Tearsheet

CSX (CSX)

Market Price (12/9/2025): $36.14 | Market Cap: $67.4 Bil
Sector: Industrials | Industry: Rail Transportation

CSX (CSX)

Market Price (12/9/2025): $36.14
Market Cap: $67.4 Bil
Sector: Industrials
Industry: Rail Transportation

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.5%	Trading close to highs Dist 52W High is -0.5%, Dist 3Y High is -2.8%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.0%, Rev Chg QQuarterly Revenue Change % is -0.9%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 34%	Weak multi-year price returns 2Y Excs Rtn is -39%, 3Y Excs Rtn is -52%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 4.6 Bil
3	Low stock price volatility Vol 12M is 24%
4	Megatrend and thematic drivers Megatrends include Future of Freight, Automation & Robotics, E-commerce & DTC Adoption, and Sustainable Infrastructure. Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.5%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 34%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 4.6 Bil
3	Low stock price volatility Vol 12M is 24%
4	Megatrend and thematic drivers Megatrends include Future of Freight, Automation & Robotics, E-commerce & DTC Adoption, and Sustainable Infrastructure. Show more.
5	Trading close to highs Dist 52W High is -0.5%, Dist 3Y High is -2.8%
6	Weak multi-year price returns 2Y Excs Rtn is -39%, 3Y Excs Rtn is -52%
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.0%, Rev Chg QQuarterly Revenue Change % is -0.9%

Valuation, Metrics & Events

	12/9/25	2024	2023	2022	2021
Share Price CYE	$36.14	$31.76	$33.66	$29.66	$35.55
Market Cap CYE ($ Bil)	67.4	60.9	66.2	61.6	78.6
Total Debt ($ Bil)	19.6	19.0	19.0	18.5	16.8
Total Cash ($ Bil)	0.6	1.0	1.4	2.1	2.3
Enterprise Value ($ Bil)	86.4	79.9	85.2	80.1	95.4
Valuation Ratios
P/S TTM	4.7	4.3	4.8	4.5	6.8
P/EBIT TTM	14.2	11.6	12.3	10.9	14.9
P/E TTM	22.7	18.0	19.0	16.1	22.4
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	12.8	11.8	11.4	9.2	12.3
P/E TTM (Sector)	17.2	16.5	15.3	12.1	16.5

	12/9/25	2024	2023
Share Price CYE	$36.14	$31.76	$33.66
Market Cap CYE ($ Bil)	67.4	60.9	66.2
Total Debt ($ Bil)	19.6	19.0	19.0
Total Cash ($ Bil)	0.6	1.0	1.4
Enterprise Value ($ Bil)	86.4	79.9	85.2
Valuation Ratios
P/S TTM	4.7	4.3	4.8
P/EBIT TTM	14.2	11.6	12.3
P/E TTM	22.7	18.0	19.0
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4
P/EBIT TTM (Sector)	12.8	11.8	11.4
P/E TTM (Sector)	17.2	16.5	15.3

	CSX	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	14.1
Rev Chg Q	-0.9%	7.0%
Rev Chg LTM	-3.8%	6.0%
Rev Chg 3Y Avg	-1.0%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	4.8
CFO LTM ($ Bil)	4.6
Net Inc LTM ($ Bil)	2.9
Op Mgn LTM	34.2%	18.8%
CFO/Rev LTM	32.7%	20.4%
Net Inc Mgn	20.5%	13.1%
VALUATION	HIGH
P/S	4.7	3.2
P/CFO	14.3	15.9
P/FCF	42.4	20.5
P/E	22.7	23.3
STABILITY	FAIR
Debt/Equity	0.30	0.20
Cash/Assets	0.01	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Train Velocity	19.3 mph	11042025	Link
Terminal Dwell	9.7 hrs	11042025	Link
Cars Online	118532	11042025	Link
Trip Plan Compliance	87%	10162025	Link
Merchandise Volume Growth	2%	12312023	Link
Coal Volume Growth	8%	12312023	Link
FRA Personal Injury Rate Reduction	12%	12312023	Link
FRA Train Accident Rate Improvement	1%	12312023	Link
Fuel Efficiency Improvement	4%	4022025	Link

Recent
11/28/2025	Dividend	Amount: $0.13 Payment On: 12/15/2025
Upcoming
1/22/2026	Earnings Release	Rev: $3.0 Bil (E) EPS: $0.43 (E)

CSX Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

The stock of CSX (CSX) experienced a 12.2% movement between August 31, 2025, and December 9, 2025. This period saw several key developments that likely influenced the stock's performance.

1. Strong Q3 2025 Earnings Performance and Operational Improvements: CSX announced strong third-quarter 2025 results on October 16, 2025, with adjusted operating income of $1.25 billion and adjusted net earnings of $818 million, or $0.44 per share, exceeding analyst estimates. Despite a slight revenue miss, investors focused on the earnings beat and the company's robust operational performance, including increased train speeds and improved on-time shipments, which reached levels not seen since 2021. This performance was attributed to the dedication of its workforce and commitment to running an efficient railroad.

2. Positive Analyst Outlook and Price Target Increases: Analysts maintained a "Moderate Buy" consensus rating for CSX, with several firms raising their price targets for the stock in October 2025, indicating strong market confidence in the company's future performance. The average price target of $38.71 (as of December 8, 2025) represented a forecasted upside from its then-current price, driven by expectations of long-term growth and profitability due to network efficiency and intermodal service expansion.

3. Strategic Shift Towards Intermodal and Diversification: CSX continued its strategy of shifting towards an intermodal-driven business model, aiming to reduce reliance on coal, which faced challenges from lower prices and declining volumes. The company planned to expand its intermodal services in 2026, leveraging new infrastructure developments and capitalizing on growing demand for freight transportation. This diversification effort was viewed positively by investors as a way to mitigate risks associated with coal market volatility.

4. Resolution of Infrastructure Challenges and Improved Network Capacity: Earlier in 2025, CSX's performance had been affected by construction projects and disruptions from natural disasters like hurricanes and the Key Bridge outage. However, by September and October 2025, the company had completed significant repairs and tunnel renovations, leading to improved operational efficiency and enhanced network capacity. This resolution of bottlenecks contributed to a more positive outlook for the railroad's performance.

5. Disappointment Regarding Merger Prospects: Despite earlier market speculation about potential industry consolidation, particularly involving a possible merger with BNSF Railway, BNSF explicitly declined to pursue such a deal in late August 2025. This dashed hopes for a major merger that some investors believed would expand CSX's East-West routes and enhance its competitiveness, leading to some investor disappointment.

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Stock Movement Drivers

Fundamental Drivers

The 12.5% change in CSX stock from 9/8/2025 to 12/8/2025 was primarily driven by a 20.1% change in the company's P/E Multiple.

	9082025	12082025	Change
Stock Price ($)	32.31	36.35	12.50%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	14155.00	14123.00	-0.23%
Net Income Margin (%)	21.91%	20.55%	-6.24%
P/E Multiple	19.45	23.35	20.06%
Shares Outstanding (Mil)	1867.00	1864.00	0.16%
Cumulative Contribution			12.50%

LTM = Last Twelve Months as of date shown

Market Drivers

9/8/2025 to 12/8/2025

	Return	Correlation
CSX	12.5%
Market (SPY)	5.4%	29.3%
Sector (XLI)	2.1%	38.5%

Fundamental Drivers

The 14.5% change in CSX stock from 6/9/2025 to 12/8/2025 was primarily driven by a 26.0% change in the company's P/E Multiple.

	6092025	12082025	Change
Stock Price ($)	31.74	36.35	14.54%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	14282.00	14123.00	-1.11%
Net Income Margin (%)	22.66%	20.55%	-9.31%
P/E Multiple	18.54	23.35	25.97%
Shares Outstanding (Mil)	1890.00	1864.00	1.38%
Cumulative Contribution			14.52%

LTM = Last Twelve Months as of date shown

Market Drivers

6/9/2025 to 12/8/2025

	Return	Correlation
CSX	14.5%
Market (SPY)	14.3%	29.2%
Sector (XLI)	6.9%	33.5%

Fundamental Drivers

The 7.2% change in CSX stock from 12/8/2024 to 12/8/2025 was primarily driven by a 28.7% change in the company's P/E Multiple.

	12082024	12082025	Change
Stock Price ($)	33.91	36.35	7.21%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	14681.00	14123.00	-3.80%
Net Income Margin (%)	24.65%	20.55%	-16.64%
P/E Multiple	18.14	23.35	28.72%
Shares Outstanding (Mil)	1936.00	1864.00	3.72%
Cumulative Contribution			7.06%

LTM = Last Twelve Months as of date shown

Market Drivers

12/8/2024 to 12/8/2025

	Return	Correlation
CSX	7.2%
Market (SPY)	13.5%	56.7%
Sector (XLI)	11.1%	61.6%

Fundamental Drivers

The 20.9% change in CSX stock from 12/9/2022 to 12/8/2025 was primarily driven by a 49.3% change in the company's P/E Multiple.

	12092022	12082025	Change
Stock Price ($)	30.08	36.35	20.86%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	14550.00	14123.00	-2.93%
Net Income Margin (%)	28.05%	20.55%	-26.76%
P/E Multiple	15.64	23.35	49.33%
Shares Outstanding (Mil)	2122.00	1864.00	12.16%
Cumulative Contribution			19.07%

LTM = Last Twelve Months as of date shown

Market Drivers

12/9/2023 to 12/8/2025

	Return	Correlation
CSX	13.6%
Market (SPY)	52.0%	50.4%
Sector (XLI)	45.5%	61.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CSX Return	27%	26%	-17%	14%	-6%	14%	63%
Peers Return	24%	24%	-8%	10%	-9%	9%	55%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
CSX Win Rate	75%	58%	33%	50%	50%	60%
Peers Win Rate	67%	52%	38%	52%	45%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
CSX Max Drawdown	-34%	-8%	-29%	-9%	-8%	-17%
Peers Max Drawdown	-33%	-5%	-19%	-11%	-14%	-12%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: UNP, NSC, CNI, CP, JBHT. See CSX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/8/2025 (YTD)

How Low Can It Go

Unique Key	Event	CSX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-29.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	42.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	499 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-40.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	68.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	205 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-22.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	28.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	98 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-69.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	230.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	675 days	1480 days

Compare to UNP, NSC, CP, CNI, CSX

In The Past

CSX's stock fell -29.9% during the 2022 Inflation Shock from a high on 3/30/2022. A -29.9% loss requires a 42.6% gain to breakeven.

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About CSX (CSX)

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It transports chemicals, agricultural and food products, automotive, minerals, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities. The company also offers intermodal transportation services through a network of approximately 30 terminals transporting manufactured consumer goods in containers; and drayage services, including the pickup and delivery of intermodal shipments. It serves the automotive industry with distribution centers and storage locations, as well as connects non-rail served customers through transferring products, such as plastics and ethanol from rail to trucks. The company operates approximately 19,500 route mile rail network, which serves various population centers in 23 states east of the Mississippi River, the District of Columbia, and the Canadian provinces of Ontario and Quebec, as well as owns and leases approximately 3,500 locomotives. It also serves production and distribution facilities through track connections. CSX Corporation was incorporated in 1978 and is headquartered in Jacksonville, Florida.

AI Generated Analysis | Feedback

Here are a few analogies for CSX:

The **UPS or FedEx of massive freight**, operating its own dedicated rail network across the eastern United States.
Like a giant trucking company such as **J.B. Hunt or Schneider**, but moving goods exclusively by train on its extensive railway system.
The **Union Pacific** of the eastern United States, serving as a critical backbone for industrial and consumer supply chains.

AI Generated Analysis | Feedback

Freight Transportation: Provides rail transportation services for a diverse range of commodities, including agricultural products, chemicals, automobiles, and industrial goods.
Intermodal Shipping: Offers rail transport for shipping containers and truck trailers, integrating with other transportation modes for efficient door-to-door delivery.
Bulk Commodity Haulage: Specializes in moving large volumes of bulk materials such as coal, minerals, and aggregates for various industries.

AI Generated Analysis | Feedback

CSX Corporation (CSX) is a Class I freight railroad primarily serving other businesses (B2B) across the eastern United States. Its operations involve transporting a diverse range of commodities, including intermodal containers, chemicals, automotive products, coal, agricultural products, metals, and various industrial goods. According to CSX's recent financial filings, no single customer accounted for more than 10% of its operating revenues in any of the past three fiscal years. Therefore, while CSX serves a vast array of companies, it does not have individually "major" customers in terms of revenue concentration. However, its customer base includes large enterprises within the industries it serves. Examples of types of companies that are customers of CSX include:

Logistics and Shipping Companies: Such as J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT), which utilizes CSX's intermodal services for container transport.
Automotive Manufacturers: Including General Motors Company (NYSE: GM) and Ford Motor Company (NYSE: F), for the transport of finished vehicles and auto parts.
Chemical and Petrochemical Companies: Such as Dow Inc. (NYSE: DOW) and Exxon Mobil Corporation (NYSE: XOM), moving various chemicals and petroleum products.
Agricultural and Food Processing Companies: Including Archer-Daniels-Midland Company (NYSE: ADM) and Cargill (private), for grain and other agricultural commodities.
Electric Utilities and Energy Companies: Such as Southern Company (NYSE: SO) and Duke Energy Corporation (NYSE: DUK), primarily for coal shipments, though this segment has diversified.
Construction and Materials Companies: Such as Vulcan Materials Company (NYSE: VMC) and Martin Marietta Materials, Inc. (NYSE: MLM), for aggregates, cement, and other building materials.

AI Generated Analysis | Feedback

Wabtec Corporation (NYSE: WAB)
Caterpillar Inc. (NYSE: CAT)

AI Generated Analysis | Feedback

Steve Angel, President and Chief Executive Officer

Steve Angel was appointed President and Chief Executive Officer of CSX in September 2025. He brings over 45 years of experience in the industrials sector. Prior to CSX, Angel served as Chief Executive Officer of Linde plc from 2018 to 2022, and as Chairman since 2022, overseeing the successful integration of Linde AG and Praxair, Inc., which created the world's largest industrial gases and engineering company. Before the merger, he served as Chairman, President, and CEO of Praxair, Inc. from 2007 to 2018, having initially joined Praxair in 2001. Angel began his career at General Electric, where he spent 22 years in various management positions, working directly with locomotive and rail operations. He currently serves as Non-Executive Chairman of the Board of Directors of GE Vernova and on the Board of Directors at GE Aerospace.

Kevin Boone, Executive Vice President and Chief Financial Officer

Kevin Boone was re-appointed Executive Vice President and Chief Financial Officer of CSX in October 2025. He previously held the CFO role for two years during the COVID-19 pandemic and also served as Executive Vice President and Chief Commercial Officer for four years. Boone joined CSX in 2017, also holding positions such as Vice President of Corporate Affairs and Chief Investor Relations Officer. Before joining CSX, he spent 18 years in the investment industry, specializing in finance, accounting, and mergers and acquisitions. His career includes roles as Senior Equity Research Analyst at Janus Capital, Vice President in equity research at Morgan Stanley, and Associate in the mergers and acquisitions group at Merrill Lynch.

Mike Cory, Executive Vice President and Chief Operating Officer

Mike Cory joined CSX in September 2023 as Executive Vice President and Chief Operating Officer, responsible for overseeing the company's operations strategy. He brings over 40 years of experience, primarily from Canadian National (CN) Railway, where he served as Executive Vice President and Chief Operating Officer from 2016 to 2019. After retiring from CN in 2019, he provided transportation consulting services and was president of Pacific National, Australia's largest private railroad, in 2021. He began his railroad career as a laborer at CN in 1981.

Stephen Fortune, Executive Vice President and Chief Digital and Technology Officer

Stephen Fortune joined CSX in 2022 as Executive Vice President and Chief Digital and Technology Officer. In this role, he leads the company's technology strategy and digital solutions. Fortune previously spent 30 years at BP, most recently serving as Chief Information Officer (CIO) of the global BP Group. His prior roles at BP included CIO and Vice President for its Upstream oil and gas business, and he began his career there as a chemical and process engineer before transitioning to information technology in 2003.

Diana Sorfleet, Executive Vice President and Chief Administrative Officer

Diana Sorfleet was named Executive Vice President and Chief Administrative Officer of CSX in July 2018. Her responsibilities include aviation, facilities, human resources, people systems and analytics, and total rewards. She joined CSX in June 2011. Before her tenure at CSX, Sorfleet spent two decades in human resources at Exelon Corporation, where she rose to the position of Vice President for Diversity and Development and was responsible for developing company-wide human resources strategies and talent acquisition.

AI Generated Analysis | Feedback

The emergence and development of autonomous long-haul trucking technology represents a clear emerging threat to freight railroads like CSX. As autonomous trucking technology matures and gains regulatory approval, it has the potential to significantly lower the operating costs of trucking by reducing or eliminating the need for human drivers. This would make trucking a more cost-competitive and flexible alternative for the long-haul movement of goods, directly challenging rail's traditional advantages in efficiency and cost for transcontinental and long-distance freight, particularly in the intermodal segment.

AI Generated Analysis | Feedback

CSX Corporation, a prominent transportation supplier, primarily offers rail-based freight transportation services across the Eastern United States and parts of Canada, with access to numerous port terminals. These services encompass traditional rail transport and the movement of intermodal containers and trailers. The company serves a diverse range of industries, including agriculture, automotive, coal, chemical manufacturing, forest products, minerals, and other industrial producers.

The addressable markets for CSX's main products and services in North America and the United States are substantial:

North America Rail Freight Transportation Market: The North America rail freight transportation market size is projected to increase by USD 37.53 billion, growing at a Compound Annual Growth Rate (CAGR) of 7.3% between 2024 and 2029. Another estimate valued the North America rail transport market at USD 84.82 billion in 2024, with a projection to reach USD 128.11 billion by 2031 at a CAGR of 4.31%. The North America railroad market, including both freight and passenger transport, generated revenues of USD 94.32 billion in 2024 and is expected to reach USD 129.68 billion by 2030, growing at a CAGR of 5.3% from 2025 to 2030. The overall United States railroad market (freight and passenger) was valued at USD 332.2 billion in 2024 and is estimated to reach USD 460.8 billion by 2033, with a CAGR of 3.52% from 2025-2033, with North America holding the dominant share. Specifically for the United States, the rail transportation market size was $101.9 billion in 2024 and $103.0 billion in 2025. The United States rail freight transport market alone was valued at USD 117.23 billion in 2024 and is expected to reach USD 282.66 billion by 2034, growing at a CAGR of 9.20% from 2025-2034.
North America Intermodal Freight Transportation Market: The North American intermodal freight market, which is the largest globally, has an estimated value of $51 billion. This market generated a revenue of USD 15.27 billion in 2023 and is anticipated to grow at a CAGR of 10.9% from 2024 to 2030, reaching approximately USD 31.58 billion by 2030. Globally, the intermodal freight transportation market was estimated at USD 42.9 billion in 2023 and is projected to reach USD 93.51 billion by 2030, with North America holding the largest share of 35.6% in 2023. North America dominated this market with approximately 34% of the revenue share in 2023, within an overall market valued at USD 82.2 billion in 2023, estimated to grow at a CAGR of over 9% between 2024 and 2032. The year-to-date intermodal volume in the U.S. through November 2024 reached 12.75 million units, representing a 9.1% increase from the previous year.
U.S. Coal Transportation Market (by rail): Coal remains a significant commodity for rail transport. In the U.S., approximately 75% of the coal transported in 2023 was by railroads, with the total quantity of coal transported to power stations declining to 422 million tons in 2023. The U.S. coal logistics market was valued at $11.6 billion in 2024. Mining & Minerals, which includes coal, commanded a 22% market share of 2024 U.S. rail freight volumes.
U.S. Agricultural Products Rail Transportation Market: Agriculture is the fourth largest user of rail by tonnage in the U.S.. The agricultural products sector within the U.S. rail freight transport market is expected to exhibit a CAGR of 10.4% from 2025 to 2034. Farm products contributed 11% ($3.1 billion) of trade-related rail revenue in 2023 for U.S.-Canada and U.S.-Mexico trade. The global smart agri-rail system market, with the U.S. accounting for over 85% of the revenue share, was valued at USD 3.5 billion in 2023 and is projected to grow at a CAGR of 9.2% between 2024 and 2032.
U.S. Chemical Rail Transportation Market: Approximately 1 billion tons of chemical products are transported annually within the United States, utilizing an intermodal network that includes rail. In 2023, over 2.3 million freight rail cars transported plastics, fertilizers, and other dry and liquid bulk chemical products across the U.S.. Chemicals represented the top revenue-generating commodity, making up approximately 19% ($5.8 billion) of trade-related rail revenues in North America in 2023. Year-to-date U.S. chemical carloads through September 2025 reached a record 1.29 million carloads.
North America Forest Products Logistics Market (including rail): The global forest products logistics market was valued at USD 73.36 billion in 2024 and is projected to reach USD 110.39 billion by 2032, with North America being the second-largest market. In 2024, North America's forest products logistics market was valued at USD 19.6 billion and is projected to grow at a CAGR of 5.71%.

AI Generated Analysis | Feedback

CSX Corporation (NASDAQ: CSX) is expected to experience future revenue growth over the next two to three years, driven by several strategic initiatives and market trends. Key drivers include a resurgence in U.S. manufacturing, expansion of its intermodal network, strategic partnerships to extend network reach, continued strong pricing, and growth in specific merchandise categories.

U.S. Manufacturing Renaissance and Industrial Development: CSX anticipates a significant boost from a revival in U.S. manufacturing, particularly in the Southeast. An extensive industrial development pipeline is projected to add between 150,000 and 300,000 carloads annually by 2027, primarily within its merchandise business. This is expected to generate approximately $1.2 billion in revenue from 2025 through 2027. This growth is tied to rising demand in sectors such as cement and aggregates, waste traffic, chemicals, forest products, and agricultural shipments, including soybeans for renewable fuels.
Intermodal Growth and Truck-to-Rail Conversions: The company forecasts intermodal traffic to grow 2% to 3% above overall economic growth over the next three years. This will be fueled by both domestic and international traffic gains, with a strategic focus on converting freight from trucks to rail. CSX aims to achieve this by optimizing transit times and costs, and by leveraging challenges faced by the trucking industry such as higher fuel and insurance expenses and driver shortages. Major infrastructure projects, like the Howard Street Tunnel clearance in Baltimore, are anticipated to enable double-stack service and contribute an additional 75,000 to 125,000 annual intermodal shipments starting in 2026.
Network Expansion and Strategic Partnerships: CSX is expanding its network reach through initiatives such as integrating the Pan Am Railways territory in New England and establishing a new corridor linking the Southeast with Texas and Mexico via interline service with Canadian Pacific Kansas City (CPKC), with initial operations commencing in December 2024. These efforts are part of a broader strategy to position CSX as a comprehensive door-to-door freight partner, enhancing its logistical capabilities.
Sustained Merchandise Pricing Gains: Favorable pricing is expected to continue contributing to revenue growth. In the third quarter of 2024, merchandise revenue increased by an impressive 6%, a result of both a 3% volume increase and solid pricing strategies. Management commentary indicates that core merchandise pricing remains robust, suggesting continued strength in this area.
Growth in Key Merchandise Categories: Beyond general industrial expansion, CSX is targeting specific merchandise segments for notable growth. The chemicals segment has already demonstrated strong performance, with a 9% year-over-year volume increase in Q3 2024 across plastics, industrial chemicals, liquefied petroleum gases (LPGs), and waste. Additionally, the acquisition of Quality Carriers in 2021 is beginning to yield "extraordinary growth" in the chemicals transload business.

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Share Repurchases

CSX's annual share buybacks were $4.731 billion in 2022, $3.482 billion in 2023, and $2.237 billion in 2024.
For the quarter ending September 30, 2025, share buybacks amounted to $112 million.

Share Issuance

Under the Employee Stock Purchase Plan (ESPP), CSX issued approximately 1.012 million shares in 2024, 959,000 shares in 2023, and 726,000 shares in 2022.

Outbound Investments

CSX made strategic investments including the acquisition of the Meridian & Bigbee Railroad.

Capital Expenditures

CSX's capital expenditure budget for 2024 was approximately $2.5 billion, an increase from $2.3 billion in 2023.
The 2024 capital expenditures focused on capacity expansion, growth-related projects, equipment additions, and ongoing improvements to former Pan Am Railways infrastructure, as well as a new Meridian and Bigbee Railroad interchange.
The company anticipates a 3-year capital investment of $7.5 billion to $8.0 billion, with a high priority on safety and reliability, and increased use of data and advanced analytics.

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Interactive Breakdown

CSX Interactive Breakdown Analysis

Better Bets than CSX (CSX)

	CSX	Better Performance than CSX
Metric	Value	INDUSTRY: Rail Transportation
Rev Chg LTM	-3.8%	CP (4.0%), UNP (1.1%), NSC (0.5%), CNI (0.2%)
Rev Chg 3Y Avg	-1.0%	CP (22.2%), RAIL (19.6%), CNI (1.8%), UNP (0.2%), NSC (-0.3%)
Op Mgn LTM	34.2%	UNP (40.6%), NSC (38.9%), CNI (37.7%), CP (37.0%)
CFO/Rev LTM	32.7%	CNI (39.6%), UNP (39.6%), CP (36.5%), NSC (34.7%)
FCF/Rev LTM	11.0%	UNP (24.5%), CNI (20.0%), NSC (17.2%), CP (15.9%)
Total Yield	5.5%	CNI (11.6%), CP (7.4%), UNP (7.3%)
P/S	4.7	FSTR (0.5), RAIL (0.6), CNI (3.4), CP (4.5)
P/Op Inc	13.7	RAIL (8.6), CNI (9.0), CP (12.2)

	CSX	Better Performance than CSX
Metric	Value	SECTOR: Industrials
Rev Chg LTM	-3.8%	UBER (18.2%), GE (17.7%), GEV (9.4%), RTX (8.8%), CAT (-1.5%)
Rev Chg 3Y Avg	-1.0%	UBER (19.6%), GE (15.7%), BA (10.1%), RTX (9.4%), CAT (4.9%)
Op Mgn LTM	34.2%	TDG (46.4%), UNP (40.6%), NSC (38.9%), CNI (37.7%), CP (37.0%)
CFO/Rev LTM	32.7%	CNI (39.6%), UNP (39.6%), CP (36.5%), NSC (34.7%), TRI (33.3%)
FCF/Rev LTM	11.0%	UNP (24.5%), UBER (17.5%), GE (14.7%), ETN (12.5%), CAT (11.7%)
Total Yield	5.5%	UBER (8.1%), UNP (7.3%), HON (6.8%), LMT (5.6%), ADP (5.5%)
P/S	4.7	BA (2.0), RTX (2.6), UBER (4.1), CAT (4.3), GEV (4.4)
P/Op Inc	13.7	DAL (6.1), UPS (8.6), FDX (8.8), CNI (9.0), CP (12.2)

	CSX	Better Performance than CSX
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-3.8%	NVDA (65.2%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	-1.0%	NVDA (91.6%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	34.2%	NVDA (58.8%), MSFT (46.3%), META (43.2%), LLY (43.0%), AVGO (39.0%)
CFO/Rev LTM	32.7%	META (56.8%), MSFT (50.0%), NVDA (44.4%), AVGO (42.4%), GOOGL (39.3%)
FCF/Rev LTM	11.0%	AVGO (41.6%), NVDA (41.3%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	5.5%	XOM (10.3%), JNJ (8.4%), BAC (7.7%), JPM (6.7%), BRK-B (6.2%)
P/S	4.7	WMT (1.1), XOM (1.4), BRK-B (2.7), AMZN (3.5), BAC (3.6)
P/Op Inc	13.7	VZ (5.9), T (8.3), MRK (9.4), UNH (11.9), XOM (12.4)

		Best Bets In Industrials Sector
	CSX	GATX	VRSK	PAYX	ADT	AME	NDSN	PCTY	TDG	FTV	VRRM
What You Pay
P/E	22.8	20.1	38.1	27.6	11.1	29.5	26.6	39.3	45.7	26.9	77.1
P/EBIT	14.3	9.6	26.0	20.0	5.6	23.5	18.0	28.2	22.2	13.1	22.8
What You Get
Rev Chg Q	-0.9%	8.4%	5.9%	10.2%	4.4%	10.8%	12.1%	12.5%	9.3%	2.3%	16.1%
Rev Chg LTM	-3.8%	10.7%	7.3%	5.6%	6.3%	3.7%	4.5%	13.3%	12.8%	27.9%	8.5%
Rev Chg 3Y Avg	-1.0%	10.3%	13.4%	6.5%	3.4%	5.9%	3.6%	21.4%	18.2%	9.4%	9.1%
FCF/Rev 3Y Avg	17.3%	39.2%	33.2%	31.6%	24.7%	23.2%	21.5%	21.5%	20.8%	20.1%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	CSX Earnings Notes
2	Better Bet Than CSX Stock: UNP Delivers More	Actionable
3	CSX Capital Return Hits $29 Bil in 10 Years
4	How Low Can CSX Stock Really Go?	Return
5	How Does CSX Stack Up Against Its Peers?
6	Day 5 of Loss Streak for CSX Stock with -11% Return (vs. 1.3% YTD) [8/26/2025]	Notification
7	CSX vs Willis Lease Finance: Which Is A Better Investment?	Counter-Intuitive Comparisons
8	Better Bet Than CSX Stock: Pay Less Than CSX To Get More From UNP, NSC
9	Better Bet Than CSX Stock: Pay Less Than CSX To Get More From NSC, UNP
10	CSX Dip Buy Analysis
11	ARTICLES
12	Pay Less, Gain More: UNP Tops CSX Stock		November 19th, 2025
13	Pay Less, Gain More: UNP Tops CSX Stock		November 5th, 2025
14	CSX Stock Pays Out $29 Bil – Investors Take Note		October 28th, 2025
15	UNP Tops CSX Stock on Price & Potential		October 25th, 2025
16	Better Bet Than CSX Stock: Pay Less To Get More From NSC		October 1st, 2025

	Title
0	DASHBOARDS
1	CSX Earnings Notes
2	Better Bet Than CSX Stock: UNP Delivers More
3	CSX Capital Return Hits $29 Bil in 10 Years
4	How Low Can CSX Stock Really Go?
5	How Does CSX Stack Up Against Its Peers?
6	Day 5 of Loss Streak for CSX Stock with -11% Return (vs. 1.3% YTD) [8/26/2025]
7	CSX vs Willis Lease Finance: Which Is A Better Investment?
8	Better Bet Than CSX Stock: Pay Less Than CSX To Get More From UNP, NSC
9	Better Bet Than CSX Stock: Pay Less Than CSX To Get More From NSC, UNP
10	CSX Dip Buy Analysis
11	ARTICLES
12	Pay Less, Gain More: UNP Tops CSX Stock
13	Pay Less, Gain More: UNP Tops CSX Stock
14	CSX Stock Pays Out $29 Bil – Investors Take Note
15	UNP Tops CSX Stock on Price & Potential
16	Better Bet Than CSX Stock: Pay Less To Get More From NSC

Trade Ideas

Select past ideas related to CSX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	10.7%	10.7%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-1.1%	-1.1%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.2%	8.2%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.2%	2.2%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	2.2%	2.2%	0.0%
CSX_3312025_Monopoly_xInd_xCD_Getting_Cheaper	03312025	CSX	CSX	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	22.7%	25.0%	-9.3%
CSX_4302023_Monopoly_xInd_xCD_Getting_Cheaper	04302023	CSX	CSX	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-3.9%	12.3%	-3.9%
CSX_10312022_Monopoly_xInd_xCD_Getting_Cheaper	10312022	CSX	CSX	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	8.4%	4.2%	-2.7%
CSX_4302022_Monopoly_xInd_xCD_Getting_Cheaper	04302022	CSX	CSX	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-14.4%	-9.6%	-22.3%
CSX_11302019_Monopoly_xInd_xCD_Getting_Cheaper	11302019	CSX	CSX	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.8%	29.3%	-33.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	10.7%	10.7%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-1.1%	-1.1%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.2%	8.2%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.2%	2.2%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	2.2%	2.2%	0.0%
CSX_3312025_Monopoly_xInd_xCD_Getting_Cheaper	03312025	CSX	CSX	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	22.7%	25.0%	-9.3%
CSX_4302023_Monopoly_xInd_xCD_Getting_Cheaper	04302023	CSX	CSX	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-3.9%	12.3%	-3.9%
CSX_10312022_Monopoly_xInd_xCD_Getting_Cheaper	10312022	CSX	CSX	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	8.4%	4.2%	-2.7%
CSX_4302022_Monopoly_xInd_xCD_Getting_Cheaper	04302022	CSX	CSX	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-14.4%	-9.6%	-22.3%
CSX_11302019_Monopoly_xInd_xCD_Getting_Cheaper	11302019	CSX	CSX	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.8%	29.3%	-33.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	147.3%	49.7%
FULC	Fulcrum Therapeutics	0.8	46.0%	176.4%
KYMR	Kymera Therapeutics	8.2	41.5%	134.4%
TERN	Terns Pharmaceuticals	3.7	37.0%	626.2%
CFLT	Confluent	10.3	29.1%	6.8%
OCUL	Ocular Therapeutix	3.0	28.1%	88.6%
NRIX	Nurix Therapeutics	1.8	18.7%	14.0%
CGEM	Cullinan Therapeutics	0.7	17.5%	2.1%
WRBY	Warby Parker	2.6	13.3%	-12.2%
SGML	Sigma Lithium	1.2	12.1%	-5.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
EVMN	Evommune	0.6	-15.8%
GTN-A	Gray Media	0.7	-14.5%	6.2%
RIGL	Rigel Pharmaceuticals	0.8	-11.3%	158.0%
SENEB	Seneca Foods	0.7	-9.8%	36.9%
SANA	Sana Biotechnology	1.2	-9.7%	184.0%
ACHC	Acadia Healthcare	1.3	-9.5%	-64.7%
CRK	Comstock Resources	7.2	-9.4%	36.1%
GROY	Gold Royalty	0.7	-9.2%	219.0%
METCB	Ramaco Resources	0.7	-9.1%	42.0%
BWIN	Baldwin Insurance	1.6	-9.1%	-41.2%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.6	820.2%	-45.9%
HPP	Hudson Pacific Properties	5.9	565.7%	-37.9%
WVE	WAVE Life Sciences	3.0	149.9%	49.7%
DBRG	DigitalBridge	2.7	57.2%	33.4%
ALMS	Alumis	0.9	51.8%	42.0%
PRAX	Praxis Precision Medicines	6.0	46.8%	252.1%
AEVA	Aeva Technologies	0.9	46.2%	217.7%
TERN	Terns Pharmaceuticals	3.7	46.1%	626.2%
KYMR	Kymera Therapeutics	8.2	41.0%	134.4%
ASTS	AST SpaceMobile	17.9	40.7%	250.7%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-51.2%	-69.0%
CTEV	Claritev	0.5	-29.5%
SYM	Symbotic	6.6	-29.1%	155.1%
HOV	Hovnanian Enterprises	0.6	-25.6%	-28.1%
PSN	Parsons	6.7	-23.6%	-31.5%
HPK	HighPeak Energy	0.7	-21.7%	-62.7%
ADPT	Adaptive Biotechnologies	2.3	-20.6%	149.4%
PSTG	Pure Storage	23.3	-19.8%	15.6%
URGN	UroGen Pharma	1.1	-18.9%	116.7%
BWIN	Baldwin Insurance	1.6	-18.5%	-41.2%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
LXP	LXP Industrial Trust	2.8	410.3%	25.0%
OLMA	Olema Pharmaceuticals	2.4	241.6%	379.9%
COGT	Cogent Biosciences	5.5	173.8%	416.7%
ALMS	Alumis	0.9	136.4%	42.0%
WVE	WAVE Life Sciences	3.0	135.0%	49.7%
CDTX	Cidara Therapeutics	5.9	123.1%	718.7%
TERN	Terns Pharmaceuticals	3.7	120.4%	626.2%
SGML	Sigma Lithium	1.2	108.5%	-5.8%
VERA	Vera Therapeutics	2.9	78.5%	6.5%
CBLL	CeriBell	0.7	74.9%	-21.9%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.5	-47.1%	-59.6%
CTEV	Claritev	0.5	-46.8%
BTDR	Bitdeer Technologies	2.3	-43.4%	-44.6%
JANX	Janux Therapeutics	1.0	-42.1%	-69.0%
ARDT	Ardent Health	1.2	-40.7%	-49.8%
TLRY	Tilray Brands	7.6	-40.5%	-45.9%
FRMI	Fermi	11.0	-38.8%
HIVE	HIVE Digital Technologies	0.6	-35.0%	8.8%
ASTH	Astrana Health	1.1	-34.1%	-30.2%
SMR	NuScale Power	3.2	-33.6%	20.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	147.3%	49.7%
FULC	Fulcrum Therapeutics	0.8	46.0%	176.4%
KYMR	Kymera Therapeutics	8.2	41.5%	134.4%
TERN	Terns Pharmaceuticals	3.7	37.0%	626.2%
CFLT	Confluent	10.3	29.1%	6.8%
OCUL	Ocular Therapeutix	3.0	28.1%	88.6%
NRIX	Nurix Therapeutics	1.8	18.7%	14.0%
CGEM	Cullinan Therapeutics	0.7	17.5%	2.1%
WRBY	Warby Parker	2.6	13.3%	-12.2%
SGML	Sigma Lithium	1.2	12.1%	-5.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
EVMN	Evommune	0.6	-15.8%
GTN-A	Gray Media	0.7	-14.5%	6.2%
RIGL	Rigel Pharmaceuticals	0.8	-11.3%	158.0%
SENEB	Seneca Foods	0.7	-9.8%	36.9%
SANA	Sana Biotechnology	1.2	-9.7%	184.0%
ACHC	Acadia Healthcare	1.3	-9.5%	-64.7%
CRK	Comstock Resources	7.2	-9.4%	36.1%
GROY	Gold Royalty	0.7	-9.2%	219.0%
METCB	Ramaco Resources	0.7	-9.1%	42.0%
BWIN	Baldwin Insurance	1.6	-9.1%	-41.2%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.6	820.2%	-45.9%
HPP	Hudson Pacific Properties	5.9	565.7%	-37.9%
WVE	WAVE Life Sciences	3.0	149.9%	49.7%
DBRG	DigitalBridge	2.7	57.2%	33.4%
ALMS	Alumis	0.9	51.8%	42.0%
PRAX	Praxis Precision Medicines	6.0	46.8%	252.1%
AEVA	Aeva Technologies	0.9	46.2%	217.7%
TERN	Terns Pharmaceuticals	3.7	46.1%	626.2%
KYMR	Kymera Therapeutics	8.2	41.0%	134.4%
ASTS	AST SpaceMobile	17.9	40.7%	250.7%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-51.2%	-69.0%
CTEV	Claritev	0.5	-29.5%
SYM	Symbotic	6.6	-29.1%	155.1%
HOV	Hovnanian Enterprises	0.6	-25.6%	-28.1%
PSN	Parsons	6.7	-23.6%	-31.5%
HPK	HighPeak Energy	0.7	-21.7%	-62.7%
ADPT	Adaptive Biotechnologies	2.3	-20.6%	149.4%
PSTG	Pure Storage	23.3	-19.8%	15.6%
URGN	UroGen Pharma	1.1	-18.9%	116.7%
BWIN	Baldwin Insurance	1.6	-18.5%	-41.2%

Peer Comparisons for CSX

Peers to compare with:

Financials

	CSX	UNP	NSC	CNI	CP	JBHT	Median
Name	CSX	Union Pa.	Norfolk .	Canadian.	Canadian.	JB Hunt .
Mkt Price	36.35	235.44	293.00	97.36	74.12	189.89	143.63
Mkt Cap	67.8	139.5	65.7	60.5	67.5	18.3	66.6
Rev LTM	14,123	24,546	12,230	17,198	15,029	12,049	14,576
Op Inc LTM	4,828	9,970	4,755	6,482	5,556	826	5,192
FCF LTM	1,552	6,013	2,099	3,444	2,393	790	2,246
FCF 3Y Avg	2,524	5,434	1,493	3,558	2,222	388	2,373
CFO LTM	4,615	9,727	4,249	6,817	5,489	1,610	5,052
CFO 3Y Avg	5,086	9,027	3,776	6,919	4,970	1,647	5,028

Growth & Margins

	CSX	UNP	NSC	CNI	CP	JBHT	Median
Name	CSX	Union Pa.	Norfolk .	Canadian.	Canadian.	JB Hunt .
Rev Chg LTM	-3.8%	1.1%	0.5%	0.2%	4.0%	-1.6%	0.4%
Rev Chg 3Y Avg	-1.0%	0.2%	-0.3%	1.8%	22.2%	-6.3%	-0.1%
Rev Chg Q	-0.9%	2.5%	1.7%	1.3%	3.2%	-0.5%	1.5%
QoQ Delta Rev Chg LTM	-0.2%	0.6%	0.4%	0.3%	0.8%	-0.1%	0.4%
Op Mgn LTM	34.2%	40.6%	38.9%	37.7%	37.0%	6.9%	37.3%
Op Mgn 3Y Avg	36.5%	39.3%	38.6%	38.4%	35.7%	7.2%	37.5%
QoQ Delta Op Mgn LTM	-0.7%	0.3%	-3.2%	0.4%	0.6%	0.2%	0.2%
CFO/Rev LTM	32.7%	39.6%	34.7%	39.6%	36.5%	13.4%	35.6%
CFO/Rev 3Y Avg	35.0%	37.1%	30.9%	40.5%	36.9%	13.1%	36.0%
FCF/Rev LTM	11.0%	24.5%	17.2%	20.0%	15.9%	6.6%	16.5%
FCF/Rev 3Y Avg	17.3%	22.3%	12.2%	20.8%	16.6%	3.2%	17.0%

Valuation

	CSX	UNP	NSC	CNI	CP	JBHT	Median
Name	CSX	Union Pa.	Norfolk .	Canadian.	Canadian.	JB Hunt .
Mkt Cap	67.8	139.5	65.7	60.5	67.5	18.3	66.6
P/S	4.7	5.7	5.5	3.4	4.5	1.1	4.6
P/EBIT	14.3	13.5	14.6	8.4	10.8	15.5	13.9
P/E	22.8	19.9	22.8	12.7	15.9	22.5	21.2
P/CFO	14.3	14.4	15.9	8.6	12.4	8.0	13.3
Total Yield	5.5%	7.3%	4.4%	11.6%	7.4%	5.8%	6.6%
Dividend Yield	1.1%	2.3%	0.0%	3.7%	1.1%	1.3%	1.2%
FCF Yield 3Y Avg	3.9%	3.9%	2.6%	5.3%	3.1%	2.8%	3.5%
D/E	0.3	0.2	0.3	0.4	0.4	0.1	0.3
Net D/E	0.3	0.2	0.2	0.4	0.3	0.1	0.3

Returns

	CSX	UNP	NSC	CNI	CP	JBHT	Median
Name	CSX	Union Pa.	Norfolk .	Canadian.	Canadian.	JB Hunt .
1M Rtn	3.2%	6.9%	3.1%	2.5%	4.6%	11.1%	3.9%
3M Rtn	12.5%	9.0%	6.8%	2.2%	-2.5%	33.1%	7.9%
6M Rtn	14.5%	6.3%	18.1%	-6.1%	-8.8%	34.8%	10.4%
12M Rtn	7.2%	3.8%	14.8%	-6.5%	-0.8%	6.1%	5.0%
3Y Rtn	20.9%	20.3%	28.6%	-16.8%	-3.9%	9.9%	15.1%
1M Excs Rtn	1.9%	6.8%	2.0%	1.1%	5.7%	10.5%	3.8%
3M Excs Rtn	8.2%	4.5%	2.5%	-0.7%	-5.7%	29.9%	3.5%
6M Excs Rtn	0.5%	-7.7%	4.1%	-20.1%	-22.8%	20.8%	-3.6%
12M Excs Rtn	-7.9%	-9.3%	-0.7%	-21.3%	-14.6%	-8.7%	-9.0%
3Y Excs Rtn	-51.8%	-50.2%	-45.5%	-86.9%	-75.9%	-60.9%	-56.3%

Comparison Analyses

	Title
0	CSX vs. Humana: With Return Forecast Of 20%, Humana Is A Better Bet
1	BKNG Looks Stronger Than CSX With 41% Return Potential
2	Why CSX With 3.7% Upside May Beat NSC?
3	CSX vs. Old Dominion Freight Line: Neither Seems Like A Good Bet
4	CSX or UNP - With 5.3% Return Forecast, UNP Probably Deserves Your Money
5	CSX vs. Altria Group: Neither Seems Like A Good Bet
6	CSX vs. LIN Media: With Return Forecast Of 36%, LIN Media Is A Better Bet
7	CSX vs. Accenture: With Return Forecast Of 18%, Accenture Is A Better Bet
8	CSX vs. Fidelity National Information Services: With Return Forecast Of 39%, Fidelity National Information Services Is A Better Bet
9	CSX vs. Booking Holdings: With Return Forecast Of 25%, Booking Holdings Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/16/2025	2/27/2025	2/14/2024	2/15/2023	2/16/2022	2/10/2021	2/12/2020
Key Financials
Total Revenue	14,123	14,540	14,657	14,853	12,522	10,583	11,937
EBITDA	6,321	7,045	7,245	7,589	7,093	5,764	6,402
Operating Income	4,828	5,392	5,494	5,795	5,204	4,369	4,857
Net Income	2,902	3,470	3,668	4,114	3,781	2,765	3,331
EPS	1.54	1.79	1.83	1.93	1.68	1.20	1.39
Growth Rates
Total Revenue Growth	-3.8%	-0.8%	-1.3%	18.6%	18.3%	-11.3%	-2.6%
EBITDA Growth	-12.6%	-2.8%	-4.5%	7.0%	23.1%	-10.0%	2.0%
Operating Income Growth	-11.8%	-1.9%	-5.2%	11.4%	19.1%	-10.0%	-1.0%
Net Income Growth	-19.8%	-5.4%	-10.8%	8.8%	36.7%	-17.0%	0.7%
Margins
EBITDA Margin	44.8%	48.5%	49.4%	51.1%	56.6%	54.5%	53.6%
Operating Income Margin	34.2%	37.1%	37.5%	39.0%	41.6%	41.3%	40.7%
Net Income Margin	20.5%	23.9%	25.0%	27.7%	30.2%	26.1%	27.9%
Cash & Debt
Total Cash	618	1,005	1,436	2,087	2,316	3,131	1,954
Total Debt	19,643	18,989	19,024	18,535	16,844	17,160	16,731
Net Debt / (Cash)	19,025	17,984	17,588	16,448	14,528	14,029	14,777
Cash Flows
Net Cash from Operations	4,615	5,247	5,514	5,526	5,099	4,263	4,850
Free Cash from Operations	1,552	2,718	3,257	3,413	3,308	2,637	3,193
Returns to Shareholders
Dividends	960	930	882	852	839	797	763
Share Repurchases	2,309	2,237	3,482	4,731	2,886	867	3,373

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/16/2025	7/23/2025	4/16/2025	2/27/2025	10/17/2024	8/5/2024	4/18/2024	2/14/2024	10/20/2023	7/20/2023	4/20/2023	2/15/2023
Key Financials Quarterly
Total Revenue	3,587	3,574	3,423	3,539	3,619	3,701	3,681	3,680	3,572	3,699	3,706	3,730
Ebitda	1,532	1,732	1,492	1,565	1,806	1,886	1,788	1,753	1,708	1,903	1,898	1,829
Operating Income	1,251	1,283	1,041	1,253	1,354	1,448	1,337	1,336	1,265	1,454	1,456	1,414
Net Income	694	829	646	733	894	963	880	882	828	984	987	966
EPS	0.37	0.44	0.34	0.39	0.46	0.50	0.45	0.45	0.42	0.49	0.48	0.49
Key Financials TTM
Total Revenue TTM	14,123	14,155	14,282	14,540	14,681	14,634	14,632	14,657	14,707	15,030	15,146	14,853
Ebitda TTM	6,321	6,595	6,749	7,045	7,233	7,135	7,152	7,262	7,338	7,624	7,819	7,589
Operating Income TTM	4,828	4,931	5,096	5,392	5,475	5,386	5,392	5,511	5,589	5,876	5,996	5,795
Net Income TTM	2,902	3,102	3,236	3,470	3,619	3,553	3,574	3,681	3,765	4,048	4,242	4,114
Growth Rates Quarterly
Total Revenue Growth	-0.9%	-3.4%	-7.0%	-3.8%	1.3%	0.1%	-0.7%	-1.3%	-8.3%	-3.0%	8.6%	8.8%
EBITDA Growth	-15.2%	-8.2%	-16.6%	-10.7%	5.7%	-0.9%	-5.8%	-4.2%	-14.3%	-9.3%	13.8%	4.8%
Operating Income Growth	-7.6%	-11.4%	-22.1%	-6.2%	7.0%	-0.4%	-8.2%	-5.5%	-18.5%	-7.6%	16.0%	0.6%
Net Income Growth	-22.4%	-13.9%	-26.6%	-16.9%	8.0%	-2.1%	-10.8%	-8.7%	-25.5%	-16.5%	14.9%	3.4%
Margins Quarterly
EBITDA Margin	42.7%	48.5%	43.6%	44.2%	49.9%	51.0%	48.6%	47.6%	47.8%	51.4%	51.2%	49.0%
Operating Income Margin	34.9%	35.9%	30.4%	35.4%	37.4%	39.1%	36.3%	36.3%	35.4%	39.3%	39.3%	37.9%
Net Income Margin	19.3%	23.2%	18.9%	20.7%	24.7%	26.0%	23.9%	24.0%	23.2%	26.6%	26.6%	25.9%
Cash & Debt
Total Cash	618	393	1,147	1,005	1,656	1,242	1,485	1,436	1,439	1,034	1,469	2,087
Total Debt	19,643	19,650	19,615	18,989	19,035	19,008	19,002	19,024	18,949	18,393	18,400	18,535
Net Debt / (Cash)	19,025	19,257	18,468	17,984	17,379	17,766	17,517	17,588	17,510	17,359	16,931	16,448
Cash Flows Quarterly
FCF from Operations	1,337	635	1,255	1,388	1,686	1,107	1,066	1,489	1,552	1,222	1,251	1,271
Cash Flows TTM
FCF from Operations TTM	4,615	4,964	5,436	5,247	5,348	5,214	5,329	5,514	5,296	5,469	5,478	5,526
Returns to Shareholders Quarterly
Dividends	242	243	245	230	232	233	235	216	218	222	226	207
Share Repurchases	112	421	751	1,025	402	563	247	581	971	863	1,067	1,021
Return on Invested Capital (ROIC) Quarterly
ROIC	17.9%	17.9%	14.9%	19.1%	20.6%	21.8%	20.2%	20.6%	19.2%	22.5%	23.0%	23.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	17.1%	17.3%	18.5%	20.0%	21.0%	20.2%	20.6%	21.0%	21.6%	23.1%	24.0%	23.9%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Rail	13,775	14,853		10,583	11,937
Trucking Revenue	887
Elimination of intersegment revenues	-5
Agricultural and Food Products			1,461
Automotive			886
Chemicals			2,421
Coal			1,790
Fertilizers			470
Forest Products			918
Intermodal			2,039
Metals and Equipment			796
Minerals			587
Other			744
Trucking			410
Total	14,657	14,853	12,522	10,583	11,937

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Rail	5,467
Trucking Revenue and Eliminations	882
Trucking Expenses and Eliminations	-850
Total	5,499

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Rail	42,000
Total	42,000

Price Behavior

Price Behavior

Market Price	$36.35
Market Cap ($ Bil)	67.8
First Trading Date	11/03/1980
Distance from 52W High	-0.5%
	50 Days	200 Days
DMA Price	$35.37	$32.49
DMA Trend	up	up
Distance from DMA	2.8%	11.9%
	3M	1YR
Volatility	21.2%	23.8%
Downside Capture	40.26	69.83
Upside Capture	86.87	67.80
Correlation (SPY)	29.5%	56.7%

CSX Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.57	0.43	0.50	0.57	0.68	0.75
Up Beta	0.17	0.22	0.31	0.05	0.71	0.82
Down Beta	0.64	0.60	0.56	0.59	0.66	0.65
Up Capture	54%	34%	65%	70%	47%	38%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	21	31	63	127	379
Down Capture	73%	50%	42%	75%	79%	93%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	20	31	62	121	369

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of CSX With Other Asset Classes (Last 1Y)
	CSX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.6%	9.9%	14.3%	58.0%	3.6%	-4.5%	-5.9%
Annualized Volatility	23.8%	18.9%	19.7%	19.4%	15.9%	17.7%	35.8%
Sharpe Ratio	0.05	0.37	0.56	2.24	0.04	-0.41	-0.02
Correlation With Other Assets		61.5%	56.1%	-2.2%	12.8%	53.1%	16.8%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of CSX With Other Asset Classes (Last 5Y)
	CSX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.3%	13.5%	15.1%	18.3%	11.8%	5.0%	35.8%
Annualized Volatility	23.3%	17.2%	17.1%	15.5%	18.9%	19.0%	48.9%
Sharpe Ratio	0.20	0.63	0.72	0.95	0.51	0.18	0.63
Correlation With Other Assets		68.5%	59.1%	6.3%	19.3%	51.1%	19.8%

Based On 10-Year Data

		Comparison of CSX With Other Asset Classes (Last 10Y)
	CSX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	16.1%	12.9%	14.5%	14.2%	5.8%	5.2%	73.0%
Annualized Volatility	28.1%	19.9%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.58	0.58	0.69	0.80	0.26	0.22	0.92
Correlation With Other Assets		72.6%	64.7%	0.3%	28.1%	51.6%	14.4%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	30,540,986
Short Interest: % Change Since 10312025	22.6%
Average Daily Volume	11,672,349
Days-to-Cover Short Interest	2.62
Basic Shares Quantity	1,864,000,000
Short % of Basic Shares	1.6%

Returns Analyses

	Title
0	How Low Can CSX Stock Really Go?
1	CSX During 2008 Recession vs. 2022 Inflation Shock: CSX Stock Has 14% Upside If It Recovers To Pre-Inflation Shock Levels
2	CSX Stock Return Comparison

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/16/2025	1.7%	-1.3%	-3.0%
7/23/2025	0.1%	0.9%	2.6%
4/16/2025	1.2%	2.9%	14.5%
1/23/2025	-2.9%	-2.4%	-5.5%
10/16/2024	-6.7%	-5.3%	0.5%
8/5/2024	2.6%	1.5%	6.0%
4/17/2024	0.7%	-1.4%	-0.7%
1/24/2024	1.8%	3.8%	11.5%
...
SUMMARY STATS
# Positive	16	11	16
# Negative	8	13	8
Median Positive	1.7%	3.5%	5.5%
Median Negative	-3.1%	-2.3%	-2.3%
Max Positive	4.3%	11.9%	16.5%
Max Negative	-6.7%	-5.4%	-12.4%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10162025	10-Q 9/30/2025
6302025	7232025	10-Q 6/30/2025
3312025	4162025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	10172024	10-Q 9/30/2024
6302024	8052024	10-Q 6/30/2024
3312024	4182024	10-Q 3/31/2024
12312023	2142024	10-K 12/31/2023
9302023	10202023	10-Q 9/30/2023
6302023	7202023	10-Q 6/30/2023
3312023	4202023	10-Q 3/31/2023
12312022	2152023	10-K 12/31/2022
9302022	10212022	10-Q 9/30/2022
6302022	7212022	10-Q 6/30/2022
3312022	4212022	10-Q 3/31/2022
12312021	2162022	10-K 12/31/2021

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CSX (CSX)

Market Price (12/9/2025): $36.14 | Market Cap: $67.4 BilSector: Industrials | Industry: Rail Transportation

CSX (CSX)

Market Price (12/9/2025): $36.14Market Cap: $67.4 BilSector: IndustrialsIndustry: Rail Transportation

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CSX Stock

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Market Price (12/9/2025): $36.14 | Market Cap: $67.4 Bil
Sector: Industrials | Industry: Rail Transportation

Market Price (12/9/2025): $36.14
Market Cap: $67.4 Bil
Sector: Industrials
Industry: Rail Transportation