“Where we want to be as America's railroad is to cover all of our operating costs through our revenues,” [the CEO] says, “and then use the grant that we receive from our owners, the United States government, to invest in the infrastructure, the rail infrastructure across America.”

That's some unconventional accounting. Most GAAP accountants would tell you that capital investments should be amortized over their expected lifetime, with the first depreciation hit in the year they're made. That would of course mean an additional expense to cover before calling yourself profitable.