CSX (CSX) Company Report

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.

2 days ago

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%.

2 days ago

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.

2 days ago

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.

2 days ago

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.

2 days ago

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.

2 days ago

Press Release

CSX discusses Q4 market conditions and strategic focus

CSX

Management Change

New Projects/Investments

Demand Weakening

CSX noted a mixed industrial economy with strong metals, minerals and fertilizers, but continued weakness in chemicals, forest products, housing and auto; reported a $30 million coal derailment impact and $40 million of automotive headwinds in Q4.
CSX expects industrial development to contribute 1–2 percentage points of volume growth in 2026 on a gross basis (net offset by plant closures), highlighting forest products and chemicals as key cyclical rebound opportunities.
CSX highlighted record intermodal dwell and speed following network improvements, with capacity for 12 000–14 000 ft trains and partnerships (e.g., Southeast–BN, Meridian Speedway with CPKC) positioning for further volume gains.
CSX’s Howard Street Tunnel project remains on track for completion by end of Q1 2026, enabling double-stack service into the Northeast and unlocking new freight lanes.
New CEO Steve Slattery is prioritizing service, productivity, and pricing, while management is pursuing cost and capital discipline to improve margins and enhance cash returns.

Dec 2, 2025, 1:50 PM

Transcript

CSX details mixed Q4 markets and operational priorities

CSX

CFO Kevin Boone reported a mixed industrial economy in Q4, with strength in metals, minerals, fertilizers and intermodal offset by weakness in chemicals, forest products, housing, and auto; coal saw a $30 million EBIT derailment impact and automotive faced $40 million headwinds.
Management highlighted intermodal network performance, citing record terminal dwell and speed, capacity to handle 12,000–14,000 ft trains without new assets, and partnerships with BNSF, CN, and CPKC to drive truck-to-rail conversion (2026 outlook).
Capital project updates: the Howard Street Tunnel double-stack capability is on track for end of Q1 2026, and the Blue Ridge Sub has restored capacity and resilience, boosting train velocity and coal flow on key corridors.
Newly installed CEO Steve is emphasizing cash flow discipline and plans to return excess cash to shareholders, while the CFO is instilling rigor in operating and capital spending to drive margin expansion.

Dec 2, 2025, 1:50 PM

Transcript

CSX provides Q4 market update at UBS conference

CSX

Guidance Update

Demand Weakening

Metals benefit from steady project activity and strong scrap markets, while chemicals and forest products remain challenged by a soft industrial environment.
Minerals and fertilizers are supported by solid end-market demand, though agricultural and food export markets remain weak.
International intermodal volumes have slowed after prior pull-forward activity, whereas domestic intermodal volumes remain strong.
Q4 expected EBIT headwinds include $30M from the Providence Forge coal derailment and $10M from automotive aluminum and chip shortages.

Dec 2, 2025, 1:50 PM

Presentation

CSX outlines market dynamics and strategic priorities at UBS conference

CSX

CSX describes a mixed industrial economy: strong metals, minerals, fertilizers; weakness in chemicals, forest products, housing, and auto. Coal faced a derailment-driven $30 million EBIT hit and automotive disruptions added $40 million headwinds in Q4.
Intermodal performance “impeccable” with capacity to handle volume growth without new assets; partnerships with BNSF (Southeast), CN, and CPKC (Meridian Speedway) and the Howard Street Tunnel upgrade (double-stack by end of Q1) will enhance gateway access.
New CEO Steve’s first month prioritizes price, service, and productivity; rail overtime down 30% YoY, yielding low-single-digit million dollar monthly savings.
Capital discipline and technology focus aim to drive efficiency across over $1 billion of track maintenance spend and shift investments toward higher-return projects to bolster future margins.

Dec 2, 2025, 1:50 PM

Transcript

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CSX (CSX)

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