CSX Corporation CSX

IndustrialsFreight & Logistics ServicesUnited States of America

Last close 51.99 USD on Nov 1, 2026, +44.7% year to date

Quant rating

Quant rating A Rank 50 of 486 in Industrials

Growth C 277 of 486
Valuation C 285 of 486
Quality B 133 of 486
Revisions A 49 of 486
Momentum A 46 of 486

Wall Street consensus Buy (2.12)Average target 53.80 USD +3.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 95.8B
Enterprise value: 113.0B
52-week range: 33.63 – 53.41
3-year range: 26.69 – 53.41
Dividend yield: 1.08%
Beta (5 years): 1.11
Shares outstanding: 1,843M
Next earnings: Jan 20, 2027

About the company

CSX Corporation is a transportation company. The Company provides rail, intermodal and rail-to-truck transload services and solutions to customers across an array of markets, including energy, industrial, construction, agricultural and consumer products. It provides rail-based freight transportation services, including traditional rail service, the transport of intermodal containers and trailers, as well as other transportation services such as rail-to-truck transfers and bulk commodity operations. Through its subsidiary, CSX Transportation, Inc. (CSXT), it provides a link to the transportation supply chain through its approximately 20,000 route-mile rail network and serves major population centers in 26 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. CSXT is also engaged in real estate sales, leasing, acquisition and management and development activities. It serves merchandise, intermodal, coal, and trucking businesses.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	14,092	14,540	14,657	14,853	12,522	–
Revenue growth	−3.1%	−0.8%	−1.3%	18.6%	18.3%	5.9%
EPS (basic, normalized)	1.61	1.83	1.85	1.92	1.55	–
EPS growth	−12.0%	−1.1%	−3.6%	23.9%	–	–
Gross margin	70.8%	72.4%	71.5%	71.0%	75.7%	72.3%
Net margin	20.5%	23.9%	25.0%	28.0%	30.2%	25.5%
ROE	22.5%	28.3%	29.8%	31.9%	28.4%	28.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,605
Current ratio	0.84x
Long-term debt (mil)	17,102
Net debt (mil)	17,205
Total equity (mil)	14,376
Net debt / equity	1.20x
Net debt / EBITDA	2.70x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	14,092	−3.1%	8.0x	6,365	−10.0%	17.8x	1.61	−12.0%	32.3x
2026	15,408	+9.3%	7.3x	7,410	+16.4%	15.3x	2.06	+27.7%	25.3x
2027	16,264	+5.6%	7.0x	8,050	+8.6%	14.0x	2.34	+13.9%	22.2x
2028	16,824	+3.4%	6.7x	8,451	+5.0%	13.4x	2.57	+9.8%	20.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	15,408	+1.3%	+1.5%	+4.5%	2.06	+2.5%	+2.5%	+7.9%
2027	16,264	+1.9%	+2.2%	+5.6%	2.34	+2.9%	+3.2%	+8.6%
2028	16,824	+2.0%	+2.1%	+5.5%	2.57	+2.9%	+3.0%	+9.2%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,681	3,701	3,619	3,539	3,423	3,574	3,587	3,508	3,482	3,935
Sales mean (mil)	3,665	3,702	3,673	3,576	3,466	3,583	3,576	3,544	3,488	3,895
Surprise	+0.4%	0.0%	−1.5%	−1.0%	−1.2%	−0.3%	+0.3%	−1.0%	−0.2%	+1.0%
EPS reported	0.46	0.49	0.46	0.42	0.34	0.44	0.44	0.39	0.43	0.54
EPS mean	0.45	0.48	0.48	0.42	0.37	0.42	0.43	0.41	0.39	0.52
Surprise	+1.8%	+2.7%	−3.5%	−0.7%	−8.0%	+5.3%	+3.4%	−5.1%	+10.3%	+4.4%

Peer comparison Freight & Logistics Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CSX CSX Corporation	95.8B	2.70x	20.5%	6.67x	25.3x	22.2x	15.3x	14.0x
UNP Union Pacific Corporation	180.7B	2.19x	29.1%	8.20x	23.1x	21.1x	15.2x	14.1x
CP Canadian Pacific Kansas City Limited	78.0B	3.28x	27.5%	2.38x	24.5x	21.3x	16.4x	14.9x
UPS United Parcel Service Inc	92.1B	1.60x	6.3%	6.11x	14.9x	13.4x	8.9x	8.2x
CNI Canadian National Railway Co	74.8B	2.46x	27.3%	4.77x	21.2x	19.3x	14.0x	13.1x
NSC Norfolk Southern Corp	77.0B	2.68x	23.6%	4.60x	26.2x	23.5x	15.5x	14.4x
Mean		2.49x	22.4%	5.46x	22.5x	20.1x	14.2x	13.1x
Median		2.57x	25.4%	5.44x	23.8x	21.2x	15.2x	14.1x

Technical analysis

1M+11.2%
3M+2.5%
1Y+47.6%
3Y+85.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CSX Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	14,092	14,540	14,657	14,853	12,522	10,583
Cost of revenue	4,108	4,020	4,179	4,311	3,048	2,225
Gross profit	9,984	10,520	10,478	10,542	9,474	8,358
Selling, general & administrative expenses	3,619	3,520	3,406	3,257	2,914	2,613
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,680	1,658	1,607	1,500	1,420	1,383
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	164	97.0	−34.0	−238	−454	48.0
Other operating expenses	0	0	0	0	0	0
Operating income	4,521	5,245	5,499	6,023	5,594	4,314
Net interest income (expense)	−799	−747	−730	−700	−715	−737
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	47.0	57.0	60.0	91.0	72.0	50.0
Net income before taxes	3,769	4,555	4,829	5,414	4,951	3,627
Provision for taxes	880	1,085	1,161	1,248	1,170	862
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,889	3,470	3,668	4,166	3,781	2,765
Extraordinary items	–	–	–	–	–	–
Net income	2,889	3,470	3,668	4,166	3,781	2,765
EBIT, normalized	4,685	5,342	5,465	5,807	5,140	4,362
EBITDA, normalized	6,365	7,000	7,072	7,307	6,560	5,745
Basic EPS, normalized	1.61	1.83	1.85	1.92	1.55	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CSX Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	675	1,005	1,436	2,087	2,316	3,131
Receivables	1,298	1,326	1,393	1,313	1,148	912
Total inventory	390	414	440	341	339	302
Prepaid expenses	–	–	–	–	–	–
Other current assets	187	75.0	90.0	108	70.0	96.0
Total current assets	2,550	2,820	3,359	3,849	3,873	4,441
Property, plant & equipment	37,275	36,145	35,219	34,747	33,516	32,916
Goodwill	80.0	239	–	319	–	–
Intangibles	187	194	506	183	451	–
Long-term investments	2,634	2,520	2,397	2,292	2,099	1,985
Note receivable	–	–	–	–	–	–
Other long-term assets	956	846	731	522	592	451
Total assets	43,682	42,764	42,212	41,912	40,531	39,793
Liabilities
Accounts payable	1,149	1,290	1,237	1,130	963	809
Payable/accrued	–	–	–	–	–	–
Accrued expenses	769	553	517	776	694	527
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	708	606	558	151	181	401
Other current liabilities	507	827	911	414	395	282
Total current liabilities	3,133	3,276	3,223	2,471	2,233	2,019
Long-term debt	18,165	17,897	17,975	17,896	16,185	16,304
Minority interest	5.0	5.0	5.0	10.0	10.0	9.0
Other liabilities	9,224	9,084	9,029	8,920	8,613	8,360
Total liabilities	30,527	30,262	30,232	29,297	27,041	26,692
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,860	1,900	1,959	2,066	2,202	763
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	10,560	9,988	9,609	10,363	11,630	12,527
Treasury stock	–	–	–	–	–	–
Other equity	735	614	412	186	−342	−189
Total equity	13,155	12,502	11,980	12,615	13,490	13,101
Total liabilities & shareholders' equity	43,682	42,764	42,212	41,912	40,531	39,793

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CSX Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,889	3,470	3,668	4,166	3,781	2,765
Depreciation, depletion & amortization	1,680	1,658	1,607	1,500	1,420	1,383
Deferred taxes	194	12.0	126	117	167	180
Non-cash items	94.0	33.0	−41.0	−255	−454	−35.0
Changes in working capital	−244	74.0	154	91.0	185	−30.0
Cash from operations	4,613	5,247	5,514	5,619	5,099	4,263
Investing activities
Capital expenditures	−2,902	−2,529	−2,257	−2,133	−1,791	−1,626
Other investing cash flows	51.0	−76.0	30.0	2.0	−86.0	977
Cash from investing	−2,851	−2,605	−2,227	−2,131	−1,877	−649
Financing activities
Financing cash flow items	56.0	113	50.0	0	39.0	−34.0
Cash dividends paid	−972	−930	−882	−852	−839	−797
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,109	−2,245	−3,035	−2,917	−3,312	−612
Cash from financing	−2,025	−3,062	−3,867	−3,769	−4,112	−1,443
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−263	−420	−580	−281	−890	2,171
Free cash flow	1,711	2,718	3,257	3,486	3,308	2,637

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.