CSX Corporation (CSX) — Company Research

Last Updated: 7 May 2026

CSX is one of two major U.S. Class I freight railroads operating east of the Mississippi, running an approximately 20,000 route-mile network that hauls chemicals, cars, coal, intermodal containers and a wide range of bulk commodities for industrial America. After three years in which revenue, operating margin and earnings per share all stepped down, fiscal 2025 was the toughest of the recent run — yet shares trade within ~2% of their 52-week high of $46.55. This research note pulls together what CSX actually does, how the four lines of business and the trucking subsidiary contribute, the cash flow underwriting the dividend and buyback, and what is on the calendar — all from the company's own filings and disclosures, with no analyst opinions or ratings included.

1. Company Snapshot

Name	CSX Corporation
Ticker	CSX (Nasdaq)
Sector / Industry	Industrials / Railroads
Market cap	$84.73 billion
Enterprise value	$102.00 billion
Latest fiscal-year revenue	$14.09 billion (FY2025, ended 31 December 2025)
Employees	~23,000
CEO	Stephen F. Angel
Headquarters	500 Water Street, Jacksonville, Florida
Website	csx.com
Price (intraday 6 May 2026)	$45.60
52-week range	$28.13 – $46.55

2. Bull Case vs Bear Case

Bull case

• Free cash flow before dividends rebounded into Q1 FY2026 with $729 million of FCF on $3.48 billion of revenue, the strongest single-quarter cash conversion in the trailing five quarters; quarterly diluted EPS of $0.43 was up from $0.34 a year earlier.
• Per the FY2025 10-K (Item 7, filed 2026-02-12): the FRA Personal Injury Frequency Index improved 24% to 0.94 in 2025, the FRA Train Accident Rate improved 13% to 3.08, and train velocity rose 1% to 18.4 mph — measurable operational gains despite the year's revenue decline.
• The dividend was raised 8% to $0.13 per share quarterly effective March 2025 — Per the FY2025 10-K (Item 7, filed 2026-02-12): the 21st consecutive annual dividend increase.
• Per the FY2025 10-K (Item 7, filed 2026-02-12): credit ratings remained investment grade and stable through 2025 (Fitch A-, Moody's A3, S&P BBB+), backed by a $1.2 billion undrawn revolving credit facility expiring February 2028 and a $1.0 billion commercial paper program with no outstanding balance at year-end.
• Q1 FY2026 results commentary in industry coverage on 4 May 2026 (Supply Chain Dive) flagged volume gains from truck-to-rail conversions as shippers respond to higher fuel costs — a structural tailwind if it persists.

Bear case

• Revenue fell 3% in FY2025 to $14.09 billion, operating income fell 14% to $4.52 billion, operating margin compressed 400 basis points to 32.1%, and diluted EPS declined 14% to $1.54 — the third consecutive year of revenue and earnings decline (revenue was $14.85 billion in FY2022).
• Per the FY2025 10-K (Item 7, filed 2026-02-12): coal revenue dropped 15% in 2025 to $1.9 billion on lower export coal volumes and weaker global benchmark prices, and revenue per coal unit fell 13% — a high-margin commodity exposed to seaborne pricing and customer outages.
• Free cash flow fell to $1.71 billion in 2025 from $2.72 billion in 2024 — Per the FY2025 10-K (Item 7, filed 2026-02-12): driven by lower net earnings, the payment of $429 million of previously-postponed federal and state taxes related to the 2024 tax year, ~$470 million of capex on rebuilding the Blue Ridge subdivision after Hurricane Helene, and a $96 million prepayment for locomotive maintenance services.
• Per the FY2025 10-K (Item 1, filed 2026-02-12): in 2025 Norfolk Southern Railway — CSX's primary rail competitor — entered into an agreement to merge with Union Pacific Railroad to form the nation's only transcontinental rail network, subject to Surface Transportation Board approval; that deal, if cleared, materially reshapes CSX's competitive position.
• Per the FY2025 10-K (Item 7, filed 2026-02-12): Quality Carriers (the trucking subsidiary) goodwill was impaired by $164 million in 2025 (fully impaired as of 30 September 2025) on top of $108 million in 2024, signalling persistent weakness in the bulk-liquid trucking business.
• Trailing P/E of 29.61, P/S of 6.01 and EV/Revenue of 7.24 sit well above the company's underlying revenue growth rate, and the dividend yield of 1.24% is supported by a payout that grew faster than earnings in 2025.

3. What Does This Company Actually Do?

CSX is a freight railroad. Its principal operating subsidiary, CSX Transportation, Inc. (CSXT), runs the rail network; a handful of related subsidiaries (Quality Carriers, CSX Intermodal Terminals, Total Distribution Services, TRANSFLO) provide trucking, terminals, automotive distribution and rail-to-truck transfer services that surround the core rail haul.

Network footprint — Per the FY2025 10-K (Item 1, filed 2026-02-12): CSXT operates an approximately 20,000 route-mile rail network serving major population centres in 26 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec, with access to over 70 ocean, river and lake port terminals along the Atlantic and Gulf Coasts, the Mississippi River, the Great Lakes and the St. Lawrence Seaway. The network connects to other Class I railroads and approximately 250 short-line and regional railroads.

Lines of business (FY2025) — Per the FY2025 10-K (Item 1, filed 2026-02-12): CSX serves four primary lines of business plus an "other revenue" line. The 2025 split reported in the 10-K was:

• Merchandise — 62% of revenue ($8.8 billion). 2.6 million carloads (41% of volume). Includes chemicals, agricultural and food products, automotive, minerals, forest products, metals and equipment, and fertilizers.
• Intermodal — 15% of revenue ($2.1 billion). 3.0 million units (48% of volume). Manufactured consumer goods in containers moving through approximately 30 terminals east of the Mississippi.
• Coal — 13% of revenue ($1.9 billion). 718 thousand carloads (11% of volume). Domestic coal, coke and iron ore to power plants, steel makers and industrial plants; export coal to deep-water ports, mostly metallurgical for steelmaking.
• Trucking — 6% of revenue ($816 million). Bulk liquid chemicals truck transportation through Quality Carriers.
• Other — 4% of revenue ($530 million). Regional subsidiary railroads and incidental charges including intermodal storage, demurrage and switching.

Merchandise breakdown (FY2025 revenue) — Per the FY2025 10-K (Item 7, filed 2026-02-12): chemicals $2,776 million, agricultural and food products $1,618 million, automotive $1,182 million, minerals $832 million, forest products $975 million, metals and equipment $869 million, and fertilizers $521 million.

4. The Business Model

CSX makes money by moving freight. The economics are straight-forward: revenue is volume × revenue-per-unit (rate), costs are dominated by labour & fringe (~34% of FY2025 expenses), purchased services & other (~31%), depreciation (~18%), fuel (~11%), and equipment & rents (~4%) — Per the FY2025 10-K (Item 7, filed 2026-02-12): total expenses in 2025 were $9,571 million split as labor & fringe $3,262 million, purchased services & other $3,013 million, depreciation & amortization $1,680 million, fuel $1,095 million, equipment & other rents $357 million and goodwill impairment $164 million.

The moat is the network itself. Class I railroads operate on private right-of-way that they build and maintain — there is no realistic possibility of a new competing rail network being constructed. Per the FY2025 10-K (Item 1A, filed 2026-02-12): "Other transportation providers generally use public rights-of-way that are built and maintained by governmental entities, while CSXT and other railroads must build and maintain rail networks largely using internal resources." That is a barrier-to-entry argument; it is also why the business is capital-intensive (roughly $2.9 billion of capex in 2025 — Per the FY2025 10-K (Item 7, filed 2026-02-12): track $987 million, bridges/signals/PTC and other $1,252 million, strategic projects and commercial facilities $332 million, locomotives $208 million, freight cars $123 million).

The operating leverage is high but cuts both ways. Track, bridges, signals, locomotives and most of the train-crew base are largely fixed, so a mid-single-digit drop in revenue produces a high-teens drop in operating income, which is what played out in 2025 (revenue −3%, operating income −14%, operating margin −400 bps).

Government incentives and regulatory credits. Unlike automakers, CSX does not earn a meaningful share of revenue from regulatory credits. Per the FY2025 10-K (Item 7, filed 2026-02-12): capital expenditures include "investments related to public-private partnerships … that are partially or wholly reimbursed to CSX through government awards or other funding sources", with project contribution commitments not reimbursable totalling $18 million as of 31 December 2025 — small in the context of a multi-billion-dollar capex run-rate. Per the FY2025 10-K (Item 7, filed 2026-02-12): bonus tax depreciation enacted into law on 4 July 2025 increased deferred income taxes by approximately $189 million, but this is a tax timing item, not a revenue stream. CSX's revenue is fundamentally fee-for-service freight pricing.

Volume and revenue per unit (FY2025) — Per the FY2025 10-K (Item 7, filed 2026-02-12): total volume was 6,307 thousand units (essentially flat versus 2024), total revenue $14,092 million, and total revenue per unit $2,234 (down 4% versus 2024). Within that, intermodal revenue per unit fell 2% to $692 and coal revenue per unit fell 13% to $2,646, while merchandise revenue per unit rose 1% to $3,382 — pricing held in merchandise, while coal pricing was the biggest single drag.

5. Financial Health

Five-year P&L and cash flow trend (USD millions, all from the report's source data unless noted)

Fiscal year	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	n/a	$14,853	$14,657	$14,540	$14,092
Operating income	$5,594	$5,954	$5,499	$5,245	$4,521
Net income	n/a	$4,114	$3,668	$3,470	$2,889
EPS (diluted)	n/a	$1.95	$1.82	$1.79	$1.54
Operating cash flow	n/a	$5,526	$5,514	$5,247	$4,613
Capex	n/a	$(2,113)	$(2,257)	$(2,529)	$(2,902)
Free cash flow	n/a	$3,413	$3,257	$2,718	$1,711
Stock buybacks	n/a	$(4,731)	$(3,482)	$(2,237)	$(1,396)
Dividends paid	n/a	$(852)	$(882)	$(930)	$(972)
Diluted share count (mn)	n/a	2,141	2,013	1,943	1,873
Total debt	n/a	$18,535	$19,024	$18,989	$19,352
Cash & equivalents	n/a	$1,958	$1,353	$933	$670
Total equity	n/a	$12,615	$11,980	$12,502	$13,155

The trend is unambiguous: revenue stepped down each year from $14.85 billion in FY2022 to $14.09 billion in FY2025, free cash flow halved over the same span (from $3.41 billion to $1.71 billion), and CSX paid down about 268 million shares (roughly 12.5% of diluted shares) through buybacks averaging $2.96 billion a year. Total debt stayed roughly flat in dollar terms while cash on hand fell from $1.96 billion to $670 million — Per the FY2025 10-K (Item 7, filed 2026-02-12): the company issued $900 million of long-term debt in 2025 and repaid $613 million.

Quarterly trend (last five quarters) (USD millions)

Quarter end	Revenue	Gross profit	Operating income	Net income	EPS (diluted)	Free cash flow
Q1 FY2025 (31 Mar 2025)	$3,423	$1,041	$1,041	$646	$0.34	$536
Q2 FY2025 (30 Jun 2025)	$3,574	$1,283	$1,283	$829	$0.44	$(141)
Q3 FY2025 (30 Sep 2025)	$3,587	$1,251	$1,251	$694	$0.37	$607
Q4 FY2025 (31 Dec 2025)	$3,508	$1,110	$1,143	$720	$0.39	$709
Q1 FY2026 (31 Mar 2026)	$3,482	$1,253	$1,253	$807	$0.43	$729

Q1 FY2026 quarterly diluted EPS of $0.43 was up 26% year-over-year against $0.34 in Q1 FY2025; quarterly revenue of $3.48 billion was up about 1.7% year-over-year on broadly flat trucking and modest merchandise pricing.

Capital structure and liquidity — Per the FY2025 10-K (Item 7, filed 2026-02-12): year-end cash, cash equivalents and short-term investments were $675 million; the company had a working capital deficit of $583 million (versus $456 million at year-end 2024), described as "not unusual for CSX or other companies in the industry"; future interest payments on outstanding debt total $13.9 billion with $831 million payable in 2026; the projected benefit obligation of CSX pension plans was $2.2 billion at year-end. Personal-injury reserves were $154 million and environmental reserves $156 million; CSX is a potentially responsible party at approximately 220 environmentally impaired sites.

6. Valuation & Market Data

All figures as of intraday 6 May 2026 unless dated otherwise.

Metric	Value
Price	$45.60
Previous close	$45.03
Day range	$45.02 – $45.81
52-week high	$46.55
52-week low	$28.13
Market cap	$84.73 billion
Enterprise value	$102.00 billion
Shares outstanding	1.858 billion
Float	1.854 billion
Beta (5Y monthly)	1.24
Trailing P/E	29.61
Forward P/E (yfinance)	21.19
P/S (trailing)	6.01
P/B	6.44
EV / Revenue	7.24
EV / Operating income (proxy)	22.56
FCF yield	2.02%
Dividend yield	1.24%
Today's volume	9.80 million
10-day average volume	13.30 million
Short interest (shares short, % of float, days to cover)	not disclosed in this report's source data
Put/call ratio	not disclosed in this report's source data

Note on EV/EBITDA: the source data provides an EV/operating-income proxy of 22.56× because depreciation & amortization were not separately available in the snapshot; adding back D&A (which Per the FY2025 10-K (Item 7, filed 2026-02-12): was $1,680 million in FY2025) would lower the multiple meaningfully.

7. What Are They Building / What's Coming?

CSX's spend is dominated by maintaining and selectively expanding the existing rail network rather than greenfield projects. The concrete pipeline disclosures in the source data are:

• Howard Street tunnel work. Per the FY2025 10-K (Item 7, filed 2026-02-12): network disruptions and congestion in 2025 were "primarily driven by work on the Howard Street tunnel and severe winter weather", with ~$53 million of additional purchased-services-and-other expense from rerouting. The work is part of a longer-running infrastructure project on the Baltimore-area corridor.
• Blue Ridge subdivision rebuild. Per the FY2025 10-K (Item 7, filed 2026-02-12): approximately $470 million of 2025 capex (versus ~$50 million in 2024) was spent rebuilding the Blue Ridge subdivision after Hurricane Helene damage; the rebuild restores a key Appalachian corridor.
• 2026 capital plan. Per the FY2025 10-K (Item 7, filed 2026-02-12): planned capital investments for 2026 are expected to be less than $2.4 billion (down from $2.9 billion actual in 2025), with spending on core infrastructure for safety and reliability the top priority, and additional spend on locomotives, freight cars and projects supporting service enhancements and productivity.
• CPKC – CSX Southeast Mexico Express. On 6 May 2026, Canadian Pacific Kansas City and CSX announced an upgrade of their Southeast Mexico Express service, expanding cross-border interline capacity (recent_news entry, MT Newswires, 6 May 2026).
• Truck-to-rail conversion volume. Per industry reporting on 4 May 2026, CSX is seeing volume gains from a spike in truck-to-rail conversions as shippers respond to higher fuel costs, alongside Union Pacific and Norfolk Southern (recent_news entry, Supply Chain Dive, 4 May 2026).
• Long-haul locomotive maintenance. Per the FY2025 10-K (Item 7, filed 2026-02-12): a $96 million prepayment for locomotive maintenance services was made in 2025, sized as a multi-year commitment to keep fleet availability high.
• Operating-model focus. Per the FY2025 10-K (Item 1, filed 2026-02-12): CSX continues to operate under a scheduled-service plan focused on customer service, asset utilisation and employee engagement, designed to enable competitiveness in the broader U.S. freight market.

The company does not disclose AI-infrastructure investments, supercomputers, or custom silicon. Technology spend in the 10-K is framed as supporting safety (detection, signalling, PTC) and operational efficiency rather than as a separate growth platform.

8. Competitive Landscape

Class I freight rail in the eastern U.S. is effectively a duopoly between CSX and Norfolk Southern, with western roads (Union Pacific, BNSF) and the Canadian Class I networks (Canadian National, Canadian Pacific Kansas City) connecting at gateway cities and ports.

Direct rail competitor (per the 10-K) — Per the FY2025 10-K (Item 1, filed 2026-02-12): "CSXT's primary rail competitor is Norfolk Southern Railway, which operates throughout much of the Company's territory. During 2025, Norfolk Southern Railway entered into an agreement to merge with Union Pacific Railroad to form the nation's only transcontinental rail network, which requires the approval of the Surface Transportation Board."

Operator	Geography	Where they touch CSX
Norfolk Southern Railway	U.S. east of the Mississippi	Largest direct overlap; Conrail shared-asset area is operated for the joint benefit of CSX and Norfolk Southern.
Union Pacific Railroad	U.S. west of the Mississippi	Interchange partner today; would absorb Norfolk Southern under the proposed merger to form a transcontinental network.
BNSF Railway	U.S. west of the Mississippi	Interchange partner; competing transcontinental routings via gateway cities.
Canadian National (CN)	Canada / U.S. north–south	Interchange via Chicago and other gateways.
Canadian Pacific Kansas City (CPKC)	Canada / U.S. / Mexico	Interline partner — joint Southeast Mexico Express service upgraded on 6 May 2026.
Long-haul motor carriers	U.S. interstate highway network	Primary modal alternative for intermodal and merchandise freight; truck-to-rail conversion is the swing factor.
Barges, ships, pipelines	Mississippi / coastal / pipeline grid	Marginal competition; matter most for bulk commodities (coal, grain, chemicals).

Per the FY2025 10-K (Item 1A, filed 2026-02-12): CSX explicitly flags that "any future improvements or expenditures materially increasing the quality or reducing the cost of alternative modes of transportation such as through the use of automation, autonomy or electrification, or legislation providing for less stringent size or weight restrictions on trucks, could negatively impact the Company's competitive position. Additionally, any currently proposed or other future consolidation in the rail industry could materially affect the regulatory and competitive environment in which the Company operates."

Specific market-share percentages per Class I rail competitor are not disclosed in this report's source data, so the competitor-share visualisation is omitted.

9. Leadership and Ownership

Top institutional holders (as of 31 December 2025 unless otherwise noted)

Holder	Shares	% of shares	Reported value
Vanguard Group Inc.	175,198,067	9.43%	$7.99 billion
BlackRock, Inc.	142,515,724	7.67%	$6.50 billion
State Street Corporation	87,879,555	4.73%	$4.01 billion
T. Rowe Price Associates Inc.	70,428,871	3.79%	$3.21 billion
Bank of America Corporation	46,568,451	2.51%	$2.12 billion
Geode Capital Management, LLC	42,419,029	2.28%	$1.93 billion
Bank of New York Mellon Corporation (31 Mar 2026)	28,566,870	1.54%	$1.30 billion
JPMorgan Chase & Co.	28,287,519	1.52%	$1.29 billion
Fisher Asset Management, LLC (31 Mar 2026)	27,247,647	1.47%	$1.24 billion
Norges Bank	26,964,138	1.45%	$1.23 billion

The top three index-driven holders (Vanguard, BlackRock, State Street) collectively held about 21.8% of shares outstanding at 31 December 2025 — a typical ownership pattern for a large-cap S&P 500 industrial.

Recent insider filings (Form 4 / Form 5)

Date	Insider	Position	Shares	Reported value (USD)
2026-03-13	Whisler, J. Steven	Director	954	$37,492
2026-03-06	Angel, Stephen F.	Chief Executive Officer	25,000	$1,006,750
2026-03-02	Zillmer, John J.	Director	5,850	—
2026-02-26	Whisler, J. Steven	Director	4,455	—
2026-02-26	Moffett, David M.	Director	4,455	—
2026-02-26	Wainscott, James L.	Director	4,455	—
2026-02-26	Begeman, Ann	Director	4,455	—
2026-02-26	Kenney, Maryclare T.	Officer	9,379	—
2026-02-26	Halverson, Steven T.	Director	4,455	—
2026-02-26	Hilal, Paul C., J.D.	Director	4,455	—

The cluster of director filings on 26 February 2026 with no reported transaction value is consistent with annual director equity awards rather than open-market activity. The CEO line on 6 March 2026 shows 25,000 shares at a reported value of approximately $1.0 million (an implied ~$40.27 per share); the report's source data does not record a buy/sell direction or 10b5-1 plan flag, so the article cannot characterise these specific filings as discretionary purchases or pre-planned sales.

Workforce and labour — Per the FY2025 10-K (Item 1, filed 2026-02-12): CSX had approximately 23,000 employees as of December 2025, of which approximately 16,900 are members of a rail labor union and covered by national agreements with the Class I railroads or CSX-specific agreements. New union agreements with an effective date of 1 January 2025 have been ratified by most unions, representing nearly 75% of the unionized workforce; the remainder are covered under previous agreements while negotiations continue, since collective agreements under the Railway Labor Act do not expire but continue until amended or replaced.

Company-level capital return — Per the FY2025 10-K (Item 7, filed 2026-02-12): on 12 February 2025 the Board of Directors authorized an 8% increase in the quarterly cash dividend to $0.13 per common share effective March 2025 — the 21st consecutive annual dividend increase. Per the FY2025 10-K (Item 7, filed 2026-02-12): dividends paid in 2025 totalled $972 million, share repurchases totalled $1.4 billion, and the company issued $900 million of long-term debt while repaying $613 million.

10. Risks and Challenges

CSX's own filings cluster the principal risks into a few buckets.

• Regulatory and Surface Transportation Board. Per the FY2025 10-K (Item 1A, filed 2026-02-12): "Any new rules from the STB regarding, among other things, competitive access or revenue adequacy could have a material adverse effect on the Company's financial condition, results of operations and liquidity as well as its ability to invest in enhancing and maintaining vital infrastructure." The pending Norfolk Southern – Union Pacific merger requires STB approval and could trigger broader competitive-access rule-making.
• Hazardous-materials common carrier mandate. Per the FY2025 10-K (Item 1A, filed 2026-02-12): CSXT is required by law to transport certain hazardous materials regardless of risk; a train accident involving hazmat could result in significant personal-injury, property, environmental and remediation claims that may exceed insurance coverage.
• Severe weather. Per the FY2025 10-K (Item 1A, filed 2026-02-12): hurricanes, storms and flooding have impacted the network in the past, and changes in weather patterns are expected to increase the frequency, severity or duration of such events; the FY2025 capex line itemised ~$470 million of Hurricane Helene-related rebuild on the Blue Ridge subdivision alone.
• Coal demand and seaborne pricing. Per the FY2025 10-K (Item 1A, filed 2026-02-12): slower rates of economic growth in Asia, contraction of European economies, and changes in the global supply or price of seaborne coal "have adverse impacts on U.S. export coal volume and result in lower coal revenue for CSX." Coal revenue fell 15% in 2025 to $1.9 billion, illustrating the risk in real terms.
• Tariffs and trade. Per the FY2025 10-K (Item 1A, filed 2026-02-12): "embargoes or changes to trade agreements or policies, such as tariffs, could result in reduced import and export volumes" — relevant to the intermodal book, which depends heavily on container imports through Atlantic and Gulf Coast ports.
• Cyber risk and IT availability. Per the FY2025 10-K (Item 1A, filed 2026-02-12): CSX relies on the security and availability of its IT systems to operate; data breaches and cyber attacks could result in service interruption, train accidents, regulatory exposure and financial loss, and the Company is at increased risk by virtue of being part of critical U.S. infrastructure.
• Competitive pressure from trucking and consolidation. Per the FY2025 10-K (Item 1A, filed 2026-02-12): improvements to alternative modes (automation, autonomy, electrification, less stringent truck size/weight rules) or further consolidation in the rail industry could materially affect CSX's competitive position.
• Labour and the Railway Labor Act. Per the FY2025 10-K (Item 1, filed 2026-02-12): about 16,900 of CSX's ~23,000 employees are unionised; collective agreements under the Railway Labor Act do not expire but continue until amended or replaced, so disputes can drag and any national-level disruption affects CSX directly.
• Operating leverage. A 3% revenue decline produced a 14% operating-income decline and a 17% net-earnings decline in 2025 — the cost structure is largely fixed in the short run, so volume softness or pricing weakness flows through aggressively to the bottom line.
• Capital-intensity and pension obligations. Per the FY2025 10-K (Item 7, filed 2026-02-12): future interest payments total $13.9 billion ($831 million payable in 2026), and the projected pension benefit obligation is $2.2 billion at year-end — both anchor a significant non-discretionary call on cash even before maintenance capex.
• Goodwill at the trucking subsidiary. Per the FY2025 10-K (Item 7, filed 2026-02-12): Quality Carriers' goodwill was fully impaired as of 30 September 2025 ($164 million in 2025 after $108 million in 2024), reflecting persistent weakness in the bulk-liquid trucking market.

11. Recent Developments

The most recent items first; URLs are taken verbatim from the report's source recent_news[].

• 6 May 2026 — CPKC, CSX Upgrade Southeast Mexico Express (MT Newswires). Canadian Pacific Kansas City and CSX upgraded the Southeast Mexico Express service connecting their networks. (https://finance.yahoo.com/markets/stocks/articles/cpkc-csx-upgrade-southeast-mexico-141957469.html)
• 5 May 2026 — Investment story coverage (Simply Wall St.). Industry commentary on shifting freight signals and competitor positioning. (https://finance.yahoo.com/markets/stocks/articles/csx-csx-investment-story-shifting-121411155.html)
• 4 May 2026 — CSX sees volume uptick from spike in truck-to-rail conversions (Supply Chain Dive). Rivals Union Pacific and Norfolk Southern also pointed to signs of optimism as shippers look for cheaper trucking alternatives due to higher fuel costs. (https://www.supplychaindive.com/news/csx-sees-volume-uptick-from-spike-in-truck-to-rail-conversions/818728/)
• 24 April 2026 — Transport stocks rally context (Barron's). CSX cited alongside FedEx and J.B. Hunt as part of the broader transports group. (https://www.barrons.com/articles/transport-stocks-fedex-jbht-csx-rally-recession-risks-fade-technicals-a424e7b0?siteid=yhoof2&yptr=yahoo)
• 24 April 2026 — Valuation check after recent earnings (Simply Wall St.). Coverage referencing recent share-price strength and FY2025 reported revenue of $14.09 billion and net income of $2.89 billion. (https://finance.yahoo.com/markets/stocks/articles/csx-csx-valuation-check-strong-100434529.html)
• 23 April 2026 — Q1 FY2026 earnings (Zacks). Q1 EPS reported at $0.43 on revenue of $3.482 billion versus $0.34 and $3.423 billion in Q1 FY2025; the article also references improved margins. (https://finance.yahoo.com/markets/stocks/articles/csx-q1-earnings-beat-estimates-173800088.html)
• 22 April 2026 — Q1 FY2026 10-Q and 8-K filed. CSX filed its Q1 FY2026 quarterly report and a corresponding earnings 8-K on 22 April 2026 (SEC Edgar accession numbers 0000277948-26-000014 and 0000277948-26-000013).
• 30 March 2026 — DEF 14A proxy statement filed. SEC accession 0001628280-26-021944.
• 12 February 2026 — FY2025 10-K filed. SEC accession 0000277948-26-000006; this filing is the primary source for the management's-discussion-and-analysis citations in this note.

Industry coverage also included a 23 April 2026 piece noting a Wall Street brokerage downgrade (MT Newswires); per ChartsView's research policy this note records the existence of the news item but does not relay analyst ratings or price targets. (https://finance.yahoo.com/markets/stocks/articles/csx-turnaround-largely-reflected-stock-194612904.html)

12. Key Dates Coming Up

Event	Date
Most recent earnings (Q1 FY2026)	22 April 2026
Most recent ex-dividend date	27 February 2026
Most recent dividend payment date	13 March 2026
Next earnings, ex-dividend, AGM and product launch dates	not disclosed in this report's source data

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Disclaimer: This research note is for general information only and does not constitute investment advice, an offer to buy or sell any security, or a personalised recommendation. Figures are drawn from CSX's own filings and from the data sources listed at the top of the underlying dataset; while we have taken care to attribute numerical claims to their source, no guarantee of accuracy is given. Markets are volatile, and past performance is not a reliable indicator of future results. Always consult a qualified financial adviser before making investment decisions.

Last Updated: 3 May 2026

CSX Corporation (NASDAQ: CSX) is one of the five remaining North American Class I freight railroads, operating ~20,000 route miles east of the Mississippi across 26 US states, the District of Columbia and the Canadian provinces of Ontario and Quebec. The story over the past nine months has been three-fold: (1) a contested CEO transition — Joe Hinrichs was ousted on 28 September 2025 under pressure from activist investor Ancora Holdings and replaced by ex-Linde CEO Steve Angel, whose compensation package is reportedly tied to executing a Class I merger should the Union Pacific–Norfolk Southern deal be approved; (2) the rail-merger super-cycle — UP and NS announced an $85 bn combination in July 2025, refiled their STB application on 30 April 2026, with CSX, BNSF and CPKC formally objecting; and (3) a sharp operating turnaround under Angel, with Q1 2026 (reported 22 April 2026) delivering revenue of $3.48 bn (+2% YoY), operating income +20% to $1.25 bn, operating margin expanding 560bp to 36.0%, EPS +26% to $0.43, free cash flow before dividends $793 m (vs $559 m), and a record Q1 fuel-efficiency print of 0.97 gal/1,000 GTM (March alone: 0.93, the best month since 2021). Management raised FY26 guidance to mid-single-digit revenue growth (from low-single) and operating-margin expansion of 200–300 bp trending toward the high end. Shares closed at $45.52 on 1 May 2026, just below the 52-week high of $46.55 and roughly +60% off the 2025 low (~$27.74), with a market cap of ~$84 bn. The Howard Street Tunnel double-stack project and the $450 m Blue Ridge Subdivision rebuild after Hurricane Helene both completed in late 2025. Live pricing on our live charts, the next earnings release on the economic calendar, and rail-merger discussion on the ChartsView forum.

1. Company Snapshot

Company	CSX Corporation
Ticker	NASDAQ: CSX (S&P 500)
Sector / Industry	Industrials — Class I Freight Rail (Eastern US)
HQ	500 Water Street, Jacksonville, Florida 32202, USA
President & CEO	Stephen F. (Steve) Angel (since 28 September 2025; ex-Linde / Praxair CEO 2007–2022)
EVP & CFO	Kevin S. Boone (named CFO October 2025; previously CCO)
EVP & COO	Cory Michael A. (Mike Cory)
Founded	1980 (Chessie System + Seaboard Coast Line merger)
Network	~20,000 route miles, 26 US states + DC + Ontario & Quebec; ~70 ports served
Employees	~22,500 (Q1 2026, after a 5% YoY headcount reduction)
Fiscal year end	31 December
Share price (1 May 2026)	$45.52
52-week range	~$27.74 – $46.55
Market cap	~$84 bn (~1.86 bn shares)
FY2025 revenue	$14.092 bn (-3.1% YoY)
FY2025 operating ratio (adj)	66.8% (33.2% adj operating margin)
Q1 2026 revenue	$3.48 bn (+2% YoY); operating margin 36.0%
Q1 2026 EPS (diluted)	$0.43 (+26% YoY)
Quarterly dividend	$0.14 (annualised $0.56) — raised 7.6% from $0.13 in Feb 2026
Next results	Q2 2026 — expected Wednesday 22 July 2026

2. Bull Case vs Bear Case

Bull Case	Bear Case
Q1 2026 operating-margin expansion of 560bp (30.4% → 36.0%) under new CEO Steve Angel; management raised FY26 guidance to mid-single-digit revenue growth and 200–300 bp margin expansion trending to the high end — the precise turnaround pattern Angel delivered at Praxair (+257% TSR) and Linde (+219% TSR).	Coal is structurally declining: FY25 coal volume -17% and revenue down to ~13% of mix; export coal continues to fall and domestic utility coal is exposed to gas-price volatility and renewable substitution. Q1 2026 coal volume was again ~1% lower.
Optionality on M&A: Angel's compensation package is reportedly tied to executing a Class I merger if UP+NS is approved; CSX has filed at the STB to oppose UP+NS but a counter-deal with BNSF or CPKC is the natural defensive move — eastern network plus a western partner = transcontinental.	UP+NS combined would control ~40% of US rail freight (and is the same share BNSF currently moves) — if STB approves it without strict gateway protection, CSX could be locked out of single-line transcontinental traffic and forced into competitive concessions or a defensive merger of its own.
$793 m of free cash flow before dividends in Q1 2026 (vs $559 m); 5% YoY headcount reduction; record Q1 fuel efficiency 0.97 gal/1,000 GTM; train velocity +7% to 18.9 mph and dwell -7% to 10.7 hours — all the operating KPIs are moving the right way.	Valuation now reflects much of the turnaround: trailing P/E ~25.4× (Feb 2026), EV/EBITDA ~13.0–13.9×, EV/FCF ~54.8×; the shares have run ~60% off the 2025 low into Q1 2026 print and are within 2% of the 52-week high.
Howard Street Tunnel reopened (September 2025) clearing the I-95 corridor for double-stack intermodal service; Blue Ridge Subdivision rebuild (60 miles, $450 m, ~14 m gross tons/year) returned to service October 2025 — both 2025 disruption headwinds have flipped to 2026 tailwinds.	Activist Ancora has not exited; Angel's mandate explicitly includes M&A and the board reshuffle in Sep 2025 was contested. If FY26 execution slips, capital-allocation pressure (forced merger, sale, or special dividend) could resurface.
Industrial-development pipeline: ~100 new customer projects expected to come online in 2026, targeting a ~50% YoY ramp in unit volume from the 2025 cohort — a structural source of merchandise volume that is independent of the broader freight cycle.	~17% of FY25 revenue mix is exposed to interest-rate-sensitive end markets (forest products, automotive); Q1 2026 forest-products volume -9% on weak housing demand and prior-year facility closures.

3. What Does This Company Actually Do?

CSX Transportation, the operating subsidiary of CSX Corporation, runs Class I freight rail across the eastern half of the United States. It hauls goods across four lines of business; FY25 revenue mix ($14.092 bn):

Segment	What it hauls	FY25 revenue	% of FY25 sales
Merchandise	Chemicals, agricultural products, automotive, metals & equipment, minerals, forest products, food & consumer	~$8.8 bn	~64%
Intermodal	Domestic and international containers and trailers (rail + truck final-mile)	~$2.1 bn	~14%
Coal	Domestic utility coal, export thermal & metallurgical coal (out of Curtis Bay, Newport News, Mobile)	~$1.9 bn	~13%
Trucking & Other	Quality Carriers (intermodal trucking subsidiary), demurrage, switching, real-estate income	~$0.82 bn	~9%

Customer footprint: CSX's network reaches roughly two-thirds of the US population from a single hub system. Key revenue end-markets within Merchandise (FY25): chemicals (~$2.6 bn), agricultural & food products, automotive (Detroit and southern OEM plants), metals (steel mills), minerals (aggregates, sand, cement), forest products (paper / pulp / lumber). Intermodal mixes domestic 53-foot containers (J.B. Hunt, Schneider) with international ocean-shipper freight off the East Coast ports of New York/New Jersey, Norfolk, Charleston and Savannah. Coal is split roughly 60/40 domestic utility / export, both structurally shrinking volumes.

4. The Business Model

• The single most-watched metric is the Operating Ratio (OR). Class I rails are evaluated on opex as a % of revenue. CSX printed a Q1 2026 OR of 64.0% (operating margin 36.0%), down from 69.6% a year earlier. The full-year FY25 adjusted OR was 66.8%; FY24 was 63.9%. Best-in-class Canadian rails (CN, CPKC) typically print sub-60% ORs.
• Tonnage-based pricing with fuel-surcharge pass-through. CSX prices freight per car or container; a fuel surcharge is added in dollars-per-mile and resets monthly with diesel forwards — rising diesel inflates reported revenue dollar-for-dollar without margin impact, and falling diesel does the reverse. Management's raised FY26 revenue guide is partly fuel-surcharge driven.
• Exclusive franchise / network density. Each Class I rail has a regional monopoly along most of its mainlines; competition is intermodal trucks (for distances <500 miles) and other rails at "interchange" points. CSX is one of two Class Is east of the Mississippi (CSX vs Norfolk Southern), and an UP+NS approval would re-shape that competitive map.
• Capital intensity. Track, locomotives, freight cars, signals and IT eat ~$2.6 bn of capex per year; FCF discipline depends on managing this. CSX delivered Q1 2026 FCF before dividends of $793 m and is guiding FY26 FCF growth >60% YoY.
• Capital return. Quarterly dividend $0.14 (raised 7.6% in Feb 2026, 23 years without a cut). Buyback ongoing — Q1 2026 repurchases of $222 m / 6 m shares; FY24 buybacks $2.24 bn; FY23 $3.48 bn; FY22 $4.73 bn (the multi-year programme is running at lower intensity in the current period).
• Government / regulatory: CSX does not depend on subsidies for revenue. The Surface Transportation Board (STB) is the federal economic regulator; the Federal Railroad Administration (FRA) is the safety regulator. CSX was deemed "revenue adequate" by the STB for 2024. The most material regulatory variable for 2026 is the STB review of the UP+NS merger.

5. Financial Health

Five-year financials (calendar year-end):

Metric	FY21	FY22	FY23	FY24	FY25
Revenue ($bn)	12.52	14.85	14.66	14.54	14.092
YoY %	+21%	+19%	-1.3%	-0.8%	-3.1%
Operating ratio (reported)	~55.3%	~59.5%	~62.7%	~63.9%	~67.9% (66.8% adj)
Operating margin	~44.7%	~40.5%	~37.3%	~36.1%	~32.1% (33.2% adj)
Net income ($bn)	~3.78	4.114	3.668	3.47	~2.89
EPS (diluted, $)	~1.68	1.95	1.82	1.79	1.54 (adj 1.61)
Buybacks ($bn)	~2.88	4.73	3.48	2.24	~0.65
Annual DPS ($)	0.39	0.42	0.44	0.48	0.52

Quarterly trajectory (revenue and reported operating margin):

Period	Revenue ($bn)	Op margin	Notes
Q1 2025	3.42	30.4%	Hinrichs era; Helene / Howard St disruption
Q2 2025	3.57	~31%	Mid-year, ahead of leadership change
Q3 2025	4.46	~30%	Includes goodwill impairment $164 m; Hinrichs ousted 28 Sep
Q4 2025	3.508	~31.6%	First full quarter under Angel; Blue Ridge re-opens
Q1 2026	3.48	36.0%	+560bp YoY; record Q1 fuel efficiency 0.97 gal/1000 GTM

Q1 2026 operating KPIs vs Q1 2025: train velocity 18.9 mph (+7%); terminal dwell 10.7 hours (-7%); fuel efficiency 0.97 gal/1,000 GTM (record Q1, with March printing 0.93 — best month since 2021); headcount -5%; total operating expenses -6% YoY to $2.23 bn (purchased services and other -$158 m, plus $44 m of property-disposition gains).

6. Valuation & Market Data

Share price (1 May 2026 close)	$45.52
52-week range	$27.74 – $46.55
Shares outstanding (Q1 2026)	~1.86 bn
Market cap	~$84.4 bn
Trailing P/E	~25.4× (Feb 2026); ~22.97× (more recent data point, May 2026)
Forward P/E	~19.4×
EV/EBITDA	~13.0–13.9× (May 2026 data)
EV/FCF	~54.8×
P/S (TTM)	~6.0×
Dividend yield	~1.23% ($0.56 annualised)
Short interest	~31.71 m shares (~1.70% of outstanding)
Put/call ratio	n/d (option chain not material to CSX given large float)

7. What Are They Building / What's Coming?

• Howard Street Tunnel double-stack project (Baltimore): Original tunnel reopened end-September 2025; full I-95 corridor double-stack capability (cleared overpasses) on track for Q2 2026 completion — first time domestic double-stack containers can move that lane in CSX history.
• Blue Ridge Subdivision rebuild: $450 m, 60-mile reconstruction after Hurricane Helene (October 2024); reopened first week of October 2025 with the new 530-ft Poplar Bridge built ballast-deck for resilience. The line handles ~14 m gross tons annually.
• AI & data modernisation: CSX completed a Microsoft Fabric / Infosys Topaz data overhaul on 24 February 2026, collapsing 50,000 legacy reports into ~1,200 AI-first dashboards; AI-driven railcar inspections at speeds up to 40 mph; FAA-approved autonomous drones operating at 13 yards have cut inspection times by ~90%.
• Industrial development: ~100 new customer projects expected to come online in 2026 with management targeting a ~50% YoY ramp in unit volume vs the 2025 cohort — a structural source of merchandise volume.
• Capital programme: Annual capex run-rate ~$2.6 bn including PTC enhancements, locomotive overhauls, signalling, and route capacity work.
• Q2 2026 results: Expected Wednesday 22 July 2026.
• FY26 guidance (raised at Q1 print): mid-single-digit revenue growth (up from low-single), operating-margin expansion 200–300 bp trending to the high end, FCF growth >60% YoY.
• M&A optionality: Angel's compensation package is reportedly tied to executing a Class I merger if UP+NS is approved — positions BNSF and CPKC as natural counter-merger candidates.

8. Competitive Landscape

CSX competes within the seven North American Class I railroads (BNSF, CN, CPKC, CSX, Ferromex, NS, UP). The eastern half of the US is essentially a duopoly with Norfolk Southern; the western half is a duopoly between Union Pacific and BNSF. Trucking competes for shorter hauls, particularly in intermodal.

Peer	FY24 revenue	Approx share of "Big Four" US rail revenue	Notes
Union Pacific (UP)	$24.3 bn	~33%	NYSE: UNP. Western US #1; bidder for NS in proposed $85 bn merger refiled at STB on 30 April 2026.
BNSF Railway	$23.4 bn	~32%	Berkshire Hathaway subsidiary (private); western US co-leader; Buffett publicly ruled out a CSX merger in 2025.
CSX	$14.5 bn	~20%	Subject company — eastern US co-leader; opposed UP+NS filing at STB.
Norfolk Southern (NS)	$12.1 bn	~16%	NYSE: NSC. Eastern US #2; target of UP merger proposal.
Canadian National (CN)	~$13.0 bn (CAD ~17.5 bn)	excluded above (cross-border)	NYSE: CNI. Best-in-class operating ratio <60%; primarily Canadian network with Chicago–New Orleans south reach.
Canadian Pacific Kansas City (CPKC)	~$10.7 bn (CAD ~14.5 bn)	excluded above (cross-border)	NYSE: CP. Only single-line Canada–US–Mexico Class I; potential CSX merger partner.

Competitive impact of UP+NS: The proposed Union Pacific-Norfolk Southern combination would create a single carrier moving ~40% of US freight by gross ton-miles — the same share that BNSF currently moves alone, but with an integrated transcontinental network for the first time. The principal risk to CSX is interchange / gateway pricing power: today, an East Coast shipper sending freight to California must hand off the load to a western Class I (typically UP at Memphis / New Orleans / Chicago) under negotiated rates. A unified UP+NS would offer single-line transcontinental service that bypasses CSX gateways entirely, potentially diverting intermodal volume. CSX, BNSF and CPKC have all formally objected to the STB filing; the STB has 30 days from the 30 April 2026 refiling to accept it, after which a detailed review takes >1 year. Deal terms: UP can walk if STB requires >$750 m of concessions; NS receives a $2.5 bn break-fee.

9. Leadership and Ownership

President & CEO: Stephen F. (Steve) Angel assumed the role on 28 September 2025, succeeding Joe Hinrichs after activist pressure from Ancora Holdings. Angel previously served as CEO of Praxair (2007–2018) and CEO of the merged Linde plc (2018–2022); during his Praxair tenure total shareholder return was +257%, and the Praxair–Linde combination drove +219% TSR while increasing combined market cap by +141%. He has been described in trade press as a "noted dealmaker," and his CSX compensation package has been reported as being structured around executing a Class I merger should UP+NS be approved.

EVP & CFO: Kevin S. Boone, named CFO in October 2025; previously CSX's Chief Commercial Officer. Sean R. Pelkey departed as CFO in October 2025 in the broader leadership transition.

EVP & COO: Mike Cory (Cory Michael A.).

Recent Section 16 insider transactions (selected):

Date	Insider	Action	Shares	Price	Notes
26 Feb 2026	Kevin S. Boone (CFO)	LTIP grant	15,241 RSUs + 75,982 options	$0.00 strike on RSUs	2026–2028 Long-Term Incentive Plan award; not a market transaction
26 Feb 2026	Mike Cory (COO)	LTIP grant	15,241 RSUs + 75,982 options	n/a	2026–2028 LTIP; not a market transaction
19 Feb 2026	Diana B. Sorfleet (EVP & CAO)	Option exercise & sale	90,000	$41.56	Exercised 13,344 + 25,434 + 51,222 options; open-market sale at WAP $41.56; ~$3.74 m proceeds
13 Feb 2026	Diana B. Sorfleet	Tax-withholding (F)	2,010 + 1,711 + 1,856	$40.87	Mandatory tax-withholding on RSU vest; non-discretionary

CSX policy permits Section 16 insiders to transact via Rule 10b5-1 plans; whether each open-market sale is plan-driven appears in Form 4 footnotes on a per-filing basis. CEO Angel has not filed an open-market sale since assuming the role on 28 September 2025; CFO Boone's only 2026 filings to date are LTIP equity awards, not market transactions.

Top institutional holders (per 13F data, position sizes move quarterly): Vanguard Group, BlackRock, State Street, Wellington Management, Capital Research & Management. Activist Ancora Holdings disclosed an increasing CSX position through 2025 and was the proximate driver of the Hinrichs → Angel transition.

10. Risks and Challenges

• UP+NS merger risk: If approved by the STB, Union Pacific would acquire Norfolk Southern in an $85 bn deal creating a single transcontinental carrier moving ~40% of US freight. CSX could lose interchange volume and pricing power on transcontinental intermodal lanes; the formal objection CSX filed at the STB acknowledges this exposure. Conversely, denial of the deal removes the M&A optionality embedded in Angel's compensation package.
• Coal structural decline: FY25 coal volume -17%, revenue -1% in Q1 2026 on -1% volume. Domestic utility coal is exposed to natural-gas substitution and renewables; export coal to thermal markets in Asia is exposed to seaborne freight rates and Chinese demand. Coal is now ~13% of revenue but contributes a higher share of margin given its tonnage density.
• Activist pressure: Ancora Holdings has not exited and was the proximate driver of the Hinrichs ouster. Angel's mandate explicitly includes M&A; if FY26 execution slips, capital-allocation pressure (forced merger, sale, or special dividend) is plausible.
• Trucking-rail substitution: Diesel-truck capacity remains abundant after the 2024–2025 freight recession; sub-500 mile lanes are economically marginal for rail intermodal vs truck.
• Interest-rate-sensitive end markets: Forest products (housing) -9% volume in Q1 2026; automotive volumes track North American auto build, which is exposed to tariff policy and consumer financing rates.
• Operating leverage works both ways: Class I rails are heavily fixed-cost. The same operating leverage that drove Q1 2026 OR -560bp can reverse on a volume slowdown.
• Catastrophe / weather risk: Hurricane Helene cost CSX $450 m for the Blue Ridge rebuild alone (October 2024 event, October 2025 reopening). Climate exposure to the eastern US is structurally rising.
• Labour: The Class I rail workforce is unionised under multiple agreements; the 2022 PEB / Congressional rail-deal precedent (sick-leave) may set the bar in the next contract round.
• Litigation / regulatory: Routine product-liability, derailment-related and environmental litigation. Federal Railroad Administration safety oversight intensified after East Palestine (NS, 2023); CSX safety record has improved into 2026 but the regulatory backdrop is sterner.
• Valuation: Trailing P/E ~25×, EV/EBITDA ~13–14×, EV/FCF ~55×. Shares are within ~2% of the 52-week high after a ~60% rally off the 2025 low; expectations are high.

11. Recent Developments

• 1 May 2026: CSX closed at $45.52 (range $44.53–$45.79); 52-week high of $46.55 set in late April. UP+NS merger objection filings continue to develop at the STB.
• 30 April 2026: Union Pacific and Norfolk Southern formally refiled their $85 bn merger application with the Surface Transportation Board after the STB rejected the initial filing in January 2026 as incomplete. CSX, BNSF and CPKC have all submitted formal objections.
• 22 April 2026 — Q1 2026 results: Revenue $3.48 bn (+2% YoY); operating income $1.25 bn (+20%); operating margin 36.0% (+560bp); diluted EPS $0.43 (+26%); FCF before dividends $793 m (vs $559 m); 6 m shares repurchased for $222 m. Volume +3% to 1.56 m units (intermodal +6%, merchandise flat, coal -1%). Train velocity +7% to 18.9 mph; dwell -7% to 10.7 hours; record Q1 fuel efficiency 0.97 gal/1,000 GTM. FY26 guidance raised: mid-single-digit revenue growth, OR expansion 200–300 bp toward the high end, FCF growth >60% YoY.
• 2 April 2026: American Train Dispatchers Association becomes the sixth national rail union to support the proposed UP+NS merger via a "jobs-for-life" agreement — potentially weakening labour-side opposition at the STB.
• 26 February 2026: Long-Term Incentive Plan equity grants (RSUs + options) to CFO Kevin Boone and COO Mike Cory under the 2026–2028 LTIP.
• 24 February 2026: CSX announced completion of its data-platform modernisation with Infosys Topaz on Microsoft Fabric — collapsing 50,000 legacy reports into ~1,200 AI-first dashboards.
• February 2026: Quarterly dividend raised 7.6% to $0.14 per share ($0.56 annualised), paid 13 March 2026 to shareholders of record 27 February. 23-year streak of uncut dividends maintained.
• 22 January 2026 (FY25 print): FY25 revenue $14.092 bn (-3.1%); operating income $4.52 bn ($4.69 bn adjusted ex $164 m Q3 goodwill impairment); adjusted operating margin 33.2%. Q4 2025 revenue $3.508 bn (-0.9%); EPS $0.39.
• January 2026: STB rejected UP+NS initial merger application as incomplete, citing insufficient detail on competitive balance and customer impact — setting up the 30 April refiling.
• ~November / December 2025: Steve Angel meets investors and lays out turnaround focus on operating ratio, fuel efficiency and disciplined cost; explicitly downplays imminent M&A activity ("very few people working on this... 23,000 people focused on running the railroad").
• October 2025: Sean Pelkey departs as CFO; Kevin Boone (previously CCO) named EVP & CFO. Blue Ridge Subdivision returns to service in early October following $450 m, 60-mile rebuild after Hurricane Helene.
• 28 September 2025: CSX board names Steve Angel President & CEO; Joe Hinrichs departs as CEO and director after activist Ancora Holdings campaign citing "value-destructive tenure".
• ~End-September 2025: Howard Street Tunnel reopens to rail traffic after the major double-stack clearance project that began on 1 February 2025; remaining I-95 corridor overpass clearance work to complete Q2 2026.
• July–August 2025: Union Pacific announces $85 bn agreement to acquire Norfolk Southern, triggering the rail-merger super-cycle; Warren Buffett tells CNBC BNSF will not pursue a CSX or NS combination, but acknowledges Buffett/Greg Abel met with Joe Hinrichs on 3 August to discuss greater cooperation.

12. Key Dates Coming Up

Date	Event
~End-May 2026	STB decision deadline (30 days from 30 April refiling) on whether to accept UP+NS merger application for detailed review
~Mid-May 2026	Q2 2026 dividend declaration (typically declared in May)
~Late May / June 2026	Q2 2026 ex-dividend & payment dates
Q2 2026	Howard Street Tunnel I-95 corridor double-stack overpass clearance project completion
Wednesday 22 July 2026	Q2 2026 earnings release (after-market)
October 2026	Q3 2026 earnings release
Late January 2027	Q4 / FY2026 earnings release
2026–2027	STB substantive review of UP+NS merger (typically 12–18 months from acceptance)
FY2026	Management guidance: mid-single-digit revenue growth; OR improvement 200–300 bp toward high end; FCF growth >60% YoY; ~100 industrial-development projects coming online

Related links: Live charts · Economic calendar · Forum · Blog

Disclaimer: This content is for informational purposes only and is not investment advice. ChartsView does not use analyst price targets, ratings, or consensus estimates. All figures are sourced from CSX press releases, SEC filings, the Surface Transportation Board, and other public materials. Always do your own due diligence.