Financial Data and Key Metrics Changes - The third quarter reported operating income was $1.1 billion, and earnings per share were $0.37, which included a $164 million impairment charge related to goodwill [27] - Adjusted revenue decreased by approximately $30 million or 1%, while adjusted expenses increased by 3% [27][29] - Year-to-date free cash flow reached $1.1 billion, including over $850 million in cash outflows for the Blue Ridge project [33] Business Line Data and Key Metrics Changes - Merchandise revenue and volume were down 1%, with revenue per unit (RPU) flat, while minerals volume and revenue increased by 812% [19] - Coal revenue declined by 11% on a 3% lower total volume, with domestic coal business showing steady trends [22][23] - Intermodal revenue increased by 4% on a 5% volume increase, benefiting from strong growth with key customers [24] Market Data and Key Metrics Changes - Business conditions across markets are mixed, with customers facing uncertainty from shifting trade policies and weak global commodity prices [18] - Fertilizer volume rebounded due to improved production, driving 7% growth in the quarter [20] - Forest products and chemical markets saw a 7% volume decline compared to the prior year, impacted by broader market softness and tariffs [21] Company Strategy and Development Direction - The company aims to be the best-performing railroad in North America, focusing on financial performance, safety, customer service, and operational efficiency [8][9] - Completion of major infrastructure projects like the Howard Street Tunnel and Blue Ridge Subdivision is expected to enhance network capacity and resiliency [16][18] - The company is actively pursuing strategic opportunities to create value for shareholders while maintaining strong customer relationships [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational performance and ability to capitalize on market opportunities despite mixed economic conditions [36] - The company anticipates continued improvements in operational efficiency and cost control, setting a positive outlook for the fourth quarter and beyond [34][36] - Management highlighted the importance of building a high-performance culture and leveraging strategic opportunities for growth [67] Other Important Information - The company remains committed to shareholder distributions, having returned over $2 billion year-to-date [33] - The completion of infrastructure projects is expected to provide a competitive edge in the market, particularly in intermodal services [18][19] Q&A Session Summary Question: How is the company positioned versus peers in light of potential mergers? - Management emphasized the importance of running the company effectively to create value and be prepared for strategic opportunities as they arise [41][43] Question: How is the company capitalizing on completed infrastructure projects? - Management noted that the completion of the Howard Street Tunnel and Blue Ridge projects positions the company well for cost reductions and increased service offerings [48][49] Question: What are the expectations for market conditions and growth drivers? - Management indicated that while some markets are facing challenges, there are opportunities for growth in intermodal and coal sectors, with optimism for future performance [85][89] Question: What are the company's priorities moving forward? - The focus is on driving best-in-class performance, building a high-performance culture, and capitalizing on strategic opportunities [67][68]

Financial Data and Key Metrics Changes - Third quarter reported operating income was $1.1 billion, and earnings per share was $0.37, including a $164 million impairment charge [17] - Adjusted revenue decreased by about $30 million, or 1%, due to unfavorable mix and coal pricing, while adjusted expenses increased by 3% [17][19] - Year-to-date free cash flow reached $1.1 billion, with over $850 million in cash outflows for the Blue Ridge project [23] Business Line Data and Key Metrics Changes - Merchandise revenue and volume were down 1%, with minerals volume and revenue up 8% and 12% respectively [11][12] - Coal revenue declined 11% for the quarter on a 3% lower total volume, while utility coal tonnage increased by 22% year over year [13][15] - Intermodal revenue was up 4% on a 5% increase in volume, benefiting from strong growth with key customers [10][16] Market Data and Key Metrics Changes - Business conditions are mixed, with customers facing uncertainty from shifting trade policies and weak global commodity prices [11] - The domestic coal market shows steady trends, while the chemical and forest product markets have faced challenges, with volume down 7% [12][70] - The intermodal market is expected to grow, particularly with the completion of the Howard Street Tunnel, which will enhance service offerings [11][80] Company Strategy and Development Direction - The company aims to be the best-performing railroad in North America, focusing on financial performance, safety, and customer service [4][5] - Completion of major infrastructure projects like the Howard Street Tunnel and Blue Ridge Subdivision is expected to enhance capacity and resiliency [10][11] - The company is actively pursuing strategic opportunities to create value for shareholders while maintaining strong customer relationships [25][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational performance and ability to navigate mixed economic conditions [25] - The company anticipates easing year-over-year headwinds into the fourth quarter, supported by strong operational execution and cost control [18] - There is optimism regarding the coal market and potential improvements in the chemical and forest product sectors as economic conditions stabilize [70] Other Important Information - The company has returned over $2 billion to shareholders year-to-date and remains committed to shareholder distributions [23] - The company expects to maintain its capital expenditure guidance of $2.5 billion for the full year, excluding the Blue Ridge project [24] Q&A Session Summary Question: How does the company position itself against peers pursuing mergers? - The company emphasizes running its operations effectively to create value and be prepared for strategic opportunities when they arise [31][32] Question: How will the completion of infrastructure projects impact the company? - The completion of the Blue Ridge and Howard Street projects is expected to enhance operational efficiency and cost reduction, setting the stage for growth [36][37] Question: What are the company's priorities moving forward? - The focus is on driving best-in-class performance, building a high-performance culture, and capitalizing on strategic opportunities [51] Question: How does the company view the current market conditions? - The company acknowledges mixed market conditions but remains optimistic about growth opportunities, particularly in intermodal and coal sectors [70][72] Question: What are the cash flow priorities for 2026? - The company plans to prioritize shareholder returns and may consider debt reduction, depending on cash flow performance [90]

Investors looked past a 22% drop in CSX’s third quarter earnings Thursday and focused on the direction the railroad’s new CEO might take it and the possibility of any strategic deals. CEO Steve Angel promised to focus on making CSX the best-performing railroad. Without promising a merger, Angel said he would consider any strategic opportunities that make sense for shareholders. He also reminded investors that he ran industrial gas supplier Praxair for a decade before the opportunity to merge with rival Li ...

CSX Corp. (NASDAQ: CSX) reported third quarter operating income of $1.09 billion and net earnings of $694 million, or $0.37 per share. Excluding a non-cash goodwill impairment of $164 million, adjusted operating income for the quarter was $1.25 billion and adjusted net earnings were $818 million, or $0.44 per share. Earnings for the Jacksonville, Fla.-based company beat analysts’ consensus forecast of $0.42 cents per share. It was the first earnings report under new chief executive Steve Angel, who succe ...

Safety Performance - The FRA injury rate decreased by 17% year-to-date, accompanied by a 21% reduction in total injuries[14] - Injuries resulting in lost time decreased by 23% year-to-date[14] - The FRA train accident safety performance in Q3 was the best quarter since the end of 2023[14] - Human-factor accidents have improved, decreasing by 16% year-to-date[14] Operating Metrics (Q3 2025) - Velocity reached 18.9 mph[16] - Cars Online totaled 121,000[18] - Combined Intermodal Carload Trip Plan Compliance was at 87%[19] - Dwell time was 9.5 hours[21] - Car Miles per Day reached 136.6[25] - Fuel Efficiency was 0.94 Gal/kGTM[25] - GTMs / Available Horsepower was 132.5[25] Financial Performance (Q3 2025) - Revenue was $3.587 billion, a 1% decrease year-over-year[42] - Net Earnings were $694 million GAAP and $818 million adjusted, a 22% and 9% decrease year-over-year, respectively[42] - Earnings Per Share were $0.37 GAAP and $0.44 adjusted, a 20% and 4% decrease year-over-year, respectively[42] - Operating Margin was 30.3% GAAP and 34.9% adjusted, a decrease of 710 bps and 250 bps year-over-year, respectively[42] Volume & Revenue Changes (Q3 2025 YoY) - Merchandise volume decreased by 1%, with a corresponding 1% decrease in revenue[32] - Coal revenue decreased by 11%[35] - Intermodal volume increased by 4%, with a corresponding 5% increase in revenue to $527 million[38] Cash Flow and Capital Allocation (YTD Q3 2025) - Property additions totaled $1.284 billion[47] - Shareholder distributions, including buybacks and dividends, amounted to $1.785 billion[47] - Free Cash Flow before dividends was $1.066 billion[47]

Core Viewpoint - The railroad operator is experiencing a decline in export coal prices and a decrease in merchandise volume, which are partially offset by increases in other revenue sources [1] Group 1 - Lower export coal prices are impacting the company's revenue [1] - A decline in merchandise volume is also affecting overall performance [1] - Increases in other revenue are helping to mitigate the negative effects of the declines [1]

CSX Corporation (NASDAQ:CSX) traded higher in postmarket action after it led off the earnings season for the rails sector. Revenue fell 0.8% year-over-year to $3.59 billion, topping the consensus estimate by $20 million. The effects of lower export coal prices and a decline in merchandise ...

PART I. FINANCIAL INFORMATION This section presents CSX Corporation's unaudited consolidated financial statements, including income statements, balance sheets, cash flows, and detailed notes [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section details CSX Corporation's unaudited consolidated financial statements, including income statements, balance sheets, cash flows, and comprehensive explanatory notes [Consolidated Income Statements (Unaudited)](index=3&type=section&id=Consolidated%20Income%20Statements%20%28Unaudited%29) This section presents the unaudited consolidated income statements for the specified periods Consolidated Income Statements (Unaudited) Data | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | 9M 2025 (Millions) | 9M 2024 (Millions) | | :----------------------------- | :----------------- | :----------------- | :----------------- | :----------------- | | Revenue | $3,587 | $3,619 | $10,584 | $11,001 | | Total Expense | $2,500 | $2,265 | $7,173 | $6,862 | | Operating Income | $1,087 | $1,354 | $3,411 | $4,139 | | Net Earnings | $694 | $894 | $2,169 | $2,737 | | Net Earnings Per Share, Basic | $0.37 | $0.46 | $1.16 | $1.41 | | Net Earnings Per Share, Diluted | $0.37 | $0.46 | $1.16 | $1.40 | [Condensed Consolidated Comprehensive Income Statements (Unaudited)](index=3&type=section&id=Condensed%20Consolidated%20Comprehensive%20Income%20Statements%20%28Unaudited%29) This section provides the unaudited condensed consolidated comprehensive income statements Condensed Consolidated Comprehensive Income Statements (Unaudited) Data | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | 9M 2025 (Millions) | 9M 2024 (Millions) | | :-------------------------- | :----------------- | :----------------- | :----------------- | :----------------- | | Total Comprehensive Earnings | $698 | $895 | $2,181 | $2,747 | [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) This section outlines the consolidated balance sheets as of September 30, 2025, and December 31, 2024 Consolidated Balance Sheets Data | Metric | September 30, 2025 (Millions) | December 31, 2024 (Millions) | | :---------------------------------- | :---------------------------- | :--------------------------- | | **ASSETS** | | | | Cash and Cash Equivalents | $612 | $933 | | Total Current Assets | $2,511 | $2,820 | | Properties - Net | $36,534 | $35,658 | | Goodwill and Other Intangible Assets - Net | $270 | $433 | | Total Assets | $43,279 | $42,764 | | **LIABILITIES AND SHAREHOLDERS' EQUITY** | | | | Total Current Liabilities | $2,966 | $3,276 | | Long-term Debt | $18,554 | $17,897 | | Total Liabilities | $30,521 | $30,257 | | Total Shareholders' Equity | $12,758 | $12,507 | | Total Liabilities and Shareholders' Equity | $43,279 | $42,764 | [Consolidated Cash Flow Statements (Unaudited)](index=5&type=section&id=Consolidated%20Cash%20Flow%20Statements%20%28Unaudited%29) This section presents the unaudited consolidated cash flow statements for the nine-month periods Consolidated Cash Flow Statements (Unaudited) Data | Cash Flow Activity | 9M 2025 (Millions) | 9M 2024 (Millions) | | :------------------------------------ | :----------------- | :----------------- | | Net Cash Provided by Operating Activities | $3,227 | $3,859 | | Net Cash Used In Investing Activities | $(2,145) | $(1,722) | | Net Cash Used in Financing Activities | $(1,403) | $(1,846) | | Net (Decrease) Increase in Cash and Cash Equivalents | $(321) | $291 | | Cash and Cash Equivalents at End of Period | $612 | $1,644 | [Consolidated Statements of Changes in Shareholders' Equity (Unaudited)](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity%20%28Unaudited%29) This section details the unaudited consolidated statements of changes in shareholders' equity Consolidated Statements of Changes in Shareholders' Equity (Unaudited) Data | Metric | Balance Dec 31, 2024 (Millions) | Net Earnings (Millions) | Dividends Paid (Millions) | Share Repurchases (Millions) | Balance Sep 30, 2025 (Millions) | | :-------------------------------- | :------------------------------ | :---------------------- | :------------------------ | :--------------------------- | :------------------------------ | | Total Shareholders' Equity (9M 2025) | $12,507 | $2,169 | $(730) | $(1,284) | $12,758 | Consolidated Statements of Changes in Shareholders' Equity (Unaudited) Data | Metric | Balance Dec 31, 2023 (Millions) | Net Earnings (Millions) | Dividends Paid (Millions) | Share Repurchases (Millions) | Balance Sep 30, 2024 (Millions) | | :-------------------------------- | :------------------------------ | :---------------------- | :------------------------ | :--------------------------- | :------------------------------ | | Total Shareholders' Equity (9M 2024) | $11,985 | $2,737 | $(700) | $(1,212) | $12,936 | [Notes to Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This section provides detailed explanatory notes to the unaudited consolidated financial statements [NOTE 1. Nature of Operations and Significant Accounting Policies](index=8&type=section&id=NOTE%201.%20Nature%20of%20Operations%20and%20Significant%20Accounting%20Policies) This note describes CSX Corporation's primary operations and significant accounting policies - CSX Corporation is a leading US transportation company, primarily providing rail-based transportation services through its subsidiary CSX Transportation, Inc. (CSXT), which operates an approximately **20,000 route-mile** rail network across **26** states, the District of Columbia, and parts of Canada[30](index=30&type=chunk)[31](index=31&type=chunk) - Other key subsidiaries include Quality Carriers, Inc. (bulk liquid chemicals truck transportation), CSX Intermodal Terminals, Inc. (intermodal terminals and drayage), Total Distribution Services, Inc. (automotive distribution), and Transflo Terminal Services, Inc. (rail-to-truck transfers)[32](index=32&type=chunk) - The company is evaluating the impact of new FASB ASUs: 2023-09 (Income Tax Disclosures, effective 2025 annual report), 2024-03 (Disaggregation of Income Statement Expenses, effective 2027 annual report), and 2025-06 (Internal-Use Software, effective Q1 2028) None are anticipated to materially impact results of operations or financial position[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) [NOTE 2. Earnings Per Share](index=10&type=section&id=NOTE%202.%20Earnings%20Per%20Share) This note provides details on basic and diluted earnings per share, share repurchases, and dividend changes NOTE 2. Earnings Per Share Data | Metric | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :--------------------------------------- | :------ | :------ | :------ | :------ | | Net Earnings Per Share, Basic | $0.37 | $0.46 | $1.16 | $1.41 | | Net Earnings Per Share, Assuming Dilution | $0.37 | $0.46 | $1.16 | $1.40 | - The company has **$1.3 billion** remaining under its **$5 billion** share repurchase program approved in October 2023[47](index=47&type=chunk) NOTE 2. Earnings Per Share Data | Share Repurchase Activity | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------------------------ | :------ | :------ | :------ | :------ | | Shares Repurchased (Millions) | 3 | 12 | 41 | 35 | | Cost of Shares (Dollars in Millions) | $112 | $402 | $1,264 | $1,212 | | Average Price Paid per Share | $33.07 | $33.66 | $30.61 | $34.60 | - In February 2025, the Board of Directors authorized an **8% increase** in the quarterly cash dividend to **$0.13** per common share, effective March 2025[50](index=50&type=chunk) [NOTE 3. Stock Plans and Share-Based Compensation](index=12&type=section&id=NOTE%203.%20Stock%20Plans%20and%20Share-Based%20Compensation) This note outlines share-based compensation expenses and new long-term incentive plan awards NOTE 3. Stock Plans and Share-Based Compensation Data | Share-Based Compensation Expense (Millions) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------------------------------ | :------ | :------ | :------ | :------ | | Restricted Stock Units | $7 | $7 | $20 | $21 | | Stock Options | $4 | $3 | $10 | $9 | | Employee Stock Purchase Plan | $3 | $2 | $8 | $6 | | Performance Units | $0 | $4 | $2 | $7 | | Stock Awards for Directors | $0 | $0 | $3 | $2 | | Total Share-Based Compensation Expense | $14 | $16 | $43 | $45 | | Income Tax Benefit | $4 | $4 | $10 | $12 | NOTE 3. Stock Plans and Share-Based Compensation Data | New Long-term Incentive Plan Awards (Feb 2025) | Granted (Thousands) | Weighted Avg. Fair Value | | :--------------------------------------------- | :------------------ | :----------------------- | | Performance Units | 668 | $33.74 | | Restricted Stock Units | 666 | $33.37 | | Stock Options | 1,100 | $10.16 | [NOTE 4. Casualty, Environmental and Other Reserves](index=14&type=section&id=NOTE%204.%20Casualty%2C%20Environmental%20and%20Other%20Reserves) This note details the company's reserves for personal injury, occupational, environmental, and other liabilities NOTE 4. Casualty, Environmental and Other Reserves Data | Reserve Type (Millions) | Sep 30, 2025 Current | Sep 30, 2025 Long-term | Sep 30, 2025 Total | Dec 31, 2024 Current | Dec 31, 2024 Long-term | Dec 31, 2024 Total | | :---------------------- | :------------------- | :--------------------- | :----------------- | :------------------- | :--------------------- | :----------------- | | Personal Injury | $54 | $94 | $148 | $51 | $91 | $142 | | Occupational | $7 | $53 | $60 | $7 | $59 | $66 | | Total Casualty | $61 | $147 | $208 | $58 | $150 | $208 | | Environmental | $39 | $110 | $149 | $37 | $114 | $151 | | Other | $59 | $54 | $113 | $54 | $49 | $103 | | Total Reserves | $159 | $311 | $470 | $149 | $313 | $462 | - The Company's self-insured retention amount for casualty claims is **$100 million** per occurrence[68](index=68&type=chunk) - The Company has been identified as a potentially responsible party at approximately **220** environmentally impaired sites, primarily related to railroad operations or hazardous substance disposal[73](index=73&type=chunk) [NOTE 5. Commitments and Contingencies](index=16&type=section&id=NOTE%205.%20Commitments%20and%20Contingencies) This note describes the company's insurance retentions, potential legal losses, and ongoing litigation updates - The Company retains risk up to **$200 million** per occurrence for floods and named windstorms, and **$175 million** for other property losses under its property insurance program For casualty claims, the retention is **$100 million** per occurrence[80](index=80&type=chunk) - The estimated range of possible loss for certain legal matters, where a loss is reasonably possible in excess of established reserves, is **$2 million** to **$63 million** in aggregate as of September 30, 2025[82](index=82&type=chunk) - In June 2025, the federal court granted summary judgment in favor of the railroads in the fuel surcharge antitrust litigation, ordering the cases closed Most individual shippers have appealed this ruling[86](index=86&type=chunk) - The SEC concluded its investigation into the Company's accounting restatement and non-financial performance metrics on July 10, 2025, and does not intend to recommend an enforcement action[97](index=97&type=chunk) [NOTE 6. Employee Benefit Plans](index=19&type=section&id=NOTE%206.%20Employee%20Benefit%20Plans) This note presents the net periodic benefit credit for pension plans and expected contributions NOTE 6. Employee Benefit Plans Data | Pension Benefits Cost (Millions) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------------------- | :------ | :------ | :------ | :------ | | Service Cost Included in Labor and Fringe | $5 | $6 | $15 | $18 | | Interest Cost | $27 | $27 | $82 | $80 | | Expected Return on Plan Assets | $(40) | $(42) | $(120) | $(127) |\n| Amortization of Net Loss | $6 | $5 | $17 | $14 | | Total Included in Other Income - Net | $(7) | $(10) | $(21) | $(33) |\n| Net Periodic Benefit Credit | $(2) | $(4) | $(6) | $(15) | - No contributions to the Company's qualified pension plans are expected in 2025[102](index=102&type=chunk) [NOTE 7. Debt and Credit Agreements](index=20&type=section&id=NOTE%207.%20Debt%20and%20Credit%20Agreements) This note details long-term debt activity, new note issuances, interest rate swaps, and credit facilities NOTE 7. Debt and Credit Agreements Data | Long-term Debt Activity (Millions) | Current Portion | Long-term Portion | Total | | :--------------------------------- | :-------------- | :---------------- | :---- | | Long-term Debt as of Dec 31, 2024 | $606 | $17,897 | $18,503 | | 2025 Activity: | | | | | Long-term Debt Issued | $0 | $600 | $600 | | Long-term Debt Repaid | $(12) | $0 | $(12) | | Long-term Debt as of Sep 30, 2025 | $608 | $18,554 | $19,162 | - In March 2025, CSX issued **$600 million** of **5.05%** notes due 2035 for general corporate purposes[107](index=107&type=chunk) - CSX entered into two new fixed-to-floating interest rate swaps in Q1 2025, hedging **$250 million** of fixed rate notes due 2055, with a cumulative fair value asset of **$11 million** as of September 30, 2025[108](index=108&type=chunk) - The Company has a **$1.2 billion** unsecured revolving credit facility expiring in February 2028, with no outstanding balances as of September 30, 2025 It also has a commercial paper program up to **$1.0 billion**, with no outstanding debt as of September 30, 2025[120](index=120&type=chunk)[122](index=122&type=chunk) [NOTE 8. Revenues](index=23&type=section&id=NOTE%208.%20Revenues) This note provides a breakdown of revenue by market and accounts receivable balances NOTE 8. Revenues Data | Market (Millions) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------ | :------ | :------ | :------ | :------ | | Chemicals | $697 | $727 | $2,096 | $2,142 | | Agricultural and Food Products | $382 | $416 | $1,208 | $1,229 | | Automotive | $306 | $301 | $897 | $930 | | Forest Products | $247 | $259 | $746 | $790 | | Minerals | $226 | $202 | $625 | $583 | | Metals and Equipment | $224 | $208 | $657 | $658 | | Fertilizers | $126 | $118 | $388 | $380 | | Total Merchandise | $2,208 | $2,231 | $6,617 | $6,712 | | Intermodal | $527 | $509 | $1,511 | $1,521 | | Coal | $490 | $553 | $1,428 | $1,748 | | Trucking | $207 | $214 | $620 | $650 | | Other | $155 | $112 | $408 | $370 | | Total Revenue | $3,587 | $3,619 | $10,584 | $11,001 | NOTE 8. Revenues Data | Accounts Receivable - Net (Millions) | Sep 30, 2025 | Dec 31, 2024 | | :----------------------------------- | :----------- | :----------- | | Freight Receivables - Net | $1,005 | $996 | | Non-Freight Receivables - Net | $365 | $330 | | Total Accounts Receivable - Net | $1,370 | $1,326 | [NOTE 9. Fair Value Measurements](index=24&type=section&id=NOTE%209.%20Fair%20Value%20Measurements) This note presents fair value measurements for investments, long-term debt, and interest rate swaps NOTE 9. Fair Value Measurements Data | Investments at Fair Value (Millions) | Sep 30, 2025 Total | Dec 31, 2024 Total | | :----------------------------------- | :----------------- | :----------------- | | Exchange-traded Funds | $5 | $2 | | Corporate Bonds | $78 | $71 | | Government Securities | $60 | $42 | | Asset-backed Securities | $34 | $35 | | Time Deposits | $0 | $66 | | Total Investments at Fair Value | $177 | $216 | NOTE 9. Fair Value Measurements Data | Long-term Debt (Millions) | Sep 30, 2025 | Dec 31, 2024 | | :------------------------ | :----------- | :----------- | | Fair Value | $17,716 | $16,481 | | Carrying Value | $19,162 | $18,503 | - The fair value of CSX's fixed-to-floating interest rate swaps was an asset of **$27 million** (for 2025 and 2023 swaps) and a liability of **$93 million** (for 2022 swaps) as of September 30, 2025[137](index=137&type=chunk) - A goodwill impairment was recorded in the current period, resulting from a re-measurement of fair value[139](index=139&type=chunk) [NOTE 10. Other Comprehensive Income (Loss)](index=26&type=section&id=NOTE%2010.%20Other%20Comprehensive%20Income%20%28Loss%29) This note details total comprehensive earnings and accumulated other comprehensive income components NOTE 10. Other Comprehensive Income (Loss) Data | Metric (Millions) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :-------------------------- | :------ | :------ | :------ | :------ | | Total Comprehensive Earnings | $698 | $895 | $2,200 | $2,700 | NOTE 10. Other Comprehensive Income (Loss) Data | AOCI Component (Millions) | Balance Dec 31, 2024 | Total Other Comprehensive Income | Balance Sep 30, 2025 | | :------------------------ | :------------------- | :------------------------------- | :------------------- | | Pension and Other Post Employment Benefits | $(349) | $9 | $(340) | | Interest Rate Derivatives | $153 | $0 | $153 | | Other | $(36) | $3 | $(33) | | Total AOCI (Loss) Income | $(232) | $12 | $(220) | [NOTE 11. Segment Reporting and Significant Expenses](index=27&type=section&id=NOTE%2011.%20Segment%20Reporting%20and%20Significant%20Expenses) This note outlines operating segments, income, and capital expenditures, including a goodwill impairment - CSX has two operating segments: rail and trucking The rail segment includes all CSX entities except Quality Carriers (trucking) The trucking segment is not material for separate disclosure[146](index=146&type=chunk) NOTE 11. Segment Reporting and Significant Expenses Data | Operating Income (Millions) | Q3 2025 Rail | Q3 2025 Consolidated | Q3 2024 Rail | Q3 2024 Consolidated | | :-------------------------- | :----------- | :------------------- | :----------- | :------------------- | | Segment Operating Income | $1,256 | $1,087 | $1,351 | $1,354 | NOTE 11. Segment Reporting and Significant Expenses Data | Operating Income (Millions) | 9M 2025 Rail | 9M 2025 Consolidated | 9M 2024 Rail | 9M 2024 Consolidated | | :-------------------------- | :----------- | :------------------- | :----------- | :------------------- | | Segment Operating Income | $3,571 | $3,411 | $4,123 | $4,139 | - Trucking expenses for Q3 and 9M 2025 include a **$164 million** impairment charge of Quality Carrier's goodwill[155](index=155&type=chunk) NOTE 11. Segment Reporting and Significant Expenses Data | Capital Expenditures (Millions) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------------------ | :------ | :------ | :------ | :------ | | Rail Segment Capital Expenditures | $717 | $610 | $2,173 | $1,631 | - Capital expenditures for 9M 2025 include **$440 million** related to rebuilding the Blue Ridge subdivision due to Hurricane Helene[160](index=160&type=chunk) [NOTE 12. Goodwill and Other Intangible Assets](index=31&type=section&id=NOTE%2012.%20Goodwill%20and%20Other%20Intangible%20Assets) This note details changes in goodwill and intangible assets, including a significant impairment charge NOTE 12. Goodwill and Other Intangible Assets Data | Asset Type (Millions) | Balance Dec 31, 2024 | Additions | Amortization | Impairment | Balance Sep 30, 2025 | | :-------------------- | :------------------- | :-------- | :----------- | :--------- | :------------------- | | Goodwill | $239 | $5 | $0 | $(164) | $80 | | Intangible Assets | $194 | $5 | $(9) | $0 | $190 | | Total Assets - Net | $433 | $10 | $(9) | $(164) | $270 | - A **$164 million** goodwill impairment charge was recorded in Q3 2025 for Quality Carriers (trucking segment) due to an extended trucking market recession, ongoing economic uncertainty, and lower than expected financial performance[165](index=165&type=chunk) - There is no remaining goodwill attributed to the trucking operating segment as of September 30, 2025[163](index=163&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's analysis of the company's financial condition and operational results for the quarter and nine months [THIRD QUARTER 2025 RESULTS](index=32&type=section&id=THIRD%20QUARTER%202025%20RESULTS) This section summarizes the key financial results for the third quarter of 2025, including revenue, expenses, and EPS THIRD QUARTER 2025 RESULTS Data | Metric | Q3 2025 | Q3 2024 | Change (Millions) | % Change | | :--------------- | :------ | :------ | :---------------- | :------- | | Revenue | $3,587 | $3,619 | $(32) | (1)% | | Expense | $2,500 | $2,265 | $(235) | (10)% | | Operating Income | $1,087 | $1,354 | $(267) | (20)% | | Operating Margin | 30.3% | 37.4% | (710) bps | | | Diluted EPS | $0.37 | $0.46 | $(0.09) | (20)% | - Stephen F Angel was appointed as the new President and Chief Executive Officer, effective September 28, 2025[171](index=171&type=chunk) [Volume and Revenue (Unaudited)](index=33&type=section&id=Volume%20and%20Revenue%20%28Unaudited%29) This section presents unaudited volume and revenue data by market for the quarter and nine months Volume and Revenue (Unaudited) Data | Metric | Q3 2025 | Q3 2024 | % Change | 9M 2025 | 9M 2024 | % Change | | :-------------------- | :------ | :------ | :------- | :------ | :------ | :------- | | Total Volume (Thousands) | 1,612 | 1,590 | 1% | 4,710 | 4,702 | 0% | | Total Revenue (Millions) | $3,587 | $3,619 | (1)% | $10,584 | $11,001 | (4)% | | Revenue Per Unit | $2,225 | $2,276 | (2)% | $2,247 | $2,340 | (4)% | Volume and Revenue (Unaudited) Data | Market Revenue (Millions) | Q3 2025 | Q3 2024 | % Change | 9M 2025 | 9M 2024 | % Change | | :------------------------ | :------ | :------ | :------- | :------ | :------ | :------- | | Chemicals | $697 | $727 | (4)% | $2,096 | $2,142 | (2)% | | Agricultural and Food Products | $382 | $416 | (8)% | $1,208 | $1,229 | (2)% | | Minerals | $226 | $202 | 12% | $625 | $583 | 7% |\n| Automotive | $306 | $301 | 2% | $897 | $930 | (4)% | | Forest Products | $247 | $259 | (5)% | $746 | $790 | (6)% | | Metals and Equipment | $224 | $208 | 8% | $657 | $658 | 0% | | Fertilizers | $126 | $118 | 7% | $388 | $380 | 2% | | Total Merchandise | $2,208 | $2,231 | (1)% | $6,617 | $6,712 | (1)% | | Intermodal | $527 | $509 | 4% | $1,511 | $1,521 | (1)% | | Coal | $490 | $553 | (11)% | $1,428 | $1,748 | (18)% | | Trucking | $207 | $214 | (3)% | $620 | $650 | (5)% | | Other | $155 | $112 | 38% | $408 | $370 | 10% | [Third Quarter 2025 Revenue Analysis](index=34&type=section&id=Third%20Quarter%202025%20Revenue%20Analysis) This section analyzes the drivers behind revenue changes in the third quarter of 2025 by market segment - Total revenue **decreased 1%** YoY in Q3 2025, primarily due to lower export coal revenue (including lower benchmark rates) and **declines** in merchandise volume This was partially offset by **increases** in other revenue, higher merchandise pricing, and intermodal volume **growth**[174](index=174&type=chunk) - Merchandise volume **decreased** overall (**1%** YoY), with **declines** in Chemicals (**-7%**), Agricultural and Food Products (**-7%**), and Forest Products (**-7%**) **Increases** were seen in Minerals (**+8%**), Automotive (**+1%**), Metals and Equipment (**+5%**), and Fertilizers (**+7%**)[173](index=173&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk) - Intermodal volume **increased 5%** YoY, driven by higher port volumes, **growth** with key customers, and new service offerings, despite a soft trucking environment[173](index=173&type=chunk)[178](index=178&type=chunk) - Coal volume **decreased 3%** YoY, mainly due to reduced export coal production Domestic coal **increased** due to higher shipments to utility plants[173](index=173&type=chunk)[179](index=179&type=chunk) - Other revenue **increased $43 million**, primarily from higher carload demurrage and payments for unmet volume commitments[181](index=181&type=chunk) [Third Quarter 2025 Expense Analysis](index=35&type=section&id=Third%20Quarter%202025%20Expense%20Analysis) This section examines the factors contributing to changes in total expenses during the third quarter of 2025 - Total expenses **increased $235 million** (**10%**) in Q3 2025 compared to Q3 2024[183](index=183&type=chunk) - Key expense changes include: Labor and Fringe **increased $9 million** (due to severance, inflation, partially offset by lower incentive compensation and efficiency savings); Purchased Services and Other **increased $54 million** (due to inflation, technology contract restructuring, network disruptions, and higher claims); Depreciation and Amortization **increased $8 million**; Fuel costs **increased $5 million**; Goodwill Impairment was **$164 million**[183](index=183&type=chunk)[184](index=184&type=chunk)[188](index=188&type=chunk) - Interest expense **increased $4 million** due to higher average debt balances Other income - net **decreased $15 million** due to lower interest income Income tax expense **decreased $86 million** due to lower earnings before income taxes[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) [Nine Months Results of Operations](index=36&type=section&id=Nine%20Months%20Results%20of%20Operations) This section reviews the consolidated results of operations for the nine months ended September 30, 2025 - Revenue **decreased $417 million** for the nine months ended September 30, 2025, primarily due to lower coal revenue (including global benchmark rates), lower fuel recovery, and merchandise volume **declines**, partially offset by pricing gains[189](index=189&type=chunk) - Total expense **increased $311 million**, mainly driven by the Quality Carriers goodwill impairment, inflation, network disruption costs, and higher depreciation, partially offset by lower fuel prices and efficiency savings[190](index=190&type=chunk) - Interest expense **increased $6 million**, and other income - net **decreased $36 million** Income tax expense **decreased $202 million** due to lower earnings before income taxes[190](index=190&type=chunk)[191](index=191&type=chunk) [Non-GAAP Measures - Unaudited](index=37&type=section&id=Non-GAAP%20Measures%20-%20Unaudited) This section provides analysis using non-GAAP financial measures, including adjusted operating results, economic profit, and free cash flow [Adjusted Operating Results](index=37&type=section&id=Adjusted%20Operating%20Results) This section presents operating results adjusted for the goodwill impairment to provide a clearer performance view - Management uses adjusted operating results (excluding the **$164 million** goodwill impairment) to evaluate performance and for planning, as the impairment is not indicative of future financial trends[194](index=194&type=chunk) Adjusted Operating Results Data | Metric | Q3 2025 GAAP | Q3 2025 Adjusted (Non-GAAP) | 9M 2025 GAAP | 9M 2025 Adjusted (Non-GAAP) | | :------------------------------------ | :----------- | :-------------------------- | :----------- | :-------------------------- | | Operating Income (Millions) | $1,087 | $1,251 | $3,411 | $3,575 | | Operating Margin | 30.3% | 34.9% | 32.2% | 33.8% | | Net Earnings (Millions) | $694 | $818 | $2,169 | $2,293 | | Net Earnings Per Share, Assuming Dilution | $0.37 | $0.44 | $1.16 | $1.22 | [Economic Profit](index=38&type=section&id=Economic%20Profit) This section calculates economic profit to assess financial returns and strategic investment effectiveness - Economic Profit (GCE minus Capital Charge on GOA) is used to evaluate financial returns and incentivize strategic investments that exceed management's desired minimum required return[197](index=197&type=chunk)[198](index=198&type=chunk) Economic Profit Data | Metric (Millions) | 9M 2025 | 9M 2024 | | :------------------ | :------ | :------ | | Operating Income | $3,411 | $4,139 | | Gross Cash Earnings | $4,194 | $4,643 | | Capital Charge | $(2,907) | $(2,778) | | Economic Profit | $1,287 | $1,865 | - The Company used a **15%** tax rate and an **8%** required return for both periods, consistent with rates used for investment decisions[199](index=199&type=chunk) [Free Cash Flow](index=40&type=section&id=Free%20Cash%20Flow) This section analyzes free cash flow, representing cash available for investors after reinvestment - Free Cash Flow (FCF) measures cash generated after reinvestment, available for equity and bond investors[206](index=206&type=chunk) Free Cash Flow Data | Metric (Millions) | 9M 2025 | 9M 2024 | | :------------------------------------ | :------ | :------ | | Net cash provided by operating activities | $3,227 | $3,859 | | Property Additions | $(2,225) | $(1,691) | | Proceeds and Advances from Property Dispositions | $64 | $50 | | Free Cash Flow (before dividends) | $1,066 | $2,218 | - The **$1.2 billion** **decrease** in FCF before dividends from prior year is primarily due to higher property additions (including **$440 million** for Blue Ridge subdivision rebuild), **$429 million** in postponed federal and state tax payments from 2024, and lower cash-generating net earnings[207](index=207&type=chunk) [Operating Statistics (Estimated)](index=40&type=section&id=Operating%20Statistics%20%28Estimated%29) This section provides estimated key operating metrics, including train velocity, dwell, trip plan performance, and safety rates - In Q3 2025, train velocity **increased by 2%** YoY, and dwell **improved 8%** YoY Carload trip plan performance **increased by 4%** and intermodal trip plan performance **increased by 1%**[211](index=211&type=chunk) - Safety performance **improved** in Q3 2025: FRA personal injury frequency index **improved 7%** to **1.16**, and FRA train accident rate **improved 21%** to **2.55**[212](index=212&type=chunk) Operating Statistics (Estimated) Data | Operating Performance | Q3 2025 | Q3 2024 | % Change | 9M 2025 | 9M 2024 | % Change | | :-------------------- | :------ | :------ | :------- | :------ | :------ | :------- | | Train Velocity (MPH) | 18.9 | 18.6 | 2% | 18.0 | 18.3 | (2)% | | Dwell (Hours) | 9.5 | 10.3 | 8% | 10.5 | 10.0 | (5)% | | Carload Trip Plan Performance | 83% | 80% | 4% | 76% | 81% | (6)% | | Intermodal Trip Plan Performance | 93% | 92% | 1% | 91% | 94% | (3)% | | FRA Personal Injury Frequency Index | 1.16 | 1.25 | 7% | 1.05 | 1.27 | 17% | | FRA Train Accident Rate | 2.55 | 3.21 | 21% | 3.32 | 3.38 | 2% | [LIQUIDITY AND CAPITAL RESOURCES](index=42&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) This section discusses the company's liquidity position, cash flow changes, and capital investment plans [Material Changes in Significant Cash Flows](index=42&type=section&id=Material%20Changes%20in%20Significant%20Cash%20Flows) This section highlights significant changes in operating, investing, and financing cash flows - Net cash provided by operating activities **decreased by $632 million**, primarily due to **$429 million** in previously postponed tax payments and lower cash-generating net earnings[226](index=226&type=chunk) - Cash used in investing activities **increased by $423 million**, mainly due to higher property additions, including **$440 million** for the Blue Ridge subdivision rebuild, partially offset by lower acquisition spending[226](index=226&type=chunk) - Cash used in financing activities **decreased by $443 million**, driven by lower repayments of long-term debt, partially offset by higher share repurchases[226](index=226&type=chunk) [Sources of Cash and Liquidity and Uses of Cash](index=43&type=section&id=Sources%20of%20Cash%20and%20Liquidity%20and%20Uses%20of%20Cash) This section outlines the company's cash position, available credit, and planned capital expenditures - As of Q3 2025, CSX had **$618 million** in cash, cash equivalents, and short-term investments[227](index=227&type=chunk) - The Company has a **$1.2 billion** unsecured revolving credit facility and a **$1.0 billion** commercial paper program, both with no outstanding balances as of September 30, 2025[229](index=229&type=chunk) - Planned capital investments for 2025 are expected to be around **$2.5 billion**, plus over **$500 million** for the Blue Ridge subdivision rebuild (with **$440 million** spent in 9M 2025)[230](index=230&type=chunk) - Changes in bonus tax depreciation from the One Big Beautiful Bill Act are expected to result in favorable cash tax impacts of approximately **$250 million** for the 2025 tax year[231](index=231&type=chunk) [Material Changes in the Consolidated Balance Sheets and Working Capital](index=44&type=section&id=Material%20Changes%20in%20the%20Consolidated%20Balance%20Sheets%20and%20Working%20Capital) This section details significant changes in assets, liabilities, shareholders' equity, and working capital - Total assets **increased $515 million** from year-end, driven by an **$876 million increase** in net property and a **$78 million increase** in investments, partially offset by a **$321 million decrease** in cash and a **$164 million** goodwill impairment[233](index=233&type=chunk) - Total liabilities **increased $264 million**, primarily due to **$600 million** in long-term debt issuance, partially offset by a **$344 million decrease** in income and other taxes payable[234](index=234&type=chunk) - Total shareholders' equity **increased $251 million**, driven by **$2.2 billion** in net earnings, offset by **$1.3 billion** in share repurchases and **$730 million** in dividends paid[234](index=234&type=chunk) - The Company had a working capital deficit of **$455 million** as of September 30, 2025, similar to **$456 million** at December 31, 2024, maintaining adequate liquidity[235](index=235&type=chunk) [LABOR AGREEMENTS](index=44&type=section&id=LABOR%20AGREEMENTS) This section provides an update on the status of labor agreements with unionized employees - Approximately **75%** of CSX's unionized workforce (**17,400** out of **23,200** employees) is covered by new agreements effective January 1, 2025, which have been fully ratified Negotiations are ongoing for the remaining unionized employees[239](index=239&type=chunk) [CRITICAL ACCOUNTING ESTIMATES](index=45&type=section&id=CRITICAL%20ACCOUNTING%20ESTIMATES) This section identifies key accounting estimates requiring significant management judgment and assumptions - Critical accounting estimates requiring significant management judgment include personal injury and environmental reserves, pension plan accounting, and depreciation policies for assets under the group-life method[242](index=242&type=chunk)[246](index=246&type=chunk) [FORWARD-LOOKING STATEMENTS](index=45&type=section&id=FORWARD-LOOKING%20STATEMENTS) This section cautions readers about forward-looking statements and associated risks and uncertainties - The report contains forward-looking statements regarding projections of financial items, operational initiatives, legal outcomes, management plans, and future economic conditions, which are subject to risks and uncertainties[244](index=244&type=chunk)[247](index=247&type=chunk) - Key risk factors include legislative/regulatory developments, litigation outcomes, economic/political conditions, natural events, competition, compliance costs, financial market conditions, fuel prices, and labor difficulties[248](index=248&type=chunk)[249](index=249&type=chunk)[253](index=253&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section describes the company's exposure to market risks, particularly interest rate risk, and its hedging strategies - In Q1 2025, CSX entered into two fixed-to-floating interest rate swaps to hedge **10** years of interest rate risk on **$250 million** of fixed rate notes due 2055 As of September 30, 2025, these swaps had a fair value asset of **$11 million**[256](index=256&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of disclosure controls and procedures and reports no material changes to internal controls - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2025[257](index=257&type=chunk) - There were no material changes in the Company's internal controls over financial reporting during the third quarter of 2025[257](index=257&type=chunk) PART II. OTHER INFORMATION This section contains additional information not covered in the financial statements, including legal, equity, and exhibit details [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 5 for details on legal proceedings and specifies disclosure thresholds for environmental matters - The Company will use a threshold of **$1 million** for disclosing environmental matters where a governmental authority is a party and potential monetary sanctions exceed this amount[260](index=260&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) This section directs readers to the annual report for comprehensive risk factors and references forward-looking statements [Item 2. CSX Purchases of Equity Securities](index=49&type=section&id=Item%202.%20CSX%20Purchases%20of%20Equity%20Securities) This section details CSX's share repurchase activities during the third quarter of 2025 under its existing program - Total repurchase authority remaining under the **$5 billion** program was **$1.3 billion** as of September 30, 2025[262](index=262&type=chunk) Item 2. CSX Purchases of Equity Securities Data | Share Repurchase Activity (Q3 2025) | Total Number of Shares Purchased | Average Price Paid per Share | Approximate Dollar Value of Shares that May Yet Be Purchased | | :---------------------------------- | :------------------------------- | :--------------------------- | :----------------------------------------------------------- | | July 1 - July 31, 2025 | 1,018,047 | $33.76 | $1,399,702,506 | | August 1 - August 31, 2025 | — | — | $1,399,702,506 | | September 1 - September 30, 2025 | 2,369,420 | $32.77 | $1,322,060,537 | | Ending Balance | 3,387,467 | $33.07 | $1,322,060,537 | [Item 3. Defaults Upon Senior Securities](index=50&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section confirms that there were no defaults upon senior securities during the reporting period [Item 4. Mine Safety Disclosures](index=50&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section states that mine safety disclosures are not applicable to the company's operations [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20Information) This section reports no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements by directors or officers [Item 6. Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including employment agreements and certifications - Key exhibits include employment-related agreements for the new CEO Stephen Angel (Employment Agreement, Change of Control Agreement, Confidentiality Agreement, Employment Separation Agreement), Rule 13a-14(a) and Section 1350 Certifications, and Interactive Data Files (XBRL)[266](index=266&type=chunk)[267](index=267&type=chunk) [Signature](index=52&type=section&id=Signature) This section contains the official signature block, confirming the due authorization and filing of the report - The report was signed by Angela C Williams, Vice President and Chief Accounting Officer, on October 16, 2025[269](index=269&type=chunk)

Exhibit 99.2 CSX Corp. Announces Third Quarter 2025 Results JACKSONVILLE, Fla. – October 16, 2025 – CSX Corp. (NASDAQ: CSX) today announced third quarter operating income of $1.09 billion and net earnings of $694 million, or $0.37 per share. Excluding a non-cash goodwill impairment of $164 million in this year's third quarter results, adjusted operating income was $1.25 billion and adjusted net earnings were $818 million, or $0.44 per share. In the third quarter of 2024, the company reported operating incom ...

Core Insights - CSX Corp. reported third quarter operating income of $1.09 billion and net earnings of $694 million, or $0.37 per share, with adjusted operating income of $1.25 billion and adjusted net earnings of $818 million, or $0.44 per share after excluding a non-cash goodwill impairment of $164 million [1][4] - The company's operational performance reflects workforce dedication and a commitment to operational excellence, with a focus on leveraging strengths for long-term growth [4] Financial Performance - Adjusted operating income included $35 million in corporate restructuring, severance, and advisory expenses, impacting earnings per share by $0.01 [2] - Volume totaled 1.61 million units for the quarter, representing a 1% increase year-over-year and a 2% increase sequentially [4] - Revenue for the quarter was $3.59 billion, a decrease of 1% year-over-year, influenced by lower export coal prices and a decline in merchandise volume, partially offset by higher pricing in merchandise and intermodal volume growth [4] Company Overview - CSX is a premier transportation company providing rail, intermodal, and rail-to-truck transload services across various markets, including energy, industrial, construction, agricultural, and consumer products [8] - The company has a significant role in the economic expansion and industrial development of the United States, connecting major metropolitan areas and numerous short-line railroads and ports [8]