CSX Corp. Announces Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
CSX (NASDAQ: CSX) reported fourth-quarter 2025 operating income of $1.11 billion and net earnings of $720 million ($0.39 per share) on $3.51 billion revenue, down 1% year-over-year. Q4 includes ~$50 million of severance and technology rationalization charges (~$0.02 per share). Full-year 2025 revenue was $14.09 billion, operating income $4.52 billion (adjusted $4.69 billion excluding a $164 million goodwill impairment), and operating margin 32.1% (adjusted 33.2%); EPS was $1.54 (adjusted $1.61). Management cited subdued industrial demand and cost-structure actions and will host an earnings call on Jan. 22, 2026 at 4:30 p.m. ET.
Positive
- Full-year revenue of $14.09 billion
- Full-year operating margin of 32.1%
- Adjusted operating income of $4.69 billion (2025)
Negative
- Q4 revenue declined 1% year-over-year
- Q4 included $50 million severance and tech rationalization expense
- Q3 goodwill impairment of $164 million reduced adjusted results
News Market Reaction
On the day this news was published, CSX declined 2.05%, reflecting a moderate negative market reaction. Argus tracked a peak move of +2.0% during that session. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $1.46B from the company's valuation, bringing the market cap to $69.92B at that time. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CSX gained 2.87%, while key rail peers also traded higher: NSC +2.38%, UNP +2.65%, CNI +1.33%, CP +1.51%, and WAB +1.30%, indicating a broader positive rail move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| 2025-12-22 | Earnings date notice | Neutral | +0.1% | Set expectations for release and Q4 2025 earnings call logistics. |
| 2025-11-25 | Conference appearance | Neutral | +1.5% | Management presentation at UBS Global Industrials & Transportation Conference. |
| 2025-11-24 | Community initiative | Neutral | +1.5% | Toy Express program expansion to 70 events across 12 states. |
| 2025-11-12 | Site designation | Neutral | +1.2% | Westgate Super Site granted Platinum CSX Select Site status. |
| 2025-11-04 | Conference appearance | Neutral | +0.0% | CFO presentation at Baird Global Industrial Conference with webcast replay. |
Over the past several months, CSX news flow has centered on investor communications, community initiatives, and network development. The company announced its Q4 2025 earnings release date on Dec 22, 2025, and senior leaders spoke at major industry conferences. CSX also expanded its community impact via the Toy Express program reaching more than 26,000 children, and awarded a Platinum CSX Select Site designation to the Westgate Super Site, tied to $16.2 billion in projected capital investment and nearly 13,000 jobs across all Select Sites. Today’s earnings complete that timeline with detailed Q4 and full‑year 2025 results.
Market Pulse Summary
This announcement details CSX’s fourth quarter and full-year 2025 performance, including Q4 revenue of $3.51 billion and full-year revenue of $14.09 billion. It highlights non-recurring items, such as a $164 million goodwill impairment and $50 million in severance and technology rationalization costs, alongside adjusted metrics like $1.61 adjusted EPS. Investors tracking this story may focus on revenue trends, operating margin, the treatment of non-GAAP adjustments, and management’s commentary on 2026 cost control and productivity.
Key Terms
goodwill impairment charge financial
non-GAAP financial
form 8-k regulatory
AI-generated analysis. Not financial advice.
JACKSONVILLE, Fla., Jan. 22, 2026 (GLOBE NEWSWIRE) -- CSX Corp. (NASDAQ: CSX) today announced fourth quarter 2025 operating income of
“Our quarterly results reflect the subdued industrial demand environment and actions taken to adjust our cost structure,” said Steve Angel, president and chief executive officer. “CSX has a strong operational foundation, and we are positioned to deliver improved financial performance in 2026 as we focus on driving productivity, cost control, and capital discipline while continuing to provide safe and reliable service.”
Fourth Quarter Financial Highlights1
- Revenue totaled
$3.51 billion for the quarter, decreasing1% year-over-year, as the effects of lower merchandise volume and reduced export coal revenue offset higher pricing in merchandise and intermodal, an increase in intermodal volume, and higher fuel surcharge revenue. - Operating income was
$1.11 billion , compared to adjusted operating income of$1.21 billion in the prior year. Operating margin was31.6% , compared to operating margin of31.3% and adjusted operating margin of34.3% in the fourth quarter of 2024. - EPS was
$0.39 , compared to adjusted EPS of$0.42 in the prior year. - Fourth quarter operating income and EPS include
$50 million and$0.02 , respectively, in severance and technology rationalization expense.
Full Year 2025 Financial Highlights1
- Revenue totaled
$14.09 billion in 2025. - Operating income was
$4.52 billion , and adjusted operating income was$4.69 billion , excluding a$164 million goodwill impairment charge in the third quarter. CSX’s operating margin was32.1% for the full year, and adjusted operating margin was33.2% . - EPS was
$1.54 , and adjusted EPS was$1.61 .
CSX executives will conduct a conference call with the investment community this afternoon, Jan. 22, 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 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.
1See the Non-GAAP Measures section of the quarterly financial report for non-GAAP reconciliations and additional information.
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
Austin Staton, Corporate Communications
855-955-6397
FAQ
What were CSX's Q4 2025 earnings per share reported on Jan. 22, 2026?
How much revenue did CSX report for full-year 2025 (CSX)?
What charges affected CSX's Q4 2025 results and EPS?
How did the $164 million goodwill impairment affect CSX's 2025 results?
When is CSX's earnings call for the Jan. 22, 2026 release?
