Slide 1: 2025 Fourth Quarter Conference Call
2025 FOURTH QUARTER CONFERENCE CALL 1.22.2026
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
Slide 5: Operations Review
OPERATIONS REVIEW Mike Cory Executive Vice President and Chief Operating Officer
Slide 6: Safety and Operational Highlights
Safety and Operational Highlights FRA Personal Injury Velocity (MPH) Cars Online (‘000) Frequency Index 18.9 19.6 1.23 132 130 17.6 17.5 121 118 0.94 0.94 Q4 25 0.66 2023 2024 2025 Q1 25 Q2 25 Q3 25 Q4 25 Q1 25 Q2 25 Q3 25 Q4 25 FRA Train Accident Rate Dwell (Hours) Trip Plan Compliance 3.56 11.5 87
Slide 7: Financial Review
FINANCIAL REVIEW Kevin Boone Executive Vice President and Chief Financial Officer
Slide 8: Fourth Quarter Earnings Highlights
Fourth Quarter Earnings Highlights Total Volume Total Revenue 1,597k $3,539M $3,508M 1,575k 1% Increase (1%) Decrease Q4 24 Q4 25 Q4 24 Q4 25 Operating Income* Earnings Per Share* Adjusted Adjusted GAAP $1,214M GAAP $0.42 $1,106M $1,110M $0.39 $0.38 (9%) Decrease (7%) Decrease Q4 24 Q4 24 Q4 25 Q4 2
Slide 9: Fourth Quarter & Full Year Earnings Summary
Fourth Quarter & Full Year Earnings Summary $M, except per share amounts Favorable / (Unfavorable) Q4 2025 Q4 2024 Variance FY 2025 FY 2024 Variance GAAP Income Statement Volume (K) 1,597 1,575 1% 6,307 6,277 -% Revenue $3,508 $3,539 (1%) $14,092 $14,540 (3%) Expense 2,398 2,433 1% 9,571 $9,295 (3%)
Slide 10: Sales & Marketing Review
SALES & MARKETING REVIEW Maryclare Kenney Senior Vice President and Chief Commercial Officer
Slide 11: Fourth Quarter Volume and Revenue Performance
Fourth Quarter Volume and Revenue Performance Q4 2025 Volume up 1%, Total Revenue down (1%), RPU down (2%) Volume Revenue Revenue Per Unit Q4 2025 vs. Q4 2024 (‘000 Units) ($M) ($) Soft Chemicals and Forest Products markets 634 $2,156 $3,401 Merchandise Automotive impacted by part (2%) (2%) +1% shor
Slide 12: 2026 Market Expectations
2026 Market Expectations MERCHANDISE Strong southeast infrastructure investments Soft indicators for housing starts, North American auto production Cycling Forest Products and Metals plant closures INTERMODAL Gains from business wins Expanded network reach and faster service product Soft trucking ma
Slide 13: Closing Remarks
CLOSING REMARKS Steve Angel President and Chief Executive Officer
Slide 14: 2026 Full Year Outlook
2026 Full Year Outlook Low single-digit revenue growth, assuming modest economic momentum and stable fuel and global benchmark coal prices Operating Margin expansion of 200-300 basis points from adjusted FY25 performance Total capital expenditures below $2.4 billion Free Cash Flow growth of at least
Slide 15: Q&A
Q&A First Train Over Forest Hill Flyover CSX TDSI Wins Quality Excellence Awards CSX Recognized for Climate Leadership CSX and CREATE celebrated the CSX TDSI became the first railroad to earn CSX earned a leadership spot on the CDP completion of the Forest Hill Flyover, a four top honors in a single
Slide 16: Appendix: Full Year Comparisons
APPENDIX Full Year Comparisons
Slide 17: Full Year Earnings Highlights
Full Year Earnings Highlights Total Volume Total Revenue 6,307k $14,540M $14,092M 6,277k Stable (3%) Decrease 2024 2025 2024 2025 Operating Income* Earnings Per Share* GAAP Adjusted Adjusted GAAP $5,245M $5,353M $1.83 Adjusted $1.79 GAAP GAAP Adjusted $4,521M $4,685M $1.61 $1.54 (12%) Decrease (12%)
Slide 18: Fourth Quarter Cash Flow and Distributions
Fourth 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 $2,784 $930 $50 $470 $2,479 $2,432 $2,237 $972 $1,789 $1,396 2024 2025 2024 2025 2024 2025 * S
Slide 19: Appendix: Non-GAAP Reconciliations
APPENDIX Non-GAAP Reconciliations
Slide 20: Non-GAAP Reconciliation of Adjusted Operating Results
Non-GAAP Reconciliation of Adjusted Operating Results Quarter Ended Dec. 31, 2025 Net Earnings Dollars in millions, Operating Operating Net Per Share, Expense except per share amounts Income Margin Earnings Assuming Dilution GAAP Operating Results $ 2,398 $ 1,110 31.6% $ 720 $ 0.39 Goodwill Impairme
Slide 21: Non-GAAP Reconciliation of Adjusted Operating Results
Non-GAAP Reconciliation of Adjusted Operating Results Quarter Ended Dec. 31, 2024 Net Earnings Dollars in millions, Operating Operating Net Per Share, Expense except per share amounts Income Margin Earnings Assuming Dilution GAAP Operating Results $ 2,433 $ 1,106 31.3% $ 733 $ 0.38 Goodwill Impairme
Slide 22: Non-GAAP Free Cash Flow Reconciliation
Non-GAAP Free Cash Flow Reconciliation Free Cash Flow Year Ended Dollars in millions Dec. 31, 2025 Dec. 31, 2024 Net Cash Provided by Operating Activities $ 4,613 $ 5,247 Property Additions (2,902) (2,529) Proceeds and Advances from Property Dispositions 78 66 Free Cash Flow Before Dividends (non-GA
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