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CSX (CSX)

Market Price (10/15/2025): $36.1 | Market Cap: $67.4 Bil
Sector: Industrials | Industry: Rail Transportation

CSX (CSX)

Market Price (10/15/2025): $36.1
Market Cap: $67.4 Bil
Sector: Industrials
Industry: Rail Transportation

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%		 Trading close to highs
Dist 52W High is -0.7%, Dist 3Y High is -3.7%		 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.6%, Rev Chg QQuarterly Revenue Change % is -3.4%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 35%		 Weak multi-year price returns
2Y Excs Rtn is -35%, 3Y Excs Rtn is -42%		 
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 5.0 Bil, FCF LTM is 2.0 Bil		  
3 Low stock price volatility
Vol 12M is 26%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 35%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 5.0 Bil, FCF LTM is 2.0 Bil
3 Low stock price volatility
Vol 12M is 26%
4 Trading close to highs
Dist 52W High is -0.7%, Dist 3Y High is -3.7%
5 Weak multi-year price returns
2Y Excs Rtn is -35%, 3Y Excs Rtn is -42%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.6%, Rev Chg QQuarterly Revenue Change % is -3.4%

Market Valuation & Key Metrics

CSXS&P 500
REVENUE GROWTHVERY POOR
Rev LTM ($ Bil)14.2
Rev Chg Q-3.4%6.1%
Rev Chg LTM-3.3%5.2%
Rev Chg 3Y Avg0.6%5.3%
PROFITABILITYVERY GOOD
Op Inc LTM ($ Bil)4.9
Op Mgn LTM34.9%18.6%
CFO LTM ($ Bil)5.0
CFO/Rev LTM35.1%20.3%
Net Inc LTM ($ Bil)3.1
Net Inc Mgn21.9%12.7%
VALUATIONMODERATE
P/S4.83.2
P/CFO13.615.7
P/FCF33.620.6
P/E21.723.6
STABILITYPOOR
Debt/Equity0.290.21
Cash/Assets0.010.07

CSX Stock

Factor Drivers of Stock Movement
The 30.6% change in CSX stock from 4/15/2025 to 10/14/2025 was primarily driven by a 42.2% change in the company's P/E Multiple.

415202510142025Change
Stock Price ($)27.6736.1330.56%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)14540.0014155.00-2.65%
Net Income Margin (%)23.87%21.91%-8.17%
P/E Multiple15.3021.7542.16%
Shares Outstanding (Mil)1918.001867.002.66%
Cumulative Contribution30.46%

LTM = Last Twelve Months as of date shown
The 4.0% change in CSX stock from 10/14/2024 to 10/14/2025 was primarily driven by a 14.4% change in the company's P/E Multiple.

1014202410142025Change
Stock Price ($)34.7536.133.98%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)14634.0014155.00-3.27%
Net Income Margin (%)24.28%21.91%-9.74%
P/E Multiple19.0121.7514.38%
Shares Outstanding (Mil)1944.001867.003.96%
Cumulative Contribution3.82%

LTM = Last Twelve Months as of date shown
The 38.1% change in CSX stock from 10/15/2022 to 10/14/2025 was primarily driven by a 51.7% change in the company's P/E Multiple.

1015202210142025Change
Stock Price ($)26.1636.1338.13%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)13947.0014155.001.49%
Net Income Margin (%)28.24%21.91%-22.41%
P/E Multiple14.3321.7551.75%
Shares Outstanding (Mil)2158.001867.0013.48%
Cumulative Contribution35.62%

LTM = Last Twelve Months as of date shown

Price Returns Compared

 202020212022202320242025Total [1]
Returns
CSX Return27%26%-17%14%-6%13%59%
Peers Return21%14%-6%-3%51%-4%81%
S&P 500 Return16%27%-19%24%23%13%103%

Monthly Win Rates [3]
CSX Win Rate75%58%33%50%50%56% 
Peers Win Rate55%38%32%50%45%44% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
CSX Max Drawdown-34%-8%-29%-9%-8%-17% 
Peers Max Drawdown-26%-5%-15%-26%-10%-19% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: UNP, CP, NSC, CNI, SWVL. 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 10/14/2025 (YTD)

Downturns Compared

Unique KeyEventCSXS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-29.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven42.6%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven499 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-40.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven68.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven205 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-22.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven28.5%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven98 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-69.7%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven230.4%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven675 days1480 days


How Low Can It Go?

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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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.

Interactive Breakdown

CSX Interactive Breakdown Analysis

Better Bets than CSX (CSX)

 CSXBetter Performance than CSX
MetricValueIndustry (Rail Transportation)
Rev Chg LTM-3.3%UNP (1.1%), CP (4.8%), NSC (0.7%), CNI (0.6%), SWVL (22.5%)
Rev Chg 3Y Avg0.6%UNP (1.4%), CP (23.8%), NSC (1.0%), CNI (3.9%), RAIL (19.6%)
Op Mgn LTM34.9%UNP (40.3%), CP (36.4%), NSC (42.1%), CNI (37.3%)
CFO/Rev LTM35.1%UNP (40.4%), CP (36.8%), CNI (39.0%)
FCF/Rev LTM14.2%UNP (25.7%), CP (16.8%), NSC (16.6%), CNI (18.9%)
Total Yield5.7%UNP (7.5%), CP (7.0%), CNI (11.2%), FSTR (13.1%)
 CSXBetter Performance than CSX
MetricValueAll Other Sectors
Rev Chg LTM-3.3%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg0.6%NVDA (92.0%), MSFT (12.5%), AAPL (1.8%), GOOGL (10.2%), AMZN (11.3%)
Op Mgn LTM34.9%NVDA (58.1%), MSFT (45.6%), META (42.9%), AVGO (39.0%), LLY (43.0%)
CFO/Rev LTM35.1%NVDA (46.6%), MSFT (48.3%), GOOGL (36.0%), META (56.4%), AVGO (42.4%)
FCF/Rev LTM14.2%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield5.7%JPM (6.7%), XOM (9.9%), JNJ (7.6%), HD (6.2%), BAC (7.2%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1CSX Earnings Notes  
2Why NSC May Be Better Than CSX StockActionable 
3How Does CSX Stack Up Against Its Peers?  
4Day 5 of Loss Streak for CSX Stock with -11% Return (vs. 1.3% YTD) [8/26/2025]Notification 
5CSX Stock Rallied 9.5% - Have You Assessed the RiskReturn 
6CSX vs Willis Lease Finance: Which Is A Better Investment?Counter-Intuitive Comparisons 
7Better Bet Than CSX Stock: Pay Less Than CSX To Get More From UNP, NSC   
8Better Bet Than CSX Stock: Pay Less Than CSX To Get More From NSC, UNP   
9CSX Dip Buy Analysis  
10CSX Total Shareholder Return (TSR): -5.6% in 2024 and -3.7% 3-yr compounded annual returns (below peer average)  
11ARTICLES  
12Better Bet Than CSX Stock: Pay Less To Get More From NSC October 1st, 2025
13S&P 500 Movers | Winners: WDC, COIN, CSX | Losers: WSM, VST, CCL September 30th, 2025
14How Does CSX Stack Up Against Its Peers? August 27th, 2025
15CSX Stock Down -11% after 5-Day Loss Streak August 26th, 2025
16Buy or Sell CSX Stock? August 26th, 2025
Title
0DASHBOARDS
1Better Bet Than CSX Stock: Pay Less To Get More From NSC
2S&P 500 Movers | Winners: WDC, COIN, CSX | Losers: WSM, VST, CCL
3How Does CSX Stack Up Against Its Peers?
4CSX Stock Down -11% after 5-Day Loss Streak
5Buy or Sell CSX Stock?
6ARTICLES
7CSX Earnings Notes
8Why NSC May Be Better Than CSX Stock
9How Does CSX Stack Up Against Its Peers?
10Day 5 of Loss Streak for CSX Stock with -11% Return (vs. 1.3% YTD) [8/26/2025]
11CSX Stock Rallied 9.5% - Have You Assessed the Risk
12CSX vs Willis Lease Finance: Which Is A Better Investment?
13Better Bet Than CSX Stock: Pay Less Than CSX To Get More From UNP, NSC 
14Better Bet Than CSX Stock: Pay Less Than CSX To Get More From NSC, UNP 
15CSX Dip Buy Analysis
16CSX Total Shareholder Return (TSR): -5.6% in 2024 and -3.7% 3-yr compounded annual returns (below peer average)

Trade Ideas

Select past trade ideas related to CSX and Rail Transportation.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy09302025FCNFTI ConsultingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-2.5%-2.5%-2.5%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper09122025ODFLOld Dominion Freight LineMonopolyMY | 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		-6.5%-6.5%-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025EFXEquifaxMonopolyMY | 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		-7.3%-7.3%-8.5%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025UHALU-HaulMonopolyMY | 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		-2.8%-2.8%-5.6%
BWXT_8312025_Quality_Momentum_RoomToRun_10%08312025BWXTBWX TechnologiesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		24.9%24.9%-1.2%
CSX_3312025_Monopoly_xInd_xCD_Getting_Cheaper03312025CSXCSXMonopolyMY | 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%23.8%-9.3%
CSX_4302023_Monopoly_xInd_xCD_Getting_Cheaper04302023CSXCSXMonopolyMY | 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_Cheaper10312022CSXCSXMonopolyMY | 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_Cheaper04302022CSXCSXMonopolyMY | 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_Cheaper11302019CSXCSXMonopolyMY | 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 KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy09302025FCNFTI ConsultingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-2.5%-2.5%-2.5%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper09122025ODFLOld Dominion Freight LineMonopolyMY | 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		-6.5%-6.5%-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025EFXEquifaxMonopolyMY | 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		-7.3%-7.3%-8.5%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025UHALU-HaulMonopolyMY | 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		-2.8%-2.8%-5.6%
BWXT_8312025_Quality_Momentum_RoomToRun_10%08312025BWXTBWX TechnologiesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		24.9%24.9%-1.2%
CSX_3312025_Monopoly_xInd_xCD_Getting_Cheaper03312025CSXCSXMonopolyMY | 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%23.8%-9.3%
CSX_4302023_Monopoly_xInd_xCD_Getting_Cheaper04302023CSXCSXMonopolyMY | 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_Cheaper10312022CSXCSXMonopolyMY | 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_Cheaper04302022CSXCSXMonopolyMY | 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_Cheaper11302019CSXCSXMonopolyMY | 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%

See Trefis Trade Ideas for more.

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1UAMYUnited States Antimony100.8%887.0%
2BITFBitfarms69.7%295.3%
3NVTSNavitas Semiconductor61.6%252.1%
4ASPIASP Isotopes58.0%210.2%
5UUUUEnergy Fuels49.1%411.3%
6GLUEMonte Rosa Therapeutics43.8%52.9%
7SSIISS Innovations International34.1%15.2%
8METCRamaco Resources34.0%439.5%
9MPMP Materials33.7%532.4%
10ORKAOruka Therapeutics33.6%41.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1BNTBrookfield Wealth Solutions-33.2%18.5%
2BNBrookfield-33.0%18.9%
3VGVenture Global-30.2% 
4ALABAstera Labs-23.8%22.0%
5HELEHelen Of Troy-23.3%-65.4%
6CORTCorcept Therapeutics-20.2%43.1%
7USNAUsana Health Sciences-19.4%-40.9%
8SRRKScholar Rock-19.2%-26.2%
9TASKTaskUs-18.8%-18.1%
10BBBYBed Bath & Beyond-18.1% 

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1000.7%389.2%
2QUREuniQure297.4%233.9%
3UAMYUnited States Antimony244.6%887.0%
4LACLithium Americas214.1%238.4%
5RGTIRigetti Computing192.1%267.8%
6USARUSA Rare Earth173.3%125889.9%
7PLUGPlug Power158.0%90.1%
8FLNCFluence Energy149.7%16.2%
9CLPTClearPoint Neuro148.6%69.2%
10SESSES AI140.2%44.7%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1ANGXAngel Studios-53.8% 
2REXREX American Resources-46.2%57.7%
3VGVenture Global-34.0% 
4LDIloanDepot-33.8%46.6%
5FLYFirefly Aerospace-31.4% 
6ALABAstera Labs-30.2%22.0%
7FWRDForward Air-29.4%-34.3%
8USNAUsana Health Sciences-29.1%-40.9%
9IDTIDT-28.9%-0.4%
10PGYPagaya Technologies-28.8%221.4%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1UAMYUnited States Antimony100.8%887.0%
2BITFBitfarms69.7%295.3%
3NVTSNavitas Semiconductor61.6%252.1%
4ASPIASP Isotopes58.0%210.2%
5UUUUEnergy Fuels49.1%411.3%
6GLUEMonte Rosa Therapeutics43.8%52.9%
7SSIISS Innovations International34.1%15.2%
8METCRamaco Resources34.0%439.5%
9MPMP Materials33.7%532.4%
10ORKAOruka Therapeutics33.6%41.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1BNTBrookfield Wealth Solutions-33.2%18.5%
2BNBrookfield-33.0%18.9%
3VGVenture Global-30.2% 
4ALABAstera Labs-23.8%22.0%
5HELEHelen Of Troy-23.3%-65.4%
6CORTCorcept Therapeutics-20.2%43.1%
7USNAUsana Health Sciences-19.4%-40.9%
8SRRKScholar Rock-19.2%-26.2%
9TASKTaskUs-18.8%-18.1%
10BBBYBed Bath & Beyond-18.1% 

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for CSX

Financials

CSXUNPCPNSCCNISWVLMedian
NameCSX Union Pa.Canadian.Norfolk .Canadian.Swvl  
Mkt Price36.13227.0876.18290.3195.853.2886.02
Mkt Cap67.5134.970.465.360.1-67.5
Rev LTM14,15524,39314,91712,17817,1431814,536
Op Inc LTM4,9409,8375,4235,1296,391-55,276
FCF LTM2,0066,2612,5012,0243,234-2,501
FCF 3Y Avg2,6885,5292,3131,5753,744-2,688
CFO LTM4,9649,8565,4874,2046,678-5,487
CFO 3Y Avg5,2169,1544,9133,8236,986-5,216

Growth & Margins

CSXUNPCPNSCCNISWVLMedian
NameCSX Union Pa.Canadian.Norfolk .Canadian.Swvl  
Rev Chg LTM-3.3%1.1%4.8%0.7%0.6%22.5%0.9%
Rev Chg 3Y Avg0.6%1.4%23.8%1.0%3.9%-1.4%
Rev Chg Q-3.4%2.4%2.7%2.2%-1.3%123.4%2.3%
QoQ Delta Rev Chg LTM-0.9%0.6%0.6%0.5%-0.3%290.5%0.6%
Op Mgn LTM34.9%40.3%36.4%42.1%37.3%-28.5%36.8%
Op Mgn 3Y Avg36.9%39.2%36.0%38.7%38.8%-38.7%
QoQ Delta Op Mgn LTM-0.8%0.3%0.3%0.5%0.1%-0.3%
CFO/Rev LTM35.1%40.4%36.8%34.5%39.0%-36.8%
CFO/Rev 3Y Avg35.7%37.5%38.2%31.0%40.6%-37.5%
FCF/Rev LTM14.2%25.7%16.8%16.6%18.9%-16.8%
FCF/Rev 3Y Avg18.3%22.6%18.4%12.7%21.7%-18.4%

Valuation

CSXUNPCPNSCCNISWVLMedian
NameCSX Union Pa.Canadian.Norfolk .Canadian.Swvl  
Mkt Cap67.5134.970.465.360.1-67.5
P/S4.85.54.75.43.5-4.8
P/EBIT13.813.211.412.78.7-12.7
P/E21.719.516.819.513.2-19.5
P/CFO13.613.712.815.59.0-13.6
Total Yield5.7%7.5%7.0%5.1%11.2%-7.0%
Dividend Yield1.1%2.4%1.1%0.0%3.6%-1.1%
FCF Yield 3Y Avg4.1%4.2%3.1%2.9%5.1%-4.1%
D/E0.30.30.30.30.3-0.3
Net D/E0.30.20.30.20.3-0.3

Returns

CSXUNPCPNSCCNISWVLMedian
NameCSX Union Pa.Canadian.Norfolk .Canadian.Swvl  
1M Rtn11.3%5.7%1.7%5.7%2.6%-13.7%4.1%
3M Rtn8.3%-1.1%-5.9%12.4%-6.1%-27.1%-3.5%
6M Rtn30.6%4.5%3.9%34.8%-1.1%6.0%5.2%
12M Rtn4.0%-5.2%-6.2%16.9%-14.7%-1.2%-3.2%
3Y Rtn38.1%25.8%16.4%45.8%-4.3%-76.6%21.1%
1M Excs Rtn10.7%4.6%0.1%4.3%0.1%-5.9%2.2%
3M Excs Rtn3.0%-7.2%-11.6%6.0%-12.0%-32.5%-9.4%
6M Excs Rtn5.9%-19.5%-19.4%9.7%-25.8%-18.8%-19.1%
12M Excs Rtn-8.7%-17.6%-20.4%5.7%-29.4%-8.3%-13.1%
3Y Excs Rtn-41.6%-58.0%-69.0%-37.5%-89.2%-166.2%-63.5%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/23/20254/16/20252/27/202510/17/20248/5/20244/18/20242/14/202410/20/20237/20/20234/20/20232/15/202310/21/2022
Key Financials Quarterly            
Total Revenue3,5743,4233,5393,6193,7013,6813,6803,5723,6993,7063,7303,895
Ebitda1,7321,4921,5651,8061,8861,7881,7531,7081,9031,8981,8291,994
Operating Income1,2831,0411,2611,3551,4481,3371,3361,2651,4541,4561,4141,552
Net Income8296467338949638808828289849879661,111
EPS0.440.340.390.460.500.450.450.420.490.480.490.52
Key Financials TTM            
Total Revenue TTM14,15514,28214,54014,68114,63414,63214,65714,70715,03015,14614,85314,550
Ebitda TTM6,5956,7497,0457,2337,1357,1527,2627,3387,6247,8197,5897,505
Operating Income TTM4,9405,1055,4015,4765,3865,3925,5115,5895,8765,9965,7955,787
Net Income TTM3,1023,2363,4703,6193,5533,5743,6813,7654,0484,2424,1144,082
Growth Rates Quarterly            
Total Revenue Growth-3.4%-7.0%-3.8%1.3%0.1%-0.7%-1.3%-8.3%-3.0%8.6%8.8%18.3%
EBITDA Growth-8.2%-16.6%-10.7%5.7%-0.9%-5.8%-4.2%-14.3%-9.3%13.8%4.8%9.4%
Operating Income Growth-11.4%-22.1%-5.6%7.1%-0.4%-8.2%-5.5%-18.5%-7.6%16.0%0.6%12.8%
Net Income Growth-13.9%-26.6%-16.9%8.0%-2.1%-10.8%-8.7%-25.5%-16.5%14.9%3.4%14.8%
Margins Quarterly            
EBITDA Margin48.5%43.6%44.2%49.9%51.0%48.6%47.6%47.8%51.4%51.2%49.0%51.2%
Operating Income Margin35.9%30.4%35.6%37.4%39.1%36.3%36.3%35.4%39.3%39.3%37.9%39.8%
Net Income Margin23.2%18.9%20.7%24.7%26.0%23.9%24.0%23.2%26.6%26.6%25.9%28.5%
Cash & Debt            
Total Cash3931,1471,0051,6561,2421,4851,4361,4391,0341,4692,0872,399
Total Debt19,65019,61518,98919,03519,00819,00219,02418,94918,39318,40018,53518,537
Net Debt / (Cash)19,25718,46817,98417,37917,76617,51717,58817,51017,35916,93116,44816,138
Cash Flows Quarterly            
FCF from Operations6351,2551,3881,6861,1071,0661,4891,5521,2221,2511,2711,725
Cash Flows TTM            
FCF from Operations TTM4,9645,4365,2475,3485,2145,3295,5145,2965,4695,4785,5265,535
Returns to Shareholders Quarterly            
Dividends243245230232233235216218222226207212
Share Repurchases4217511,0254025632475819718631,0671,0211,195
Return on Invested Capital (ROIC) Quarterly            
ROIC17.9%14.9%19.3%20.6%21.8%20.2%20.6%19.2%22.5%23.0%23.7%26.2%
Return on Invested Capital (ROIC) TTM            
ROIC TTM17.3%18.5%20.1%21.0%20.2%20.6%21.0%21.6%23.1%24.0%23.9%24.1%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Rail13,77513,88712,52210,58311,937
Trucking Revenue887968   
Elimination of intersegment revenues-5-2   
Total14,65714,85312,52210,58311,937


Operating Income by Segment
$ Mil20242023202220212020
Rail5,4675,902   
Trucking Revenue and Eliminations882966   
Trucking Expenses and Eliminations-850-914   
Total5,4995,954   


Assets by Segment
$ Mil20242023202220212020
Rail42,000    
Total42,000    


Price Behavior

CSX Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta0.920.570.600.760.740.78
Up Beta2.47-0.41-0.450.690.840.89
Down Beta-0.840.060.740.740.660.66
Up Capture152%82%102%92%55%43%
Bmk +ve Days13233574144420
Stock +ve Days10203068128382
Down Capture-0%134%91%88%82%93%
Bmk -ve Days8192952107330
Stock -ve Days11223458122367

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

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity28,569,432
Short Interest: % Change Since 9152025-16.5%
Average Daily Volume19,204,723
Days-to-Cover Short Interest1.49
Basic Shares Quantity1,867,000,000
Short % of Basic Shares1.5%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/23/20250.1%0.9%2.6%
4/16/20251.2%2.9%14.5%
1/23/2025-2.9%-2.4%-5.5%
10/16/2024-6.7%-5.3%0.5%
8/5/20242.6%1.5%6.0%
4/17/20240.7%-1.4%-0.7%
1/24/20241.8%3.8%11.5%
10/19/20230.7%-3.1%3.5%
...
SUMMARY STATS   
# Positive161217
# Negative8127
Median Positive1.7%3.7%5.1%
Median Negative-3.1%-2.4%-1.6%
Max Positive4.3%11.9%16.5%
Max Negative-6.7%-5.4%-12.4%

SEC Filings

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Report DateFiling DateFiling
6302025723202510-Q 6/30/2025
3312025416202510-Q 3/31/2025
12312024227202510-K 12/31/2024
93020241017202410-Q 9/30/2024
6302024805202410-Q 6/30/2024
3312024418202410-Q 3/31/2024
12312023214202410-K 12/31/2023
93020231020202310-Q 9/30/2023
6302023720202310-Q 6/30/2023
3312023420202310-Q 3/31/2023
12312022215202310-K 12/31/2022
93020221021202210-Q 9/30/2022
6302022721202210-Q 6/30/2022
3312022421202210-Q 3/31/2022
12312021216202210-K 12/31/2021
93020211021202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Fortune StephenEVP - CD&TO3052025Sell31.411,50047,1152,636,524Form
1Goldman Nathan DEVP & CLO11202024Sell35.4048,5881,720,0157,185,881Form

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