CSX : 2026 Q1 Earnings Presentation

Published: 2026-04-22 16:09:41 ET CSX

Published on 04/22/2026 at 04:09 pm EDT

April 22, 2026

CSX reports its financial results in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). CSX also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results.

Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, CSX's non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP. Reconciliations of non-GAAP measures to corresponding GAAP measures are attached hereto in the Appendix of this presentation.

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President and Chief Executive Officer

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Executive Vice President and Chief Operating Officer

2026 FIRST QUARTER EARNINGS CONFERENCE CALL

FRA Personal Injury Frequency Index

Velocity (MPH) Dwell (Hours)

0.94

1.24

0.96 0.93

0.81

18.0

18.3 18.4

17.6

18.9

Improvement

9.4

10.3 10.3 11.5 10.7

Improvement

2023 2024 2025 Q1 25 Q1 26

FRA Train Accident Rate

3.47 3.59 3.56

3.11

2.44

2023 2024 2025 Q1 25 Q1 26

Fuel Efficiency (Gal/kGTM)

1.02

0.98 0.97 0.99 0.97

2023 2024 2025 Q1 25 Q1 26

Cars Online (000s)

132

Improvement

126 127 125 124

2023 2024 2025 Q1 25 Q1 26

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Executive Vice President and Chief Financial Officer

2026 FIRST QUARTER EARNINGS CONFERENCE CALL

Total Volume

1,559k

1,518k

Total Revenue

$3,423M $3,482M

Increa Increase

Q1 25 Q1 26

Operating Income

$1,253M

$1,041M

Q1 25 Q1 26

Earnings Per Share

$0.43

$0.34

26%

20%

Increase Increase

Q1 25 Q1 26 Q1 25 Q1 26

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GAAP Income Statement

$M, except per share amounts

Favorable / (Unfavorable)

Q1 2026

Q1 2025

Variance

Revenue

$3,482

$3,423

Labor and Fringe

812

821

Purchased Services and Other

616

774

20%

Depreciation and Amortization

415

425

Fuel

302

275

(10%)

Equipment and Other Rents

Total Expense

$2,229

$2,382

Operating Income

$1,253

$1,041

20%

Operating Margin

36.0%

30.4%

560 bps

Earnings Per Share

$0.43

$0.34

26%

Year-over-year margin expansion of 560bps driven by 2% revenue growth and a 6% reduction in operating expense

Improvement in PS&O expense includes efficiency savings of $50M, real estate gains of $44M, and $20M from cycling prior year network congestion costs

Higher y/y fuel expense reflects higher diesel prices, partially offset by improved efficiency

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Senior Vice President and Chief Commercial Officer

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Q1 2026 Volume up 3%, Total Revenue up 2%, RPU down (1%)

Q1 2026 vs. Q1 2025

Volume

('000 Units)

Revenue

($M)

Revenue Per Unit

($)

Merchandise

631

$2,188

+2%

$3,468

+2%

offset by forest products

Intermodal

757

+6%

$518

+5%

$684

(1%)

Coal

171

(1%)

$458

(1%)

$2,678

supporting domestic volume

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MERCHANDISE

Emerging opportunities in chemicals

Steady infrastructure demand supports aggregates, cement, and metals Housing softness and continued forest products closures impact Automotive impacted by NALVP and plant re-tooling

INTERMODAL

Gains from business wins, new service products Tighter trucking supply, higher diesel prices Middle East conflict adds import uncertainty

COAL

Impact from re-opened export mines on CSX network Strong utility demand, utility coal plant closures Challenged global steel demand

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Q1 2026 Projects In Service

Keystone Terminals

Build out of rail extension connecting to CSX network; gypsum shipments began Jan. 2026.

Martin Marietta

Substantial expansion of rail-served aggregate loading facility; shipments began Feb. 2026.

Diamond Pet Foods

Site-search and rail service design for pet food manufacturing facility; shipments began Mar. 2026.

Pipeline remains strong at

approximately 600 projects

21 projects put in service in Q1, contributing an estimated 33k carloads at full ramp

Anticipating approximately 100 projects in service in 2026

On track for 1-2% volume contribution by 2027

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President and Chief Executive Officer

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Mid-single digit revenue growth including fuel, based on the current forward curve for diesel

Operating margin expansion trending toward higher end of the 200-300 basis point range

Total capital expenditures below $2.4 billion Free Cash Flow growth greater than 60%

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New CSX TRANSFLO Petersburg, VA terminal reflects our commitment to delivering the benefits of rail through transloading. The terminal includes 40 car spots, LPG capability, and convenient access to major highways.

21 rail-served properties added to CSX Select Sites, expanding the program to 80 certified properties and accelerating site selection for growing companies by reducing development risk and time to market.

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Quarterly Comparisons

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Property Additions

In Millions

Free Cash Flow

Before Dividends*

In Millions

Shareholder

Distributions

In Millions

Core Spend Blue Ridge Rebuild Buybacks Dividends

$586

$133

$751

$245

$222

$260

$543

$559

$793

Q1 25 Q1 26

* See next section for Non-GAAP reconciliation

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Non-GAAP Reconciliations

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Free Cash Flow

Dollars in millions

Three Months Ended

Mar 31, 2026 Mar 31, 2025

Net Cash Provided by Operating Activities

Property Additions

Proceeds and Advances from Property Dispositions

$ 1,272

(543)

$ 1,255

(719)

Free Cash Flow Before Dividends (non-GAAP)

$ 793

$ 559

Note: 2025 free cash flow includes approximately $133 million of cash outflows for Blue Ridge spending.

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Disclaimer

CSX Corporation published this content on April 22, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 22, 2026 at 20:08 UTC.