Rail earnings and Limited rail asset liability

Earnings: Many contingencies: reliance on volume, steady-state employment, and improved service product. Much remains to be seen if revenue can perform well even against tough comparables.

Limited rail asset availability: Comparing this to a period of airliner rationalization during COVID; reducing available, worn railcar capacity for scrap and more discipline regarding future orders. Big implications for automakers

Service performance remains steady: Despite a recent downtick WoW in train speeds across most rail networks, we are seeing fairly normalized railcar cycle times and intermodal unit availability. This isn’t to say every railroad is meeting its published schedules - just that the performance is normalized.