NASDAQ: CSX · Rail Transportation
CSX
CSX is a Class I freight railroad with about 20,000 route miles in the eastern U.S. It hauls merchandise (chemicals, forest products, agricultural products, automotive, minerals, metals, fertilizers), intermodal containers and coal. 2025 revenue was $14.1 billion (−3%), and net income fell to $2.9 billion. Coal revenue dropped 15%, and costs rose from network disruptions, including work on the Howard Street tunnel. Stephen Angel, formerly CEO of Linde, became CEO in September 2025. In Q2 2026 revenue rose 10% to a record $3.94 billion. CSX's primary rail competitor, Norfolk Southern, has agreed to merge with Union Pacific.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:21 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-1210-Q (quarter ended 2026-09-30) · filed 2026-10-21
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 5.9%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 32.1%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +3.2 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.9x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.60x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 26.3x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.71
Higher than 32% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 85% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 50% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 71% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 54% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$50.63close on 2026-11-04
Market cap$94.17B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 26.3x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 7.2x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 18.1x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 1.8%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.0%
At FY2025 year-end: 23.5x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 5.1x
Book value at FY2025 year-end
At FY2025 year-end: 13.8x
EBITDA for FY2025
At FY2025 year-end: 2.5%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$3.59B → $4.02B (vs. a year earlier)↑ +12.0%$3.59B → $4.02B (vs. a year earlier)
- Operating margin30.3% → 39.1% (vs. a year earlier)↑ +8.8 pts30.3% → 39.1% (vs. a year earlier)
- Net income$694M → $1.05B (vs. a year earlier)↑ +51.6%$694M → $1.05B (vs. a year earlier)
- Diluted EPS$0.37 → $0.57 (vs. a year earlier)↑ +54.1%$0.37 → $0.57 (vs. a year earlier)
- Cash$1.01B → $1.22B (vs. previous quarter-end)↑ +21.4%$1.01B → $1.22B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 21, 2026.
Key changes
Record Q3 revenue $4.02B, up 12%; EPS $0.57, up 54%. Source sentence
Record quarterly revenue of $4.02 billion, up 12% year-over-year; diluted EPS of $0.57, up 54%
Operating margin up 880 bps to 39.1%. Source sentence
Operating income of $1.57 billion, up 44%; operating margin expanded 880 bps to 39.1%
Total volume up 5%. Source sentence
Total volume up 5%, with intermodal volume increasing by 7%
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- CSX CORP
- Headquarters
- JACKSONVILLE, FL
- Incorporated in
- Virginia
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: CSX
- Industry
- Rail Transportation
- CIK
- 277948
- Website
- https://www.csx.com/ ↗
- IR page
- https://investors.csx.com/ ↗
Workforce (as of FY2025 year-end)
Employees
23,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 22–24 days after quarter end (Jan 22, 2026; Jan 23, 2025; Jan 24, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 16–36 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 21, 2026 (+21 days) | Oct 21, 2026 10-Q (+21 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 22, 2026 (+22 days) | Jul 22, 2026 10-Q (+22 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 22, 2026 (+22 days) | Apr 22, 2026 10-Q (+22 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 22, 2026 (+22 days) | Feb 12, 2026 10-K (+43 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 16, 2025 (+16 days) | Oct 16, 2025 10-Q (+16 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 23, 2025 (+23 days) | Jul 23, 2025 10-Q (+23 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 16, 2025 (+16 days) | Apr 16, 2025 10-Q (+16 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 23, 2025 (+23 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 16, 2024 (+16 days) | Oct 17, 2024 10-Q (+17 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 5, 2024 (+36 days) | Aug 5, 2024 10-Q (+36 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 17, 2024 (+17 days) | Apr 18, 2024 10-Q (+18 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 24, 2024 (+24 days) | Feb 14, 2024 10-K (+45 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Merchandise
Carload freight
Examples: Chemicals, agricultural and food, automotive, minerals, forest products, metals, fertilizers
2025 revenue $8.8B on 2.6M units.
Intermodal
Containers and trailers
2025 revenue $2.1B on 3.0M units.
Coal
Domestic and export coal
2025 revenue $1.9B.
Trucking
Quality Carriers
Tank truck carrier.
Figures are from the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Bulk liquid chemicals trucking (Quality Carriers)
North America
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedNorth America
Largest provider
Company-disclosedPer the 10-K.
Sources:
07
Recent strategic focusSite analysis
2025–2026 developments.
New CEO
Stephen Angel, former CEO of Linde, became President and CEO in September 2025.
Source: Form 10-K (FY2025), executive officers
Management turnover
Kevin Boone became CFO in October 2025, the Chief Digital & Technology Officer left in May 2026, and COO Michael Cory retired in October 2026.
Source: 8-Ks filed 2025-10-29, 2026-05-14, 2026-10-13
Q3 2026
Record revenue of $4.02B (+12%), operating income $1.57B (+44%; +25% vs adjusted) and EPS of $0.57 (+54%), with intermodal volume up 7%.
Source: Q3 2026 press release
Capex ÷ D&A (FY2025)
1.73x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$2,902M ÷ $1,680M = 1.73x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$885M
Latest year: $16M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.63B in FY2020 to $2.9B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$14.09B
As reported in the 10-K
Revenue CAGR (5 years)
+5.9%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($14,092M ÷ $10,583M) ^ (1÷5) − 1 = 5.9%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
32.1%▼caution
-9.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$4,521M ÷ $14,092M × 100 = 32.1%
ROE (FY2025)
22.5%▲favorable
6-year average: 27.0%
As reported in the 10-K
P/B (FY2025 end)
5.12x
formulafiscal year-end closing price ÷ book value per share
e.g.$36.25 ÷ $7.08 = 5.12x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
13.8x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($67,425M + $18,873M − $670M) ÷ ($4,521M + $1,680M) = 13.8x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +5.9% a year over 5 years (strong growth)
From $10.58B in FY2020 to $14.09B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 41.2% → 32.1%
How much operating profit is left per $100 of revenue. It moved -9.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 30.1% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 27.0% over 6 years (latest: 22.5%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Train operations, yards and terminals
- Intermodal and trucking
06 · what it draws on
Key resources
- About 35,500 track miles
- Locomotives, railcars, unionized workforce
02 · why customers buy
Value propositions
- Rail freight on an approximately 20,000 route-mile network serving major population centers in the eastern U.S.
04 · how it keeps them
Customer relationships
- A scheduled service plan focused on improving customer service.
03 · how it reaches them
Channels
- Direct service to shippers; intermodal partners and connections with other railroads.
01 · who it serves
Customer segments
- Shippers of chemicals, autos, agriculture, coal and consumer goods
09 · where money goes
Cost structure
FY2025, share of revenue ($14.09B)
- Other operating costs (incl. cost of goods sold)67.9%
Operating profit left: 32.1% of revenue. Depreciation & amortization (inside the costs above): $1.68B. Capital spending: $2.9B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Merchandise $8.8B
- Intermodal $2.1B
- Coal $1.9B
- Trucking and other $1.3B
Value propositions, channels and customer relationships: Form 10-K (FY2025)
CSX moves carload merchandise, intermodal containers and coal over its network, earning line-haul revenue plus fuel surcharges and accessorial charges.
01 what it draws on
Inputs & resources
- About 35,500 track miles
- Locomotives, railcars, unionized workforce
02 what it does
Activities
- Train operations, yards and terminals
- Intermodal and trucking
03 who it serves
Customers
- Shippers of chemicals, autos, agriculture, coal and consumer goods
04 how money comes in
How it earns
- Merchandise $8.8B
- Intermodal $2.1B
- Coal $1.9B
- Trucking and other $1.3B
How the business makes money
- Merchandise revenue fell 1% and coal revenue 15% in 2025.
- Capital spending was $2.9B in 2025, including about $470M to rebuild the Blue Ridge subdivision.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
CSX is exposed to rail regulation that could constrain prices and access.
Regulated prices & reimbursement
Rail regulation
Government actions could impose price constraints or restrict access.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Political engagement
Government affairs
Its chief legal officer leads legal, regulatory and government affairs.
Supports the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Merchandise
8,773 (62%)Intermodal
2,073 (15%)Coal
1,900 (13%)Trucking
816 (6%)Other
530 (4%)
Source: Form 10-K (FY2025) — MD&A, volume and revenue table CSX reports one segment; these are revenue lines.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Shippers in chemicals, agriculture, automotive, metals, consumer goods (intermodal) and coal.
Named by the company
No customer is named as significant.
Suppliers
Locomotive and railcar suppliers, fuel.
Named by the company
No supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K names Norfolk Southern Railway as CSX's primary rail competitor and notes its pending merger with Union Pacific.
Competitors named in the 10-K
Rail
- Norfolk Southernsite ↗
- Union Pacificsite ↗
Motor carriers, barges, ships and pipelines also compete.
Peer group the company chose
2025 Comparator Group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Dover, J.B. Hunt and Otis were added, and FedEx, Fortive and UPS removed; unchanged for 2026.
- Air Productssite ↗
- Canadian National Railwaysite ↗
- Canadian Pacific Kansas Citysite ↗
- Doversite ↗
- Eatonsite ↗
- Ecolabsite ↗
- Emersonsite ↗
- Illinois Tool Workssite ↗
- J.B. Hunt Transport Servicessite ↗
- Norfolk Southernsite ↗
- Otis Worldwidesite ↗
- Parker-Hannifinsite ↗
- PPGsite ↗
- Republic Servicessite ↗
- SLB (Schlumberger)site ↗
- Williams Companiessite ↗
- Trane Technologiessite ↗
- Union Pacificsite ↗
- Wabtecsite ↗
- Waste Managementsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 10,583 | 12,522 | 14,853 | 14,657 | 14,540 | 14,092 |
| Operating income | 4,362 | 5,594 | 5,954 | 5,499 | 5,245 | 4,521 |
| Pretax income | 3,627 | 4,951 | 5,345 | 4,829 | 4,555 | 3,769 |
| Net income (attributable) | 2,765 | 3,781 | 4,114 | 3,668 | 3,470 | 2,889 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 18.3% | 18.6% | -1.3% | -0.8% | -3.1% |
| Operating margincalcoperating income ÷ revenue × 100 | 41.2% | 44.7% | 40.1% | 37.5% | 36.1% | 32.1% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 26.1% | 30.2% | 27.7% | 25.0% | 23.9% | 20.5% |
| Balance sheet ($M) | ||||||
| Total assets | 39,793 | 40,531 | 41,682 | 42,200 | 42,764 | 43,682 |
| Total equity | 13,110 | 13,451 | 12,469 | 11,985 | 12,507 | 13,160 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 16,705 | 16,366 | 18,047 | 18,533 | 18,503 | 18,873 |
| Equity ratio | 32.9% | 33.2% | 29.9% | 28.4% | 29.2% | 30.1% |
| ROE | 21.1% | 28.5% | 31.7% | 30.0% | 28.3% | 22.5% |
| Cash flow ($M) | ||||||
| Operating CF | 4,263 | 5,099 | 5,526 | 5,514 | 5,247 | 4,613 |
| Investing CF | -649 | -1,877 | -2,063 | -2,227 | -2,605 | -2,851 |
| Financing CF | -1,443 | -4,112 | -3,769 | -3,867 | -3,062 | -2,025 |
| Free cash flowcalccash flow from operations − capital expenditures | 2,637 | 3,308 | 3,413 | 3,257 | 2,718 | 1,711 |
| Cash and equivalents | 3,129 | 2,239 | 1,958 | 1,353 | 933 | 670 |
| Per share & other | ||||||
| EPS ($) | 1.20 | 1.68 | 1.92 | 1.82 | 1.79 | 1.54 |
| BVPS ($) | 5.73 | 6.11 | 6.04 | 6.12 | 6.58 | 7.08 |
| Dividend per share ($) | 0.35 | 0.37 | 0.40 | 0.44 | 0.48 | 0.52 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 29.2% | 22.0% | 20.8% | 24.2% | 26.8% | 33.8% |
| P/E (x) | 25.2 | 22.4 | 16.1 | 19.1 | 18.0 | 23.5 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 14.4 | 13.8 | 10.7 | 12.0 | 11.4 | 13.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 5.28 | 6.16 | 5.13 | 5.66 | 4.90 | 5.12 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $4.02B+12.0% | $1.57B+44.4% | $1.05B+51.6% | $0.57 |
| 2026-06-30 | $3.94B+10.1% | $1.51B+17.4% | $1B+20.9% | $0.54 |
| 2026-03-31 | $3.48B+1.7% | $1.25B+20.4% | $807M+24.9% | $0.43 |
| 2025-12-31 † | $3.51B-0.9% | $1.11B+0.4% | $720M-1.8% | — |
| 2025-09-30 | $3.59B | $1.09B | $694M | $0.37 |
| 2025-06-30 | $3.57B | $1.28B | $829M | $0.44 |
| 2025-03-31 | $3.42B | $1.04B | $646M | $0.34 |
| 2024-12-31 † | $3.54B | $1.11B | $733M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
10.9%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$4,521M × (1 − 24%) ÷ $31,522M × 100 = 10.9%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
7.66%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $67.43B ÷ ($67.43B + $18.87B) = 78.1%
e.g.Debt weight: $18.87B ÷ ($67.43B + $18.87B) = 21.9%
e.g.WACC: 8.9% × 78.1% + 4.5% × (1 − 24%) × 21.9% = 7.66%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.4%–9.2% and ROIC − WACC runs +1.7 to +4.5 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 7.66% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.71 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 8.86%
- Cost of debt
- 4.47%
- Tax rate
- 24% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 78% : 22%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 7.66%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.71 (price-derived adjusted beta. Raw β 0.56, R² 0.16, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.562 + 0.33 = 0.707
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.71 × 5.5% = 8.9%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
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What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
6.1%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.7% − 1.5%
Past FCF growth (FY2020–FY2025)
-8.3%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+5.9%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.71B (operating CF − capex); enterprise value $112.37B = market cap $94.17B (latest close, 2026-11-04) + debt $18.87B − cash and short-term investments $675M; r = WACC of 7.7% using this page’s default assumptions (β 0.71, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$106.94B
FCF $1.71B ÷ (7.7% − 6.1%)
Theoretical ÷ actual enterprise value
0.95x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.7% | 6.7% | 7.7% | 8.7% | 9.7% |
|---|---|---|---|---|---|
| 0% | 0.27x | 0.23x | 0.20x | 0.18x | 0.16x |
| 2% | 0.41x | 0.32x | 0.27x | 0.23x | 0.20x |
| 4% | 0.90x | 0.56x | 0.41x | 0.32x | 0.27x |
| 6% | — | 2.18x | 0.90x | 0.56x | 0.41x |
| 8% | — | — | — | 2.18x | 0.90x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.47x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.0%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 120%
Most profit comes from core operations.
- ✓
Days sales outstanding: 31 → 34 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$4,613M ÷ $2,889M = 1.60x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$4,521M ÷ $3,769M × 100 = 120%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,326M + $1,298M) ÷ 2 ÷ $14,092M × 365 = 34 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 79.5%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 20.5%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 315 of 416
- Beta (adjusted)
- 0.71
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 75% of covered companies have more
above 1 = swings more than the market
- 1,472.5M shares reported by 1,991 13F filers ÷ 1,852.5M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-30 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
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Strengths & weaknessesSite analysis
Strengths
1. Eastern rail network
About 20,000 route miles connecting eastern markets with western railroads.
Evidence: Form 10-K (FY2025) Item 2
2. Shareholder returns
Dividends rose from $0.37 (2021) to $0.52 (2025) per share, and the share count fell from 2.20B to 1.86B.
Evidence: SEC EDGAR XBRL
3. 2026 rebound
Volume rose 6% in Q2 2026 and 5% in Q3; Q3 revenue was a record $4.02B (+12%) and the operating margin expanded 880 bp to 39.1%.
Evidence: Q2 and Q3 2026 press releases
Weaknesses
1. Earnings decline
Net income fell from $4.1B (2022) to $2.9B (2025).
Evidence: SEC EDGAR XBRL
2. Network disruptions
The Howard Street tunnel work, severe weather and the Blue Ridge rebuild raised costs in 2025.
Evidence: Form 10-K (FY2025) MD&A
3. Coal exposure
Coal revenue fell 15% in 2025.
Evidence: Form 10-K (FY2025)
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
23.5x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.43%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
34%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.5%
(Operating CF − capex) ÷ market cap
1. Recovery potential
Results improved on volume and pricing in Q2 and Q3 2026; Q3 EPS rose 30% versus adjusted prior-year EPS.
- What has to hold
- Service and volumes keep improving.
- The other side
- Industry consolidation in the West and East.
Evidence: Q2 and Q3 2026 press releases
2. Capital returns
Dividends and buybacks reduced the share count by about 15% since 2021.
- What has to hold
- Cash flow supports both.
- The other side
- Capex is rising.
Evidence: SEC EDGAR XBRL
Interest expense for 2021 is reported net ("interest expense, net").
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
1.0x
$675M vs. $708M
Interest coverage (operating income ÷ interest expense)
5.4x
$4.52B vs. $844M
Free cash flow ÷ dividends paid
1.8x
$1.71B vs. $972M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -3.1% in FY2025 ($14.54B → $14.09B) | Not yet, as of FY2025 |
| Operating income | -13.8% in FY2025 ($5.25B → $4.52B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Hard-to-replicate network
About 20,000 route miles and 35,518 track miles.
Source: Form 10-K (FY2025), Item 2
Cash flow
Operating cash flow was $4.6B in 2025.
Source: SEC EDGAR XBRL
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Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
CSX won summary judgment in the long-running railroad fuel-surcharge antitrust cases, which shippers are appealing. It also indemnifies Pharmacia (Monsanto) for Lower Passaic River Superfund cleanup costs. It estimates reasonably possible losses above reserves at $3 million to $87 million.
2 open matters
Fuel surcharge antitrust litigation
On appealAntitrustIndividual shippers v. CSXT and three other Class I railroads (D.D.C.; D.C. Cir.)
The suits allege an illegal conspiracy in fuel-surcharge practices dating to 2007. Class certification was denied in 2017, and the railroads won summary judgment on June 24, 2025. Oral argument on the appeal is scheduled for December 11, 2026.
- Next step
- Most shippers appealed; briefing is complete, and oral argument is yet to be scheduled.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Lower Passaic River Superfund (Pharmacia indemnity)
PendingEnvironmentalU.S. EPA; Pharmacia LLC (indemnified by CSXT); other potentially responsible parties
CSXT indemnifies Pharmacia for liabilities tied to its Kearny, N.J. property within the 17-mile Lower Passaic River Study Area. The share of cleanup costs will be set by EPA allocation and settlement or litigation. On September 10, 2026 DOJ lodged a separate proposed consent decree under which ERH (claiming to be Occidental's successor) would perform an estimated $125 million of work to support the cleanup; it is subject to public comment.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Company statement: Management believes none of these pending items is likely to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
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Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Rail and truck competition
- Company disclosure (summarized from the 10-K)
- CSX's primary rail competitor, Norfolk Southern, agreed to merge with Union Pacific to form the only transcontinental network, subject to STB approval. Motor carriers also compete.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Labor & workforce
Unionized workforce
- Company disclosure (summarized from the 10-K)
- About 16,900 of roughly 23,000 employees are union members under national or CSX-specific agreements.
- Company’s stated mitigation
- New agreements ratified by unions representing nearly 75% of the unionized workforce.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Disaster
Weather and network disruption
- Company disclosure (summarized from the 10-K)
- Severe weather and hurricanes damaged parts of the network (for example the Blue Ridge subdivision).
- Company’s stated mitigation
- Rebuilding and rerouting.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Demand & macro
Freight demand
- Company disclosure (summarized from the 10-K)
- Volumes depend on industrial production, consumer demand and coal markets.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Law & regulation
Rail regulation
- Company disclosure (summarized from the 10-K)
- CSX is regulated by the STB and the FRA, including on safety.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
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What to watch going forwardSite analysis
- STB review of the Union Pacific–Norfolk Southern merger.
- Service and velocity after the Howard Street tunnel work.
- Coal volumes.
- Management changes (CFO and COO).
- Intermodal growth.
24
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:21 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-12
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent CSX’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.