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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, 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 1,852,474,917 shares of common stock outstanding on June 30, 2026 (the latest practicable date that is closest to the filing date).

CSX Q2 2026 Form 10-Q p.1

CSX CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026

INDEX


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

	Consolidated Income Statements (Unaudited) - Quarters and Six Months Ended June 30, 2026 and June 30, 2025	3

	Condensed Consolidated Comprehensive Income Statements (Unaudited) - Quarters and Six Months Ended June 30, 2026 and June 30, 2025	3

	Consolidated Balance Sheets - At June 30, 2026 (Unaudited) and December 31, 2025	4

	Consolidated Cash Flow Statements (Unaudited) - Six Months Ended June 30, 2026 and June 30, 2025	5

	Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - Quarters and Six Months Ended June 30, 2026 and June 30, 2025	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	45

Item 4.	Controls and Procedures	45

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	46

Item 1A.	Risk Factors	46

Item 2.	CSX Purchases of Equity Securities	46

Item 3.	Defaults Upon Senior Securities	47

Item 4.	Mine Safety Disclosures	47

Item 5.	Other Information	47

Item 6.	Exhibits	48

Signature		49

CSX Q2 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)


	Second Quarters				Six Months
	2026		2025		2026		2025

Revenue	$	3,935	$	3,574	$	7,417	$	6,997
Expense
Labor and Fringe	831		791		1,643		1,612
Purchased Services and Other	644		710		1,260		1,484
Depreciation and Amortization	411		427		826		852
Fuel	446		269		748		544
Equipment and Other Rents	97		94		181		181
Total Expense	2,429		2,291		4,658		4,673

Operating Income	1,506		1,283		2,759		2,324

Interest Expense	(211)		(212)		(424)		(421)
Other Income - Net	25		22		48		48
Earnings Before Income Taxes	1,320		1,093		2,383		1,951

Income Tax Expense	(318)		(264)		(574)		(476)
Net Earnings	$	1,002	$	829	$	1,809	$	1,475

Per Common Share (Note 2)
Net Earnings Per Share, Basic	$	0.54	$	0.44	$	0.97	$	0.79
Net Earnings Per Share, Assuming Dilution	$	0.54	$	0.44	$	0.97	$	0.78


Average Shares Outstanding (In Millions)	1,855		1,867		1,858		1,878
Average Shares Outstanding, Assuming Dilution (In Millions)	1,859		1,869		1,860		1,881

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Unaudited)

(Dollars in Millions)


	Second Quarters				Six Months
	2026		2025		2026		2025
Total Comprehensive Earnings (Note 10)	$	1,005	$	832	$	1,813	$	1,483

See accompanying notes to consolidated financial statements.

CSX Q2 2026 Form 10-Q p.3

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(Dollars in Millions)


	(Unaudited)
	June 30, 2026		December 31, 2025
ASSETS
Current Assets:
Cash and Cash Equivalents	$	1,007	$	670
Short-term Investments (Note 9)	383		5
Accounts Receivable - Net (Note 8)	1,456		1,298
Materials and Supplies	406		390
Other Current Assets	156		187
Total Current Assets	3,408		2,550

Properties	54,464		53,816
Accumulated Depreciation	(17,518)		(17,005)
Properties - Net	36,946		36,811

Investment in Affiliates and Other Companies	2,675		2,634
Right-of-Use Lease Asset	478		464
Goodwill and Other Intangible Assets - Net	261		267
Other Long-term Assets	958		956
Total Assets	$	44,726	$	43,682

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable	$	1,111	$	1,149
Labor and Fringe Benefits Payable	549		532
Casualty, Environmental and Other Reserves (Note 4)	182		184
Current Maturities of Long-term Debt (Note 7)	1,702		708
Income and Other Taxes Payable	188		118
Interest Payable	172		170
Other Current Liabilities	250		272
Total Current Liabilities	4,154		3,133

Casualty, Environmental and Other Reserves (Note 4)	300		295
Long-term Debt (Note 7)	17,162		18,165
Deferred Income Taxes - Net	8,000		7,914
Long-term Lease Liability	493		479
Other Long-term Liabilities	529		536
Total Liabilities	30,638		30,522

Shareholders' Equity:
Common Stock, $1 Par Value	1,852		1,860
Other Capital	1,087		948
Retained Earnings	11,352		10,560
Accumulated Other Comprehensive Loss (Note 10)	(209)		(213)
Non-controlling Minority Interest	6		5
Total Shareholders' Equity	14,088		13,160
Total Liabilities and Shareholders' Equity	$	44,726	$	43,682

See accompanying notes to consolidated financial statements.

CSX Q2 2026 Form 10-Q p.4

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED CASH FLOW STATEMENTS (Unaudited)

(Dollars in Millions)


	Six Months
	2026		2025

OPERATING ACTIVITIES
Net Earnings	$	1,809	$	1,475
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation and Amortization	826		852
Deferred Income Taxes	84		(1)
Other Operating Activities	(71)		(50)
Changes in Operating Assets and Liabilities:
Accounts Receivable	(190)		(36)
Other Current Assets	15		(13)
Accounts Payable	54		14
Income and Other Taxes Payable	70		(362)
Other Current Liabilities	2		11
Net Cash Provided by Operating Activities	2,599		1,890

INVESTING ACTIVITIES
Property Additions	(1,119)		(1,495)
Purchases of Short-Term Investments	(515)		—
Proceeds from Sales of Short-term Investments	146		69
Proceeds and Advances from Property Dispositions	137		49
Business Acquisition, Net of Cash Acquired	—		(14)
Other Investing Activities	30		(63)
Net Cash Used In Investing Activities	(1,321)		(1,454)

FINANCING ACTIVITIES
Shares Repurchased	(518)		(1,172)
Dividends Paid	(520)		(488)
Long-term Debt Repaid (Note 7)	(9)		(3)
Long-term Debt Issued (Note 7)	—		600
Other Financing Activities	106		81
Net Cash Used in Financing Activities	(941)		(982)

Net Increase (Decrease) in Cash and Cash Equivalents	337		(546)

CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents at Beginning of Period	670		933
Cash and Cash Equivalents at End of Period	$	1,007	$	387

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

See accompanying notes to consolidated financial statements.

CSX Q2 2026 Form 10-Q p.5

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF CHANGES

IN SHAREHOLDERS' EQUITY (Unaudited)

(Dollars in Millions)


Six Months 2026	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, 2025	1,859,659	$	2,808	$	10,560	$	(213)	$	5	$	13,160
Comprehensive Earnings:
Net Earnings	—	—		807		—		—		807
Other Comprehensive Income	—	—		—		1		—		1
Total Comprehensive Earnings										808

Common stock dividends, $0.14 per share	—	—		(260)		—		—		(260)
Share Repurchases	(5,686)	(6)		(216)		—		—		(222)
Excise Tax on Net Share Repurchases	—	—		(1)		—		—		(1)
Stock Option Exercises and Other	3,858	94		1		—		1		96
Balance March 31, 2026	1,857,831	$	2,896	$	10,891	$	(212)	$	6	$	13,581
Comprehensive Earnings:
Net Earnings	—	—		1,002		—		—		1,002
Other Comprehensive Income	—	—		—		3		—		3
Total Comprehensive Earnings										1,005

Common stock dividends, $0.14 per share	—	—		(260)		—		—		(260)
Share Repurchases	(6,269)	(6)		(278)		—		—		(284)
Excise Tax on Net Share Repurchases	—	—		(2)		—		—		(2)
Stock Option Exercises and Other	749	49		(1)		—		—		48
Balance June 30, 2026	1,852,311	$	2,939	$	11,352	$	(209)	$	6	$	14,088

(a) Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $58 million as of December 31, 2025, $57 million as of March 31, 2026, and $57 million as of June 30, 2026. For additional information, see Note 10, Other Comprehensive Income.

See accompanying notes to consolidated financial statements.

CSX Q2 2026 Form 10-Q p.6

CSX CORPORATION

Next: Item 1. FINANCIAL STATEMENTS