CSX CORPCSX
CSX CORP Financial Overview 2021–2025
CSX's operating income plunged 14% to $4.5 billion in FY2025, underscoring a severe margin contraction as structural costs and trucking impairments eclipsed the railroad's safety and velocity gains. While the company aggressively repurchased shares to support shareholder returns, persistent volume declines in coal and mounting operating expenses have steadily eroded its core operating leverage.
Top-line growth has completely reversed over a multi-year window, with total revenue climbing from $12.5 billion in FY2021 to a peak of $14.9 billion in FY2022 before contracting to $14.1 billion in FY2025. Across this period, total expenses swelled to $9.6 billion, dragging diluted earnings down to $1.54 per share in FY2025. Profitability was further hindered by a $164 million goodwill impairment charge for the Quality Carriers segment in Q3 2025. Despite deteriorating margins and the heavy capital burden of rebuilding the hurricane-damaged Blue Ridge subdivision, management maintained aggressive capital returns, repurchasing $1.4 billion in stock during FY2025 and boosting the quarterly dividend by 8%.
Even as fundamental performance weakened, the market awarded CSX a premium multiple. At the close of FY2025, the stock traded at 23.5x earnings with a share price of $36.25, granting the company a $67.4 billion market cap. This valuation suggests investors are looking past the recent earnings compression, betting that newly appointed CEO Stephen F. Angel can reverse the margin decay and restore historical network efficiency.
Recent Developments (Q3 and Q4 2025)
The late-year period featured a major executive overhaul, highlighted by the appointment of Kevin S. Boone as Chief Financial Officer in October 2025. During Q3 2025, revenue dipped 1% to $3.59 billion, pushing operating income down 20% to $1.09 billion and driving a 20% contraction in earnings to $0.37 per share. To fortify the balance sheet, the company issued $300 million in 5.050% notes due 2035 during the fourth quarter.
Bulls note that underlying network fluidity is improving, evidenced by a 2% increase in train velocity and an 8% reduction in dwell time during the third quarter. Conversely, bears point to persistent weakness in the $1.9 billion coal segment, which continues to offset pricing gains across the core $8.8 billion merchandise business. Trading at 26.4x earnings as of February 11, 2026, the stock appears richly valued against these near-term volume headwinds.
What to watch: strategic shifts under the newly configured executive suite; performance of the coal segment amidst shifting energy markets.
Rev
$14.09B
FY2025
NI
$2.89B
FY2025
EPS
$1.54
FY2025
OCF
$4.61B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
CSX CORP 8-K Report, Financial Results (Jan 22, 2026)
CSX Corporation has filed a Current Report (8-K) on January 21, 2026, to announce its financial and operating results for the quarter ended December 31, 2025. This filing includes a press release and a detailed quarterly financial report, both of which are incorporated by reference and available on the company's website. Investors should refer to these attached documents for comprehensive details on the company's performance during the fourth quarter of 2025. While the specific financial metrics are not detailed in the 8-K itself, the filing serves as the official notification of the release of this information. The report clarifies that the information furnished within this 8-K, including the exhibits, is "furnished" and not "filed" for certain legal purposes, meaning it does not automatically become part of other SEC filings unless specifically referenced. Investors are directed to the press release and quarterly financial report for the substantive results.
CSX CORP 8-K Report, Executive Changes (Oct 29, 2025)
CSX Corporation (CSX) has announced significant changes in its executive leadership team through a Form 8-K filing. Kevin S. Boone has been appointed as the new Executive Vice President and Chief Financial Officer (CFO), effective immediately. Mr. Boone transitions into this critical role from his previous position as Executive Vice President and Chief Commercial Officer, bringing extensive experience within the company since June 2021. Concurrently, Sean R. Pelkey has separated from his role as CFO. The company also announced the promotion of Maryclare T. Kenney to Senior Vice President and Chief Commercial Officer. Ms. Kenney, who joined CSX in 2011, has held various senior positions and most recently led Merchandise Sales and Marketing. These leadership adjustments signal a shift in key financial and commercial responsibilities within the organization.
CSX CORP 8-K Report, Financial Obligation (Oct 23, 2025)
CSX Corporation has announced the completion of a public offering of $300 million in aggregate principal amount of 5.050% Notes due 2035. This issuance represents a "tacked on" or "further" issuance, meaning these new notes will be fungible with and form a single series with the previously issued $600 million of the same notes from March 10, 2025. The offering was made under the company's effective shelf registration statement filed earlier in 2025 and was completed on October 19, 2025, with the filing made on October 22, 2025. This action primarily concerns the company's debt structure and its ability to raise capital. Investors should note that this issuance increases CSX's total outstanding debt under this specific note series to $900 million. The stated interest rate of 5.050% is consistent with the prior issuance, indicating no change in borrowing cost for this tranche. The company's CFO, Sean R. Pelkey, signed off on this report, underscoring the financial nature of this disclosure.
CSX CORP 8-K Report, Material Agreement (Oct 22, 2025)
CSX Corporation has announced a significant financing activity through the issuance of $300 million in aggregate principal amount of 5.050% Notes due 2035. These notes constitute a further issuance and will be fungible with the previously issued $600 million of the same series of notes from March 2025, effectively increasing the total outstanding principal of this note series to $900 million. The offering is being conducted under the company's existing shelf registration statement and has entered into an Underwriting Agreement with Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and UBS Securities LLC as representatives for the underwriters. This move indicates CSX's strategy to access capital markets for its funding needs. Investors should note that the additional debt issuance will increase leverage, although the coupon rate of 5.050% appears to be consistent with the initial offering, suggesting favorable market conditions or a stable cost of capital for this debt. The closing of the offering is anticipated for October 23, 2025, subject to standard closing conditions.
CSX CORP 8-K Report, Financial Results (Oct 16, 2025)
CSX Corporation filed a Form 8-K on October 16, 2025, to report its financial and operating results for the third quarter ended September 30, 2025. The filing includes a press release (Exhibit 99.1) and a detailed Quarterly Financial Report (Exhibit 99.2), both of which are incorporated by reference and available on the company's website. Investors should review these attached documents for specific details on performance, as the 8-K itself primarily serves as a notification of their release. While the 8-K does not contain the detailed financial figures directly, it signals the availability of CSX's latest financial performance data. Investors and analysts are encouraged to access Exhibits 99.1 and 99.2 to understand the company's revenue, earnings, operating ratios, segment performance, and any forward-looking guidance provided for the remainder of the fiscal year. The information furnished is subject to specific disclosure rules and should be considered within that context.
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