Despite persistent macroeconomic headwinds—including tariffs, shifting consumer behavior, and fluctuating fuel costs—U.S. railroads are showing unexpected strength in 2025. According to CFRA’s latest thematic research, total carloads rose 6% in May, with 13 of the 20 largest commodity segments posting year-over-year gains—the broadest growth in nearly nine months.
Coal has emerged as the breakout story, with volumes up nearly 17% thanks to surging natural gas prices and policy changes favoring domestic energy production. Meanwhile, crushed stone, sand, and gravel shipments are rising alongside infrastructure spending and manufacturing construction—signs that reshoring trends and data center development are driving lasting demand for rail services.
The report also uncovers how leading operators—Union Pacific (UNP), Norfolk Southern (NSC), and CSX Corporation (CSX)—are leveraging artificial intelligence to improve operational efficiency, reduce dwell times, and expand margins. As diesel prices fall and rate cuts loom, intermodal traffic is poised for a second-half rebound, setting the stage for continued strength into 2026.
From forward-buy patterns ahead of tariffs to AI-powered routing and the regulatory tailwinds boosting coal, this exclusive research outlines the factors influencing market share, profit margins, and long-term positioning for the top U.S. rail companies.
What You Will Learn
Which freight segments are rebounding—and which are slowing
How the coal comeback and natural gas prices are reshaping volumes
Why construction and reshoring trends are rail's secret advantage
Where UNP, NSC, and CSX differ in growth, efficiency, and margins
- How AI and lower diesel prices are boosting profitability
Download the report to explore where CFRA analysts see opportunity and why 2025 may be a pivotal year for freight rail.