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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 June 30, 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 1,864,277,014 shares of common stock outstanding on June 30, 2025 (the latest practicable date that is closest to the filing date).

CSX Q2 2025 Form 10-Q p.1

CSX CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025

INDEX


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

	Consolidated Income Statements (Unaudited) - Quarters and Six Months Ended June 30, 2025 and June 30, 2024	3

	Condensed Consolidated Comprehensive Income Statements (Unaudited) - Quarters and Six Months Ended June 30, 2025 and June 30, 2024	3

	Consolidated Balance Sheets - At June 30, 2025 (Unaudited) and December 31, 2024	4

	Consolidated Cash Flow Statements (Unaudited) - Six Months Ended June 30, 2025 and June 30, 2024	5

	Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - Quarters and Six Months Ended June 30, 2025 and June 30, 2024	6

	Notes to Consolidated Financial Statements (Unaudited)	8

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	31

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	46

Item 4.	Controls and Procedures	46

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	47

Item 1A.	Risk Factors	47

Item 2.	CSX Purchases of Equity Securities	47

Item 3.	Defaults Upon Senior Securities	48

Item 4.	Mine Safety Disclosures	48

Item 5.	Other Information	48

Item 6.	Exhibits	49

Signature		50

CSX Q2 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)


	Second Quarters				Six Months
	2025		2024		2025		2024

Revenue	$	3,574	$	3,701	$	6,997	$	7,382
Expense
Labor and Fringe	791		766		1,612		1,571
Purchased Services and Other	710		691		1,484		1,411
Depreciation and Amortization	427		410		852		820
Fuel	269		301		544		626
Equipment and Other Rents	94		85		181		169

Total Expense	2,291		2,253		4,673		4,597

Operating Income	1,283		1,448		2,324		2,785

Interest Expense	(212)		(209)		(421)		(419)
Other Income - Net	22		28		48		69
Earnings Before Income Taxes	1,093		1,267		1,951		2,435

Income Tax Expense	(264)		(304)		(476)		(592)
Net Earnings	$	829	$	963	$	1,475	$	1,843

Per Common Share (Note 2)
Net Earnings Per Share, Basic	$	0.44	$	0.50	$	0.79	$	0.94
Net Earnings Per Share, Assuming Dilution	$	0.44	$	0.49	$	0.78	$	0.94


Average Shares Outstanding (In Millions)	1,867		1,944		1,878		1,951
Average Shares Outstanding, Assuming Dilution (In Millions)	1,869		1,948		1,881		1,955

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Unaudited)

(Dollars in Millions)


	Second Quarters				Six Months
	2025		2024		2025		2024
Total Comprehensive Earnings (Note 10)	$	832	$	966	$	1,483	$	1,852

See accompanying notes to consolidated financial statements.

CSX Q2 2025 Form 10-Q p.3

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(Dollars in Millions)


	(Unaudited)
	June 30, 2025		December 31, 2024
ASSETS
Current Assets:
Cash and Cash Equivalents	$	387	$	933
Short-term Investments (Note 9)	6		72
Accounts Receivable - Net (Note 8)	1,409		1,326
Materials and Supplies	420		414

Other Current Assets	83		75
Total Current Assets	2,305		2,820

Properties	53,331		52,191
Accumulated Depreciation	(17,083)		(16,533)
Properties - Net	36,248		35,658

Investment in Affiliates and Other Companies	2,574		2,520
Right-of-Use Lease Asset	476		487
Goodwill and Other Intangible Assets - Net	437		433
Other Long-term Assets	889		846
Total Assets	$	42,929	$	42,764

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable	$	1,273	$	1,290
Labor and Fringe Benefits Payable	453		480
Casualty, Environmental and Other Reserves (Note 4)	158		149

Current Maturities of Long-term Debt (Note 7)	616		606
Income and Other Taxes Payable	156		508
Other Current Liabilities	327		243
Total Current Liabilities	2,983		3,276

Casualty, Environmental and Other Reserves (Note 4)	304		313
Long-term Debt (Note 7)	18,550		17,897
Deferred Income Taxes - Net	7,718		7,725
Long-term Lease Liability	484		486
Other Long-term Liabilities	513		560
Total Liabilities	30,552		30,257

Shareholders' Equity:
Common Stock, $1 Par Value	1,864		1,900
Other Capital	882		846
Retained Earnings	9,850		9,988
Accumulated Other Comprehensive Loss (Note 10)	(224)		(232)
Non-controlling Minority Interest	5		5
Total Shareholders' Equity	12,377		12,507
Total Liabilities and Shareholders' Equity	$	42,929	$	42,764

See accompanying notes to consolidated financial statements.

CSX Q2 2025 Form 10-Q p.4

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED CASH FLOW STATEMENTS (Unaudited)

(Dollars in Millions)


	Six Months
	2025		2024

OPERATING ACTIVITIES
Net Earnings	$	1,475	$	1,843
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation and Amortization	852		820
Deferred Income Taxes	(1)		14





Other Operating Activities	(50)		(19)
Changes in Operating Assets and Liabilities:
Accounts Receivable	(36)		(19)
Other Current Assets	(13)		25
Accounts Payable	18		(42)
Income and Other Taxes Payable	(362)		(403)
Other Current Liabilities	7		(46)
Net Cash Provided by Operating Activities	1,890		2,173

INVESTING ACTIVITIES
Property Additions	(1,495)		(1,066)

Proceeds from Sales of Short-term Investments	69		81
Proceeds and Advances from Property Dispositions	49		43
Business Acquisition, Net of Cash Acquired	(14)		(50)
Other Investing Activities	(63)		(56)
Net Cash Used In Investing Activities	(1,454)		(1,048)

FINANCING ACTIVITIES
Shares Repurchased	(1,172)		(810)
Dividends Paid	(488)		(468)
Long-term Debt Repaid (Note 7)	(3)		(4)
Long-term Debt Issued (Note 7)	600		—


Other Financing Activities	81		42
Net Cash Used in Financing Activities	(982)		(1,240)

Net Decrease in Cash and Cash Equivalents	(546)		(115)

CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents at Beginning of Period	933		1,353
Cash and Cash Equivalents at End of Period	$	387	$	1,238

See accompanying notes to consolidated financial statements.

CSX Q2 2025 Form 10-Q p.5

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF CHANGES

IN SHAREHOLDERS' EQUITY (Unaudited)

(Dollars in Millions)


Six Months 2025	Common Shares Outstanding (Thousands)	Common Stock and Other Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income(a)		Non-controlling Minority Interest		Total Shareholders' Equity

Balance December 31, 2024	1,900,190	$	2,746	$	9,988	$	(232)	$	5	$	12,507
Comprehensive Earnings:
Net Earnings	—	—		646		—		—		646
Other Comprehensive Income	—	—		—		5		—		5
Total Comprehensive Earnings										651

Common stock dividends, $0.13 per share	—	—		(245)		—		—		(245)
Share Repurchases	(23,707)	(24)		(727)		—		—		(751)
Excise Tax on Net Share Repurchases	—	—		(7)		—		—		(7)
Stock Option Exercises and Other	1,894	20		—		—		—		20
Balance March 31, 2025	1,878,377	$	2,742	$	9,655	$	(227)	$	5	$	12,175
Comprehensive Earnings:
Net Earnings	—	—		829		—		—		829
Other Comprehensive Income	—	—		—		3		—		3
Total Comprehensive Earnings										832

Common stock dividends, $0.13 per share	—	—		(243)		—		—		(243)
Share Repurchases	(14,209)	(14)		(387)		—		—		(401)
Excise Tax on Net Share Repurchases	—	—		(4)		—		—		(4)
Stock Option Exercises and Other	112	18		—		—		—		18
Balance June 30, 2025	1,864,280	$	2,746	$	9,850	$	(224)	$	5	$	12,377

(a) Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $61 million as of December 31, 2024, $59 million as of March 31, 2025, and $58 million as of June 30, 2025. For additional information, see Note 10, Other Comprehensive Income.

See accompanying notes to consolidated financial statements.

CSX Q2 2025 Form 10-Q p.6

CSX CORPORATION

Next: Item 1. FINANCIAL STATEMENTS