0000277948false00002779482025-04-162025-04-16

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): April 16, 2025
CSX CORPORATION
(Exact name of registrant as specified in its charter)
Virginia1-802262-1051971
(State or other jurisdiction(Commission File No.)(I.R.S. Employer
of incorporation) Identification No.)
500 Water Street, 15th Floor, Jacksonville, FL 32202
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:
(904) 359-3200

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

_☐_ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

_☐_ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

_☐_ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

_☐_ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange
on which registered
Common Stock, $1 Par ValueCSXNASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company _☐_

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. _☐_


Item 2.02.    Results of Operations and Financial Condition

On April 16, 2025, CSX Corporation issued a press release and its CSX Quarterly Financial Report on financial and operating results for the quarter ended March 31, 2025. A copy of the press release is attached as Exhibit 99.1 and a copy of the CSX Quarterly Financial Report is attached as Exhibit 99.2, each of which is incorporated by reference herein. These documents are available on the Company's website, www.csx.com.*

The information contained in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, has been “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section. The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01.    Financial Statements and Exhibits

(d)    The following exhibits are being furnished herewith:

104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

*Internet addresses are provided for informational purposes only and are not intended to be hyperlinks.



Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


CSX CORPORATION

By: /s/ ANGELA C. WILLIAMS
Angela C. Williams
Vice President and
Chief Accounting Officer
(Principal Accounting Officer)
                                            
Date: April 16, 2025



Exhibit 99.1
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CSX Corp. Announces First Quarter 2025 Results

JACKSONVILLE, Fla. – April 16, 2025 – CSX Corp. (NASDAQ: CSX) today announced first quarter 2025 operating income of $1.04 billion compared to $1.34 billion in the prior year period. Net income was $646 million, or $0.34 per diluted share, compared to $880 million, or $0.45 per diluted share, in the same period last year.1

Total volume of 1.52 million units for the quarter was 1% lower compared to first quarter 2024. Revenue totaled $3.42 billion for the quarter, decreasing 7% year-over-year, as declines in coal revenue, fuel surcharge, and merchandise volume were only partially offset by the effects of higher merchandise pricing and growth in intermodal volume.

“CSX faced operational challenges to start the year, which contributed to first quarter results that did not meet our expectations,” said Joe Hinrichs, president and chief executive officer. “In response, our talented and dedicated team of railroaders are working together to lift our performance and drive success through an uncertain market outlook. We are taking targeted actions to address the network constraints posed by two major ongoing infrastructure projects, and we remain committed to safely and reliably serving our customers.”

CSX executives will conduct a conference call with the investment community this afternoon, April 16, at 4:30 p.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-888-510-2008. For callers outside the U.S., dial 1-646-960-0306. Participants should dial in 10 minutes prior to the call and enter in 3368220 as the passcode.

In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company's website at http://investors.csx.com. Following the earnings call, a webcast replay of the presentation will be archived on the company website.

This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.















1Year-over-year comparisons for operating income and earnings per share utilize revised financial results for past periods, as described in the annual report filed on Form 10-K.


About CSX and its Disclosures

CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 200 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.

This announcement, as well as additional financial information, is available on the company's website at http://investors.csx.com. CSX also uses social media channels to communicate information about the company. Although social media channels are not intended to be the primary method of disclosure for material information, it is possible that certain information CSX posts on social media could be deemed to be material. Therefore, we encourage investors, the media, and others interested in the company to review the information we post on X, formerly known as Twitter, (http://twitter.com/CSX) and on Facebook (http://www.facebook.com/OfficialCSX). The social media channels used by CSX may be updated from time to time. More information about CSX Corporation and its subsidiaries is available at www.csx.com.

Non-GAAP Disclosure

CSX reports its financial results in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). CSX also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, CSX’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP.

Forward-looking Statements

This information and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as “will,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” “preliminary” and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward-looking statements include, among others: (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projecting economic and business conditions.

Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com.

Contact:
Matthew Korn, CFA, Investor Relations
904-366-4515

Bryan Tucker, Corporate Communications
855-955-6397

Exhibit 99.2

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CSX Corp. Announces First Quarter 2025 Results

JACKSONVILLE, Fla. – April 16, 2025 – CSX Corp. (NASDAQ: CSX) today announced first quarter 2025 operating income of $1.04 billion compared to $1.34 billion in the prior year period. Net income was $646 million, or $0.34 per diluted share, compared to $880 million, or $0.45 per diluted share, in the same period last year.1

Total volume of 1.52 million units for the quarter was 1% lower compared to first quarter 2024. Revenue totaled $3.42 billion for the quarter, decreasing 7% year-over-year, as declines in coal revenue, fuel surcharge, and merchandise volume were only partially offset by the effects of higher merchandise pricing and growth in intermodal volume.

“CSX faced operational challenges to start the year, which contributed to first quarter results that did not meet our expectations,” said Joe Hinrichs, president and chief executive officer. “In response, our talented and dedicated team of railroaders are working together to lift our performance and drive success through an uncertain market outlook. We are taking targeted actions to address the network constraints posed by two major ongoing infrastructure projects, and we remain committed to safely and reliably serving our customers.”

CSX executives will conduct a conference call with the investment community this afternoon, April 16, at 4:30 p.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-888-510-2008. For callers outside the U.S., dial 1-646-960-0306. Participants should dial in 10 minutes prior to the call and enter in 3368220 as the passcode.

In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company's website at http://investors.csx.com. Following the earnings call, a webcast replay of the presentation will be archived on the company website.

This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.







1Year-over-year comparisons for operating income and earnings per share utilize revised financial results for past periods, as described in the annual report filed on Form 10-K.

Table of ContentsThe accompanying unauditedCSX CORPORATIONCONTACTS:
financial information should be500 Water Street, C900INVESTOR RELATIONS
read in conjunction with theJacksonville, FL 32202Matthew Korn, CFA
Company’s most recentwww.csx.com(904) 366-4515
Annual Report on Form 10-K,MEDIA
Quarterly Reports on Form 10-Q, andBryan Tucker
any Current Reports on Form 8-K.(855) 955-6397
1

qfr_headera.jpg
About CSX and its Disclosures
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 200 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.

This announcement, as well as additional financial information, is available on the company's website at http://investors.csx.com. CSX also uses social media channels to communicate information about the company. Although social media channels are not intended to be the primary method of disclosure for material information, it is possible that certain information CSX posts on social media could be deemed to be material. Therefore, we encourage investors, the media, and others interested in the company to review the information we post on X, formerly known as Twitter, (http://twitter.com/CSX) and on Facebook (http://www.facebook.com/OfficialCSX). The social media channels used by CSX may be updated from time to time. More information about CSX Corporation and its subsidiaries is available at www.csx.com.

Non-GAAP Disclosure
CSX reports its financial results in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). CSX also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, CSX’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP.

Forward-looking Statements
This information and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as “will,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” “preliminary” and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward-looking statements include, among others: (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projecting economic and business conditions.

Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com.
2
CSX Corporation

CONSOLIDATED INCOME STATEMENTS (Unaudited)
(Dollars in Millions, Except Per Share Amounts)

Quarters Ended
Mar. 31, 2025
Mar. 31, 2024 (a)
$ Change% Change
Revenue$3,423$3,681$(258)(7)%
Expense
Labor and Fringe821805(16)(2)
Purchased Services and Other774720(54)(8)
Depreciation and Amortization425410(15)(4)
Fuel2753255015 
Equipment and Other Rents8784(3)(4)
Total Expense2,3822,344(38)(2)
Operating Income1,0411,337(296)(22)
Interest Expense(209)(210)1— 
Other Income - Net2641(15)(37)
Earnings Before Income Taxes8581,168(310)(27)
Income Tax Expense(212)(288)7626 
Net Earnings$646$880$(234)(27)%
Operating Margin30.4 %36.3 %
Per Common Share
Net Earnings Per Share, Assuming Dilution$0.34 $0.45 $(0.11)(24)%
Average Shares Outstanding, Assuming Dilution (Millions)
1,892 1,962 


3
CSX Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)

(Unaudited)
Mar. 31, 2025Dec. 31, 2024
ASSETS
Cash and Cash Equivalents$1,139 $933 
Short-Term Investments8 72 
Other Current Assets1,873 1,815 
Properties - Net35,858 35,658 
Investment in Affiliates and Other Companies2,537 2,520 
Other Long-Term Assets1,784 1,766 
Total Assets$43,199 $42,764 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Maturities of Long-Term Debt$605 $606 
Other Current Liabilities2,816 2,670 
Long-Term Debt18,521 17,897 
Deferred Income Taxes - Net7,739 7,725 
Other Long-Term Liabilities1,343 1,359 
Total Liabilities31,024 30,257 
Total Shareholders' Equity12,175 12,507 
Total Liabilities and Shareholders' Equity$43,199 $42,764 



4
CSX Corporation
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (Unaudited)
(Dollars in Millions)

Three Months Ended
Mar. 31, 2025
Mar. 31, 2024 (a)
OPERATING ACTIVITIES
Net Earnings$646 $880 
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
     Depreciation and Amortization425 410 
     Deferred Income Tax Expense13 7 
     Other Operating Activities - Net (b)
171 (231)
Net Cash Provided by Operating Activities1,255 1,066 
INVESTING ACTIVITIES
Property Additions (c)
(719)(517)
Proceeds from Sales of Short-Term Investments67 81 
Proceeds and Advances from Property Dispositions23 11 
Business Acquisitions, Net of Cash Acquired— (26)
Other Investing Activities(18)(35)
Net Cash Used in Investing Activities(647)(486)
FINANCING ACTIVITIES
Shares Repurchased (d)
(751)(247)
Dividends Paid(245)(235)
Long-term Debt Repaid(2)(2)
Long-term Debt Issued600 — 
Other Financing Activities(4)34 
Net Cash Used in Financing Activities(402)(450)
Net Increase in Cash and Cash Equivalents206 130 
CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents at Beginning of Period933 1,353 
Cash and Cash Equivalents at End of Period$1,139 $1,483 


5
CSX Corporation
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

a)Revision of Prior Period Financial Statements: During second quarter 2024, CSX completed a review of the accounting treatment for engineering scrap and certain engineering support labor and identified misstatements between the balance sheet and operating expense that were determined to be immaterial to previously issued financial statements. Refer to the 2024 annual report filed on Form 10-K for more information regarding the revision of prior period financial statements.

b)Other Operating Activities - Net: During the three months ended March 31, 2024, the Company made $387 million of federal and state tax payments related to the 2023 tax year, which were previously postponed under tax relief announcements for those impacted by Hurricane Idalia.
c)Property Additions: Property additions for the three months ended March 31, 2025, include $133 million related to rebuilding the Blue Ridge subdivision as a result of impacts from Hurricane Helene.
d)Shares Repurchased: During first quarters 2025 and 2024, the Company engaged in the following repurchase activities:
Quarters Ended
Mar. 31, 2025Mar. 31, 2024
Shares Repurchased (Millions)
24 7 
Cost of Shares (Dollars in Millions) (1)
$751 $247 
Average Cost per Share Repurchased $31.66 $36.46 
(1) Amounts exclude the impact of excise tax on net share repurchases imposed as part of the Inflation Reduction Act of 2022.

6
CSX Corporation
VOLUME AND REVENUE (Unaudited)
Volume (Thousands of Units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)
Quarters Ended March 31, 2025 and March 31, 2024
VolumeRevenueRevenue Per Unit
20252024% Change20252024% Change20252024% Change
Chemicals166 167 (1)%$698 $693 1 %$4,205 $4,150 1 %
Agricultural and Food Products115 114 1 408 407 — 3,548 3,570 (1)
Automotive87 94 (7)271 293 (8)3,115 3,117 — 
Minerals79 80 (1)181 174 4 2,291 2,175 5 
Forest Products70 73 (4)249 262 (5)3,557 3,589 (1)
Metals and Equipment65 70 (7)209 220 (5)3,215 3,143 2 
Fertilizers48 47 2 136 136 — 2,833 2,894 (2)
Total Merchandise630 645 (2)2,152 2,185 (2)3,416 3,388 1 
Intermodal716 701 2 493 506 (3)689 722 (5)
Coal172 188 (9)461 632 (27)2,680 3,362 (20)
Trucking— — — 202 215 (6)— — — 
Other— — — 115 143 (20)— — — 
Total1,518 1,534 (1)%$3,423 $3,681 (7)%$2,255 $2,400 (6)%
7
CSX Corporation
VOLUME AND REVENUE
Total revenue decreased 7% in the first quarter 2025 when compared to first quarter 2024, due to decreases in coal revenue, lower fuel recovery, declines in merchandise volume, decreases in other revenue, and lower trucking revenue. These decreases were partially offset by higher pricing in merchandise as well as higher intermodal volume.
Fuel Surcharge
Fuel surcharge revenue is included in the individual markets and does not include amounts for trucking. Fuel lag is the estimated revenue effect resulting from the difference between highway diesel prices in the quarter and the prices used for fuel surcharge, which are on a two-month lag for non-intermodal traffic.
Quarters Ended
(Dollars in Millions)Mar. 31, 2025Mar. 31, 2024
Fuel Surcharge Revenue$217 $277 
Fuel Lag (Unfavorable) Favorable (1)
$(5)$6 
(1) The Company's fuel lag calculation model was enhanced during first quarter 2025 and comparative prior year results are updated to conform to current presentation. The impact of this change is not material and fuel surcharge revenue is not impacted.
Merchandise Volume
Chemicals - Decreased due to lower shipments of petroleum products and waste, partially offset by higher shipments of petcoke, natural gas liquids, and plastics.

Agricultural and Food Products - Increased due to higher shipments of domestic feed grain and ethanol.

Automotive - Decreased due to lower North American vehicle production.

Minerals - Decreased primarily due to lower shipments of aggregates and limestone.

Forest Products - Decreased due to lower shipments of building products as well as lower shipments of paper products, which includes the impact of plant closures.

Metals and Equipment - Decreased due to high prior year volume of orders to reposition empty customer railcars as well as reduced shipments in the current year of steel associated with the automotive market.

Fertilizers - Increased due to higher short-haul phosphates shipments, which were partially offset by decreases in long-haul shipments.
Intermodal Volume
International shipments increased driven by higher port volumes and growth with key customers. Domestic shipments were relatively flat as increased transcontinental shipments were offset by the impacts of a continued soft trucking environment.
Coal Volume
Export coal decreased primarily due to reduced production, including outages at customer facilities, and weather impacts on the overall supply chain. Domestic coal decreased due to lower thermal shipments to river terminals and reduced shipments to steel manufacturing locations, partially offset by higher shipments to utility plants.
Quarters Ended
(Millions of Tons)Mar. 31, 2025Mar. 31, 2024Change
Coal Tonnage
Domestic9.2 9.6 (4)%
Export10.2 11.6 (12)
Total Coal19.4 21.2 (8)%
Trucking Revenue
Trucking revenue decreased $13 million versus the prior year due to lower rates and fuel surcharge.
Other Revenue
Other revenue decreased $28 million primarily due to 2024 revenue including payments from customers that did not meet volume commitments.
8
CSX Corporation
EXPENSE
Expenses of $2.4 billion increased $38 million, or 2%, in first quarter 2025 when compared to first quarter 2024.
Labor and Fringe expense increased $16 million, primarily resulting from inflation. Other items largely offset and included higher union employee benefits for sick leave and vacation, increased labor costs associated with network disruptions and lower incentive compensation expense.
Purchased Services and Other expense increased $54 million due to the following:
•Increased costs of approximately $25 million were due to the effects of network disruptions and congestion, including higher locomotive usage costs and rerouting charges associated with the Howard Street Tunnel project, as well as severe winter weather.
•Other net costs increased $28 million, about half of which was due to inflation. The remaining increase was comprised of several non-significant items that were partially offset by cost savings from lower rail volumes.
•There were no gains on property dispositions in 2025 compared to a $1 million gain in 2024.
Depreciation and Amortization expense increased $15 million as a result of a larger asset base.
Fuel costs decreased $50 million primarily as a result of a 15% decrease in locomotive fuel prices, as well as efficiency and volume savings despite additional gross ton-miles associated with reroutes.
Equipment and Other Rents expense increased $3 million due to several non-significant items, including the impact of reroutes on car cycle times.
Employee Counts (Estimated)
Quarters Ended
Mar. 31, 2025Mar. 31, 2024Change
Average23,41323,38231
Ending23,37823,396(18)
Fuel Expense
Quarters Ended
(Dollars and Gallons in Millions, Except Price Per Gallon)
Mar. 31, 2025Mar. 31, 2024
Estimated Locomotive Fuel Consumption (Gallons)
92.9 96.8 
Price per Gallon (Dollars)
$2.42 $2.85 
Total Locomotive Fuel Expense$225 $276 
Non-Locomotive Fuel Expense50 49 
Total Fuel Expense$275 $325 
9
CSX Corporation
OPERATING STATISTICS (Estimated)
In the first quarter of 2025, velocity decreased by 3% and dwell increased by 19% versus prior year. Carload trip plan performance decreased by 16% and intermodal trip plan performance decreased by 4%. The Company continues to focus on operational improvements and executing the operating plan to deliver safe, reliable and efficient service to customers.

The personal injury frequency index of 0.95 improved 22% compared to prior year. The FRA train accident rate of 3.43 improved 16% compared to prior year. Safety is a top priority at CSX, and the Company is committed to reducing risk and enhancing the overall safety of its employees, customers, and communities in which it operates.

Quarters Ended
Mar. 31, 2025Mar. 31, 2024Improvement / (Deterioration)
Operations Performance
Train Velocity (Miles Per Hour)
17.6 18.2 (3)%
Dwell (Hours)
11.5 9.7 (19)%
Cars Online 132,200 124,720 (6)%
On-Time Originations 68 %75 %(9)%
On-Time Arrivals 55 %70 %(21)%
Carload Trip Plan Performance 69 %82 %(16)%
Intermodal Trip Plan Performance 90 %94 %(4)%
Fuel Efficiency 0.99 1.01 2 %
Revenue Ton-Miles (Billions)
Merchandise 32.3 32.0 1 %
Coal 8.4 9.4 (11)%
Intermodal 7.1 7.1 — %
Total Revenue Ton-Miles 47.8 48.5 (1)%
Total Gross Ton-Miles (Billions)
93.9 95.8 (2)%
Safety
FRA Personal Injury Frequency Index0.95 1.22 22 %
FRA Train Accident Rate3.43 4.09 16 %

Certain operating statistics are estimated and can continue to be updated as actuals settle. The methodology for calculating train velocity, dwell, cars online and trip plan performance differs from that used by the Surface Transportation Board. The Company will continue to report these metrics to the Surface Transportation Board using the prescribed methodology.

10
CSX Corporation
OPERATING STATISTICS (Estimated), continued

Key Performance Measures Definitions
Train Velocity - Average train speed between origin and destination in miles per hour (does not include locals, yard jobs, work trains or passenger trains). Train velocity measures actual train miles and times of a train movement on CSX's network.
Dwell - Average amount of time in hours between car arrival to and departure from the yard.
Cars Online - Average number of active freight rail cars on lines operated by CSX, excluding rail cars that are being repaired, in storage, those that have been sold, or private cars dwelling at a customer location more than one day.
On-Time Originations - Percent of scheduled road trains that depart the origin yard on-time or ahead of schedule.
On-Time Arrivals - Percent of scheduled road trains that arrive at the destination yard on-time to within two hours of scheduled arrival.
Carload Trip Plan Performance - Percent of measured cars (excludes unit trains and other non-scheduled service as well as empty automotive shipments) destined for a customer that complete their scheduled plan at or ahead of the original estimated time of arrival or interchange (as applicable).
Intermodal Trip Plan Performance - Percent of measured containers (excludes port shipments along with empty containers and other non-scheduled service) destined for a customer that complete their scheduled plan at or ahead of the original estimated time of arrival, notification or interchange (as applicable).
Fuel Efficiency - Gallons of locomotive fuel per 1,000 gross ton-miles.
Revenue Ton-Miles (RTM's) - The movement of one revenue-producing ton of freight over a distance of one mile.
Gross Ton-Miles (GTM's) - The movement of one ton of train weight over one mile. GTM's are calculated by multiplying total train weight by distance the train moved. Total train weight is comprised of the weight of the freight cars and their contents.
FRA Personal Injury Frequency Index - Number of FRA-reportable injuries per 200,000 man-hours.
FRA Train Accident Rate - Number of FRA-reportable train accidents per million train-miles.

11
CSX Corporation
NON-GAAP MEASURES (Unaudited)
The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by GAAP. Therefore, the Company’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP. Reconciliations of non-GAAP measures to corresponding GAAP measures are below.

Economic Profit
Management believes Economic Profit provides an additional perspective to investors about financial returns generated by the business by representing a measure showing profit generated over and above the cost of capital used by the business to generate that profit. Economic Profit is designed to incentivize strategic investments that earn more than management’s desired minimum required return and is broadly utilized by management to make investment decisions. Therefore, disclosing Economic Profit on how management performs in this regard provides additional useful information to investors regarding the Company’s performance compared to its goals.
Economic Profit should be considered in addition to, rather than a substitute for, operating income, which is the most directly comparable GAAP measure. Economic Profit is defined by the Company as Gross Cash Earnings (“GCE”) minus the Capital Charge on Gross Operating Assets (“GOA”). Increases in Economic Profit indicate that the Company is effectively allocating capital and rewarding shareholders by generating returns in excess of the incremental cost of capital associated with reinvestment in the business.
GCE is calculated as operating income plus depreciation, amortization and operating lease expense, less unusual items and taxes. The Capital Charge uses a minimum required return multiplied by the GOA. CSX's GOAs include gross properties and other non-cash assets, net of non-interest bearing liabilities. The Company used a 15% tax rate and an 8% required return, for both periods presented, which is consistent with rates used for investment decisions and performance evaluation within those same periods. The tax rate is the approximate equivalent of the Company’s actual income tax expense as a percentage of pre-tax GCE. The required return rate represents management’s desired minimum return on any investment. CSX annually re-evaluates these rates to ensure they accurately represent taxes and a required return in light of internal and external factors and would adjust the rate if the annual review resulted in a preset deviation from the current rates. This focuses the Economic Profit measure on value generated by management instead of external factors, such as legislative tax policy or interest rate volatility.

12
CSX Corporation
NON-GAAP MEASURES (Unaudited), continued
The following table reconciles operating income (the most directly comparable GAAP measure) to Economic Profit (non-GAAP measure).
Three Months Ended
(Dollars in Millions)Mar. 31, 2025
Mar. 31, 2024 (a)
Operating Income$1,041 $1,337 
Add: Depreciation, Amortization, and Operating Lease Expense452 438 
Remove: Unusual Items (b)
— — 
Taxes (c)
(224)(266)
Gross Cash Earnings1,269 1,509 
Operating Assets
Current Assets (Less Cash and Short-term Investments)(1,873)(1,962)
Gross Properties(52,674)(50,617)
Other Assets(4,321)(4,210)
Operating Liabilities
Non-Interest Bearing Liabilities11,409 11,039 
Gross Operating Assets (d)
(47,459)(45,750)
Capital Charge (e)
(949)(915)
Economic Profit (Non-GAAP)
calculated as GCE less Capital Charge
$320 $594 
(a) Reflects adjustment of prior period financial statements as discussed in the 2024 annual report filed on Form 10-K.
(b) Unusual items are defined by management as unique events with greater than $100 million full year operating income impact, consistent with the terms of the Company's long-term incentive plan agreements. There were no unusual items for either period presented.
(c) The tax percentage rate was 15% for both periods presented. This rate is applied to the sum of operating income, depreciation, amortization and operating lease expense, and unusual items.
(d) Gross operating assets reflects an average of the year-to-date quarter-end amounts reported for each period presented. Accordingly, averages are not applicable for the first quarter of each year.
(e) The capital charge of 8% for both years is calculated as the minimum return multiplied by gross operating assets. This is an annualized rate equivalent to 2% per quarter.
Free Cash Flow
Management believes that Free Cash Flow ("FCF") is supplemental information useful to investors as it is important in evaluating the Company’s financial performance. More specifically, FCF measures cash generated by the business after reinvestment. This measure represents cash available for both equity and bond investors to be used for dividends, share repurchases or principal reduction on outstanding debt. FCF is calculated by using net cash from operations and adjusting for property additions and proceeds and advances from property dispositions. FCF should be considered in addition to, rather than a substitute for, cash provided by operating activities.
The following table reconciles cash provided by operating activities (GAAP measure) to FCF before dividends (non-GAAP measure).
Three Months Ended
(Dollars in Millions)Mar. 31, 2025
Mar. 31, 2024 (a)
Net Cash Provided by Operating Activities
$1,255 $1,066 
Property Additions(719)(517)
Proceeds and Advances from Property Dispositions23 11 
Free Cash Flow (before payment of dividends)$559 $560 
(a) Reflects adjustment of prior period financial statements as discussed in the 2024 annual report filed on Form 10-K.
13
v3.25.1
Cover page
Apr. 16, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Apr. 16, 2025
Entity Registrant Name CSX CORP
Entity Incorporation, State or Country Code VA
Entity File Number 1-8022
Entity Tax Identification Number 62-1051971
Entity Address, Address Line One 500 Water Street
Entity Address, Address Line Two 15th Floor
Entity Address, City or Town Jacksonville
Entity Address, State or Province FL
Entity Address, Postal Zip Code 32202
City Area Code 904
Local Phone Number 359-3200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock, $1 Par Value
Trading Symbol CSX
Security Exchange Name NASDAQ
Entity Central Index Key 0000277948
Amendment Flag false
CSX (NASDAQ:CSX)
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