May 2026
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Largest Railways Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
Union Pacific, Cummins, CSX, Norfolk Southern and Wabtec.
 | Omaha, Nebraska-based Union Pacific is the largest public railroad in North America. Operating on more than 30,000 miles of track in the western two-thirds of the US, Union Pacific generated $24 billion of revenue in 2024 by hauling coal, industrial products, intermodal containers, agricultural goods, chemicals, fertilizers, and automotive goods. Union Pacific owns about one-fourth of Mexican railroad Ferromex and historically derives roughly 10% of its revenue hauling freight to and from Mexico. | $265 | +15% | $157B | $188B | 7.7x | 14.5x | ||
| Cummins is a leading manufacturer of diesel and other engines used in heavy- and medium-duty commercial trucks, off-highway equipment, and locomotives, in addition to prime power and standby generators. The company also sells powertrain components, which include filtration products, transmissions, turbochargers, aftertreatment systems, and fuel systems. Sales are approximately 60% US and Canada and 40% rest of the world. Much of Cummins’ foreign sales (China, India, and so forth) are through joint ventures. The company operates 650 distributors and over 19,000 dealer locations across 190 countries. Cummins’ business model is unique as it competes with many of its heavy-duty truck manufacturer customers, which also make their own engines. | $673 | +105% | $93B | $98B | 2.9x | 18.1x | ||
| Operating in the Eastern United States, Class I railroad CSX generated revenue near $14.5 billion in 2024. On its more than 21,000 miles of track, CSX hauls shipments of coal (16% of consolidated revenue), chemicals (17%), intermodal containers (16%), automotive cargo (7%), and a diverse mix of other bulk and industrial merchandise. | $46 | +41% | $86B | $104B | 7.4x | 16.3x | ||
| Class I railroad Norfolk Southern operates in the Eastern United States. On more than 20,000 miles of track, the rail hauls shipments of coal, intermodal traffic, and a diverse mix of automotive, agricultural, metal, chemical, and forest products. | $308 | +20% | $69B | $85B | 7.0x | 14.5x | ||
| Westinghouse Air Brake Technologies Corp provides value-added, technology-based products and services for the freight rail and passenger transit industries and the mining, marine, and industrial markets. It provides its products and services through two main business segments: Freight and Transit. The company generates maximum revenue from the Freight segment, which manufactures new and modernized locomotives, provides aftermarket parts and services to existing locomotives, provides components to new and existing freight cars; builds new commuter locomotives; supplies rail control and infrastructure products, including electronics, positive train control equipment, signal design, and engineering services. Geographically, it generates a majority of its revenue from the United States. | $265 | +26% | $45B | $51B | 4.6x | 20.5x | ||
| Trinity Industries Inc sells and leases railroad products and railcar maintenance services in North America. The company operates under the name TrinityRail in two main segments: railcar leasing and management services, which owns railcars and provides fleet management and administration services; rail products, which builds, sells, and modifies freight and tank railcars and their components; and all other, which sells highway products such as guardrail and other highway barriers. Customers include railroads, leasing companies, and shipping companies in agriculture, construction, consumer products, energy, and chemicals. | $32 | +18% | $3B | $8B | 3.6x | 8.1x | ||
| Greenbrier Companies Inc supplies equipment and services to international freight transportation markets, designing and marketing freight railcars in North America, Europe, and Brazil through subsidiaries and joint ventures. It provides railcar wheel services, parts, maintenance, and conversion services in North America. The company owns a lease fleet sourced mainly from its manufacturing operations and offers railcar management, regulatory compliance, and leasing services to railroads and owners. It operates two segments: Manufacturing and Leasing & Fleet Management, with the majority of revenue from Manufacturing. The company operates in the U.S. and internationally, with the majority of revenue from the U.S. market. | $47 | +2% | $1B | $3B | 0.9x | 5.5x | ||
| United Rail Inc is engaged in passenger rail transportation. It is a rail resource management company catering to independent rail operators in the passenger rail excursion and short line freight business. | Railways+1 | $0 | -- | $0K | $0K | - | - | |
| Median | $156 | +20% | $57B | $68B | 4.6x | 14.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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