Bascome Majors

How do you think somewhere between that, how does it feel in '26 right now, the balance of margin expansion and you potentially seeking more share growth

Can you talk in a little more length about how you stay ahead of sort of copycat strategies

What inning or other analogy are you are on some of those projects

Just curious if you could walk through some of the cyclical puts and takes on the path to '26 as you feel today

Can you talk a little bit more tactically about how you and the board have talked about changing the incentives for senior management

what do you think the right annual and long term incentive structures are? For senior management

Can you talk a little bit about the regulatory opportunity under the new regime, either at the FRA and the STB

UPS potentially gets some competitive advantages back with the relationship with the postal service

particularly where you're talking about finding new revenue models to monetize that part of the FedEx story

how much CapEx is in the freight segment for last year? And how is that anticipated to trend in the budget for this year

Can you talk about where you are in the build-out of the dedicated sales force? I think you said 300 with the

how prevalent the multi-year price agreements are with Intermodal customers today compared to prior cycles

how has the rapid escalation in the spot rates in purchase transportation calls, you know, maybe changed the way around the edges that you're approaching this year

can you talk a little bit about some of the higher visibility big-ticket cost items in the budget, be it health and welfare or insurance

is there maybe a structural rethinking about how to use cash with the buyback versus other uses longer term

how have those bid conversations evolved in the last two weeks? And not just specifically to pricing

how much visibility and conviction you have into the churn really giving way after the second quarter

can you talk about where you see maybe more tactical opportunities where there are some potential wins in the merchandise portfolio

Can you talk a little bit about the Board dynamics, where everyone is clearly aligned

can you remind us of typical revenue and margin seasonality for the fourth quarter?

With the UPS leaning more into the lower weight kind of tweener freight parcel shipments, is that business that you or any of your peers are really that interested in

what segments of the market you think are gaining and losing share now that we've kind of settled out from all the noise of the yellow redeployment

How do you make sure you retain your talent as they're looking for new leadership?

how do you think about sort of hedging your bets on managing the balance sheet for that capital need between now and in 2027

As that agreement, which I believe predated your arrival, Jim, comes to an end here in the next couple of quarters, how do you feel about the fleet today

this week, we also had Patrick Fuchs take over as STB, Chairman. Can you talk about that side of the regulatory fence

how you feel about dealing with that uptick in labor inflation in the U.S. in the second half of next year?

do you think that we've seen the last of the big shoes to drop on some of the changes to the competitive landscape, cost structures

release and the deck talk a bit about tariff pressure on cash flow as it seems to be flowing into inventory

you said new locos and mods, expect units to be up again next year. Was that a North America comment or a global comment?

Can you talk a little bit about maybe the differences across the different rails without necessarily specifying which does which?

how much of that content do you support with, you know, kits and engine and other key components? Shipped out of the US

where are you in the testing? How are the results? And when do you expect to launch that fully as a commercial product?

Can you roughly break us out what that looks like between pricing units and how each are growing this year?