— Know what they know.
/
Not Investment Advice

CSX

NASDAQ · USD
CSX Corporation
Industrials · Railroads
CEO Stephen F. Angel Employees 23,000 R&D / revenue 0.0%
Last price
$48.68−0.02%last session
Market cap
$90.2B
P/E (TTM)
28.1x
From 52w high
−9.2%
From 52w low
+44.8%
1-year return
+35.8%
RSI 14 · vs SMA200
58.5 · +8.6%
IS score
65.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CSX   SPY   XLI (sector ETF) · weekly closes
90100110120130140Jan 26Apr 26Jul 26Oct 26CSX 136SPY 116XLI 111

Score DNA

Each bar is a 0-100 score within the scored universe
78
Profitability
45
Growth
45
Value
74
Momentum
65
Risk (safety)
83
Quality
46
Balance sheet
80
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Congress buying
Warnings
None of the computed warning flags fires for CSX (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 9 / 9Altman Z 2.8Beta 1.213 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
4 open-market sales, $9.1M
Form 144 notices (12m): 11, $23.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-05-01
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+128
243 new holders, 91 closed
2,003 filers hold 80.1% · 757 added, 637 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+128
1,248 funds adding shares
1,120 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
53.8%
20-day avg 49.0%, 50-day avg 47.1%
Latest 4.8 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$14.1B
Revenue growth YoY−3.1%
Gross margin33.2%
Operating income$4.5B
Operating margin32.1%
Net income$2.9B
Net margin20.5%
EPS (diluted)$1.54
Cash flow
Operating cash flow$4.6B
Capital expenditure$2.9B
Free cash flow$1.7B
FCF conversion (FCF / OCF)37.1%
Stock-based compensation$0
FCF less SBC$1.7B
Buybacks$1.4B
Dividends$972.0M
Balance sheet & returns
Cash & short-term investments$675.0M
Total debt$18.9B
Net debt$18.2B
Shareholders' equity$13.2B
Goodwill & intangibles$267.0M
Debt / equity1.37
ROE (TTM)24.1%
ROIC (TTM)9.0%
Operating margin by fiscal year
41.1%FY202138.8%FY202237.2%FY202336.7%FY202432.1%FY2025
Revenue $12.5B (FY2021) to $14.1B (FY2025), a 3.0% CAGR.

Valuation

P/E (TTM)28.1x
EV / EBITDA16.2x
Price / sales6.21x
Price / FCF18.0x
FCF yield5.57%
Buyback yield1.55%
SBC / revenue0.0%
Price / book6.41x
Forward P/E FY202624.3x
Forward P/E FY202721.3x
Forward P/E FY202819.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $54.67 across 9 analysts last quarter is theirs, not ours.

CSX vs industry median

42 companies in Railroads
Gross margin 35.3% 32.1% Operating margin 34.2% 13.7% Net margin 22.2% 9.1% ROIC 9.0% 6.3%
CSX (TTM)Industry median Asset turnover 0.32 vs industry 0.46 · financial leverage 3.18

Earnings delivery

Next report 2026-10-21 · consensus EPS $0.53
58%
beat rate, 7 of 12 quarters
+2.2%
median EPS surprise
3
longest beat streak
-2+2+2+2-4-5-7+6+4-5+11+4
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-19 to 2026-07-22. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CSX CSX Corporation $90.2B28.1x24.1%22.2%−3.1% +35.8%
NSC Norfolk Southern Corporation $73.4B27.9x17.0%21.2%+3.0% +13.8%
WAB Westinghouse Air Brake Techn $48.4B38.5x11.5%12.4%+13.4% +48.2%
UNP Union Pacific Corporation $171.7B23.4x39.7%29.0%+4.2% +29.7%
EMR Emerson Electric Co. $90.1B35.2x12.8%14.7%+4.8% +25.8%
WM Waste Management, Inc. $90.7B32.0x29.8%11.7%+7.2% —
HWM Howmet Aerospace Inc. $88.1B47.3x34.7%21.0%+18.1% —
GD General Dynamics Corporation $93.1B20.7x17.8%8.2%+9.1% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-10-13Officer/Director Change; Regulation FD; Exhibits
2026-07-22Earnings Release; Exhibits
2026-05-14Officer/Director Change; Shareholder Vote; Other Events
2026-04-22Earnings Release; Exhibits
2026-01-22Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-10-29Departure/Election of Directors; Appointment of Officers; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits

Context

Shares outstanding1,852,480,000
Free float99.9%
Institutional ownership80.1%
Beta1.21
Dividend yield1.13%
Last dividend$0.14 on 2026-11-30
50 / 200-day average$48.83 / $44.79
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CSX sits among 7 scored companies in Railroads (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCSXIndustry medianIndustry percentileSector median
P/E (TTM) 28.0x 27.9x
67th		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 6.2x 4.0x
83rd		 2.0x
Price / book 6.4x 4.3x
83rd		 2.9x
Price / tangible book 6.4x 4.0x
80th		 5.6x
Price / free cash flow 18.0x 19.1x
25th		 20.8x
Price / operating cash flow 16.9x 16.7x
67th		 14.5x
Enterprise value $108.1B $54.7B
83rd		 $4.8B
EV / sales 7.5x 4.6x
83rd		 2.4x
EV / EBITDA 16.1x 15.1x
67th		 13.6x
EV / EBIT 21.4x 18.6x
67th		 19.9x
EV / free cash flow 21.5x 23.2x
25th		 24.3x
Earnings yield 3.6% 3.6%
33rd		 3.3%
FCF yield 5.6% 3.8%
83rd		 3.8%
Operating cash flow yield 5.9% 6.0%
33rd		 6.2%
Graham number (per share) $17.19 $59.82
0th		 $38.21

Profitability (TTM)

MeasureCSXIndustry medianIndustry percentileSector median
Gross margin 35.3% 34.3%
67th		 30.5%
EBITDA margin 46.2% 43.3%
67th		 14.3%
Operating margin 34.2% 16.6%
83rd		 9.8%
EBIT margin 34.8% 32.0%
67th		 9.9%
Net margin 22.2% 16.8%
83rd		 6.0%
NOPAT margin 26.2% 12.5%
83rd		 7.8%
FCF margin 34.6% 15.5%
100th		 7.0%
Operating cash flow margin 36.7% 19.0%
83rd		 11.2%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 0.0% 9.3%
0th		 14.1%
Stock comp / revenue 0.0% 0.3%
0th		 0.6%
Effective tax rate 23.3% 24.8%
33rd		 21.0%

Returns on capital

MeasureCSXIndustry medianIndustry percentileSector median
ROE (on average equity) 24.4% 17.0%
67th		 11.9%
ROA 7.4% 5.8%
83rd		 4.8%
ROIC 11.9% 8.5%
83rd		 8.7%
ROCE 12.4% 9.8%
83rd		 9.4%
Return on tangible assets 11.5% 8.9%
83rd		 7.9%
Cash ROIC (OCF / invested capital) 16.6% 11.7%
67th		 12.8%
Gross profitability (GP / assets) 12.4% 14.9%
33rd		 19.2%
ROIC, 3-yr average 9.8% 6.6%
83rd		 7.8%
ROIC, 5-yr average 12.7% 6.7%
83rd		 8.6%
ROE, 5-yr average 27.9% 15.9%
83rd		 12.5%
Incremental ROIC 100.7% 24.0%
83rd		 20.5%

Growth

MeasureCSXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 2.5% 3.0%
33rd		 8.6%
Revenue growth (QoQ) 13.0% 10.4%
67th		 9.9%
Revenue CAGR, 3 yr -1.2% -0.4%
33rd		 5.0%
Revenue CAGR, 5 yr 5.2% 5.2%
50th		 8.3%
Gross profit CAGR, 3 yr -1.7% 4.1%
17th		 6.5%
Operating income CAGR, 3 yr -5.2% 0.2%
0th		 6.4%
Net income growth (TTM YoY) 3.9% 3.9%
50th		 11.3%
Net income CAGR, 3 yr -7.7% 11.8%
0th		 6.6%
EPS growth (TTM YoY) 4.5% 4.5%
50th		 13.3%
EPS CAGR, 3 yr -5.0% 13.4%
0th		 5.6%
EPS CAGR, 5 yr 3.2% 4.9%
40th		 8.3%
FCF growth (TTM YoY) 150.3% 80.8%
100th		 14.7%
FCF CAGR, 3 yr 15.7% — 12.2%
Operating cash flow CAGR, 3 yr -1.5% 1.4%
40th		 8.8%
Book value CAGR, 3 yr 7.7% 8.7%
33rd		 7.3%
Dividend CAGR, 3 yr 4.8% 2.9%
80th		 2.7%
Sustainable growth rate 16.8% 9.8%
67th		 11.0%

Margin history & stability

MeasureCSXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 36.4% 33.1%
67th		 30.6%
Operating margin, 3-yr average 35.1% 16.3%
83rd		 10.0%
Net margin, 3-yr average 22.8% 10.5%
83rd		 6.2%
FCF margin, 3-yr average 22.8% 13.1%
83rd		 7.1%
Revenue stability (0-1) 0.50 0.50
50th		 0.81
Earnings stability (0-1) 0.26 0.55
33rd		 0.47
Margin stability (0-1) 0.93 0.91
83rd		 0.90

Liquidity (latest quarter)

MeasureCSXIndustry medianIndustry percentileSector median
Cash & short-term investments $1.4B $670.0M
83rd		 $249.6M
Net cash (− = net debt) −$18.0B −$6.3B
17th		 −$666.5M
Working capital −$746.0M $82.1M
0th		 $376.4M
Current ratio 0.82 1.12
0th		 1.79
Quick ratio 0.72 0.82
17th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.33 0.32
67th		 0.32
Defensive interval (days) 1,794 days 942 days
100th		 614 days

Leverage & solvency (latest quarter)

MeasureCSXIndustry medianIndustry percentileSector median
Total debt $19.4B $6.9B
83rd		 $919.8M
Debt / equity 1.37 1.15
67th		 0.65
Net debt / equity 1.28 0.97
67th		 0.46
Debt / assets 43.3% 41.5%
67th		 29.3%
Debt / capital 57.9% 53.4%
67th		 39.5%
Debt / EBITDA 2.89 2.89
50th		 2.44
Net debt / EBITDA 2.68 2.68
50th		 1.86
Interest coverage (EBIT / interest) 6.0x 6.0x
50th		 5.0x
Cash interest coverage 6.3x 6.3x
50th		 6.1x
Debt payback (years of OCF) 3.6 yrs 3.6 yrs
50th		 3.2 yrs
Liabilities / assets 68.5% 64.0%
67th		 56.7%
IS credit model rating BBB+ — —
Implied credit spread (bps) 225 225
50th		 200

Efficiency

MeasureCSXIndustry medianIndustry percentileSector median
Asset turnover 0.33 0.36
33rd		 0.75
Fixed asset turnover 0.39 0.42
33rd		 5.14
Inventory turnover 21.7 6.1
100th		 5.0
Receivables turnover 11.7 7.6
67th		 6.7
Days sales outstanding 31 days 48 days
33rd		 54 days
Days inventory outstanding 17 days 60 days
0th		 72 days
Days payables outstanding 48 days 60 days
33rd		 41 days
Cash conversion cycle (days) −0 days 71 days
17th		 63 days
Capex / revenue 2.1% 5.7%
20th		 3.0%
Capex / depreciation 0.18 1.49
0th		 0.76
Operating expense ratio 0.0% 10.5%
0th		 17.7%

Cash flow & earnings quality

MeasureCSXIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.65 1.42
83rd		 1.50
FCF / net income 1.56 1.45
83rd		 1.15
FCF / operating cash flow 94.3% 67.1%
100th		 74.0%
Capex / operating cash flow 5.7% 32.9%
0th		 26.1%
Accruals ratio -4.8% -3.4%
17th		 -4.0%
Sloan accruals ratio -3.9% -3.9%
33rd		 -2.4%
Earnings quality score (0-1) 1.00 1.00
33rd		 1.00

Dividends & buybacks

MeasureCSXIndustry medianIndustry percentileSector median
Dividend yield 1.1% 1.7%
33rd		 0.6%
Dividend per share (TTM) $0.55 $1.24
17th		 $0.44
Payout ratio (dividends / net income) 31.2% 31.2%
50th		 22.5%
Dividends / FCF 20.0% 20.0%
50th		 19.6%
Dividend growth (YoY) 6.3% 5.8%
60th		 5.6%
Buyback yield 0.8% 0.8%
50th		 0.5%
Shareholder yield (dividends + buybacks) 1.9% 1.9%
50th		 2.0%
Share count change (YoY) -0.5% -0.6%
67th		 0.0%
Buybacks, last 5 years $7.9B $1.7B
100th		 $76.0M

Scores & forensic checks

MeasureCSXIndustry medianIndustry percentileSector median
IS score 66 59
67th		 53
IS profitability 78 55
83rd		 37
IS growth 45 44
67th		 54
IS value 45 46
33rd		 47
IS momentum 74 70
67th		 76
IS risk (safety) 65 65
50th		 80
IS quality 83 75
100th		 67
IS balance sheet 46 49
17th		 56
IS earnings quality 80 79
67th		 70
IS cash flow 87 68
100th		 54
Piotroski F-score (0-9) 9 7
100th		 6
Altman Z-score 2.8 2.8
50th		 3.3
Beneish M-score −2.70 −2.60
33rd		 −2.52
Ohlson O-score −7.55 −7.55
50th		 −7.49
IS credit score 61 61
50th		 65

Per share

MeasureCSXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.73 $4.21
17th		 $2.21
Book value per share $7.58 $34.80
0th		 $18.38
Tangible book per share $7.45 $13.14
17th		 $4.39
Revenue per share $7.81 $52.64
0th		 $36.64
FCF per share $2.70 $3.92
33rd		 $2.70
Operating cash flow per share $2.86 $5.54
0th		 $4.28
Cash per share $0.75 $3.56
17th		 $3.02

Size (TTM)

MeasureCSXIndustry medianIndustry percentileSector median
Market cap $90.2B $48.4B
83rd		 $3.9B
Revenue $14.5B $12.0B
83rd		 $2.7B
EBITDA $6.7B $2.5B
83rd		 $394.8M
Net income $3.2B $1.3B
83rd		 $136.3M
Free cash flow $5.0B $1.9B
83rd		 $162.9M
Total assets $44.7B $23.1B
67th		 $3.5B
Shareholders' equity $14.1B $11.2B
67th		 $1.4B
Employees 22,200 19,300
67th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Angel Stephen F
Director, President & CEO
 Award / grant 194——2,588
2026-09-25Cory Michael A.
EVP & COO
 Tax withholding 12,611$46.78$589,94385,150
2026-09-15Whisler J Steven
Director
 Award / grant 771$48.66$37,51798,377
2026-09-01Angel Stephen F
Director, President & CEO
 Award / grant 185——2,387
2026-08-03Angel Stephen F
Director, President & CEO
 Award / grant 181——2,202
2026-07-24Williams Angela C
VP & Chief Accounting Officer
 Open-market sale 30,000$53.29$1.6M10,437
2026-07-24Burns Michael S.
SVP - CLO & Corp Secy
 Option exercise 13,000$26.50$344,50072,643
2026-07-24Burns Michael S.
SVP - CLO & Corp Secy
 Open-market sale 13,000$52.68$684,84059,643
2026-07-24Burns Michael S.
SVP - CLO & Corp Secy
 Option exercise 13,000$26.50$344,50010,457
2026-07-01Angel Stephen F
Director, President & CEO
 Award / grant 187——2,021
2026-06-15Whisler J Steven
Director
 Award / grant 791$47.39$37,48597,326
2026-06-03Boone Kevin S.
EVP & CFO
 Option exercise 13,455$22.70$305,428222,077

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired82,706$75,002
Open-market saleDisposed4189,708$9.1M
Option exerciseAcquired3149,708$3.5M
Option exerciseDisposed3149,708$3.5M
Tax withholdingDisposed112,611$589,943
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 11 notices · 574,278 shares · $23.7M
FiledFilerShares proposedEst. proceeds
2026-07-24Michael S Burns13,000$684,792
2026-07-24Angela C Williams30,000$1.6M
2026-06-04Zillmer John J10,000$463,887
2026-06-03Kevin Boone136,708$6.4M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 12 trades (1 purchases) · Senate 4 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-31Kevin HernHouseSale$1,001 - $15,0002026-09-28
2026-08-31Kevin HernHouseSale$1,001 - $15,0002026-09-25
2026-08-31Kevin HernHouseSale (Partial)$1,001 - $15,0002026-09-25
2026-08-27Kevin HernHouseSale$1,001 - $15,0002026-09-28
2026-06-08Tommy TubervilleSenateSale$15,001 - $50,0002026-07-16
2026-06-08Thomas Hawley TubervilleSenateSale$15,001 - $50,0002026-07-16
2025-11-10Markwayne MullinSenateSale$15,001 - $50,0002025-12-05
2025-11-10Markwayne MullinSenateSale (Full)$15,001 - $50,0002025-12-04
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.161,062,005$7.7B8.69%
VANGUARD CAPITAL MANAGEMENT LLC121,371,632$5.8B6.55%
STATE STREET CORP91,455,446$4.3B4.94%
PRICE T ROWE ASSOCIATES INC /MD/70,889,485$3.4B3.83%
Invesco Ltd.58,361,617$2.8B3.15%
GEODE CAPITAL MANAGEMENT, LLC44,162,148$2.1B2.38%
VANGUARD PORTFOLIO MANAGEMENT LLC37,227,799$1.8B2.01%
BANK OF AMERICA CORP /DE/33,641,111$1.6B1.82%
Fisher Asset Management, LLC28,042,636$1.3B1.51%
NORGES BANK25,950,269$1.2B1.40%
AMERIPRISE FINANCIAL INC25,312,000$1.2B1.37%
JPMORGAN CHASE & CO24,571,294$1.2B1.33%
DIMENSIONAL FUND ADVISORS LP22,301,185$1.1B1.20%
ROYAL BANK OF CANADA20,622,970$980.2M1.11%
MORGAN STANLEY20,274,395$963.6M1.09%

Institutional ownership by quarter

2023-092026-0680.1%
% of shares held by 13F filers
2023-092026-062,003
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,00380.1%24375763791
2026-03-311,87577.5%207661653121
2025-12-311,82077.6%22164762095
2025-09-301,73874.3%16663659195
2025-06-301,70375.8%182518702131
2025-03-311,67476.4%127566669157
2024-12-311,73079.0%215588604124
2024-09-301,67276.6%12161657292
2024-06-301,66377.1%118627574133
2024-03-311,70177.9%15162060298
2023-12-311,67177.7%22252860976
2023-09-301,55078.3%108544568117

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%139,956,863
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-02-12SCHEDULE 13GJPMORGAN CHASE & CO.5.5%106,679,163
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.12%$2.7B
VTI0.12%$2.7B
VSMPX0.12%$2.7B
VTSAX0.12%$2.7B
VOO0.13%$2.3B
VFINX0.13%$2.3B

Share structure

Shares outstanding1,852,480,000
Float1,849,929,135
Free float99.9%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$12.5B$14.9B$14.7B$14.5B$14.1B
Cost of revenue$7.2B$8.9B$9.1B$9.0B$9.4B
Gross profit$5.3B$5.9B$5.6B$5.5B$4.7B
R&D$0$0$0$0$0
SG&A−$64.0M−$79.0M−$29.0M−$50.0M$0
Operating income$5.2B$5.8B$5.5B$5.4B$4.5B
EBITDA$7.1B$7.7B$7.3B$7.1B$5.9B
Pretax income$5.0B$5.4B$4.8B$4.6B$3.8B
Income tax$1.2B$1.2B$1.2B$1.1B$880.0M
Net income$3.8B$4.2B$3.7B$3.5B$2.9B
EPS, diluted$1.68$1.95$1.85$1.79$1.54
Diluted shares2.3B2.1B2.0B1.9B1.9B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$2.3B$2.1B$1.4B$1.0B$675.0M
Receivables$1.1B$1.3B$1.4B$1.3B$1.3B
Inventory$339.0M$341.0M$440.0M$414.0M$390.0M
Total current assets$3.9B$3.8B$3.4B$2.8B$2.5B
PP&E, net$33.5B$34.7B$35.2B$36.1B$37.3B
Goodwill & intangibles$451.0M$502.0M$506.0M$433.0M$267.0M
Total assets$40.5B$41.9B$42.2B$42.8B$43.7B
Accounts payable$963.0M$1.1B$1.2B$1.3B$1.1B
Total current liabilities$2.2B$2.5B$3.2B$3.3B$3.1B
Long-term debt$16.2B$17.9B$18.0B$17.9B$18.2B
Total liabilities$27.0B$29.3B$30.2B$30.3B$30.5B
Shareholders' equity$13.5B$12.6B$12.0B$12.5B$13.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$3.8B$4.2B$3.7B$3.5B$2.9B
Depreciation & amortization$1.4B$1.5B$1.6B$1.7B$1.7B
Stock-based compensation$0$74.0M$0$40.0M$0
Change in working capital$173.0M$91.0M$122.0M$74.0M−$244.0M
Operating cash flow$5.1B$5.6B$5.5B$5.2B$4.6B
Capital expenditure−$1.8B−$2.1B−$2.3B−$2.5B−$2.9B
Free cash flow$3.3B$3.5B$3.3B$2.7B$1.7B
Investing cash flow−$1.9B−$2.1B−$2.3B−$2.6B−$2.9B
Net debt issued / repaid−$426.0M$1.8B$447.0M−$8.0M$287.0M
Buybacks−$2.9B−$4.7B−$3.5B−$2.2B−$1.4B
Dividends paid−$839.0M−$852.0M−$882.0M−$930.0M−$972.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin41.1%38.8%37.2%36.7%33.2%
Operating margin41.1%38.8%37.2%36.7%32.1%
Net margin30.2%28.0%25.1%23.9%20.5%
FCF margin26.4%23.5%22.2%18.7%27.9%
ROE28.4%31.9%29.9%28.3%22.5%
ROIC14.0%15.2%14.0%13.3%10.9%
ROA9.4%10.1%8.8%8.2%6.7%
Debt / equity1.251.471.591.521.47
Interest coverage7.9x8.3x7.0x6.5x5.5x
Current ratio1.731.561.040.860.81
Revenue growth+18.3%+18.6%−1.3%−0.8%−3.1%
EPS growth+41.7%+17.6%−6.8%−3.4%−14.2%
P/E at year end20.8x14.8x18.0x17.6x23.4x
EV / EBITDA at year end13.2x10.2x11.6x11.2x13.7x
FCF yield at year end4.20%5.66%4.91%4.45%5.83%
Dividend payout22.2%20.5%24.0%26.8%33.6%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Total Merchandise$7.5B$8.2B$8.7B$8.9B$8.8B
Chemicals$2.4B$2.6B$2.6B——
Coal Services$1.8B$2.4B$2.5B$2.2B$1.9B
Intermodal$2.0B$2.3B$2.1B$2.0B$2.1B
Agricultural and Food Products$1.5B$1.7B$1.7B——
Automotive$886.0M$1.1B$1.2B——
Forest Products$918.0M$996.0M$1.0B——
Trucking$410.0M$966.0M$882.0M$844.0M$816.0M
Metals and Equipment$796.0M$828.0M$917.0M——
Other Services$744.0M$908.0M$578.0M——
Minerals$587.0M$658.0M$733.0M——
Fertilizers$470.0M$455.0M$516.0M——

Street estimates by fiscal year

Next report 2026-10-21 · consensus EPS $0.53 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$15.3B$15.0B – $15.6B$2.00$1.94 – $2.061324.3x
2027$16.1B$15.7B – $16.3B$2.29$2.20 – $2.411321.3x
2028$16.7B$16.3B – $17.2B$2.53$2.37 – $2.62819.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-22$0.52$0.54+4.2%$3.9B$3.9B+1.0%
2026-04-22$0.39$0.43+10.5%$3.5B$3.5B−0.2%
2026-01-22$0.41$0.39−5.1%$3.5B$3.5B−0.9%
2025-10-16$0.42$0.44+3.7%$3.6B$4.5B+24.9%
2025-07-23$0.42$0.44+5.8%$3.6B$3.6B−0.1%
2025-04-16$0.36$0.34−6.8%$3.5B$3.4B−0.8%
2025-01-23$0.44$0.42−4.5%$3.6B$3.5B−0.5%
2024-10-16$0.48$0.46−4.2%$3.7B$3.6B−1.5%
2024-08-05$0.48$0.49+2.1%$3.7B$3.7B+0.1%
2024-04-17$0.45$0.46+2.2%$3.7B$3.7B+0.4%
2024-01-24$0.44$0.45+2.3%$3.6B$3.7B+1.5%
2023-10-19$0.43$0.42−2.3%$3.6B$3.6B−0.7%
2023-07-20$0.49$0.490.0%$3.7B$3.7B−1.0%
2023-04-20$0.43$0.48+11.6%$3.6B$3.7B+3.3%
2023-01-25$0.46$0.47+2.2%$3.7B$3.7B−0.1%
2022-10-20$0.49$0.51+4.1%$3.7B$3.9B+4.2%
2022-07-20$0.47$0.54+14.9%$3.7B$3.8B+4.4%
2022-04-20$0.37$0.39+5.4%$3.3B$3.4B+3.1%
2022-01-20$0.41$0.42+2.4%$3.4B$3.4B+2.0%
2021-10-20$0.38$0.43+13.2%$3.1B$3.3B+4.9%
2021-07-21$0.37$0.39+5.4%$3.1B$3.0B−4.7%
2021-04-20$0.32$0.31−3.1%$2.8B$2.8B−0.3%
2021-01-21$0.34$0.35+2.9%$2.7B$2.8B+4.2%
2020-10-21$0.31$0.32+3.2%$2.6B$2.6B+3.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.506-150.506-220.506-290.507-060.607-131.107-200.907-270.508-030.508-100.508-170.508-240.508-31
Week ofNotionalSharesTrades
2026-08-31$533.5M10,852,163136,022
2026-08-24$516.6M10,021,633127,334
2026-08-17$504.1M9,878,216130,709
2026-08-10$459.7M9,160,949109,908
2026-08-03$494.3M9,786,276140,546
2026-07-27$860.0M16,886,950171,099

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1553.8%
DateShort shareShort volumeTotal volume
2026-10-1553.8%1,470,3712,731,499
2026-10-1459.0%1,488,7542,525,302
2026-10-1359.0%1,009,7191,712,450
2026-10-1255.8%933,7711,672,366
2026-10-0945.5%696,7761,532,238
2026-10-0855.2%1,226,2812,221,254
2026-10-0748.9%1,124,7112,302,067
2026-10-0659.2%1,752,3402,960,526
2026-10-0549.1%961,3291,955,967
2026-10-0248.7%1,548,6713,179,315
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.2Jan+1.4Feb+1.9Mar+4.4Apr+1.1May-0.1Jun+1.8Jul-1.9Aug-0.0Sep+3.1Oct+3.8Nov-0.9Dec
MonthAvg returnUp yearsYears
Jan+1.2%65%20
Feb+1.4%60%20
Mar+1.9%67%21
Apr+4.4%75%20
May+1.1%55%20
Jun−0.1%45%20
Jul+1.8%65%20
Aug−1.9%45%20
Sep−0.0%55%20
Oct+3.1%60%20
Nov+3.8%65%20
Dec−0.9%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1458.5
MFI69.2
ADX16.8
Stochastic %K / %D93.0 / 93.7
Williams %R-16.3
CCI207
TSI / signal-2.6 / -14.9
Chaikin money flow0.15
ATR$0.77
Bollinger width5.9%
Volume vs 20-day avg0.97x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$47.26 (+3.0%)
SMA 50$48.77 (−0.2%)
SMA 200$44.82 (+8.6%)
EMA 21$47.81 (+1.8%)
EMA 50$48.22 (+1.0%)
EMA 200$45.09 (+8.0%)
Bollinger upper$48.65 (+0.1%)
Bollinger lower$45.86 (+6.1%)
Parabolic SAR$46.82 (+4.0%)
Open the live chart, 110+ indicators

About CSX Corporation

CSX Corporation, operating through its subsidiaries, stands as a leading provider of rail-based cargo transportation services. The company offers a wide range of services, including general rail freight, the movement of intermodal containers and trailers, and specialized transport solutions such as efficient rail-to-truck transfers and the handling of bulk commodities. CSX facilitates the shipment of a diverse array of goods, encompassing industrial chemicals, agricultural and food products, automotive components and finished vehicles, minerals, timber products, fertilizers, and various metals and heavy equipment. Additionally, it plays a crucial role in energy supply chains, transporting coal, coke, and iron ore to power generation facilities, steel manufacturers, and industrial plants, and also manages the export of coal via deep-water port access. The company's intermodal operations leverage a robust network of approximately 30 terminals to transport manufactured consumer goods in containers. This also includes drayage services, managing the initial pickup and final delivery of intermodal freight. For the automotive industry, CSX provides dedicated distribution centers and storage locations, and extends its reach to clients without direct rail access by orchestrating transfers of products like plastics and ethanol from rail to road. CSX's substantial infrastructure features an extensive rail network spanning approximately 19,500 route miles. This network strategically connects numerous population centers across 23 states east of the Mississippi River, the District of Columbia, and extends into the Canadian provinces of Ontario and Quebec. Powering these operations, CSX owns and leases around 3,500 locomotives. Its rail lines also provide direct connections to various production and distribution facilities, enhancing supply chain efficiency. Established in 1978, CSX Corporation has its headquarters located in Jacksonville, Florida.

https://www.csx.com

Key executives

NameTitlePayBorn
Michael A. CoryExecutive Vice President & Chief Operating Officer$3.7M1962
Stephen F. AngelChief Executive Officer, President & Director$2.2M1955
Kevin S. BooneExecutive Vice President & Chief Financial Officer$1.4M1977
Arthur AdamsSenior Vice President of Sales & Marketing——
Casey AlbrightSenior Vice President of Network Operations & Service Design——
Doug RyhorchukSenior Vice President of Operations——
Maryclare KenneySenior VP & Chief Commercial Officer—1978
Matthew James KornHead of Investor Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
James M. Foote President & Chief Executive Officer2020$1.2M$6.0M$200,000$15.3M
Mark K. Wallace Executive Vice President & Chief Sales and Marketing Officer2020$550,000$1.4M$49,500$3.9M
Jamie J. Boychuk Executive Vice President – Operations, CSXT2020$500,000$1.4M$45,000$3.7M
Kevin S. Boone Executive Vice President & Chief Financial Officer2020$475,000$1.4M$42,750$3.6M
Nathan D. Goldman Executive Vice President & Chief Legal Officer2020$500,000$1.1M$45,000$3.2M

Employees

22k201821k201919k202021k202122k202223k202324k202423k2025

Dividends

Ex-dateAmountPaid
2026-11-30$0.142026-12-15
2026-08-31$0.142026-09-15
2026-05-29$0.142026-06-15
2026-02-27$0.142026-03-13
2025-11-28$0.132025-12-15
2025-08-29$0.132025-09-15
2025-05-30$0.132025-06-13
2025-02-28$0.132025-03-14

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage72
Intangibles61
Switching costs28
Network effect35
Efficient scale90
Our component scores (0-100) and overall 55.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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