CSX Corporation

csx.com

What Do They Do?

Ships merchandise by rail for industrial and agricultural businesses, and transports intermodal freight and coal for energy and steel producers.

How Do They Make Money?

Shippers pay negotiated or published rates per carload, container or ton, based on distance and commodity. CSX bills when it receives shipment paperwork; invoices are generally due within 15 days, while freight moves from origin to destination.

revenue

Segment	Share	How money arrives
Total Merchandise Usage-based	62% FY2022: 55%	Usage-based
Intermodal Usage-based	15% FY2022: 16%	Usage-based
Coal Usage-based	13% FY2022: 16%	Usage-based
Trucking business Usage-based	5.8% FY2022: 6.5%	Usage-based
Other Sold outright	3.8% FY2022: 6.1%	Sold outright

Who Are Their Customers?

CSX serves manufacturers and industrial shippers, agricultural and consumer-goods businesses, and energy producers. Its intermodal service connects customers to rail through trucks and terminals.

Do Revenues Turn Into Profits?

Yes. It kept 21 cents of every revenue dollar as net income in FY2025 and turned 12 cents into free cash flow.

Operating income, FY2025

32% of revenue

▼ −14% vs FY2024 ($5.2B, 36%)

Net income, FY2025

21% of revenue

▼ −17% vs FY2024 ($3.5B, 24%)

Free cash flow, FY2025

12% of revenue

▼ −37% vs FY2024 ($2.7B, 19%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +12%; vs $3.6B in Q3 FY2025
Net income: ▲ +52%; vs $694M in Q3 FY2025

Total Merchandise share of revenue vs 61.6% in Q3 FY2025

Growing. Revenue grew 13% in 4 years, from $12.5B in FY2021 to $14.1B in FY2025, about 3% a year.

Revenue over time

Total Merchandise Intermodal Coal Trucking business Other

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Norfolk Southern Railway

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