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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 September 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 1,843,398,210 shares of common stock outstanding on September 30, 2026 (the latest practicable date that is closest to the filing date).

CSX Q3 2026 Form 10-Q p.1

CSX CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2026

INDEX


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

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

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

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

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

	Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - Quarters and Nine Months Ended September 30, 2026 and September 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	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 Q3 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)


	Third Quarters				Nine Months
	2026		2025		2026		2025

Revenue	$	4,017	$	3,587	$	11,434	$	10,584
Expense
Labor and Fringe	834		815		2,477		2,427
Purchased Services and Other	657		730		1,917		2,214
Depreciation and Amortization	413		424		1,239		1,276
Fuel	451		281		1,199		825
Equipment and Other Rents	92		86		273		267
Goodwill Impairment	—		164		—		164
Total Expense	2,447		2,500		7,105		7,173

Operating Income	1,570		1,087		4,329		3,411

Interest Expense	(207)		(210)		(631)		(631)
Other Income - Net	21		21		69		69
Earnings Before Income Taxes	1,384		898		3,767		2,849

Income Tax Expense	(332)		(204)		(906)		(680)
Net Earnings	$	1,052	$	694	$	2,861	$	2,169

Per Common Share (Note 2)
Net Earnings Per Share, Basic	$	0.57	$	0.37	$	1.54	$	1.16
Net Earnings Per Share, Assuming Dilution	$	0.57	$	0.37	$	1.54	$	1.16


Average Shares Outstanding (In Millions)	1,849		1,864		1,855		1,874
Average Shares Outstanding, Assuming Dilution (In Millions)	1,853		1,867		1,858		1,876

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Unaudited)

(Dollars in Millions)


	Third Quarters				Nine Months
	2026		2025		2026		2025
Total Comprehensive Earnings (Note 10)	$	1,053	$	698	$	2,866	$	2,181

See accompanying notes to consolidated financial statements.

CSX Q3 2026 Form 10-Q p.3

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(Dollars in Millions)


	(Unaudited)
	September 30, 2026		December 31, 2025
ASSETS
Current Assets:
Cash and Cash Equivalents	$	1,223	$	670
Short-term Investments (Note 9)	382		5
Accounts Receivable - Net (Note 8)	1,485		1,298
Materials and Supplies	401		390
Other Current Assets	142		187
Total Current Assets	3,633		2,550

Properties	54,911		53,816
Accumulated Depreciation	(17,769)		(17,005)
Properties - Net	37,142		36,811

Investment in Affiliates and Other Companies	2,707		2,634
Right-of-Use Lease Asset	477		464
Goodwill and Other Intangible Assets - Net	258		267
Other Long-term Assets	937		956
Total Assets	$	45,154	$	43,682

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable	$	1,137	$	1,149
Labor and Fringe Benefits Payable	566		532
Casualty, Environmental and Other Reserves (Note 4)	185		184
Current Maturities of Long-term Debt (Note 7)	1,702		708
Income and Other Taxes Payable	205		118
Interest Payable	245		170
Other Current Liabilities	269		272
Total Current Liabilities	4,309		3,133

Casualty, Environmental and Other Reserves (Note 4)	294		295
Long-term Debt (Note 7)	17,102		18,165
Deferred Income Taxes - Net	8,030		7,914
Long-term Lease Liability	492		479
Other Long-term Liabilities	545		536
Total Liabilities	30,772		30,522

Shareholders' Equity:
Common Stock, $1 Par Value	1,842		1,860
Other Capital	1,134		948
Retained Earnings	11,608		10,560
Accumulated Other Comprehensive Loss (Note 10)	(208)		(213)
Non-controlling Minority Interest	6		5
Total Shareholders' Equity	14,382		13,160
Total Liabilities and Shareholders' Equity	$	45,154	$	43,682

See accompanying notes to consolidated financial statements.

CSX Q3 2026 Form 10-Q p.4

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED CASH FLOW STATEMENTS (Unaudited)

(Dollars in Millions)


	Nine Months
	2026		2025

OPERATING ACTIVITIES
Net Earnings	$	2,861	$	2,169
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation and Amortization	1,239		1,276
Deferred Income Taxes	115		143
Goodwill Impairment	—		164
Other Operating Activities	(128)		(58)
Changes in Operating Assets and Liabilities:
Accounts Receivable	(196)		(30)
Other Current Assets	64		(32)
Accounts Payable	67		36
Income and Other Taxes Payable	86		(508)
Other Current Liabilities	108		67
Net Cash Provided by Operating Activities	4,216		3,227

INVESTING ACTIVITIES
Property Additions	(1,712)		(2,225)
Purchases of Short-Term Investments	(515)		—
Proceeds from Sales of Short-term Investments	153		72
Proceeds and Advances from Property Dispositions	144		64
Business Acquisition, Net of Cash Acquired	—		(15)
Other Investing Activities	23		(41)
Net Cash Used In Investing Activities	(1,907)		(2,145)

FINANCING ACTIVITIES
Shares Repurchased	(1,061)		(1,284)
Dividends Paid	(779)		(730)
Long-term Debt Repaid (Note 7)	(10)		(12)
Long-term Debt Issued (Note 7)	—		600
Other Financing Activities	94		23
Net Cash Used in Financing Activities	(1,756)		(1,403)

Net Increase (Decrease) in Cash and Cash Equivalents	553		(321)

CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents at Beginning of Period	670		933
Cash and Cash Equivalents at End of Period	$	1,223	$	612

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

See accompanying notes to consolidated financial statements.

CSX Q3 2026 Form 10-Q p.5

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF CHANGES

IN SHAREHOLDERS' EQUITY (Unaudited)

(Dollars in Millions)


Nine 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
Comprehensive Earnings:
Net Earnings	—	—		1,052		—		—		1,052
Other Comprehensive Income	—	—		—		1		—		1
Total Comprehensive Earnings										1,053

Common stock dividends, $0.14 per share	—	—		(259)		—		—		(259)
Share Repurchases	(11,143)	(11)		(532)		—		—		(543)
Excise Tax on Net Share Repurchases	—	—		(5)		—		—		(5)
Stock Option Exercises and Other	916	48		—		—		—		48
Balance September 30, 2026	1,842,084	$	2,976	$	11,608	$	(208)	$	6	$	14,382

(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, $57 million as of June 30, 2026, and $57 million as of September 30, 2026. For additional information, see Note 10, Other Comprehensive Income.

See accompanying notes to consolidated financial statements.

CSX Q3 2026 Form 10-Q p.6

CSX CORPORATION

Next: Item 1. FINANCIAL STATEMENTS