Overview Key strengths Key risks One of the major U.S. freight railroads, with an extensive network in the western U.S. and a fairly diverse traffic base in terms of commodities transported and customer served. Price competition from other railroads and trucking companies relating to the transportation of certain commodities. Strong operating performance and free cash flow generation, supported in recent years by improved operating efficiency. Increased level of debt-funded share repurchases in recent years. Demonstrated operating flexibility by reducing costs as volumes declined during the pandemic. As the U.S. economy recovers from economic disruptions related to COVID-19, strong consumer spending and higher industrial production have led to a significant increase in demand for freight transportation, including rail, in 2021 compared
