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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(☒) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

(☐) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number 1-8022

CSX CORPORATION


(Exact name of registrant as specified in its charter)
Virginia						62-1051971
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

500 Water Street	15th Floor	Jacksonville	FL		32202	904	359-3200
(Address of principal executive offices)					(Zip Code)	(Telephone number, including area code)

			No Change
(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class				Trading Symbol(s)		Name of exchange on which registered
Common Stock, $1 Par Value				CSX		Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes (X) No ( )

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes (X) No ( )

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company (as defined in Exchange Act Rule 12b-2).

Large Accelerated Filer (X) Accelerated Filer ( ) Non-accelerated Filer ( ) Smaller Reporting Company (☐) Emerging growth company (☐)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ( )

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes (☐) No (X)

There were 1,878,545,871 shares of common stock outstanding on March 31, 2025 (the latest practicable date that is closest to the filing date).

CSX Q1 2025 Form 10-Q p.1

CSX CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025

INDEX


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	3

	Consolidated Income Statements (Unaudited) - Quarters Ended March 31, 2025 and March 31, 2024	3

	Condensed Consolidated Comprehensive Income Statements (Unaudited) - Quarters Ended March 31, 2025 and March 31, 2024	3

	Consolidated Balance Sheets - At March 31, 2025 (Unaudited) and December 31, 2024	4

	Consolidated Cash Flow Statements (Unaudited) - Three Months Ended March 31, 2025 and March 31, 2024	5

	Consolidated Statement s of Changes in Shareholders' Equity (Unaudited) - Quarters Ended March 31, 2025 and March 31, 2024	6

	Notes to Consolidated Financial Statements (Unaudited)	7

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	29

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	43

Item 4.	Controls and Procedures	43

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	44

Item 1A.	Risk Factors	44

Item 2.	CSX Purchases of Equity Securities	44

Item 3.	Defaults Upon Senior Securities	45

Item 4.	Mine Safety Disclosures	45

Item 5.	Other Information	45

Item 6.	Exhibits	46

Signature		47

CSX Q1 2025 Form 10-Q p.2

CSX CORPORATION

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENTS (Unaudited)

(Dollars in Millions, Except Per Share Amounts)


	First Quarters
	2025		2024 (a)

Revenue	$	3,423	$	3,681
Expense
Labor and Fringe	821		805
Purchased Services and Other	774		720
Depreciation and Amortization	425		410
Fuel	275		325
Equipment and Other Rents	87		84

Total Expense	2,382		2,344

Operating Income	1,041		1,337

Interest Expense	(209)		(210)
Other Income - Net	26		41
Earnings Before Income Taxes	858		1,168

Income Tax Expense	(212)		(288)
Net Earnings	$	646	$	880

Per Common Share (Note 2)
Net Earnings Per Share, Basic	$	0.34	$	0.45
Net Earnings Per Share, Assuming Dilution	$	0.34	$	0.45


Average Shares Outstanding (In Millions)	1,890		1,958
Average Shares Outstanding, Assuming Dilution (In Millions)	1,892		1,962

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Unaudited)

(Dollars in Millions)


	First Quarters
	2025		2024 (a)
Total Comprehensive Earnings (Note 10)	$	651	$	886

(a) See the 2024 annual report filed on Form 10-K for revision of prior period financial statements.

See accompanying notes to consolidated financial statements.

CSX Q1 2025 Form 10-Q p.3

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(Dollars in Millions)


	(Unaudited)
	March 31, 2025		December 31, 2024
ASSETS
Current Assets:
Cash and Cash Equivalents	$	1,139	$	933
Short-term Investments (Note 9)	8		72
Accounts Receivable - Net (Note 8)	1,348		1,326
Materials and Supplies	438		414

Other Current Assets	87		75
Total Current Assets	3,020		2,820

Properties	52,674		52,191
Accumulated Depreciation	(16,816)		(16,533)
Properties - Net	35,858		35,658

Investment in Affiliates and Other Companies	2,537		2,520
Right-of-Use Lease Asset	486		487
Goodwill and Other Intangible Assets - Net	430		433
Other Long-term Assets	868		846
Total Assets	$	43,199	$	42,764

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable	$	1,315	$	1,290
Labor and Fringe Benefits Payable	391		480
Casualty, Environmental and Other Reserves (Note 4)	146		149

Current Maturities of Long-term Debt (Note 7)	605		606
Income and Other Taxes Payable	685		508
Other Current Liabilities	279		243
Total Current Liabilities	3,421		3,276

Casualty, Environmental and Other Reserves (Note 4)	319		313
Long-term Debt (Note 7)	18,521		17,897
Deferred Income Taxes - Net	7,739		7,725
Long-term Lease Liability	489		486
Other Long-term Liabilities	535		560
Total Liabilities	31,024		30,257

Shareholders' Equity:
Common Stock, $1 Par Value	1,878		1,900
Other Capital	864		846
Retained Earnings	9,655		9,988
Accumulated Other Comprehensive Loss (Note 10)	(227)		(232)
Non-controlling Minority Interest	5		5
Total Shareholders' Equity	12,175		12,507
Total Liabilities and Shareholders' Equity	$	43,199	$	42,764

See accompanying notes to consolidated financial statements.

CSX Q1 2025 Form 10-Q p.4

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED CASH FLOW STATEMENTS (Unaudited)

(Dollars in Millions)


	Three Months
	2025		2024 (a)

OPERATING ACTIVITIES
Net Earnings	$	646	$	880
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation and Amortization	425		410
Deferred Income Taxes	13		7





Other Operating Activities	(4)		(17)
Changes in Operating Assets and Liabilities:
Accounts Receivable	(9)		5
Other Current Assets	(34)		(29)
Accounts Payable	89		72
Income and Other Taxes Payable	175		(143)
Other Current Liabilities	(46)		(119)
Net Cash Provided by Operating Activities	1,255		1,066

INVESTING ACTIVITIES
Property Additions	(719)		(517)

Proceeds from Sales of Short-term Investments	67		81
Proceeds and Advances from Property Dispositions	23		11
Business Acquisition, Net of Cash Acquired	—		(26)
Other Investing Activities	(18)		(35)
Net Cash Used In Investing Activities	(647)		(486)

FINANCING ACTIVITIES
Shares Repurchased	(751)		(247)
Dividends Paid	(245)		(235)
Long-term Debt Repaid (Note 7)	(2)		(2)
Long-term Debt Issued (Note 7)	600		—


Other Financing Activities	(4)		34
Net Cash Used in Financing Activities	(402)		(450)

Net Increase in Cash and Cash Equivalents	206		130

CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents at Beginning of Period	933		1,353
Cash and Cash Equivalents at End of Period	$	1,139	$	1,483

(a) See the 2024 annual report filed on Form 10-K for revision of prior period financial statements.

See accompanying notes to consolidated financial statements.

CSX Q1 2025 Form 10-Q p.5

CSX CORPORATION

Next: Item 1. FINANCIAL STATEMENTS