CSX Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 22 April 2026: press release. The quarter’s numbers.

Key takeaways

Operating income and earnings rose: Operating income was $1.25 billion for the quarter, net earnings were $807 million, and diluted EPS was $0.43. Source
Revenue grew 2% year over year: Revenue totaled $3.48 billion, up 2% from the prior-year quarter, with the drivers set out below. Source
Volume rose 3% to 1.56 million units: Total volume was 1.56 million units for the quarter, 3% higher than the first quarter of 2025. Source
Pricing, intermodal and coal lifted revenue: Revenue was higher on merchandise pricing, intermodal volume growth, domestic coal revenue and fuel surcharge revenue. Source
Export coal revenue declined: Export coal revenue fell, which partly offset the gains, and the release attributes this in part to lower benchmark rates. Source
Fourth quarter operating income and earnings: Fourth quarter 2025 operating income was $1.11 billion, net earnings were $720 million, and EPS was $0.39, the immediately preceding quarter.

“CSX performed well this quarter by providing reliable and efficient service to our customers through changing market conditions, while improving our expense profile”
Steve Angel, president and chief executive officer

Quarter results against prior year

Operating income and earnings rose: Operating income was $1.25 billion for the quarter, net earnings were $807 million, and diluted EPS was $0.43. Source
Prior-year quarter comparatives given: The release compares the quarter with the first quarter of 2025: operating income of $1.04 billion, net earnings of $646 million and diluted EPS of $0.34. Source
Revenue grew 2% year over year: Revenue totaled $3.48 billion, up 2% from the prior-year quarter, with the drivers set out below. Source

Volume and revenue drivers

Volume rose 3% to 1.56 million units: Total volume was 1.56 million units for the quarter, 3% higher than the first quarter of 2025. Source
Pricing, intermodal and coal lifted revenue: Revenue was higher on merchandise pricing, intermodal volume growth, domestic coal revenue and fuel surcharge revenue. Source
Export coal revenue declined: Export coal revenue fell, which partly offset the gains, and the release attributes this in part to lower benchmark rates. Source

“I am encouraged by our railroad’s prospects for this year and over the long term.”
Steve Angel, president and chief executive officer

Fourth quarter 2025 context

Fourth quarter operating income and earnings: Fourth quarter 2025 operating income was $1.11 billion, net earnings were $720 million, and EPS was $0.39, the immediately preceding quarter.
Demand described as subdued: For the fourth quarter, management said results reflected a subdued industrial demand environment and actions taken to adjust the cost structure.
Severance and technology charges in fourth quarter: Fourth quarter operating income and EPS included $50 million and $0.02, respectively, of severance and technology rationalization expense.

Full-year 2025 results

Full-year operating income and adjustments: Full-year 2025 operating income was $4.52 billion; adjusted operating income, excluding a $164 million third-quarter goodwill charge, was $4.69 billion.
Full-year EPS and adjusted EPS: Full-year 2025 EPS was $1.54, and adjusted EPS was $1.61.
Non-GAAP reconciliations in quarterly report: Non-GAAP reconciliations and additional information are in the Non-GAAP Measures section of the quarterly financial report.

Network and markets served

Rail, intermodal and transload services: CSX provides rail, intermodal and rail-to-truck transload services to customers across energy, industrial, construction, agricultural and consumer products markets. Source
Network reaches major eastern metros: The network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population lives. Source
Short-line and port connections: The network links approximately 250 short-line railroads and more than 70 ocean, river and lake ports; the fourth-quarter release said more than 240 short lines. Source

Management focus areas

Progress toward best-in-class performance: Management said it continues to make progress toward best-in-class performance. Source
Named focus areas for 2026: The fourth-quarter release listed productivity, cost control and capital discipline as areas of focus for 2026.
Safe and reliable service continued: The fourth-quarter release said the company would keep providing safe and reliable service while pursuing those focus areas.

Figures management reported

Figure	Reported
Volume Source	1.56 million units, up 3% year over year

Earlier plans management reported on

Not stated: The fourth-quarter release said the company was positioned for improved financial performance in 2026; the first-quarter release does not report status against it.

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 First Quarter 2026 Results

JACKSONVILLE, Fla. - April 22, 2026 - CSX Corp. (NASDAQ: CSX) today announced first quarter 2026 operating income of $1.25 billion and net earnings of $807 million, or $0.43 per diluted share. In the first quarter of 2025, the company reported operating income of $1.04 billion and net earnings of $646 million, or $0.34 per diluted share.

Total volume of 1.56 million units for the quarter was 3% higher compared to first quarter 2025. Revenue totaled $3.48 billion for the quarter, increasing 2% year-over-year, as higher merchandise pricing, intermodal volume growth, higher domestic coal revenue, and increased fuel surcharge revenue were partially offset by a decrease in export coal revenue, including the impact of lower benchmark rates.

“CSX performed well this quarter by providing reliable and efficient service to our customers through changing market conditions, while improving our expense profile,” said Steve Angel, president and chief executive officer. “As we remain disciplined on costs and take advantage of opportunities for profitable growth, we continue to make progress toward best-in-class performance. I am encouraged by our railroad’s prospects for this year and over the long term.”

CSX executives will conduct a conference call with the investment community this afternoon, April 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 in 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 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 investors.csx.com and on Form 8-K with the Securities and Exchange Commission.

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 approximately 250 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 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, (x.com/CSX) and on Facebook (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 notice

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; (vii) changes in fuel prices, surcharges for fuel and the availability of fuel; (viii) adverse economic or operational effects from actual or threatened war or terrorist activities and any government response; and (ix) 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