10-K 0000277948-26-000006 (2026-02-12) vs 10-K 0000277948-25-000008 (2025-02-27)
| Section | Compared text | Words now | Changed |
| Risk Factors | Item 1A | 4,514 |
4.9% |
| MD&A | Item 7 | 8,367 |
14.8% |
| Legal Proceedings | Item 3, via Note 8 – Commitments and Contingencies | 1,871 |
24.4% |
| Accounting Policies | Item 8, Note 1 – Nature of Operations and Significant Accounting Policies | 1,577 |
16.6% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 192 words changed in this paragraph; it is 42% similar to last year's version.
In 2024, 2025, the Company generated $267 $634 million less cash from operating activities compared to prior year, primarily driven by lower cash-generating net earnings, the previously-discussed payment of $429 million of previously postponed taxes with no postponements available in 2025, and a $96 million prepayment for locomotive maintenance services. These decreases were partially offset by the impact of bonus depreciation and other changes in working capital. In 2024, the payment of $387 million of federal and state tax payments previously-postponed taxes related to the 2023 tax year. The 2024 results also reflect lower cash-generating net earnings as well as non-cash impacts year was more than offset by postponement of $429 million of federal and state tax payments postponed to 2025, as previously discussed. Cash from operating activities in the prior year includes the payment of $238 million for retroactive wages and bonuses, and associated taxes, taxes related to finalized labor agreements. the 2024 tax year. CSX used $378 $246 million more cash for investing activities in 2024 2025 compared to 2023, 2024, primarily as a result of due to higher property additions consistent with planned capital expenditures as well as the beginning of expenditures, including approximately $470 million related to rebuilding the Blue Ridge subdivision rebuild resulting as a result of impacts from impacts of Hurricane Helene. The Company used $805 million less cash for $1.0 billion decrease in net spending on financing activities compared to the prior year primarily due to lower was driven by fewer share repurchases, partially offset by repurchases and higher net debt repayments. proceeds from the issuance of long-term debt.
Source: Item 7, 10-K 0000277948-26-000006 vs Item 7, 10-K 0000277948-25-000008
Legal Proceedings 178 words changed in this paragraph; it is 49% similar to last year's version.
Potentially responsible parties, including Pharmacia, are participating in an EPA-directed allocation and settlement process to assign responsibility related to the lower river and the entire Study Area, respectively. CSXT participated in the EPA-directed allocation and settlement process on behalf of Pharmacia. On March 2, 2022, EPA issued a Notice Letter to Pharmacia, Occidental and eight other parties alleging they are liable under Section 107(a) of CERCLA for releases or threatened releases of hazardous substances and requesting each party, individually or collectively, submit good faith offers to EPA in connection with the entire Study Area. CSXT, on behalf of Pharmacia, responded to the Notice Letter and submitted a good faith offer to EPA on June 27, 2022, following meetings with a mediator from EPA’s Conflict Prevention and Resolution Center. On November 21, 2023, EPA notified the United States District Court for the District of New Jersey ("Court") that it intended to move to enter a Consent Decree (“CD”) with a group of potentially responsible parties. On January 31, 2024, EPA filed a motion to enter a modified CD with 82 potentially responsible parties, requiring payment of $150 million to resolve their liability with respect to the entire Study Area. Pharmacia is not a participant in the CD settlement. On April 1, 2024, Occidental filed its opposition to EPA's motion to enter the CD. Several other non-settling parties, including Pharmacia, filed comments concerning (but not opposing) entry of the CD. On December 18, 2024, the Court entered and approved the CD, which is now under appeal. Negotiations with EPA and other parties to resolve Pharmacia's liability continue.
Source: Item 3, via Note 8 – Commitments and Contingencies, 10-K 0000277948-26-000006 vs Item 3, via Note 8 – Commitments and Contingencies, 10-K 0000277948-25-000008
Risk Factors 124 words changed in this paragraph; it is 61% similar to last year's version.
Strong performance and reliability of the Company's technology systems are critical to operating safely and effectively, and protecting personal and customer data is essential to maintaining stakeholder trust. The Company has implemented processes designed to assess, identify, and manage material cybersecurity risks, as described further below. CSX maintains a cybersecurity framework that is integrated across the organization through people, processes and technology to help protect the personal information of its customers, its contractors and its suppliers as well as protect the integrity of its own operations. Cybersecurity is also integrated into the Company’s Enterprise Risk Management (“ERM”) program. The Company equips CSX systems with various cybersecurity tools, conducts vulnerability scans and provides critical cybersecurity information to application users, as appropriate. The Company also takes proactive measures to advise CSX employees of how they can assist the Company in its cybersecurity practices. CSX informs employees on cybersecurity best practices, including how to identify cyber-related suspicious activity, how to report such activity and, as appropriate, proactive measures employees can take to safeguard company information and devices. The Company also provides cybersecurity awareness training to employees and conducts cybersecurity testing exercises to help maintain cybersecurity vigilance. With the assistance of third-party consultants, the Company conducts an annual cybersecurity exercise, which is often a "tabletop" scenario involving a cross-functional group responding to a hypothetical cybersecurity threat.
Source: Item 1A, 10-K 0000277948-26-000006 vs Item 1A, 10-K 0000277948-25-000008
Accounting Policies 47 words changed in this paragraph; it is 82% similar to last year's version.
CSX’s principal operating subsidiary, CSX Transportation, Inc. (“CSXT”), provides an important link to the transportation supply chain through its approximately 20,000 route mile rail network and serves major population centers in 26 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. It has access to over 70 ocean, river and lake port terminals along the Atlantic and Gulf Coasts, the Mississippi River, the Great Lakes and the St. Lawrence Seaway. The Company’s intermodal business links customers to railroads via trucks and terminals. CSXT also serves thousands of production and distribution facilities through track connections to more than 240 approximately 250 short-line and regional railroads. On June 1, 2022, CSX completed its acquisition of Pan Am Systems, Inc. (“Pan Am”), which is the parent company of Pan Am Railways, Inc. This acquisition expands CSXT’s reach in the Northeastern United States. For further details, refer to Note 17, Business Combinations.
Source: Item 8, Note 1 – Nature of Operations and Significant Accounting Policies, 10-K 0000277948-26-000006 vs Item 8, Note 1 – Nature of Operations and Significant Accounting Policies, 10-K 0000277948-25-000008
Every change, by type
Sentences and paragraphs of CSX's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-27.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
or other similar incidents attributed to its third-party vendors as they relate to the information CSX shares with them.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
The CISO is supported by a team that includes the SOC, which consists of the Deputy Chief Information Security Officer ("Deputy CISO") and other dedicated cybersecurity professionals as well as various resources from a team of third-party contractors. Managed Security Service Provider.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Due to applicable laws, rules and regulations or contractual obligations, CSX may be held responsible for data breaches, cyber-attacks or other similar incidents attributed to its third-party vendors as they relate to the information CSX shares with them.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
(vii) impacts from changes in network capacity or structure; or (viii) increased passenger activities, activities; or (ix) derailments and other accidents, which could impact CSXT's operational fluidity, leading to deterioration of service, asset utilization and overall efficiency.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
As cybersecurity threats continue to evolve, including the increased maturity of artificial intelligence leveraged by threat actors, the Company may be required to expend significant additional resources to continue to modify or enhance its protective measures or to investigate and remediate any information security vulnerabilities, data breaches, cyber-attacks or other similar incidents.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
The cybersecurity program and related risks at CSX are managed by the VP Technology Assistant Vice President of Cloud Infrastructure Platforms and CISO.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Additionally, a cybersecurity governance briefing takes place quarterly at least semiannually with leaders from the Company's technology, operations, commercial, legal, and accounting departments to discuss cybersecurity risks, threats, and incidents, including as well as updates from the SOC and an assessment of ways to mitigate and remediate any threats or incidents the Company may be facing.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Such annual updates include significant findings or updates by other information from internal or external evaluations.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesRisk Factors
As appropriate, the Company requires certain third-party providers to complete a cybersecurity questionnaire, to provide Service Organization Control assessment results, if when such results exist, or to agree to contractual language regarding cybersecurity and incident notification obligations in agreements with the company.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
• Operating income of $4.5 billion decreased $724 million or 14% year over year.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
Forest Products – Decreased due to lower shipments of building products, as well as lower shipments of pulp and paper products which includes the impact of both temporary outages and customer plant closures.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
Metals and Equipment - Increased scrap shipments were offset by lower aluminum and steel shipments, which includes the impact of plant closures, as well as lower equipment shipments.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
•Net other costs increased $12 million primarily due to higher trucking headcount, including the impacts from acquiring previously independent affiliates, partially offset by other non-significant net decreases.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
•An increase of $53 million was due to the effects of network disruptions and congestion, primarily driven by work on the Howard Street tunnel and severe winter weather. These impacts include rerouting costs.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
•Prior year results included $35 million for a favorable legal settlement and an insurance recovery.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
•All other costs decreased $4 million as efficiency savings and trucking savings from affiliate conversions were largely offset by the impact of inflation, higher property taxes, and other net increases.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
Goodwill Impairment expense for Quality Carriers was $164 million in 2025 compared to $108 million in 2024.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
(c) Non-interest bearing liabilities represents all liabilities excluding debt, long-term lease liabilities, and commercial paper ($75 million of commercial paper was outstanding in other current liabilities as of June 30, 2025, and none outstanding in any other period).
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
FCF before dividends decreased $995 million year-over-year to $1.8 billion primarily due to lower net earnings and the payment of $429 million of previously-postponed federal and state taxes related to the 2024 tax year. Other year-over-year decreases resulting from higher property additions, including approximately $470 million related to rebuilding the Blue Ridge subdivision, as well as a $96 million prepayment for locomotive maintenance services were partially offset by the impact of bonus depreciation and other changes in working capital. Related to tax payments, no 2025 taxes were postponed, but 2024 results included the payment of $387 million of previously-postponed taxes related to the 2023 tax year, offset by postponement of $429 million of taxes related to the 2024 tax year.
Read it in 10-K 2026-02-12 at sec.gov ↗
RemovedMD&A
Automotive - Increased due to new business wins, which were partially offset by lower North American vehicle production.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
Metals and Equipment - Decreased primarily due to lower steel and scrap shipments.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
Fertilizers - Decreased primarily due to declines in short-haul phosphates shipments.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
•An increase of $17 million was due to higher operating support costs, which were primarily due to inflation and higher intermodal volumes. These increases were partially offset by efficiency savings.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
•All other costs increased $16 million as a result of $37 million lower insurance recoveries, other inflation impacts, and non-significant increases, which were partially offset by a $20 million favorable legal settlement and other cost savings.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
Gains on Property Dispositions decreased to $11 million in 2024 from $34 million in 2023.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
(a) Beginning second quarter 2023, all operations performance metrics include results from the network acquired from Pan Am. The impact of including Pan Am data was insignificant.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
(b) Effective January 1, 2024, safety metrics include results from the Pan Am network. The impact was insignificant.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
(a) See Note 20, Revision of Prior Period Financial Statements. To conform with current year presentation, 2023 amounts have also been updated to reflect PTC expenditures in the "Bridges, Signals, PTC and Other" line item.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
On June 1, 2022, CSX completed its acquisition of Pan Am. The closing price of $600 million was funded through a combination of common stock valued at $422 million and cash totaling $178 million. Total cash consideration paid to acquire the business includes a $30 million deposit paid in fourth quarter 2020. For further details, refer to Note 17, Business Combinations.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
On March 26, 2021, the Company entered into a comprehensive agreement to sell certain property rights in three CSX-owned line segments to the Commonwealth of Virginia over three phases. Over the course of the transaction, which was completed in 2022, total proceeds of $525 million were collected and total gains of $493 million were recognized. This includes $125 million of proceeds collected and $144 million of gains recognized in 2022. For further details, refer to Note 6, Properties.
Read it in 10-K 2025-02-27 at sec.gov ↗
RewordedMD&A
Fiscal Years 2025 2024 2023 Improvement/ (Deterioration) Operations Performance (a) Train Velocity (Miles per hour) 18.4 18.3 18.0 2% 1% Dwell (Hours) 10.3 9.4 (10)% 10.3 —% Cars Online 125,379 127,291 125,580 2% On-Time Originations 72 % 73 % (1)% On-Time Originations 73 Arrivals 61 % 77 % (5)% On-Time Arrivals 65 % 71 % (8)% (6)% Carload Trip Plan Performance 78 % 79 % 84 % (6)% (1)% Intermodal Trip Plan Performance 91 % 95 91 % (4)% —% Fuel Efficiency 0.97 0.98 1.02 4% 1% Revenue Ton-Miles (Billions) Merchandise 130.1 129.8 128.0 1% —% Coal 36.6 35.7 37.4 (5)% 3% Intermodal 29.8 28.8 28.3 2% 3% Total Revenue Ton-Miles 196.5 194.3 193.7 —% 1% Total Gross Ton-Miles (Billions) 386.9 384.4 381.3 1% Safety (b) (a) FRA Personal Injury Frequency Index 1.19 0.94 (27)% 1.23 24% FRA Train Accident Rate 3.40 3.44 1% 3.08 3.56 13%
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
This decrease deficit increase of $592 $127 million since prior year end is primarily driven by a $420 million decrease in due to cash as paid for property additions of $2.5 $2.9 billion, share repurchases of $2.2 $1.4 billion, and dividend payments of $930 million more than offset $5.2 billion in cash generated by operating activities. $972 million, and debt repayments of $613 million.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
In 2024, 2025, the Company generated $267 $634 million less cash from operating activities compared to prior year, primarily driven by lower cash-generating net earnings, the previously-discussed $387 payment of $429 million of federal previously postponed taxes with no postponements available in 2025, and state tax payments related to the 2023 tax year. a $96 million prepayment for locomotive maintenance services.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Unusual Items (a) 164 108 Taxes (b) 108 — Taxes (c) (972) (1,069) (1,082) Gross Cash Earnings or "GCE" 5,505 6,059 6,133 Operating Assets Current Assets (Less Cash and Short-term Investments) (1,909) (1,889) 1,888 1,909 Gross Properties (51,344) (49,498) 53,421 51,344 Other Assets (4,263) (3,894) 4,313 4,263 Operating Liabilities Non-Interest Bearing Liabilities 11,035 10,825 (c) (11,071) (11,035) Gross Operating Assets or "GOA" (d) (46,481) (44,456) 48,551 46,481 Capital Charge (e) (3,884) (3,718) (3,556) Economic Profit (Non-GAAP) $ 1,621 $ 2,341 $ 2,577 calculated as GCE less Capital Charge
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
CSX used $378 $246 million more cash for investing activities in 2024 2025 compared to 2023, 2024, primarily as a result of due to higher property additions consistent with planned capital expenditures as well as the beginning of expenditures, including approximately $470 million related to rebuilding the Blue Ridge subdivision rebuild resulting as a result of impacts from impacts of Hurricane Helene.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The increase in total assets was primarily due to a $937 million $1.2 billion increase in net properties consistent with planned capital expenditures and a $123 million increase in investments in affiliates and other companies. expenditures, including additions related to rebuilding the Blue Ridge subdivision.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
In estimating that rate, the Company gives appropriate consideration to the historical returns being earned by the plan assets in the funds funds, forward-looking economic assumptions, fees and the rates of return expected other costs to be available for reinvestment as well as paid out of plan assets, and the current and projected asset mix of the funds.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
These non-GAAP measures provide meaningful supplemental information regarding operating results because they exclude the fourth quarter 2024 non-cash impairment of Quality Carriers' goodwill, which This is a significant item that is not considered indicative of future financial trends.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Total revenue decreased by $117 $448 million in 2024, 2025, or 1%, 3%, when compared to the previous year primarily due to lower fuel recovery and lower declines in export coal revenue, which includes the impact of lower global benchmark rates. rates, lower merchandise volume, and lower fuel recovery.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
These non-GAAP measures provide meaningful supplemental information regarding operating results because they exclude the fourth quarter 2024 non-cash impairment of Quality Carriers' goodwill, which is a significant item that is not considered indicative was fully impaired as of future financial trends. September 30, 2025.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Years Ended Capital Expenditures (Dollars in Millions) 2025 2024 2023 (a) Track $ 987 $ 1,039 $ 983 Bridges, Signals, PTC and Other 1,252 802 717 Total Infrastructure 2,239 1,841 1,700 Strategic Projects and Commercial Facilities 332 364 304 Locomotives 208 250 117 Freight Cars 123 74 136 Cash Invested for Capital Expenditures $ 2,902 $ 2,529 $ 2,257
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
While the The personal injury frequency increased index of 0.94 in 2024 2025 improved 24% compared to the prior year, year and the FRA train accident rate decreased. of 3.08 improved 13%.
Read it in 10-K 2026-02-12 at sec.gov ↗