CSX (CSX) Company Report

CSX completed the rebuild of a 60-mile Appalachian corridor within one year after floods and reopened it by end-September, alongside finishing the Howard Street Tunnel project for double-stack intermodal service, boosting network resilience.
The company reaffirmed its 2026 targets for low single-digit revenue growth, 200–300 bps operating margin expansion, and 50% free cash flow increase.
CSX streamlined incentive metrics to annual goals of operating income growth, operating margin %, and safety, with long-term awards tied to return on capital and total shareholder return.
On the pending Union Pacific–Norfolk Southern merger, CSX expects a lengthy regulatory process and will focus on standalone performance while capturing consolidation opportunities.

Feb 19, 2026, 4:50 PM

Transcript

CSX outlines operational priorities and M&A view at Barclays conference

CSX

Guidance Update

Executive Compensation

M&A

CSX targets low-single digit volume growth, 200–300 bps operating margin expansion, and 50% free cash flow increase in 2026, emphasizing cost productivity over top-line growth.
CEO simplifies incentive metrics to operating income growth, operating margin %, and safety for annual awards, and return on capital plus total shareholder return for long-term incentives.
On the proposed Union Pacific–Norfolk Southern merger, CEO highlights the extended regulatory process, advises focus on managing standalone risks and opportunities, and remains confident in CSX’s positioning.
Expects modest volume growth amid flat industrial production, with segment strength in minerals, fertilizers, and intermodal, offset by declines in chemicals and pulp and paper.

Feb 19, 2026, 4:50 PM

Transcript

CSX outlines 2026 guidance, operational improvements and strategic priorities

CSX

Guidance Update

M&A

Executive Compensation

CEO Steve Angel highlighted practical AI applications for asset management and customer service in traditional industries and sees the US as the primary growth engine, though not driving volume growth in 2026.
CSX finalized key infrastructure restorations, reopening the 60-mile Blue Ridge corridor post-flooding and completing the Howard Street Tunnel double-stack project to enhance network resilience.
2026 targets include low single-digit revenue growth, 200–300 basis point operating margin expansion and 50% free cash flow increase, emphasizing cost discipline over top-line dependence.
Incentive metrics were simplified: annual incentives focus on operating income growth, margin %, and safety; long-term incentives on return on invested capital and total shareholder return.
On M&A, Angel cautioned the process is lengthy, drawing parallels to the Linde-Praxair merger, and said CSX will manage risks and seize opportunities amid industry consolidation.

Feb 19, 2026, 4:50 PM

Transcript

CSX announces $670M locomotive fleet upgrade with Wabtec

CSX

New Projects/Investments

$670 million fleet modernization deal with Wabtec includes 100 new Evolution Series and 50 modernized locomotives plus digital services.
Modernization converts D9 locomotives from DC to AC traction to improve fuel efficiency, tractive effort, and reliability.
Integrated digital systems, such as Trip Optimizer with Smart Horsepower per Ton, aim to enhance fuel performance.
Deliveries of new locomotives begin in 2026, while modernized units start delivering in 2027.

Feb 9, 2026, 9:01 PM

Press Release

CSX reports Q4 2025 results

CSX

Earnings

Guidance Update

Volume rose 1% while revenue fell 1%, leading to a 9% decline in operating income and 7% drop in EPS, which included $50 million (or $0.02 EPS) in cost-optimization charges.
Operating expenses increased 3% (ex-2024 goodwill impairment), including $31 million in separation costs and $21 million in technology impairments; ending headcount was down over 3% year-over-year.
In segment results, intermodal revenue grew 7% on 5% higher volume; merchandise volume and revenue each declined 2%; and coal volume was up 1% (domestic +6%, export –3%) with revenue down 5% on a 6% RPU decline.
For 2026, CSX forecasts low single-digit revenue growth, 200–300 bp operating-margin expansion, CapEx under $2.4 billion, and free cash flow up at least 50% versus 2025.

Jan 22, 2026, 9:30 PM

Transcript

CSX reports Q4 2025 earnings results

CSX

Earnings

Guidance Update

Q4 volume rose 1% year-over-year to 1,597 K units.
Q4 revenue declined 1% to $3.508 B versus Q4 2024.
Adjusted operating income was $1.110 B with a margin of 31.6%.
Adjusted EPS was $0.39, up 3% year-over-year.
2026 guidance calls for low single-digit revenue growth, 200–300 bps margin expansion, capital expenditures below $2.4 B, and free cash flow growth of at least 50%.

Jan 22, 2026, 9:30 PM

Presentation

CSX reports Q4 2025 results and 2026 guidance

CSX

Earnings

Guidance Update

CSX’s Q4 volume rose 1% while revenue fell 1%; adjusted operating income and EPS declined 9% and 7%, respectively, including $50 million in cost-structure charges.
Q4 expenses increased 3% excluding a goodwill impairment, driven by $31 million in separation costs and $21 million in technology impairments; ending headcount was down over 3%.
Merchandise volumes and revenue each dropped 2%, intermodal revenue gained 7% on a 5% volume increase, and coal volume grew 1% (domestic +6%, export –3%) with coal revenue down 5% due to a 6% RPU decline.
2026 guidance assumes low single-digit revenue growth, 200–300 bps of operating margin expansion, CapEx under $2.4 billion, and at least 50% growth in free cash flow versus 2025.
Focus areas include workforce optimization, tighter discretionary expense control, improved capital discipline, and enhanced efficiency to drive profitability and cash flow.

Jan 22, 2026, 9:30 PM

Transcript

CSX reports mixed Q4 2025 results

CSX

Earnings

Guidance Update

CSX reported total Q4 volume up 1% and revenue down 1%, with merchandise franchise volume and revenue both down 2%, intermodal revenue up 7%, and coal volume up 1% (revenue down 5% due to lower RPU).
The company issued 2026 guidance assuming low single-digit revenue growth, 200–300 bps operating margin expansion, CapEx < $2.4 B and free cash flow +50% versus 2025.
Management expects continued headwinds in industrial chemicals, forest products and automotive, while seeing growth in intermodal, minerals, fertilizers and domestic utility coal demand.
CSX plans to improve price yield in 2026 versus 2025 and drive productivity initiatives to cover inflation and enhance margins.

Jan 22, 2026, 9:30 PM

Transcript

CSX announces Q4 and full year 2025 results

CSX

Earnings

Demand Weakening

Q4 revenue was $3.51 billion, down 1% year-over-year; operating income was $1.11 billion, with net earnings of $720 million (EPS $0.39), which includes $50 million of severance and technology rationalization costs.
Full year revenue totaled $14.09 billion; operating income was $4.52 billion (adjusted $4.69 billion); EPS was $1.54 (adjusted $1.61).
Operating margin was 31.6% in Q4 and 32.1% for the full year (adjusted 33.2%).
Management cited a subdued industrial demand environment and cost-structure actions, and expects improved financial performance in 2026 through productivity, cost control, and capital discipline.

Jan 22, 2026, 9:01 PM

8-K

CSX announces Q4 and FY 2025 results

CSX

Earnings

Demand Weakening

CSX reported Q4 2025 revenue of $3.51 billion (down 1% YoY), operating income of $1.11 billion, and EPS of $0.39, which include $50 million in severance and technology rationalization expenses.
For full year 2025, CSX generated $14.09 billion in revenue, operating income of $4.52 billion (adjusted $4.69 billion), operating margin of 32.1% (adjusted 33.2%), and EPS of $1.54 (adjusted $1.61).
Management highlighted a subdued industrial demand environment and outlined plans for improved 2026 performance via productivity gains, cost control, and capital discipline.

Jan 22, 2026, 9:01 PM

Press Release

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Earnings Transcripts

Quarterly earnings call transcripts for CSX.

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