CSX

CSX operates a freight railroad in the eastern United States. Its network connects every major city in the eastern half of the country, about 250 short-line railroads and more than 70 ocean, river and lake ports. It moves three main types of freight: merchandise (chemicals, grain, metals, cars, forest products and fertilizers), intermodal containers and coal. It also owns a trucking business, Quality Carriers.

In Q3 2026, revenue was $4.02 billion: merchandise was $2.45 billion, intermodal $634 million, coal $537 million and trucking $227 million. CSX had about 21,900 employees at September 30, 2026. Its head office is in Jacksonville, Florida, and Steve Angel is its president and chief executive officer.

CSX trades at a premium because investors pay for a fast recovery in margins under chief executive Steve Angel, who took over in late 2025. In 2026, CSX cut costs and headcount, and it moved more freight. Its operating margin rose to 39.1% in Q3 2026 from an adjusted 34.9% a year earlier. Free cash flow for the first nine months of 2026 was $2.65 billion, more than double the $1.07 billion of 2025, because capital spending fell after the Blue Ridge rebuild.

Investors also pay for steady buybacks and for the position of CSX as one of two large railroads in the East. For the premium to be earned, three things must be true. The operating margin must keep rising in 2027, and the company said that 2027 productivity gains can be smaller than in 2026. Volume must keep growing, as the 5% growth of Q3 2026 did, while service measures such as dwell and trip plan performance recover from their Q3 2026 decline.

Free cash flow must stay high with capital spending below $2.4 billion. The premium can shrink if freight demand weakens, if service problems return, or if the Union Pacific and Norfolk Southern merger takes freight from CSX. The Q4 2026 report, expected in late January 2027, with the first 2027 outlook, is the next test. The merger review at the Surface Transportation Board runs through 2027.

1. Oct 21, 2026Passed

   Q3 2026 results: margin and volumeA higher operating margin than a year earlier and volume growth pass; a lower margin or falling volume fail.Outcome: The operating margin rose to 39.1% from an adjusted 34.9%, volume rose 5% and EPS rose to $0.57.
2. Jan 21, 2027 · est.Pending

   Q4 2026 results and 2027 outlookMore than 350 basis points of Q4 margin growth, better service measures and a 2027 outlook for higher margins pass; a weaker margin or lower volume fail.
3. 2027 · est.Pending

   Union Pacific and Norfolk Southern merger reviewA rejection of the merger, or approval with conditions that protect competition in the East, passes; approval with no such conditions fails.

Every passed and failed checkpoint across all picks

• October 21, 2026CSX reported Q3 2026 results. Revenue rose 12% to a record $4.02 billion, and total volume rose 5%. Operating income rose 44% to $1.57 billion, or 25% compared with adjusted results a year earlier, and the operating margin was 39.1%. EPS was $0.57, up from $0.37, or from an adjusted $0.44. Free cash flow for the first nine months was $2.65 billion. CSX bought back 11 million shares for $543 million in the quarter. A press report of the call said that the company raised its 2026 revenue growth outlook to the high single digits and kept its outlook for more than 350 basis points of margin growth and capital spending below $2.4 billion.
• October 12, 2026CSX said that chief operating officer Mike Cory will retire. He left the role on October 12, 2026, and helps with the change until May 8, 2027. The heads of operations and of network operations now report directly to Steve Angel.
• July 22, 2026CSX reported Q2 2026 results. Revenue rose 10% to a record $3.94 billion, and volume rose 6%, with intermodal up 9%. Operating income rose 17% to $1.51 billion, and the operating margin was 38.3%. EPS rose 23% to $0.54.

Last earnings

October 21, 2026 (8-K on sec.gov)

Next earnings

Expected about January 21, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 21, 2026 · csx-20260930
• 8-KEarnings releaseFiled October 21, 2026 · csx-20261021
• 8-KChange of directors or officers and Investor disclosureFiled October 13, 2026 · csx-20261012
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 22, 2026 · csx-20260630
• 8-KEarnings releaseFiled July 22, 2026 · csx-20260722
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 14, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 22, 2026 · csx-20260331
• 8-KEarnings releaseFiled April 22, 2026 · csx-20260422
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 12, 2026 · csx-20251231
• 8-KEarnings releaseFiled January 22, 2026 · csx-20260122

Every filing on SEC EDGAR (CIK 277948)

• Union Pacific and Norfolk Southern plan to merge into one railroad that goes from coast to coast. CSX opposes the merger, because it says that it reduces choices for shippers. If the Surface Transportation Board approves it, the new railroad can take long-distance freight from CSX. Press reports of the board's schedule say that a decision is not expected before the second half of 2027.
• Service measures became worse in Q3 2026. Dwell rose 12% and carload trip plan performance fell 12% compared with a year earlier. If service does not recover, customers can move freight to trucks and costs can rise.
• Freight volume depends on industrial production, trade and coal markets. Fertilizer volume fell 13% in Q3 2026. A weaker economy or lower export coal prices can cut volume and revenue.
• Fuel costs rose $170 million in Q3 2026 because locomotive fuel prices rose 67%. Fuel surcharges recover most of this cost, but with a delay of about two months. A fast rise in fuel prices lowers profit for some time.
• The company has a new leadership team. The chief executive took over in late 2025, and the chief operating officer left in October 2026. More changes can slow the plan to improve productivity.

CSX funds itself mainly with long-term unsecured notes. Long-term debt, with current maturities, had a carrying value of $18.80 billion at September 30, 2026, and $1.70 billion of it is due within one year. Read more

Dividend yield

1.1% (last 12 months, at today’s price of $50.48)

Paid per share

$0.55 in the last 12 months (4 payments)

Current annual rate

$0.56 ($0.14 × 4 a year)

Payout ratio

34% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 31, 2026, $0.14 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 8.5% a year. Over the last 10 years, the dividend grew by about 8.6% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.