CSX Corporation

CSX · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$67,502	$62,230	$68,512	$65,133	$83,396	$69,404	$56,270	$52,464	$49,164	$79,692	$57,557	$36,276	$29,317	$20,490	$22,808	$24,620	$19,022	$13,020	$18,936	$15,170	$10,986	$8,622	$7,703	$6,012	$8,943	$5,470	$6,592	$8,777	$11,354	$9,042	$9,573	$7,271	$8,479	$6,876	$5,796	$3,114	$3,817	$4,732	$4,505	$4,443	$4,576
Enterprise value	$86,184	$80,219	$86,105	$81,591	$97,934	$83,442	$71,062	$66,127	$60,570	$89,980	$66,670	$45,081	$37,814	$28,965	$30,756	$31,952	$25,954	$20,126	$25,479	$20,321	$16,414	$15,095	$14,649	$12,801	$15,433	$11,623	$12,737	$14,963	$17,435	$13,127	$11,769	$9,867	$11,624	$9,805	$8,533	$5,887	$6,598	$8,335	$7,069	$7,749	$7,096
P/E (TTM) at period end	23.37×	17.93×	18.68×	15.63×	22.06×	25.10×	16.89×	15.86×	8.99×	46.52×	29.26×	18.84×	15.73×	11.00×	12.30×	15.75×	16.86×	9.61×	14.17×	11.58×	15.32×	25.43×	31.31×	14.18×	30.52×	9.68×	3296.07×	16.34×	14.21×	10.57×	15.49×	11.15×	23.62×	343.80×	–	8.55×	8.90×	–	10.43×	10.63×	–
P/S (TTM) at period end	4.79×	4.28×	4.67×	4.39×	6.66×	6.56×	4.71×	4.28×	4.31×	7.20×	4.87×	2.86×	2.44×	1.74×	1.93×	2.31×	2.10×	1.16×	1.89×	1.59×	1.27×	1.08×	0.99×	0.74×	1.10×	0.67×	0.61×	0.89×	1.07×	0.86×	0.91×	0.76×	0.95×	0.79×	0.67×	0.38×	0.49×	0.62×	0.56×	0.70×	0.63×
P/B at period end	5.13×	4.98×	5.72×	5.23×	6.18×	5.30×	4.75×	4.18×	3.34×	6.82×	4.94×	3.25×	2.80×	2.25×	2.66×	2.83×	2.17×	1.61×	2.18×	1.70×	1.38×	1.27×	1.19×	0.96×	1.46×	0.91×	1.15×	1.49×	1.97×	1.81×	2.26×	1.95×	2.67×	2.31×	1.82×	0.88×	1.12×	1.46×	0.93×	0.91×	1.00×
EV / EBITDA (TTM)	13.90×	11.62×	12.12×	10.94×	14.00×	14.48×	11.25×	10.67×	12.03×	19.09×	13.91×	9.46×	8.26×	6.40×	6.92×	7.95×	8.18×	5.51×	8.11×	7.30×	7.56×	8.67×	11.54×	7.21×	9.77×	8.27×	10.36×	8.36×	7.68×	6.13×	6.64×	5.45×	34.09×	–	–	17.21×	15.63×	–	–	–	–
EV / Sales (TTM)	6.12×	5.52×	5.87×	5.49×	7.82×	7.88×	5.95×	5.40×	5.31×	8.13×	5.64×	3.56×	3.14×	2.46×	2.61×	3.00×	2.87×	1.79×	2.54×	2.12×	1.90×	1.88×	1.88×	1.57×	1.90×	1.42×	1.18×	1.51×	1.64×	1.25×	1.12×	1.03×	1.30×	1.12×	0.99×	0.72×	0.85×	1.10×	0.88×	1.22×	0.97×
Returns
Return on equity	22.0%	27.8%	30.6%	33.4%	28.0%	21.1%	28.1%	26.3%	37.2%	14.7%	16.9%	17.3%	17.8%	20.4%	21.6%	18.0%	12.9%	16.8%	15.4%	14.6%	9.0%	5.0%	3.8%	6.8%	4.8%	9.4%	0.0%	9.1%	13.9%	17.1%	14.6%	17.5%	11.3%	0.7%	(2.4%)	10.3%	12.6%	(1.0%)	8.9%	8.6%	(2.6%)
Return on invested capital	10.9%	13.1%	14.1%	15.8%	15.2%	12.3%	13.9%	14.1%	14.2%	9.5%	10.4%	11.3%	11.4%	11.9%	12.8%	11.7%	9.3%	11.0%	14.6%	9.4%	6.9%	5.1%	3.3%	5.6%	4.8%	4.3%	1.9%	6.4%	8.7%	10.5%	11.0%	12.1%	8.2%	–	1.1%	8.8%	8.7%	8.4%	7.6%	7.3%	5.6%
Dividend yield	1.4%	1.5%	1.3%	1.3%	1.0%	1.1%	1.4%	1.4%	1.4%	0.9%	1.2%	1.7%	2.0%	2.7%	2.1%	1.5%	1.8%	2.4%	1.2%	1.0%	0.8%	1.0%	1.1%	1.4%	1.9%	4.8%	4.0%	3.0%	2.1%	2.5%	2.0%	2.5%	1.9%	2.3%	2.5%	4.7%	3.8%	–	–	–	–
Financial health
Current ratio	0.81×	0.86×	1.04×	1.56×	1.73×	2.20×	1.52×	1.34×	1.01×	1.22×	1.45×	1.22×	1.07×	1.12×	1.15×	1.13×	1.38×	0.99×	0.93×	1.06×	0.80×	0.90×	0.86×	0.73×	0.63×	0.63×	0.74×	0.76×	0.80×	0.75×	0.65×	0.66×	0.69×	0.62×	0.62×	0.75×	0.73×	0.80×	1.26×	1.14×	1.05×
Debt / equity	1.43×	1.48×	1.55×	1.45×	1.21×	1.28×	1.37×	1.17×	0.80×	0.97×	0.90×	0.87×	0.91×	1.08×	1.08×	1.00×	0.91×	0.97×	0.84×	0.67×	0.76×	1.07×	1.13×	1.13×	1.16×	1.12×	1.24×	1.14×	1.17×	0.95×	0.67×	0.84×	1.08×	1.16×	1.01×	0.96×	0.94×	1.30×	0.72×	0.74×	0.59×
Effective tax rate	23.3%	23.8%	24.0%	23.0%	23.6%	23.8%	22.8%	23.1%	(74.1%)	37.5%	37.3%	36.7%	36.2%	37.3%	36.9%	38.6%	35.4%	39.5%	(36.9%)	28.5%	30.0%	33.5%	28.7%	35.4%	34.6%	32.9%	63.3%	30.5%	32.5%	35.0%	36.6%	35.2%	43.3%	385.7%	32.7%	32.0%	38.3%	36.7%	36.7%	42.7%	55.1%
Share count
Diluted shares outstanding	1,873	1,943	2,013	2,141	2,255	2,305	2,395	2,583	2,742	2,844	2,952	3,006	3,057	3,120	3,267	3,462	3,561	3,678	4,035	4,193	4,104	4,051	3,859	4,023	4,667	3,807	3,831	3,865	3,866	3,886	3,823	3,767	3,779	3,600	3,600	3,530	3,635	5,365	5,568	5,492	5,446

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$14,942	$14,092	$14,540	$14,657	$14,853	$12,522	$10,583	$11,937	$12,250	$11,408	$11,069	$11,811	$12,669	$12,026	$11,763	$11,795	$10,636	$9,041	$11,255	$10,030	$9,566	$8,618	$8,020	$7,793	$8,152	$8,110	$8,191	$10,811	$9,898	$10,621	$10,536	$10,504	$9,608	$8,940	$8,734	$8,636	$8,205	$7,745	$7,592	$8,043	$6,345	$7,320
Cost of revenue	($9,503)	($9,407)	($9,034)	($9,054)	($9,137)	($7,233)	($6,141)	($7,085)	($7,509)	($7,546)	($7,695)	($8,085)	($8,880)	($8,456)	($8,393)	($8,202)	($7,431)	($6,720)	($7,612)	($7,019)	($6,953)	($6,533)	($6,471)	($3,467)	($4,091)	($4,164)	($4,681)	($4,164)	($6,121)	($6,303)	($6,385)	($6,379)	($5,669)	($7,455)	($7,941)	($8,036)	($6,917)	($6,429)	($6,216)	($6,604)	($4,964)	($6,030)
Gross profit	$5,439	$4,685	$5,506	$5,603	$5,716	$5,289	$4,442	$4,852	$4,741	$3,862	$3,374	$3,726	$3,789	$3,570	$3,363	$3,541	$3,205	$2,321	$3,643	$3,011	$2,613	$2,085	$1,569	$4,326	$4,061	$3,946	$3,510	$6,647	$3,777	$4,318	$4,151	$4,125	$3,939	$1,485	$793	$600	$1,288	$1,316	$1,376	$1,439	$1,381	$1,290
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	($3,262)	($3,165)	($3,052)	($2,885)	($2,550)	($2,275)	($2,616)	($3,073)	($3,375)	($3,600)	($3,746)	($3,377)	($3,518)	($3,412)	($3,073)	($2,957)	($2,629)	($2,955)	($2,986)	($2,930)	($3,439)	($557)	($993)	($3,498)	($3,568)	($3,563)	($1,491)	($4,242)	($4,337)	($4,304)	($4,432)	($4,290)	–	–	–	–	–	–	–	–	–
Total operating expenses	–	($164)	($261)	($104)	$238	$305	($80)	$113	$128	($142)	$39	($142)	($176)	($97)	$101	($71)	($134)	($51)	($892)	($751)	($698)	($746)	($557)	($3,700)	($2,934)	($2,989)	($2,705)	($6,039)	($2,617)	($2,735)	($2,629)	($2,953)	($2,707)	($572)	($527)	($501)	($473)	($447)	($467)	($544)	($344)	($409)
Total costs and expenses	($9,503)	($9,571)	($9,295)	($9,158)	($8,899)	($6,928)	($6,221)	($6,972)	($7,381)	($7,688)	($7,656)	($8,227)	($9,056)	($8,553)	($8,299)	($8,325)	($7,565)	($6,771)	($8,504)	($7,770)	($7,651)	($7,279)	($7,008)	($7,167)	($7,025)	($7,153)	($7,386)	($10,203)	($8,738)	($9,038)	($9,014)	($9,332)	($8,376)	($8,027)	($8,468)	($8,537)	($7,390)	($6,876)	($6,683)	($7,148)	($5,308)	($6,439)
Operating income	$5,439	$4,521	$5,245	$5,499	$5,954	$5,594	$4,362	$4,965	$4,869	$3,720	$3,413	$3,584	$3,613	$3,473	$3,464	$3,470	$3,071	$2,270	$2,751	$2,260	$1,915	$1,339	$1,012	$626	$1,127	$957	$805	$608	$1,160	$1,583	$1,522	$1,172	$1,232	$913	$266	$99	$815	$869	$909	$895	$1,037	$881
Earnings
EBITDA	$7,082	$6,201	$6,903	$7,106	$7,456	$6,994	$5,762	$6,314	$6,200	$5,035	$4,714	$4,792	$4,764	$4,577	$4,523	$4,446	$4,018	$3,173	$3,651	$3,143	$2,782	$2,172	$1,742	$1,269	$1,776	$1,579	$1,405	$1,229	$1,790	$2,271	$2,142	$1,772	$1,809	$341	($261)	($402)	$342	$422	–	–	–	–
Interest income	–	–	$85	$79	$42	$7	$17	$48	$32	$13	$10	$6	$5	$8	$5	$5	$6	$11	$37	$55	$41	$38	$21	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($844)	($844)	($832)	($809)	($742)	($722)	($754)	($737)	($639)	($546)	($579)	($544)	($545)	($562)	($566)	($552)	($557)	($558)	($519)	($417)	($394)	($435)	($435)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$4,687	$3,769	$4,555	$4,829	$5,345	$4,951	$3,627	$4,316	$4,304	$3,142	$2,741	$3,138	$3,044	$2,922	$2,971	$2,940	$2,546	$1,746	$2,146	$1,932	$1,862	$1,055	$653	$265	$723	$448	$277	$139	$773	$1,183	$1,316	$974	$1,006	$633	($7)	($113)	$537	$692	($60)	$682	$729	($263)
Income tax expense	($1,106)	($880)	($1,085)	($1,161)	($1,231)	($1,170)	($862)	($985)	($995)	$2,329	($1,027)	($1,170)	($1,117)	($1,058)	($1,108)	($1,086)	($983)	($618)	($847)	$712	($531)	($316)	($219)	($76)	($256)	($155)	($91)	($88)	($236)	($384)	($461)	($356)	($354)	($274)	$27	$37	($172)	($265)	$22	($250)	($311)	$145
Net income	$3,581	$2,889	$3,470	$3,668	$4,114	$3,781	$2,765	$3,331	$3,309	$5,471	$1,714	$1,968	$1,927	$1,864	$1,863	$1,854	$1,563	$1,143	$1,355	$1,336	$1,310	$717	$339	$246	$424	$293	$565	$2	$537	$799	$855	$618	$652	$359	$20	($76)	$364	$429	($33)	$432	$418	($118)
Per share
Diluted EPS (GAAP)	$1.93	$1.54	$1.79	$1.82	$1.92	$1.68	$1.20	$1.39	$1.28	$2.00	$0.6033	$0.6667	$0.64	$0.61	$0.5967	$0.5667	$0.45	$0.32	$0.3689	$0.3322	$0.31	$0.28	$0.0844	$0.0633	$0.11	$0.0628	$0.0339	$0.0005	$0.14	$0.21	$0.22	$0.16	$0.17	$0.095	$0.0056	($0.0211)	$0.10	$0.11	($0.0062)	$0.0772	$0.0761	($0.0217)
Basic EPS (GAAP)	$1.93	$1.54	$1.79	$1.83	$1.93	$1.68	$1.20	$1.39	$1.29	$2.00	$0.6033	$0.6667	$0.6433	$0.61	$0.60	$0.57	$0.4567	$0.3233	$0.3767	$0.3456	$0.33	$0.29	$0.0878	$0.0633	$0.11	$0.0639	$0.0339	$0.0005	$0.14	$0.21	$0.22	$0.16	$0.17	$0.0961	$0.0056	($0.0211)	$0.10	$0.11	($0.0062)	$0.0772	$0.0761	($0.0217)
Basic shares outstanding	1,857	1,870	1,939	2,008	2,136	2,250	2,300	2,389	2,571	2,733	2,841	2,949	3,003	3,057	3,114	3,249	3,429	3,528	3,607	3,872	3,961	3,896	3,866	3,851	3,829	4,586	3,799	3,789	3,799	3,785	3,848	3,784	3,767	3,735	3,600	3,600	3,530	3,635	5,365	5,568	5,492	5,446
Margins
Gross margin	36.4%	33.2%	37.9%	38.2%	38.5%	42.2%	42.0%	40.6%	38.7%	33.9%	30.5%	31.5%	29.9%	29.7%	28.6%	30.0%	30.1%	25.7%	32.4%	30.0%	27.3%	24.2%	19.6%	55.5%	49.8%	48.7%	42.9%	61.5%	38.2%	40.7%	39.4%	39.3%	41.0%	16.6%	9.1%	6.9%	15.7%	17.0%	18.1%	17.9%	21.8%	17.6%
Operating margin	36.4%	32.1%	36.1%	37.5%	40.1%	44.7%	41.2%	41.6%	39.7%	32.6%	30.8%	30.3%	28.5%	28.9%	29.4%	29.4%	28.9%	25.1%	24.4%	22.5%	20.0%	15.5%	12.6%	8.0%	13.8%	11.8%	9.8%	5.6%	11.7%	14.9%	14.4%	11.2%	12.8%	10.2%	3.0%	1.1%	9.9%	11.2%	12.0%	11.1%	16.3%	12.0%
Net margin	24.0%	20.5%	23.9%	25.0%	27.7%	30.2%	26.1%	27.9%	27.0%	48.0%	15.5%	16.7%	15.2%	15.5%	15.8%	15.7%	14.7%	12.6%	12.0%	13.3%	13.7%	8.3%	4.2%	3.2%	5.2%	3.6%	6.9%	0.0%	5.4%	7.5%	8.1%	5.9%	6.8%	4.0%	0.2%	(0.9%)	4.4%	5.5%	(0.4%)	5.4%	6.6%	(1.6%)

Analyst consensus

Buy46 analysts

Bearish · 2 · Hold · 17 · Bullish · 27

Earnings history

	EPS	Estimate
Q4 2024	$0.42	$0.44	Miss
Q1 2025	$0.34	$0.36	Miss
Q2 2025	$0.44	$0.42	Beat
Q3 2025	$0.44	$0.42	Beat
Q4 2025	$0.39	$0.41	Miss
Q1 2026	$0.43	$0.39	Beat
Q2 2026	$0.54	$0.52	Beat
Q3 2026	$0.57	$0.53	Beat

Peers

Company overview

IPO dateNov 3, 1980

CEOStephen F. Angel

Employees22,200

SectorIndustrials

IndustryRailroads

CountryUS

ExchangeNASDAQ Global Select

Websitewww.csx.com

CSX Corporation, operating through its subsidiaries, stands as a leading provider of rail-based cargo transportation services. The company offers a wide range of services, including general rail freight, the movement of intermodal containers and trailers, and specialized transport solutions such as efficient rail-to-truck transfers and the handling of bulk commodities. CSX facilitates the shipment of a diverse array of goods, encompassing industrial chemicals, agricultural and food products, automotive components and finished vehicles, minerals, timber products, fertilizers, and various metals and heavy equipment. Additionally, it plays a crucial role in energy supply chains, transporting coal, coke, and iron ore to power generation facilities, steel manufacturers, and industrial plants, and also manages the export of coal via deep-water port access. The company's intermodal operations leverage a robust network of approximately 30 terminals to transport manufactured consumer goods in containers. This also includes drayage services, managing the initial pickup and final delivery of intermodal freight. For the automotive industry, CSX provides dedicated distribution centers and storage locations, and extends its reach to clients without direct rail access by orchestrating transfers of products like plastics and ethanol from rail to road. CSX's substantial infrastructure features an extensive rail network spanning approximately 19,500 route miles. This network strategically connects numerous population centers across 23 states east of the Mississippi River, the District of Columbia, and extends into the Canadian provinces of Ontario and Quebec. Powering these operations, CSX owns and leases around 3,500 locomotives. Its rail lines also provide direct connections to various production and distribution facilities, enhancing supply chain efficiency. Established in 1978, CSX Corporation has its headquarters located in Jacksonville, Florida.

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