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.
4 questions for CSX
David Vernon
Sanford C. Bernstein & Co., LLC
4 questions for CSX
Jonathan Chappell
Evercore ISI
4 questions for CSX
Ken Hoexter
BofA Securities
4 questions for CSX
Walter Spracklin
RBC Capital Markets
4 questions for CSX
Ariel Rosa
Citigroup
3 questions for CSX
Brandon Oglenski
Barclays
3 questions for CSX
Christian Wetherbee
Wells Fargo
3 questions for CSX
Daniel Imbro
Stephens Inc.
3 questions for CSX
Jason Seidl
TD Cowen
3 questions for CSX
Jeffrey Kauffman
Vertical Research Partners
3 questions for CSX
Jordan Alliger
Goldman Sachs
3 questions for CSX
Ravi Shanker
Morgan Stanley
3 questions for CSX
Scott Group
Wolfe Research
3 questions for CSX
Thomas Wadewitz
UBS
3 questions for CSX
Bascome Majors
Susquehanna Financial Group
2 questions for CSX
Ari Rosa
Citigroup
1 question for CSX
Benjamin Nolan
Stifel
1 question for CSX
Chris Wetherbee
Wells Fargo
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
Richa Harnain
Deutsche Bank
1 question for CSX
Stephanie Benjamin Moore
Jefferies
1 question for CSX
Stephanie Moore
Jefferies
1 question for CSX
Tom Wadewitz
UBS Group
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.
- 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.
- 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.
- CSX is forming non-merger partnerships to optimize interchanges and compete against a potential Union Pacific-Norfolk Southern merger, including a BNSF haulage service from Phoenix to Birmingham and a CN connection from Memphis to Nashville.
- Industrial development is driving growth, with ~60 new projects started this year expected to deliver 1–2% merchandise volume growth over the next couple of years; the Howard Street Tunnel upgrade for full double-stack clearance is nearing completion.
- The network’s operational performance has rebounded to 2023 levels since May, supported by a real-time operations portal and planned AI-based decision-modeling prototypes by year-end.
- Cost discipline remains strong: CSX achieved a 550 bps sequential margin improvement from Q1 to Q2, and expects $15–20 M of restructuring charges, a $10 M tech vendor termination fee, and $5–10 M of advisory fees in Q3 and Q4.
- Emphasizing operational excellence, CSX is leveraging its extensive U.S. network and strategic partnerships to drive growth.
- 2024 revenue was led by chemicals (22%) and coal (17%), with intermodal at 16% and metals & equipment at 12%.
- Active industrial pipeline includes ~600 active projects and 250 new customer facilities since 2023, underscoring alignment with U.S. industrial investment.
- Anticipating ~$10 million/month in OpEx savings in 2026 from the Howard Street Tunnel and Blue Ridge completions, plus new intermodal capacity and service expansions.
- CSX reported strong third-quarter service metrics, with velocity at record levels, dwell returning to 2023 norms, high trip-plan compliance and improved cars-online performance.
- The Blue Ridge rebuild is set to reopen in the first week of October and the Howard Street Tunnel will resume service at the end of September, enabling full double-stack clearance by Q2 2026.
- Demand is mixed: international intermodal growth remains robust, domestic utility coal volumes are up, export coal is down due to mine outages, while autos and metals volumes are soft and aggregates and agriculture remain resilient.
- CSX is engaging in industry collaboration to address interchange inefficiencies, announcing new partnerships with CN and BNSF to optimize corridors and capture incremental intermodal and truck-conversion opportunities.
- CSX’s last twelve months ended June 30, 2025 GAAP operating income was $4.78 B, with adjusted operating income of $4.89 B, reflecting a $1.2 B reduction versus 2022 driven by reversals of export coal and diesel pricing, intermodal storage revenue, and real estate gains.
- Management highlighted strong, fluid network performance across key operational metrics—velocity, trip plan compliance, dwell, and cars online—with Q3 2025 data through September 8.
- For 2026, CSX anticipates discrete benefits including ~$10 M/mo in savings from the Howard Street Tunnel and Blue Ridge rerouting elimination, new intermodal capacity on I-95, added intermodal services, reopened customer facilities, and industrial development ramps.
- CSX reported strong third-quarter operational performance, with velocity at record levels, dwell returning to 2023 norms, and improved trip-plan compliance—all ahead of its major infrastructure projects coming online.
- The Blue Ridge route will reopen in early October to restore north-south resiliency, while the Howard Street Tunnel returns to service in late September and will enable double-stacking by Q2 2026, adding an estimated 75,000–125,000 intermodal units annually.
- Demand remains mixed: international intermodal and domestic utility coal volumes are up, export coal and chemicals are soft, and merchandise volumes trail expectations; new intermodal lanes and inland ports support continued growth.
- CSX is advancing industry collaboration via new interchange agreements with CN and BNSF to streamline handoffs, reduce truck drayage, and pursue shared truck-to-rail conversion opportunities ahead of any merger outcome.
- With the CREATE project in Chicago launching in November and current tunnel upgrades wrapping up, CSX plans no further major capex projects, focusing instead on Quality Carriers’ turnaround and Pan Am integration.
- Operational metrics in Q3 2025 showed peak velocity, dwell times back to 2023 levels and high trip-plan compliance, indicating the network is running at best-ever performance even before key infrastructure projects come online.
- Blue Ridge restoration is ahead of schedule for early October opening, and Howard Street Tunnel will restart in late September with full double-stack clearances by Q2 2026—projected to add 75,000–125,000 intermodal units per year.
- Demand trends remain mixed: international intermodal growth is strong, domestic coal volumes are rising, while chemicals are softer and automotive volumes fluctuate; further intermodal volume gains are expected in Q4 with new lanes and inland ports.
- Strategic partnerships with CPKC, CN, BNSF and UP are underway to streamline interchanges, reduce truck movements and grow the overall freight “pie,” marking a shift toward industry-wide cooperation.
- Since May, CSX’s network performance metrics—velocity, dwell, and trip plan compliance—are back to 2023 levels, achieved before the completion of major infrastructure upgrades.
- The Blue Ridge route rebuild will restore north–south resiliency by early October, and the Howard Street Tunnel will reopen late September (double-stack capable by 2Q26), unlocking 75,000–125,000 incremental intermodal units annually.
- Q3 volumes reflect intermodal growth (stronger international), increased domestic utility coal, but softer chemicals, metals, and merchandise; 4Q25 volume may rise with two mine restarts.
- New partnerships with CN and BNSF will streamline interchanges—e.g., rerouting Prince Rupert traffic via Memphis to Nashville—and expand intermodal offerings, reducing trucking and improving efficiency.
- Network performance has strengthened since early May, with velocity, dwell and trip-plan compliance returning to top 2023 levels ahead of major project completions.
- Blue Ridge line to reopen in early October and Howard Street Tunnel to resume train service late September, enabling full double-stacking by Q2 2026 and enhancing network resiliency.
- Mixed demand trends: international intermodal and domestic utility coal volumes up, while chemicals and metals remain soft; aggregates and certain new intermodal lanes are driving growth.
- Pursuing industry partnerships and potential consolidation, engaging with UP, BNSF, CN and CPKC to streamline interchanges, expand intermodal offerings and “grow the pie” collectively.
- Quality Carriers acquisition under pressure from a prolonged weak trucking cycle, though positioned for recovery when market rates normalize.