CSX
Updated: 24/09/2026, 18:03:52
CSX Corporation, operating through its subsidiaries, stands as a leading provider of rail-based cargo transportation services. The company offers a wide range of services, including general rail freight, the movement of intermodal containers and trailers, and specialized transport solutions such as efficient rail-to-truck transfers and the handling of bulk commodities. CSX facilitates the shipment of a diverse array of goods, encompassing industrial chemicals, agricultural and food products, automotive components and finished vehicles, minerals, timber products, fertilizers, and various metals and heavy equipment. Additionally, it plays a crucial role in energy supply chains, transporting coal, coke, and iron ore to power generation facilities, steel manufacturers, and industrial plants, and also manages the export of coal via deep-water port access. The company's intermodal operations leverage a robust network of approximately 30 terminals to transport manufactured consumer goods in containers. This also includes drayage services, managing the initial pickup and final delivery of intermodal freight. For the automotive industry, CSX provides dedicated distribution centers and storage locations, and extends its reach to clients without direct rail access by orchestrating transfers of products like plastics and ethanol from rail to road. CSX's substantial infrastructure features an extensive rail network spanning approximately 19,500 route miles. This network strategically connects numerous population centers across 23 states east of the Mississippi River, the District of Columbia, and extends into the Canadian provinces of Ontario and Quebec. Powering these operations, CSX owns and leases around 3,500 locomotives. Its rail lines also provide direct connections to various production and distribution facilities, enhancing supply chain efficiency. Established in 1978, CSX Corporation has its headquarters located in Jacksonville, Florida.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$14.1B
FY 2025 · Reported
Net income
$2.9B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$1.7B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$1.4B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
CSX, based in Jacksonville, FL, provides rail-based freight transportation including traditional rail, intermodal, rail-to-truck transfers and bulk commodity operations
“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.”
2025 revenue and lines of business
$14.1 billion of revenue in 2025 across merchandise, intermodal, coal and trucking
“During 2025, the Company's services generated $14.1 billion of revenue and served four primary lines of business: merchandise, intermodal, coal and trucking.”
TTX Company equity stake
CSX owns about 20% of TTX Company, which provides pooled railcars to owner-railroads
“CSX owns about 20 percent of TTX's common stock, and the remainder is owned by the other leading North American railroads and their affiliates.”
Network footprint (CSXT)
~20,000 route-mile network serving 26 states east of the Mississippi River, DC, and Ontario/Quebec; access to over 70 port terminals
“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”
Quality Carriers trucking subsidiary
Quality Carriers is the largest bulk liquid chemicals truck transporter in North America
“Quality Carriers is the largest provider of bulk liquid chemicals truck transportation in North America.”
Operating segments
Two operating segments: rail and trucking; rail analyzed as one segment due to integrated network; trucking not material for separate disclosure
“The Company has two operating segments: rail and trucking.”
Coal end customers
Coal transported to power plants, steel manufacturers, industrial plants, and export to deep-water ports
“The Company transports domestic coal, coke and iron ore to electricity-generating power plants, steel manufacturers and industrial plants as well as export coal to deep-water port facilities.”
Merchandise markets
Merchandise comprises chemicals, agricultural/food products, automotive, minerals, forest products, metals and equipment, and fertilizers
“The Company’s merchandise business is comprised of shipments in the following diverse markets: chemicals, agricultural and food products, automotive, minerals, forest products, metals and equipment, and fertilizers.”
Coal end markets
Coal: exports mostly for steelmaking, domestic majority for electricity generation
“Most of the export coal the Company transports is used for steelmaking, while the majority of domestic coal the Company ships is used for electricity generation.”
Other revenue categories
Other revenue: 4% of 2025 revenue from regional subsidiary railroads, storage, equipment usage, demurrage and switching
“Other revenue accounted for 4% of the Company’s total revenue in 2025.”
Lines of business revenue 2025
2025: merchandise $8.8B (62%), intermodal $2.1B (15%), coal $1.9B (13%), trucking $816M (6%), other 4%; total $14.1B
“During 2025, the Company's services generated $14.1 billion of revenue and served four primary lines of business: merchandise, intermodal, coal and trucking.”
2025 revenue by market vs 2024
Chemicals $2,776M; Ag/Food $1,618M; Automotive $1,182M; Minerals $832M; Forest $975M; Metals $869M; Fertilizers $521M; Intermodal $2,073M; Coal $1,900M (-15%); Trucking $816M; Other $530M (2025 vs 2024)
“Chemicals655 688 (5)%$2,776 $2,850 (3)%”
Merchandise business 2025
Merchandise: $8.8B revenue (62%), 2.6M carloads (41% of volume); markets include chemicals, ag/food, minerals, automotive, forest products, metals & equipment, fertilizers
“The merchandise business shipped 2.6 million carloads (41% of volume) and generated $8.8 billion in revenue (62% of revenue) in 2025.”
Intermodal business 2025
Intermodal: $2.1B revenue (15%), 3.0M units (48% of volume), ~30 terminals, serving markets east of the Mississippi River
“The intermodal business shipped 3.0 million units (48% of volume) and generated $2.1 billion in revenue (15% of revenue) in 2025.”
Coal business 2025
Coal: $1.9B revenue (13%), 718K carloads (11% of volume); export coal mostly for steelmaking, domestic coal mostly for electricity generation
“The coal business shipped 718 thousand carloads (11% of volume) and generated $1.9 billion in revenue (13% of revenue) in 2025.”
Trucking business 2025 (Quality Carriers)
Trucking: $816M revenue (6% of revenue), from operations of Quality Carriers
“The trucking business generated $816 million, or 6%, of revenue in 2025. Trucking revenue is comprised of revenue from the operations of Quality Carriers.”
Unionized workforce and 2025 labor agreements
~23,000 employees, ~16,900 unionized; new agreements effective Jan 1, 2025 ratified by unions representing nearly 75% of unionized workforce
“Approximately 16,900 of the Company's approximately 23,000 employees are members of a rail labor union and covered by national agreements with the Class I railroads or CSX-specific agreements.”
Employees and union representation
~23,000 employees as of December 2025, including ~16,900 rail labor union employees
“The Company's number of employees was approximately 23,000 as of December 2025, which includes approximately 16,900 rail labor union employees.”
Capital investment priorities
Largest capital category is track asset replacement; second largest is locomotive and freight car purchases/rebuilds
“The Company’s largest category of capital investment is the replacement of track assets”
Intermodal cost and environmental advantage
Intermodal combines rail economics with truck flexibility, offering cost and environmental advantage over long-haul trucking
“The intermodal business combines the superior economics of rail transportation with the flexibility of trucks and offers a cost and environmental advantage over long-haul trucking.”
Primary rail competitor and pending merger
Primary rail competitor is Norfolk Southern; NS agreed in 2025 to merge with Union Pacific pending STB approval
“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.”
Revenue decline drivers 2025
Revenue down 3% primarily due to export coal declines, lower merchandise volume, and lower fuel recovery, partly offset by merchandise pricing gains and higher intermodal volume
“primarily due to declines in export coal revenue, which includes the impact of lower global benchmark rates, lower merchandise volume, and lower fuel recovery”
Coal volume detail 2025
Export coal fell on met/thermal coal declines and customer outages; domestic coal rose on utility shipments but fell to steel and river/lake terminals
“Export coal decreased due to lower shipments of metallurgical and thermal coal, which includes the impacts from outages at customer facilities.”
Intermodal volume growth drivers 2025
Intermodal volume +4% on international port volumes and key customer wins; domestic grew despite a continued soft trucking environment
“Intermodal volume increased primarily due to international shipments driven by higher port volumes and growth with key customers.”
Scheduled rail operating model
Operating model centered on scheduled service plan driving customer service, asset optimization, reduced costs and strong free cash flow
“The Company is focused on developing and strictly maintaining a scheduled service plan with an emphasis on improving customer service, optimizing assets and increasing employee engagement.”
2025 expense drivers
Expenses +3% driven by inflation, employee separation costs, Howard Street tunnel rerouting costs, and higher casualty/derailment costs; fuel down on 7% lower diesel prices
“An increase of $53 million was due to the effects of network disruptions and congestion, primarily driven by work on the Howard Street tunnel and severe winter weather.”
Labor cost in self-constructed track replacement
Labor is a significant cost in self-constructed track replacement; ~20% of labor relates to deconstruction (expensed elements) and ~80% to installation (capitalized)
“CSX determined that approximately 20% of labor costs associated with track replacement is related to the deconstruction of old track, for which certain elements are expensed, and approximately 80% is associated with the installation of new track, which is capitalized.”
Revolving credit facility
$1.2 billion five-year revolving credit agreement dated February 28, 2023 with JPMorgan Chase Bank, N.A. as administrative agent
“$1,200,000,000 Five-Year Revolving Credit Agreement, dated as of February 28, 2023, among CSX Corporation, as borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent”
Future interest payments on debt
Future interest on outstanding fixed-rate notes totals $13.9B, with $831M payable in 2026
“Future interest payments associated with outstanding debt total $13.9 billion, with $831 million payable in 2026.”
CEO transition to Stephen Angel
New CEO Stephen Angel hired via Employment Agreement dated September 26, 2025, with Change of Control Agreement dated September 28, 2025
“Employment Agreement, dated September 26, 2025, between CSX Corporation and Stephen Angel”
Departure of CEO Joseph R. Hinrichs
Employment Separation Agreement and Release with Joseph R. Hinrichs dated September 28, 2025
“Employment Separation Agreement and Release, dated September 28, 2025, between CSX Corporation and Joseph R. Hinrichs”
Conrail shared operations agreements with Norfolk Southern
Long-standing shared Conrail asset operating agreements with Norfolk Southern covering Detroit, North Jersey, and South Jersey/Philadelphia
“Shared Assets Area Operating Agreement for Detroit, dated as of June 1, 1999, by and among Consolidated Rail Corporation, CSX Transportation, Inc. and Norfolk Southern Railway Corporation”
Regulators and STB jurisdiction
Regulated by STB, FRA, PHMSA, EPA, TSA, and Canadian Transportation Agency; new STB rules on competitive access or revenue adequacy could be materially adverse
“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”
Common carrier mandate for hazardous materials
CSXT is legally required to haul hazardous materials under the common carrier mandate; a hazmat train accident could produce costs exceeding insurance coverage
“CSXT is required to comply with regulations regarding the handling of hazardous materials and has a legal obligation to transport certain hazardous materials under the common carrier mandate.”
Regulatory oversight of railroad
Subject to STB, FRA, PHMSA, TSA, EPA jurisdiction; regulatory changes could increase costs or constrain pricing power
“The Company is subject to the jurisdiction of various regulatory agencies, including the STB, FRA, PHMSA, TSA, EPA and other state, provincial, local and federal regulatory agencies”
Cybersecurity and technology dependence
Cyber-attacks of increasing frequency and sophistication including nation-state actors; CSX is part of critical U.S. infrastructure; third-party vendor incidents and failure to adopt AI are also risks
“the Company may be at increased risk of experiencing a cyber-attack as a result of being a component of the critical U.S. infrastructure.”
Severe weather and natural occurrences
Hurricanes, flooding and storms have previously damaged track and interrupted service; weather events expected to increase in frequency/severity; insurance may not cover all damages
“Changes in weather patterns are expected to increase the frequency, severity or duration of certain adverse weather conditions.”
Network and supply chain constraints
Rail network difficulties from crew/locomotive shortages, extreme weather, forced-access regulation, chassis shortages, and derailments could hurt service and efficiency
“CSXT has experienced, and in the future could experience, rail network difficulties related to: (i) locomotive or crew shortages”
Litigation and claims exposure
Subject to claims and lawsuits across labor, injury, property damage and environmental matters; outcomes may exceed insurance or reserves
“final amounts determined to be due on any outstanding matters may exceed the Company's insurance coverage or differ materially from the recorded reserves.”
Acquisition of trucking affiliates affects costs
Labor costs rose partly from higher trucking headcount due to acquiring previously independent trucking affiliates
“Net other costs increased $12 million primarily due to higher trucking headcount, including the impacts from acquiring previously independent affiliates”
Merchandise is CSX's largest revenue line at 62% of 2025 revenue across seven diverse end markets.
“generated $8.8 billion in revenue (62% of revenue) in 2025”
Norfolk Southern is CSXT's primary rail competitor; its pending merger with Union Pacific into a transcontinental network would intensify competition.
“CSXT’s primary rail competitor is Norfolk Southern Railway ... 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.”
Coal generated $1.9B of 2025 revenue (-15% y/y) with RPU down 13%; export coal driven by global benchmark rates was the largest contributor to the consolidated revenue decline.
“primarily due to declines in export coal revenue, which includes the impact of lower global benchmark rates”
STB regulates routes, fuel surcharges, rates for non-exempt traffic, and line abandonments; new rules on competitive access or revenue adequacy could materially harm CSX.
“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”
Intermodal competes with long-haul trucking on cost and environmental grounds, serving consumer goods in containers east of the Mississippi River.
“transports mainly manufactured consumer goods in containers, providing customers with truck-like service for longer shipments”
Labor is a significant cost in self-constructed track replacement, CSX's largest capex category; ~16,900 of ~23,000 employees are rail union labor.
“Labor is a significant cost in self-constructed track replacement work.”
Coal at 13% of revenue is tied to domestic electricity generation and export steelmaking demand.
“Most of the export coal the Company transports is used for steelmaking, while the majority of domestic coal the Company ships is used for electricity generation.”
Intermodal was the only major market with volume growth (+4%) in 2025, driven by international port volumes and key customer wins; total intermodal revenue $2,073M.
“Intermodal volume increased primarily due to international shipments driven by higher port volumes and growth with key customers.”
Coal carloads serve electricity-generating power plants, steel manufacturers and industrial plants.
“The Company transports domestic coal, coke and iron ore to electricity-generating power plants, steel manufacturers and industrial plants”
~73% of the workforce is unionized under Railway Labor Act agreements; labor costs and negotiated agreements are a material cost driver.
“Approximately 16,900 of the Company's approximately 23,000 employees are members of a rail labor union and covered by national agreements with the Class I railroads or CSX-specific agreements.”
CSXT must haul hazardous materials regardless of risk under the common carrier mandate, creating tail liability for accident costs potentially exceeding insurance.
“CSXT is required to transport certain hazardous materials under the legal duty referred to as the common carrier mandate regardless of risk or potential exposure to loss.”
CSX jointly operates shared Conrail assets with Norfolk Southern under multiple operating agreements, implying ongoing operational interdependence.
“Shared Assets Area Operating Agreement for North Jersey, dated as of June 1, 1999, by and among Consolidated Rail Corporation, CSX Transportation, Inc. and Norfolk Southern Railway Company”
Labor and Fringe expenses rose $97M, including $67M driven by inflation; inflation also offset other savings in purchased services.
“An increase of $67 million was driven by inflation.”
Domestic coal volume increased due to higher shipments to utility plants, partially offset by lower shipments to steel and river/lake terminals.
“Domestic coal increased due to higher shipments to utility plants”
Majority of domestic coal shipped by CSX is used for electricity generation, linking the coal franchise (13% of 2025 revenue) to utility demand.
“The Company transports domestic coal, coke and iron ore to electricity-generating power plants, steel manufacturers and industrial plants ... the majority of domestic coal the Company ships is used for electricity generation.”
Fuel expense of $1,095M decreased $73M due to a 7% decrease in locomotive fuel prices; fuel expense is largely driven by market diesel prices and locomotive consumption.
“Fuel expense decreased $73 million primarily due to a 7% decrease in locomotive fuel prices.”
Severe winter weather and the Howard Street tunnel work drove $53M of higher purchased services costs including rerouting; weather is also a standing network-difficulty risk.
“An increase of $53 million was due to the effects of network disruptions and congestion, primarily driven by work on the Howard Street tunnel and severe winter weather.”
Intermodal mainly transports manufactured consumer goods in containers, serving all major markets east of the Mississippi River via ~30 terminals.
“serves all major markets east of the Mississippi River and transports mainly manufactured consumer goods in containers”
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