“In 2026, we expect our cash balances to steadily grow as we first prioritize paying off the $1.5 billion of long term debt that comes due in the first half of the year and then conserve cash in anticipation of the merger closing.”

In context

“et on slide seven, Full year 2025 cash from operations totaled $9.3 billion roughly flat to 2024, while our cash conversion declined 10 points as a result of higher cash capital and our significant gain on land sales at year end. Cash returned to shareholders grew 25% versus 2024 as we rewarded our shareholders by returning $5.9 billion in 2025 through both dividends and share repurchases. Our adjusted debt to EBITDA ratio finished the year at 2.7 times by our three credit agencies. as we maintain a strong balance sheet and continue to be A rated Return on invested capital improved 50 basis points to 16.3%. As we've discussed, our goal is to have industry leading operating ratio and ROIC, and I'm confident that when the dust settles after earning season, we will remain the leader in 2025. In 2026, we expect our cash balances to steadily grow as we first prioritize paying off the $1.5 billion of long term debt that comes due in the first half of the year and then conserve cash in anticipation of the merger closing. Now, I'll turn it over to Kenny and I'll come back in a little bit to discuss our outlook. Kenny? Kenny Rocker: Thank you, Jennifer and good morning. Before I dive into the fourth quarter results, I want to acknowledge the team's hustle and drive which helped deliver a best ever full year record for freight revenue excluding fuel. Now turning to the fourth quarter on Slide nine. Freight revenue was down slightly on a 4% decline in volume. Our strong service product allowed the team to offset that pressure with pricing. With fuel surcharges and business mix, we delivered a 4% increase in average revenue per car. Let's talk about the key drivers for each of these business groups. Starting with our Bulk segment, revenue for the quarter was up 3% compared to last year on a 3% increase in volu”