# EDGAR Filing Document

**Accession Number:** 0000277948
**File Stem:** 0000277948-26-000013
**Filing Date:** 2026-4
**Character Count:** 44965
**Document Hash:** 8887a0105a6acf2266b757f998bba2d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000277948-26-000013.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0000277948-26-000013

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260422

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CSX CORP
- **CENTRAL INDEX KEY:** 0000277948
- **STANDARD INDUSTRIAL CLASSIFICATION:** RAILROADS, LINE-HAUL OPERATING [4011]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 621051971
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08022
- **FILM NUMBER:** 26883626

**BUSINESS ADDRESS:**
- **STREET 1:** 500 WATER STREET
- **STREET 2:** 15TH FLOOR
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32202
- **BUSINESS PHONE:** 9043593200

**MAIL ADDRESS:**
- **STREET 1:** 500 WATER STREET
- **STREET 2:** 15TH FLOOR
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32202

?xml version='1.0' encoding='ASCII'? csx-20260422

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

<u>Form 8-K</u> 

**Current Report**

**Pursuant to Section 13 or 15(d) of**

**the Securities Exchange Act of 1934**

![CSX_BLUE_RGB_JPG.jpg](csx-20260422_g1.jpg)

**Date of Report (Date of earliest event reported): April 22, 2026**

<u>CSX CORPORATION</u>

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| <u>Virginia</u> | <u>1-8022</u> | <u>62-1051971</u> |
| (State or other jurisdiction | (Commission File No.) | (I.R.S. Employer |
| of incorporation) | | Identification No.) |

---

<u>500 Water Street, 15th Floor, Jacksonville, FL 32202</u> 

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:

<u>(904) 359-3200</u> 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

<u>_</u><u>☐</u><u>_</u> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

<u>_</u><u>☐</u><u>_</u> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

<u>_</u><u>☐</u><u>_</u> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

<u>_</u><u>☐</u><u>_</u> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br>on which registered |
| Common Stock, $1 Par Value | CSX | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company <u>_</u><u>☐</u><u>_</u>

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <u>_</u><u>☐</u><u>_</u>

------

**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition** 

On April 22, 2026, CSX Corporation issued a press release and its CSX Quarterly Financial Report on financial and operating results for the quarter ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1 and a copy of the CSX Quarterly Financial Report is attached as Exhibit 99.2, each of which is incorporated by reference herein. These documents are available on the Company's website, <u>www.csx.com.</u>\*

The information contained in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, has been "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section. The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(d)&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are being furnished herewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.1 Press Release dated April 22, 2026 from CSX Corporation](pressrelease_q12026.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.2 CSX Quarterly Financial Report](qfr_q12026.htm)</u>

104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

\* Internet addresses are provided for informational purposes only and are not intended to be hyperlinks.

------

<u>Signature</u>

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CSX CORPORATION

By: <u>/s/ ANGELA C. WILLIAMS</u>

Angela C. Williams

Vice President and

Chief Accounting Officer

(Principal Accounting Officer)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Date: April 22, 2026

## Exhibit 99.1

**Exhibit 99.1**

![press_releasexbannera.jpg](press_releasexbannera.jpg)

**CSX Corp. Announces First Quarter 2026 Results**

**JACKSONVILLE, Fla. – April 22, 2026** – CSX Corp. (NASDAQ: CSX) today announced first quarter 2026 operating income of $1.25 billion and net earnings of $807 million, or $0.43 per diluted share. In the first quarter of 2025, the company reported operating income of $1.04 billion and net earnings of $646 million, or $0.34 per diluted share.

Total volume of 1.56 million units for the quarter was 3% higher compared to first quarter 2025. Revenue totaled $3.48 billion for the quarter, increasing 2% year-over-year, as higher merchandise pricing, intermodal volume growth, higher domestic coal revenue, and increased fuel surcharge revenue were partially offset by a decrease in export coal revenue, including the impact of lower benchmark rates.

"CSX performed well this quarter by providing reliable and efficient service to our customers through changing market conditions, while improving our expense profile," said Steve Angel, president and chief executive officer. "As we remain disciplined on costs and take advantage of opportunities for profitable growth, we continue to make progress toward best-in-class performance. I am encouraged by our railroad's prospects for this year and over the long term."

CSX executives will conduct a conference call with the investment community this afternoon, April 22, at 4:30 p.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-888-510-2008. For callers outside the U.S., dial 1-646-960-0306. Participants should dial in 10 minutes prior to the call and enter in 3368220 as the passcode.

In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company's website at investors.csx.com. Following the earnings call, a webcast replay of the presentation will be archived on the company website.

This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company's website at investors.csx.com and on Form 8-K with the Securities and Exchange Commission.

------

**About CSX and its Disclosures**

CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 200 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links approximately 250 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.

This announcement, as well as additional financial information, is available on the company's website at investors.csx.com. CSX also uses social media channels to communicate information about the company. Although social media channels are not intended to be the primary method of disclosure for material information, it is possible that certain information CSX posts on social media could be deemed to be material. Therefore, we encourage investors, the media, and others interested in the company to review the information we post on X, formerly known as Twitter, (x.com/CSX) and on Facebook (facebook.com/OfficialCSX). The social media channels used by CSX may be updated from time to time. More information about CSX Corporation and its subsidiaries is available at www.csx.com.

**Non-GAAP 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 Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, CSX's non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP.

**Forward-looking Statements**

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-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as "will," "should," "believe," "expect," "anticipate," "project," "estimate," "preliminary" and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward-looking statements include, among others: (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; (vii) changes in fuel prices, surcharges for fuel and the availability of fuel; (viii) adverse economic or operational effects from actual or threatened war or terrorist activities and any government response; and (ix) the inherent uncertainty associated with projecting economic and business conditions.

Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com.

**Contact:**

Matthew Korn, CFA, Investor Relations

904-366-4515

Austin Staton, Corporate Communications

855-955-6397

## Exhibit 99.2

**Exhibit 99.2**

![qfrcovera.jpg](qfrcovera.jpg)

------

![qfr_headera.jpg](qfr_headera.jpg)

**CSX Corp. Announces First Quarter 2026 Results**

**JACKSONVILLE, Fla. – April 22, 2026** – CSX Corp. (NASDAQ: CSX) today announced first quarter 2026 operating income of $1.25 billion and net earnings of $807 million, or $0.43 per diluted share. In the first quarter of 2025, the company reported operating income of $1.04 billion and net earnings of $646 million, or $0.34 per diluted share.

Total volume of 1.56 million units for the quarter was 3% higher compared to first quarter 2025. Revenue totaled $3.48 billion for the quarter, increasing 2% year-over-year, as higher merchandise pricing, intermodal volume growth, higher domestic coal revenue, and increased fuel surcharge revenue were partially offset by a decrease in export coal revenue, including the impact of lower benchmark rates.

"CSX performed well this quarter by providing reliable and efficient service to our customers through changing market conditions, while improving our expense profile," said Steve Angel, president and chief executive officer. "As we remain disciplined on costs and take advantage of opportunities for profitable growth, we continue to make progress toward best-in-class performance. I am encouraged by our railroad's prospects for this year and over the long term."

CSX executives will conduct a conference call with the investment community this afternoon, April 22, at 4:30 p.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-888-510-2008. For callers outside the U.S., dial 1-646-960-0306. Participants should dial in 10 minutes prior to the call and enter in 3368220 as the passcode.

In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company's website at investors.csx.com. Following the earnings call, a webcast replay of the presentation will be archived on the company website.

This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company's website at investors.csx.com and on Form 8-K with the Securities and Exchange Commission.

---

| | | | |
|:---|:---|:---|:---|
| **Table of Contents** | The accompanying unaudited | **CSX CORPORATION** | **CONTACTS:** |
|  | financial information should be | 500 Water Street, C900 | **INVESTOR RELATIONS** |
| <u>[Consolidated Financial Statements..…](#ib9bf901b76334006a0bbf34894a81d76_13)</u><u>[.](#ib9bf901b76334006a0bbf34894a81d76_13)</u><u>[p.](#ib9bf901b76334006a0bbf34894a81d76_34)</u> <u>[3](#ib9bf901b76334006a0bbf34894a81d76_10)</u> | read in conjunction with the | Jacksonville, FL 32202 | Matthew Korn, CFA |
| <u>[Operating Statistics...............................p.](#ib9bf901b76334006a0bbf34894a81d76_34)[10](#ib9bf901b76334006a0bbf34894a81d76_34)</u> | Company's most recent | www.csx.com | (904) 366-4515 |
| <u>[Non-GAAP Measures............................p.](#ib9bf901b76334006a0bbf34894a81d76_37)[12](#ib9bf901b76334006a0bbf34894a81d76_37)</u> | Annual Report on Form 10-K, |  | **MEDIA** |
|  | Quarterly Reports on Form 10-Q, and |  | Austin Staton |
|  | any Current Reports on Form 8-K. |  | (855) 955-6397 |

---

------

![qfr_headera.jpg](qfr_headera.jpg)

**About CSX and its Disclosures**

CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 200 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links approximately 250 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.

This announcement, as well as additional financial information, is available on the company's website at <u>investors.csx.com</u>. CSX also uses social media channels to communicate information about the company. Although social media channels are not intended to be the primary method of disclosure for material information, it is possible that certain information CSX posts on social media could be deemed to be material. Therefore, we encourage investors, the media, and others interested in the company to review the information we post on X, formerly known as Twitter, (<u>x.com/CSX</u>) and on Facebook (<u>facebook.com/OfficialCSX</u>). The social media channels used by CSX may be updated from time to time. More information about CSX Corporation and its subsidiaries is available at <u>www.csx.com</u>.

**Non-GAAP 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 Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, CSX's non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP.

**Forward-looking Statements**

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-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as "will," "should," "believe," "expect," "anticipate," "project," "estimate," "preliminary" and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward-looking statements include, among others: (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; (vii) changes in fuel prices, surcharges for fuel and the availability of fuel; (viii) adverse economic or operational effects from actual or threatened war or terrorist activities and any government response; and (ix) the inherent uncertainty associated with projecting economic and business conditions.

Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com.

------

**CSX Corporation**

**CONSOLIDATED INCOME STATEMENTS** *(Unaudited)*

*(Dollars in Millions, Except Per Share Amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** |
|  | **Mar. 31, 2026** | Mar. 31, 2025 | *$ Change* | *% Change* |
| &nbsp;&nbsp;&nbsp;**Revenue** | $**3482** | $3423 | $*59* | *2 %* |
| &nbsp;&nbsp;&nbsp;**Expense** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labor and Fringe | **812** | 821 | *9* | *1* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Services and Other | **616** | 774 | *158* | *20* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization | **415** | 425 | *10* | *2* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel | **302** | 275 | *(27)* | *(10)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment and Other Rents | **84** | 87 | *3* | *3* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expense** | **2229** | 2382 | *153* | *6* |
| &nbsp;&nbsp;&nbsp;**Operating Income** | **1253** | 1041 | *212* | *20* |
| &nbsp;&nbsp;&nbsp;Interest Expense | **(213)** | (209) | *(4)* | *(2)* |
| &nbsp;&nbsp;&nbsp;Other Income - Net | **23** | 26 | *(3)* | *(12)* |
| &nbsp;&nbsp;&nbsp;**Earnings Before Income Taxes** | **1063** | 858 | *205* | *24* |
| &nbsp;&nbsp;&nbsp;Income Tax Expense | **(256)** | (212) | *(44)* | *(21)* |
| &nbsp;&nbsp;&nbsp;**Net Earnings** | $**807** | $646 | $*161* | *25 %* |
| &nbsp;&nbsp;&nbsp;**Operating Margin** | **36.0%** | 30.4% |  |  |
| &nbsp;&nbsp;&nbsp;**Per Common Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Earnings Per Share, Assuming Dilution | $**0.43** | $0.34 | $*0.09* | *26 %* |
| &nbsp;&nbsp;Average Shares Outstanding, Assuming Dilution *(Millions)*  | **1862** | 1892 |  |  |

---

------

**CSX Corporation**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

*(Dollars in Millions)*

---

| | | |
|:---|:---|:---|
|  | *(Unaudited)* |  |
|  | **Mar. 31, 2026** | Dec. 31, 2025 |
| **ASSETS** | **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | $**964** | $670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | **145** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Current Assets | **2002** | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Properties - Net | **36816** | 36811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in Affiliates and Other Companies | **2653** | 2634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Long-Term Assets | **1652** | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $**44232** | $43682 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** | **LIABILITIES AND SHAREHOLDERS' EQUITY** | **LIABILITIES AND SHAREHOLDERS' EQUITY** |
| &nbsp;&nbsp;&nbsp;&nbsp;Current Maturities of Long-Term Debt | $**710** | $708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Current Liabilities | **2511** | 2425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Debt | **18158** | 18165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Income Taxes - Net | **7965** | 7914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Long-Term Liabilities | **1307** | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **30651** | 30522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Shareholders' Equity | **13581** | 13160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Shareholders' Equity** | $**44232** | $43682 |

---

------

**CSX Corporation**

**CONDENSED CONSOLIDATED CASH FLOW STATEMENTS** *(Unaudited)*

*(Dollars in Millions)*

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **Mar. 31, 2026** | Mar. 31, 2025 |
| **OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net Earnings | $**807** | $646 |
| &nbsp;&nbsp;&nbsp;Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and Amortization | **415** | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Income Tax Expense | **51** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Operating Activities - Net | **(1)** | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Provided by Operating Activities** | **1272** | 1255 |
| **INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;Property Additions <sup>(a)</sup> | **(543)** | (719) |
| &nbsp;&nbsp;&nbsp;Purchases of Short-Term Investments | **(140)** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Sales of Short-Term Investments | **5** | 67 |
| &nbsp;&nbsp;&nbsp;Proceeds and Advances from Property Dispositions | **64** | 23 |
| &nbsp;&nbsp;&nbsp;Other Investing Activities | **47** | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Used in Investing Activities** | **(567)** | (647) |
| **FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;Shares Repurchased <sup>(b)</sup> | **(222)** | (751) |
| &nbsp;&nbsp;&nbsp;Dividends Paid | **(260)** | (245) |
| &nbsp;&nbsp;&nbsp;Long-term Debt Repaid | **(2)** | (2) |
| &nbsp;&nbsp;&nbsp;Long-term Debt Issued | **—** | 600 |
| &nbsp;&nbsp;&nbsp;Other Financing Activities | **73** | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Used in Financing Activities** | **(411)** | (402) |
| Net Increase in Cash and Cash Equivalents | **294** | 206 |
| **CASH AND CASH EQUIVALENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents at Beginning of Period | **670** | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash and Cash Equivalents at End of Period** | $**964** | $1139 |

---

------

**CSX Corporation**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** *(Unaudited)*

***a)Property Additions:*** *First quarter 2025 property additions include $133 million related to rebuilding the Blue Ridge subdivision, which was reopened in September 2025.*

***b)Shares Repurchased:*** *During first quarters 2026 and 2025, the Company engaged in the following repurchase activities:* 

---

| | | |
|:---|:---|:---|
| | **Quarters Ended** | **Quarters Ended** |
| | **Mar. 31, 2026** | Mar. 31, 2025 |
| **Shares Repurchased** *(Millions)* | **6** | 24 |
| **Cost of Shares** *(Dollars in Millions)* <sup>(1)</sup> | $**222** | $751 |
| **Average Cost per Share Repurchased** | $**39.02** | $31.66 |
| <sup>(1)</sup> *Amounts exclude the impact of excise tax on net share repurchases imposed as part of the Inflation Reduction Act of 2022.* | <sup>(1)</sup> *Amounts exclude the impact of excise tax on net share repurchases imposed as part of the Inflation Reduction Act of 2022.* | <sup>(1)</sup> *Amounts exclude the impact of excise tax on net share repurchases imposed as part of the Inflation Reduction Act of 2022.* |

---

------

**CSX Corporation**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **VOLUME AND REVENUE** *(Unaudited)* | **VOLUME AND REVENUE** *(Unaudited)* | **VOLUME AND REVENUE** *(Unaudited)* | **VOLUME AND REVENUE** *(Unaudited)* | **VOLUME AND REVENUE** *(Unaudited)* | **VOLUME AND REVENUE** *(Unaudited)* | **VOLUME AND REVENUE** *(Unaudited)* | **VOLUME AND REVENUE** *(Unaudited)* | **VOLUME AND REVENUE** *(Unaudited)* | **VOLUME AND REVENUE** *(Unaudited)* |
| *Volume (Thousands of Units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)* | *Volume (Thousands of Units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)* | *Volume (Thousands of Units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)* | *Volume (Thousands of Units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)* | *Volume (Thousands of Units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)* | *Volume (Thousands of Units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)* | *Volume (Thousands of Units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)* | *Volume (Thousands of Units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)* | *Volume (Thousands of Units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)* | *Volume (Thousands of Units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)* |
| *Quarters Ended March 31, 2026 and March 31, 2025* | *Quarters Ended March 31, 2026 and March 31, 2025* | *Quarters Ended March 31, 2026 and March 31, 2025* | *Quarters Ended March 31, 2026 and March 31, 2025* | *Quarters Ended March 31, 2026 and March 31, 2025* | *Quarters Ended March 31, 2026 and March 31, 2025* | *Quarters Ended March 31, 2026 and March 31, 2025* | *Quarters Ended March 31, 2026 and March 31, 2025* | *Quarters Ended March 31, 2026 and March 31, 2025* | *Quarters Ended March 31, 2026 and March 31, 2025* |
|  | **Volume** | **Volume** | **Volume** | **Revenue** | **Revenue** | **Revenue** | **Revenue Per Unit** | **Revenue Per Unit** | **Revenue Per Unit** |
|  | **2026** | 2025 | *% Change* | **2026** | 2025 | *% Change* | **2026** | 2025 | *% Change* |
| &nbsp;&nbsp;&nbsp;*Chemicals* | **168** | 166 | *1 %* | $**722** | $698 | *3 %* | $**4298** | $4205 | *2 %* |
| &nbsp;&nbsp;&nbsp;*Agricultural and Food Products* | **116** | 115 | *1* | **409** | 408 | *—* | **3526** | 3548 | *(1)* |
| &nbsp;&nbsp;&nbsp;*Automotive* | **87** | 87 | *—* | **275** | 271 | *1* | **3161** | 3115 | *1* |
| &nbsp;&nbsp;&nbsp;*Minerals* | **82** | 79 | *4* | **192** | 181 | *6* | **2341** | 2291 | *2* |
| &nbsp;&nbsp;&nbsp;*Metals and Equipment* | **65** | 65 | *—* | **220** | 209 | *5* | **3385** | 3215 | *5* |
| &nbsp;&nbsp;&nbsp;*Forest Products* | **64** | 70 | *(9)* | **229** | 249 | *(8)* | **3578** | 3557 | *1* |
| &nbsp;&nbsp;&nbsp;*Fertilizers* | **49** | 48 | *2* | **141** | 136 | *4* | **2878** | 2833 | *2* |
| **Total Merchandise** | **631** | 630 | *—* | **2188** | 2152 | *2* | **3468** | 3416 | *2* |
| **Intermodal** | **757** | 716 | *6* | **518** | 493 | *5* | **684** | 689 | *(1)* |
| **Coal** | **171** | 172 | *(1)* | **458** | 461 | *(1)* | **2678** | 2680 | *—* |
| **Trucking** | **—** |  | *—* | **202** | 202 | *—* | **—** |  | *—* |
| **Other** | **—** |  | *—* | **116** | 115 | *1* | **—** |  | *—* |
| **Total** | **1559** | 1518 | *3 %* | $**3482** | $3423 | *2 %* | $**2233** | $2255 | *(1) %* |

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**CSX Corporation**

**VOLUME AND REVENUE**

Total revenue increased 2% in first quarter 2026 when compared to first quarter 2025 due to higher pricing in merchandise, volume growth in intermodal, higher domestic coal revenue, and increased fuel surcharge revenue. These increases were partially offset by a decrease in export coal revenue, including the impact of lower benchmark rates.

***Fuel Surcharge***

Fuel surcharge revenue is included in the individual markets and does not include amounts for trucking. Fuel lag is the estimated revenue effect resulting from the difference between highway diesel prices in the quarter and the prices used for fuel surcharge, which are on a two-month lag for non-intermodal traffic.

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| | | |
|:---|:---|:---|
| | **Quarters Ended** | **Quarters Ended** |
| *(Dollars in Millions)* | **Mar. 31, 2026** | Mar. 31, 2025 |
| **Fuel Surcharge Revenue** | $**231** | $217 |
| **Fuel Lag (Unfavorable) Favorable** | $**(39)** | $(5) |

---

***Merchandise Volume***

<u>Chemicals</u> - Increased due to higher shipments of sand, petcoke, and waste, partially offset by lower shipments of crude oil.

<u>Agricultural and Food Products</u> - Increased due to higher shipments of feed ingredients and export grains, partially offset by decreased shipments of domestic feed grain, food and consumer products, and ethanol.

<u>Automotive</u> - Flat despite the impact of a temporary outage at a customer location associated with re-tooling efforts.

<u>Minerals</u> - Increased due to higher shipments of cement and salt.

<u>Metals and Equipment</u> - Flat as increased scrap and pipe shipments were offset by lower steel and aluminum shipments, which include the impact of customer plant closures.

<u>Forest Products</u> - Decreased due to lower shipments of pulp and paper products, which include the impacts of both customer plant closures and temporary outages, as well as lower shipments of building products.

<u>Fertilizers</u> - Increased due to higher short-haul phosphates shipments, partially offset by decreases in long-haul shipments.

***Intermodal Volume***

Domestic shipments increased due to wins with key customers and new service offerings. International shipments were relatively flat to prior year levels.

***Coal Volume***

Domestic coal increased due to higher shipments to utility plants, partially offset by lower shipments to river terminals. Export coal decreased due to lower shipments of metallurgical coal primarily as a result of weather impacts on the overall supply chain.

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| | | | |
|:---|:---|:---|:---|
| | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** |
| *(Millions of Tons)* | **Mar. 31, 2026** | Mar. 31, 2025 | *Change* |
| **<u>Coal Tonnage</u>** |  |  |  |
| Domestic | **9.3** | 9.2 | *1 %* |
| Export | **10.1** | 10.2 | *(1)* |
| **Total Coal** | **19.4** | 19.4 | *— %* |

---

***Trucking Revenue***

Trucking revenue was flat to prior year results.

***Other Revenue***

Other revenue increased $1 million.

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**CSX Corporation**

**EXPENSE**

Expenses of $2.2 billion decreased $153 million, or 6%, in first quarter 2026 when compared to first quarter 2025.

<u>Labor and Fringe</u> expense decreased $9 million due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inflation increases of $41 million were almost entirely offset by efficiency savings, which were primarily driven by lower headcount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All other net costs decreased $10 million.

<u>Purchased Services and Other</u> expense decreased $158 million due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Efficiency savings net of inflation were $50 million, driven by cost reductions across operating and support functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gains on property dispositions were $44 million in first quarter 2026 compared to no gains in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A decrease of $20 million was due to the effects of network disruptions and congestion in the prior year, which included higher locomotive usage costs and rerouting charges associated with the Howard Street Tunnel project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All other net costs decreased $44 million due to several non-significant items, roughly one-third of which relate to prior year costs that did not recur in the current year.

<u>Depreciation and Amortization</u> expense decreased $10 million primarily as a result of an equipment depreciation study.

<u>Fuel</u> costs increased $27 million primarily due to a 14% increase in locomotive fuel prices.

<u>Equipment and Other Rents</u> expense decreased $3 million.

***Employee Counts*** *(Estimated)* 

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| | | | |
|:---|:---|:---|:---|
| | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** |
| **<u>Average:</u>** | **Mar. 31, 2026** | Mar. 31, 2025 <sup>(a)</sup> | *Change* |
| Rail | **20253** | 21430 | *(1177)* |
| Trucking | **2075** | 1995 | *80* |
| Total | **22328** | 23425 | *(1097)* |
| **<u>Ending:</u>** |  |  |  |
| Rail | **20177** | 21384 | *(1207)* |
| Trucking | **2072** | 2030 | *42* |
| Total | **22249** | 23414 | *(1165)* |
| <sup>(a)</sup> *Immaterial revisions have been made to amounts for first quarter 2025.*  | <sup>(a)</sup> *Immaterial revisions have been made to amounts for first quarter 2025.*  | <sup>(a)</sup> *Immaterial revisions have been made to amounts for first quarter 2025.*  | <sup>(a)</sup> *Immaterial revisions have been made to amounts for first quarter 2025.*  |

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***Fuel Expense***

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| | | |
|:---|:---|:---|
| | **Quarters Ended** | **Quarters Ended** |
| *(Dollars and Gallons in Millions, Except Price Per Gallon)* | **Mar. 31, 2026** | Mar. 31, 2025 |
| Estimated Locomotive Fuel Consumption *(Gallons)* | **91.0** | 92.9 |
| Price per Gallon *(Dollars)* | $**2.76** | $2.42 |
| Total Locomotive Fuel Expense | $**251** | $225 |
| Non-Locomotive Fuel Expense | **51** | 50 |
| **Total Fuel Expense** | $**302** | $275 |

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**CSX Corporation**

**OPERATING STATISTICS** *(Estimated)*

In the first quarter of 2026, velocity and dwell both improved by 7% versus prior year. Carload trip plan performance improved by 7% and intermodal trip plan performance decreased by 2%. The Company continues to focus on operational improvements and executing the operating plan to deliver safe, reliable, and efficient service to customers.

The Federal Railroad Administration ("FRA") personal injury frequency index of 0.81 in first quarter 2026 improved 13% compared to prior year and the FRA train accident rate of 2.44 improved 31%. Safety is a top priority at CSX, and the Company is committed to reducing risk and enhancing the overall safety of its employees, customers, and communities in which it operates.

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| | | | |
|:---|:---|:---|:---|
| | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** |
|  | **Mar. 31, 2026** | Mar. 31, 2025 | *Improvement / (Deterioration)* |
| **<u>Operations Performance</u>** |  |  |  |
| Train Velocity *(Miles Per Hour)* | **18.9** | 17.6 | *7 %* |
| Dwell *(Hours)*  | **10.7** | 11.5 | *7 %* |
| Cars Online | **123804** | 132200 | *6 %* |
| On-Time Originations | **73%** | 68% | *7 %* |
| On-Time Arrivals | **61%** | 55% | *11 %* |
| Carload Trip Plan Performance | **74%** | 69% | *7 %* |
| Intermodal Trip Plan Performance | **88%** | 90% | *(2) %* |
| Fuel Efficiency | **0.97** | 0.99 | *2 %* |
| Revenue Ton-Miles *(Billions)*  |  |  |  |
| Merchandise | **32.6** | 32.3 | *1 %* |
| Coal | **8.5** | 8.4 | *1 %* |
| Intermodal | **7.5** | 7.1 | *6 %* |
| Total Revenue Ton-Miles | **48.6** | 47.8 | *2 %* |
| Total Gross Ton-Miles *(Billions)* | **93.5** | 93.9 | *— %* |
| **<u>Safety</u>** |  |  |  |
| FRA Personal Injury Frequency Index | **0.81** | 0.93 | *13 %* |
| FRA Train Accident Rate | **2.44** | 3.56 | *31 %* |

---

Certain operating statistics are estimated and can continue to be updated as actuals settle. The methodology for calculating train velocity, dwell, cars online and trip plan performance differs from that used by the Surface Transportation Board. The Company will continue to report these metrics to the Surface Transportation Board using the prescribed methodology.

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**CSX Corporation**

**OPERATING STATISTICS** *(Estimated), continued*

***<u>Key Performance Measures Definitions</u>***

<u>Train Velocity</u> - Average train speed between origin and destination in miles per hour (does not include locals, yard jobs, work trains or passenger trains). Train velocity measures actual train miles and times of a train movement on CSX's network.

<u>Dwell</u> - Average amount of time in hours between car arrival to and departure from the yard.

<u>Cars Online</u> - Average number of active freight rail cars on lines operated by CSX, excluding rail cars that are being repaired, in storage, those that have been sold, or private cars dwelling at a customer location more than one day.

<u>On-Time Originations</u> - Percent of scheduled road trains that depart the origin yard on-time or ahead of schedule.

<u>On-Time Arrivals</u> - Percent of scheduled road trains that arrive at the destination yard on-time to within two hours of scheduled arrival.

<u>Carload Trip Plan Performance</u> - Percent of measured cars (excludes unit trains and other non-scheduled service as well as empty automotive shipments) destined for a customer that complete their scheduled plan at or ahead of the original estimated time of arrival or interchange (as applicable).

<u>Intermodal Trip Plan Performance</u> - Percent of measured containers (excludes port shipments along with empty containers and other non-scheduled service) destined for a customer that complete their scheduled plan at or ahead of the original estimated time of arrival, notification or interchange (as applicable).

<u>Fuel Efficiency</u> - Gallons of locomotive fuel per 1,000 gross ton-miles.

<u>Revenue Ton-Miles (RTM's)</u> - The movement of one revenue-producing ton of freight over a distance of one mile.

<u>Gross Ton-Miles (GTM's)</u> - The movement of one ton of train weight over one mile. GTM's are calculated by multiplying total train weight by distance the train moved. Total train weight is comprised of the weight of the freight cars and their contents.

<u>FRA Personal Injury Frequency Index</u> - Number of FRA-reportable injuries per 200,000 man-hours.

<u>FRA Train Accident Rate</u> - Number of FRA-reportable train accidents per million train-miles.

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**CSX Corporation**

**NON-GAAP MEASURES** *(Unaudited)*

The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by GAAP. Therefore, the Company's non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP. Reconciliations of non-GAAP measures to corresponding GAAP measures are below.

***<u>Free Cash Flow</u>***

Management believes that Free Cash Flow ("FCF") is supplemental information useful to investors as it is important in evaluating the Company's financial performance. More specifically, FCF measures cash generated by the business after reinvestment. This measure represents cash available for both equity and bond investors to be used for dividends, share repurchases or principal reduction on outstanding debt. FCF is calculated by using net cash from operations and adjusting for property additions and proceeds and advances from property dispositions. FCF should be considered in addition to, rather than a substitute for, cash provided by operating activities.

The following table reconciles cash provided by operating activities (GAAP measure) to FCF before dividends (non-GAAP measure).

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| *(Dollars in Millions)* | **Mar. 31, 2026** | Mar. 31, 2025 |
| **Net Cash Provided by Operating Activities**  | $**1272** | $**1255** |
| Property Additions | (543) | (719) |
| Proceeds and Advances from Property Dispositions | 64 | 23 |
| Free Cash Flow (before payment of dividends) | $793 | $559 |

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