Csx Corporation · NASDAQ:CSX
Csx — Q3 2026 Earnings Presentation
20 slides from Csx's earnings presentation, Oct 21, 2026
Slide 1: 2026 Third Quarter Conference Call
2026 THIRD QUARTER CONFERENCE CALL October 21, 2026
Slide 2: Forward Looking Disclosure
Forward Looking Disclosure 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
Slide 3: Non-GAAP Measures Disclosure
Non-GAAP Measures 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 Regulati
Slide 4: Opening Comments & Operations Review
OPENING COMMENTS & OPERATIONS REVIEW Steve Angel President and Chief Executive Officer 2026 THIRD QUARTER EARNINGS CONFERENCE CALL
Slide 5: Moving Forward with Safety and Efficiency
Moving Forward with Safety and Efficiency Continued discipline on safety and building on operational productivity Q3 2026 Q3 2025 Change Q3 2026 Q3 2025 Change FRA Personal Injury Rate FRA Train Accident Rate Per 200,000 employee-hours 0.97 1.17 ▼17% Per million train miles 2.77 2.91 ▼5% 7th straigh
Slide 6: Focus on Service Metric Improvement
Focus on Service Metric Improvement Velocity (MPH) Trip Plan Compliance Intermodal Carload 19.6 18.9 18.9 93% 92% 18.6 88% 88% 83% 83% 83% 18.0 74% 71% 73% IM: ▼5 ppt ▲3% CL: ▲2 ppt 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 Dwell (Hours) Customer Switch Data (CSD) 95% 93% 94% 11.0
Slide 7: Financial Review
FINANCIAL REVIEW Kevin Boone Executive Vice President and Chief Financial Officer 2026 THIRD QUARTER EARNINGS CONFERENCE CALL
Slide 8: Third Quarter Earnings Summary
Third Quarter Earnings Summary Total Revenue Operating Income* $4,017M $1,570M Adj. $3,587M GAAP $1,251 M $1,087M 12% Increase 25% Increase Q3 25 Q3 26 Q3 25 Q3 25 Q3 26 Operating Margin* Earnings Per Share* 39.1% Adj $0.57 Adj. GAAP 34.9% $0.44 $0.37 GAAP 30.3% 420 bps Increase* 30% Increase Q3 25
Slide 9: Third Quarter Expense Summary
Third Quarter Expense Summary Quarterly Expense Comparison Q3 Q3 % Change Dollars in Millions 2026 2025 Fav (Unfav) Total operating expense decreased 2% y/y against a 5% increase in volume, as higher Labor and Fringe 834 815 (2%) fuel costs more than offset the impact of the 3Q25 impairment charge P
Slide 10: Commercial Review
COMMERCIAL REVIEW Maryclare Kenney Senior Vice President and Chief Commercial Officer 2026 THIRD QUARTER EARNINGS CONFERENCE CALL
Slide 11: Third Quarter Volume and Revenue Performance
Third Quarter Volume and Revenue Performance Q3 2026 Volume up 5%, Total Revenue up 12%, Overall RPU up 7% Volume Revenue Revenue Per Unit Q3 2026 vs. Q3 2025 (‘000 Units) ($M) ($) Metals, Chemicals, Forest 679 $2,453 $3,613 Products lead volume increases Merchandise Higher fuel surcharge and positi
Slide 12: Closing Remarks
CLOSING REMARKS Steve Angel President and Chief Executive Officer 2026 THIRD QUARTER EARNINGS CONFERENCE CALL
Slide 13: 2026 Full Year Outlook
2026 Full Year Outlook High single-digit revenue growth Operating margin expansion greater than 350 basis points Total capital expenditures below $2.4 billion Free Cash Flow growth greater than 80% 2026 THIRD QUARTER EARNINGS CONFERENCE CALL 12
Slide 14: Question & Answer
Question & Answer The CSX Public Safety Coordination Center CSX hosted its first external training and CSX earned the 2026 Dr. William W. Hay expanded network safety with new media tour at the Hazardous Materials Award for Excellence from AREMA for the technology, securely sharing real-time location
Slide 15: Appendix: Quarterly Comparisons
APPENDIX Quarterly Comparisons 2026 THIRD QUARTER EARNINGS CONFERENCE CALL
Slide 16: Third Quarter Cash Flow and Distributions
Third Quarter Cash Flow and Distributions Property Free Cash Flow Shareholder Additions Before Dividends* Distributions In Millions In Millions In Millions Core Spend Blue Ridge Rebuild Buybacks Dividends $440 $2,648 $730 $1,785 $1,712 $779 $1,284 $1,061 $1,066 Q3 25 YTD Q3 26 YTD Q3 25 YTD Q3 26 YT
Slide 17: Appendix: Non-GAAP Reconciliations
APPENDIX Non-GAAP Reconciliations 2026 THIRD QUARTER EARNINGS CONFERENCE CALL
Slide 18: Non-GAAP Free Cash Flow Reconciliation
Non-GAAP Free Cash Flow Reconciliation Free Cash Flow Nine Months Ended Dollars in millions Sep. 30, 2026 Sep. 30, 2025 Net Cash Provided by Operating Activities $ 4,216 $ 3,227 Property Additions (1,712) (2,225) Proceeds and Advances from Property Dispositions 144 64 Free Cash Flow Before Dividends
Slide 19: Non-GAAP Reconciliation of Adjusted Operating Results
Non-GAAP Reconciliation of Adjusted Operating Results Quarter Ended Sept. 30, 2025 Net Earnings Per Dollars in millions, Operating Operating Net Share, Assuming except per share amounts Income Margin Earnings Dilution GAAP Operating Results $ 1,087 30.3% $ 694 $ 0.37 Goodwill Impairment 164 4.6% 124
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