CSX Corporation (CSX) SEC Filings & Earnings Calls
EquiReason read 12 CSX Corporation SEC filings in the last 12 months. Latest: 8-K on 2026-10-21 — Record quarterly revenue $4.02B (+12% YoY), diluted EPS $0.57 (+54% YoY), operating income $1.57B (+44%), operating margin expanded 880bps to 39.1%. Volume +5%, intermodal +7%..
Source: SEC EDGAR filings · figures as of 2026-09-30 · read by EquiReason
- Market cap
- 93.6B
- P/E TTM
- 26.5
- Dividend yield
- 1.1%
- 52-week
- —
- Next earnings
- 20 Jan, in 88 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
21 Oct 20268-K · 2.02Record quarterly revenue $4.02B (+12% YoY), diluted EPS $0.57 (+54% YoY), operating income $1.57B (+44%), operating margin expanded 880bps to 39.1%. Volume +5%, intermodal +7%.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2026 | $4.02B | +12% y/y |
| Diluted EPS · Q3-2026 | $0.57 | +54% y/y |
| Operating income · Q3-2026 | $1.57B | +44% y/y |
| Operating margin · Q3-2026 | 39.1% | |
| Net earnings · Q3-2026 | $1.05B | +51% y/y |
| Total volume · Q3-2026 | 1,690,000 | +5% y/y |
Risks flagged
Prior year included a non-cash goodwill impairment of $164M, but current year shows strong recovery.
“Excluding a non-cash goodwill impairment of $164 million in last year’s results.” · word for word
21 Oct 202610-QCSX reported strong Q3 2026 results with revenue up 12% YoY and operating income up 44% YoY, driven by volume growth and cost control.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2026 | $4.02B | +12% y/y |
| Net Earnings · Q3-2026 | $1.05B | +52% y/y |
| Operating Income · Q3-2026 | $1.57B | +44% y/y |
| Operating Cash Flow · 9M-2026 | $4.22B | +31% y/y |
| Free Cash Flow · 9M-2026 | $2.50B | |
| Property Additions · 9M-2026 | $1.71B | -23% y/y |
| Fuel Expense · Q3-2026 | $451M | +61% y/y |
| Operating Ratio · Q3-2026 | 60.9% | |
| Net Earnings Per Share, Basic · Q3-2026 | $0.57 | +54% y/y |
| Shares Repurchased · Q3-2026 | 11,000,000 | +267% y/y |
Risks flagged
Fuel Cost Volatility
“Fuel expense increased to $451 million in Q3 2026 from $281 million in Q3 2025.”
Environmental Liability
“Environmental reserves of $142 million at September 30, 2026, with ongoing litigation and potential additional costs.”
Legal Contingencies
“Estimated range of possible loss for certain matters is $1 million to $75 million at September 30, 2026.”
13 Oct 20268-K · 5.02, 7.01CSX announced retirement of COO Mike Cory, effective Oct 12, 2026, with transition services through May 8, 2027. Two SVPs now report directly to CEO. No financial guidance or material operational changes disclosed.open
Risks flagged
Loss of experienced COO may temporarily impact operational execution and network fluidity.
“COO retiring; transition period until May 2027; no replacement named.”
22 Jul 202610-QCSX reported strong Q2 2026 results with revenue up 10% YoY and operating income up 17% YoY, driven by broad-based volume growth.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $3.94B | +10% y/y |
| Net Earnings · Q2-2026 | $1.00B | +21% y/y |
| Operating Income · Q2-2026 | $1.51B | +17% y/y |
| Operating Cash Flow · H1-2026 | $2.60B | +38% y/y |
| Free Cash Flow · H1-2026 | $1.48B | +275% y/y |
| Property Additions · H1-2026 | $1.12B | -25% y/y |
| Fuel Expense · Q2-2026 | $446M | +66% y/y |
| Operating Ratio · Q2-2026 | 61.7% | |
| EPS Diluted · Q2-2026 | $0.54 | +23% y/y |
| Dividend Per Share · Q2-2026 | $0.14 | +8% y/y |
Risks flagged
Fuel cost volatility
“Fuel 446 269 748 544” · word for word
Environmental litigation exposure
“CSXT is indemnifying Pharmacia LLC... for certain liabilities associated with real estate located in Kearny, New Jersey along the Lower Passaic River” · word for word
22 Jul 20268-K · 2.02Revenue $3.94B (+10% y/y); Net earnings $1.00B (+21% y/y); Diluted EPS $0.54 (+23% y/y); Guidance: Volume +6%; revenue +10%; margin +240bpsearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $3.94B | +10% y/y |
| Net earnings · Q2-2026 | $1.00B | +21% y/y |
| Diluted EPS · Q2-2026 | $0.54 | +23% y/y |
| Operating income · Q2-2026 | $1.51B | +18% y/y |
| Operating margin · Q2-2026 | 38.3% | |
| Volume · Q2-2026 | 1,680,000 | +6% y/y |
Guidance
Volume +6%; revenue +10%; margin +240bps
Qualitative guidance: 'strengthen service execution' and 'build momentum'; strong Q2 results imply positive trajectory.
Risks flagged
Fuel surcharge revenue dependency exposes to oil price volatility.
“Revenue increase due to 'increased fuel surcharge revenue together with higher volume and pricing.'”
14 May 20268-K · 5.02, 5.07, 8.01Share repurchase authority $5.00Bopen
Figures in the filing · each found in the filing text
| share repurchase authority · Q2-2026 | $5.00B |
Risks flagged
Executive departure may indicate internal disruption, but internal replacement suggests continuity.
“separation from employment of Stephen Fortune, Executive Vice President and Chief Digital & Technology Officer” · word for word
22 Apr 20268-K · 2.02Operating income $1.25B (+20% y/y); Net earnings $807M (+25% y/y); Diluted earnings per share $0.43 (+26% y/y)earningsopen
Figures in the filing · each found in the filing text
| Operating income · Q1-2026 | $1.25B | +20% y/y |
| Net earnings · Q1-2026 | $807M | +25% y/y |
| Diluted earnings per share · Q1-2026 | $0.43 | +27% y/y |
| Total volume · Q1-2026 | 1,560,000 | +3% y/y |
| Revenue · Q1-2026 | $3.48B | +2% y/y |
Risks flagged
Export coal revenue decline due to lower benchmark rates, partially offsetting gains.
“decrease in export coal revenue, including the impact of lower benchmark rates.” · word for word
22 Apr 202610-QRevenue $3.48B (+2% y/y); Net Earnings $807M (+25% y/y); Operating Income $1.25B (+20% y/y)open
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $3.48B | +2% y/y |
| Net Earnings · Q1-2026 | $807M | +25% y/y |
| Operating Income · Q1-2026 | $1.25B | +20% y/y |
| Operating Cash Flow · Q1-2026 | $1.27B | +1% y/y |
| Free Cash Flow · Q1-2026 | $729M | +36% y/y |
| Property Additions · Q1-2026 | $543M | -25% y/y |
| Shares Repurchased · Q1-2026 | 6,000,000 | -75% y/y |
| Dividend Per Share · Q1-2026 | $0.14 | +8% y/y |
Risks flagged
Fuel Cost Sensitivity
“Fuel expense increased to $302 million in Q1 2026 from $275 million in Q1 2025.”
Legal Contingency - Fuel Surcharge Antitrust
“Fuel surcharge antitrust litigation: summary judgment granted in favor of railroads in June 2025, but appeal pending.”
30 Mar 2026DEF 14AProxy statement disclosing executive compensation, governance changes, and leadership transitions for 2026 annual meeting.open
Figures in the filing · each found in the filing text
| Operating Income · FY2025 | $0.00 | |
| Operating Margin · FY2025 | 0.0% | |
| Economic Profit · FY2023 | $313M | |
| Economic Profit · FY2024 | $236M | |
| Economic Profit · FY2025 | $720M | |
| Average Annual Operating Income Growth Rate · 2023-2025 | -7.6% | |
| Revenue Growth (Initiative-based) · FY2025 | $544M | |
| Cost Reduction · FY2025 | $300M | |
| Capital Savings · FY2025 | $200M | |
| Productivity Gains · FY2025 | $8M |
Risks flagged
Weak Operating Performance
“the Company falling short of its 2025 revenue goals” · word for word
Below-Median TSR
“the modifier of the Company’s rTSR performance against the peer group was below median for the cycle” · word for word
Goodwill Impairment
“exclude a $164 million non-cash goodwill impairment charge related to the Company’s Quality Carriers investment” · word for word
12 Feb 202610-KRevenue $14.10B (-3% y/y); Operating Income $4.50B (-14% y/y); Operating Margin 32.1open
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $14.10B | -3% y/y |
| Operating Income · FY2025 | $4.50B | -14% y/y |
| Operating Margin · FY2025 | 32.1% | |
| Earnings Per Share (Diluted) · FY2025 | $1.54 | -14% y/y |
| Merchandise Revenue · Merchandise · FY2025 | $8.80B | |
| Intermodal Revenue · Intermodal · FY2025 | $2.10B | |
| Coal Revenue · Coal · FY2025 | $1.90B | |
| Trucking Revenue · Trucking · FY2025 | $816M | |
| FRA Personal Injury Frequency Index · FY2025 | $0.94 | |
| Employees · 2025-12-31 | 23,000 |
Risks flagged
Rail Industry Consolidation Risk
“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.” · word for word
Coal Demand Structural Decline
“Changing dynamics in the U.S. and global energy markets, including the impacts of regulation and alternative fuel sources, have resulted in lower energy production from coal-fired power plants in CSX's service territory.” · word for word
22 Jan 20268-K · 2.02Revenue $3.51B (-1% y/y); Operating income $1.11B; Net earnings $720Mearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q4-2025 | $3.51B | -1% y/y |
| Operating income · Q4-2025 | $1.11B | |
| Net earnings · Q4-2025 | $720M | |
| Earnings per share (diluted) · Q4-2025 | $0.39 | |
| Full year revenue · FY2025 | $14.09B | |
| Full year operating income · FY2025 | $4.52B | |
| Full year EPS (diluted) · FY2025 | $1.54 | |
| Severance and technology rationalization expense · Q4-2025 | $50M |
Risks flagged
Subdued industrial demand environment with revenue decline, indicating potential cyclical weakness.
“Our quarterly results reflect the subdued industrial demand environment” · word for word
29 Oct 20258-K · 5.02, 7.01, 8.01Reported the departure of a director or principal officer (CEO/CFO change); issued a Regulation FD disclosure (forward guidance or material update)open
Risks flagged
Transition risk from CFO departure; mitigated by internal appointment with prior CFO experience.
“Sean Pelkey separated; Kevin Boone appointed effective immediately with prior CFO experience.”
CSX Corporation — questions
- What did CSX Corporation file recently?
- 12 SEC filings in the last 12 months. Latest: 8-K on 2026-10-21 — Record quarterly revenue $4.02B (+12% YoY), diluted EPS $0.57 (+54% YoY), operating income $1.57B (+44%), operating margin expanded 880bps to 39.1%. Volume +5%, intermodal +7%.
Every figure on this page comes from CSX Corporation's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.