Global Railroad Industry Overview
Just how big is the railroad industry? The global railroad industry was valued at USD 660 million in 2018 and is expected to reach UD 890 million by the end of 2025, growing at a CAGR of 4.3% by 2025. The top 10 largest railroad companies in the world deliver economic growth, support job creation, and provide crucial environmental benefits such as reduced highway gridlock and cleaner air. The largest railroad company in the world by market cap is Union Pacific Railroad. The top 3 best train companies in the world are then rounded out by Canadian National Railway and Central Japan Railway Company when accounting for market cap. Deutsche Bahn is the top railroad company in the world by revenue.
Investors keep an eye on top-line growth as a reliable indicator of underlying freight demand and of the railroad’s ability to increase rates. Additionally, regulatory considerations play a key part in investment at a B2B level within the industry. This fact sheet is to breakdown — in detail — the largest railroad companies in the world by market cap and revenue, but ultimately the goal is to assist business professionals, investors, and people in general that are interested in gaining insights into the global railroad industry including:
- Discover who are the top 10 largest railroad companies in the world by market cap and revenue?
- Railroad industry market share, trends, and stats you should know in 2022.
BizVibe is already helping the largest railroad companies in the world connect. Connect and track the latest news and insights from these companies.
Railroad Industry Market Share, Stats and Trends
- The average annual market volume of railway technology in North America is forecasted to reach around USD 37.71 billion by 2023.
- The world’s railway network spans over 1.3 million route-kilometers worldwide.
- The United States operates by far the longest railroad network in the world, closely followed by Russia, China, India, Canada, Germany, and France.
- S. railroads are divided into Class I railroads and other railroads.
Top 10 Largest Railroad Companies in the World by Market Cap 2022
Rank |
Company |
Market Cap (USD billions) |
Revenue (USD billions) |
Headquarters |
| 1 | Union Pacific Railroad | 123.56 | 22.83 | Nebraska, USA |
| 2 | Canadian National Railway | 94.85 | 11.14 | Quebec, Canada |
| 3 | Central Japan Railway Company | 38.7 | 16.9 | Nagoya, Japan |
| 4 | East Japan Railway Company | 36.2 | 27.1 | Tokyo, Japan |
| 5 | MTR | 31.14 | 7.14 | New Kowloon, Hong Kong |
| 6 | Norfolk Southern Railway | 27.1 | 11.24 | Georgia, USA |
| 7 | CSX Transportation | 26.3 | 11.9 | Florida, USA |
| 8 | Canadian Pacific Railway | 22.8 | 7.31 | Calgary, Canada |
| 9 | Deutsche Bahn | 18.85 | 50.31 | Berlin, Germany |
| 10 | Indian Railways | NA | 28.8 | New Delhi, India |
1. Union Pacific Railroad
What is the largest railroad company in the world? By market capitalization, Union Pacific Railroad ranks number 1 on our list of the top 10 largest railroad companies in the world in 2022. Union Pacific Railroad has a current market cap of USD 123.56 billion — the highest on this list. Union Pacific Railroad is a freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. The Union Pacific Railroad was founded in 1862 and is currently headquartered in 1400 Douglas Street, Omaha, Nebraska. Last year Union Pacific Railroad generated revenues of USD 22.83 billion, ranking 4th on this list of the top rail companies by revenue.
- Founded: 1862
- Union Pacific Railroad Headquarters: Nebraska, USA
- Union Pacific Railroad Revenue: USD 22.83 billion
- Union Pacific Railroad Market Cap: USD 123.56 billion
Union Pacific Railroad Operations
- 50,000 employees, 8,721 locomotives, and 94,284 freight cars.
2. Canadian National Railway
Ranking 2nd on this list of the top 10 largest railroad companies in the world list is Canadian National Railway, with a current market value of USD 94.85 billion. Canadian National Railway is a Canadian Class I freight railway headquartered in Montreal, Quebec, that serves Canada and the Midwestern and Southern United States. CN is Canada’s largest railway, in terms of both revenue and the physical size of its rail network, spanning Canada from the Atlantic coast in Nova Scotia to the Pacific coast in British Columbia across about 20,400 route miles (32,831 km) of track. Canadian National Railway was founded in 1919 and is currently headquartered in Montreal, Quebec. Canadian National Railway generated USD 11.14 billion in revenue last year, making it also one of the largest train companies in the world by revenue.
- Founded: 1919
- Canadian National Railway Headquarters: Montreal, Quebec, Canada
- Canadian National Railway Revenue: USD 11.14 billion
- Canadian National Railway Market Cap: USD 94.85 billion
Canadian National Railway Railroad Operations
- Passenger trains
- Locomotives: Steam, Electric, Turbo, Diesel
- Freight Cars
- Overseas intermodal containers
- North American intermodal containers
3. Central Japan Railway Company
Ranking 3rd on this list of the best train companies in the world is Central Japan Railway Company, Japan’s main railway company operating in the Chūbu (Nagoya) region. JR Central’s operational hub is Nagoya Station and the company’s administrative headquarters are located in the JR Central Towers above the station. The busiest railway line operated by JR Central is the Tōkaidō Main Line between Atami Station and Maibara Station. Central Japan Railway Company has a current market cap of USD 38.7 billion, ranking 3rd on this list of the largest railroad companies by market cap. Central Japan Railway Company also generated revenue of USD 16.9 billion making it one of the major railroad companies on this list by revenue.
- Founded: 1987
- Central Japan Railway Company Headquarters: Nagoya, Japan
- Central Japan Railway Company Revenue: USD 16.9 billion
- Central Japan Railway Company Market Cap: USD 38.7 billion
Central Japan Railway Company Railroad Operations
- Transportation, Merchandise, Construction, Travel, Rolling Stock, and more.
4. East Japan Railway Company
Ranking 4th on this list of the top 10 largest railroad companies in the world is East Japan Railway Company with a current market cap of USD 36.2 billion and revenues of USD 27.1 billion. The East Japan Railway Company consists of seven for-profit companies (kabushiki gaisha) that took over most of the assets and operations of the government-owned Japanese National Railways on April 1, 1987.
- Founded: 1987
- East Japan Railway Company Headquarters: Tokyo, Japan
- East Japan Railway Company Revenue: USD 27.1 billion
- East Japan Railway Company Market Cap: USD 36.2 billion
Central Japan Railway Company Railroad Operations
- Lines: Railway lines of JR East primarily serve the Kanto and Tohoku regions, along with adjacent areas in Kōshin’etsu region (Niigata, Nagano, Yamanashi) and Shizuoka prefectures.
- Train services: Shinkansen, Limited express (daytime), Limited express (overnight).
5. MTR
The Mass Transit Railway (MTR) ranks 5th on this list of the top 10 largest railroad companies in the world list with a current market cap of USD 31.14 billion. MTR is a major public transport network serving Hong Kong. Operated by the MTR Corporation Limited (MTRCL), it consists of heavy rail, light rail, and feeder bus service centered on an 11-line rapid transit network serving the urbanized areas of Hong Kong Island, Kowloon, and the New Territories. MTR generated revenue of USD 7.14 billion last year.
- Founded: 1975
- MTR Headquarters: New Kowloon, Hong Kong
- MTR Revenue: USD 7.14 billion
- MTR Market Cap: USD 31.14 billion
MTR Railroad Operations
- Number of stations: : Heavy rail: 95; Light rail: 68
- Number of lines: Heavy rail: 11; Light rail: 12
Related: Get Free Insights for 1,000+ Rail Freight Companies
6. Norfolk Southern Railway
Norfolk Southern Railway ranks 6th on this list of the top 10 largest railroad companies in the world. Norfolk Southern Railway is a Class I freight railroad in the United States and is the current name of the former Southern Railway. With headquarters in Atlanta, Georgia, the company operates 19,420 route miles (31,250 km) in 22 eastern states, the District of Columbia, and has rights in Canada over the Albany to Montréal route of the Canadian Pacific Railway, and previously on CN from Buffalo to St. Thomas. Norfolk Southern Railway’s market cap is currently USD 27.1 billion and the company generated revenues of USD 11.24 billion last year — making it one of the top railroad companies in the world.
- Founded: 1990
- Norfolk Southern Railway Headquarters: Atlanta, Georgia, USA
- Norfolk Southern Railway Revenue: USD 11.24 billion
- Norfolk Southern Railway Market Cap: USD 27.1 billion
7. CSX Transportation
CSX Transportation ranks 7th on this list of the top 10 largest railroad companies with a current market cap of USD 26.3 billion as of 2022. CSX Transportation is a Class I freight railroad operating in the eastern United States and the Canadian provinces of Ontario and Quebec. CSX Transportation’s railroads operate approximately 21,000 route miles (34,000 km) of track. The company operates as a subsidiary of CSX Corporation, a Fortune 500 company headquartered in Jacksonville, Florida. CSX Transportation generated revenues of USD 11.9 billion last year.
- Founded: 1986
- CSX Transportation Headquarters: Jacksonville, Florida, USA
- CSX Transportation Revenue: USD 11.9 billion
- CSX Transportation Market Cap: USD 26.3 billion
CSX Transportation Railroad Operations
- Unit trains, Locomotives
8. Canadian Pacific Railway
Canadian Pacific Railway ranks 8th on this list of the top 10 largest railroad companies in the world with a market cap of USD 22.8 billion and generating revenues of USD 7.31 billion last year. Canadian Pacific Railway is headquartered in Calgary and is a historic Canadian Class I railway incorporated in 1881.
- Founded: 1881
- Canadian Pacific Railway Headquarters: Calgary, Canada
- Canadian Pacific Railway Revenue: USD 7.31 billion
- Canadian Pacific Railway Market Cap: USD 22.8 billion
9. Deutsche Bahn
Deutsche Bahn ranks 9th on this list of the top 10 largest railroad companies in the world in 2022. Deutsche Bahn is a German railway company. Headquartered in Berlin, it is a private joint-stock company (AG), with the Federal Republic of Germany being its single shareholder. Deutsche Bahn carries about two billion passengers annually, one of the largest numbers in the world. Deutsche Bahn generated revenues of USD 50.31 billion last year, ranking number on this list as the largest railroad company in the world by revenue. Deutsche Bahn has a current market cap of USD 18.85 billion.
- Founded: 1994
- Deutsche Bahn Headquarters: Berlin, Germany
- Deutsche Bahn Revenue: USD 50.31 billion
- Deutsche Bahn Market Cap: USD 18.85 billion
10. Indian Railways
Rounding out BizVibe’s list of the top 10 largest railroad companies in the world is Indian Railways, India’s national railway system operated by the Ministry of Railways. Indian Railway is the fourth largest railway network in the world by size, with a route length of 68,155 km (42,350 mi) as of March 2019. 39,866 km (24,772 mi) or 58.49% of all the routes are electrified with 25 kV 50 Hz AC electric traction as of 1 April 2022. Indian Railways generated revenues of USD 28.8 billion last year — making it one of the best train companies in the world by revenue in 2022.
- Founded: 1845
- Indian Railways Headquarters: New Delhi, India
- Indian Railways Revenue: USD 28.8 billion
This is BizVibe’s list of the top 10 largest railroad companies in the world in 2022 by market cap and revenue. These leading companies are revolutionizing the way the railroad industry is operating in 2022.
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Largest Railroad Companies in the World by Revenue
Here is a complete list of the top railroad companies ranked by revenue as of 2022. Which companies will move up the list next?
Rank |
Company |
Revenue (USD billions) |
| 1 | Deutsche Bahn | 50.31 |
| 2 | Indian Railways | 28.8 |
| 3 | East Japan Railway Company | 27.1 |
| 4 | Union Pacific Railroad | 22.83 |
| 5 | Central Japan Railway Company | 16.9 |
| 6 | CSX Transportation | 11.9 |
| 7 | Norfolk Southern Railway | 11.24 |
| 8 | Canadian National Railway | 11.14 |
| 9 | Canadian Pacific Railway | 7.31 |
| 10 | MTR | 7.14 |
The Future of the Railroad Industry
Transportation is always going to be important as we need people, products, and goods to move. The top 10 largest railroad companies have been dominating the global market for hundred of years. Expect the best train companies in the world to continue dominating this list in future years.
Additional Railroad Companies in 2022
In addition to the top railroad companies, there are various other railroad companies to keep an eye on in 2022 and going forward.
The Largest Rail Transport Companies
The global rail transport market is growing at a rapid rate, expected to reach USD 280 Billion by 2026. The largest rail transport companies are:
1. Deutsche Bahn
- Revenue: USD 48.12 Billion
- Headquarters: Germany
2. SNCF
- Revenue: USD 38.43 Billion
- Headquarters: France
3. Russian Railways
- Revenue: USD 32.91 Billion
- Headquarters: Russia
4. Indian Railways
- Revenue: USD 26.2 Billion
- Headquarters: India
5. BNSF Railway Company
- Revenue: USD 22.74 Billion
- Headquarters: USA
