Slide 1: 2025 Third Quarter Conference Call
2025 THIRD QUARTER CONFERENCE CALL 10.16.2025
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: 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: Third Quarter Safety Highlights
Third Quarter Safety Highlights FRA Personal Injury Frequency Index FRA injury rate 17% lower year-to-date, 1.27 with 21% fewer total injuries 1.02 1.05 Injuries resulting in lost time down 23% Q3 25 year-to-date 1.16 2023 YTD 2024 YTD 2025 YTD FRA train accident safety performance in Q3 was the bes
Slide 7: Third Quarter Key Operating Metrics
Third Quarter Key Operating Metrics Velocity (MPH) Cars Online (000s) 18.9 18.3 132 130 18.0 126 127 17.6 121 17.5 2023 2024 Q1 25 Q2 25 Q3 25 2023 2024 Q1 25 Q2 25 Q3 25 Dwell (Hours) Trip Plan Compliance Combined Intermodal Carload 11.5 88% 87% 84% 10.3 10.4 80% 77% 9.4 9.5 2023 2024 Q1 25 Q2 25 Q
Slide 8: Third Quarter Efficiency Metrics
Third Quarter Efficiency Metrics Fuel Efficiency GTMs / Available Horsepower Car Miles / Day (Gal/kGTM) 136.6 1.02 132.5 0.99 130.2 0.98 0.98 128.1 128.4 128.4 128.1 127.6 126.3 0.94 116.4 2023 2024 Q1 25 Q2 25 Q3 25 2023 2024 Q1 25 Q2 25 Q3 25 2023 2024 Q1 25 Q2 25 Q3 25 2025 THIRD QUARTER EARNINGS
Slide 9: Network Improvement Projects
Network Improvement Projects Howard St Tunnel – Sept 26 Blue Ridge Subdivision – Oct 2 2025 THIRD QUARTER EARNINGS CONFERENCE CALL 6
Slide 10: Sales & Marketing Review
SALES & MARKETING REVIEW Kevin Boone Executive Vice President and Chief Commercial Officer
Slide 11: Merchandise Summary
Merchandise Summary Q3 25 Volume YoY Q3 25 Revenue YoY Record aggregates shipments, continued Minerals 8% 12% infrastructure demand Fertilizers 7% 7% Improved production at key phosphate producer Strength in scrap and pipe due to competitive Metals & Equipment 5% 8% wins and construction project act
Slide 12: Coal Summary
Coal Summary Q3 25 Tonnage YoY Q3 Coal Revenue down (11%) YoY primarily 22% due to lower global benchmark pricing, as well as declines in Export and Steel & Industrial volume Export Coal saw favorable trends through the (11%) (15%) quarter driven by strong operational performance Domestic Export Dom
Slide 13: Intermodal Summary
Intermodal Summary Q3 Intermodal Revenue Intermodal saw solid revenue and volume $527M growth despite soft trucking market conditions $509M Strong International shipments drove 3Q results, benefiting from higher port volumes and growth +4% with key customers ‒ Recent, more moderate run-rate expected
Slide 14: Financial Review
FINANCIAL REVIEW Sean Pelkey Executive Vice President and Chief Financial Officer
Slide 15: Third Quarter Earnings Summary
Third Quarter Earnings Summary Third Quarter Income Statement Q3 2025 Goodwill Q3 2025 GAAP Adjusted Dollars in Millions Q3 2024 GAAP Impairment Adjusted Variance Variance Revenue $3,587 - $3,587 $3,619 (1%) (1%) Expense 2,500 (164) 2,336 2,265 (10%) (3%) Operating Income $1,087 164 $1,251 $1,354 (2
Slide 16: Third Quarter Expense Comparisons
Third Quarter Expense Comparisons Q3 25 Labor variance includes severance costs and Quarterly Expense Comparison Q3 24 inflation, offset by reduced incentive $815 compensation and rail headcount efficiency Labor & Fringe $806 PS&O efficiency gains more than offset by a Purchased $730 prior-year favo
Slide 17: 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 $2,218 $440 $700 $730 $1,691 $1,785 $1,066 $1,284 $1,212 Q3 24 YTD Q3 25 YTD Q3 24 YTD Q3 25 YT
Slide 18: Guidance Review
Guidance Review Overall year-over-year volume growth in FY25 Building on strong operating performance and efficiency gains into Q4 FY25 Capex of $2.5 billion excluding hurricane rebuild spending Balanced and opportunistic approach to capital returns 2025 THIRD QUARTER EARNINGS CONFERENCE CALL 15
Slide 19: Closing Remarks
CLOSING REMARKS Steve Angel President and Chief Executive Officer
Slide 20: Appendix: Non-GAAP Reconciliations
APPENDIX Non-GAAP Reconciliations
Slide 21: 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
Slide 22: Non-GAAP Free Cash Flow Reconciliation
Non-GAAP Free Cash Flow Reconciliation Free Cash Flow Nine Months Ended Dollars in millions Sep 30, 2025 Sep 30, 2024 Net Cash Provided by Operating Activities $ 3,227 $ 3,859 Property Additions (2,225) (1,691) Proceeds and Advances from Property Dispositions 64 50 Free Cash Flow Before Dividends (n
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