CSX earnings jump 54% on record $4 billion in revenue and higher rail volume

CSX hauled more freight at higher prices in the third quarter, lifting the railroad's revenue to a record and its earnings per share by more than half.

Net earnings rose to $1.05 billion, or 57 cents a share, from $694 million, or 37 cents, a year earlier, according to the earnings release CSX filed with an 8-K on Wednesday. Last year's quarter included a $164 million non-cash goodwill impairment; compared with adjusted 2025 EPS of 44 cents, earnings per share rose 30%.

Revenue increased 12% to a record $4.02 billion, which CSX attributed to higher fuel surcharge revenue along with higher volume and pricing across merchandise, intermodal and coal.

Margin gains

Operating income climbed 44% to $1.57 billion, and the operating margin widened by 8.8 percentage points to 39.1%. Against last year's adjusted operating income of $1.25 billion, operating income rose 25%.

Total volume rose 5% to 1.69 million units, with intermodal volume up 7%.

"CSX delivered strong earnings growth in the third quarter as disciplined execution helped us move more freight, for more customers, while maintaining our high standards for safety and service," President and CEO Steve Angel said in the release. He said the company looks forward to "making continued progress toward best-in-class performance in 2027."

CSX did not provide new financial guidance in the release.

By the numbers

• Revenue: $4.02 billion, up 12%
• EPS: $0.57, vs. $0.37 (adjusted $0.44)
• Operating income: $1.57 billion, up 44%
• Operating margin: 39.1%, up 8.8 points
• Total volume: 1.69 million units, up 5%

Sources

1. CSX Corporation, Form 8-K (Item 2.02) with Exhibit 99.1 earnings release dated Oct. 21, 2026, accession 0000277948-26-000039

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