Csx Corporation · NASDAQ:CSX
Csx — Morgan Stanley's 13th Annual Laguna Conference 2025
9 slides from Csx's conference presentation, Sep 11, 2025
Slide 1: Morgan Stanley's 13th Annual Laguna Conference
Morgan Stanley’s 13 Annual Laguna th Conference Joe Hinrichs President & Chief Executive Officer 9.11.2025
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: Operational metrics reflect strong, fluid network performance
Operational metrics reflect strong, fluid network performance Velocity Dwell 21 12 19 11 2021 – 1H25 Avg. 2021 – 1H25 Avg. Hours MPH 17 10 15 9 13 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 2021 2022 20
Slide 5: Earnings have absorbed over $1B in non-controllable impacts
Earnings have absorbed over $1B in non-controllable impacts Operating Income1 ▪ In 2022, CSX operating income ~$5.95B benefited from ongoing highs in export Real Estate Gains2 coal and diesel pricing, intermodal Other Revenue2 storage revenue, and real estate gains Coal / Diesel Adj. ~$4.90B1 ▪ Reve
Slide 6: Several discrete benefits anticipated for 2026
Several discrete benefits anticipated for 2026 Eliminating Rerouting Costs - Completion of Howard Street Tunnel, Blue Ridge saving ~$10M/month in OpEx Double-stacked I-95 Corridor - New intermodal capacity, conversion opportunities, and productivity gains New Intermodal Services - Added volume from
Slide 7: Appendix
APPENDIX Non-GAAP Reconciliations
Slide 8: Non-GAAP Reconciliation of Adjusted Operating Results
Non-GAAP Reconciliation of Adjusted Operating Results Last Twelve Months Ended June 30, 2025 Dollars in millions GAAP Operating Income $ 4,784 Goodwill Impairment 108 Adjusted Operating Income (non-GAAP) $4,892 2025 MORGAN STANLEY LAGUNA CONFERENCE 8
Slide 9: Slide 9
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