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CSX Corporation
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Latest analysis
Updated Oct 21, 2026
CSX Q3 2026: 30% EPS growth and record intermodal volume signal sustained railroad transformation under Angel's leadership
CSX delivered a breakout Q3 2026, with EPS up 30% year-over-year on adjusted basis, operating margin of 39.1% (+420 bps), and 5% volume growth that pushed intermodal to an all-time record. The performance reflects structural cost discipline — nonfuel costs down 3% on 5% more volume — combined with favorable market tailwinds including tight trucking capacity and rising fuel prices driving highway-to-rail conversion. Management raised full-year revenue guidance to high single-digit growth and reaffirmed more than 350 bps of full-year operating margin expansion, signaling confidence that 2026 gains are durable entering 2027.
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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