CSX Corporation is a leading transportation company headquartered in Jacksonville, Florida, specializing in rail-based freight transportation services. The company operates through four main lines of business, offering a range of services that include the transportation of merchandise, intermodal solutions, coal, and trucking services . CSX's merchandise business is the largest segment, shipping a variety of products such as chemicals, agricultural and food products, automotive, minerals, forest products, metals and equipment, and fertilizers . The company also provides intermodal services that combine rail and truck transportation to serve the manufactured consumer goods markets . Additionally, CSX transports coal, coke, and iron ore to various industrial sectors and offers trucking services through Quality Carriers .
- Merchandise - Ships a diverse range of products including chemicals, agricultural and food products, automotive, minerals, forest products, metals and equipment, and fertilizers.
- Coal - Transports coal, coke, and iron ore to various industrial sectors.
- Intermodal - Combines rail and truck transportation to serve the manufactured consumer goods markets.
- Trucking - Includes operations from Quality Carriers, providing trucking services.
- Other Revenue Sources - Comprises regional subsidiary railroads and incidental charges.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Joseph R. Hinrichs ExecutiveBoard | President and Chief Executive Officer | Board Member at The Goodyear Tire & Rubber Company; Chairman of Exide Technologies; Venture Partner at First Move Capital; Automotive Advisory Board Member at Luminar Technologies; Strategic Advisor at microDrive. | Former President of Ford's global automotive business; joined CSX in 2022; driving operational improvements and cultural initiatives. | View Report → |
Angela C. Williams Executive | Vice President and Chief Accounting Officer | None | Joined CSX in 2006; appointed CAO in March 2018; oversees financial reporting and accounting processes. | |
Diana B. Sorfleet Executive | Executive Vice President and Chief Administrative Officer | None | Joined CSX in 2011; oversees HR, facilities, and aviation; appointed CAO in July 2018. | |
Kevin S. Boone Executive | Executive Vice President and Chief Commercial Officer | None | Joined CSX in 2017; led sales and marketing teams to achieve significant revenue growth; appointed CCO in June 2021. | |
Michael A. Cory Executive | Executive Vice President and Chief Operating Officer | None | Joined CSX in September 2023; former COO of Canadian National Railway; focuses on operational excellence and employee engagement. | |
Michael S. Burns Executive | Senior Vice President, Chief Legal Officer, and Corporate Secretary | None | Appointed January 2025; joined CSX in 2006; previously served as Vice President and General Counsel. | |
Nathan D. Goldman Executive | Executive Vice President, Chief Legal Officer, and Corporate Secretary | None | Retiring effective January 1, 2025; joined CSX in 2002; led legal, risk management, and governance functions. | |
Sean R. Pelkey Executive | Executive Vice President and Chief Financial Officer | None | Joined CSX in 2005; appointed CFO in January 2022; led financial efficiencies and sustainability initiatives, including hydrogen locomotives. | |
Stephen Fortune Executive | Executive Vice President and Chief Digital & Technology Officer | None | Joined CSX in April 2022; former CIO at BP; leads digital transformation and cybersecurity initiatives. | |
Ann Begeman Board | Independent Director | None | Appointed January 2025; former Chair of the Surface Transportation Board; expertise in transportation policy. | |
Anne H. Chow Board | Independent Director | Lead Director at Franklin Covey Co.; Director at 3M; CEO of The Rewired CEO; Senior Fellow at Northwestern University. | Director since May 2024; former CEO of AT&T Business; expertise in business operations and governance. | |
David M. Moffett Board | Independent Director | Trustee at Columbia Threadneedle Mutual Funds; Trustee at University of Oklahoma Foundation; Director at PayPal Holdings, Inc.. | Director since 2015; former CEO of Freddie Mac; expertise in finance and governance. | |
Donna M. Alvarado Board | Independent Director | President of Aguila International; Board Member at CoreCivic, Inc.; Board Member at Park National Corporation. | Director since 2006; expertise in governance, risk management, and human capital management. | |
J. Steven Whisler Board | Independent Director | Board Member at Brunswick Corporation. | Director since 2011; former CEO of Phelps Dodge Corporation; expertise in safety and environmental initiatives. | |
James L. Wainscott Board | Independent Director | Lead Director at Parker-Hannifin Corporation; Chair of Council of Chief Executives. | Director since 2020; former CEO of AK Steel; expertise in finance and governance. | |
John J. Zillmer Board | Chair of the Board | CEO of Aramark; Board Member at Ecolab Inc.; Advisory Board Member at CVC Partners. | Chair of CSX since 2019; extensive leadership experience in corporate governance and business transformation. | |
Linda H. Riefler Board | Independent Director | Board Member at MSCI, Inc.; Board Member at North American Partners in Anesthesia; Executive Leadership Team Member at Stanford Women on Boards. | Director since 2017; former Chair of Global Research at Morgan Stanley; expertise in governance and sustainability. | |
Paul C. Hilal Board | Vice Chair of the Board | CEO of Mantle Ridge LP; Vice Chair of Dollar Tree; Board of Overseers at Columbia Business School. | Director since 2017; founder of Mantle Ridge; extensive experience in corporate governance and finance. | |
Steven T. Halverson Board | Independent Director | Director at Gilbane, Inc.. | Director since 2006; former CEO of The Haskell Company; expertise in governance and business operations. | |
Suzanne M. Vautrinot Board | Independent Director | Board Member at Ecolab Inc., Parsons Corporation, and Wells Fargo & Company. | Director since 2019; retired U.S. Air Force Major General; expertise in cybersecurity and technology. | |
Thomas P. Bostick Board | Independent Director | CEO of Bostick Global Strategies; Trustee at Fidelity Investments; Board Member at Perma-Fix Environmental Services, Inc.; Board Member at Allonnia; Board Member at HireVue. | Director since 2020; retired U.S. Army Major General; expertise in sustainability and human capital management. |
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Given the expected $200 million year-over-year revenue headwinds from lower fuel surcharge and softer coal markets in Q4, how do you plan to offset these impacts to maintain revenue and margin growth, especially considering additional expenses from hurricane rebuilding efforts?
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With the upcoming construction on the Howard Street Tunnel next year, which will cause network disruptions and reroutes, how will you mitigate the operational challenges to ensure service levels remain high and that margin improvement goals for 2025 are not adversely affected?
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Can you elaborate on the rationale behind locking in a 5-year labor agreement with 3.5% inflation rates now, especially as inflation is coming down, and how this will impact your operating costs and competitiveness over the agreement period?
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Given that on-time originations and arrivals have eroded into the low 70s and upper 60s, how are you addressing these declines in service levels, and what specific measures are being implemented to improve operational performance and meet customer expectations?
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Considering the stabilization of export coal prices at lower levels and the expected headwinds from lower fuel prices next year, what strategies do you have in place to drive revenue growth in your coal segment, and how sustainable is this demand in the face of global market volatility?
Research analysts who have asked questions during CSX earnings calls.
Brian Ossenbeck
JPMorgan Chase & Co.
5 questions for CSX
David Vernon
Sanford C. Bernstein & Co., LLC
5 questions for CSX
Jonathan Chappell
Evercore ISI
5 questions for CSX
Ken Hoexter
BofA Securities
5 questions for CSX
Walter Spracklin
RBC Capital Markets
5 questions for CSX
Brandon Oglenski
Barclays
4 questions for CSX
Jason Seidl
TD Cowen
4 questions for CSX
Jeffrey Kauffman
Vertical Research Partners
4 questions for CSX
Jordan Alliger
Goldman Sachs
4 questions for CSX
Ravi Shanker
Morgan Stanley
4 questions for CSX
Scott Group
Wolfe Research
4 questions for CSX
Ariel Rosa
Citigroup
3 questions for CSX
Bascome Majors
Susquehanna Financial Group
3 questions for CSX
Christian Wetherbee
Wells Fargo
3 questions for CSX
Daniel Imbro
Stephens Inc.
3 questions for CSX
Thomas Wadewitz
UBS
3 questions for CSX
Ari Rosa
Citigroup
2 questions for CSX
Chris Wetherbee
Wells Fargo
2 questions for CSX
Richa Harnain
Deutsche Bank
2 questions for CSX
Stephanie Moore
Jefferies
2 questions for CSX
Tom Wadewitz
UBS Group
2 questions for CSX
Benjamin Nolan
Stifel
1 question for CSX
Eric Morgan
Barclays
1 question for CSX
Erika Hanan
Deutsche Bank
1 question for CSX
Ivan Nguyen
Wolfe Research
1 question for CSX
Joe Hafen
Jefferies
1 question for CSX
Oliver Holmes
Redburn Atlantic
1 question for CSX
Stephanie Benjamin Moore
Jefferies
1 question for CSX
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Operates throughout much of the company's territory and is identified as the primary rail competitor. Competing railroads and deregulated motor carriers may exert pressure on price and service levels depending on the specific market. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Pan Am Systems, Inc. | 2022 | CSX acquired Pan Am Systems, Inc. for $601 million, paid through a mix of $422 million in common stock and $179 million in cash (including a $30 million deposit). The deal expanded CSX’s presence in the Northeastern U.S. by adding a 1,200-mile rail network along with a joint interest in a 600-mile system, and involved detailed allocation of purchase considerations and integration via the acquisition method. |
Quality Carriers, Inc. | 2021 | CSX purchased Quality Carriers for $546 million in cash, acquiring assets such as tractors, trailers, equipment, and significant intangible assets including $200 million in goodwill and customer relationships. This strategic move created a multimodal chemicals transportation solution, integrating operations from July 1, 2021, and incurring approximately $16 million in acquisition-related costs. |
Recent press releases and 8-K filings for CSX.
- Kevin Boone appointed Executive Vice President and Chief Financial Officer, effective October 29, 2025, succeeding Sean Pelkey.
- Sean Pelkey separated as CFO on October 29, 2025, and will be eligible for benefits under CSX’s Executive Severance Plan upon signing a release.
- Maryclare Kenney promoted to Senior Vice President and Chief Commercial Officer, effective October 29, 2025.
- CSX names Kevin Boone EVP and chief financial officer, succeeding Sean Pelkey.
- Maryclare Kenney promoted to senior vice president and chief commercial officer to drive commercial momentum.
- CEO Steve Angel underscores their expertise in finance and commercial operations to advance strategic focus and long-term growth.
- Boone previously served as CFO during the pandemic and in investment banking; Kenney brings 14 years of commercial leadership at CSX.
- CSX entered into an underwriting agreement on October 20, 2025 to issue an additional $300 million aggregate principal amount of its 5.050% Notes due June 15, 2035, fungible with the existing $600 million series issued March 10, 2025.
- The notes carry a 5.050% coupon, were priced at 103.069% of par (plus accrued interest), and carry a re-offer yield of 4.643%, representing a spread of +65 bps to the 4.250% August 2035 Treasury; they include a make-whole call at T+15 bps.
- Settlement is expected on October 23, 2025, under CSX’s shelf registration statement effective February 27, 2025.
- Joint book-running managers for the transaction are Citigroup, J.P. Morgan Securities and UBS Securities.
- CSX’s Q3 profit fell 22% to $694 million while revenue dipped to $3.59 billion year-over-year.
- New CEO Steve Angel emphasized operational excellence and strategic patience, stopping short of committing to any merger until timing is right.
- The proposed $85 billion Union Pacific-Norfolk Southern merger heightens competitive pressure on CSX, which aims to match faster delivery times through improvements and partnerships.
- Potential partners BNSF and CPKC have expressed disinterest in a merger, favoring cooperative agreements over integration.
- Revenue of $3.587 billion, down 1% YoY, with adjusted operating income of $1.251 billion, down 8% YoY
- Adjusted EPS of $0.44, down 4%, and adjusted net earnings of $818 million, down 9% YoY
- Network velocity improved to 18.9 MPH and dwell time decreased to 9.5 hours, while fuel efficiency improved to 0.94 Gal/kGTM
- YTD free cash flow of $1.066 billion vs. $2.218 billion last year; share buybacks of $1.284 billion and dividends of $730 million YTD
- Maintained FY25 volume growth outlook, with capex of $2.5 billion and a balanced capital return strategy
- CSX reported $1.1 billion operating income and $0.37 EPS (including a $164 million goodwill impairment, or $0.07 per share); excluding the impairment, revenue declined 1% and adjusted expenses rose 3%, driving a $0.02 EPS decrease.
- Operational metrics reached multi-year bests with fastest train velocity since early 2021, lowest dwell times since mid-2023, intermodal trip plan compliance at 93% and carload compliance at 83%, and completion of the Howard Street Tunnel and Blue Ridge projects ahead of schedule.
- Q3 merchandise revenue and volume were down 1% (flat RPU), with minerals up 12% and fertilizers up 7%; coal revenue fell 11% (utility coal +22%, export coal −11%); intermodal revenue rose 4% on 5% higher volume.
- Adjusted costs included approximately $30 million of severance/restructuring and $25 million of network disruption charges; net of these, CSX anticipates ~$45 million of sequential cost benefits in Q4 as projects demobilize.
- Year-to-date free cash flow reached $1.1 billion, CAPEX guidance remains at $2.5 billion (ex-Blue Ridge), and CSX expects full-year volume growth and continued shareholder distributions.
- Rail operations hit multi-year bests with the fastest train velocity since early 2021, lowest cars-online since 2020, and improved trip plan compliance—intermodal TPC rose to 93% and carload TPC to 83%.
- Q3 reported operating income was $1.1 billion and EPS $0.37, including a $164 million goodwill impairment; adjusted revenue fell 1% and adjusted EPS declined $0.02 versus prior year.
- Merchandise revenue down 1% with flat RPU; minerals up 12% in revenue, coal revenue down 11%, and intermodal up 4% on 5% higher volume.
- Major projects complete: Howard Street Tunnel and Blue Ridge Subdivision finished ahead of schedule, restoring full network access and enabling double-stack clearance through Baltimore starting Q2 2026.
- Cost momentum strong: adjusted expenses rose 3% including $60 million of severance and $25 million of network disruption; approximately $100 million of non-recurring costs expected to drop out in 2026.
- Operational momentum: Q3 marked the fastest train velocity since early 2021, the lowest average daily cars online since 2020, and improved trip plan compliance to 93% in intermodal and 83% in carload.
- Q3 financials: Reported operating income of $1.1 billion and EPS of $0.37, which include a $164 million goodwill impairment and $0.07 per share charge.
- Segment performance: Merchandise revenue down 1% (minerals + 8%), coal revenue down 11%, and intermodal revenue up 4% year over year.
- Infrastructure milestones: Howard Street Tunnel and Blue Ridge Subdivision projects completed ahead of schedule, providing full network access and enabling double-stack service growth beginning in 2026.
- Guidance & capital allocation: Maintained full-year capex guidance at $2.5 billion excluding Blue Ridge, expect full-year volume growth, YTD free cash flow of $1.1 billion, and $2 billion+ returned to shareholders via dividends and buybacks.
- CSX posted GAAP operating income of $1.087 billion and net earnings of $694 million (EPS $0.37) in Q3 2025.
- Excluding a $164 million goodwill impairment, adjusted operating income was $1.251 billion and adjusted net earnings were $818 million (EPS $0.44).
- Third-quarter volume totaled 1.61 million units, up 1% year-over-year and 2% sequentially, while revenue was $3.59 billion, down 1% year-over-year.
- CEO Steve Angel highlighted the strong network performance and opportunities for long-term profitable growth.
- CSX reported GAAP operating income of $1.087 billion and net earnings of $694 million (EPS $0.37), and, excluding a $164 million goodwill impairment, adjusted operating income of $1.251 billion and adjusted net earnings of $818 million (adjusted EPS $0.44).
- Revenue totaled $3.587 billion, down 1% year-over-year, while total system volume increased 1% to 1.61 million units, driven by intermodal growth offsetting weaker coal and merchandise volumes.