CSX Corporation Reports $14.5 Billion Revenue for Fiscal Year 2024, Down 1%

CSX Corporation reported a revenue of $14.5 billion for the fiscal year ending December 31, 2024, marking a decrease of $117 million, or 1%, compared to the previous year. The company's operating income also fell by 5% to $5.2 billion, resulting in an operating margin of 36.1%, down from 37.5% in 2023. Net earnings decreased by 5% to $3.5 billion, translating to earnings per diluted share of $1.79, a decline of $0.03 from the prior year. The decrease in revenue was primarily attributed to lower fuel recovery and coal revenue, which were partially offset by pricing gains in merchandise and increased volumes in both merchandise and intermodal segments.

In terms of operational performance, CSX's merchandise business generated $8.9 billion in revenue, accounting for 61% of total revenue, while the intermodal segment contributed $2.0 billion, or 14%. The coal segment saw a revenue drop to $2.2 billion, representing 15% of total revenue, largely due to lower domestic coal shipments. The trucking business, which includes operations from Quality Carriers, generated $844 million, or 6% of total revenue. The company shipped 2.6 million carloads in the merchandise segment and 2.9 million units in intermodal, reflecting a 1% increase in merchandise volume and a 5% increase in intermodal volume compared to the previous year.

CSX's workforce comprised over 23,500 employees as of December 2024, with approximately 17,500 being union members. The company has been focused on enhancing employee engagement and safety, with a reported FRA Personal Injury Frequency Index of 1.19 in 2024, an increase from 0.94 in 2023. The company also completed a significant acquisition of Pan Am Systems in June 2022, which expanded its operational reach in the Northeastern United States. Additionally, CSX recorded a goodwill impairment of $108 million related to Quality Carriers, reflecting challenges in the trucking segment due to a prolonged trucking recession.

Looking ahead, CSX anticipates continued investment in its infrastructure, with capital expenditures expected to remain consistent with 2024 levels. The company is committed to optimizing its network and enhancing service reliability while managing costs effectively. CSX's management remains focused on strategic initiatives to improve operational efficiency and maintain a competitive edge in the transportation sector. The company also plans to increase its quarterly cash dividend by 8% to $0.13 per share, effective March 2025, marking the 21st consecutive increase in its annual dividend.