| Rank | Logo | Company | Market Cap | Country |
|---|---|---|---|---|
| 1 | Union Pacific Corporation | $139.25 B | USA | |
| 2 | CSX Corporation | $71.41 B | USA | |
| 3 | CPKC (Canadian Pacific Kansas City) | $70.65 B | Canada | |
| 4 | Norfolk Southern | $62.74 B | USA | |
| 5 | Canadian National Railway | $60.70 B | Canada | |
| 6 | East Japan Railway | $25.85 B | Japan | |
| 7 | Central Japan Railway | $25.70 B | Japan | |
| 8 | China Railway Construction | $14.15 B | China | |
| 9 | Indian Railway Finance | $13.37 B | India | |
| 10 | Getlink | $11.03 B | France | |
| 11 | West Japan Railway | $9.17 B | Japan | |
| 12 | Tokyu | $6.68 B | Japan | |
| 13 | Hankyu Hanshin Holdings | $6.24 B | Japan | |
| 14 | Qube Holdings | $6.13 B | Australia | |
| 15 | Tokyo Metro | $5.94 B | Japan | |
| 16 | Rumo | $5.78 B | Brazil | |
| 17 | Aurizon Holdings | $4.69 B | Australia | |
| 18 | Taiwan High Speed Rail | $4.62 B | Taiwan | |
| 19 | Indian Railway Catering & Tourism | $4.52 B | India | |
| 20 | Kintetsu GHD | $3.86 B | Japan | |
| 21 | Kyushu Railway Company | $3.66 B | Japan | |
| 22 | Odakyu Electric Railway | $3.62 B | Japan | |
| 23 | Tobu Railway | $3.57 B | Japan | |
| 24 | Keio Corporation | $2.85 B | Japan | |
| 25 | Bangkok Expressway and Metro (BEM) | $2.37 B | Thailand | |
| 26 | Meitetsu | $2.15 B | Japan | |
| 27 | Jungfraubahn Holding AG | $2.09 B | Switzerland | |
| 28 | Nankai Electric Railway | $2.06 B | Japan | |
| 29 | Nishi-Nippon Railroad | $1.44 B | Japan | |
| 30 | BTS Group | $0.99 B | Thailand | |
| 31 | Pkp Cargo | $0.16 B | Poland | |
| 32 | Railcare Group AB | $70.05 M | Sweden |
Largest railway operating companies by market cap




