CSX Corporation (CSX) financials
NASDAQ · Industrials · Railroads · 21,900 employees · CEO Stephen F. Angel
- Price
- $51.99 -0.48%
- Market cap
- $96.3B
- Enterprise value
- $114B
- Last report
- Q3 '26 filed 2026-10-21
- Next report
- 2027-01-28 EPS est. $0.52
Revenue (TTM)$14.9B+5.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)36.4%+3.7 pp vs a year agoOperating income $5.44B
Net income (TTM)$3.58B+23.4% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.21B-14.9% vs a year agoCapex $2.39B
Diluted EPS (TTM)$1.93+26.1% vs a year agoSum of the last 4 quarters
Net cash-$17.7B+7.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $96.3B EV $114B
- Revenue
- $14.9B Trailing 12 months
- Revenue growth
- +9% FY2026 consensus
- Profit margin
- 24.0% Net income / revenue, TTM
- P/E
- 26.9× Forward 25.3× (FY2026)
- P/S
- 6.4× Price / sales, TTM
- EV / EBITDA
- 15.9× TTM
- Free cash flow
- $3.21B Trailing 12 months
- Net income
- $3.58B Trailing 12 months
- Revenue estimate
- $15.4B FY2026 consensus
- Earnings
- 2027-01-28 Revenue est. $3.98B
- Dividend
- $0.55 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-21): revenue beat by 1.5%, EPS beat by 7.3%Revenue $4.02B vs $3.96B expected (+1.5%); EPS $0.57 vs $0.53 (+7.3%).
- Revenue growth accelerating: 12.0% year on yearQ3 '26 revenue $4.02B, against an average of 2.5% over the four quarters before.
- Operating margin 36.4% (TTM), +3.7 pp on a year agoOperating income grew 17.7% while revenue grew 5.8%.
- 16.0% of pre-tax profit is eaten by non-operating lossesPre-tax income $4.69B vs operating income $5.44B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 16.0% of revenue (a year ago 5.9%)$2.39B invested in the last 4 quarters (+185.1% on a year earlier). Free cash flow $3.21B = 89.7% of net income.
- Returned $2.19B to shareholders = 68.3% of free cash flowBuybacks $1.17B (a year earlier $2.31B), dividends $1.02B, stock-based pay $0 (TTM).
- Diluted share count down 0.7% in a year1.85B diluted shares in Q3 '26, 1.87B a year earlier.
- Net debt $17.7BCash + short-term investments $1.61B, debt incl. leases $19.3B; a year ago net debt $19B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $4.02B | $3.59B | +12.0% |
| Gross margin | 39.1% | 34.9% | +4.2 pp |
| Operating income | $1.57B | $1.09B | +44.4% |
| Operating margin | 39.1% | 30.3% | +8.8 pp |
| Net income | $1.05B | $694M | +51.6% |
| Diluted EPS | $0.57 | $0.37 | +54.1% |
| Operating cash flow | $1.62B | $1.34B | +20.9% |
| Capex | $593M | -$1.5B | +139.7% |
| Free cash flow | $1.02B | $2.83B | -63.8% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-10-21| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $4.02B | $3.96B | +1.5% |
| EPS (as estimated) | $0.57 | $0.53 | +7.3% |
From the report of 2026-10-21 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Total Merchandise | $2.45B | +11.1% | 63.7% | $9.27B | +5.3% | |
| Coal Services | $537M | +9.6% | 13.9% | $1.99B | +5.7% | |
| Intermodal | $634M | +20.3% | 16.5% | $2.36B | +18.6% | |
| Trucking | $227M | +9.7% | 5.9% | $851M | +4.5% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Rail Segment | – | – | $1.57B | +24.9% | – | – | $5.44B |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $5.6B
- Capex
- -$2.39B
- Buybacks
- -$1.17B
- Dividends
- -$1.02B
- Acquisitions
- $150M
- Net debt issued
- -$311M
- Stock-based compensation
- $0
- Free cash flow
- $3.21B
- Returned to shareholders / FCF
- 68.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 26.9× | 19.8× | 15.9× – 23.5× |
| EV / EBITDA | 15.9× | 12.4× | 10.9× – 14.0× |
| EV / Sales | 7.7× | 6.2× | 5.5× – 7.9× |
| Price / FCF | 30.0× | 25.7× | 19.0× – 39.5× |
| Price / Book | 6.7× | 5.5× | 5.0× – 6.3× |
| FCF yield | 3.3% | 4.1% | 2.5% – 5.3% |
| Return on invested capital | 9.8% | 10.2% | 8.4% – 11.6% |
| Return on equity | 26.0% | 28.2% | 22.0% – 32.6% |
Analysts
Consensus target $52.47 (+0.9%)
range $32.00 – $60.00 · rating Buy
Strong buy0
Buy27
Hold17
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $15.4B | +9.4% | $2.06 | +33.5% | 25.3× | 13 |
| FY2027 | $16.3B | +5.7% | $2.34 | +14.0% | 22.2× | 13 |
| FY2028 | $16.9B | +3.7% | $2.58 | +9.9% | 20.2× | 8 |
| FY2029 | $18B | +6.3% | $2.81 | +9.2% | 18.5× | 5 |
| FY2030 | $18.7B | +4.0% | $2.94 | +4.3% | 17.7× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 217 figures CSX Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $1.14B | $1.34B | -15.4% | $1.15B | $1.12B | +2.8% |
| Accounts Receivable, after Allowance for Credit Loss | $1.49B | $1.37B | +8.4% | $1.3B | $1.33B | -2.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.49B | $1.37B | +8.4% | $1.3B | $1.33B | -2.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $17.8B | $17.3B | +2.5% | $17B | $16.5B | +2.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$208M | -$220M | +5.5% | -$213M | -$232M | +8.2% |
| Additional Paid in Capital, Common Stock | $1.13B | $920M | +23.3% | $948M | $846M | +12.1% |
| Amortization of Debt Discount (Premium) | -$59M | $5M | -1,280.0% | $83M | – | – |
| Amortization of Intangible Assets | $3M2025-12-31 | – | – | $12M | $12M | 0.0% |
| Asset Impairment Charges | – | – | – | $26M | $24M | +8.3% |
| Assets | $45.2B | $43.3B | +4.3% | $43.7B | $42.8B | +2.1% |
| Assets for Plan Benefits, Defined Benefit Plan | $447M2025-12-31 | $403M | +10.9% | $447M | $403M | +10.9% |
| Assets, Current | $3.63B | $2.51B | +44.7% | $2.55B | $2.82B | -9.6% |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $231M | $247M | -6.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.22B | $612M | +99.8% | $670M | $933M | -28.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $216M | $225M | -4.0% | -$263M | -$420M | +37.4% |
| Common Stock, Dividends, Per Share, Declared | $0.14 | $0.13 | +7.7% | $0.52 | $0.48 | +8.3% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 5.4B2025-12-31 | 5.4B | 0.0% | 5.4B | 5.4B | 0.0% |
| Common Stock, Shares, Issued | 1.86B2025-12-31 | 1.9B | -2.1% | 1.86B | 1.9B | -2.1% |
| Common Stock, Shares, Outstanding | 1.86B2025-12-31 | 1.9B | -2.1% | 1.86B | 1.9B | -2.1% |
| Common Stock, Value, Issued | $1.84B | $1.86B | -1.1% | $1.86B | $1.9B | -2.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.05B | $698M | +50.9% | $2.91B | $3.52B | -17.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $553M | $873M | -36.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $686M | $1.07B | -36.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $133M | $200M | -33.5% |
| Debt and Lease Obligation | $18.8B | $19.2B | -1.9% | $18.9B | $18.5B | +2.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $195M | $26M | +650.0% |
| Deferred Income Tax Expense (Benefit) | $31M | $144M | -78.5% | $194M | $12M | +1,516.7% |
| Deferred Income Tax Liabilities, Net | $8.03B | $7.71B | +4.2% | $7.91B | $7.73B | +2.4% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$1M | -$14M | +92.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $560M2025-12-31 | $568M | -1.4% | $560M | $568M | -1.4% |
| Deferred Tax Assets, Other | $560M2025-12-31 | $568M | -1.4% | $560M | $568M | -1.4% |
| Deferred Tax Liabilities, Net | $8.47B2025-12-31 | $8.29B | +2.2% | $8.47B | $8.29B | +2.2% |
| Deferred Tax Liabilities, Other | $639M2025-12-31 | $642M | -0.5% | $639M | $642M | -0.5% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $7.84B2025-12-31 | $7.65B | +2.4% | $7.84B | $7.65B | +2.4% |
| Defined Benefit Plan, Accumulated Benefit Obligation | $2.13B2025-12-31 | $2.12B | +0.9% | $2.13B | $2.12B | +0.9% |
| Defined Benefit Plan, Amortization of Gain (Loss) | – | – | – | -$23M | -$18M | -27.8% |
| Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $261M2025-12-31 | $217M | +20.3% | $261M | $217M | +20.3% |
| Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.3%2025-12-31 | 5.5% | -4.5% | 5.3% | 5.5% | -4.5% |
| Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 3.8%2025-12-31 | 3.8% | 0.0% | 3.8% | 3.8% | 0.0% |
| Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | – | – | – | 6.8% | 6.8% | 0.0% |
| Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | – | – | – | 4.8% | 4.8% | 0.0% |
| Defined Benefit Plan, Benefit Obligation | $2.21B2025-12-31 | $2.19B | +1.0% | $2.21B | $2.19B | +1.0% |
| Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | – | – | – | -$64M | $107M | -159.8% |
| Defined Benefit Plan, Benefit Obligation, Benefits Paid | – | – | – | $176M | $177M | -0.6% |
| Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years | $868M2025-12-31 | $869M | -0.1% | $868M | $869M | -0.1% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year Five | $179M2025-12-31 | $181M | -1.1% | $179M | $181M | -1.1% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year Four | $180M2025-12-31 | $182M | -1.1% | $180M | $182M | -1.1% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year One | $187M2025-12-31 | $190M | -1.6% | $187M | $190M | -1.6% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year Three | $182M2025-12-31 | $184M | -1.1% | $182M | $184M | -1.1% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year Two | $183M2025-12-31 | $185M | -1.1% | $183M | $185M | -1.1% |
| Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $0 | $0 | – | – | – | – |
| Defined Benefit Plan, Funded (Unfunded) Status of Plan | $261M2025-12-31 | $217M | +20.3% | $261M | $217M | +20.3% |
| Defined Benefit Plan, Interest Cost | – | – | – | $109M | $106M | +2.8% |
| Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | $179M2025-12-31 | $178M | +0.6% | $179M | $178M | +0.6% |
| Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | $02025-12-31 | $0 | – | $0 | $0 | – |
| Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $186M2025-12-31 | $186M | 0.0% | $186M | $186M | 0.0% |
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.0%2025-12-31 | 100.0% | 0.0% | 100.0% | 100.0% | 0.0% |
| Defined Benefit Plan, Plan Assets, Amount | $2.47B2025-12-31 | $2.41B | +2.7% | $2.47B | $2.41B | +2.7% |
| Defined Benefit Plan, Plan Assets, Benefits Paid | – | – | – | $176M | $177M | -0.6% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01