CSX Corp.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 22 January 2026: press release. The quarter’s numbers.

Key takeaways

Fourth quarter operating income and earnings: The company reported fourth quarter operating income of $1.11 billion, net earnings of $720 million and EPS of $0.39. Source
Operating margin compared with prior year: Operating margin was 31.6%, against 31.3% reported and 34.3% adjusted in the fourth quarter of 2024. Source
Quarterly revenue down 1 percent: Revenue was $3.51 billion for the quarter, down 1% year over year. Source
Lower merchandise volume and coal revenue: Management attributed the revenue decline to lower merchandise volume and reduced export coal revenue, partly offset by higher pricing and intermodal volume. Source
Full-year revenue and operating income: Full-year 2025 revenue was $14.09 billion. Operating income was $4.52 billion, and adjusted operating income was $4.69 billion. Source
Severance and technology charges in quarter: Fourth quarter operating income and EPS included about $50 million and $0.02 of expenses for severance and technology rationalization. Source
Subdued industrial demand cited: Management said quarterly results reflected a subdued industrial demand environment and actions to adjust the cost structure. Source

“Our quarterly results reflect the subdued industrial demand environment and actions taken to adjust our cost structure,”
Steve Angel, president and chief executive officer

What changed from last quarter

New: The fourth quarter release cites expenses for severance and rationalization of specific technology investments. The third quarter release cited corporate restructuring, severance and advisory expenses. Source
New: The fourth quarter release names actions taken to adjust the cost structure as one reason for the quarter's results. Source

Fourth quarter results

Fourth quarter operating income and earnings: The company reported fourth quarter operating income of $1.11 billion, net earnings of $720 million and EPS of $0.39. Source
Prior-year quarter comparison: The fourth quarter of 2024 reported operating income of $1.11 billion, net earnings of $733 million and EPS of $0.38. Source
Operating margin compared with prior year: Operating margin was 31.6%, against 31.3% reported and 34.3% adjusted in the fourth quarter of 2024. Source

Revenue and volume drivers

Quarterly revenue down 1 percent: Revenue was $3.51 billion for the quarter, down 1% year over year. Source
Lower merchandise volume and coal revenue: Management attributed the revenue decline to lower merchandise volume and reduced export coal revenue, partly offset by higher pricing and intermodal volume. Source
Intermodal volume and fuel surcharge rose: Intermodal volume increased and fuel surcharge revenue was higher, with no unit or dollar figures given for either. Source

“we are positioned to deliver improved financial performance in 2026 as we focus on driving productivity, cost control, and capital discipline while continuing to provide safe and reliable service.”
Steve Angel, president and chief executive officer

Full year 2025 results

Full-year revenue and operating income: Full-year 2025 revenue was $14.09 billion. Operating income was $4.52 billion, and adjusted operating income was $4.69 billion. Source
Full-year earnings per share: Full-year EPS was $1.54, and adjusted EPS was $1.61. Source
Full-year operating margin: Full-year operating margin was 32.1%, and adjusted operating margin was 33.2%. Source

Costs and cost actions

Severance and technology charges in quarter: Fourth quarter operating income and EPS included about $50 million and $0.02 of expenses for severance and technology rationalization. Source
Productivity and cost control focus: Management said it is focusing on productivity, cost control and capital discipline as it adjusts the cost structure. Source
Prior-quarter restructuring and advisory expenses: The third quarter release reported $35 million of corporate restructuring, severance and advisory expenses within adjusted results.

Demand and 2026 positioning

Subdued industrial demand cited: Management said quarterly results reflected a subdued industrial demand environment and actions to adjust the cost structure. Source
Positioned for improved 2026 performance: Management said the company is positioned to deliver improved financial performance in 2026 while continuing safe and reliable service. Source
Prior-quarter operational performance credited: The third quarter release credited operational performance to workforce dedication and a commitment to running the railroad well.

Non-GAAP adjustments

Adjusted prior-year quarter figures: Excluding a goodwill impairment, prior-year fourth quarter adjusted operating income was $1.21 billion and adjusted net earnings were $815 million. Source
Non-GAAP reconciliation location: Non-GAAP reconciliations and additional information are in the Non-GAAP Measures section of the quarterly financial report. Source
Non-GAAP comparability caveat: The company said its non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. Source

Business profile and network

Rail, intermodal and transload services: CSX provides rail, intermodal and rail-to-truck transload services to customers in energy, industrial, construction, agricultural and consumer products markets. Source
Eastern network reach: The network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. Source
Short-line and port connections: The network links more than 240 short-line railroads and more than 70 ocean, river and lake ports with population centers. Source

Figures management reported

Figure	Reported
Volumes Source	merchandise volume lower; intermodal volume higher; no unit counts given
Yields or revenue per unit Source	higher pricing in merchandise and intermodal; no per-unit figure given
Fuel costs Source	fuel surcharge revenue higher; no fuel cost figure given
Operating ratio Source	not reported; operating margin of 31.6% given instead

Risks management discussed

Demand: Management cited a subdued industrial demand environment as affecting quarterly results. Source
Demand: Revenue declined on lower merchandise volume and reduced export coal revenue. Source
Operational: Fourth quarter results included expenses for severance and rationalization of specific technology investments. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

CSX Corp. Announces Fourth Quarter and Full Year 2025 Results

JACKSONVILLE, Fla. - January 22, 2026 - CSX Corp. (NASDAQ: CSX) today announced fourth quarter 2025 operating income of $1.11 billion and net earnings of $720 million, or $0.39 per share. Fourth quarter operating income and earnings per share include approximately $50 million and $0.02, respectively, in expenses related to severance and rationalization of specific technology investments. In the fourth quarter of 2024, the company reported operating income of $1.11 billion and net earnings of $733 million, or $0.38 per share. Excluding a pre-tax, non-cash goodwill impairment charge, adjusted operating income was $1.21 billion and adjusted net earnings were $815 million, or $0.42 per share, in the prior year quarter.

“Our quarterly results reflect the subdued industrial demand environment and actions taken to adjust our cost structure,” said Steve Angel, president and chief executive officer. “CSX has a strong operational foundation, and we are positioned to deliver improved financial performance in 2026 as we focus on driving productivity, cost control, and capital discipline while continuing to provide safe and reliable service.”

Fourth Quarter Financial Highlights

Revenue totaled $3.51 billion for the quarter, decreasing 1% year-over-year, as the effects of lower merchandise volume and reduced export coal revenue offset higher pricing in merchandise and intermodal, an increase in intermodal volume, and higher fuel surcharge revenue.
Operating income was $1.11 billion, compared to adjusted operating income of $1.21 billion in the prior year. Operating margin was 31.6%, compared to operating margin of 31.3% and adjusted operating margin of 34.3% in the fourth quarter of 2024.
EPS was $0.39, compared to adjusted EPS of $0.42 in the prior year.
Fourth quarter operating income and EPS include $50 million and $0.02, respectively, in severance and technology rationalization expense.

Full Year 2025 Financial Highlights

Revenue totaled $14.09 billion in 2025.
Operating income was $4.52 billion, and adjusted operating income was $4.69 billion, excluding a $164 million goodwill impairment charge in the third quarter. CSX’s operating margin was 32.1% for the full year, and adjusted operating margin was 33.2%.
EPS was $1.54, and adjusted EPS was $1.61.

CSX executives will conduct a conference call with the investment community this afternoon, Jan. 22, at 4:30 p.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-888-510-2008. For callers outside the U.S., dial 1-646-960-0306. Participants should dial in 10 minutes prior to the call and enter 3368220 as the passcode.

In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company's website at http://investors.csx.com. Following the earnings call, a webcast replay of the presentation will be archived on the company website.

This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.

See the Non-GAAP Measures section of the quarterly financial report for non-GAAP reconciliations and additional information.

About CSX and its Disclosures

CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 200 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.

This announcement, as well as additional financial information, is available on the company's website at http://investors.csx.com. CSX also uses social media channels to communicate information about the company. Although social media channels are not intended to be the primary method of disclosure for material information, it is possible that certain information CSX posts on social media could be deemed to be material. Therefore, we encourage investors, the media, and others interested in the company to review the information we post on X, formerly known as Twitter, (http://twitter.com/CSX) and on Facebook (http://www.facebook.com/OfficialCSX). The social media channels used by CSX may be updated from time to time. More information about CSX Corporation and its subsidiaries is available at www.csx.com.

Non-GAAP Disclosure

CSX reports its financial results in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). CSX also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, CSX’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP.

Forward-looking Statements

Forward-looking statements notice

This information and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as “will,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” “preliminary” and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward-looking statements include, among others: (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projecting economic and business conditions.

Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com.

Contacts
Matthew Korn, CFA, Investor Relations
904-366-4515
Austin Staton, Corporate Communications
855-955-6397