CSX Corporation reported its financial results for the third quarter of 2025, revealing a revenue decrease of 1% year-over-year, totaling $3.587 billion compared to $3.619 billion in the same period of 2024. The decline in revenue was attributed primarily to lower export coal revenue and a decrease in merchandise volume, which was partially offset by higher pricing in merchandise and growth in intermodal volume. For the nine months ending September 30, 2025, total revenue also fell to $10.584 billion from $11.001 billion in the prior year.
The company's expenses increased significantly, rising by 10% to $2.5 billion in the third quarter, up from $2.265 billion in the previous year. This increase was driven by a $164 million goodwill impairment related to Quality Carriers, as well as inflationary pressures and costs associated with network disruptions. Operating income for the quarter decreased by 20% to $1.087 billion, resulting in an operating margin of 30.3%, down from 37.4% in the prior year. Net earnings for the third quarter were $694 million, or $0.37 per diluted share, compared to $894 million, or $0.46 per diluted share, in the third quarter of 2024.
In terms of strategic developments, CSX appointed Stephen F. Angel as the new President and Chief Executive Officer, effective September 28, 2025. The company also reported a significant increase in capital expenditures, which reached $717 million in the third quarter, reflecting ongoing investments in infrastructure, including $440 million related to rebuilding the Blue Ridge subdivision following Hurricane Helene. The total assets of CSX increased to $43.279 billion as of September 30, 2025, compared to $42.764 billion at the end of 2024.
Operationally, CSX reported a slight increase in volume, with 1.612 million units in the third quarter of 2025 compared to 1.590 million units in the same quarter of 2024. The company noted improvements in safety metrics, with a 7% reduction in the personal injury frequency index and a 21% decrease in the FRA train accident rate. However, the company faced challenges in certain segments, such as a decrease in shipments of chemicals and agricultural products, while automotive and minerals saw increases.
Looking ahead, CSX anticipates continued challenges in the market, particularly in coal and merchandise volumes, but remains committed to enhancing operational efficiency and safety. The company plans to maintain its capital investment strategy, focusing on infrastructure improvements and service enhancements, while also managing its liquidity through cash generated from operations and existing credit facilities. The outlook remains cautious, with management emphasizing the need to navigate economic uncertainties and market conditions effectively.
About CSX CORP
CSX Corporation is a leading North American transportation company specializing in rail-based freight services. Its core operations include transporting merchandise, intermodal containers, coal, and providing trucking through subsidiaries. Serving major markets across the eastern U.S. and parts of Canada, CSX offers an efficient, environmentally friendly logistics network with extensive rail infrastructure, equipment, and a focus on safety, reliability, and customer service.
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