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CSX CSX CORP

NasdaqIndustrialsRailroads, Line-Haul OperatingJacksonville, FLFY ends December 31

Profitable 5/5: Fiscal years with net income above zero, out of the last five reported.FY2025 10-K filed Feb 12, 2026 (SEC EDGAR)

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$14.1BYoYdown 3.08%ended Dec 31, 2025
Net income
$2.89B20.5% margin
Diluted EPS
$1.54YoYdown 13.97%
Free cash flow
$1.71B12.1% margin
Cash
$670MNet debt $18.2B
Total debt
$18.9BD/E 1.43×
About CSX CORP

Overview

CSX CORP (CSX) is listed on Nasdaq; the SEC classifies it under "Railroads, Line-Haul Operating".

For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $14.09B, down 3.1% from fiscal 2024.

Net income was $2.89B, a net margin of 20.5%.

At fiscal year end it had total assets of $43.68B and stockholders' equity of $13.16B (30.1% of assets).

Fiscal years shown
FY2016–FY2025 (10 years)
Latest 10-K
Feb 12, 2026
Latest filing
10-QOct 21, 2026
FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
PeriodRevenueNet incomeNet margin
FY2016$11.1B$1.71B15.5%
FY2017$11.4B$5.47B48.0%
FY2018$12.3B$3.31B27.0%
FY2019$11.9B$3.33B27.9%
FY2020$10.6B$2.77B26.1%
FY2021$12.5B$3.78B30.2%
FY2022$14.9B$4.17B28.0%
FY2023$14.7B$3.72B25.3%
FY2024$14.5B$3.47B23.9%
FY2025$14.1B$2.89B20.5%

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
PeriodEPS (diluted)
FY2016$1.81
FY2017$5.99
FY2018$3.84
FY2019$4.17
FY2020$3.60
FY2021$1.68
FY2022$1.95
FY2023$1.85
FY2024$1.79
FY2025$1.54

Free cash flow vs net income

Free cash flow vs net income, fiscal years FY2016 to FY2025.
PeriodFree cash flowNet income
FY2016$643M$1.71B
FY2017$1.43B$5.47B
FY2018$2.9B$3.31B
FY2019$3.19B$3.33B
FY2020$2.64B$2.77B
FY2021$3.31B$3.78B
FY2022$3.49B$4.17B
FY2023$3.27B$3.72B
FY2024$2.72B$3.47B
FY2025$1.71B$2.89B

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
PeriodDiluted shares (weighted)
FY2016948M
FY2017914M
FY2018861M
FY2019798M
FY2020768M
FY20212.26B
FY20222.14B
FY20232.01B
FY20241.94B
FY20251.87B

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
PeriodCash & equivalentsTotal debt
FY2016$603M$11.3B
FY2017$401M$11.8B
FY2018$858M$14.8B
FY2019$958M$16.2B
FY2020$3.13B$16.7B
FY2021$2.24B$16.4B
FY2022$1.96B$18B
FY2023$1.35B$18.5B
FY2024$933M$18.5B
FY2025$670M$18.9B

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Operating margin
32.1%
Net margin
20.5%
FCF margin
12.1%
Return on equity
22.5%
Return on assets
6.7%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR9y CAGR
Revenuedown 3.08%down 1.74%up 5.89%—
EPS (diluted)down 13.97%down 7.57%——
Free cash flowdown 37.05%down 21.12%down 8.29%up 11.49%
Change in share count
-3.60%

Financial strength

Current ratio
0.81×
Debt / equity
1.43×
Liabilities / assets
69.9%
Net debt
$18.2B
Interest coverage
5.36×
Equity / assets
30.1%

Shareholder returns

Dividends per share
$0.52
Dividends paid
$972M
Buybacks
$1.4B
Payout ratio
33.6%
Stock comp. / revenue
0.4%
Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

5 of 8 checks passed

FY2025 vs FY2024

Partial: 8 of 9 checks could be computed.

  • PassPositive return on assets6.8%
  • PassPositive operating cash flow$4.61B
  • FailReturn on assets improved6.8% vs 8.2%
  • PassOperating cash flow above net income10.8% vs 6.8%
  • PassLong-term debt / assets fell41.6% vs 41.9%
  • FailCurrent ratio improved0.81× vs 0.86×
  • PassNo increase in share count1.87B vs 1.94B
  • —Not computableGross margin improved—
  • FailAsset turnover improved0.33× vs 0.34×

Altman Z''-Score

Grey zone (1.10–2.60)

FY2025

Altman Z''-Score: Components
ComponentsRatioWeightPoints
Working capital / assets-0.013×6.56-0.09
Retained earnings / assets0.242×3.260.79
Operating income / assets0.103×6.720.70
Equity / liabilities0.431×1.050.45
Z''1.85

Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 30, 2016
Revenue14,09214,54014,65714,85312,52210,58311,93712,25011,40811,069
YoY (Revenue)-3.08%-0.80%-1.32%+18.62%+18.32%-11.34%-2.56%—+3.06%—
Operating income4,5215,2455,5616,0235,5944,3624,9654,8693,6673,389
Interest expense844832——————546579
Pretax income3,7694,5554,8915,4144,9513,6274,3164,3043,1422,741
Income tax8801,0851,1761,2481,170862985995-2,3291,027
Net income2,8893,4703,7154,1663,7812,7653,3313,3095,4711,714
YoY (Net income)-16.74%-6.59%-10.83%+10.18%+36.75%-16.99%+0.66%-39.52%+219.19%—
EPS (basic)1.541.791.851.951.683.614.183.866.011.81
EPS (diluted)1.541.791.851.951.683.604.173.845.991.81
YoY (EPS (diluted))-13.97%-3.24%-5.13%+16.07%—-13.67%+8.59%-35.89%+230.94%—
Diluted shares (weighted)1,8731,9432,0132,1412,255768798861914948

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 30, 2016
Cash & equivalents6709331,3531,9582,2393,129958858401603
Receivables1,2981,3261,3931,3131,1489129861,010970938
Current assets2,5502,8203,3843,8493,8734,4413,2782,5651,9152,487
Goodwill80239325319276———6363
Intangible assets187194181183175—————
Total assets43,68242,76442,40841,91240,53139,79338,25736,72935,73935,414
Current liabilities3,1333,2763,2242,4712,2332,0192,1511,9151,8942,040
Short-term debt7086065581511814012451819331
Long-term debt18,16517,89717,97517,89616,18516,30415,99314,73911,79010,962
Total liabilities30,52230,25730,27529,28727,03126,68326,39424,14921,01823,720
Retained earnings10,5609,9889,79010,36311,63012,52711,40412,15714,08411,253
Stockholders' equity13,16012,50712,13312,62513,50013,11011,86312,58014,72111,694
Shares outstanding1,8601,9001,9582,0662,202763774816887926

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 30, 2016
Operating cash flow4,6135,2475,5495,6195,0994,2634,8504,6413,4723,041
Capital expenditures2,9022,5292,2812,1331,7911,6261,6571,7452,0402,398
Free cash flow1,7112,7183,2683,4863,3082,6373,1932,8961,432643
YoY (Free cash flow)-37.05%-16.83%-6.25%+5.38%+25.45%-17.41%+10.26%+102.23%+122.71%—
Depreciation & amortization1,6801,6581,6111,500——————
Stock-based compensation544060741072974518937
Share repurchases1,3962,2373,4824,7312,8868673,3734,6711,9701,056
Dividends paid972930882852839797763751708680
Dividends per share0.520.480.440.400.371.040.960.880.780.72
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
$1.54
Revenue per share
$7.52
FCF per share
$0.91
Book value per share
$7.03
Tangible book per share
$6.88
Cash per share
$0.36
Dividends per share
$0.52
Public floatas of Jun 30, 2025
$61B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
—
P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
—
P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 10-Q
    Quarterly report· Sep 30, 2026(SEC EDGAR)
  2. 8-K
    Current report· Oct 21, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  3. 8-K
    Current report· Oct 12, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  4. 10-Q
    Quarterly report· Jun 30, 2026(SEC EDGAR)
  5. 8-K
    Current report· Jul 22, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  6. 8-K
    Current report· May 12, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 5.07Shareholder vote results
    • 8.01Other events
  7. 10-Q
    Quarterly report· Mar 31, 2026(SEC EDGAR)
  8. 8-K
    Current report· Apr 22, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  9. DEF 14A
    Proxy statement· May 12, 2026(SEC EDGAR)
  10. 10-K
    Annual report· Dec 31, 2025(SEC EDGAR)
All filings on SEC EDGAR
SIC 4011 · Railroads, Line-Haul Operating

Peers (same SIC code)

Peers (same SIC code)
TickerRevenue (FY)YoYNet marginROEF-Score5y revenue
UNPUNION PACIFIC CORP$24.5Bup 1.07%29.1%40.4%—
CSXCSX CORP (This company)$14.1Bdown 3.08%20.5%22.5%—
Peer median$24.5Bup 1.07%29.1%40.4%——

Companies with the same 4-digit SIC code, ordered by latest revenue. The median excludes this company. — = not reported or not computable.

Frequently asked questions

What does CSX CORP do?

The SEC classifies CSX CORP under Standard Industrial Classification (SIC) code 4011, "Railroads, Line-Haul Operating". It is headquartered in Jacksonville, FL. It is incorporated in VA. In fiscal 2025 it reported revenue of $14.09B and net income of $2.89B in its annual 10-K report.

What was CSX CORP's revenue in 2025?

CSX CORP reported revenue of $14.09B for fiscal 2025, which ended Dec 31, 2025, down 3.1% from $14.54B in fiscal 2024, according to its annual 10-K report filed with the SEC on Feb 12, 2026.

What was CSX CORP's net income in 2025?

CSX CORP reported net income of $2.89B for fiscal 2025, a net margin of 20.5% of revenue.

Where is CSX CORP listed?

According to the SEC, CSX CORP's ticker CSX is listed on Nasdaq.

When does CSX CORP's fiscal year end?

According to the SEC, CSX CORP's fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.

Source: SEC EDGAR · Last updated:

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Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.