Slide 1: 2026 Second Quarter Conference Call
2026 SECOND QUARTER CONFERENCE CALL JULY 22, 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
OPENING COMMENTS Steve Angel President and Chief Executive Officer 2026 SECOND QUARTER EARNINGS CONFERENCE CALL
Slide 5: Operations Review
OPERATIONS REVIEW Mike Cory Executive Vice President and Chief Operating Officer 2026 SECOND QUARTER EARNINGS CONFERENCE CALL
Slide 6: Safety and Operational Performance
Safety and Operational Performance Continued discipline on safety and building on operational productivity Q2 2026 Q2 2025 Change Q2 2026 Q2 2025 Change FRA Personal Injury Rate Fuel Efficiency Per 200,000 employee-hours 0.83 1.03 ▼19% Gallons per 1,000 gross ton-miles 0.94 0.98 ▼4% 4th straight qua
Slide 7: Financial Review
FINANCIAL REVIEW Kevin Boone Executive Vice President and Chief Financial Officer 2026 SECOND QUARTER EARNINGS CONFERENCE CALL
Slide 8: Second Quarter Earnings Summary
Second Quarter Earnings Summary Total Revenue Operating Income $3,935M $1,506M $3,574M $1,283M 10% Increase 17% Increase Q2 25 Q2 26 Q2 25 Q2 26 Operating Margin Earnings Per Share 38.3% $0.54 $0.44 35.9% 240 bps Increase* 23% Increase Q2 25 Q2 26 Q2 25 Q2 26 *Year-over-year margin expansion include
Slide 9: Second Quarter Expense Summary
Second Quarter Expense Summary Quarterly Expense Comparison Q2 Q2 % Change Total non-fuel expense 2% lower y/y; Dollars in Millions 2026 2025 Fav (Unfav) higher fuel drove total expense Labor and Fringe 831 791 (5%) increase of 6% y/y Purchased Services and Other 644 710 9% Labor costs increased $40
Slide 10: Commercial Review
COMMERCIAL REVIEW Maryclare Kenney Senior Vice President and Chief Commercial Officer 2026 SECOND QUARTER EARNINGS CONFERENCE CALL
Slide 11: Second Quarter Volume and Revenue Performance
Second Quarter Volume and Revenue Performance Q2 2026 Volume up 6%, Total Revenue up 10%, RPU up 4% Volume Revenue Revenue Per Unit Q2 2026 vs. Q2 2025 (‘000 Units) ($M) ($) Broad volume growth led by 695 $2,446 $3,519 Chemicals and Minerals Merchandise RPU growth reflects higher fuel +4% +8% +4% su
Slide 12: Key Factors for 2H Commercial Outlook
Key Factors for 2H Commercial Outlook Tight truck supply supportive of rail conversions in Intermodal and Merchandise Beneficial demand trends for infrastructure spending and data center buildout Inventory normalization, plant turnarounds may slow momentum in Automotive, Chemicals Stable-to-positive
Slide 13: Closing Remarks
CLOSING REMARKS Steve Angel President and Chief Executive Officer 2026 SECOND QUARTER EARNINGS CONFERENCE CALL
Slide 14: 2026 Full Year Outlook
2026 Full Year Outlook Mid to high-single digit revenue growth including fuel, based on the current forward curve for diesel Operating margin expansion greater than 350 basis points Total capital expenditures below $2.4 billion Free Cash Flow growth greater than 80% 2026 SECOND QUARTER EARNINGS CONF
Slide 15: Question & Answer
Question & Answer CSX modernizes Radnor Yard in Nashville Diageo opens new 360,000 sq. ft. facility on TIME names CSX one of America's 250 Most with power-operated switches, enhancing CSX Select Site in Montgomery, Alabama, Iconic Companies, recognizing its contributions safety and yard fluidity at
Slide 16: Appendix: Quarterly Comparisons
APPENDIX Quarterly Comparisons 2026 SECOND QUARTER EARNINGS CONFERENCE CALL
Slide 17: Second Quarter Cash Flow and Distributions
Second 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 $295 $1,617 $488 $1,200 $1,119 $1,172 $520 $518 $444 Q2 25 YTD Q2 26 YTD Q2 25 YTD Q2 26 YTD Q
Slide 18: Appendix: Non-GAAP Reconciliations
APPENDIX Non-GAAP Reconciliations 2026 SECOND QUARTER EARNINGS CONFERENCE CALL
Slide 19: Non-GAAP Free Cash Flow Reconciliation
Non-GAAP Free Cash Flow Reconciliation Free Cash Flow Six Months Ended Dollars in millions Jun. 30, 2026 Jun. 30, 2025 Net Cash Provided by Operating Activities $ 2,559 $ 1,890 Property Additions (1,119) (1,495) Proceeds and Advances from Property Dispositions 137 49 Free Cash Flow Before Dividends
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