Revenue Decline Across the Business
Total revenue fell 3.1% year-over-year from $14.54B to $14.09B, signaling softer freight demand or pricing pressure across CSX's rail network in FY2025.
Source: 10-K Income Statement
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
CSX reported a challenging FY2025 with revenue declining 3.1% to $14.09B and net income falling 16.7% to $2.89B, reflecting significant margin compression as operating margin dropped roughly 400 basis points to 32.1%.
Revenue
$14.09B
-3.08% YoY
EPS (Diluted)
$1.54
-13.97% YoY
Operating Income
$4.52B
-13.80% YoY
Source: SEC XBRL
Csx (CSX) reported FY2025 revenue of $14.09B, down 3.1% year over year. Operating margin was 32.1%, down 4.0 points from 36.1% a year earlier. Operating cash flow was $4.61B, down 12.1% year over year.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 0.54 | 0.52 | Beat +3.4% |
| Mar 2026 | 0.43 | 0.39 | Beat +9.2% |
| Dec 2025This filing | 0.39 | 0.42 | Miss -6.1% |
| Sep 2025 | 0.44 | 0.43 | Beat +2.4% |
Reported EPS of $0.39 versus the $0.42 analyst consensus — a -6.1% miss for Dec 2025.
Compiled by AI from this SEC filing
Total revenue fell 3.1% year-over-year from $14.54B to $14.09B, signaling softer freight demand or pricing pressure across CSX's rail network in FY2025.
Source: 10-K Income Statement
Operating income dropped 13.8% from $5.25B to $4.52B, with the operating margin contracting from approximately 36.1% to 32.1%, suggesting cost growth outpaced revenue or that revenue mix shifted unfavorably.
Source: 10-K Income Statement
Operating cash flow remained robust at $4.61B despite declining 12.1% from $5.25B in the prior year, demonstrating CSX's continued ability to convert earnings to cash even in a down cycle.
Source: 10-K Cash Flow Statement
Investing cash outflows increased to $2.85B (from $2.61B), reflecting continued capital expenditure commitments to maintain and expand the rail network, consistent with CSX's long-term infrastructure strategy.
Source: 10-K Cash Flow Statement
Share buybacks declined 37.6% to $1.40B from $2.24B in the prior year, and total financing outflows fell to $2.03B from $3.06B, suggesting a more conservative capital return posture amid weaker earnings.
Source: 10-K Cash Flow Statement
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
CSX's revenue is highly dependent on freight volumes and pricing, both of which declined in FY2025. A prolonged softening in industrial production, coal exports, or intermodal demand could further pressure the top line and margins.
Source: 10-K Income Statement
Operating margin fell approximately 400 basis points to 32.1% in FY2025. If cost inflation (labor, fuel, maintenance) continues to outpace revenue recovery, profitability could remain under pressure in future periods.
Source: 10-K Income Statement & Key Ratios
CSX's current ratio stands at approximately 0.81, meaning current liabilities exceed current assets. While common for capital-intensive railroads with predictable cash flows, this leaves limited short-term liquidity buffer if operating cash flows deteriorate further.
Source: 10-K Balance Sheet & Key Ratios
Total liabilities of $30.52B against total assets of $43.68B imply a significant debt burden. Rising interest rates or refinancing needs could increase interest expense and further compress net income.
Source: 10-K Balance Sheet
Investing outflows of $2.85B in FY2025 reflect the capital-intensive nature of railroad operations. Any unexpected infrastructure needs or regulatory requirements could strain free cash flow generation.
Source: 10-K Cash Flow Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 14.09 $B | 14.54 $B | -3.08% |
Operating Income $B | 4.52 $B | 5.25 $B | -13.80% |
Net Income $B | 2.89 $B | 3.47 $B | -16.74% |
EPS (Basic) $ | 1.54 $ | 1.79 $ | -13.97% |
EPS (Diluted) $ | 1.54 $ | 1.79 $ | -13.97% |
Answers draw on this SEC filing and the data on this page
In Q2 FY2026, CSX grew revenue 10% YoY to $3.935B and operating income 17% to $1.506B, expanding operating margin by 240bps to 38.3% on higher volume, pricing and fuel surcharge recovery, while diluted EPS rose 23% to $0.54.
CSX delivered strong Q1 FY2026 results with revenue up 1.7% to $3.48B while operating income surged 20.4% to $1.25B, driving operating margin expansion of ~560 basis points to 36.0% and net income growth of 24.9% to $807M.
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