Railroads

14 members, 9001 to UNP, A to Z by ticker.

Gross profitability: not read: no member carries three readable years of gross profit and total assets
Capital intensity: median 15.4% — capital expenditure as a share of revenue, each member's median across its readable years; read on 10 of 14 members
Net cash: 0 of the 14 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of August 17, 2026.

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9001 Tobu Railway

Revenue is led by Transportation (33%) and Leisure (29%), with 3 more segments behind.

Owner earnings 2017–2026 ¥20.5B¥6.9B¥9.2B¥7.4B(¥41.1B)¥12.9B¥43.9B¥8.8B(¥20.8B)(¥1.9B)

Retained capital Retained ¥173.9B of earnings over 2017–2026; annual owner earnings fell ¥16.8B, ¥-0.10 per ¥1 retained.

Balance sheet Heavy net debt, ¥744.8B · dividend paid 10 of 10 yrs, cut at least once

9005 Tokyu

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥1.25T

9007 Odakyu Electric Railway

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥4.8B¥20.4B(¥212M)(¥14.5B)(¥33.5B)(¥24.9B)¥14.9B¥11.3B(¥52.3B)(¥24.7B)

Retained capital Retained ¥177.5B of earnings over 2017–2026; annual owner earnings fell ¥30.2B, ¥-0.17 per ¥1 retained.

Balance sheet Heavy net debt, ¥648.7B · dividend paid 10 of 10 yrs, cut at least once

9008 Keio

Revenue is led by Life Services (27%) and Transportation (27%), with 3 more segments behind.

Owner earnings 2017–2026 (¥16.9B)(¥13.8B)¥2.8B(¥11.7B)(¥39.3B)(¥8.8B)(¥31.1B)¥8.0B(¥20.3B)(¥30.5B)

Retained capital Retained ¥104.5B of earnings over 2017–2026; annual owner earnings fell ¥4.9B, ¥-0.05 per ¥1 retained.

Balance sheet Heavy net debt, ¥440.9B · dividend paid 10 of 10 yrs, cut at least once

9009 Keisei Electric Railway

Revenue is led by Transportation (62%) and Merchandise Sales (18%), with 4 more segments behind.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥356.2B

9020 East Japan Railway (JR East)

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥288.8B¥336.2B¥295.1B¥173.9B(¥578.8B)(¥202.1B)¥191.9B¥295.9B¥326.0B¥336.3B

Retained capital Retained ¥464.7B of earnings over 2017–2026; annual owner earnings grew ¥12.8B, ¥0.03 per ¥1 retained.

Balance sheet Heavy net debt, ¥4.84T · dividend paid 10 of 10 yrs, cut at least once

9021 West Japan Railway (JR West)

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥1.25T

9022 Central Japan Railway (JR Central)

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥355.2B¥393.6B¥389.1B¥380.7B(¥368.7B)(¥135.3B)¥267.1B¥456.5B¥416.5B¥542.3B

Retained capital Retained ¥2.58T of earnings over 2017–2026; annual owner earnings grew ¥92.5B, ¥0.04 per ¥1 retained.

Balance sheet Modest net debt, ¥914.6B · dividend paid 10 of 10 yrs, cut at least once

CNI Canadian National Railway Company

A freight railroad, hauling goods across a heavy fixed-cost network it alone owns.

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, C$20.9B

CSX CSX Corporation

CSX Corporation is one of the nation's leading transportation companies.

Owner earnings 2016–2025 $643M$1.4B$2.9B$3.2B$2.6B$3.7B$4.0B$3.9B$3.6B$2.9B

Retained capital Paid out $331M more than it earned over 2016–2025; annual owner earnings grew $1.8B.

Balance sheet Heavy net debt, $18.2B · buybacks at an average near $24.44 · dividend paid 10 of 10 yrs, never cut

FIP FTAI Infrastructure Inc. Common Stock

A freight railroad, hauling goods across a heavy fixed-cost network it alone owns.

Owner earnings 2020–2025 ($78M)($116M)($113M)($94M)($95M)($250M)

Retained capital not read

Balance sheet Heavy net debt, $3.7B

GATX Gatx Corporation

Revenue is led by Rail North America (68%) and Rail International (22%), with 2 more segments behind.

Owner earnings 2016–2023 $34M($70M)($428M)($297M)($424M)$129M$162M$128M

Retained capital Retained $766M of earnings over 2016–2023; annual owner earnings grew $295M, $0.38 per $1 retained.

Balance sheet Heavy net debt, $11.8B · buybacks at an average near $64.31 · dividend paid 8 of 8 yrs, never cut

NSC Norfolk Southern Corporation

Norfolk Southern Corporation is an Atlanta, Georgia-based company that owns a major freight railroad, Norfolk Southern Railway Company.

Owner earnings 2016–2025 $2.0B$2.2B$2.6B$2.8B$2.5B$2.8B$3.0B$1.9B$2.7B$3.0B

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $243M.

Balance sheet Meaningful net debt, $15.6B · buybacks at an average near $189 · dividend paid 10 of 10 yrs, never cut

UNP Union Pacific Corporation

Union Pacific runs a freight railroad across the western United States. It hauls other companies' goods by rail — bulk commodities such as coal and grain, industrial freight, and shipping containers — moving them from West Coast and Gulf Coast ports through inland markets to eastern gateways. Customers pay it to move the freight; the track and the trains are its own.

Owner earnings 2016–2025 $5.5B$5.1B$6.5B$6.4B$6.3B$6.8B$7.1B$6.1B$6.9B$6.8B

Retained capital Paid out $4.3B more than it earned over 2016–2025; annual owner earnings grew $909M.

Balance sheet Meaningful net debt, $30.5B · buybacks at an average near $162 · dividend paid 10 of 10 yrs, never cut

The same shelf as one comparative table, every member a row and every column sortable: the Railroads table →

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.