April 2025 NRC Bulletin

May 6, 2025

NRC Chairman’s Column: Are You Leaving Anything on the Table with Your NRC Membership?

Chairman Daloisio’s column in the April issue of Progressive Railroading magazine challenges readers to evaluate if they are getting everything entitled to them as NRC members. It explores many of the ways NRC members benefit from their membership beyond attending the annual conference.

“The NRC is not just a conference — it’s a valuable association of railway contractors and suppliers that delivers practical resources all year round. Take full advantage of these benefits so you don’t regret leaving anything on the table,” assets Joe.

Are you leaving anything on the table with your NRC membership? Click here to check out Joe’s column and consider if you and your company are missing out: NRC Chairman's

Thank you for Attending 21st Annual NRC Equipment Auction and Happy Hour!

Thank you to everyone who joined us for the 21st Annual NRC Equipment Auction and Happy Hour! Your participation helps make this event a success year after year. Proceeds from donated equipment will continue to fund the NRC’s safety video series and training programs. We appreciate your commitment to advancing safety and training in the railroad construction and maintenance industry. We extend a special thanks to our auction sponsor Progressive Railroading and to our Night-before Event sponsors: Ballast Tools Equipment, Delta, MOW Equipment Solutions, Railroad Construction Co., and RELAM. See you next year!

NRC Members: NRC Education & Scholarship Committee Seeks Supplier Member Company Collaboration with Michigan Tech

The NRC Education & Scholarship Committee is seeking contributions from Supplier Member Companies in collaboration with Michigan Tech University and their Rail Transportation Program. The RTP Program is requesting companies to contribute simplified 3D models or Images of rolling stock and infrastructure components.

The RTP Program goal is to attract and educate future rail professionals by building a model library. Examples of models include couplers, rail cars, axles, wheels, rail sections, fasteners, and more. Member company contributors are encouraged to include their company logos on the models or submit them separately for attachment. To participate or learn additional details about the RTP Program with Michigan Tech and the Education & Scholarship Committee please email us at info@nrcma.org.

NRC Members: NRC Membership Renewals are here!

It is time to renew your company's NRC membership for 2025-2026! Your dues invoice are posted to your organization’s primary account-holder's account. To view your organization’s invoice when it’s processed, please visit www.nrcma.org and login with your username and password. Once you are logged in, you will see the invoice in the ‘my invoices’ section. The invoice will present your organization with a few options on how to renew your NRC membership.

We greatly appreciate your NRC Membership, and look forward to having you all re-join this year! If you have any questions at all or would like any other additional information, please do not hesitate to reach out to marian@nrcma.org.

FAMES: "What Is an RMM?"

The latest FAMES report shares that it’s been misunderstood by some in the railroad industry that Roadway Maintenance Machines (RMMs) are only on-track equipment, this alert is designed to correct that misunderstanding. If it meets the definition of an RMM, it is an RMM, regardless of it being used on or off-track. To review the complete document, please follow this link: What is an RMM?

Industry News

BNSF Railway Co. Reports Strong Q1 Gains

BNSF Railway reported a 1% revenue increase to $5.7 billion and a 6% rise in net income to $1.2 billion in Q1 2025, driven by a 4% uptick in unit volume and core pricing gains. Operating income grew 6% to $1.8 billion, and the operating ratio improved to 67.9%. Volume gains in consumer products, particularly intermodal shipments and automotive, offset declines in agricultural, energy, and industrial products, though coal volume rose 2%. The earnings release coincided with Berkshire Hathaway’s annual meeting, where Warren Buffett announced he would step down as CEO in 2026, succeeded by Greg Abel, though Buffett will remain chairman. At the meeting, Buffett criticized U.S. trade policy and tariffs, arguing for global prosperity through open trade. To read more about BNSF's Q1 Gains, please click here.

CN Reports Revenue and Profit Increases in Q1

Canadian National Railway (CN) reported a 4% year-over-year revenue increase to C$4.4 billion in Q1 2025, with operating income also up 4% to C$1.6 billion and net income rising 9% to C$1.2 billion. Diluted earnings per share grew 8% to C$1.85, and revenue ton miles increased 1% to 60 million. CN's operating ratio improved slightly to 63.4%, reflecting tight cost control and resilience despite winter challenges. CEO Tracy Robinson emphasized agility and customer collaboration amid global volatility. CN maintained its 2025 EPS growth forecast of 10%–15% and plans C$3.4 billion in capital investment, while noting heightened recession risks from global trade tensions. To read more about CN's Revenue and Profit increases in Q1, please click here.

Senators Propose Update to Short Line Railroad Tax Credit to Boost Infrastructure Investment

U.S. Senators Mike Crapo and Ron Wyden have introduced bipartisan legislation (S. 1532) to update the Short Line Railroad Maintenance Tax Credit, known as the 45G tax credit, which has spurred over $8 billion in private investment since 2005. The bill aims to modernize the credit by increasing the per-mile cap to reflect current costs, including all short line rail mileage, and indexing it to inflation. The Senate bill complements a similar House measure (H.R. 516) introduced earlier this year. Supporters argue the update is crucial to preserving the credit’s effectiveness and supporting infrastructure in small communities nationwide. To learn more about the bill introduced, please click here.