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CSX Corporation (CSX) stock

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NASDAQ: CSX Nasdaq Rail Transportation Next results ~January 21, 2027

B+ Fundamentals grade

CSX Corporation, based in Jacksonville, Florida, is a rail-based freight transportation group. Its main subsidiary, CSX Transportation, operates a roughly 20,000 route-mile rail network across 26 eastern US states, Washington D.C., and Ontario and Quebec, with access to over 70 port terminals. Other units include Quality Carriers (bulk liquid chemicals trucking), CSX Intermodal Terminals, Total Distribution Services, TRANSFLO and CSX Technology.

The company earns money by charging shippers for moving freight. Customers span manufacturers, chemical and agricultural producers, automotive makers, construction firms, energy producers, and wholesalers and retailers. Its four main lines of business are merchandise, intermodal, coal and trucking, with additional revenue from storage, demurrage and switching charges and from regional subsidiary railroads.

CSX had around 23,000 employees as of December 2025, of whom roughly 16,900 are covered by rail labor union agreements. Its history traces back to the Baltimore and Ohio Railroad, chartered in 1827, with the modern CSX network formed through mergers including Chessie System, Seaboard Coast Line and parts of Conrail and Pan Am.

Based on CSX Corporation's 10-K filed February 12, 2026.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$23

Cash-flow model

Base case. Range ~$15–$34 across our lower- and higher-growth cases (-1.8%–8.2% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 55% below it.

Price used: $51.62, November 2, 2026

CSX Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter CSX files

10-Q filed October 21: CSX

Revenue for the twelve months to September 2026 reached $14.9bn, up 5.8% on a year earlier. That marks an acceleration from the 2.5% pace of a quarter earlier. Cash generation improved sharply, with the free-cash-flow margin climbing to 21.5% from 11.0% a year earlier. Operating margin also widened, reaching 36.4% against 32.0% previously. Despite the stronger trading, our model value is little changed at $20.73 a share. The shares trade at $51.67, well above that estimate. The rating stays Sell.

Source: 10-Q filed October 21, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where CSX stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $14.5bn, up 2.5% on a year earlier, faster than -0.9% a quarter earlier. That puts it 750 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 19.3% from 14.2% a year earlier. The diluted share count is down 2.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 3 financial-health checks. Our cash-flow model value is $17.77 a share, against a share price of $48.15. At that price, our model says the market is pricing in about 17.2% a year of cash-flow growth for five years, faster than the 3.0% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 21, 2027 (estimated)

CSX Corporation's trailing-twelve-month revenue grew 5.8% year on year, with a free-cash-flow margin of 21.5%. Where it stands out: operating margin of 36.4% ranks 17 of 544 industrials companies we cover. Where it lags: long-term debt as % of assets of 37.9% ranks 364 of 453 industrials companies we cover.

Our discounted-cash-flow model values the business at ~$23 per share in the base case (~$15–$34 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 107.0% while net income grew 23.4%: a 84pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 3.3 points higher than a quarter earlier.
  • High operating margin. 36.4% of revenue is left as operating profit, against a median of 5.5% for industrials companies we cover.
  • Margins widening. Operating margin is up 4.4 points on a year ago.
  • Strong cash generation. 21.5% of revenue turned into free cash flow, against a median of 4.6% for industrials companies we cover.
  • Shrinking share count. Diluted shares fell 1.5% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $51.62 is 55% above our value per share of $23.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 37.9% ranks 364 of 453 industrials companies we cover (median 22.6%).

Latest results: FY2026 Q3

Filed October 21, 2026
Earnings per share
$0.57 against an average estimate of $0.53: beat by 7.2%
Revenue
$4.02bn, up 12.0% on a year earlier
Share reaction
+7.5% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Next report
October 21, 2026; average EPS estimate $0.52

CSX's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.7%
  • 1 week+0.6%
  • 1 month+8.8%
  • This year+43.7%
  • 1 year+45.2%
  • 5 years+54.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$14.9B
Operating margin
36.4%
Net margin
24.0%
EPS (TTM, diluted)
$1.93

Growth

Revenue growth
+5.8%
Change in growth rate
+3.3 pts
Share count change
−1.5%

Cash

Free cash flow (TTM)
$3.2B
FCF margin
21.5%
Stock pay % of revenue
0.5%

Earnings

Last results
October 21, 2026
Next results (est.)
January 21, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Leadership
  4. Announcement
  5. Dividend
  6. Announcement
  7. Insider trade
  8. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

CSX Corporation valuation models and calculator

What the price is pricing in

The share price implies about 14.8% a year of cash-flow growth for five years.That is faster than the 3.6% a year revenue growth CSX has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in14.8%
  • Last 12 months5.8%
  • 3 years a year0.5%
  • 5 years a year3.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($50.97, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$23
Price used
$50.97close November 3, 2026
Implied change
▼ 54%
Uncertainty
High

How we got here: a discounted-cash-flow model of CSX Corporation's free cash flow after stock-based pay with after-tax interest added back ($3.3B, FY2026 Q3 TTM), growing 6.1% and 4% in the next two years (forecasts, guidance and its record), then back to 3.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$15–~$34 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of CSX Corporation's free cash flow after stock-based pay ( $3.3B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value CSX Corporation as an operating company, with every model that fits that kind of business. Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.74 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$23 ~$15–$34 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$35 ~$39–$63 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$51 ~$37–$73 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$37 ~$31–$46 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$34 ~$23–$51 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare CSX Corporation with Industrials sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −32%
  • Revenue growth 5 points higher ▲ +42%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $16$25$37$53$74$101
8.5% $10$17$25$37$52$71
10% $7$12$18$27$38$53

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$7.44$10.50$16.32$18.68$22.05$28.03$35.23$29.39$33.36$31.47$35.92$51.62
Market value$22.0bn$29.9bn$44.7bn$48.3bn$52.8bn$64.6bn$79.4bn$62.9bn$67.1bn$61.2bn$67.3bn$96.0bn
+ Net debt (− = net cash)$9.9bn$10.7bn$11.4bn$13.9bn$15.3bn$13.6bn$14.1bn$16.1bn$17.2bn$17.6bn$18.2bn$17.6bn
Enterprise value$31.9bn$40.5bn$56.2bn$62.2bn$68.1bn$78.2bn$93.6bn$79.0bn$84.3bn$78.7bn$85.5bn$113.6bn
Multiples
Price / sales 1.9x2.7x3.9x3.9x4.4x6.1x6.3x4.2x4.6x4.2x4.8x6.4x
Price / earnings 11.2x17.4x8.2x14.6x15.9x23.4x21.0x15.3x18.3x17.6x23.3x26.8x
Price / free cash flow 27.2x46.4x31.2x16.7x16.5x24.5x24.0x18.4x20.6x22.5x39.3x29.9x
EV / EBITDA 6.6x8.6x11.2x10.0x10.8x13.6x13.3x10.6x11.9x11.4x13.8x16.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

92 /100

Strong moat

How hard CSX's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Net income has been a median 8.6% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 38.8%; its worst year was 31.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 21.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 23.7% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.05 +33% $15.4bn +9%
Next $2.34 +14% $16.3bn +6%

Next year's EPS estimate has moved +3.2% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.5% on 90 days ago. In the last 30 days, 3 analysts raised CSX Corporation's forecast and 5 cut it.

Consensus EPS forecast CSX Corporation, last 90 days
$1.90 $2.00 $2.10 $2.20 $2.30 $2.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.00 Current fiscal year, 60 days ago: $2.01 Current fiscal year, 30 days ago: $2.01 Current fiscal year, 7 days ago: $2.00 Current fiscal year, Now: $2.05 $2.05 Next fiscal year, 90 days ago: $2.27 Next fiscal year, 60 days ago: $2.27 Next fiscal year, 30 days ago: $2.28 Next fiscal year, 7 days ago: $2.29 Next fiscal year, Now: $2.34 $2.34

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.00$2.27
60 days ago $2.01$2.27
30 days ago $2.01$2.28
7 days ago $2.00$2.29
Now $2.05$2.34

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.53 $0.57 +7.2%
Jun 2026 $0.52 $0.54 +4.0%
Mar 2026 $0.39 $0.43 +10.3%
Dec 2025 $0.41 $0.39 −5.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026

No numeric guidance in CSX Corporation's latest earnings release (filed October 21, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows CSX Corporation's revenue by +6.1% next year and +4.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.4%, weight 69%) and the company's own record (+3.2%, weight 31%) . How the weights are set.

Analyst recommendations

25 analysts, Oct 2026
Buy1768%
Hold624%
Sell28%

Monthly trend

  1. Oct 2026413625
  2. Sep 2026413625
  3. Aug 2026413625
  4. Jul 2026413625

Counts of recommendations published by analysts covering CSX Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.2%
of tradable shares
Days to cover
3.91
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
82%
of shares
Held by insiders
0.2%
of shares
Employees
21,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +45.2%

$35.56 on October 31, 2025 to $51.62

ThenNowEffect
Revenue (last 12 months) $14.2bn $14.5bn +2.5%
Net margin 21.9% 22.2% +1.3%
P/E multiple 21.8x 29.8x +36.6%
Share count 1906m 1863m +2.3%

Biggest factor: p/e multiple.

Last 3 years +77.1%

$29.15 on November 3, 2023 to $51.62

ThenNowEffect
Revenue (last 12 months) $15.0bn $14.5bn −3.4%
Net margin 26.8% 22.2% −17.3%
P/E multiple 15.0x 29.8x +99.3%
Share count 2073m 1863m +11.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CSX+26%−17%+14%−6%+14%+44%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CSX58%33%50%50%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CSX−13%−29%−15%−17%−20%−13%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 41% from February 20, 2020 to March 23, 2020. Getting back needed a 68% gain, reached on September 15, 2020, 176 days after the low.

Price behaviour

52-week range
$33.25 – $53.08
From 52-week high
−2.8%
vs 50-day average
+5.7%
vs 200-day average
+13.4%
Volatility (1 year)
22%
Beta vs S&P 500
0.38

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±2.8%
After a week
7 up, 5 down
typical move ±2.8%
After a month
8 up, 3 down
typical move ±5.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 +7.5% −0.7% +8.1% —
July 22, 2026 +5.9% −1.3% +1.7% +2.2%
April 22, 2026 +6.5% +0.6% +3.0% +5.8%
January 22, 2026 +0.3% +0.6% +3.7% +14.9%
October 16, 2025 +1.0% −0.1% −2.0% −3.7%
July 23, 2025 −0.7% +0.9% +0.2% +1.8%
April 16, 2025 −0.8% −2.1% +0.9% +12.3%
January 23, 2025 −1.7% +0.3% −1.1% −4.3%
October 16, 2024 −6.8% +0.4% −5.4% +0.4%
August 5, 2024 −0.6% −2.0% −1.7% +2.7%
April 17, 2024 −1.3% −0.8% −3.4% −2.6%
January 24, 2024 +0.3% +0.7% +2.3% +9.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How CSX Corporation’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.37× the last 60 days’ realised volatility , richer than 82% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is 1.37x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

CSX CSX Corporation Grade B+ $51.52

Own 100 shares, sell the $53.00 call expiring December 4, 2026 (32 days) for $0.85 a share — $85.00 per contract.

Previous session · Bid $0.85, ask $1.10, quoted Mon 2 Nov, 17:20 New York time with CSX at $51.52. Option prices move with the shares: check the live chain at your broker before trading.

  • If CSX ends below $53.00: you keep your shares and the $85.00 — 1.6% extra on the position, 18.8% a year at that pace.
  • If it ends above $53.00: your shares are sold at $53.00, a total return of 4.5% including the premium — at or above our value of ~$23.
$233 $0 −$1.0k Break-even $50.67 Price $51.52 ← Our value ~$23
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$85.00
Annualised
18.8%
Break-even
$50.67
Max gain
$233
Chance of selling
~39%

Collar

Own the shares, buy the $50.00 put and sell the $52.50 call, both expiring December 18, 2026 (46 days).

  • Net credit of $0.20 a share ($20.00 per contract of 100 shares).
  • Worst case at expiry: -2.6%, if the shares fall below $50.00 (-3.0% from today).
  • Best case at expiry: +2.3%, if the shares rise above $52.50 (+1.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $23.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

CSX Corporation in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) CSX Corporation
$14B $14.5B $15B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $14.7B Revenue (TTM), FY24 Q1: $14.6B Revenue (TTM), FY24 Q2: $14.6B Revenue (TTM), FY24 Q3: $14.7B Revenue (TTM), FY24 Q4: $14.5B Revenue (TTM), FY25 Q1: $14.3B Revenue (TTM), FY25 Q2: $14.2B Revenue (TTM), FY25 Q3: $14.1B Revenue (TTM), FY25 Q4: $14.1B Revenue (TTM), FY26 Q1: $14.2B Revenue (TTM), FY26 Q2: $14.5B Revenue (TTM), FY26 Q3: $14.9B $14.9B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $14.7B
FY24 Q1 $14.6B
FY24 Q2 $14.6B
FY24 Q3 $14.7B
FY24 Q4 $14.5B
FY25 Q1 $14.3B
FY25 Q2 $14.2B
FY25 Q3 $14.1B
FY25 Q4 $14.1B
FY26 Q1 $14.2B
FY26 Q2 $14.5B
FY26 Q3 $14.9B
Revenue growth, TTM YoY CSX Corporation
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -1.3% Revenue growth, TTM YoY, FY24 Q1: -3.4% Revenue growth, TTM YoY, FY24 Q2: -2.6% Revenue growth, TTM YoY, FY24 Q3: -0.2% Revenue growth, TTM YoY, FY24 Q4: -0.8% Revenue growth, TTM YoY, FY25 Q1: -2.4% Revenue growth, TTM YoY, FY25 Q2: -3.3% Revenue growth, TTM YoY, FY25 Q3: -3.8% Revenue growth, TTM YoY, FY25 Q4: -3.1% Revenue growth, TTM YoY, FY26 Q1: -0.9% Revenue growth, TTM YoY, FY26 Q2: 2.5% Revenue growth, TTM YoY, FY26 Q3: 5.8% 5.8%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -1.3%
FY24 Q1 -3.4%
FY24 Q2 -2.6%
FY24 Q3 -0.2%
FY24 Q4 -0.8%
FY25 Q1 -2.4%
FY25 Q2 -3.3%
FY25 Q3 -3.8%
FY25 Q4 -3.1%
FY26 Q1 -0.9%
FY26 Q2 2.5%
FY26 Q3 5.8%
Operating margin (TTM) CSX Corporation
30% 32% 34% 36% 38% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 37.5% Operating margin (TTM), FY24 Q1: 36.8% Operating margin (TTM), FY24 Q2: 36.7% Operating margin (TTM), FY24 Q3: 37.2% Operating margin (TTM), FY24 Q4: 36.1% Operating margin (TTM), FY25 Q1: 34.7% Operating margin (TTM), FY25 Q2: 33.8% Operating margin (TTM), FY25 Q3: 32.0% Operating margin (TTM), FY25 Q4: 32.1% Operating margin (TTM), FY26 Q1: 33.4% Operating margin (TTM), FY26 Q2: 34.2% Operating margin (TTM), FY26 Q3: 36.4% 36.4%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 37.5%
FY24 Q1 36.8%
FY24 Q2 36.7%
FY24 Q3 37.2%
FY24 Q4 36.1%
FY25 Q1 34.7%
FY25 Q2 33.8%
FY25 Q3 32.0%
FY25 Q4 32.1%
FY26 Q1 33.4%
FY26 Q2 34.2%
FY26 Q3 36.4%
FCF margin (TTM) CSX Corporation
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 22.2% FCF margin (TTM), FY24 Q1: 20.4% FCF margin (TTM), FY24 Q2: 19.7% FCF margin (TTM), FY24 Q3: 20.2% FCF margin (TTM), FY24 Q4: 18.7% FCF margin (TTM), FY25 Q1: 18.9% FCF margin (TTM), FY25 Q2: 14.2% FCF margin (TTM), FY25 Q3: 11.0% FCF margin (TTM), FY25 Q4: 12.1% FCF margin (TTM), FY26 Q1: 13.5% FCF margin (TTM), FY26 Q2: 19.3% FCF margin (TTM), FY26 Q3: 21.5% 21.5%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 22.2%
FY24 Q1 20.4%
FY24 Q2 19.7%
FY24 Q3 20.2%
FY24 Q4 18.7%
FY25 Q1 18.9%
FY25 Q2 14.2%
FY25 Q3 11.0%
FY25 Q4 12.1%
FY26 Q1 13.5%
FY26 Q2 19.3%
FY26 Q3 21.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar CSX took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $14.1B
  2. Other operating costs $9.6B · 67.9%
  3. Operating income $4.5B · 32.1%
  4. Income tax $880M · 6.2%
  5. Interest and other $752M · 5.3%
  6. Net income $2.9B · 20.5%

Shares of revenue. Source: CSX's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 9.0 10.6 11.8 11.8 12.0 12.7 11.8 11.1 11.4 12.3 11.9 10.6 12.5 14.9 14.7 14.5 14.1 14.9
EBITDA 3.2 4.0 4.4 4.5 4.6 4.8 4.8 4.7 5.0 6.2 6.3 5.7 7.0 7.5 7.1 6.9 6.2 7.1
Operating income 2.3 3.1 3.5 3.5 3.5 3.6 3.6 3.4 3.7 4.9 5.0 4.4 5.6 6.0 5.5 5.2 4.5 5.4
Net income 1.1 1.6 1.9 1.9 1.9 1.9 2.0 1.7 5.5 3.3 3.3 2.8 3.8 4.1 3.7 3.5 2.9 3.6
Diluted EPS $0.32 $0.45 $0.57 $0.60 $0.61 $0.64 $0.67 $0.60 $2.00 $1.28 $1.39 $1.20 $1.68 $1.92 $1.82 $1.79 $1.54 $1.93
Growth (year on year)
Revenue −19.7% +17.6% +10.9% −0.3% +2.2% +5.3% −6.8% −6.3% +3.1% +7.4% −2.6% −11.3% +18.3% +18.6% −1.3% −0.8% −3.1% +5.8%
EBITDA −13.1% +26.6% +10.7% +1.7% +1.2% +4.1% +0.6% −1.6% +6.8% +23.1% +1.8% −9.0% +22.1% +6.3% −4.7% −2.9% −10.2% +14.0%
Operating income −17.5% +35.3% +13.0% −0.2% +0.3% +4.0% −0.8% −4.8% +9.0% +30.9% +2.0% −12.1% +28.2% +6.4% −7.6% −4.6% −13.8% +20.4%
Net income −15.6% +36.7% +18.6% +0.5% +0.1% +3.4% +2.1% −12.9% +219.2% −39.5% +0.7% −17.0% +36.7% +8.8% −10.8% −5.4% −16.7% +23.4%
Diluted EPS −13.3% +40.6% +25.9% +5.3% +2.2% +4.9% +4.2% −9.5% +230.9% −35.9% +8.6% −13.7% +40.0% +14.3% −5.2% −1.6% −14.0% +25.3%
Margins
EBITDA margin 35.1% 37.8% 37.7% 38.5% 38.1% 37.6% 40.6% 42.6% 44.1% 50.6% 52.9% 54.3% 56.0% 50.2% 48.5% 47.5% 44.0% 47.4%
Operating margin 25.1% 28.9% 29.4% 29.4% 28.9% 28.5% 30.3% 30.8% 32.6% 39.7% 41.6% 41.2% 44.7% 40.1% 37.5% 36.1% 32.1% 36.4%
Net margin 12.6% 14.7% 15.7% 15.8% 15.5% 15.2% 16.7% 15.5% 48.0% 27.0% 27.9% 26.1% 30.2% 27.7% 25.0% 23.9% 20.5% 24.0%
Free-cash-flow margin 6.8% 13.4% 10.1% 5.1% 7.9% 7.1% 6.8% 5.8% 12.6% 23.6% 26.7% 24.9% 26.4% 23.0% 22.2% 18.7% 12.1% 21.5%
Cash flow
Cash from operations 2.0 3.3 3.5 2.9 3.3 3.3 3.4 3.0 3.5 4.6 4.9 4.3 5.1 5.5 5.5 5.2 4.6 5.6
Capital spending 1.4 1.8 2.3 2.3 2.3 2.4 2.6 2.4 2.0 1.7 1.7 1.6 1.8 2.1 2.3 2.5 2.9 2.4
Free cash flow 0.6 1.4 1.2 0.6 1.0 0.9 0.8 0.6 1.4 2.9 3.2 2.6 3.3 3.4 3.3 2.7 1.7 3.2
Stock-based pay 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.0 0.1 0.1
Free cash flow after stock pay 0.6 1.4 1.2 0.6 0.9 0.9 0.8 0.6 1.3 2.8 3.1 2.6 3.2 3.3 3.2 2.7 1.7 3.1
Balance sheet
Cash 1.0 1.3 0.8 0.8 0.6 0.7 0.6 0.6 0.4 0.9 1.0 3.1 2.2 2.0 1.4 0.9 0.7 1.2
Total debt 8.0 8.7 9.2 9.8 9.6 9.7 10.5 11.3 11.8 14.8 16.2 16.7 16.4 18.0 18.5 18.5 18.9 18.8
Net debt (negative = net cash) 7.0 7.4 8.5 9.0 9.0 9.1 9.9 10.7 11.4 13.9 15.3 13.6 14.1 16.1 17.2 17.6 18.2 17.6
Diluted shares 3,561m 3,462m 3,267m 3,120m 3,057m 3,006m 2,952m 2,844m 2,742m 2,583m 2,395m 2,305m 2,255m 2,141m 2,013m 1,943m 1,873m 1,860m
Returned to shareholders
Dividends 0.3 0.4 0.5 0.6 0.6 0.6 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.9 0.9 0.9 1.0 1.0
Buybacks 0.0 1.5 1.6 0.7 0.4 0.5 0.8 1.1 2.0 4.7 3.4 0.9 2.9 4.7 3.5 2.2 1.4 1.2
Total returned 0.3 1.8 2.0 1.3 1.0 1.1 1.5 1.7 2.7 5.4 4.1 1.7 3.7 5.6 4.4 3.2 2.4 2.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · September 30, 2026
What it owns · $45.2bn
Short-term assets $3.6bnLonger-term assets $41.5bn
What it owes, and who funded it · $45.2bn
Short-term liabilities $4.3bnLonger-term liabilities $26.5bnShareholders' equity $14.4bn
  • Short-term assets cover short-term liabilities $3.6bn of assets due within a year against $4.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.6bn short-term assets against $26.5bn of longer-dated liabilities.
  • More cash than debt $1.2bn of cash against $17.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 119% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 121% to 119% over five years.
  • A year's operating cash flow covers at least 20% of debt $5.6bn of operating cash flow against $17.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $5.4bn against $844m of interest.

From CSX Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.2B
Dividends (TTM)
$1B
Returned to shareholders
68%
of free cash flow
Buybacks, last 3 fiscal years
$7.1B
Diluted share count
−1.5%
year over year
Total shareholder yield
2.3%
dividends 1.1% + buybacks 1.2% of market value
Dividend payout ratio
29%
of net income paid out
Days sales outstanding
36 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in rail transportation
Last 12 months unless stated CSX NSC UNP Median
Revenue, last 12 months $14.9bn $13.0bn $26.4bn $14.9bn
Revenue growth, last 12 months 5.8% 6.0% 7.4% 6.0%
Revenue growth, 3-year average 0.5% 1.7% 3.0% 1.7%
Revenue growth, latest quarter 12.0% 13.6% 15.3% 13.6%
Operating margin 36.4% 31.5% 40.1% 36.4%
Operating margin, 3-year average 35.2% 33.2% 40.1% 35.2%
Net margin 24.0% 20.7% 28.9% 24.0%
Cash from operations / revenue 37.5% 29.2% 39.9% 37.5%
Free-cash-flow margin 21.5% 12.7% 25.4% 21.5%
Free-cash-flow margin, 3-year average 17.6% 13.3% 24.2% 17.6%
Stock pay / revenue 0.5% 0.6% 0.5% 0.5%
Change in share count −1.5% −0.3% −0.8% −0.8%

Median of all 3 companies we cover in rail transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

584 industrials companies
Measure Company Peer median Rank
Revenue growth Growth 5.8% 7.6% 339 of 581
Change in growth rate Growth +3.3pp +1.1pp 188 of 580
Operating margin Profitability 36.4% 5.5% 17 of 544
Net margin Profitability 24.0% 3.8% 25 of 582
Free-cash-flow margin Cash generation 21.5% 4.6% 39 of 579
Stock pay as % of revenue Cash generation 0.5% 0.9% 129 of 512
Long-term debt as % of assets Balance sheet 37.9% 22.6% 364 of 453
Change in share count Balance sheet -1.5% 0.0% 153 of 529
Days sales outstanding Balance sheet 36 days 57 days 98 of 453

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Total Merchandise $8.8B 62.2% ▼ 1.2%
Chemicals $2.8B 31.5% ▼ 2.6%
Intermodal $2.1B 23.9% ▲ 2.6%
Coal Services $1.9B 21.6% ▼ 15.4%
Automotive $1.2B 13.4% ▼ 3.6%
Trucking $816M 9.3% ▼ 3.3%
Agricultural and Food Products $1.6B 11.4% ▼ 1.6%
Forest Products $975M 6.9% ▼ 6.9%
Metals and Equipment $869M 6.1% ▲ 1.2%
Minerals $832M 5.9% ▲ 7.8%
Other Services $530M 3.7% ▲ 6.2%
Fertilizers $521M 3.7% ▲ 3.2%

From CSX Corporation's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$69.9B
Institutions reporting
1,986
Shares held vs prior quarter
▲ 1.1%
Positions opened / closed
209 / 94

Top buyers and sellers, Q2 2026: 955 institutions bought and 731 sold ; the biggest buyer was Voya Investment Management LLC (+6.9M shares) and the biggest seller Viking Global Investors LP (−18.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $7.7B 161.1M 11.0% ▲ 0.5%
Vanguard Capital Management LLC $5.8B 121.4M 8.3% ▲ 0.4%
State Street Corp $4.3B 91.5M 6.2% ▲ 2.7%
Price T Rowe Associates Inc $3.4B 70.9M 4.8% ▼ 6.9%
Invesco Ltd. $2.8B 58.4M 4.0% ▼ 0.2%
Geode Capital Management, LLC $2.1B 44.2M 3.0% ▲ 0.7%
Vanguard Portfolio Management LLC $1.8B 37.2M 2.5% ▲ 1.8%
Jpmorgan Chase & Co $1.7B 36.3M 2.5% ▼ 8.6%
Bank Of America Corp $1.6B 33.6M 2.3% ▼ 20.2%
Fisher Asset Management, LLC $1.3B 28.0M 1.9% ▲ 2.9%
Morgan Stanley $1.2B 26.1M 1.8% ▲ 2.5%
Norges Bank $1.2B 26.0M 1.8% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not CSX Corporation's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 1 trade by 1 insider, last 12 months Insider sales History → $16.6M 7 trades by 6 insiders · 0% under pre-set plans
Net ▼ $15.6M net selling
Insider Date Trade Shares Price Value
Burns Michael S. SVP - CLO & Corp Secy July 24, 2026 Sell 13,000 $52.68 $684,840
Williams Angela C VP & Chief Accounting Officer July 24, 2026 Sell 30,000 $53.29 $1.6M
Zillmer John J Director June 3, 2026 Sell 10,000 $46.45 $464,500
Boone Kevin S. EVP & CFO June 3, 2026 Sell 136,708 $46.70 $6.4M
Angel Stephen F President & CEO March 6, 2026 Buy 25,000 $40.27 $1M
Sorfleet Diana B EVP & CAO February 19, 2026 Sell 90,000 $41.56 $3.7M
Fortune Stephen EVP - CD & TO February 3, 2026 Sell 31,456 $38.65 $1.2M
Sorfleet Diana B EVP & CAO January 28, 2026 Sell 66,667 $37.48 $2.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 29 trades and filings

In the last 12 months, 2 members of Congress disclosed 0 purchases and 3 sales of CSX Corporation shares.

  • Kevin Hern(R-OK 1):Sale (partial), $1,001 - $15,000, traded August 31, 2026, filed September 25, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $1,001 - $15,000, traded August 27, 2026, filed September 25, 2026
  • Dan Newhouse(R-WA 4):Sale (partial), $1,001 - $15,000, traded July 10, 2026, filed July 17, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 21, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 22, 2026
  • January 22, 2026
  • October 16, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on CSX Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

CSX Corporation in brief

What does CSX Corporation do?
CSX Corporation is a US-listed company in the rail transportation industry. Its financial year ends in December.
What is CSX Corporation's stock ticker?
CSX Corporation trades under the ticker CSX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is CSX Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, CSX Corporation reported revenue of $14.9B, 5.8% higher than a year earlier, according to its SEC filings.
What is CSX Corporation's free cash flow?
CSX Corporation's free-cash-flow margin is 21.5% of revenue over the trailing twelve months, ranking 39 of the 579 industrials companies we cover.
What is CSX Corporation's fair value (intrinsic value) per share?
Our discounted-cash-flow model of CSX Corporation's free cash flow after stock-based pay gives ~$23 per share in the base case, and ~$15–$34 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are CSX Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is CSX Corporation buying back stock, and does it pay a dividend?
CSX Corporation spent $1.2B on share repurchases over the trailing twelve months, and its diluted share count fell 1.5% over the year.
What is CSX Corporation's market cap?
On November 2, 2026, CSX Corporation's market capitalisation was about $96B, with a price-to-earnings ratio of 26.8 and net debt of $17.6B. Market figures come from third-party market data and may be delayed.
Does CSX Corporation pay a dividend?
Yes: CSX Corporation paid $1B in dividends over the trailing twelve months, a dividend yield of 1.07% and a payout ratio of 28.5%.
How much debt does CSX Corporation have?
CSX Corporation's debt-to-equity ratio is 118.9%, from its latest balance sheet (121.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are CSX Corporation's competitors?
In our Rail Transportation peer group, the companies closest to CSX Corporation are Norfolk Southern and Union Pacific Corporation. The side-by-side comparison below sets their revenue, margins and growth against CSX Corporation's.
Are insiders buying or selling CSX Corporation stock?
Over the last 12 months, CSX Corporation's directors and officers reported 1 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is CSX Corporation's next earnings date?
Around January 21, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — CSX Corporation announces its own schedule.