This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
10/17/2025
There were some positives and negatives for CSX in the third quarter. Late in the period, the Class I completed the complex Howard Street Tunnel project in Baltimore and costly hurricane-related infrastructure repairs in the Blue Ridge Subdivision in North Carolina and Tennessee. But about that same time, popular yet embattled CSX leader Joe Hinrichs departed the company and new President and CEO Steve Angel arrived.
The Q3 financial results announced by the railroad late yesterday similarly included positives and negatives. Volume increased 1% to 1.61 million units and operating expenses dropped 10% to $2.3 billion, but revenue dipped 1% to $3.58 billion, operating income tumbled 20% to $1.25 billion, net earnings fell 22% to 44 cents per share and the operating margin declined 7.1 points to 30.3 compared with third-quarter 2024 results.
The effects of lower export coal prices and reduced merchandise volume impacted revenue in the quarter, CSX officials said in a press release. Merchandise revenue dipped 1%, coal revenue fell 14% and intermodal revenue rose 4%. Increases in other revenue, higher merchandise pricing and intermodal volume growth helped offset the revenue decline, CSX officials said.
The Class I’s leadership team was more encouraged by operational performance in Q3. In terms of safety, the Federal Railroad Administration (FRA) injury rate through the third quarter declined 17%, with 21% fewer total injuries, helping to reduce time lost to injuries by 23%. FRA train accident safety performance was the best in a quarter since Q4 2023, with human-factor accidents down 16% and continuing to decline, CSX officials said.
Meanwhile, system velocity climbed to 18.9 mph from 17.5 mph in Q2; trip plan compliance improved to 87% from 80% in Q2 and 84% last year; cars on line decreased slightly to 121,000; and average terminal dwell time dropped about an hour to 9.5 hours
“This quarter’s operational performance reflects the dedication of our workforce and our commitment to running the best railroad in North America,” said Angel. “We are proud that the network is operating well, and we see clear opportunities to leverage that operational strength moving forward.”
Looking ahead, CSX expects to build on its strong operating performance and efficiency gains in Q4.