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CSX Corporation

CSX Industrials Railroads

CSX Corporation’s revenue for fiscal 2025 (year ended December 2025) was $14.1 billion, down 3.08% from fiscal 2024.

Revenue
+10.1%
EPS
+22.7%
Free cash flow
+816.5%
Total debt
−1.58%

Quarter to June 2026, against a year earlier

51.99 0.25 −0.48%
Market cap
$96.3B
P/E
30.1×
Fwd P/E
25.3×
Dividend yield
1.06%
F-score
5/9
Altman Z
2.32
Beneish M
−2.68
Dividend safety
72/100
Overview Business Profile
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • Rail Operations
  • Trucking Operations

Every year since 2016 →

Insider Decisions last twelve months

Bought, $m 1.01
Sold, $m 17.59
Trades a month
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — 1 — — — — — — —
Sell — — 1 2 — — — 2 2 — — 1
Insider Ownership 0.81%

Capital & Financial Ratios $m

Size
Market Cap 96,300.00
Revenue ttm 14,512.00
Net income ttm 3,223.00
Free cash flow ttm 2,962.00
Net debt Q 17,474.00
Valuation
P/E 30.09
Forward P/E 25.30
Price / sales 6.65
Forward P/S Powerpack
Price / FCF 32.60
Price / book 6.85 (above 6: high)
Financial health
Current ratio Q 0.82 (below 1: weak)
Debt / equity Q 1.34
Interest coverage Q 7.14
Growth
Revenue growth Q +10.10% (above 0%: growing)
Operating income growth Q +17.38% (above 0%: growing)
EPS, this year +27.75% (at or above 15%: strong)
EPS, next year A +13.97%
Revenue, next year A +9.35%
EPS, past 5 yrs +5.12%
EPS, next 5 yrs A +16.95% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.9×, against a ten-year median of 5.8×; over the ten years it ranged from 2.7× in 2016 to 8.5× in 2021.
P/E against its own 10 years 99.85%
10-year low 10-year high
P/S against its own 10 years 94.01%
10-year low 10-year high
P/B against its own 10 years 99.85%
10-year low 10-year high
EV/Sales against its own 10 years 93.76%
10-year low 10-year high
EV/FCF against its own 10 years 77.60%
10-year low 10-year high

Dividends raised every year since 2016

Yield
1.06%
Annual rate
0.55
Payout ratio
31.8%
Growth, 2016–25
+8.97%/yr
  1. 0.24 ’16
  2. 0.26 ’17 +8%
  3. 0.29 ’18 +13%
  4. 0.32 ’19 +9%
  5. 0.35 ’20 +8%
  6. 0.37 ’21 +8%
  7. 0.40 ’22 +7%
  8. 0.44 ’23 +10%
  9. 0.48 ’24 +9%
  10. 0.52 ’25 +8%
  11. 0.57 ’26e +9%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,436 1,005 675 1,390
Receivables 1,393 1,326 1,298 1,456
Inventory 440 414 390 406
Other 90 75 187 156
3,359 2,820 2,550 3,408
2023 2024 2025 Q'26
Payables 1,237 1,118 1,149 1,111
ST’ Debt 558 606 708 1,702
Other 387 392 456 432
3,223 3,276 3,133 4,154

Compound Annual Growth %

10y 5y 3y
Sales 1.78% 5.89% (1.74%)
Cash Flow 3.19% 1.59% (5.84%)
Earnings 3.91% 0.88% (11.12%)
Book Value 1.21% 0.08% 1.39%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.52 Actual 0.57

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.42 0.39 Miss by 0.03
Q1 FY26 0.39 0.43 Beat by 0.04
Q2 FY26 0.50 0.54 Beat by 0.04
Q3 FY26 0.52 0.57 Beat by 0.05
Q4 FY26 0.52 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.43 0.54 — — —
’25 0.34 0.44 0.37 0.39 1.54
’24 0.46 0.49 0.46 0.38 1.79
’23 0.48 0.49 0.42 0.45 1.85
’22 0.39 0.54 0.52 0.49 1.95
’21 0.31 0.52 0.43 0.42 1.68
’20 0.33 0.22 0.32 0.33 1.20
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,482 3,935 — — —
’25 3,423 3,574 3,587 3,508 14,092
’24 3,681 3,701 3,619 3,539 14,540
’23 3,706 3,699 3,572 3,680 14,657
’22 3,413 3,815 3,895 3,730 14,853
’21 2,813 2,990 3,292 3,427 12,522
’20 2,855 2,255 2,648 2,825 10,583
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,272 1,327 — — —
’25 1,255 635 1,337 1,386 4,613
’24 1,066 1,107 1,686 1,388 5,247
’23 1,251 1,222 1,552 1,489 5,514
’22 1,299 1,231 1,725 1,271 5,526
’21 1,232 1,167 1,420 1,280 5,099
’20 1,178 1,006 944 1,135 4,263
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 793 824 — — —
’25 559 (115) 622 723 1,789
’24 560 590 1,068 566 2,784
’23 816 712 991 826 3,345
’22 976 772 1,121 838 3,707
’21 926 946 1,024 941 3,837
’20 832 596 542 723 2,693
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 11,069 11,408 12,250 11,937 10,583 12,522 14,853 14,657 14,540 14,092 14,512 +2.7% 15,410 16,270 16,850 +6.1%
Gross margin, % 70.46 70.14 72.96 73.54 75.45 72.75 68.02 69.30 69.99 68.32 69.37 (2.1) pt
EBT 2,741 3,142 4,304 4,316 3,627 4,951 5,345 4,829 4,555 3,769 4,201 +3.6%
EBT margin, % 24.76 27.54 35.13 36.16 34.27 39.54 35.99 32.95 31.33 26.75 28.95 +2.0 pt
Net income 1,714 5,471 3,309 3,331 2,765 3,781 4,114 3,668 3,470 2,889 3,223 +6.0%
Per share, $
Per share, $ Revenue 3.90 4.17 4.76 5.00 4.60 5.57 6.95 7.30 7.50 7.54 7.82 +7.6%
Earnings 0.60 2.00 1.28 1.39 1.20 1.68 1.95 1.85 1.79 1.54 1.73 +11.0%
Cash flow 1.07 1.27 1.81 2.03 1.85 2.27 2.59 2.75 2.71 2.47 2.87 +9.7%
Capex (0.78) (0.71) (0.55) (0.59) (0.68) (0.56) (0.85) (1.08) (1.27) (1.51) (1.27) +7.7%
Free cash flow 0.30 0.56 1.25 1.44 1.17 1.71 1.74 1.67 1.44 0.96 1.60 +14.0%
Book value 4.12 5.39 4.89 4.97 5.70 6.00 5.91 5.97 6.45 7.04 7.59 +6.1%
Shares, m 2,841 2,733 2,571 2,389 2,300 2,250 2,136 2,008 1,939 1,870 1,862 (4.5%)
Valuation, ×
Valuation, × P/E 19.82 9.28 16.14 17.35 25.21 22.38 15.92 18.82 18.03 23.54 30.09 18.6
P/S 3.07 4.50 4.35 4.83 6.57 6.76 4.44 4.74 4.30 4.81 6.65 4.8
P/B 2.91 3.49 4.23 4.86 5.31 6.27 5.22 5.80 5.00 5.15 6.85 4.8
EV/Sales 4.00 5.50 5.46 6.02 7.86 7.88 5.52 5.91 5.51 6.10 7.86 6.0
EV/FCF 52.81 41.02 20.81 20.86 30.88 25.71 22.10 25.89 28.76 48.06 38.50 31.7
Cash, $m
Cash, $m Operating cash flow 3,041 3,472 4,641 4,850 4,263 5,099 5,526 5,514 5,247 4,613 5,322 +4.7%
Capex (2,203) (1,943) (1,426) (1,403) (1,570) (1,262) (1,819) (2,169) (2,463) (2,824) (2,360) +2.8%
Free cash flow 838 1,529 3,215 3,447 2,693 3,837 3,707 3,345 2,784 1,789 2,962 +8.8%
Balance, $m
Balance, $m Working capital 447 21 650 1,127 2,422 1,640 1,378 136 (456) (583) (746) n/m
Net debt 10,273 11,390 13,646 14,284 13,574 14,050 15,960 17,097 17,498 18,198 17,474 +6.6%
Shareholders’ equity 11,694 14,721 12,580 11,863 13,110 13,500 12,625 11,985 12,507 13,160 14,088 +1.3%
Returns, %
Returns, % ROA 4.89 15.38 9.13 8.88 7.09 9.41 9.98 8.72 8.17 6.68 7.35 +1.8 pt
ROIC 9.71 8.90 11.60 11.87 10.22 12.69 13.02 11.82 10.93 9.01 9.81 (0.7) pt
ROE 14.67 41.42 24.24 27.26 22.14 28.42 31.49 29.81 28.34 22.51 24.36 +7.8 pt
People
People Employees 27,000 24,000 22,500 21,000 19,300 20,900 22,500 23,000 23,500 23,000 — (1.8%)
Revenue/emp, $m 0.41 0.48 0.54 0.57 0.55 0.60 0.66 0.64 0.62 0.61 — +4.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

CSX is a freight transportation company founded in 1980 and headquartered at the CSX Transportation Building in Jacksonville, Florida. Stephen F. Angel is President and Chief Executive Officer. Its main railroad, CSX Transportation (CSXT), moves goods in railcars, containers and trailers. It also provides rail-to-truck transfers and bulk-commodity operations.

CSXT operates an approximately 20,000 route-mile railroad serving 26 states east of the Mississippi River, the District of Columbia, and Ontario and Quebec. In practical terms, customers use the railroad to move large quantities of goods between production sites, distribution centers, ports and end markets. The network reaches manufacturers, industrial producers, automotive companies, construction companies, farmers, feed mills, wholesalers, retailers and energy producers.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Rail Operations 13,276 94.21%
Trucking Operations 839 5.95%
Gross margin 68.32%
Operating margin 32.08%
Pre-tax margin 26.75%

Revenue by segment since 2016

CSX Corporation vs peers in Railroads (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UNP Union Pacific Corporation $179.4B 24.6× 23.3× +11.54% (above 0%: growing) +6.33% (above 0%: growing) +57.70% (above 0%: growing) 57.94% 40.25% Compare
CSX CSX Corporation $96.3B 30.1× 25.3× +10.10% (above 0%: growing) +22.73% (above 0%: growing) +816.52% (above 0%: growing) 69.83% 38.27%
CP Canadian Pacific Kansas City Limited $77.7B 28.8× 27.0× +12.46% (above 0%: growing) −13.40% (below 0%: shrinking) +54.79% (above 0%: growing) 67.51% 35.35% Compare
NSC Norfolk Southern Corporation $76.9B 29.2× 27.8× +11.41% (above 0%: growing) −4.40% (below 0%: shrinking) −3.08% (below 0%: shrinking) 66.32% 32.44% Compare
WAB Wabtec $47.9B 37.5× 30.0× +17.48% (above 0%: growing) +18.88% (above 0%: growing) +122.94% (above 0%: growing) 36.52% 18.87% Compare
TRN Trinity Industries, Inc. $2.3B 6.9× 13.4× −4.17% (below 0%: shrinking) +623.53% (above 0%: growing) +75.30% (above 0%: growing) 22.66% 41.19% Compare
GBX Greenbrier Companies, Inc. (The) $1.2B 11.2× 12.5× −31.59% (below 0%: shrinking) −68.23% (below 0%: shrinking) −412.32% (below 0%: shrinking) 14.07% 5.53% Compare
FSTR L.B. Foster Company $382.8M 32.4× 22.1× −3.49% (below 0%: shrinking) +7.14% (above 0%: growing) +83.84% (above 0%: growing) 22.28% 4.44% Compare
RAIL Freightcar America, Inc. $137.1M — (loss-making) 9.7× −4.62% (below 0%: shrinking) n/m +33.43% (above 0%: growing) 5.45% (3.80%) Compare
Median of peers $25.1B 28.8× 22.7× +3.96% +6.33% +56.25% 29.59% 25.66%

All 11 Railroads stocks →

Pay and ownership Proxy statement filed 30 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.71m 12.43m 128.00

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group100 Vanguard Blvd., Malvern, PA 8.85%
BlackRock, Inc.55 East 7.20%
JPMorgan Chase & Co.383 Madison Avenue, New York, NY 5.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

CSX Corporation (CSX) Latest News

29 Oct

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CSX metrics, ten years each

stockrow.com/CSX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com