CSX posts revenue, earnings dip in Q4

CSX yesterday announced fourth-quarter 2025 revenue dipped 1% to $3.5 billion and net earnings fell 2% to $720 million compared with the same quarter a year ago.

Revenue in the quarter declined as the effects of lower merchandise volume and reduced export coal revenue offset higher pricing in merchandise and intermodal, an increase in intermodal volume and higher fuel surcharge revenue, CSX officials said in a press release.

The Class I posted steady operating income of $1.11 billion in the quarter, while earnings per share rose 3% to $0.39 versus a year ago. Q4 operating income and earnings per share include $50 million and $0.02, respectively, in expenses related to severance and rationalization of specific technology investments, CSX officials said.

Excluding a pretax, noncash goodwill impairment charge, adjusted operating income was $1.21 billion and adjusted net earnings were $815 million, or $0.42 per share, in the prior year quarter. Also in Q4 2024, CSX posted operating income of $1.11 billion and net earnings of $733 million, or $0.38 per share. Excluding a pretax, noncash goodwill impairment charge, adjusted operating income was $1.21 billion and adjusted net earnings were $815 million, or $0.42 per share, in the prior year quarter.

The company's operating margin was 31.6% in Q4 2025 compared to 31.3% a year ago.

“Our quarterly results reflect the subdued industrial demand environment and actions taken to adjust our cost structure,” said President and CEO Steve Angel. “CSX has a strong operational foundation, and we are positioned to deliver improved financial performance in 2026 as we focus on driving productivity, cost control, and capital discipline while continuing to provide safe and reliable service.”

For full-year 2025, CSX reported $14 billion in revenue, down 3%, and net earnings of $3.5 billion, down 17% compared with full-year 2024 financial results.