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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, 2026

(☐) 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 1,858,138,856 shares of common stock outstanding on March 31, 2026 (the latest practicable date that is closest to the filing date).

CSX Q1 2026 Form 10-Q p.1

CSX CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026

INDEX


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

	Consolidated Income Statements (Unaudited) - Quarters Ended March 31, 2026 and March 31, 2025	3

	Condensed Consolidated Comprehensive Income Statements (Unaudited) - Quarters Ended March 31, 2026 and March 31, 2025	3

	Consolidated Balance Sheets - At March 31, 2026 (Unaudited) and December 31, 2025	4

	Consolidated Cash Flow Statements (Unaudited) - Three Months Ended March 31, 2026 and March 31, 2025	5

	Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - Quarters Ended March 31, 2026 and March 31, 2025	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	42

Item 4.	Controls and Procedures	42

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	43

Item 1A.	Risk Factors	43

Item 2.	CSX Purchases of Equity Securities	43

Item 3.	Defaults Upon Senior Securities	44

Item 4.	Mine Safety Disclosures	44

Item 5.	Other Information	44

Item 6.	Exhibits	45

Signature		46

CSX Q1 2026 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
	2026		2025

Revenue	$	3,482	$	3,423
Expense
Labor and Fringe	812		821
Purchased Services and Other	616		774
Depreciation and Amortization	415		425
Fuel	302		275
Equipment and Other Rents	84		87
Total Expense	2,229		2,382

Operating Income	1,253		1,041

Interest Expense	(213)		(209)
Other Income - Net	23		26
Earnings Before Income Taxes	1,063		858

Income Tax Expense	(256)		(212)
Net Earnings	$	807	$	646

Per Common Share (Note 2)
Net Earnings Per Share, Basic	$	0.43	$	0.34
Net Earnings Per Share, Assuming Dilution	$	0.43	$	0.34


Average Shares Outstanding (In Millions)	1,860		1,890
Average Shares Outstanding, Assuming Dilution (In Millions)	1,862		1,892

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Unaudited)

(Dollars in Millions)


	First Quarters
	2026		2025
Total Comprehensive Earnings (Note 10)	$	808	$	651

See accompanying notes to consolidated financial statements.

CSX Q1 2026 Form 10-Q p.3

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(Dollars in Millions)


	(Unaudited)
	March 31, 2026		December 31, 2025
ASSETS
Current Assets:
Cash and Cash Equivalents	$	964	$	670
Short-term Investments (Note 9)	145		5
Accounts Receivable - Net (Note 8)	1,387		1,298
Materials and Supplies	439		390
Other Current Assets	176		187
Total Current Assets	3,111		2,550

Properties	54,078		53,816
Accumulated Depreciation	(17,262)		(17,005)
Properties - Net	36,816		36,811

Investment in Affiliates and Other Companies	2,653		2,634
Right-of-Use Lease Asset	451		464
Goodwill and Other Intangible Assets - Net	264		267
Other Long-term Assets	937		956
Total Assets	$	44,232	$	43,682

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable	$	1,115	$	1,149
Labor and Fringe Benefits Payable	414		532
Casualty, Environmental and Other Reserves (Note 4)	179		184
Current Maturities of Long-term Debt (Note 7)	710		708
Income and Other Taxes Payable	294		118
Interest Payable	243		170
Other Current Liabilities	266		272
Total Current Liabilities	3,221		3,133

Casualty, Environmental and Other Reserves (Note 4)	300		295
Long-term Debt (Note 7)	18,158		18,165
Deferred Income Taxes - Net	7,965		7,914
Long-term Lease Liability	469		479
Other Long-term Liabilities	538		536
Total Liabilities	30,651		30,522

Shareholders' Equity:
Common Stock, $1 Par Value	1,858		1,860
Other Capital	1,038		948
Retained Earnings	10,891		10,560
Accumulated Other Comprehensive Loss (Note 10)	(212)		(213)
Non-controlling Minority Interest	6		5
Total Shareholders' Equity	13,581		13,160
Total Liabilities and Shareholders' Equity	$	44,232	$	43,682

See accompanying notes to consolidated financial statements.

CSX Q1 2026 Form 10-Q p.4

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED CASH FLOW STATEMENTS (Unaudited)

(Dollars in Millions)


	Three Months
	2026		2025

OPERATING ACTIVITIES
Net Earnings	$	807	$	646
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation and Amortization	415		425
Deferred Income Taxes	51		13
Other Operating Activities	(47)		(4)
Changes in Operating Assets and Liabilities:
Accounts Receivable	(120)		(9)
Other Current Assets	(38)		(34)
Accounts Payable	64		34
Income and Other Taxes Payable	176		175
Other Current Liabilities	(36)		9
Net Cash Provided by Operating Activities	1,272		1,255

INVESTING ACTIVITIES
Property Additions	(543)		(719)
Purchases of Short-Term Investments	(140)		—
Proceeds from Sales of Short-term Investments	5		67
Proceeds and Advances from Property Dispositions	64		23
Other Investing Activities	47		(18)
Net Cash Used In Investing Activities	(567)		(647)

FINANCING ACTIVITIES
Shares Repurchased	(222)		(751)
Dividends Paid	(260)		(245)
Long-term Debt Repaid (Note 7)	(2)		(2)
Long-term Debt Issued (Note 7)	—		600
Other Financing Activities	73		(4)
Net Cash Used in Financing Activities	(411)		(402)

Net Increase in Cash and Cash Equivalents	294		206

CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents at Beginning of Period	670		933
Cash and Cash Equivalents at End of Period	$	964	$	1,139

Certain prior year data has been reclassified to conform to the current presentation.

See accompanying notes to consolidated financial statements.

CSX Q1 2026 Form 10-Q p.5

CSX CORPORATION

Next: Item 1. FINANCIAL STATEMENTS