Brandon Oglenski

Dan attributed the baseline cost step-up to crew resiliency investments in process, technology, data and resources.

Ed declined to discuss labor negotiations, saying reliability comes first.

Erik answered directly, tying unit-cost progress to resilience actions and normalized capacity, and noting costs are already in the baseline.

Glen attributed sustained growth to premiumization of the card portfolio: record premium card acquisitions with higher credit scores and multiples of base card spend. Seventh consecutive year of 1M+ acquisitions. Card spend growing 2x overall consumer card market.

Dan outlined the margin expansion playbook from Investor Day: grow premium and loyalty faster than core, fleet renewal for efficiency, low single-digit unit cost growth, workforce/airport utilization, and technology enablement. Industry supply-demand balance provides additional upside.

Dan confirmed retirements increasing from ~21 to 30+ with less than 10 net additions. Retirements and reduced flying provide maintenance-related savings.

Glen explained Delta will shift from over-indexed to under-indexed on Tuesday/Wednesday flying, targeting high-recapture, low-margin off-peak capacity as first line of defense.

Ed framed partnerships as long-term membership value growth rather than near-term monetization, emphasizing SkyMiles membership value and loyalty deepening.

Dan detailed fleet utilization gains, headcount leverage (6% capacity growth vs 2% headcount), maintenance normalization, and premium hub concentration.

Leskinen described a barbell fleet strategy: modern large-gauge for trunk routes plus low-cost older aircraft for peaks.

Scott confirmed won 38 points of market share with business travelers in Chicago. Won ~20 points in all hubs with big competitors. FAA order may limit growth but doesn't change structural brand loyalty advantage. Has other places to grow.

Scott attributed industry underperformance to unprofitable supply, not demand weakness. Expects next wave of supply rationalization during next downturn when breakeven-margin airlines face losses. Targets low double-digit margins before that, mid-teens after.

Andrew noted ultra-LCCs will always exist under different names but unprofitable flying will diminish. Basic economy remains United's competitive entry point. Supply/demand rebalance creates great setup.

Mike expects FCF expansion in 2026-2027 with operating cash flow growing faster than CapEx. Current year CapEx may come in below $6.5B due to wide-body delays.

Andrew defined brand loyalty through total market share, origin market share, co-brand penetration, and global travel agency share, all trending up.

Mike confirmed growing optimism on MAX 10 but gauge plans don't depend on it, MAX 9 and A321 will deliver growth regardless.

Vena asserted the Norfolk Southern merger will close, calling it too compelling for the country.

Jim reframed market share as 39% of rail GTMs, noting railroads only capture low double-digit percentage of total US land and water freight, emphasizing the opportunity to grow modal share.

Kenny emphasized expanding the pie through over-the-road conversion rather than just rail-to-rail competition, and committed to customer optionality. Eric cautioned that reciprocal switching design must preserve customer transit time experience, noting average yard dwell of 19.8 hours per additional touch. Jim revealed UP is building into three single-served customer locations at their own expense.

Jim argued competitor collaboration validates the merger's competitive threat, noting competitors only react this way because the combined railroad will offer superior service at better prices through fewer touch points.

Jim explained UNP's focus on reducing car touch points through technology, reducing handling from 2-3 times to seamless movement, improving service and cost.

Kenny acknowledged expected softness in international intermodal through Q2, while Eric detailed the adaptive planning tools enabling rapid resource adjustment.

Kenny confirmed business development wins are critical to outpacing the market, citing automotive, renewable diesel, and petrochemical expansion wins.

Maryclare pointed to tighter truck capacity aiding domestic intermodal and flagged chemicals and automotive as areas that ran stronger than expected in Q2 but could moderate in the back half.

Steve gave comprehensive answer emphasizing margin improvement as primary ROIC driver, plus capital discipline and predictive analytics for CapEx.

Mike cited current metrics as already matching best-in-class from three to four years ago. Key learnings from 2025: take action immediately on fluidity issues, pre-position excess equipment, and don't bring in equipment unnecessarily.

Steve acknowledged the question's validity, cited unprecedented level of inter-railroad cooperation with partner railroads visiting CSX offices. Pointed to intermodal numbers as early evidence of progress.

Sean confirmed Q2 will be better than Q1 but would not commit to the typical magnitude. Emphasized that improved fluidity actually saves cost and unlocks revenue rather than adding expense.

Joe framed Howard Street Tunnel and MBR interchange as removing CSX's two biggest competitive disadvantages, enabling double-stack from Chicago to East Coast. Confirmed 2026-27 will deliver stronger profit growth.

Russ explained the weekly-reset surcharge offset higher fuel and purchased-transportation expense, so net profit impact was immaterial.

Carere attributed margin expansion to B2B focus, adjusted sales compensation model, and rate discipline with strong surcharge capture. Plans to continue pushing B2B market share acquisition.

Carere characterized growth as self-help through strategic market share acquisition, not massive market shift. SMB momentum strongest in years, fuel and mid-quarter pricing changes supporting yield growth.

Subramaniam honored Fred Smith's free trade advocacy while noting FedEx focuses on implementation not prediction. Emphasized scale advantage in complex environments on both physical and digital sides.

Carere reported no significant pull-forward activity, only one customer attempted it and regretted it. Most customers haven't made major supply chain changes as these take months/years, not weeks.

Raj described DRIVE as a data-driven business architecture rather than just a cost program, noting roughly $1.8 billion of $4 billion savings directly from new technologies.

Ed Elkins explained NS has shortened its truck-to-contract pricing lag and is constructive on domestic intermodal.

Ed confirmed about 200bps sequential OR improvement and emphasized strong incremental margin potential given existing capacity. Mark reiterated tight cost grip and productivity momentum.

CEO argued competing railroads took self-interested positions with misinformation and scare tactics. Noted competitors quickly formed alliances that took NSC business, proving merger enhances competition. Customers aren't losing options, they gain seamless single-line transcontinental service.

CEO highlighted 7% productivity spread (4% GTM growth with 3% headcount decline) alongside 5% fuel efficiency gain. COO detailed zero-based plan v3 delivering 14% intermodal crew start reduction YTD and 11% improvement in shipments per crew start. Cumulative 2026 target stretched to $600M range.

CMO confirmed encouraging spring bid season results with customers looking to derisk supply chains through rail cost savings. COO targets trip plan compliance in 80s-90s while tightening standards.

COO detailed next-phase operating plan: tighter connection and terminal standards, longer train schedules, better train weights, and right-sizing fleet and cars for sustained productivity improvement.