Core Insights - The article emphasizes the importance of sustained profitability, highlighting that strong margins, stable and expanding free cash flow, and high returns on invested capital are more reliable drivers of returns than valuation alone [1]. Group 1: Investment Philosophy - The company focuses on long-term growth and dividend-growth investing, seeking undervalued stocks and high-quality dividend growers that generate dependable cash flow for reinvestment [1]. - The investment approach is informed by an interdisciplinary foundation in Economics, Classical Philology, and Philosophy & Theology, which enhances the ability to analyze companies through both numerical and humanistic lenses [1]. Group 2: Personal Investment Journey - The company began investing with a focus on responsible stewardship, aiming to leave a legacy for future generations that encompasses both wealth and freedom [1]. - The goal of the investment strategy is not to escape work but to ensure the ability to work in a fulfilling manner, allowing for personal expression [1].

CSX (CSX) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +4.76%. A quarter ago, it was expected that this freight railroad would post earnings of $0.37 per share when it actually produced earnings of $0.34, delivering a surprise of -8.11%.Over the last four quarters, the company has ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $3.6 billion, down 3% year-over-year, primarily due to lower coal and fuel prices, but up 4% sequentially [12][32] - Earnings per share decreased by 10% year-over-year but increased by 29% quarter-over-quarter [12][32] - Reported operating margin declined by 320 basis points year-over-year but improved by 550 basis points sequentially [12][32] Business Line Data and Key Metrics Changes - Merchandise revenue and volume declined by 2%, while the metals market saw a 3% increase in volume but a 3% decrease in revenue [23] - The Minerals segment experienced a 5% revenue growth due to continued infrastructure demand [24] - Coal revenue declined by 15% despite a 1% increase in volume, with coal RPU down 16% year-over-year [27] - Intermodal revenue decreased by 3% on a 2% volume increase, affected by lower diesel prices [29] Market Data and Key Metrics Changes - The automotive sector saw a 2% decline in volume, with production challenges offsetting gains from new contracts [24] - Chemical volumes decreased due to lower shipments of export plastics and a decline in chlor alkali shipments [25] - Fertilizer shipments declined by 6%, but revenues remained flat due to positive core pricing [25] Company Strategy and Development Direction - The company is focused on improving operational efficiency and customer service, with ongoing projects like the Howard Street Tunnel and Blue Ridge rebuild expected to enhance network capacity [10][21][44] - Management has reorganized resources to improve alignment with business needs and accelerate decision-making [14][73] - The company aims to drive profitable growth through strategic partnerships and industrial development projects [26][44] Management's Comments on Operating Environment and Future Outlook - Management acknowledged mixed market conditions, with some areas showing strength while others are slowing [11][41] - The company is optimistic about future growth opportunities despite economic uncertainties, emphasizing a proactive approach to customer engagement [30][96] - Management expects overall volume growth for the full year, with a focus on efficiency and labor productivity [41][66] Other Important Information - The company is investing in emerging technologies to deliver further savings and support strong incremental margins in the future [39] - Free cash flow is expected to improve in the second half of the year, supported by permanent bonus depreciation [40] Q&A Session Summary Question: Thoughts on potential rail consolidation - Management emphasized the importance of improved customer service and ease of doing business, while remaining open to discussions about potential consolidation opportunities [50][52] Question: Factors driving service improvement - Management highlighted proactive measures taken before weather improvements, including better management of cars online and enhanced communication across teams [55][56] Question: Guidance on volume improvement - Management indicated that improvements in core customer production issues and easier comparisons from the previous year are expected to drive volume growth in the third quarter [62][66] Question: Commentary on coal market - Management noted positive trends in domestic coal utilization and potential extensions of life for coal plants previously targeted for closure [80] Question: Other revenue run rate expectations - Management projected other revenue to trend between $115 million to $120 million per quarter, with potential unique items affecting this [99]

Financial Data and Key Metrics Changes - Total revenue for the quarter was $3.6 billion, down 3% year-over-year, primarily due to lower coal and fuel prices, but improved by 4% sequentially [8][30] - Earnings per share decreased by 10% year-over-year but grew by 29% quarter-over-quarter [8] - Reported operating margin declined by 320 basis points year-over-year but increased by 550 basis points sequentially, supported by solid cost performance [8][30] Business Line Data and Key Metrics Changes - Merchandise revenue and volume declined by 2%, with revenue per unit (RPU) flat due to lower fuel surcharges [20] - Coal revenue declined by 15% despite a 1% increase in volume, with RPU down 16% year-over-year [24] - Intermodal revenue decreased by 3% on a 2% increase in volume, affected by lower diesel prices and unfavorable mix [27] Market Data and Key Metrics Changes - The metals market saw a 3% increase in volume, while revenue was down 3% due to lower equipment and higher scrap volumes [20] - The minerals segment experienced a 5% revenue growth driven by continued infrastructure demand in the Southeast [20] - Automotive volumes were down 2% for the quarter, impacted by lower overall industry demand [21] Company Strategy and Development Direction - The company is focused on improving operational efficiency and customer service, with ongoing projects like the Howard Street Tunnel and Blue Ridge rebuild expected to enhance network capacity [6][42] - Management has reorganized resources to improve alignment with business needs and accelerate decision-making [10][72] - The company aims to drive profitable growth through strategic partnerships and new service offerings, while remaining open to opportunities for consolidation in the industry [41][42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged mixed market conditions, with some areas showing strength while others are slowing [9][39] - The company is optimistic about future growth opportunities, particularly in industrial development, with 49 projects initiated in the year [23] - Management emphasized the importance of maintaining momentum and efficiency despite economic uncertainties [9][39] Other Important Information - The company expects to see improved cash flow in the second half of the year, supported by permanent bonus depreciation [38] - Capital spending is projected to remain flat year-over-year, with significant investments in safety and reliability [37] - The company is committed to returning cash to shareholders, having distributed approximately $1.7 billion year-to-date [38] Q&A Session Summary Question: Thoughts on potential rail consolidation - Management emphasized the importance of improved customer service and making it easier for shippers to do business with railroads, while remaining open to discussions about consolidation opportunities [46][49] Question: Factors driving service improvement - Management highlighted proactive steps taken to improve service, including better management of cars online and enhanced communication across teams [52][54] Question: Guidance on volume improvement - Management indicated expectations for volume improvement in the second half of the year, driven by better fundamentals and recovery from previous outages [60][62] Question: Impact of management restructuring - The restructuring aimed to enhance efficiency and prioritize business operations, with a focus on cost discipline [69][72] Question: State of the consumer and intermodal volumes - Management noted mixed signals in consumer markets, particularly in autos and housing, but expressed optimism about proactive efforts to convert business [90][92]

2025 SECOND QUARTER CONFERENCE CALL 7.23.2025 Forward Looking Disclosure This information and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and ob ...

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 OR (☐) 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 | | | | | | ...

Exhibit 99.2 CSX Corp. Announces Second Quarter 2025 Results JACKSONVILLE, Fla. – July 23, 2025 – CSX Corp. (NASDAQ: CSX) today announced second quarter 2025 operating income of $1.28 billion compared to $1.45 billion in the prior year period. Net income was $829 million, or $0.44 per diluted share, compared to $963 million, or $0.49 per diluted share, in the same period last year. Total volume of 1.58 million units for the quarter was flat compared to second quarter 2024 and up 4% sequentially. "The skill ...

JACKSONVILLE, Fla., July 23, 2025 (GLOBE NEWSWIRE) -- CSX Corp. (NASDAQ: CSX) today announced second quarter 2025 operating income of $1.28 billion compared to $1.45 billion in the prior year period. Net income was $829 million, or $0.44 per diluted share, compared to $963 million, or $0.49 per diluted share, in the same period last year. Total volume of 1.58 million units for the quarter was flat compared to second quarter 2024 and up 4% sequentially. “The skill and commitment of CSX’s railroaders enabled ...

Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty ImagesSOPA Images/LightRocket via Getty ImagesCSX (NASDAQ:CSX) is set to release its earnings on Wednesday, July 23, 2025. Historically, CSX has recorded a positive one-day return in 65% of cases following its earnings announcements over the previous five years. The median positive return on these occasions was 2.6%, with a peak one-day positive return of 4.3%.For traders focusing on events, recognizing these historical trends can offer a ...

Core Viewpoint - CSX Corporation is experiencing a significant shift, indicated by bullish market activity, positive analyst revisions, and strategic internal improvements, making it an attractive investment opportunity [1][5][17] Market Signals - Recent options market activity shows a dramatic spike, with over 24,000 call options purchased on July 11th, representing a 165% increase from the typical daily volume of around 9,200 contracts [2][3] - A low put-to-call ratio indicates a strong preference for bullish bets over bearish ones, reinforcing the positive sentiment [4] Analyst Outlook - Several influential firms have upgraded their outlook on CSX stock leading up to the second-quarter earnings report, creating a powerful leading indicator of confidence in CSX's future [4][5] - The 12-month stock price forecast for CSX is $35.14, with a moderate buy rating based on 22 analyst ratings [6] Operational Improvements - CSX has secured long-term labor stability with nearly 75% of its unionized workforce through a new five-year collective bargaining agreement, providing a competitive advantage in an industry prone to labor disputes [7][8] - The company is focused on reducing management layers to create a leaner organization, improving its ability to convert revenue into profit [9][10] Financial Context - The first-quarter financial results showed revenue and profit falling short of estimates due to temporary operational disruptions, not core business flaws [11][12] - Major infrastructure projects and severe weather contributed to these short-term inefficiencies, creating a potential valuation gap for investors [13] Future Prospects - With major projects largely complete, CSX is positioned for a strong sequential improvement, and the upcoming second-quarter earnings report is expected to provide confirmation of this turnaround [14][15] - CSX's performance is closely linked to the industrial sector, and with internal challenges addressed, the company is poised to leverage economic stabilization for significant earnings growth [16]