Waverly once had a Chicago Great Western Railway (CGW) mainline, a CGW branch line, an Illinois Central Railroad (IC) branch line, a Chicago, Rock Island & Pacific Railroad (Rock Island) branch line and a Waterloo, Cedar Falls & Northern Railway (WCF&N) branch line. Today, the former IC is owned by Canadian National Railway, while the remaining lines have been abandoned. Portions of the former CGW mainline have been reused as the Rolling Prairie Trail.