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CSX Corporation
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Latest analysis
Updated Jul 22, 2026
CSX posts record Q2 2026 revenue of $3.94 billion, up 10% YoY, with operating margin expanding 240 bps to 38.3% on 6% volume growth led by intermodal.
CSX delivered its strongest quarterly revenue on record in Q2 2026, with operating income rising 17% to $1.51 billion and net earnings up 21% to $1.00 billion as broad-based volume growth of 6% combined with a $188 million surge in fuel surcharge revenue to drive outperformance across all three rail segments. Intermodal led with 9% volume growth, driven by domestic customer wins and a tightening truck environment, while merchandise revenue rose 8% on strength in chemicals, minerals, and metals. The expense structure improved sharply on a non-fuel basis — non-fuel costs fell $39 million despite volume growth — reflecting a headcount reduction of approximately 1,340 employees and efficiency savings of $54 million in purchased services.
Tone: bullishRevenue
$14.1B
CSX 10-K · FY 2025
Employees
23,000
Revenue growth YoY
-3%
Founded
1978
Profile
CSX 10-K Item 1 · Feb 12, 2026CSX Corporation is one of the largest rail-based freight transportation companies in the eastern United States, operating an approximately 20,000 route-mile network across 26 states, the District of Columbia, and two Canadian provinces. Its principal subsidiary, CSX Transportation, Inc., serves manufacturers, energy producers, automotive companies, and retailers through merchandise, intermodal, coal, and trucking lines of business. Quality Carriers, a subsidiary, is the largest bulk liquid chemicals truck carrier in North America.
Read filing description ↓ Collapse description ↑
CSX Corporation, together with its subsidiaries, based in Jacksonville, Florida, is one of the nation's leading transportation companies. The Company provides rail-based freight transportation services including traditional rail service, the transport of intermodal containers and trailers, as well as other transportation services such as rail-to-truck transfers and bulk commodity operations. CSX and the rail industry provide customers with access to an expansive and interconnected transportation network that plays a key role in North American commerce and is critical to the long-term economic success and improved global competitiveness of the United States. In addition, freight railroads provide the most economical and environmentally efficient means to transport goods over land. CSX's principal operating subsidiary, CSX Transportation, Inc. ('CSXT'), provides an important link to the transportation supply chain through its approximately 20,000 route-mile rail network and serves major population centers in 26 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. It has 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. This access allows the Company to meet the dynamic transportation needs of manufacturers, industrial producers, the automotive industry, construction companies, farmers and feed mills, wholesalers and retailers, and energy producers. The Company's intermodal business links customers to railroads via trucks and terminals. CSXT also serves thousands of production and distribution facilities through track connections with other Class I railroads and approximately 250 short-line and regional railroads.
Primary products
- Traditional rail service
- Intermodal containers and trailers transport
- Rail-to-truck transfers
- Bulk commodity operations
- Bulk liquid chemicals truck transportation (Quality Carriers)
- Drayage services (CSX Intermodal Terminals)
Business segments
End markets
Geographies
Named competitors
“The business environment in which the Company operates is highly competitive. Shippers typically select transportation providers that offer the most compelling combination of service and price.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue decreased by $448 million in 2025, or 3%, primarily due to declines in export coal revenue, lower merchandise volume, and lower fuel recovery, partially offset by pricing gains in merchandise and higher intermodal volume.
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