CSX (CSX) Company Report

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

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

WSJ

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

Presentation

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

Transcript

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

Transcript

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