CSX Corporation reported a revenue of $14.1 billion for the fiscal year ending December 31, 2025, marking a decrease of $448 million, or 3%, compared to the previous year. The decline in revenue was primarily attributed to reduced export coal revenue, lower merchandise volume, and decreased fuel recovery. Operating income also fell to $4.5 billion, down 14% from $5.2 billion in 2024, resulting in an operating margin of 32.1%, a decrease of 400 basis points from the prior year. Net earnings decreased by 17% to $2.9 billion, with earnings per diluted share dropping to $1.54, down from $1.79 in 2024.
In terms of operational performance, CSX's merchandise business generated $8.8 billion in revenue, accounting for 62% of total revenue, while the intermodal segment contributed $2.1 billion, or 15%. The coal segment saw a significant revenue drop to $1.9 billion, a 15% decrease from the previous year, reflecting lower shipments of both metallurgical and thermal coal. The trucking business, primarily through Quality Carriers, generated $816 million, a slight decline from 2024. The company shipped 2.6 million carloads in the merchandise segment and 3.0 million units in intermodal, indicating a slight increase in intermodal volume.
CSX's workforce comprised approximately 23,000 employees as of December 2025, with about 16,900 being union members. The company has ratified new agreements with most unions, covering nearly 75% of its unionized workforce. The company emphasized its commitment to safety, achieving a 24% improvement in its FRA Personal Injury Frequency Index, which dropped to 0.94 in 2025 from 1.23 in 2024. The company also reported a 13% improvement in its FRA Train Accident Rate.
Looking ahead, CSX plans to focus on maintaining its infrastructure and optimizing its operations to enhance profitability. The company anticipates capital expenditures of less than $2.4 billion for 2026, with a continued emphasis on safety and reliability. CSX's management remains cautious about market conditions, particularly in the coal sector, and is committed to strategic investments that yield returns above the cost of capital. The company’s liquidity position remains strong, with access to a $1.2 billion revolving credit facility and no outstanding balances as of year-end 2025.
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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