Core Insights - CSX reported $3.59 billion in revenue for the quarter ended September 2025, reflecting a year-over-year decline of 0.9% and an EPS of $0.44 compared to $0.46 a year ago, with a revenue surprise of -0.22% and an EPS surprise of +4.76% [1] Financial Performance - The operating margin was reported at 30.3%, significantly lower than the estimated 65.7% by analysts [4] - Revenue from intermodal services was $527 million, exceeding the average estimate of $517.94 million, representing a year-over-year increase of +3.5% [4] - Revenue from coal was $490 million, slightly above the average estimate of $488.06 million, but showing a year-over-year decline of -11.4% [4] Volume Metrics - Volume for merchandise chemicals was 164 thousand, slightly below the average estimate of 167.59 thousand [4] - Volume for agricultural and food products was 110 thousand, surpassing the average estimate of 107.91 thousand [4] - Volume for automotive merchandise was 99 thousand, closely matching the average estimate of 99.39 thousand [4] Revenue Breakdown - Revenue from merchandise chemicals was $697 million, below the estimated $722.8 million, reflecting a year-over-year decline of -4.1% [4] - Revenue from agricultural and food products was $382 million, compared to the average estimate of $418.66 million, indicating a year-over-year change of -8.2% [4] - Revenue from automotive merchandise was $306 million, slightly below the average estimate of $310.08 million, but showing a year-over-year increase of +1.7% [4] - Revenue from forest products was $247 million, below the average estimate of $259.2 million, representing a year-over-year decline of -4.6% [4] - Revenue from metals and equipment was $224 million, exceeding the average estimate of $213.13 million, with a year-over-year increase of +7.7% [4] - Revenue from fertilizers was $126 million, below the average estimate of $139.15 million, but showing a year-over-year increase of +6.8% [4] Stock Performance - CSX shares have returned +10.6% over the past month, outperforming the Zacks S&P 500 composite's +0.9% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]