What it does
The company states that it provides rail-based freight transportation, including traditional rail service, intermodal container and trailer transport, rail-to-truck transfers and bulk commodity operations. Its principal operating subsidiary, CSX Transportation, supports the transportation supply chain through its rail network. The filing also describes subsidiaries that provide bulk-liquid chemical trucking, intermodal-terminal and drayage services, automotive distribution and storage, and transfers between rail and trucks. Real-estate activities are substantially focused on supporting railroad operations.
Source: CSX Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The filing identifies merchandise, intermodal, coal and trucking as the company’s primary revenue-generating lines of business; the segment table below provides the reported revenue detail. Merchandise comprises shipments across chemicals, agricultural and food products, automotive, minerals, forest products, metals and equipment, and fertilizers. Intermodal transports mainly manufactured consumer goods in containers. Coal includes domestic coal, coke and iron ore movements, as well as export coal. The filing states that trucking revenue includes Quality Carriers’ operations and that other revenue includes regional subsidiary railroads and incidental charges.
Source: CSX Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The company states that CSX Transportation serves major population centers east of the Mississippi River, the District of Columbia, and Ontario and Quebec. Its network has access to ocean, river and lake port terminals along the Atlantic and Gulf Coasts, the Mississippi River, the Great Lakes and the St. Lawrence Seaway. The filing identifies customers including manufacturers, industrial producers, automotive companies, construction companies, farmers and feed mills, wholesalers and retailers, and energy producers. It also says the company serves production and distribution facilities through connections with other railroads.
Source: CSX Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing describes the transportation market as highly competitive and states that shippers generally select providers based on the combination of service and price. It identifies other railroads, motor carriers, and, to a lesser extent, barges, ships and pipelines as sources of competition, varying by commodity, location and available mode. The filing names Norfolk Southern Railway as CSX Transportation’s primary rail competitor. It further states that Norfolk Southern Railway entered an agreement during the year to merge with Union Pacific Railroad, subject to Surface Transportation Board approval.
Source: CSX Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing flags:
- New legislation, regulatory changes or other governmental actions could impact the Company’s earnings or restrict its ability to independently negotiate prices.
- The Company may be subject to various claims and lawsuits that could result in significant expenditures.
- The Company relies on the security, stability and availability of its technology systems to operate its business.
- The Company faces competition from other transportation providers.
- The unavailability of critical resources could adversely affect the Company’s operational efficiency and ability to meet demand.
- The Company’s operations and financial results could be negatively impacted by climate or weather-related risks as well as regulatory and legislative responses.
Source: CSX Corporation Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
The company had 23,000 employees as of December 2025. The filing states that most employees provide or support transportation services and that many are represented by rail labor unions under national or company-specific agreements. The company describes a scheduled service plan focused on customer service, asset use and employee engagement. It also states that training and processes focus on injury and accident prevention and emergency preparedness, while safety-target attainment is part of management’s annual incentive program. The filing does not state seasonality information in the provided excerpts.
Source: CSX Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov