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Railroads, Line-Haul Operating: capital spending and supply chain

SIC 4011 · 5 companies with filed cash-flow statements

Capital spending, 12 months$11.5B
Operating cash flow$25.7B
Capex / cash flow45%
Capex / revenue12.6%
Top 3 share79%

Analysis

5 companies in Railroads, Line-Haul Operating (SIC 4011) spent $11.5B on capital projects over their latest twelve months, 45% of the $25.7B their operations generated; the three largest spenders — UNP, CP, CSX — account for 79%.

Capital spending is 12.6% of the industry's $91.1B of annual revenue.

By the industry's asset mix most of it goes to structures (61%); about $1.1B is imported.

The largest supplier of that spending is transportation structures and highways and streets ($7.2B).

Its largest supplying industries, by the input-output tables: nondepository credit intermediation and related activities ($3.7B), commercial and industrial machinery and equipment rental and leasing ($3.6B), petroleum refineries ($3.2B).

Charts

Railroads, Line-Haul Operating: capital spending by company, latest twelve monthsRailroads, Line-Haul Operating: capital spending by company, latest twelve monthsUNP$3.8BCP$2.8BCSX$2.4BNSC$2.1BFIP$280M
Filed cash-flow statements (SEC XBRL).
Railroads, Line-Haul Operating: what the capital spending buys (US part)Railroads, Line-Haul Operating: what the capital spending buys (US part)Structures$7.8BEquipment$3.4BSoftware$985MOther$684M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Railroads, Line-Haul Operating: the industries that build and sell what it buysRailroads, Line-Haul Operating: the industries that build and sell what it buysTransportation structures and hig…$7.2BRailroad rolling stock manufactur…$3.1BSoftware publishers$635MOffice and commercial structures$485MState and local government (other…$382MComputer systems design services$180MCustom computer programming servi…$152MManufacturing structures$77.2MPower and communication structures$70.0MLight truck and utility vehicle m…$48.1M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Railroads, Line-Haul Operating: its first-tier supplying industriesRailroads, Line-Haul Operating: its first-tier supplying industriesNondepository credit intermediati…$3.7BCommercial and industrial machine…$3.6BPetroleum refineries$3.2BNonresidential maintenance and re…$1.9BImports$1.3BMonetary authorities and deposito…$1.2BPetroleum and petroleum products$1.0BSawmills and wood preservation$1.0BArchitectural, engineering, and r…$882MComputer systems design services$709M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Railroads, Line-Haul Operating: where the industry's cash came from (+) and went (−)Railroads, Line-Haul Operating: where the industry's cash came from (+) and went (−)Operating cash flow$28.7BCapital spending−$8.6BOther investing (out)−$5.6BDividends−$5.6BOther financing (out)−$4.5BNet debt repaid−$2.8BCash added to the balance she…−$2.2BBuybacks−$1.2BOther investing (in)$1.1BAcquisitions−$1.1BCash drawn from the balance s…$853MSales of assets & businesses$485MOther financing (in)$158MNet borrowing$132M
The companies’ cash-flow statements, latest four quarters or fiscal year: every figure filed (grade A).

Capital spending by company

CompanyCapital spendingOperating cash flowCapex / OCFPeriod
UNP Union Pacific$3.8B$10.5B36%TTM to Q3 2026
CP Canadian Pacific Kansas City$2.8B$5.8B49%TTM to Q3 2026
CSX CSX$2.4B$5.6B43%TTM to Q3 2026
NSC Norfolk Southern$2.1B$3.8B56%TTM to Q3 2026
FIP FTAI Infrastructure$280M−$11.1M—TTM to Q3 2026

The interactive money flow: switch views, follow each dollar →

Evidence grades: A filed figure · B computed from filed figures · C industry average (BEA input-output and fixed-asset tables) applied to filed figures. Estimates are not the companies’ own records. Not investment advice.