CSX Corp. Announces Third Quarter 2026 Results

Higher fuel surcharge revenue, volume and pricing across merchandise, intermodal and coal contributed to revenue growth.

Rhea-AI Summary

CSX (NASDAQ: CSX) reported record third-quarter 2026 revenue of $4.02 billion, with higher earnings and freight volume year over year.

Revenue rose 12%, while operating income increased 44% to $1.57 billion. Operating margin expanded 880 basis points to 39.1%. Net earnings reached $1.05 billion, compared with $694 million in third-quarter 2025. Diluted earnings per share rose 54% to $0.57 from $0.37.

Last year's results included a $164 million non-cash goodwill impairment. Excluding that charge, third-quarter 2025 adjusted operating income was $1.25 billion, net earnings were $818 million and diluted earnings per share were $0.44. Against those adjusted figures, current-quarter operating income increased 25%, net earnings rose 29% and earnings per share increased 30%. Total volume rose 5% to 1.69 million units, including a 7% increase in intermodal volume.

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Positive

• Moderate pointRecord revenue of $4.02 billion increased 12% year over year in third-quarter 2026.
• Moderate pointOperating income of $1.57 billion rose 44% year over year and 25% against adjusted third-quarter 2025 results.
• Moderate pointNet earnings of $1.05 billion increased from $694 million; growth against adjusted third-quarter 2025 results was 29%.
• Moderate pointDiluted EPS of $0.57 rose 54% year over year and 30% against adjusted third-quarter 2025 results.
• Moderate pointOperating margin of 39.1% expanded 880 basis points.
• Moderate pointTotal volume of 1.69 million units increased 5% from third-quarter 2025.
• Minor pointIntermodal volume increased 7% in third-quarter 2026.

Negative

• None.

Argus 15 min delay 8 alerts

+4.07% vs previous close $50.37 last price 1.6x rel. volume Open Argus

Details

Market move: CSX +4.07% vs previous close. 3Q26 earnings report

$47.41 – $51.50 Day Range

$93.31B Mkt Cap at Last Price

On Oct 21, the day this news came out, the latest delayed price for CSX is 4.07% above the previous close. Our momentum scanner has recorded 8 alerts for this stock so far that day. The latest delayed price is $50.37. Relative volume is above average at 1.6x the average.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Revenue: $4.02 billion; up 12% year-over-year Operating income: $1.57 billion; up 25% versus adjusted Q3 2025 Net earnings: $1.05 billion; up 29% versus adjusted Q3 2025 +3 more

Revenue

$4.02 billion; up 12% year-over-year

Third quarter 2026

Operating income

$1.57 billion; up 25% versus adjusted Q3 2025

Third quarter 2026

Net earnings

$1.05 billion; up 29% versus adjusted Q3 2025

Third quarter 2026

Diluted EPS

$0.57; up 30% versus adjusted Q3 2025

Third quarter 2026

Operating margin

39.1%; expanded 880 bps

Third quarter 2026

Total volume

1.69 million units; up 5%

Third quarter 2026 versus Q3 2025

Previous Earnings Reports

2 past events · Latest: Jul 22

Same Type 2 events

1. Jul 22

   Earnings results

   24h Move

   +5.8%

   Q2 revenue rose 10% and operating income rose 17% year over year.

2. Oct 16

   Earnings results

   24h Move

   +1.7%

   Q3 2025 reported operating income of $1.09B and diluted EPS of $0.37.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

goodwill impairment, diluted eps, bps, intermodal

4 terms

goodwill impairment financial

"Excluding a non-cash goodwill impairment of $164 million"

Goodwill impairment occurs when a company’s valued reputation or brand strength, known as goodwill, is found to be worth less than previously recorded on its financial statements. This usually happens when the company's performance declines or market conditions change, signaling that the expected benefits from acquisitions or brand value are no longer as strong. It matters to investors because it can indicate that a company's assets are less valuable than initially thought, potentially affecting its overall financial health.

diluted eps financial

"net earnings of $1.05 billion, or $0.57 per diluted share"

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

bps financial

"operating margin expanded 880 bps to 39.1%"

bps stands for "basis points," a unit equal to one hundredth of a percentage point (0.01%). Investors and analysts use bps to describe small changes in interest rates, yields, fees, or margins without confusing decimals — for example, a 50 bps move means a 0.50% change. Using bps makes it easier to compare and communicate tiny but meaningful shifts that can significantly affect bond prices, loan costs, or investment returns.

intermodal technical

"higher volume and pricing across merchandise, intermodal, and coal"

Intermodal is the movement of freight using two or more types of transportation—for example truck, rail and ship—while the cargo stays in the same container as it changes modes. Investors watch intermodal capacity and costs because it can lower shipping expenses, speed delivery, reduce damage and emissions, and increase supply‑chain reliability, all of which affect a company's margins and competitiveness—like a well‑timed relay handoff.

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• Record quarterly revenue of $4.02 billion, up 12% year-over-year; diluted EPS of $0.57, up 54%
• Operating income of $1.57 billion, up 44%; operating margin expanded 880 bps to 39.1%
• Total volume up 5%, with intermodal volume increasing by 7%
  
  

JACKSONVILLE, Fla., Oct. 21, 2026 (GLOBE NEWSWIRE) -- CSX Corp. (NASDAQ: CSX) today announced third quarter 2026 operating income of $1.57 billion and net earnings of $1.05 billion, or $0.57 per diluted share. In the third quarter of 2025, the company reported operating income of $1.09 billion and net earnings of $694 million, or $0.37 per diluted share. Excluding a non-cash goodwill impairment of $164 million in last year’s results, third quarter 2025 adjusted operating income, net earnings, and EPS were $1.25 billion, $818 million, and $0.44, respectively. On a year-over-year basis and compared to adjusted results, operating income increased 25%, net earnings increased 29%, and EPS increased 30%.

Total volume of 1.69 million units for the quarter was 5% higher than third quarter 2025. Revenue totaled $4.02 billion for the quarter, increasing 12% year-over-year, due to increased fuel surcharge revenue together with higher volume and pricing across merchandise, intermodal, and coal.

“CSX delivered strong earnings growth in the third quarter as disciplined execution helped us move more freight, for more customers, while maintaining our high standards for safety and service,” said Steve Angel, president and chief executive officer. “The hard work of our railroaders has positioned us well as we enter the fourth quarter, and we look forward to making continued progress toward best-in-class performance in 2027.”

CSX executives will conduct a conference call with the investment community this afternoon, October 21, 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 investors.csx.com. Following the earnings call, a webcast replay of the presentation will be archived on the company’s 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 investors.csx.com and on Form 8-K with the Securities and Exchange Commission.

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 approximately 250 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 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 (x.com/CSX) and on Facebook (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 comparisons 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; (vii) changes in fuel prices, surcharges for fuel and the availability of fuel; (viii) adverse economic or operational effects from actual or threatened war or terrorist activities and any government response; and (ix) 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue did CSX report for third-quarter 2026?

CSX reported record quarterly revenue of $4.02 billion, up 12% year over year. Increased fuel surcharge revenue and higher volume and pricing across merchandise, intermodal and coal contributed to the increase.

What were CSX's earnings per share in third-quarter 2026?

CSX reported diluted earnings per share of $0.57, up 54% from $0.37 in third-quarter 2025. Compared with last year's adjusted diluted earnings per share of $0.44, which excluded a non-cash goodwill impairment, earnings per share increased 30%.