Company file · CSX

CSX

CSX's revenue fell 3.1% in FY2025, to $14.1B, and net income fell 16.7% to $2.9B

Revenue fell 3.1% to $14.1B in FY2025, from $14.5B in FY2024. Net income fell 16.7% to $2.9B. Rail was the largest segment, at 94% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 12, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026) · Data pulled Oct 28, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, CSX (Nasdaq: CSX) took in $14.1B of revenue (down 3.1% on fiscal 2024); net income was $2.9B (down 16.7%). The most recent quarter, ended Sep 30, 2026, brought revenue of $4.0B, up 12.0% year over year, with net income of $1.1B. Rail was the biggest single line by segment: 94% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026).

Revenue$14.1BFY2025 · −3.1% vs FY2024

Net income$2.9BFY2025 · −16.7% vs FY2024

Operating cash flow$4.6BFY2025 · −12.1% vs FY2024

Cash & equivalents$1.2Bat Sep 30, 2026 · +82.5% vs FY2025 end

Total debt$18.8Bat Sep 30, 2026 · −0.4% vs FY2025 end

Diluted shares1.87BFY2025 avg · −3.6% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 12, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 22, 2026 · 10-Q filed Jul 22, 2026 · 10-Q filed Oct 21, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Rail$13.3B94%−3.1%
Trucking$839M6%−1.4%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Rail (94%) and Trucking (6%), as shares of total revenue. Total revenue was $14.1B.

By segment: three-year mixShare of the total each fiscal year

FY2023

94%

FY2024

94%

FY2025

94%

RailTrucking

Source: 10-K FY2025

By product or service, FY2025

Chemicals$2.8B20%−2.6%

Intermodal$2.1B15%+2.6%

Coal Services$1.9B13%−15.4%

Agricultural and Food Products$1.6B11%−1.6%

Automotive$1.2B8%−3.6%

Forest Products$975M7%−6.9%

Metals and Equipment$869M6%+1.2%

Minerals$832M6%+7.8%

Trucking$816M6%−3.3%

Other Services$530M4%+6.2%

Fertilizers$521M4%+3.2%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$4.0B Q3 2026

$3.6B Q3 2025

12.0% increase

Net income

$1.1B Q3 2026

$694M Q3 2025

51.6% increase

Source: CSX 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026

By segment

Rail

$3.8B Q3 2026

$3.4B Q3 2025

12.1% increase

Trucking

$230M Q3 2026

$215M Q3 2025

7.0% increase

Source: CSX 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026

Cash & equivalents $1.2B at Sep 30, 2026, vs $670M at FY2025 end.
Total debt $18.8B at Sep 30, 2026, vs $18.9B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $4.2B vs $3.2B a year earlier.

The bull case and the bear case

The bull case

Diluted shares fell 3.6% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $4.0B, up 12.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Net income in the quarter ended Sep 30, 2026 was $1.1B, up 51.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Revenue fell 3.1% in FY2025 to $14.1B, from $14.5B a year earlier. 10-K, FY2025
Net income fell 16.7% in FY2025 to $2.9B, from $3.5B. 10-K, FY2025
Operating cash flow fell 12.1% in FY2025 to $4.6B. 10-K, FY2025
Rail revenue fell 3.1% in FY2025 to $13.3B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

CSX is in the rail transportation industry, part of the industrials sector. The SEC files it under Railroads, Line-Haul Operating.

CSX reports 2 segments: Rail and Trucking.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the rail transportation industry. They are not a summary of CSX’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Economic cyclesDemand for equipment and services rises and falls with business investment.
Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
Trade and tariffsTariffs and trade policy affect costs and sales.
Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
Regulation and liabilitySafety, environmental and product-liability rules can raise costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$14.7B	$14.5B	$14.1B
Net income	$3.7B	$3.5B	$2.9B
Operating cash flow	$5.5B	$5.2B	$4.6B
Cash & equivalents (year end)	$1.4B	$933M	$670M
Total debt (year end)	$18.5B	$18.5B	$18.9B
Diluted shares	2.01B	1.94B	1.87B

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in its filings.
Total debt: The current part of long-term debt and lease obligations plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 21, 2026	Sep 30, 2026
10-Q	Jul 22, 2026	Jun 30, 2026
10-Q	Apr 22, 2026	Mar 31, 2026
DEF 14A	Mar 30, 2026	May 12, 2026
10-K	Feb 12, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about CSX

How does CSX make money?

In fiscal 2025, revenue totaled $14.1B. By segment in FY2025: Rail (94%) and Trucking (6%), as shares of total revenue. Total revenue was $14.1B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What was CSX's revenue in fiscal 2025?

Revenue came to $14.1B in the year ended Dec 31, 2025. Going back two years, it was $14.7B in fiscal 2023 and $14.5B in fiscal 2024, so the latest year was down 3.1%. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

Is CSX profitable?

Yes, by US accounting rules (GAAP): net income was $2.9B in fiscal 2025, down 16.7% from $3.5B a year earlier. For the quarter ended Sep 30, 2026, net income was $1.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What did CSX report in its latest quarterly filing?

The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $4.0B, against $3.6B in the same quarter a year before (up 12.0%), and net income of $1.1B, against $694M (up 51.6%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026.

How much cash and debt does CSX have?

On Sep 30, 2026, cash and cash equivalents stood at $1.2B and total debt at $18.8B. Total debt here is the current part of long-term debt and lease obligations plus long-term debt, at carrying value. Source: 10-Q filed Oct 21, 2026.

What are the main risks CSX faces?

CSX's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the rail transportation industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.

Where do these CSX numbers come from?

Two filings CSX made with the SEC: its fiscal 2025 10-K, filed Feb 12, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in CSX: The editor holds no position in CSX (CSX). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell CSX from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 28, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold CSX, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
CSX	FY2025	$14.1B	−3.1%	$2.9B
Union PacificUNP	FY2025	$24.5B	+1.1%	$7.1B
CaterpillarCAT	FY2025	$67.6B	+4.3%	$8.9B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.