CSX (CSX) Company Report

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.

3 days ago

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.

3 days ago

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.

3 days ago

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.

3 days ago

Transcript

CSX outlines strategy and infrastructure updates at Baird conference

CSX

Management Change

New Projects/Investments

Incoming CEO Steve directs focus on operational efficiency, profitable growth, cost drivers and safety, setting financial targets for 2026 planning.
Completion of Howard Street Tunnel and Blue Ridge Subdivision will eliminate approximately $100 million in monthly out-of-route costs and enable double-stack clearance by Q2 2026.
Service improvements under COO Mike Riley have driven best-in-class train speeds and dwell metrics, positioning CSX to capture growth when demand returns.
Partnerships with Class I peers—including the Meridian Speedway tie-in with CPKC and haulage agreements with BNSF—aim to expand seamless intermodal offerings and network efficiency.
Emphasis on capital discipline and a digital transformation to enhance real-time data analytics, automation opportunities, and returns on invested capital.

Nov 11, 2025, 3:05 PM

Transcript

CSX outlines strategic priorities and infrastructure updates

CSX

New Projects/Investments

M&A

Under new CEO Steve, CSX is focused on operational efficiency, profitable growth, and shareholder value, with clear financial targets set during 2026 planning.
Completion of the Howard Street Tunnel and Blue Ridge Subdivision will eliminate approximately $100 million in reroute costs per year and enable full double-stack service by Q2 2026, unlocking new intermodal lanes.
Service performance has improved to best-in-class levels, driven by stable field leadership and rapid recovery from weather disruptions, positioning CSX to capture further truck-to-rail conversions.
CSX is enhancing network efficiency through expanded partnerships with Class I peers—including the Meridian Speedway link with CPKC and BNSF haulage into Atlanta—to grow intermodal offerings.
The company is pursuing disciplined capital allocation and a digital transformation—migrating off mainframes to cloud and integrating real-time data—to improve ROIC and drive cost reduction over time.

Nov 11, 2025, 3:05 PM

Transcript

CSX previews 2026 strategy at Baird conference

CSX

CFO Change

New Projects/Investments

M&A

Infrastructure completion: Howard Street Tunnel double-stack clearance expected by Q2 2026, eliminating about $100 million per year of reroute costs, while the Blue Ridge Subdivision rebuild enhances network resilience.
Service and operations: Under new leadership, CSX has stabilized field management, improved train speeds and dwell, and is positioned to support volume growth when the freight cycle recovers.
Strategic partnerships: Activated the Meridian Speedway connection with CPKC to link Mexico and the Southwest into CSX’s network, and leveraged collaborations with BNSF and other Class I peers to win new intermodal business.
Capital and digital focus: The 2026 capital budget will emphasize discipline and returns on invested capital, while a cloud and automation transformation is underway to enable real-time network decision-making and drive cost out.
Strategic optionality: CSX remains committed to standalone value creation, open to M&A opportunities, and intends to continue opportunistic share buybacks supported by healthy free cash flow.

Nov 11, 2025, 3:05 PM

Transcript

CSX announces leadership appointments

CSX

CFO Change

Management Change

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.

Oct 29, 2025, 12:35 PM

8-K

CSX appoints new CFO and CCO

CSX

CFO Change

Management Change

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.

Oct 29, 2025, 12:30 PM

Press Release

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.

Oct 22, 2025, 8:08 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for CSX.

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