FirmAtlas

Company handbook · CSX · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16

CSX · CIK 277948 · LATEST FILING: 10-Q JUN '26 · FILED JUL 22, 2026

CSX CORPORATION

$48.68 −0.01 (−0.02%)

Close, Oct 16, 2026 · 52-week $34–54

↗ csx.com

Last fiscal year

CSX CORPORATION reported revenue of $14.1B for the year ended Dec 31, 2025 (FY25), down 3.1% from FY24. Net income was $2.9B, operating cash flow $4.6B and free cash flow $1.7B. Source: 10-K filed Feb 12, 2026.

Market cap

$90.5B

P/E

28.1

EV/EBITDA

17.5x

P/B

6.4

Div yield

1.13%

ROIC

11.3%

Revenue 1Y

−3.1%/yr

EPS 1Y

−14.0%/yr

Shares 1Y

−2%

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Daily closes, split-adjusted · ratios at each fiscal year end

Company

CEOStephen F. Angel

HQJacksonville, FL

AuditorErnst & Young LLP

Employees23,000

Year endsDecember

Revenue by segment · FY25

Rail94%

Trucking6%

Compounded growth & averages

10Y

TTM

Share price

16.8%

7.3%

15.7%

35.3%

Upgrade to see 10 years

Share price: yearly compound rate of the traded close; the last column is the past year.

Where the cash went · FY24–FY25

$11.1B deployed

Capex $5.4B 49.1%

Acquisitions $86M 0.8%

Dividends $1.9B 17.2%

Buybacks $3.6B 32.9%

Operating cash flow over the period: $9.9B. Total debt changed by +$370M.

Sources 10-K FY25 10-Q Jun '26 All filings on EDGAR

Latest filings

Jul 22, 2026 Quarterly results 8-K May 14, 2026 Executive or director change 8-K Apr 22, 2026 Quarterly results 8-K Jan 22, 2026 Quarterly results 8-K Oct 29, 2025 Executive or director change 8-K

Growth engines

How much of the profit growth came from new investment, and how much from running the business better.

Upgrade to see 10 years

Financials

Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year

Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier

Per-share figures are split-adjusted (3-for-1 split after FY20).

TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.

Income

FY24 FY25

TTM

Revenue

14,540

14,092−3.1%

14,512

YoY

−3.1%

Operating income

5,245

4,521−13.8%

4,956

Operating margin

36.1%

32.1%−4.0 pp

—

EBITDA

6,903

6,201−10.2%

—

EBITDA margin

47.5%

44.0%−3.5 pp

—

Interest expense

832

844+1.4%

—

Interest coverage

8.30x

7.35x−0.95x

—

Net income

3,470

2,889−16.7%

3,223

YoY

−16.7%

Net margin

23.9%

20.5%−3.4 pp

—

EPS (diluted, $)

1.79

1.54−14.0%

1.73

YoY

−14.0%

Balance sheet

FY24 FY25

TTM

Total assets

42,764

43,682+2.1%

44,726

Cash & short-term investments

1,005

675−32.8%

—

Accounts receivable

1,326

1,298−2.1%

—

Net PP&E

35,658

36,811+3.2%

—

Other assets

4,775

4,898+2.6%

—

Total liabilities

30,257

30,522+0.9%

30,638

Accounts payable

1,118

1,149+2.8%

—

Total debt

18,503

18,873+2.0%

18,864

Other liabilities

10,636

10,500−1.3%

—

Shareholders’ equity

12,507

13,160+5.2%

14,088

Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.

Cash flow statement · as filed

FY24 FY25

TTM

Cash from operations

5,247

4,613−12.1%

5,322

Net income

3,470

2,889−16.7%

—

Depreciation & amortization

1,658

1,680+1.3%

—

Stock-based compensation

54+35.0%

—

Working capital & other

(10)−112.7%

—

Cash from investing

(2,605)

(2,851)n/m

—

Capex

(2,529)

(2,902)n/m

—

PP&E sold

78+18.2%

—

Acquisitions

(70)

(16)n/m

—

Investments bought

(66)

0n/m

—

Investments sold / matured

80−12.1%

—

Other investing

(97)

(91)n/m

—

Cash from financing

(3,062)

(2,025)n/m

—

Debt raised

550

900+63.6%

—

Debt repaid

(558)

(613)n/m

—

Dividends

(930)

(972)n/m

—

Buybacks

(2,237)

(1,396)n/m

—

Shares issued

21−73.4%

—

Other financing

35+2.9%

—

Net change in cash

(420)

(263)n/m

—

Free cash flow (OCF − capex)

2,718

1,711−37.0%

2,796

Where the cash went

FY24 FY25

TTM

Operating cash flow

5,247

4,613−12.1%

5,322

Reinvested in the business

2,599

2,918+12.3%

—

% of operating cash flow

49.5%

63.3%

Capex

2,529

2,902+14.7%

2,526

Acquisitions

16−77.1%

—

Free cash flow

2,718

1,711−37.0%

2,796

YoY

−37.0%

Returned to shareholders

3,167

2,368−25.2%

—

% of free cash flow

116.5%

138.4%

Dividends

930

972+4.5%

—

Buybacks

2,237

1,396−37.6%

—

Change in total debt

—

370

—

Cash left over

—

(303)

—

FCF conversion (FCF ÷ net income)

78.3%

59.2%−19.1 pp

—

Owner earnings

—

1,726

—

Owner earnings margin

—

12.2%

—

Buyback yield

3.6%

2.1%−1.6 pp

—

Returns & ratios

FY24 FY25

TTM

ROIC (all capital)

13.3%

11.3%−2.0 pp

—

ROIC (operating)

11.1%

9.5%−1.6 pp

—

Net debt / EBITDA

2.53x

2.93x+0.40x

—

Debt / equity

1.48x

1.43x−0.05x

—

ROE

27.7%

22.0%−5.8 pp

—

ROA

8.1%

6.6%−1.5 pp

—

ROCE

13.3%

11.1%−2.1 pp

—

NOPAT

3,996

3,465−13.3%

—

Invested capital (operating)

35,866

36,960+3.1%

—

Invested capital (all)

30,005

31,358+4.5%

—

Reinvestment rate

—

31.6%

—

Income

Sep '25

Dec '25

Mar '26

Jun '26

Revenue

3,587

3,508

3,482

3,935

vs year-ago quarter

Operating income

1,087

1,110

1,253

1,506

Net income

694

720

807

1,002

vs year-ago quarter

Net margin

19.3%

20.5%

23.2%

25.5%

EPS (diluted, $)

0.37

0.39

0.43

0.54

vs year-ago quarter

Balance sheet

Sep '25

Dec '25

Mar '26

Jun '26

Total assets

43,279

43,682

44,232

44,726

Cash & equivalents

612

675

964

1,007

Total debt

19,162

18,873

18,868

18,864

Shareholders’ equity

12,758

13,160

13,581

14,088

Cash flow

Sep '25

Dec '25

Mar '26

Jun '26

Operating cash flow

1,337

1,386

1,272

1,327

Capex

730

677

543

576

Free cash flow

607

709

729

751

vs year-ago quarter