At a glance
CSX Corporation is worth $95.16B, about 34 times its fiscal 2025 earnings. Revenue fell 3.1% to $14.09B in fiscal 2025, with 20.5% kept as profit; over 5 years it has grown 5.9% a year. It pays a 1.07% dividend yield, raised every year for at least 6 years, and returned $19.21B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +45.2% over the past year with dividends reinvested and +9.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.5% in the 2020 crash (S&P 500: 33.7%) and 29.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 16 months after the lows.
The business in plain English
Based in Jacksonville, Florida, CSX runs a freight railroad that serves every major market in the eastern United States. Its main subsidiary, CSX Transportation, operates about 20,000 miles of rail routes across 26 states east of the Mississippi River, the District of Columbia, and Ontario and Quebec in Canada. It reaches more than 70 ocean, river and lake port terminals and connects with about 250 short-line and regional railroads. Customers include manufacturers, automakers, construction firms, farmers, retailers and energy producers.
CSX earns money by charging shippers to haul their goods. In the fiscal year ended December 31, 2025, revenue was $14.1 billion. The merchandise business, made up of carload shipments of chemicals, farm and food products, autos, minerals, forest products, metals and fertilizers, produced $8.8 billion, or 62%. Chemicals alone were about 20% of revenue. Intermodal, which carries shipping containers and truck trailers that switch between trains and trucks, added $2.1 billion (15%). Coal, shipped to power plants, steelmakers and export ports, added $1.9 billion (13%).
CSX also owns Quality Carriers, the largest trucker of bulk liquid chemicals in North America, which brought in $816 million (6%). Other revenue, including storage fees and charges when customers hold rail cars too long, made up 4%. The operating margin, or operating profit per dollar of sales, was 32.1% in fiscal 2025.
Price history
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CSX +45.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Chemicals | $2.78B | 19.7% |
| Intermodal | $2.10B | 14.9% |
| Coal | $1.90B | 13.5% |
| Agricultural and Food Products | $1.62B | 11.5% |
| Automotive | $1.18B | 8.4% |
| Forest Products | $975.0M | 6.9% |
| Metals and Equipment | $869.0M | 6.2% |
| Minerals | $832.0M | 5.9% |
| Trucking business | $816.0M | 5.8% |
| Other | $530.0M | 3.8% |
| Fertilizers | $521.0M | 3.7% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.02B, up 12% from a year earlier, and net income was $1.05B (+51.6%).
- For fiscal 2025, revenue was $14.09B (-3.1% year over year; +5.9% a year from FY2020 to FY2025) with a 20.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.9% good |
|---|---|
| Operating margin | 32.1% good |
| Free cash flow margin | 12.1% good |
| Return on equity (FY2025) | 22% good |
| Return on assets (FY2025) | 6.6% watch |
| Net cash (cash minus debt) | $-17.20B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $10.58B | $2.77B | $2.64B |
| FY2021 | $12.52B | $3.78B | $3.31B |
| FY2022 | $14.85B | $4.11B | $3.41B |
| FY2023 | $14.66B | $3.67B | $3.26B |
| FY2024 | $14.54B | $3.47B | $2.72B |
| FY2025 | $14.09B | $2.89B | $1.71B |
Valuation snapshot
| Market value | $95.16B |
|---|---|
| P/E ratio | 33.5 |
| Dividend yield | 1.07% |
Rank among 1514 US companies
Market value at each year end
CSX’s market value went from $33.65B at the end of 2016 to $95.16B on Nov 2, 2026, about 2.8 times as much; since the end of 2025 it is up 41%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $95.16B | +41.0% |
| 2025 | $67.50B | +8.5% |
| 2024 | $62.23B | -9.2% |
| 2023 | $68.51B | +5.2% |
| 2022 | $65.13B | -21.9% |
| 2021 | $83.40B | +20.2% |
| 2020 | $69.40B | +22.6% |
| 2019 | $56.61B | +7.9% |
| 2018 | $52.46B | +6.7% |
| 2017 | $49.16B | +46.1% |
| 2016 | $33.65B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CSX price data to Nov 2, 2026 | +43.7% | +45.2% | +21.0% | +9.1% | +19.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +43.7% |
| 2025 | +14.1% |
| 2024 | -5.7% |
| 2023 | +13.5% |
| 2022 | -16.6% |
| 2021 | +25.7% |
| 2020 | +27.1% |
| 2019 | +18.0% |
| 2018 | +14.5% |
| 2017 | +55.4% |
| 2016 | +42.1% |
| 2015 | -26.8% |
| 2014 | +28.5% |
| 2013 | +49.3% |
| 2012 | -3.9% |
| 2011 | -0.3% |
| 2010 | +35.8% |
| 2009 | +53.3% |
| 2008 | -25.1% |
| 2007 | +29.4% |
| 2006 | +36.1% |
| 2005 | +26.7% |
| 2004 | +11.6% |
| 2003 | +27.0% |
| 2002 | -19.2% |
| 2001 | +35.3% |
| 2000 | -17.1% |
| 1999 | -24.3% |
| 1998 | -23.0% |
| 1997 | +28.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 50.8% over that stretch · deepest drop along the way 69.2%, back to its old high 21.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.3% over that stretch · deepest drop along the way 40.5%, back to its old high 5.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.5% over that stretch · deepest drop along the way 29.4%, back to its old high 15.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($1.0M) and 5 sales ($10.1M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 3, 2026 | Kevin S. Boone EVP & CFO | sell | $6.4M |
| Jul 24, 2026 | Angela C Williams VP & Chief Accounting Officer | sell | $1.6M |
| Mar 6, 2026 | Stephen F Angel President & CEO, Director | buy | $1.0M |
| Oct 26, 2026 | John J Zillmer Director | sell | $999K |
| Jul 24, 2026 | Michael S. Burns SVP - CLO & Corp Secy | sell | $685K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.52% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 5.5% | Dec 31, 2024 |
ETFs with the most weight in CSX
| IYT iShares US Transportation ETF | 4.71% |
| NRSH Aztlan North America Nearshoring Stock Selection ETF | 4.33% |
| SUPL ProShares Supply Chain Logistics ETF | 4.3% |
| FTXR First Trust Nasdaq Transportation ETF | 4.2% |
| SHPP Pacer Industrials and Logistics ETF | 3.64% |
| BAMG Brookstone Growth Stock ETF | 3.22% |
| QQLV Invesco QQQ Low Volatility ETF | 3.18% |
| PAVE Global X US Infrastructure Development ETF | 3.08% |
What could go wrong
- Hazardous cargo it cannot refuse. By law, CSX must move certain hazardous materials as a common carrier, a railroad open to all shippers. A train accident involving them could bring large costs and legal claims that may exceed insurance.
- Main rival plans to merge with Union Pacific. Norfolk Southern, its main rail rival in the East, agreed in 2025 to merge with Union Pacific to form a coast-to-coast network, pending approval. Rival railroads and truckers can pressure CSX's prices and service.
- Regulators could limit what it charges. The Surface Transportation Board regulates some rail rates, routes and fuel surcharges. New rules on competitive access, letting shippers more easily use rival railroads, could cut profits and funds for track upkeep.
- Coal and energy shifts could reduce volumes. Coal produced 13% of fiscal 2025 revenue. Most domestic coal CSX hauls feeds power plants, and most export coal goes to steelmaking, so changes in energy use or global steel demand can hurt.
- Union talks could lead to strikes. About 16,900 of roughly 23,000 employees belong to rail unions. By the February 2026 filing, unions covering nearly 75% had ratified new contracts; talks with the rest continued, and failed negotiations could mean work stoppages.
- Freight demand rises and falls with economy. Rail shipments depend on factories, construction, farming and trade, so a weaker economy reduces demand. In fiscal 2025, revenue slipped 3.1% while net income fell 16.7%, a reminder that profits can swing more than sales.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Shareholder vote results; Other company announcement
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement; Other company announcement
For income and retirement investors
CSX pays a growing but modest dividend. Dividends per share rose from $0.35 in fiscal 2020 to $0.52 in fiscal 2025, about 8.2% a year, and have increased six years in a row. The fiscal 2025 payout used 33.6% of earnings and 56.8% of free cash flow, the cash left after running and investing in the business. Free cash flow fell from $3.4 billion in fiscal 2022 to $1.7 billion in fiscal 2025. The yield was 1.06% as of October 28, 2026. CSX has returned more through buybacks: $14.7 billion over fiscal 2021–2025, versus $4.5 billion in dividends, while its share count fell 16% from January 2022 to September 2026.
The shares have fallen hard in downturns: 69.2% in the 2008 financial crisis, 40.5% in the 2020 COVID crash and 29.4% in the 2022 bear market. Regaining the earlier high took about 22, 6 and 16 months from each low. Single stocks carry more risk than diversified funds.
Questions investors ask
How does CSX make money?
CSX makes money by charging shippers to move freight, mostly by rail across the eastern United States. In the fiscal year ended December 31, 2025, revenue was $14.1 billion. Merchandise shipments such as chemicals, farm products, autos and forest products produced 62% of revenue, intermodal containers and trailers 15%, coal 13% and its Quality Carriers trucking unit 6%. Other revenue, including storage and switching fees, made up 4%. The operating margin, or operating profit per dollar of revenue, was 32.1%.
Does CSX raise its dividend every year?
CSX has raised its dividend per share for six straight years through fiscal 2025, though future increases are not guaranteed. Dividends per share grew from $0.35 in fiscal 2020 to $0.52 in fiscal 2025, about 8.2% a year. The fiscal 2025 payments used 33.6% of earnings and 56.8% of free cash flow. The dividend yield was 1.06% as of October 28, 2026, so the income is modest relative to the share price.
How much debt does CSX have?
CSX had $18.8 billion of total debt as of September 30, 2026, against $1.6 billion of cash and investments, leaving net debt of about $17.2 billion. Shareholders' equity was $14.4 billion and total assets were $45.2 billion. Railroads often borrow heavily because track, locomotives and rail cars are costly, long-lived assets. CSX's annual report warns that weak capital and credit markets could limit its access to money.
Who is CSX's biggest competitor?
Norfolk Southern Railway is CSX's primary rail competitor, operating across much of the same eastern territory. In 2025, Norfolk Southern agreed to merge with Union Pacific Railroad to form the nation's only transcontinental rail network. As of CSX's February 2026 annual report, the deal still needed approval from the Surface Transportation Board, the federal rail regulator. CSX also competes with trucking companies on similar routes and, to a lesser degree, with barges, ships and pipelines.
How has CSX stock performed over the long term?
CSX shares have risen over long periods, with deep drops along the way. As of October 28, 2026, the share price had gained about 19.4% a year over 10 years, 8.9% a year over five years and 47.6% over one year. The stock also lost 69.2% from its 2008 peak to its 2009 low and fell about 16.6% in calendar 2022. Past returns do not predict future results.