of different volume scenarios. And so we can handle growth up to several points. And frankly, whatever revenue we get, it's going to come with really strong incrementals because we've got the capacity. But Ed, why don't you build on that?

所以這個問題有點難說，我還是讓艾德來談談他的看法吧。但目前，我們真正關注的是將成本控制在我們給予的指導範圍內，以便能夠適應各種不同的銷售情況。因此，我們可以應對幾倍的成長。坦白說，無論我們獲得多少收入，都將是強勁的成長，因為我們有足夠的產能。但是艾德，你為什麼不以此為基礎繼續發展呢？

Sure. And thank you, Tom, for the question. Look, we know what we have to do in '26. We got a great record on safety right now, and our service is where we want it to be, and that's what our customers have really come to depend on. And so we're going to fight for revenue for every dollar, both in terms of share as well as pricing. And frankly, I expect to continue the momentum that we've had in merchandise, particularly around our price model.

當然。謝謝你的提問，湯姆。瞧，我們知道2026年我們要做什麼。我們目前在安全方面取得了很好的記錄，我們的服務也達到了我們想要的水平，而這正是我們的客戶真正依賴的。因此，我們將為每一分錢的收入而戰，無論是在市場份額還是定價方面。坦白說，我希望我們能繼續保持目前在商品銷售方面的成長勢頭，尤其是在價格模式方面。

Now that's going to be offset probably by intermodal, which still looks sluggish when you think about all the trucks that are still out there on the highway and the enhanced competition that Mark mentioned. And frankly, we don't see a lot of support from coal going forward, at least in the near term in terms of price.

現在這種情況可能會被多式聯運所抵消，但考慮到高速公路上仍然有很多卡車，以及馬克提到的日益激烈的競爭，多式聯運的發展仍然顯得緩慢。坦白說，我們預計煤炭產業未來不會有太大的支撐，至少在短期內，價格方面不會有太大變化。

So '25 is a volatile year and November and December, in particular, we really had a loss of momentum across the industry, I would argue, in terms of volume and demand. So it's really hard to predict where '26 is going to land. But again, as Mark said, we know we got a 1% headwind to start with. And we think softness is probably going to continue in the first half at least. We're going to wait and see what happens, but we are ready.

所以 2025 年是一個動盪的年份，尤其是 11 月和 12 月，我認為整個產業在銷售和需求方面都失去了動力。所以真的很難預測「26」會落在哪裡。但正如馬克所說，我們知道一開始就面臨 1% 的逆風。我們認為，至少在上半年，這種疲軟的局面可能會持續下去。我們會靜觀其變，但我們已經做好準備。

Thanks, Tom.

謝謝你，湯姆。

Brandon Oglenski, Barclays

巴克萊銀行的布蘭登‧奧格倫斯基

Hi, good morning, and thanks for taking the question, Mark, maybe you want to reply to some of your competitors because we had a call last night where maybe the view was that this merger really doesn't enhance rail-to-rail competition, maybe customers aren't really asking for it. So maybe you want to provide a little bit of insight from your perspective?

嗨，早上好，馬克，謝謝你回答這個問題。也許你想回覆一下你的一些競爭對手，因為我們昨晚開了一個電話會議，會上有人認為這次合併實際上並沒有加強鐵路之間的競爭，也許客戶並沒有真正要求這樣做。所以，或許你想從你的角度提供一些見解？

Sure, Brandon. Look, the railroads came out -- competing railroads came out pretty early on opposed to this before we even filed an application, okay? Before we could even lay out the case, there was a little bit of a panicked reaction. And let's face it, they're all taking positions that they believe will benefit their own business.

當然可以，布蘭登。你看，鐵路公司——競爭對手鐵路公司——很早就站出來反對這件事了，甚至在我們提交申請之前就反對了，好嗎？在我們還來不及陳述案情之前，對方就有些驚慌失措了。說穿了，他們都在採取自己認為有利於自身業務的立場。

I understand it. But it's not really -- however it's couched, it's not really positions that are based on customer interests or benefiting the industry. I feel when you look at it, there's a lot of misinformation out there. There's a lot of scare tactics that are out there, and those are being circulated by the other railroads, and we're addressing those. But when it comes to prices, as an example, those are based on market principles, not simply the elimination of arbitrary geographic barriers that exist like the Mississippi River.

我明白了。但事實並非如此——無論它如何包裝，它實際上並不是基於客戶利益或有利於行業的立場。我覺得仔細看看，會發現有很多錯誤訊息。市面上有許多恐嚇宣傳，其他鐵路公司也在散佈這些宣傳，我們正在應對這些問題。但就價格而言，例如，價格是基於市場原則，而不是簡單地消除像密西西比河這樣任意存在的地理障礙。

Remember, the customers aren't losing options. BNSF, they're still competing in the West with the combined railroad. CSX is still competing in the East against the combined railroad. They all say alliances work just as well as a merger. But then they've -- so they've quickly joined up with each other in various alliances and they took business from us.

請記住，顧客並沒有失去選擇權。BNSF仍在西部與聯合鐵路公司競爭。CSX仍在東部與聯合鐵路公司展開競爭。他們都說結盟和合併一樣有效。但後來，他們迅速結成各種聯盟，搶走了我們的生意。

It's enhancing competition, no doubt about it. So their arguments are deeply inconsistent. Ultimately, they know that to compete with seamless single-line service, they've got to compete harder, including likely lowering their prices. And that's what customers should be excited about. And frankly, that's what scares the other railroads.

毫無疑問，這會加劇競爭。所以他們的論點有嚴重矛盾。最終，他們明白，要與無縫單線服務競爭，就必須更努力競爭，包括可能降低價格。而這正是顧客該感到興奮的地方。坦白說，這才是其他鐵路公司真正害怕的地方。

And that's why you hear such a backlash about this merger. I would argue we're on the side of mobility here because we're giving customers more options than they have today. And the customers I speak with, they know it. The really, they're rolling their eyes at a lot of the noise that they're hearing from the others.

這就是為什麼你會聽到對這筆合併案如此強烈的反對聲。我認為我們站在出行發展的一邊，因為我們為客戶提供了比現在更多的選擇。我接觸過的客戶都知道這一點。事實上，他們對其他人發出的許多噪音感到不屑一顧。

They actually want deeper access into the watershed via rail to new and unserved markets or underserved markets. So they can move the freight onto the railroad from the costlier highway solutions. So that's basically it from my perspective, full stop thanks, Brandon.

他們實際上希望透過鐵路更深入地進入流域，​​開拓新的、尚未開發的或服務不足的市場。這樣他們就可以將貨物運輸從成本較高的公路轉移到鐵路。所以從我的角度來看，基本上就是這樣，就此打住，謝謝你，布蘭登。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

Thank you, operator, Mark and team, good morning. Sticking on the sort of the competitive nature, do you guys still think that there's going to be a little bit of bleed of freight to some of that competitive environment that exists in the marketplace as we move throughout the year and sort of what steps are you taking to sort of stem the tide? And then maybe as a quick follow-up, the $300 million reduction in CapEx, can you talk about where it comes from? Thanks.

謝謝接線員、馬克和團隊，早安。說到競爭的本質，你們是否仍然認為，隨著一年中的推進，市場競爭環境會造成一些貨運量流失？你們正在採取哪些措施來遏止這種趨勢？那麼，能否快速補充一下，關於削減 3 億美元的資本支出，您能談談這筆錢的來源嗎？謝謝。

Sure. Yes. I mean, more bleeding, I would say we've got to lap the impact of what happened in the September time frame. And as we lap that, we're looking at, like I said, a full point of headwind. Could there be more? Well, I mean, like I mentioned, we are in a new enhanced competitive environment. And we're fighting back.

當然。是的。我的意思是，如果出血量更大，我認為我們必須消化九月發生的事情的影響。正如我所說，當我們繞圈時，我們將面臨一個百分點的逆風。還會有更多嗎？嗯，我的意思是，就像我剛才提到的，我們正處於一個競爭更加激烈的環境中。我們正在反擊。

We've offered new services. And will the other railroads compete harder? Probably. But right now, what we've got line of sight to is about 1% of revenue headwind. But I've kind of told the team, we're going to fight like hell for quality revenue here. So we want to go get attractive carloads, and we want to try to optimize our revenue line as best as we can. We're not sitting back and take body blows. So we're going to fight like hell. And we're, like I said, offering new products at the same time.

我們推出了新的服務。其他鐵路公司會加大競爭力嗎？大概。但就目前來看，我們預計會面臨約 1% 的收入逆風。但我已經跟團隊說過，我們要盡全力爭取高品質的收入。所以我們希望獲得有吸引力的貨運量，並盡最大努力優化我們的收入。我們不會坐以待斃，任由別人重擊。所以我們要拼死一搏。正如我所說，我們同時也在推出新產品。

So Ed, do you want to add on to that a little bit?

艾德，你想再補充一點嗎？

Yeah, not much to add. You think about products like our new Louisville service in conjunction with UP as well as what we just announced up in Air Massachusetts, which will enhance the competitive landscape in New England. That's just two examples of what we're doing to fight back. There's more in the pipeline, and we'll have those out as soon as we're ready.

是的，沒什麼要補充的了。您可以考慮像我們與 UP 合作推出的路易斯維爾新服務，以及我們剛剛宣布的馬薩諸塞州航空服務，這將增強新英格蘭地區的競爭格局。這只是我們反擊行動中的兩個例子。我們還有更多項目正在籌備中，一旦準備就緒，就會立即推出。

Frankly, Mark hit it, of what we know, it's about a point of headwind. Customers, as Mark said, they're going to choose the options that make the most sense for them economically, and that's what we're focused on.

坦白說，馬克擊中了目標，據我們所知，這大約是一個百分點的逆風。正如馬克所說，顧客會選擇對他們來說最經濟實惠的方案，而這正是我們所關注的。

Jason, do you want to talk about CapEx?

傑森，你想談談資本支出嗎？

Yeah, So Jason, thanks for the question. I think just to be clear, our capital spending, as it's always been and as we will continue to as we move forward is really focused on the safety and resilience of our network that I talked about. We've also done a lot of work over the last couple of years to build the foundation for growth. You've heard us talk about that in strategic areas like the 3B down in Alabama to support the Warrior Coal partnership as an example. So we're now benefiting from a lot of those investments.

是的，傑森，謝謝你的提問。我想明確一點，我們的資本支出，正如我們一直以來所做的那樣，並且我們將繼續朝著這個方向努力，真正專注於我剛才提到的我們網路的安全性和韌性。過去幾年，我們也做了很多工作來為發展奠定基礎。你們可能已經聽我們談過，在一些戰略區域，例如阿拉巴馬州的 3B 地區，我們為了支持 Warrior Coal 的合作而進行投資。所以我們現在正從這些投資中受益。

Specific to the reduction in capital that you've seen not only over the last year, but our projection for 2026, it's really the result of asset efficiency and the gains we've made from a network fluidity perspective. It's really allowed us to pull back on some of the equipment spending as we're turning our assets more quickly.

具體來說，您不僅在過去一年中看到了資本的減少，而且我們對 2026 年的預測也是如此，這實際上是資產效率和我們從網路流暢性角度取得的收益的結果。由於我們的資產週轉速度加快，這確實讓我們能夠減少一些設備支出。

John, I think maybe some color on locomotives and the capacity that we've created.

約翰，我覺得或許可以為機車和我們所創造的運力加點色彩。

Yeah, . Jason, I couldn't say it any better than you did. It starts with our productivity. We're sweating every asset, creating accountability for the consumption of our resources. And the value we've generated over the last, call it, two years is really paying dividends in that.

是的，。傑森，你說的已經很好了，我完全同意。一切都始於我們的生產力。我們正在充分利用每一項資源，確保資源消耗的責任落實。而我們在過去兩年創造的價值，現在確實帶來了回報。

So we're able to protect all of the core investments to make to harden the network from an engineering perspective, harden and modernize our technology structure and then take some reinvestments in our growth and our capacity so that we're able to grow, be poised for growth for Ed without having to do those capacity projects.

因此，我們能夠保護所有核心投資，從工程角度加強網絡，強化和現代化我們的技術結構，然後對我們的成長和能力進行一些再投資，以便我們能夠發展，為 Ed 的成長做好準備，而無需進行那些能力建設專案。

And as we've committed to, as always, as our business pipeline comes to fruition, we'll make those smart, strategic and very tactical investments from a capital perspective very, very specifically. So we have a no-regrets approach to things, and we're going to sweat every asset.

正如我們一直以來所承諾的那樣，隨著我們的業務發展計劃逐步實現，我們將從資本角度出發，非常具體地進行明智的、戰略性的和戰術性的投資。所以我們採取的是無悔策略，我們會充分利用每項資產。

All right, thank you.

好的，謝謝。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Yeah, hey, thanks. Good morning, guys. I was hoping maybe you could unpack the OpEx guidance, maybe help us walk from, I guess, the roughly $8 billion in 2025 to where you see it going in 2026. And I know it's difficult to predict the top line from a volume perspective given the macro and competitive forces.

是啊，謝謝。各位早安。我希望您能解讀一下營運支出指導，幫我們從（我猜）2025 年大約 80 億美元到您預測的 2026 年的水平。我知道，考慮到宏觀經濟和競爭情勢，從銷售角度預測營收成長是很難的。

But I guess, do you see a path to year-over-year earnings growth? I guess the OpEx number gives us a little bit of context of what the potential earnings power of the business could be. I'm just kind of curious how you think about year-over-year earnings growth in that context.

但我想問，您認為公司有實現年均獲利成長的途徑嗎？我想營運支出數據可以讓我們大致了解企業的潛在獲利能力。我只是有點好奇，在這種背景下，您是如何看待同比盈利增長的。

Jason?

傑森？

Yeah, Let me start with the OpEx side. So when I look at this, Chris, I'd really put the expense drivers into 3 buckets. So first, we've got some outsized inflation. You think about, I think, the latest CPI forecast I saw was about 2.6%, 2.7%.

好的，我先從營運成本方面說起。所以，克里斯，我看了一下，我會把支出驅動因素歸類為 3 個類別。首先，我們面臨嚴重的通貨膨脹。想想看，我看到的最新 CPI 預測值大約是 2.6% 或 2.7%。

We're expecting inflation more in the 4% range. So we've got things like our wage inflation. We had a 4% increase last July that's coming in still into the first half of this year and another 3.75% as we move into the back half. Our health and welfare rates are up over 12%. We've got insurance premium increases. So you put all those things together.

我們預計通膨率將在4%左右。所以我們現在面臨薪資通膨等問題。去年7月我們實現了4%的成長，這一成長動能延續到了今年上半年，而隨著我們進入下半年，將再成長3.75%。我們的健康和福利水準提高了 12% 以上。我們的保險費漲了。所以你把所有這些因素綜合起來。

25% insurance premium increase, right?

保險費上漲25%，對吧？

That's right. That's right. And so you put all that together, and that's about a 4% increase in inflation. In addition, from a land sale perspective, we're expecting some more normalized land sales. We had 2 large ones that we called out in the third and fourth quarters. But even without those, we had some smaller sales that totaled about $70 million in 2025. And next year, we're really back to that $30 million to $40 million run rate. So that's another headwind.

這是正確的。這是正確的。綜上所述，通貨膨脹率大約上升了 4%。此外，從土地銷售的角度來看，我們預期土地銷售將更加正常化。我們在第三節和第四節分別提到了兩個大問題。即使不包括這些，我們在 2025 年也有一些較小的銷售額，總計約 7000 萬美元。明年，我們的年收入將真正回到 3,000 萬至 4,000 萬美元的水平。所以，這又是一個不利因素。

Finally, the third bucket is productivity. So we talked about another $150 million of productivity that we're going after here, and that's on the back of $500 million that we've already achieved over two years, almost hitting our full three-year guide within that two-year time frame.

最後，第三個要素是生產力。所以我們討論了我們在這裡要實現的另外 1.5 億美元的生產力提升目標，而這還是在我們已經在兩年內實現了 5 億美元的基礎上，幾乎在兩年內就完成了我們三年的目標。

So you put all those three things together. And then I think when you think about the range, it's really based on a range of various volume outcomes that Mark talked about that we're really ready to handle in any scenario.

所以你要把這三件事放在一起。然後我認為，當你考慮這個範圍時，它實際上是基於馬克談到的各種銷售結果，我們已經做好了在任何情況下應對的準備。

Yeah, So I mean, in the end of the day, we've got higher inflation than obviously any of us want. So we've tasked ourselves with going after more productivity than we originally had in the line of sight, but there's still some leakage that grow the OpEx line.

是的，所以我的意思是，歸根結底，我們現在的通貨膨脹率顯然比我們任何人希望的都要高。因此，我們為自己設定了目標，要追求比最初預期更高的生產力，但仍存在一些損耗，導致營運成本增加。

All right, thank you very much.

好的，非常感謝。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Hey, thanks, good morning, so Mark, anything from the STB process or rejection of the application? Anything in there actually concern you as it relates to sort of ultimate merger approval odds? And then just separately, Mark, I've heard you now say fight for business 5 times, including, I think, one fight like hell.

嘿，謝謝，早安。馬克，STB那邊有什麼進展嗎？申請被拒了嗎？這裡面有什麼內容是真正讓你擔心的，因為它關係到最終的合併批准幾率嗎？還有，馬克，我聽你說過五次要為企業而戰，其中一次我想是「拼死一搏」。

I haven't really heard that language before. What does this ultimately mean from a pricing standpoint? Do we need to think about -- what are we seeing with price right now? Do we need to think about price just differently right now given this backdrop?

我以前從來沒聽過這種語言。從定價角度來看，這最終意味著什麼？我們是否需要考慮一下──目前的價格走勢如何？鑑於目前的背景，我們是否需要以不同的方式看待價格問題？

All right. I'll start with the first point. Obviously, the turn back from the STB was not what we wanted, but all the precedent and history shows that this is what typically happens. It's hard to get this right the first time around, nobody really does. When an application is 7,000 pages and marked incomplete, you feel kind of bummed about it, but we shouldn't be too too surprised.

好的。我先從第一點說起。顯然，STB 的退讓並非我們所願，但所有先例和歷史都表明，這種情況通常都會發生。第一次就做對很難，其實沒人能做到。當一份申請表有 7000 頁卻被標記為不完整時，你會感到有點沮喪，但我們也不應該太驚訝。

And so the beauty is they've given us the path to completeness. We know exactly what we need to do, and we're working on it. And as kind of Jim mentioned on Tuesday, we're going to get it in, and we're going to get it in right.

因此，妙處在於，他們為我們指明了通往圓滿的道路。我們非常清楚自己需要做什麼，並且正在努力去做。正如吉姆週二提到的那樣，我們會把它裝進去，而且我們會把它裝好。

We're going to -- we're working hard together to make sure that it's thorough. And at the end of the day, the STB has made it very, very clear, they are not reviewing -- they did not review this based on the merits. They reviewed it based on completeness. So don't read anything else into it other than it was incomplete. So they've given us the answer key to completeness, we'll get it done. So we're not too worried about that.

我們正在共同努力，確保這項工作做到盡善盡美。最終，STB 已經非常非常明確地表示，他們沒有進行審查——他們沒有根據案件事實進行審查。他們根據完整性進行了審查。所以不要過度解讀，它只是說明內容不完整而已。他們已經給了我們完成任務的答案，我們會完成的。所以我們並不太擔心。

Yes, look, when I say fight for business, it's a rallying cry of this organization to go out and continue what we did as an example in merchandise where we had an excellent year last year. We grew our merchandise business, and we grew yields. So we're really proud that we had that double coupon, and it's a rallying cry. We're going to remain disciplined. We actually had very, very good yield performance in the areas under our control.

是的，你看，我說要為業務而戰，這是我們組織的戰鬥口號，要繼續保持我們在商品銷售方面取得的成就，我們在去年的商品銷售方面表現出色。我們的商品業務發展壯大，產量也提高了。所以我們非常自豪能拿到雙倍優惠券，這簡直就是個振奮人心的號召。我們將繼續保持紀律。實際上，在我們控制的區域內，產量表現非常非常好。

Pricing -- core pricing was really good, and the volume growth was really good in merchandise and auto. It was kind of overwhelmed and offset by the challenges that we had in seaborne coal pricing as well as fuel. So that kind of neutralized what you see a little bit on that great top line performance we had in merch and auto in particular.

定價－核心定價非常好，商品和汽車的銷售成長也非常好。由於海運煤炭定價和燃料方面面臨許多挑戰，我們的努力受到了一定程度的削弱。所以，這在某種程度上抵消了我們在商品和汽車領域的出色表現。

So that's kind of what I mean, and I wouldn't read anything into it. There's -- we need quality revenue, and you heard me say that, too. So we're not going to do anything other than what we've been doing this past year, which is to fight like hell to offer new products and create a compelling environment for customers to come on to our railroad.

這就是我的意思，我不會對此過度解讀。我們需要高品質的收入，你也聽到我這麼說了。所以，我們不會做任何與過去一年所做的事情不同的事情，那就是拼盡全力推出新產品，並為顧客創造一個有吸引力的環境，讓他們選擇我們的鐵路服務。

We're going to fight for every revenue dollar.

我們將為每一分收入而戰。

Yeah, quality revenue dollar,

是的，高品質的收入。

Yeah.

是的。

Thanks a lot, Scott.

非常感謝，斯科特。

Bascom Majors, Susquehanna.

巴斯康梅傑斯，薩斯奎哈納。

Yeah, thanks for taking my questions. Just a follow-up on the fight like hell commentary. Can you talk about where you see maybe more tactical opportunities where there are some potential wins in the merchandise portfolio that hits those quality revenue thresholds?

謝謝你回答我的問題。就之前那場「打得真爛」的比賽做個後續評論。您能否談談您認為在哪些商品組合中，有哪些更具戰術性的機會可以帶來潛在的成功，從而達到高品質的收入門檻？

And on the other side, the enhanced competition sort of leakage from some of the competitive actions, I mean you've talked a lot and sized up the J.B. Hunt thing. Is there anything else you think might be on the horizon that could move the needle in 2026 there?

另一方面，一些競爭行為也帶來了競爭加劇的跡象，我的意思是，你已經談論了很多，也評估了 J.B. Hunt 的事情。您認為還有什麼其他因素可能會在 2026 年對當地產生影響嗎？

Ed, why don't you talk about that?

艾德，你為什麼不談談這個呢？

Sure. I'll start back at the beginning of your question, which was where do we think we can grow. We had really good tailwinds behind us in our automotive markets as well as some of our discrete chemical markets throughout the year. That includes non-petroleum chemicals as well as some of our energy markets and waste markets.

當然。我將從你問題的最開始說起，那就是我們認為我們可以在哪裡發展。今年以來，我們的汽車市場以及一些特定化學市場都迎來了非常好的順風。這包括非石油化學產品以及我們的一些能源市場和廢物市場。

We think about automotive in a couple of different ways. One is we serve more direct auto origins than I think just about anybody. And because of the network and the way it's running right now, which I talked about during the prepared remarks, we were able to take everything that our auto partners can throw at us in terms of volume. And that is a real testament to fluidity of the network.

我們從幾個不同的角度思考汽車產業。其一是，我們服務的直接汽車原產地比我認為幾乎任何人都多。正因為有了網路以及它目前的運作方式（我在準備好的發言稿中談到了這一點），我們才能應對汽車合作夥伴在數量方面所能提供的所有需求。這充分證明了網路的流暢性。

And as John mentioned, sweating every asset. That's what gave our partners in the industry the confidence to deliver that volume to us because we knew we can handle it. And that confidence increased throughout the year. So I look at those markets and that kind of performance as a place where we're going to be able to continue to capitalize.

正如約翰所說，要充分利用每一項資源。正是這一點讓我們的行業合作夥伴有信心向我們交付如此大批量的產品，因為我們知道我們能夠處理。而這種自信心在這一年中不斷增強。所以我認為，在這些市場和這類表現中，我們可以繼續從中獲利。

We'll see what intermodal does. We're 4.5 years into a freight recession. And at some point, it's going to end if demand comes back, and we're ready for that, too. And frankly, the utility markets, we think, for coal are going to be strong this year like they were last year. Seaborne is going to be a tough fight though, another fight. So that's where we see the opportunities.

讓我們來看看多式聯運會如何運作。我們已經經歷了4.5年的貨運衰退期。如果需求回升，這種情況遲早會結束，我們也為此做好了準備。坦白說，我們認為今年煤炭公用事業市場將像去年一樣強勁。不過，Seaborne 將會是一場硬仗，又是一場硬仗。所以，這就是我們看到的機會所在。

Thank you.

謝謝。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Hey, good morning. Thanks for taking the question Just a quick follow-up for Jason or Mark. How much retention expense do you have in your OpEx guide? Maybe give us a little bit of color on how that's going given some of the challenges you're talking about here. And then maybe for John, obviously, the STB has talked about some form of reciprocal switching.

嘿，早安。感謝您回答這個問題。我還有一個後續問題想問Jason或Mark。你們的營運支出指南中列入了多少客戶維繫費用？鑑於您剛才提到的一些挑戰，能否給我們詳細介紹一下進展？然後，對約翰來說，很顯然，STB 已經討論過某種形式的互惠切換。

You've got experience over your career in Canada. How do you think that would be applied? Or how -- what would the impact be if it was applied as written in an Eastern network? What would you think would be some of the challenges that could come from that? And do you think you have to deal with this with or without M&A thanks for your time.

你在加拿大擁有豐富的職業經驗。你認為應該如何應用？或者說，如果按照東方網路的模式應用，會產生什麼影響？你認為這會帶來哪些挑戰？您認為無論是否進行併購，都必須處理這個問題嗎？謝謝您抽出時間。

Jason, why don't you start.

傑森，你先開始吧。

Yeah, Brian, on the retention dollars, so that's in our merger-related cost line item, which is excluded from a non-GAAP perspective. So the guide we gave you of $8.2 billion to $8.4 billion is excluding those amounts.

是的，布萊恩，關於員工留任費用，這筆費用計入了我們與合併相關的成本項目中，而從非GAAP角度來看，這筆費用是被排除在外的。因此，我們先前給出的 82 億美元至 84 億美元的指導數字不包括這些金額。

John, do you want to talk a little bit?

約翰，你想聊一會兒嗎？

Well, I think the proposed rule-making is really indicative of customers being dissatisfied with service in general in certain locations. And the good news is that we're building the case of great service and the focus we're putting on our franchise, the commitment we've made to our customers to deliver outsized service performance and value really moves the whole argument associated with that proposed rule-making. If they've got great service, there's no reason to want to go somewhere else. And it's a little different than in Canada where you have two transcontinental railroads that don't give the options that customers have here in the US.

我認為，這項擬議的規則制定確實表明，某些地區的顧客對整體服務感到不滿。好消息是，我們正在建立優質服務的案例，我們對特許經營的重視，以及我們對客戶提供卓越服務績效和價值的承諾，真正推動了與擬議規則制定相關的整個論點。如果他們的服務很好，就沒有理由去別的地方了。這與加拿大的情況略有不同，加拿大有兩條橫貫大陸的鐵路，但它們無法為顧客提供像美國顧客這樣的選擇。

So I'd say it's early. It's proposed rule-making. And I think there are two different distinct options. And from an Eastern Railway and really for the sector, our job is to perform with exceptional reliability with enough resilience to carry the planned and the emerging volumes that come with it and to have the overall commitment to this -- to the ecosystem that we support. That's what PSR 2.0 does, and we're really proud of how we performed.

所以我覺得現在還太早。這是擬議的規則制定。我認為有兩種截然不同的選擇。對於東部鐵路公司乃至整個產業而言，我們的工作是以卓越的可靠性履行職責，並具備足夠的韌性來承載計劃內的以及隨之而來的新貨運量，並對此——對我們所支持的生態系統——做出全面的承諾。這就是 PSR 2.0 的作用，我們對我們的表現感到非常自豪。

My job is to give no customer any reason to want to talk to Ed about going somewhere else or anything else like that. So we're really, really pleased with the competitive service product we put out there. We always want to be better.

我的工作就是不給任何顧客任何理由去跟 Ed 談論去別的地方或其他類似的事情。所以我們對我們推出的具有競爭力的服務產品感到非常非常滿意。我們總是想做得更好。

Mark is -- you guys hear the word fight a few times, you get excited. We hear it every day here, and he's tenacious on safety and service. And that's what we're all about. And that's why we have 19,000 committed railroaders with absolute clarity on what makes this company work, service and safety.

馬克是——你們聽過幾次「打架」這個詞，就會很興奮。我們每天都能聽到這樣的說法，而且他對安全和服務非常重視。這就是我們所追求的。正因如此，我們才擁有 19,000 名忠誠的鐵路員工，他們對公司運作的根本要素——服務和安全——有著清晰的認識。

Thanks, Brian.

謝謝你，布萊恩。

Next question will be from David Vernon at Bernstein.

下一個問題將來自伯恩斯坦公司的戴維·弗農。

I'm sorry. Moving on to Richa Harnain at Deutsche Bank.

對不起。接下來是德意志銀行的Richa Harnain。

Okay, good question.

好的，問得好。

One moment please apologies, moving on to. Yes, I'm sorry. Moving on to, Richard Harning at Deutsche Bank. Please go ahead.

請稍等片刻，抱歉，我們繼續。是的，我很抱歉。接下來是德意志銀行的理查德·哈寧。請繼續。

Hey, is this working? You guys hear me okay? Okay. Great. So basically, what I wanted to talk about was, Mark, you said your cost target, the cost target you laid out is ready to absorb a variety of different revenue scenarios, including higher ones. Back of the envelope math for us suggests you need to grow revenues by like a pretty significant amount, call it, maybe mid-single digits to not see a deterioration in OR. Just is that correct?

嘿，這個能用嗎？你們都聽到了嗎？好的。偉大的。所以，我基本上想談的是，馬克，你說你的成本目標，你所訂定的成本目標，已經準備好應付各種不同的收入狀況，包括更高的收入狀況。我們粗略估算了一下，為了避免 OR 出現惡化，你需要將收入提高相當可觀的幅度，比如說，個位數的中等水平。這樣對嗎？

And is there a reasonable scenario you think that could get you there? And then just on that, if you are getting some revenue tailwinds, should we assume higher personnel expense? Or like you said, you've been doing a really good job on productivity. I think headcount was down 4%, volume up 3%. Should we assume headcount kind of can stay where it is if you potentially pick up extra revenue? Thanks.

你認為是否存在某種合理的方案可以讓你達到目標？那麼，如果公司營收有所成長，我們是否應該假設人員成本會更高呢？或者就像你說的，你在提高生產力方面做得非常出色。我認為員工人數減少了 4%，業務量增加了 3%。如果有可能獲得額外收入，我們是否可以假設員工人數可以維持不變？謝謝。

Yeah, I'll let Jason talk to this. But I think when you look at the low end of our range, it's, I think, basically a 1.8% growth. So in spite of all of those inflation numbers that we gave you and other headwinds, the productivity really offsets a lot of it and leaves us with 1.8% growth. So that's where we kind of see a more moderate revenue outlook. And as you grow revenue, you might have some volumetric costs that bring you higher into that cost range.

好的，我會讓傑森來談談這件事。但我認為，如果你看一下我們預測範圍的下限，我認為，基本上是 1.8% 的成長。所以，儘管我們之前提到的通膨數據和其他不利因素，但生產力的提高確實抵消了許多不利因素，最終實現了 1.8% 的成長。所以，我們看到的收入前景比較溫和。隨著收入的成長，可能會出現一些銷售成本，使你的成本水準上升到該範圍。

Now from a headcount perspective, I think what you're going to continue to see is us continue to attrit down a bit, especially if the volume isn't there. I mean we have to continue hiring our trainees, our conductor trainees to replenish the pool because we do have a fair amount of attrition, but there will still be net attrition.

從人員數量的角度來看，我認為我們將繼續減少人員數量，尤其是在業務量不足的情況下。我的意思是，我們必須繼續招收學員，我們的指揮學員，來補充人員儲備，因為我們的人員流失率相當高，但淨流失率仍然會存在。

And I think we put that model out there in 2025. You saw incredible productivity. I think GTMs were up 3% and headcount was down 4%. That's 7% productivity right there. We expect you're going to see similar type of results here in 2026. But Jason, what else do you want to add?

我認為我們在 2025 年推出了這個模型。你見證了驚人的生產力。我認為 GTM 成長了 3%，而員工人數下降了 4%。這樣一來，生產效率就提高了7%。我們預計2026年這裡也會出現類似的結果。傑森，你還有什麼要補充的嗎？

Yeah. no, I think you hit it well, Mark. I think the key here were the guide to expenses, controlling what we can control. And specific to your headcount question, just a little more color there. We've held headcount relatively steady during 2025 around that 19,350 employees quarterly average, a bit lower than we were projecting for 2025. And as Mark said, we'll attrit down a little bit, kind of flat to down for 2026, but really trying to maintain that trainee base.

是的，不，我覺得你打得很好，馬克。我認為關鍵在於費用指南，控制我們能夠控制的因素。關於您提出的人員數量問題，我再補充一些細節。2025 年，我們的員工人數基本上保持穩定，季度平均員工人數約為 19,350 人，略低於我們對 2025 年的預測。正如馬克所說，我們的人員會略有減少，到 2026 年可能會持平或下降，但我們會努力維持培訓生的規模。

And the one thing that we've always reinforced as well is the overall productivity and decreasing the overall cost associated with an employee and the workload that they have. And so as we make the system work better, we reduce recrews by our technology and the implications of running a tighter network.

我們一直以來都強調的一點是，要提高整體生產力，並降低與員工及其工作量相關的總成本。因此，隨著我們不斷改進系統，我們的技術以及更緊密的網路運作所帶來的影響，減少了人員更替。

That translates into less overall wages by less detention, less taxes, less just cost of disruption. That feeds itself into the productivity we associate with locomotives. They're not sitting idle longer. They're not wasting fuel. All of those things go hand in hand.

這意味著拘留減少，稅收減少，造成的混亂成本降低，從而導致整體薪資下降。這反過來又提升了我們通常認為的機車生產力。他們不會再閒著了。他們沒有浪費燃料。這些事情都是相輔相成的。

So the one indication on productivity, headcount really drives or is driven by dozens and dozens of metrics that trade on their own, a lot of small wins, some outsized wins that all come into the cost reduction program that we've got, so we can manage expense to workload.

因此，衡量生產力的唯一指標——員工人數——實際上取決於幾十個獨立的指標，這些指標包括許多小的勝利和一些大的勝利，所有這些都納入了我們現有的成本削減計劃，以便我們能夠將支出與工作量相匹配。

Okay, thank you.

好的，謝謝。

Walter Spracklin, RBC Capital Markets.

沃爾特‧斯普拉克林 (Walter Spracklin)，加拿大皇家銀行資本市場部。

Thanks, operator. Good morning, everyone. Yeah, I just wanted to understand the productivity gains that you flagged, I think it was $216 million in total. Land sales, was that -- I know you did north of $150 million of land sales. Was that in the productivity number?

謝謝接線生。各位早安。是的，我只是想了解您提到的生產力提升情況，我認為總共是 2.16 億美元。土地銷售，就是那個——我知道你們的土地銷售額超過了 1.5 億美元。這個數據包含在生產力指標裡了嗎？

And then just following up on the truck competitive lane -- on the pricing side. Truck competitive lanes, we've heard about capacity taken out of the truck market now on some of the regulations and higher prices. So is that having any positive impact on your efforts toward truck-to-rail conversion as truck prices move higher and their capacity lower?

然後，我們再來探討卡車市場的競爭格局──價格方面。我們已經聽說，由於一些法規和更高的價格，卡車運輸市場出現了運力下降的情況。隨著卡車價格上漲和運力下降，這是否對您推進卡車運輸改鐵路運輸的努力產生了任何積極影響？

Yeah, thanks, Walter. This is Jason. I'll start with your -- the productivity question. So we had, as you mentioned, about $150 million in kind of outsized land sales, third and fourth quarter. That is excluded from the $216 million in productivity that we earned during the year.

是啊，謝謝你，沃特。這是傑森。我先回答你關於生產力的問題。正如您所提到的，我們在第三季和第四季獲得了約 1.5 億美元的超額土地銷售額。這還不包括我們當年獲得的 2.16 億美元的生產力收益。

Yeah, and, talking about truck competitive lanes and competition from the highway. Look, all those factors are going to help over time, whether it's a reduction in the available driver pool or the amount of trucks that are out there on the road themselves. \

是的，還有，說到貨車競爭車道和​​高速公路上的競爭。你看，從長遠來看，所有這些因素都會有所幫助，無論是可用司機數量的減少，還是路上行駛的卡車數量的減少。\

But to be clear, in my career at least, I've never seen a recovery that was supply side led. It has to be demand led. And that's where I think we're really going to be looking hard to see what the US consumer does and what the market can offer us.

但要明確說明的是，至少在我的職業生涯中，我從未見過由供給面驅動的經濟復甦。它必須由需求驅動。我認為，接下來我們要認真觀察美國消費者的行為以及市場能為我們提供什麼，這一點至關重要。

Thanks a lot, Walter.

非常感謝，沃爾特。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Hey, thanks for getting me back in the queue. So Ed, with the coal outlook, I wonder if you can help us understand kind of what's happening on the pricing side right now. Obviously, on the met side, I understand it's challenged, but are rates still declining? Or are they stable and we just have to get through the comps?

嘿，謝謝你讓我重新回到排隊名單裡。所以 Ed，關於煤炭市場前景，我想知道你是否能幫我們了解一下目前價格方面的情況。顯然，就大都會方面而言，我知道它面臨挑戰，但利率還在下降嗎？或者它們很穩定，我們只需要通過比賽就行了？

And it feels like -- or it actually looks like when I go and check like Australian benchmarks in the global market, pricing has actually recovered a little bit there. And I'm wondering if you can help us understand maybe why that's decoupling from the US market a little bit thanks.

感覺上——或者說看起來，當我去查看全球市場上的澳洲基準價格時，那裡的價格實際上已經有所回升。我想請您幫忙解釋一下，為什麼它與美國市場略有脫鉤？謝謝。

Sure. Well, it wouldn't be an earnings call if we didn't get a coal pricing question. So thank you for that. We've seen that benchmark price slide throughout the year pretty consistently. But you're right. We've seen a little uptick here in January in the benchmark price. And that's given us some encouragement. But when I look at the forwards, it's still declining for at least the first half of the year, and we'll see what happens in the second half.

當然。如果財報電話會議沒有煤炭價格方面的問題，那就不算是一次完整的財報電話會議了。所以，謝謝你。我們看到，今年以來，基準價格一直持續下滑。但你說得對。1月基準價格出現了小幅上漲。這給了我們一些鼓勵。但就前鋒線而言，至少在今年上半年，他們的表現仍在下滑，我們看看下半年會發生什麼事。

In terms of decoupling, I'm not sure. It's a pretty thinly traded market, frankly, on a global basis even. And there's a lot of weakness both on the domestic side for met coal and frankly, on the global side. We're ready to handle it.

至於解耦方面，我不太確定。坦白說，即使從全球範圍來看，這也是一個交易量相當低的市場。無論是國內冶金煤市場，或是全球冶金煤市場，都存在著許多弱點。我們已做好應對準備。

And as we talked about with Warrior, we got -- we have a fantastic new coal mine that's now pumping out coal for the global markets, and that's exciting. As those markets recover, we're going to be in a really good place. But I don't see it at least in the first half.

正如我們和 Warrior 所討論的那樣，我們得到了一個非常棒的新煤礦，現在正在為全球市場生產煤炭，這令人興奮。隨著這些市場復甦，我們的處境將會非常好。但至少在前半部我沒看到這一點。

I think there's probably some geopolitics at play, too, where Australia is largely supplying China now.

我認為這其中可能也存在一些地緣政治因素，因為澳洲現在主要向中國供應產品。

Yeah, not us.

是啊，不是我們。

Right. So I think some of who procures from who can sort of create a little disconnect in the markets.

正確的。所以我認為，某些供應商之間的採購關係可能會在市場上造成一些脫節。

Thanks for the question.

謝謝你的提問。

Thank you, David. Look, to recap 2025, just to put it all in perspective, I think we delivered extremely solid productivity, $216 million of productivity, and that follows $292 million that we delivered in 2024. For this year, in particular, we moved 3% more GTMs with 4% fewer employees. That's 7% headcount productivity. T&E productivity actually improved 9%. We drove 21% reduction in recrews.

謝謝你，大衛。回顧 2025 年，為了更全面地看待這個問題，我認為我們實現了非常穩健的生產力，生產力提高了 2.16 億美元，而我們在 2024 年實現了 2.92 億美元的生產力。今年尤其如此，我們在員工人數減少 4% 的情況下，實現了 3% 的 GTM 成長。這意味著員工生產力提高了7%。差旅及訓練效率實際提高了 9%。我們成功減少了 21% 的人員更換。

And on top of that, we delivered 5% fuel efficiency in the year, which is what we budgeted for that I thought was going to be a stretch and probably we wouldn't get there all the way, but we did. We delivered 5%, and we pretty much got 4% to 5% each quarter of the year. So really great performance there. We improved our locomotive productivity by 10%. And we kept a lid on our OpEx by really offsetting inflation with this incremental productivity.

除此之外，我們今年也實現了 5% 的燃油效率提升，這達到了我們預算的目標。我以為這會是一個很大的挑戰，我們可能最終無法完全實現，但我們做到了。我們實現了 5% 的目標，而且一年中每季基本上都能達到 4% 到 5% 的目標。所以，他們的表現真的非常出色。我們的機車生產率提高了 10%。我們透過提高生產效率來有效抵消通貨膨脹，從而控制了營運支出。

And then on top of that, we grew merchandise and our merchandise share with healthy core pricing. So really pleased with that. And we did it all while delivering outstanding service throughout the year and really excellent safety performance, as John detailed in his prepared remarks earlier.

此外，我們也透過合理的定價策略，提高了商品銷售和商品市場佔有率。對此我非常滿意。正如約翰之前在準備好的演講稿中詳細介紹的那樣，我們全年都提供了卓越的服務，並取得了非常出色的安全表現。

We've got industry-leading accident rates right now and mainline derailment rates. So really proud of what we did. And we did this all while we negotiated a transformational merger for the industry and began the heavy lift of a whole application process. So we didn't get distracted by that. We still delivered on that.

我們目前的事故率和幹線脫軌率都處於業界領先水準。為我們所取得的成就感到無比自豪。同時，我們也正在談判一項對產業具有變革意義的合併案，並開始了繁重的整個申請流程。所以我們沒有被那件事分心。我們最終還是實現了目標。

The challenge in '25 was just simply revenue was flat. We had flat carloads and the negative fuel and seaborne coal pricing offset that good core pricing we had in merchandise as well as we had some favorable mix that got offset. So that's kind of 2025 in a nutshell.

2025 年的挑戰很簡單，就是收入停滯不前。我們有平板車貨物，但燃油和海運煤炭價格的下跌抵消了我們商品核心價格的良好表現，而且我們還有一些有利的商品組合也被抵消了。簡而言之，這就是2025年的發展趨勢。

And again, for 2026, we aim to keep the priority on safety, service, responsible cost controls that don't compromise safety or service and fighting for quality revenue. So we guided you to a cost envelope. The demand environment, it's the wildcard, but we can handle whatever demand comes our way. And I can tell you, whatever revenue growth we do get, it's going to drop through at attractive incrementals given the capacity that we have.

再次強調，2026 年，我們的目標是繼續優先考慮安全、服務、負責任的成本控制（不會損害安全或服務），並爭取高品質的收入。因此，我們引導您估算了成本範圍。需求環境是個變數，但我們可以應付任何需求變化。我可以告訴你，無論我們最終獲得多少收入成長，鑑於我們現有的產能，這些成長都將是可觀的增量。

And I'll just leave you with this. Several of us are going to be working quite hard through the year to try to get this merger across the finish line with the STB process, but we will protect the vast majority of our business leaders from distraction so we can continue to execute on a daily basis to bring these two well-run railroads together. So thank you very much for the participation today, and please all stay safe.

最後，我就把這句話留給你們。今年，我們中的一些人將非常努力地工作，爭取通過美國地面運輸委員會 (STB) 的審批流程，最終完成此次合併。但我們將保護絕大多數業務領導者免受干擾，以便我們能夠繼續每天執行各項工作，將這兩家運作良好的鐵路公司合併在一起。非常感謝大家今天的參與，請大家注意安全。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we ask that you please disconnect your lines. Enjoy the rest of your day.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝各位的出席。此時，請您斷開線路。祝您今天餘下的時間愉快。