CSX Corp.: Fourth quarter and full year 2025 results

CSX Corp. announced fourth quarter 2025 operating income of $1.11 billion and net earnings of $720 million, or $0.39 per share. Fourth quarter operating income and earnings per share include approximately $50 million and $0.02, respectively, in expenses related to severance and rationalization of specific technology investments. In the fourth quarter of 2024, the company reported operating income of $1.11 billion and net earnings of $733 million, or $0.38 per share. Excluding a pre-tax, non-cash goodwill impairment charge, adjusted operating income was $1.21 billion and adjusted net earnings were $815 million, or $0.42 per share, in the prior year quarter.1

“Our quarterly results reflect the subdued industrial demand environment and actions taken to adjust our cost structure,” said Steve Angel, president and chief executive officer. “CSX has a strong operational foundation, and we are positioned to deliver improved financial performance in 2026 as we focus on driving productivity, cost control, and capital discipline while continuing to provide safe and reliable service.”

Fourth Quarter Financial Highlights1

Revenue totaled $3.51 billion for the quarter, decreasing 1% year-over-year, as the effects of lower merchandise volume and reduced export coal revenue offset higher pricing in merchandise and intermodal, an increase in intermodal volume, and higher fuel surcharge revenue.

Operating income was $1.11 billion, compared to adjusted operating income of $1.21 billion in the prior year. Operating margin was 31.6%, compared to operating margin of 31.3% and adjusted operating margin of 34.3% in the fourth quarter of 2024.

EPS was $0.39, compared to adjusted EPS of $0.42 in the prior year.

Fourth quarter operating income and EPS include $50 million and $0.02, respectively, in severance and technology rationalization expense.

Full Year 2025 Financial Highlights1

Revenue totaled $14.09 billion in 2025.

Operating income was $4.52 billion, and adjusted operating income was $4.69 billion, excluding a $164 million goodwill impairment charge in the third quarter. CSX’s operating margin was 32.1% for the full year, and adjusted operating margin was 33.2%.

EPS was $1.54, and adjusted EPS was $1.61.

CSX executives will conduct a conference call with the investment community this afternoon, Jan. 22, at 4:30 p.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-888-510-2008. For callers outside the U.S., dial 1-646-960-0306. Participants should dial in 10 minutes prior to the call and enter 3368220 as the passcode.

In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company's website at http://investors.csx.com. Following the earnings call, a webcast replay of the presentation will be archived on the company website.

This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.

1See the Non-GAAP Measures section of the quarterly financial report for non-GAAP reconciliations and additional information.