What is the market's earnings forecast for CSX next quarter?

What is CSX's gross profit margin?

What is CSX's latest dividend and current dividend yield?

What factors drove the changes in CSX's revenue and profit?

What does CSX do and what are its main business segments?

What were the key takeaways from CSX's earnings call?

What were the key takeaways from CSX’s earnings call?

What guidance did CSX's management provide for the next earnings period?

- **2026 Margin Expansion Target**: 200-300bps operating margin improvement through workforce optimization and cost control.
- **Free Cash Flow Growth**: >50% YoY increase driven by higher earnings and reduced capital spending.
- **Intermodal Growth**: 7% Q4 revenue growth, with double-stack capacity at Howard Street Tunnel enabling 2026 volume ramp-up.
- **Coal Recovery**: Domestic utility demand strong, with two key mines re-opening to boost export volumes.
- **Cost Savings**: $100+M in non-labor savings initiatives and 3% rail headcount reduction.

**【Management Opening Remarks】**
- CSX executives (Steve Angel, Mike Cory, Kevin Boone) kicked off the call, highlighting the challenging 2025 environment with subdued demand and operational disruptions. The company emphasized cost optimization, leadership team renewal, and strategic initiatives to drive 2026 performance.

**【CEO Summary Section】**
- **2025 Performance**: Reported lower operating income, margin, and EPS due to $50M in restructuring charges. Volumes grew modestly (1%), but revenue declined 1% due to mix headwinds and coal pricing.
- **Strategic Actions**: Workforce optimization (3% rail headcount reduction), technology portfolio rationalization, and $100+ cost-saving initiatives across non-labor expenses.
- **2026 Outlook**: Target 200-300bps operating margin expansion through productivity, cost control, and a stable network. CapEx reduced to <$2.4B, with focus on safety, reliability, and growth projects.
- **Free Cash Flow**: Projected >50% growth vs. 2025, driven by higher earnings, normalized taxes, and lower capital spending.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Operating income down 9%, EPS down 7% (adjusted basis), with $50M in one-time charges. Non-labor expenses declined 3% YoY, but labor costs rose 3.75% due to union wage agreements.
- **2026 Cost Guidance**: Expect 3-3.5% inflation in labor costs, with non-labor inflation managed through procurement and efficiency initiatives. Depreciation flat YoY due to asset retirements and life extensions.
- **Capital Allocation**: Free cash flow prioritized for dividends, share buybacks, and strategic investments.

**【Commercial & Market Outlook】**
- **Volume Growth**: Low single-digit revenue growth (1-3%) driven by intermodal, minerals, and domestic coal. Challenges remain in chemicals, forest products, and automotive markets.
- **Coal Segment**: Domestic utility demand strong, but export met coal pricing subdued. Two key mines re-opening in 2026 could boost export volumes.
- **Intermodal**: 7% revenue growth in Q4, with new service agreements and double-stack capacity at Howard Street Tunnel driving 2026 expansion.

**【Q&A Highlights】**
- **Storm Preparedness**: Mike Cory detailed contingency plans for upcoming winter storm, including senior oversight, equipment deployment, and lessons learned from 2024 disruptions.
- **Cost Savings Tracking**: Kevin Boone quantified $150M in non-recurring 2025 costs (severance, tech impairments) and 100+ initiatives targeting $100M+ savings in 2026.
- **Long-Term Targets**: Steve Angel reaffirmed commitment to best-in-class operating margin but declined to set specific multi-year targets, citing macroeconomic uncertainty.
- **Merger Impact**: Management focused on running CSX efficiently while monitoring regulatory developments around industry consolidation.


CSX Corporation (CSX) Q4 2025 Earnings Call Transcript

- **Operational Excellence**: Fastest train velocity since 2021, 93% intermodal compliance, and $500M+ invested in network upgrades.
- **Commercial Resilience**: Flat merchandise revenue but strong growth in minerals (+8%), fertilizer (+7%), and intermodal (+4%).
- **Cost Management**: 3% expense growth vs. prior year, with $45M+ sequential cost reductions and $100M+ savings in 2026.
- **Strategic Growth**: Double-stack intermodal capacity in Q2 2026 and partnerships to convert truck-to-rail volume.
- **Financial Strength**: $1.1B free cash flow year-to-date, dividend increases, and $2.5B capex excluding major projects.

**【CEO Summary Section】**
- CEO Steve Angel emphasized becoming the 'best-performing railroad in North America,' focusing on financial metrics (ROIC, operating margins) alongside safety, customer service, and employee engagement.
- Highlighted operational momentum: fastest train velocity since 2021, lowest dwell time in 5 years, and completion of Howard Street Tunnel and Blue Ridge projects ahead of schedule.
- Strategic priorities include converting truck-to-rail volume, leveraging network density, and pursuing partnerships for growth.

**【COO Operational Update】**
- Safety improvements: 16% year-over-year decline in human factor accidents, proactive safety culture initiatives (SAFE CSX program).
- Network efficiency: 93% intermodal TPC compliance, 83% carload TPC, and reduced train miles through asset optimization.
- Major projects completed: Howard Street Tunnel (double-stack capacity for Q2 2026) and Blue Ridge subdivision, totaling $500M+ investment.

**【CCO Commercial Performance】**
- Merchandise revenue: Flat RPU due to fuel surcharge decline, but growth in minerals (+8%), fertilizer (+7%), and metals/equipment (+5%).
- Intermodal: 4% revenue growth on 5% volume increase, driven by international growth and new domestic service offerings.
- Coal: 11% revenue decline due to export pricing headwinds, but domestic utility coal up 22% on higher natural gas prices.

**【CFO Financial Commentary】**
- Q3 operating income: $1.1B (excluding $164M goodwill impairment charge), EPS $0.37.
- Expense management: 3% increase vs. prior year, driven by severance and network disruption costs ($71M total).
- Cash flow: $1.1B free cash flow year-to-date, with $850M+ spent on Blue Ridge and tax payments.
- Guidance: Full-year volume growth expected, $2.5B+ capex excluding Blue Ridge, and continued dividend increases.

**【Q&A Highlights】**
- **Strategic Positioning**: CEO Angel focused on running CSX as a stand-alone entity with disciplined cost control and network optimization.
- **Infrastructure Benefits**: Completion of major projects reduces reroute costs and positions for double-stack intermodal growth in 2026.
- **Customer Response**: Intermodal volumes up 5% Q3, with strong demand for new service offerings and truck-to-rail conversions.
- **Financial Outlook**: Sequential cost reductions ($45M+ from Q3 to Q4) and $100M+ savings from completed projects in 2026.


CSX Corporation (CSX) Q3 2025 Earnings Call Transcript

- **Revenue Resilience**: Sequential growth (+4%) offset YoY decline, driven by merchandise and coal recovery.
- **Operational Turnaround**: 550bps margin expansion, velocity up 10%, dwell down 15%.
- **Project Payoff**: $120M+ annual savings from Q4 project completions, 2026 double-stack intermodal launch.
- **Coal Challenges**: Export RPU down 16% YoY, but domestic utility demand stable.
- **Cost Control**: $30M+ annual savings vs. $20M Q3 labor headwind.
- **2026 Growth**: Industrial pipeline, intermodal expansion, and network efficiency set for double-digit EPS growth.

**【CEO Summary Section】**
- **Operational Recovery**: Q2 revenue of $3.6B (-3% YoY, +4% QoQ) driven by merchandise and coal volume improvements. Sequential operating margin expanded 550bps due to cost control and service recovery.
- **Network Projects**: Howard Street Tunnel and Blue Ridge rebuilds on track for Q4 completion, unlocking 2 North-South routes and enabling double-stack intermodal in 2026.
- **Customer Focus**: Net Promoter Score at record high, with 49 industrial projects in service YTD and 30+ nearing completion. 
- **Cost Discipline**: Sequential expense reduction of 4% despite 6% increase in gross ton miles. Management restructured to improve efficiency, with $30M annualized savings offset by $15-20M Q3 charge.

**【CFO Financial Commentary】**
- **Top Line**: GAAP revenue down 3% YoY due to lower coal and fuel prices. Sequential improvement matched volume growth.
- **Bottom Line**: Operating income up $242M QoQ, EPS +29% QoQ. Q3 labor costs to rise $20M due to wage hikes, partially offset by $25M+ annualized savings from restructuring.
- **Cash Flow**: YTD free cash flow lower due to $295M+ capital spend on network projects. Q2+ benefits from bonus depreciation (~$250M+ annual impact).
- **2026 Outlook**: ~$120M annual savings from project completions, with double-stack intermodal enabling new growth opportunities.

**【Q&A Key Highlights】**
- **Service Sustainability**: Mike Cory emphasized improvements in velocity (+10%), dwell (-15%), and trip plan compliance. Q3 service metrics expected to trend higher with project completions.
- **Coal Market**: Kevin Boone noted domestic utility demand resilience but export headwinds. 2 key mines expected to restart in Q4.
- **Intermodal Momentum**: International units up YoY, domestic volumes flat. Myrtlewood interchange conversions driving truck-to-rail shifts.
- **Industry Consolidation**: Joe Hinrichs reaffirmed focus on value creation, open to strategic opportunities while maintaining ONE CSX culture.
- **Tariff Impact**: Customers reacting to policy changes, with exporters accelerating shipments ahead of potential tariffs.


CSX Corporation (CSX) Q2 2025 Earnings Call Transcript

- **Q1 Revenue Miss**: $3.4B (-7% YoY) driven by coal price declines (-$125M) and network inefficiencies, with EPS down 24% to $0.76.
- **Operational Crisis**: Network fluidity metrics (TPC 55%, velocity -10%) reflect $45M in incremental costs from weather/flooding and infrastructure projects.
- **Action Plan**: 100+ locomotives added, customer collaboration to reduce excess inventory, and Q2+ improvement trajectory tied to Blue Ridge rebuild completion.
- **Long-Term Growth**: 600+ industrial projects in pipeline (25% under contract), positioning for U.S. manufacturing reshoring benefits.
- **Shareholder Returns**: $1B+ returned in Q1 via buybacks/dividends, with balanced approach to capital allocation.

**【CEO Summary Section】**
- Total revenue for Q1 2025 was $3.4 billion, down 7% YoY due to lower coal prices, reduced fuel surcharge, and operational challenges from major infrastructure projects (Howard Street Tunnel and Blue Ridge Subdivision rebuilds).
- Volume decreased 1% YoY, with intermodal volumes up 2% but offset by declines in coal and automotive segments.
- Earnings per share (EPS) fell 24% to $0.76, reflecting margin compression and inefficiencies from network congestion.
- Management acknowledged operational shortcomings but emphasized a focused effort to stabilize operations, improve fluidity, and capture missed revenue opportunities in Q2 and beyond.

**【CFO Financial Commentary】**
- Operating expenses increased 2% YoY to $3.3 billion, driven by $45 million in incremental costs from network disruptions, severe weather, and inflation.
- Fuel costs decreased $50 million due to lower gallon prices and efficiency gains, partially offsetting higher labor and purchased services expenses.
- Free cash flow was stable at $687 million, with capital spending focused on safety, reliability, and long-term growth (e.g., $133 million on Blue Ridge rebuild).
- Share buybacks and dividends totaled nearly $1 billion in Q1, reflecting confidence in long-term strategy despite near-term challenges.

**【Operations Update (Mike Cory)】**
- Network fluidity metrics (velocity, trip plan compliance) were negatively impacted by extreme weather, flooding, and infrastructure project reroutes.
- Intermodal trip plan compliance rebounded to 68% (from 60% in Q4 2024), but Carload TPC (train performance compliance) lagged at 55% due to yard congestion.
- Actions to improve performance include: 
  - Adding locomotives to critical corridors
  - Collaborating with customers to reduce excess inventory
  - Leveraging real-time operations tools for faster decision-making
  - Accelerating asset utilization through targeted embargoes

**【Commercial Update (Kevin Boone)】**
- Merchandise business saw mixed results: 
  - Fertilizer (+2%), cement (+4%), and chemicals (+1%) offset declines in automotive (-7%) and forest products (-4%).
  - Coal revenue fell 27% YoY due to lower export prices and operational inefficiencies, though domestic utility demand showed strength.
  - Intermodal revenue declined 3% despite 2% volume growth, driven by lower fuel surcharge and international mix effects.
- Industrial development pipeline remains robust with 600 projects (25% under contract), supporting long-term volume growth expectations.

**【Q&A Highlights】**
- **Operational Challenges**: 60%+ of Q1 underperformance attributed to compounding weather events and infrastructure project reroutes, not strategic decisions.
- **Cost Outlook**: Q1 incremental costs ($45M) expected to decline in Q2 as network stabilizes, but full year cost trajectory dependent on macro demand.
- **Tariff Impact**: East Coast positioning could benefit from U.S. manufacturing reshoring, with early signs of international intermodal pull-forward activity.
- **Customer Relationships**: Net Promoter Scores remain near all-time highs, despite service disruptions, reflecting strong communication and prioritization of critical shipments.
- **Long-Term Guidance**: 2026-2027 financial targets remain intact, with 2025 viewed as a trough year impacted by one-time infrastructure costs and commodity headwinds.

CSX (CSX)-16 Apr 25-2025 Q1 Earnings call transcript

- **2024 Resilience**: 2% volume growth vs. flat U.S. industrial production, 3% merchandise revenue growth despite lower fuel surcharges.
- **2025 Challenges**: $350M headwinds from coal price declines, fuel surcharge reductions, and construction costs. Q1 EPS trough, improving sequentially.
- **Game-Changing Projects**: Howard Street Tunnel completion in 2025 enables $100M+ annual savings by 2026, doubling East Coast intermodal capacity.
- **Customer Commitment**: Net Promoter Score at all-time high, 90%+ utilization of new industrial development projects.


**【CEO Opening Remarks】**
- **2024 Performance Highlights**: Achieved 2% volume growth despite challenges like coal supply disruptions and hurricanes. Merchandise revenue grew 3% on lower fuel surcharges and metals demand. Intermodal volume increased 4% in Q4, driven by domestic conversions.
- **2025 Outlook**: Anticipates low to mid-single-digit volume growth, with coal volumes down due to mine outages and plant closures. Sees potential for intermodal growth through infrastructure projects like the Howard Street Tunnel.
- **Key Initiatives**: Accelerated Howard Street Tunnel project completion (6-8 months vs. 3 years), Cumberland intermodal expansion (doubled car processing capacity), and Blue Ridge subdivision reconstruction post-hurricane damage.

**【COO Operational Performance】**
- **Safety Improvements**: Reduced FRA injuries sequentially, lowest workdays lost in company history. Howard Street Tunnel project completed 6-8 months ahead of schedule.
- **Efficiency Gains**: Fuel efficiency savings of $45M in 2024. Engineering productivity up 20% through better work block management.
- **Network Resilience**: Maintained trip plan compliance despite hurricanes. 90% of Cumberland site configuration complete, doubling car processing capacity.

**【CFO Financial Review】**
- **Q4 2024 Results**: Adjusted EPS down 7% to $1.08 due to $108M goodwill impairment. Revenue declined 4% on lower coal prices and fuel surcharges. Operating expenses reduced 2% through cost control.
- **2025 Challenges**: $350M headwinds from coal price declines, fuel surcharge reductions, and construction costs. Howard Street Tunnel project adds $10M/month net impact in Q1, improving sequentially.
- **Long-Term Outlook**: Committed to mid-single-digit EBIT growth over 3 years, assuming stable coal and fuel prices. 2026+ benefits from Howard Street Tunnel double-stack capability.

**【Q&A Key Themes】**
- **2025 Margin Recovery**: Sean Pelkey expects Q1 as trough, with sequential improvement. 2025 operating income growth at lower end of mid-single digits, rebounding in 2026+.
- **Customer Pipeline Strength**: Kevin Boone notes 90%+ utilization of new industrial development projects, with pipeline activity unchanged despite political shifts.
- **Howard Street Tunnel Impact**: Joe Hinrichs highlights $100M+ annual savings by 2026 from reduced outer route miles and double-stack capacity. Project completion in 2025 enables 2026+ growth acceleration.
- **Labor Market Stability**: Mike Cory expects headcount flat in 2025, with productivity gains offsetting 4% wage inflation.


Actual															0.3333	0.2167	0.32	0.3467	0.31	0.4	0.43	0.42	0.39	0.54	0.52	0.49	0.48	0.49	0.42	0.45	0.46	0.49	0.46	0.42	0.34	0.44	0.44	0.42
Forecast															0.3133	0.212	0.309	0.3351	0.3185	0.3705	0.3757	0.4146	0.3744	0.4667	0.4948	0.4653	0.4261	0.4935	0.426	0.4423	0.4519	0.4775	0.4767	0.4208	0.365	0.4157	0.4241	0.4274	0.3952
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+6.38%	+2.22%	+3.56%	+3.46%	-2.67%	+7.96%	+14.45%	+1.30%	+4.17%	+15.71%	+5.09%	+5.31%	+12.65%	-0.71%	-1.41%	+1.74%	+1.79%	+2.62%	-3.50%	-0.19%	-6.85%	+5.85%	+3.75%	-1.73%	0.00%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	2.86B	2.25B	2.65B	2.77B	2.81B	2.99B	3.29B	3.43B	3.41B	3.81B	3.90B	3.73B	3.71B	3.70B	3.57B	3.68B	3.68B	3.70B	3.62B	3.54B	3.42B	3.57B	3.59B	3.51B	--
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	2.87B	2.31B	2.67B	2.77B	2.79B	2.93B	3.06B	3.32B	3.31B	3.66B	3.74B	3.73B	3.58B	3.73B	3.55B	3.63B	3.67B	3.70B	3.68B	3.56B	3.45B	3.58B	3.57B	3.58B	3.50B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.23%	-2.35%	-0.66%	-0.02%	+0.72%	+2.10%	+7.50%	+3.12%	+3.09%	+4.37%	+4.31%	-0.05%	+3.55%	-0.88%	+0.53%	+1.33%	+0.39%	+0.08%	-1.53%	-0.50%	-0.85%	-0.06%	+0.50%	-2.04%	0.00%

CSX

CSX fundamentals

CSX Q1 2026 Earnings Preview

Earnings Call

You can ask Aime

CSX

CSX fundamentals

CSX Q1 2026 Earnings Preview

Earnings Call

CSX Earnings Call Summary for Q1/2026Upcoming4:30 PM on Apr 22, 2026

CSX Earnings Call Summary for Q4/20254:30 PM on Jan 22, 2026

CSX Earnings Call Summary for Q3/20254:30 PM on Oct 16, 2025

CSX Earnings Call Summary for Q2/20254:30 PM on Jul 23, 2025

CSX Earnings Call Summary for Q1/20254:30 PM on Apr 16, 2025

You can ask Aime