CSXCSX Corporation
CSX Corporation, together with its subsidiaries ("CSX" or the “Company”), based in Jacksonville, Florida, is one of the nation's leading transportation companies. 10-K, Item 1
- Employees
- 23,000
- Headquarters
- Jacksonville, FL
- CEO
- Stephen F. Angel
- Next results
- around Jan 21, 2027
All key numbers (41) From EDGAR
| EPS (ttm) | 1.92 | Sales (ttm) | 14.9B | Net income (ttm) | 3.6B | Sales growth | -3.1% | EPS growth | -14.0% | Sales Q/Q | +12.0% |
| Free cash flow | 3.2B | Gross margin | - | Oper. margin | 36.4% | Net margin | 24.0% | FCF margin | 21.5% | ROE | 24.9% |
| ROA | 7.9% | R&D / sales | - | Dividend | 0.52 | Debt/Eq | 1.31 | Curr. ratio | 0.84 | Cash | 1.2B |
| Op. cash flow (ttm) | 5.6B | EBITDA | 6.2B | EBITDA margin | 44.0% | Net debt | 17.6B | Quick ratio | 0.84 | Interest cover | 5.36 |
| ROIC | 10.4% | Payout ratio | 33.8% | Tax rate | 23.3% | Stock pay / sales | 0.4% | Shares out. | 1.8B | Shares Y/Y | -3.6% |
| Book / share | 7.80 | Cash / share | 0.66 | Sales / share | 8.11 | Asset turnover | 0.33 | Days sales out. | 34 | Sales 3Y CAGR | -1.7% |
| Sales 5Y CAGR | +5.9% | EPS 3Y CAGR | -7.1% | EPS 5Y CAGR | +5.1% | Employees | 23,000 | Sales / employee | 650K |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Free cash flow fell 37%$2.7B → $1.7B · Cash from operations − capital expenditure · 10-K ↗
-
Operating margin narrowed to 32.1%36.1% → 32.1% · Operating income / revenue · 10-K ↗
CSX against Industrials peers
Ten years, side by side → · All 83 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| CSX CSX Corporation | $14.9B | -3.1% | - | 24.0% | 24.9% | 21.5% | 1.31 |
| TXT Textron | $15.4B | +8.0% | - | 6.3% | 12.0% | 5.2% | - |
| SWK Stanley Black & Decker | $15.2B | -1.5% | 33.8% | 5.5% | 9.5% | 11.3% | 0.53 |
| OTIS Otis Worldwide | $15.1B | +1.2% | - | 10.3% | - | 11.1% | - |
| J Jacobs Solutions | $14.2B | +4.6% | 22.1% | 2.4% | 10.4% | 4.5% | 1.10 |
| HII Huntington Ingalls Industries | $13.5B | +8.2% | - | 5.4% | 13.3% | 2.4% | 0.49 |
Profitability
3 of 3- ✓Net margin above the peer median24.0% vs 13.0%
- ✓Return on equity above 15%24.9%
- ✓A profit in every one of 10 years
Balance sheet
1 of 4- ✓Interest covered more than 5 timesOperating income is 5.4× interest expense
- !Debt larger than equityDebt / equity 1.31 on the latest balance sheet (peer median 0.72)
- !Current ratio below 1Current ratio 0.84
- !Net debt over 3 years of free cash flow$17.6B net debt, 5.5 years
Cash and shareholders
4 of 4- ✓Free cash flow positive in every one of 10 years$1.7B last year
- ✓Share count down over 5 years−18.7%
- ✓Dividend per share up over 5 years$0.35 → $0.52
- ✓Cash from operations above net income$4.6B vs $2.9B
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
What the debt is made of, and when it is due
balance sheet of Sep 30, 2026The debt note's own lines, 2025-12-31
Fixed rate $2.4BFloating $0 Not stated $850.0M
| Line, as the company names it | Kind | Rate | Fixed or floating | Amount |
|---|---|---|---|---|
| Fixed Rate Notes Due Between 2036 and 2040 | Notes and bonds | – | fixed | $1.3B |
| Seven Fixed-to-Floating Interest Rate Swaps | – | – | fixed | $1.1B |
| 3.25% Notes Due 2027 | Notes and bonds | 3.25% | not stated | $850.0M |
From the debt note in the 10-K's XBRL (0000277948-26-000006), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.
Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →
Revenue and net income, FY2016 to FY2025
Revenue 14.1B Net income 2.9BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $14.1B of revenue came from
by segment, year to Dec 31, 2025- Rail $13.3B · 94%
- Trucking $839.0M · 6%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
CSX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by business segment
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Rail | 13.3B | 94.2% | -3.1% |
| Trucking | 839.0M | 6.0% | -1.4% |
10-K 0000277948-26-000006, segment and revenue notes (XBRL).
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Chemicals | 2.8B | 19.7% | -2.6% |
| Intermodal business | 2.1B | 14.9% | +2.6% |
| Coal business | 1.9B | 13.5% | -15.4% |
| Agricultural and Food Products | 1.6B | 11.5% | -1.6% |
| Automotive | 1.2B | 8.4% | -3.6% |
| Forest Products | 975.0M | 6.9% | -6.9% |
| Metals and Equipment | 869.0M | 6.2% | +1.2% |
| Minerals | 832.0M | 5.9% | +7.8% |
| Trucking | 816.0M | 5.8% | -3.3% |
| Other | 530.0M | 3.8% | +6.2% |
| Fertilizers | 521.0M | 3.7% | +3.2% |
10-K 0000277948-26-000006, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 11.1B | 11.4B | 12.2B | 11.9B | 10.6B | 12.5B | 14.9B | 14.7B | 14.5B | 14.1B |
| Operating income | 3.4B | 3.7B | 4.9B | 5.0B | 4.4B | 5.6B | 6.0B | 5.5B | 5.2B | 4.5B |
| Interest expense | 579.0M | 546.0M | 614.0M | 717.0M | 750.0M | 718.0M | 742.0M | 809.0M | 832.0M | 844.0M |
| Pretax income | 2.7B | 3.1B | 4.3B | 4.3B | 3.6B | 5.0B | 5.3B | 4.8B | 4.6B | 3.8B |
| Income tax | 1.0B | -2.3B | 995.0M | 985.0M | 862.0M | 1.2B | 1.2B | 1.2B | 1.1B | 880.0M |
| Net income | 1.7B | 5.5B | 3.3B | 3.3B | 2.8B | 3.8B | 4.1B | 3.7B | 3.5B | 2.9B |
| EPS (diluted) | 0.60 | 2.00 | 1.28 | 1.39 | 1.20 | 1.68 | 1.92 | 1.82 | 1.79 | 1.54 |
| Diluted shares | 2.8B | 2.7B | 2.6B | 2.4B | 2.3B | 2.3B | 2.1B | 2.0B | 1.9B | 1.9B |
| Depreciation & amortization | 1.3B | 1.3B | 1.3B | 1.3B | 1.4B | 1.4B | 1.5B | 1.6B | 1.7B | 1.7B |
| EBITDA | 4.7B | 5.0B | 6.2B | 6.3B | 5.7B | 7.0B | 7.5B | 7.1B | 6.9B | 6.2B |
| Operating margin | 30.8% | 32.6% | 39.7% | 41.6% | 41.2% | 44.7% | 40.1% | 37.5% | 36.1% | 32.1% |
| Net margin | 15.5% | 48.0% | 27.0% | 27.9% | 26.1% | 30.2% | 27.7% | 25.0% | 23.9% | 20.5% |
| Revenue growth | - | +3.1% | +7.4% | -2.6% | -11.3% | +18.3% | +18.6% | -1.3% | -0.8% | -3.1% |
| EPS growth | - | +231% | -35.9% | +8.6% | -13.7% | +40.0% | +14.3% | -5.2% | -1.6% | -14.0% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 603.0M | 401.0M | 858.0M | 958.0M | 3.1B | 2.2B | 2.0B | 1.4B | 933.0M | 670.0M |
| Short-term investments | 417.0M | 18.0M | 253.0M | 996.0M | 2.0M | 77.0M | 129.0M | 83.0M | 72.0M | 5.0M |
| Receivables | 938.0M | 970.0M | 1.0B | 986.0M | 912.0M | 1.1B | 1.3B | 1.4B | 1.3B | 1.3B |
| Current assets | 2.5B | 1.9B | 2.6B | 3.3B | 4.4B | 3.9B | 3.8B | 3.4B | 2.8B | 2.5B |
| Property & equipment | 31.1B | 31.8B | 32.0B | 32.2B | 32.4B | 33.0B | 34.1B | 34.7B | 35.7B | 36.8B |
| Goodwill | 63.0M | 63.0M | - | 63.0M | 63.0M | 276.0M | 319.0M | 325.0M | 239.0M | 80.0M |
| Total assets | 35.4B | 35.7B | 36.7B | 38.3B | 39.8B | 40.5B | 41.7B | 42.2B | 42.8B | 43.7B |
| Accounts payable | 806.0M | 847.0M | 949.0M | 1.0B | 809.0M | 963.0M | 1.1B | 1.2B | 1.1B | 1.1B |
| Current liabilities | 2.0B | 1.9B | 1.9B | 2.2B | 2.0B | 2.2B | 2.4B | 3.2B | 3.3B | 3.1B |
| Total debt | 11.3B | 11.8B | 14.8B | 16.2B | 16.7B | 16.4B | 18.0B | 18.5B | 18.5B | 18.9B |
| Total liabilities | 23.7B | 21.0B | 24.1B | 26.4B | 26.7B | 27.0B | 29.2B | 30.2B | 30.3B | 30.5B |
| Shareholders' equity | 11.7B | 14.7B | 12.6B | 11.9B | 13.1B | 13.5B | 12.5B | 12.0B | 12.5B | 13.2B |
| Retained earnings | 11.3B | 14.1B | 12.2B | 11.4B | 11.3B | 11.6B | 10.2B | 9.6B | 10.0B | 10.6B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 3.0B | 3.5B | 4.6B | 4.8B | 4.3B | 5.1B | 5.5B | 5.5B | 5.2B | 4.6B |
| Capital spending | 2.4B | 2.0B | 1.7B | 1.7B | 1.6B | 1.8B | 2.1B | 2.3B | 2.5B | 2.9B |
| Free cash flow | 643.0M | 1.4B | 2.9B | 3.2B | 2.6B | 3.3B | 3.4B | 3.3B | 2.7B | 1.7B |
| Stock-based pay (added back) | 37.0M | 89.0M | 51.0M | 74.0M | 29.0M | 107.0M | 74.0M | 60.0M | 40.0M | 54.0M |
| Dividends paid | 680.0M | 708.0M | 751.0M | 763.0M | 797.0M | 839.0M | 852.0M | 882.0M | 930.0M | 972.0M |
| Buybacks | 1.1B | 2.0B | 4.7B | 3.4B | 867.0M | 2.9B | 4.7B | 3.5B | 2.2B | 1.4B |
| Acquisitions | - | - | - | 0 | 0 | 541.0M | 227.0M | 31.0M | 70.0M | 16.0M |
| Debt raised | 2.2B | 850.0M | 3.0B | 2.0B | 1.0B | 0 | 2.0B | 600.0M | 550.0M | 900.0M |
| Debt repaid | 1.4B | 333.0M | 19.0M | 518.0M | 745.0M | 426.0M | 186.0M | 153.0M | 558.0M | 613.0M |
| Investing cash flow | -1.8B | -1.5B | -1.7B | -2.1B | -649.0M | -1.9B | -2.1B | -2.2B | -2.6B | -2.9B |
| Financing cash flow | -1.3B | -2.2B | -2.5B | -2.6B | -1.4B | -4.1B | -3.8B | -3.9B | -3.1B | -2.0B |
| Dividend per share | 0.24 | 0.26 | 0.29 | 0.29 | 0.35 | 0.37 | 0.40 | 0.44 | 0.48 | 0.52 |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 37.0M | 89.0M | 51.0M | 74.0M | 29.0M | 107.0M | 74.0M | 60.0M | 40.0M | 54.0M |
| Stock-based pay / revenue | 0.3% | 0.8% | 0.4% | 0.6% | 0.3% | 0.9% | 0.5% | 0.4% | 0.3% | 0.4% |
| Operating lease cost | - | 78.0M | 66.0M | 84.0M | 82.0M | 89.0M | 109.0M | 109.0M | 117.0M | 112.0M |
| Operating lease cash paid | - | - | - | 60.0M | 59.0M | 60.0M | 76.0M | 78.0M | 81.0M | 83.0M |
| Right-of-use assets | - | - | 0 | 532.0M | 472.0M | 501.0M | 505.0M | 498.0M | 487.0M | 464.0M |
| Operating lease liabilities | - | - | - | 550.0M | 500.0M | 542.0M | 557.0M | 559.0M | 559.0M | 546.0M |
| Finance lease liabilities | - | - | - | 4.0M | 3.0M | 47.0M | 29.0M | 17.0M | 10.0M | 15.0M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.
Work on CSX in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CSX/export.csv") into a cell.