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- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CSX

CSX fundamentals

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