CSX Corporation reported stronger first quarter 2026 results with higher profits and improved efficiency. Revenue rose to $3.48 billion from $3.42 billion, while expenses fell to $2.23 billion. Operating income increased to $1.25 billion and operating margin improved to 36.0%, driven by cost reductions and property gains.
Net earnings grew to $807 million, lifting diluted earnings per share to $0.43 from $0.34. Free cash flow before dividends increased to $793 million as higher earnings and lower capital spending more than offset working capital pressure. CSX also raised its quarterly dividend 8% to $0.14 per share and repurchased 6 million shares under its $5 billion buyback program.
CSX Corporation reported stronger results for the quarter ended March 31, 2026. Revenue rose to $3.48 billion, up 2% from $3.42 billion a year earlier, as higher merchandise pricing, intermodal volume growth, higher domestic coal revenue and increased fuel surcharges more than offset weaker export coal revenue.
Operating income increased to $1.25 billion from $1.04 billion, lifting operating margin to 36.0% from 30.4%. Net earnings grew to $807 million, or $0.43 per diluted share, compared with $646 million, or $0.34 per share, helped by a 6% decline in total expenses and efficiency savings across labor and purchased services.
Total volume reached 1.56 million units, 3% higher than the prior year quarter, led by 6% growth in intermodal and modest gains in most merchandise categories. Free cash flow before dividends improved to $793 million from $559 million, while CSX repurchased 6 million shares for $222 million and ended the quarter with $964 million in cash and cash equivalents.
CSX CORP President & CEO Stephen F. Angel reported an acquisition of phantom stock units through a company deferred compensation plan. On April 1, 2026, he received a grant of 218 units of phantom stock at a reference price of $41.44 per unit, held indirectly in the CSX Executive Deferred Compensation Plan.
Each phantom stock unit is the economic equivalent of one share of CSX common stock and will be settled in cash according to his prior distribution election. After this award, his plan account holds 1,432 phantom stock units, which includes 3.57 units credited in connection with a March 13, 2026 dividend at $37.18 per share.
CSX Corporation has filed its 2026 proxy statement, asking shareholders to elect 12 directors, ratify Ernst & Young as auditor, and approve an advisory vote on executive pay. The company highlights a challenging 2025 with modest volume growth but lower profitability and earnings per share.
Revenue for 2025 was $14.1 billion, with operating income of $4.52 billion and adjusted operating income of $4.69 billion, down from the prior year. Reported EPS was $1.54, or $1.61 on an adjusted basis, compared with $1.79 and $1.83 in 2024.
CSX generated $4.6 billion in operating cash flow, invested about $2.9 billion in property additions, and produced roughly $1.8 billion of free cash flow. The company returned nearly $2.4 billion to shareholders via about $1.4 billion of share repurchases and around $970 million of dividends.
The proxy emphasizes major infrastructure completions, including the Blue Ridge Subdivision rebuild, the Howard Street Tunnel project, and the CREATE 75th Street Flyover, along with strong intermodal growth and sustainability efforts. It also details governance practices, board refreshment, leadership changes including CEO Steve Angel, and a pay-for-performance compensation framework.
The Vanguard Group amended its Schedule 13G to report that, after an internal realignment effective January 12, 2026, certain subsidiaries will report beneficial ownership separately. The filing states amount beneficially owned: 0 and percent of class: 0% for CSX Corp common stock.
The amendment is signed by Ashley Grim, Head of Global Fund Administration, dated 03/26/2026. The filing explains the disaggregation follows SEC Release No. 34-39538 and that Vanguard no longer is deemed to beneficially own securities held by those subsidiaries.
WHISLER J STEVEN reported acquisition or exercise transactions in this Form 4 filing.
CSX CORP director J. Steven Whisler received an award of 954 shares of Common Stock valued at $39.30 per share. The shares were issued as payment of director fees and/or the annual retainer under the 2019 CSX Stock and Incentive Award Plan and credited to the CSX Directors Deferred Compensation Plan. Following this award, Whisler holds 95,929 shares indirectly through the plan and 126,354 shares directly.
CSX Corporation President & CEO Stephen F. Angel reported an open‑market purchase of company stock. On the reported date, he bought 25,000 shares of CSX common stock at a weighted average price of $40.27 per share, increasing his directly held stake to 146,540 shares.
The filing also notes indirect ownership of 2,115 equivalent shares through the CSX Corporation 401(k) savings plan, where amounts fluctuate with the plan’s CSX Stock Fund net asset value.
John and Carol Zillmer Foundation reports a proposed sale of 5,850 shares of Common Stock of CSX via Form 144.
The filing lists JonesTrading Institutional Services LLC as broker and shows an original acquisition date of 09/29/2016. The Form 144 entry is dated 03/06/2026.
ANGEL STEPHEN F reported acquisition or exercise transactions in this Form 4 filing.
CSX Corp reported that President and CEO Stephen F. Angel had 209 units of phantom stock credited on March 2, 2026 under the CSX Executive Deferred Compensation Plan. Each unit is economically equivalent to one CSX share and will be paid in cash according to his prior distribution election, bringing his indirect phantom stock balance in this plan to 1,211 units held by the plan trustee.