CSX Corporation filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $14.94 billion, which rose 5.8% on the year before. That growth rate was up 3.3 percentage points on the rate a quarter earlier.
Profitability
The trailing operating margin was 36.4%, up 4.4 percentage points from a year earlier. The trailing net margin was 24.0%.
Net income over the twelve months was $3.58 billion, which rose 23.4% on the year before.
Cash flow
Operating cash flow over the twelve months was $5.60 billion, up 21.4% on the year before. Capital spending was $2.39 billion, or 16.0% of revenue.
Free cash flow, operating cash flow less capital spending, was $3.21 billion, up 107.0% on the year before. Free cash flow was 21.5% of revenue (the free-cash-flow margin), up 10.5 percentage points from a year earlier.
Share count
The average diluted share count fell 1.5% over the year.
Against its own history
Today’s free-cash-flow margin of 21.5% is higher than 73% of the company’s own past quarterly readings, which have ranged from 4.4% to 28.1%. Today’s operating margin of 36.4% is higher than 63% of the company’s own past quarterly readings, which have ranged from 24.4% to 45.7%.
Today’s twelve-month revenue growth rate of 5.8% is higher than 72% of the company’s own past quarterly readings, which have ranged from −19.7% to 24.5%.
What it means for value
In our model, growth 5 percentage points lower would lower the value by 31.8%, and 5 percentage points higher would raise it by 41.5%. A free-cash-flow margin 1 percentage point lower would lower it by 4.9%.
What to watch
The next filing will show whether the recent expansion in operating and free-cash-flow margins continues or reverses. It will also reveal if the acceleration in revenue growth persists beyond the current quarter. Finally, investors will see if the reduction in the average diluted share count maintains its pace.
