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CSX (CSX)

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 .

  1. Merchandise - Ships a diverse range of products including chemicals, agricultural and food products, automotive, minerals, forest products, metals and equipment, and fertilizers.
  2. Coal - Transports coal, coke, and iron ore to various industrial sectors.
  3. Intermodal - Combines rail and truck transportation to serve the manufactured consumer goods markets.
  4. Trucking - Includes operations from Quality Carriers, providing trucking services.
  5. Other Revenue Sources - Comprises regional subsidiary railroads and incidental charges.

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NamePositionExternal RolesShort 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.

  1. 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?

  2. 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?

  3. 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?

  4. 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?

  5. 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

Also covers: ARCB, CHRW, CNI +18 more

David Vernon

Sanford C. Bernstein & Co., LLC

5 questions for CSX

Also covers: AAL, AUR, CNI +7 more

Jonathan Chappell

Evercore ISI

5 questions for CSX

Also covers: ASC, CHRW, CNI +20 more

Ken Hoexter

BofA Securities

5 questions for CSX

Also covers: ARCB, CHRW, CNI +21 more

Walter Spracklin

RBC Capital Markets

5 questions for CSX

Also covers: CNI, CP, NSC +2 more

Brandon Oglenski

Barclays

4 questions for CSX

Also covers: AAL, ALGT, ALK +19 more

Jason Seidl

TD Cowen

4 questions for CSX

Also covers: ARCB, CHRW, CVLG +17 more

Jeffrey Kauffman

Vertical Research Partners

4 questions for CSX

Also covers: ARCB, CHRW, CMI +11 more

Jordan Alliger

Goldman Sachs

4 questions for CSX

Also covers: ARCB, FDX, JBHT +12 more

Ravi Shanker

Morgan Stanley

4 questions for CSX

Also covers: AAL, ALGT, ALK +27 more

Scott Group

Wolfe Research

4 questions for CSX

Also covers: AAL, ALGT, ALK +35 more

Ariel Rosa

Citigroup

3 questions for CSX

Also covers: ARCB, CHRW, CNI +15 more

Bascome Majors

Susquehanna Financial Group

3 questions for CSX

Also covers: CHRW, CNI, FDX +19 more

Christian Wetherbee

Wells Fargo

3 questions for CSX

Also covers: ARCB, CHRW, CNI +14 more

Daniel Imbro

Stephens Inc.

3 questions for CSX

Also covers: ARCB, CHRW, CNI +23 more

Thomas Wadewitz

UBS

3 questions for CSX

Also covers: ALK, ARCB, CHRW +20 more

Ari Rosa

Citigroup

2 questions for CSX

Also covers: CNI, CP, FDX +9 more

Chris Wetherbee

Wells Fargo

2 questions for CSX

Also covers: ARCB, CHRW, CNI +12 more

Richa Harnain

Deutsche Bank

2 questions for CSX

Also covers: CHRW, FDX, KNX +6 more

Stephanie Moore

Jefferies

2 questions for CSX

Also covers: APG, ARCB, BFAM +26 more

Tom Wadewitz

UBS Group

2 questions for CSX

Also covers: ARCB, CHRW, CNI +18 more

Benjamin Nolan

Stifel

1 question for CSX

Also covers: ASC, CDLR, CMRE +17 more

Eric Morgan

Barclays

1 question for CSX

Also covers: JBHT, KNX, ODFL +3 more

Erika Hanan

Deutsche Bank

1 question for CSX

Ivan Nguyen

Wolfe Research

1 question for CSX

Joe Hafen

Jefferies

1 question for CSX

Also covers: NSC

Oliver Holmes

Redburn Atlantic

1 question for CSX

Also covers: UNP, WAB

Stephanie Benjamin Moore

Jefferies

1 question for CSX

Also covers: APG, ARCB, ARMK +22 more
Program DetailsProgram 1Program 2
Approval DateJuly 2022 October 2023
End Date/DurationNovember 2023 N/A
Total Additional AmountN/A$5 billion
Remaining Authorization$0 $3.6 billion
DetailsCompleted Active, funded by cash on hand, operations, and debt issuances

Competitors mentioned in the company's latest 10K filing.

CompanyDescription

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.

NameStart DateEnd DateReason for Change
Ernst & Young LLP1981 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

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.

CSX Announces $300M 5.050% Notes Offering Due 2035
·$CSX
Debt Issuance
  • 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 $600 million series issued March 10, 2025.
  • The notes carry a 5.050% coupon, were priced at 103.069% of par (plus accrued interest), and carry a re-offer yield of 4.643%, representing a spread of +65 bps to the 4.250% August 2035 Treasury; they include a make-whole call at T+15 bps.
  • Settlement is expected on October 23, 2025, under CSX’s shelf registration statement effective February 27, 2025.
  • Joint book-running managers for the transaction are Citigroup, J.P. Morgan Securities and UBS Securities.
6 days ago
CSX reports Q3 profit decline amid merger talks stall
·$CSX
Earnings
M&A
Management Change
  • 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 $85 billion Union Pacific-Norfolk Southern merger heightens competitive pressure on CSX, which aims to match faster delivery times through improvements and partnerships.
  • Potential partners BNSF and CPKC have expressed disinterest in a merger, favoring cooperative agreements over integration.
Oct 16, 2025, 10:59 PM
CSX reports Q3 2025 earnings
·$CSX
Earnings
Guidance Update
Share Buyback
  • 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 $2.5 billion and a balanced capital return strategy
Oct 16, 2025, 8:30 PM
CSX reports Q3 2025 results
·$CSX
Earnings
Guidance Update
New Projects/Investments
  • 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 $2.5 billion (ex-Blue Ridge), and CSX expects full-year volume growth and continued shareholder distributions.
Oct 16, 2025, 8:30 PM
CSX reports Q3 2025 results
·$CSX
Earnings
New Projects/Investments
  • 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 $100 million of non-recurring costs expected to drop out in 2026.
Oct 16, 2025, 8:30 PM
CSX announces Q3 2025 results
·$CSX
Earnings
Guidance Update
New Projects/Investments
  • 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 $2 billion+ returned to shareholders via dividends and buybacks.
Oct 16, 2025, 8:30 PM
CSX reports Q3 2025 results
·$CSX
Earnings
  • 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 $3.59 billion, down 1% year-over-year.
  • CEO Steve Angel highlighted the strong network performance and opportunities for long-term profitable growth.
Oct 16, 2025, 8:02 PM
CSX reports Q3 2025 results
·$CSX
Earnings
  • 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 $3.587 billion, down 1% year-over-year, while total system volume increased 1% to 1.61 million units, driven by intermodal growth offsetting weaker coal and merchandise volumes.
Oct 16, 2025, 8:01 PM
CSX names Steve Angel as CEO
·$CSX
CEO Change
Management Change
  • CSX appoints Steve Angel as President & CEO, effective September 28, 2025, succeeding Joe Hinrichs; he also joins the Board.
  • Angel brings 45+ years of leadership—including 22 years at General Electric and tenures at Praxair and Linde where he delivered TSRs of 219% and 257%, boosting market cap by $131 billion.
  • Appointment comes amid industry consolidation and activist investor pressure, with CSX exploring options to enhance shareholder returns following the $85 billion Union Pacific–Norfolk Southern deal.
  • CSX shares rose 3% in premarket trading after the announcement.
Sep 29, 2025, 12:20 PM
CSX appoints Steve Angel as CEO
·$CSX
CEO Change
Executive Compensation
Guidance Update
  • On September 28, 2025, CSX’s Board named Steve Angel as President and CEO, succeeding Joe Hinrichs, who departed on September 27, 2025.
  • CSX’s operating performance remains strong, and the company expects full-year volume growth.
  • Angel, with over 45 years of leadership experience, was CEO of Praxair (2007–2018) and Linde (2018–2022) and plans to retire from Linde’s board in January 2026.
  • Under his employment letter, Angel will receive a $1.5 M base salary, a 175% target bonus, a $10 M sign-on equity award (50% PSUs, 50% options), and a $13.5 M LTIP grant in 2026, plus housing and other benefits.
Sep 29, 2025, 12:00 PM