CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services in the United States and Canada. It operates through two segments: rail and trucking. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It also transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities. In addition, the company provides intermodal services through a network of approximately 30 terminals transporting manufactured consumer goods in containers; and drayage services, including the pickup and delivery of intermodal shipments. It serves the automotive industry with distribution centers and storage locations, as well as connects non-rail served customers through transferring products, such as plastics and ethanol from rail to trucks. The company operates approximately 20,000 route mile rail network, which serves various population centers in 26 states east of the Mississippi River, the District of Columbia, and the Canadian provinces of Ontario and Quebec, as well as owns 3400 locomotives. It serves production and distribution facilities through track connections. CSX Corporation was incorporated in 1978 and is headquartered in Jacksonville, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $14.1B | $6.3B | $2.9B | $1.7B | 22.0% | -3.1% | -16.7% |
| 2024 | $14.5B | $7.0B | $3.5B | $2.7B | 27.8% | -0.8% | -5.4% |
| 2023 | $14.7B | $7.2B | $3.7B | $3.3B | 30.6% | -1.3% | -10.8% |
| 2022 | $14.9B | $7.6B | $4.1B | $3.4B | 32.6% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 14,853 | 14,657 | 14,540 | 14,092 |
| Operating Revenue | - | 13,945 | 14,079 | 14,041 | 13,562 |
| Cost Of Revenue | - | 9,137 | 9,158 | 9,187 | 9,407 |
| Gross Profit | - | 5,716 | 5,499 | 5,353 | 4,685 |
| Operating Expense | - | -79 | -29 | -50 | -33 |
| Selling General And Administration | - | -79 | -29 | -50 | -33 |
| Total Expenses | - | 9,058 | 9,129 | 9,137 | 9,374 |
| Operating Income | - | 5,795 | 5,528 | 5,403 | 4,718 |
| Total Operating Income As Reported | - | 5,954 | 5,499 | 5,245 | 4,521 |
| EBITDA | - | 7,589 | 7,245 | 7,045 | 6,293 |
| Normalized EBITDA | - | 7,351 | 7,245 | 7,153 | 6,457 |
| EBIT | - | 6,087 | 5,638 | 5,387 | 4,613 |
| Interest Income | - | 42 | 79 | 85 | 45 |
| Interest Expense | - | 742 | 809 | 832 | 844 |
| Net Interest Income | - | -700 | -730 | -747 | -799 |
| Other Non Operating Income Expenses | - | 12 | 31 | 7 | 14 |
| Other Income Expense | - | 250 | 31 | -101 | -150 |
| Interest Income Non Operating | - | 42 | 79 | 85 | 45 |
| Interest Expense Non Operating | - | 742 | 809 | 832 | 844 |
| Net Non Operating Interest Income Expense | - | -700 | -730 | -747 | -799 |
| Pretax Income | - | 5,345 | 4,829 | 4,555 | 3,769 |
| Tax Provision | - | 1,231 | 1,161 | 1,085 | 880 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 54.74 | 0 | -25.73 | -38.21 |
| Net Income Continuous Operations | - | 4,114 | 3,668 | 3,470 | 2,889 |
| Net Income From Continuing And Discontinued Operation | - | 4,114 | 3,668 | 3,470 | 2,889 |
| Net Income From Continuing Operation Net Minority Interest | - | 4,114 | 3,668 | 3,470 | 2,889 |
| Net Income | - | 4,114 | 3,668 | 3,470 | 2,889 |
| Net Income Common Stockholders | - | 4,114 | 3,668 | 3,470 | 2,889 |
| Net Income Including Noncontrolling Interests | - | 4,114 | 3,668 | 3,470 | 2,889 |
| Normalized Income | - | 3,930.74 | 3,668 | 3,552.27 | 3,014.79 |
| Diluted NI Availto Com Stockholders | - | 4,114 | 3,668 | 3,470 | 2,889 |
| Basic Average Shares | - | 2,066 | 1,958.43 | 1,900.19 | 1,859.74 |
| Diluted Average Shares | - | 2,141 | 2,013 | 1,943 | 1,873 |
| Reconciled Depreciation | - | 1,502 | 1,607 | 1,658 | 1,680 |
| Reconciled Cost Of Revenue | - | 9,137 | 9,158 | 9,187 | 9,407 |
| Total Unusual Items | - | 238 | 0 | -108 | -164 |
| Total Unusual Items Excluding Goodwill | - | 238 | 0 | -108 | -164 |
| Special Income Charges | - | 238 | 0 | -108 | -164 |
| Impairment Of Capital Assets | - | 0 | 0 | 108 | 164 |
| General And Administrative Expense | - | -79 | -29 | -50 | -33 |
| Salaries And Wages | - | -79 | -29 | -50 | -33 |
| Gain On Sale Of Ppe | 454 | 238 | 34 | 11 | - |
| Rent Expense Supplemental | - | 396 | 354 | 355 | 357 |
| Otherunder Preferred Stock Dividend | 0 | 0 | - | - | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CSX Corporationthis co. | CSX | $85.9B | 29.73β premium | 6.53 | 22.0% | 16.62 |
| United Parcel Service, Inc. | UPS | $93.7B | 16.81 | 5.77 | 34.3% | 9.76 |
| Cummins Inc. | CMI | $93.6B | 32.91 | 7.58 | 23.0% | 18.31 |
| General Dynamics Corporation | GD | $92.4B | 21.94 | 3.60 | 16.4% | 15.52 |
| Johnson Controls International plc | JCI | $89.9B |
| - |
| - |
| - |
| - |
| - |
| 27.33 |
| 6.96 |
| 25.5% |
| 32.48 |
| Waste Management, Inc. | WM | $87.9B | 32.48 | 8.80 | 27.1% | 15.37 |
| 3M Company | MMM | $79.7B | 24.52 | 16.95 | 69.1% | 13.46 |
| Emerson Electric Co. | EMR | $79.6B | 34.70 | 3.92 | 11.3% | 18.97 |
| FedEx Corporation | FDX | $78.3B | 19.13 | 2.79 | 14.6% | 10.50 |
| Peer Median | - | 25.92 | 6.37 | 24.2% | 15.45 | |