third quarter 2026
Filed Oct 21, 2026Record quarterly revenue of $4.02 billion, up 12% year-over-year; diluted EPS of $0.57, up 54%
CSX reported record quarterly revenue, higher volume, sharply higher operating income and EPS, and 880 basis points of operating-margin expansion.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $4.02B | – | 12% |
| Total volumeother | 1.69 million units | – | 5% |
| Operating incomeGAAP | $1.57B | – | 44% |
| Operating marginGAAP | 39.1% | – | expanded 880 bps |
| Net earningsGAAP | $1.05B | – | – |
| Diluted EPSGAAP | $0.57 per diluted share | – | 54% |
| Adjusted operating income comparisonother | $1.57B | – | 25% |
| Adjusted net earnings comparisonother | $1.05B | – | 29% |
| Adjusted EPS comparisonother | $0.57 | – | 30% |
| Third quarter 2025 non-cash goodwill impairmentnon-GAAP | $164M | – | – |
What drove it
- Revenue increased due to increased fuel surcharge revenue together with higher volume and pricing across merchandise, intermodal, and coal.
- Total volume increased 5% year-over-year.
- Intermodal volume increased by 7%.
- Disciplined execution helped CSX move more freight while maintaining safety and service standards.
Concerns
- The release provided no quantified financial, volume, margin, capital-expenditure, tax-rate, or capital-return guidance.
- Fuel surcharge revenue was a contributor to revenue growth.
- The prior-year comparison included a non-cash goodwill impairment of $164 million.
What to watch
- Volume development across merchandise, intermodal, and coal.
- Revenue contribution from fuel surcharge revenue, pricing, and volume.
- Sustainability of the 39.1% operating margin.
- Management's progress toward best-in-class performance in 2027.
Analysis
CSX reported a strong third quarter of 2026, with record quarterly revenue of $4.02 billion, up 12% year-over-year. Total volume was 1.69 million units, up 5%, while intermodal volume increased by 7%. The company attributed revenue growth to increased fuel surcharge revenue as well as higher volume and pricing across merchandise, intermodal, and coal.
Management, verbatim
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.
Steve Angel, president and chief executive officer
The hard work of our railroaders has positioned us well as we enter the fourth quarter, and we look forward to making continued progress toward best-in-class performance in 2027.
Steve Angel, president and chief executive officer
Not in the filing
stated, not guessed- Period-end date
- Revenue prior-year amount
- Revenue prior-quarter amount and sequential change
- Volume prior-year unit amount
- Intermodal revenue and other segment revenue amounts
- Segment-level operating income or margin
- Gross profit and gross margin
- Operating expenses
- Tax rate
- Operating cash flow
- Free cash flow
- Capital expenditures
- Cash and cash equivalents
- Debt
- Share repurchases
- Dividends
- Quantified forward guidance
- Prior outlook for comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.