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CSX(CSX) - 2025 Q2 - Quarterly Report

PART I This section presents CSX Corporation's unaudited consolidated financial statements, management's discussion, market risk, and internal controls Item 1. Financial Statements This section presents CSX Corporation's unaudited consolidated financial statements, including income statements, comprehensive income statements, balance sheets, cash flow statements, and statements of changes in shareholders' equity, along with detailed notes explaining accounting policies, earnings per share, stock plans, reserves, commitments, debt, revenues, fair value measurements, and segment reporting Consolidated Income Statements (Unaudited) This statement details CSX's revenues, expenses, operating income, and net earnings for the quarter and six months ended June 30, 2025 Consolidated Income Statements (Unaudited) | Metric (Dollars in Millions, Except Per Share) | Q2 2025 | Q2 2024 | Change (YoY) | 6 Months 2025 | 6 Months 2024 | Change (YoY) | | :--------------------------------------------- | :------ | :------ | :----------- | :-------------- | :-------------- | :----------- | | Revenue | $3,574 | $3,701 | (3.43%) | $6,997 | $7,382 | (5.21%) | | Total Expense | $2,291 | $2,253 | 1.69% | $4,673 | $4,597 | 1.65% | | Operating Income | $1,283 | $1,448 | (11.40%) | $2,324 | $2,785 | (16.55%) | | Net Earnings | $829 | $963 | (13.81%) | $1,475 | $1,843 | (19.97%) | | Net Earnings Per Share, Basic | $0.44 | $0.50 | (12.00%) | $0.79 | $0.94 | (15.96%) | | Net Earnings Per Share, Assuming Dilution | $0.44 | $0.49 | (10.20%) | $0.78 | $0.94 | (17.02%) | Condensed Consolidated Comprehensive Income Statements (Unaudited) This statement presents CSX's total comprehensive earnings, reflecting net earnings and other comprehensive income or loss components Condensed Consolidated Comprehensive Income Statements (Unaudited) | Metric (Dollars in Millions) | Q2 2025 | Q2 2024 | Change (YoY) | 6 Months 2025 | 6 Months 2024 | Change (YoY) | | :--------------------------- | :------ | :------ | :----------- | :-------------- | :-------------- | :----------- | | Total Comprehensive Earnings | $832 | $966 | (13.87%) | $1,483 | $1,852 | (19.92%) | Consolidated Balance Sheets This statement provides a snapshot of CSX's assets, liabilities, and shareholders' equity as of June 30, 2025, and December 31, 2024 Consolidated Balance Sheets | Metric (Dollars in Millions) | June 30, 2025 | December 31, 2024 | Change | | :--------------------------- | :------------ | :---------------- | :----- | | ASSETS | | | | | Cash and Cash Equivalents | $387 | $933 | ($546) | | Total Current Assets | $2,305 | $2,820 | ($515) | | Properties - Net | $36,248 | $35,658 | $590 | | Total Assets | $42,929 | $42,764 | $165 | | LIABILITIES | | | | | Total Current Liabilities | $2,983 | $3,276 | ($293) | | Long-term Debt | $18,550 | $17,897 | $653 | | Total Liabilities | $30,552 | $30,257 | $295 | | SHAREHOLDERS' EQUITY | | | |\ | Total Shareholders' Equity | $12,377 | $12,507 | ($130) | Consolidated Cash Flow Statements (Unaudited) This statement outlines CSX's cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 Consolidated Cash Flow Statements (Unaudited) | Metric (Dollars in Millions) | 6 Months 2025 | 6 Months 2024 | Change (YoY) | | :--------------------------- | :-------------- | :-------------- | :----------- | | Net Cash Provided by Operating Activities | $1,890 | $2,173 | ($283) | | Net Cash Used In Investing Activities | ($1,454) | ($1,048) | ($406) | | Net Cash Used in Financing Activities | ($982) | ($1,240) | $258 | | Net Decrease in Cash and Cash Equivalents | ($546) | ($115) | ($431) | | Cash and Cash Equivalents at End of Period | $387 | $1,238 | ($851) | Consolidated Statements of Changes in Shareholders' Equity (Unaudited) This statement details changes in CSX's shareholders' equity, including net earnings, dividends, and share repurchases Consolidated Statements of Changes in Shareholders' Equity (Unaudited) | Metric (Dollars in Millions) | 6 Months 2025 (Change) | 6 Months 2024 (Change) | | :--------------------------- | :--------------------- | :--------------------- | | Net Earnings | $1,475 | $1,843 | | Common Stock Dividends | ($488) | ($468) |\ | Share Repurchases | ($1,152) | ($810) | | Total Shareholders' Equity (End of Period) | $12,377 | $12,620 | Notes to Consolidated Financial Statements (Unaudited) These notes provide detailed explanations of CSX's accounting policies, financial statement line items, and other relevant disclosures Note 1. Nature of Operations and Significant Accounting Policies CSX Corporation is a leading rail-based transportation company operating across 26 states and Canada, with financial statements prepared under GAAP and ongoing evaluation of new accounting pronouncements - CSX Corporation is a leading transportation company, primarily providing rail-based transportation services through its approximately 20,000 route-mile rail network in 26 states and parts of Canada3031 - Key subsidiaries include Quality Carriers (bulk liquid chemicals truck transportation), CSX Intermodal Terminals, Total Distribution Services, Inc. (automotive industry), and Transflo Terminal Services, Inc. (rail-to-truck transfers)32 - The Company will adopt ASU 2023-09 (Improvements to Income Tax Disclosures) for its 2025 annual report and ASU 2024-03 (Disaggregation of Income Statement Expenses) for its 2027 annual report, neither of which will impact results of operations or financial position3738 Note 2. Earnings Per Share This note details the computation of basic and diluted earnings per share, highlighting a decrease in EPS, ongoing share repurchase activities, and an 8% increase in the quarterly cash dividend Earnings Per Share Calculation (Unaudited) | Metric (Dollars in Millions, Except Per Share) | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :--------------------------------------------- | :------ | :------ | :-------------- | :-------------- | | Net Earnings | $829 | $963 | $1,475 | $1,843 | | Average Common Shares Outstanding (Millions) | 1,867 | 1,944 | 1,878 | 1,951 | | Net Earnings Per Share, Basic | $0.44 | $0.50 | $0.79 | $0.94 | | Net Earnings Per Share, Assuming Dilution | $0.44 | $0.49 | $0.78 | $0.94 | Share Repurchase Activity (Dollars in Millions) | Share Repurchase Activity (Dollars in Millions) | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :---------------------------------------------- | :------ | :------ | :-------------- | :-------------- | | Shares Repurchased (Millions) | 14 | 16 | 38 | 23 | | Cost