Short answer
CSX Corporation (CSX) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $14.1B (−3.1% year over year) and net income of $2.9B.
- Top risk flagged: Regulatory risk from potential new environmental and intermodal transportation rules affecting rail industry compliance costs
FY2025 key financial metrics · XBRL
- Revenue
- $14.1B
- −3.1% YoY
- Net income
- $2.9B
- −16.7% YoY
- Operating margin
- 32.1%
- −4.0 pp YoY
- EPS (diluted)
- $1.54
- −14.0% YoY
- ROE
- 22.0%
- −5.8 pp YoY
- Operating cash flow
- $4.6B
- −12.1% YoY
Source: XBRL data from the CSX Corporation (CSX) FY2025 10-K on SEC EDGAR. USD.
CSX Corporation FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Rail-based freight transportation including traditional rail, intermodal, trucking, serving diverse markets east of Mississippi River
- New emphasis: Integration of trucking through Quality Carriers, comprising 6% of 2025 revenue at $816 million
- Strategic shift: Norfolk Southern merger with Union Pacific creating first transcontinental rail network, altering competitive landscape
- Quantitative metric: 2025 revenue $14.1 billion; 23,000 employees; intermodal units 3.0 million (48% volume); safety index improved to 0.94 from 1.23
- Noteworthy fact: Most union agreements ratified effective January 1, 2025, covering 75% of unionized workforce, enhancing labor stability
Management Discussion & Analysis
- Revenue $14.1B, down 3% YoY ($448M decline) due to lower export coal revenue and merchandise volume, partially offset by merchandise pricing and intermodal volume gains
- Operating margin 32.1% vs 36.1% (down 400 bps); net earnings $2.9B vs $3.5B (down 17%), EPS $1.54 vs $1.79 (down 14%)
- Best segment: Minerals revenue +8% to $832M on 4% volume growth; Worst: Coal revenue down 15% to $1.9B on 2% volume decline
- Free cash flow before dividends $1.8B, down $995M YoY due to lower earnings, $429M tax payments, and higher capex ($2.9B, up $373M), including $470M for Blue Ridge rebuild
- 2026 capex expected < $2.4B focusing on safety, reliability, productivity; management notes risks from market, regulatory changes, and tax legislation impacts
Risk Factors
- Regulatory risk from potential new environmental and intermodal transportation rules affecting rail industry compliance costs
- Macroeconomic threat from tariffs and international trade agreements impacting rail and trucking investment values
- Operational risk from natural disasters and pandemics disrupting company’s systems, equipment, and supply chain
- Competitive risk from trucking freight mode and industry consolidation affecting market share
- Financial risk from unanticipated capital market conditions impacting access and cost of capital
Generated from the filing text; verify against the original. How to read a 10-K
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