Summary
CSX Corporation reported total revenue of $14.1 billion for the fiscal year ending December 30, 2025, representing a 3% decrease from the previous year. This revenue decline was primarily attributed to lower coal volumes, reduced merchandise shipments, and decreased fuel recovery, partially offset by positive pricing in merchandise and increased intermodal volume. Expenses increased by 3% to $9.6 billion, largely due to higher labor, purchased services, and goodwill impairment charges, leading to a 14% decrease in operating income to $4.5 billion and a compressed operating margin of 32.1%. Consequently, diluted earnings per share fell by 14% to $1.54. Despite the revenue and income pressures, CSX demonstrated resilience in its operational performance, with improvements in train velocity and safety metrics, including a significant reduction in the FRA Personal Injury Frequency Index. The company continued its commitment to shareholder returns through consistent dividend payments and active share repurchases. CSX also maintained a strong liquidity position, with a $1.2 billion revolving credit facility and significant cash on hand, enabling continued investment in its infrastructure and strategic projects, such as the rebuilding of the Blue Ridge subdivision.
Financial Highlights
50 data points| Revenue | $14.09B |
| Operating Income | $4.52B |
| Net Income | $2.89B |
| EPS (Basic) | $1.54 |
| EPS (Diluted) | $1.54 |
| Shares Outstanding (Basic) | 1.87B |
| Shares Outstanding (Diluted) | 1.87B |
Key Highlights
- 1Total revenue for 2025 was $14.1 billion, a 3% decrease year-over-year, driven by lower coal and merchandise volumes, partially offset by intermodal growth and merchandise pricing.
- 2Operating income decreased by 14% to $4.5 billion, with operating margin declining to 32.1% from 36.1% due to increased expenses, including a significant goodwill impairment charge related to Quality Carriers.
- 3Diluted earnings per share (EPS) declined by 14% to $1.54, reflecting the reduced operating income.
- 4Merchandise remains the largest revenue segment at $8.8 billion (62% of total revenue), followed by Intermodal ($2.1 billion), Coal ($1.9 billion), and Trucking ($816 million).
- 5The company demonstrated improved safety performance, with the FRA Personal Injury Frequency Index decreasing by 24% to 0.94 and the FRA Train Accident Rate improving by 13%.
- 6CSX continued its capital return program, repurchasing shares worth $1.4 billion in 2025 under its $5 billion repurchase authorization and increasing its quarterly dividend by 8%.
- 7Free Cash Flow before dividends was $1.79 billion, impacted by lower net earnings and a payment of postponed taxes, but the company maintained a strong liquidity position with $675 million in cash and equivalents.