Slide 1: 2026 First Quarter Conference Call
2026 FIRST QUARTER CONFERENCE CALL April 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 FIRST QUARTER EARNINGS CONFERENCE CALL
Slide 5: Operations Review
OPERATIONS REVIEW Mike Cory Executive Vice President and Chief Operating Officer 2026 FIRST QUARTER EARNINGS CONFERENCE CALL
Slide 6: Safety and Operational Update
Safety and Operational Update FRA Personal Injury Velocity (MPH) Dwell (Hours) Frequency Index 18.9 11.5 1.24 18.3 18.4 10.3 10.3 10.7 18.0 9.4 Improvement Improvement 0.96 17.6 0.94 0.93 0.81 2023 2024 2025 Q1 25 Q1 26 2023 2024 2025 Q1 25 Q1 26 2023 2024 2025 Q1 25 Q1 26 FRA Train Accident Rate Fu
Slide 7: Financial Review
FINANCIAL REVIEW Kevin Boone Executive Vice President and Chief Financial Officer 2026 FIRST QUARTER EARNINGS CONFERENCE CALL
Slide 8: First Quarter Earnings Summary
First Quarter Earnings Summary Total Volume Total Revenue 1,559k 1,518k $3,423M $3,482M 3% Increase 2% Increase Q1 25 Q1 26 Q1 25 Q1 26 Operating Income Earnings Per Share $1,253M $0.43 $1,041M $0.34 20% Increase 26% Increase Q1 25 Q1 26 Q1 25 Q1 26 2026 FIRST QUARTER EARNINGS CONFERENCE CALL 7
Slide 9: First Quarter Income Statement Summary
First Quarter Income Statement Summary $M, except per share amounts Q1 2026 Q1 2025 Variance Favorable / (Unfavorable) Revenue $3,482 $3,423 2% Year-over-year margin expansion of Labor and Fringe 812 821 1% 560bps driven by 2% revenue growth and GAAP Income Statement a 6% reduction in operating expe
Slide 10: Commercial Review
COMMERCIAL REVIEW Maryclare Kenney Senior Vice President and Chief Commercial Officer 2026 FIRST QUARTER EARNINGS CONFERENCE CALL
Slide 11: First Quarter Volume and Revenue Performance
First Quarter Volume and Revenue Performance Q1 2026 Volume up 3%, Total Revenue up 2%, RPU down (1%) Volume Revenue Revenue Per Unit Q1 2026 vs. Q1 2025 (‘000 Units) ($M) ($) Minerals and chemicals growth 631 $2,188 $3,468 offset by forest products Merchandise Solid core merchandise pricing, +2% +2
Slide 12: 2026 Market Expectations
2026 Market Expectations MERCHANDISE Emerging opportunities in chemicals Steady infrastructure demand supports aggregates, cement, and metals Housing softness and continued forest products closures impact Automotive impacted by NALVP and plant re-tooling INTERMODAL Gains from business wins, new serv
Slide 13: Capturing US Industrial Development on CSX Rail
Capturing US Industrial Development on CSX Rail Q1 2026 Projects In Service 1 Keystone Terminals Pipeline remains strong at Build out of rail extension connecting approximately 600 projects to CSX network; gypsum shipments began Jan. 2026. 21 projects put in service in Q1, contributing an estimated
Slide 14: Closing Remarks
CLOSING REMARKS Steve Angel President and Chief Executive Officer 2026 FIRST QUARTER EARNINGS CONFERENCE CALL
Slide 15: 2026 Full Year Outlook
2026 Full Year Outlook Mid-single digit revenue growth including fuel, based on the current forward curve for diesel Operating margin expansion trending toward higher end of the 200- 300 basis point range Total capital expenditures below $2.4 billion Free Cash Flow growth greater than 60% 2026 FIRST
Slide 16: Question & Answer
Question & Answer New CSX TRANSFLO Petersburg, VA terminal reflects 21 rail-served properties added to CSX Select our commitment to delivering the benefits of rail through Sites, expanding the program to 80 certified properties transloading. The terminal includes 40 car spots, LPG and accelerating s
Slide 17: Appendix: Quarterly Comparisons
APPENDIX Quarterly Comparisons 2026 FIRST QUARTER EARNINGS CONFERENCE CALL
Slide 18: First Quarter Cash Flow and Distributions
First 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 $133 $793 $245 $586 $543 $751 $559 $260 $222 Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 * See next sec
Slide 19: Appendix: Non-GAAP Reconciliations
APPENDIX Non-GAAP Reconciliations 2026 FIRST QUARTER EARNINGS CONFERENCE CALL
Slide 20: Non-GAAP Free Cash Flow Reconciliation
Non-GAAP Free Cash Flow Reconciliation Free Cash Flow Three Months Ended Dollars in millions Mar 31, 2026 Mar 31, 2025 Net Cash Provided by Operating Activities $ 1,272 $ 1,255 Property Additions (543) (719) Proceeds and Advances from Property Dispositions 64 23 Free Cash Flow Before Dividends (non-
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