Every material Form 8-K CSX has filed with the SEC since November 12, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
CSX reported third quarter 2026 revenue of $4.02 billion, up 12% from a year earlier, with net earnings of $1.05 billion and diluted EPS of $0.57, compared with $0.37 in the prior-year quarter. The prior-year figure included a $164 million goodwill impairment; excluding it, EPS rose 30% from $0.44, and the company attributed higher revenue mainly to fuel surcharges along with higher volume and pricing. Fuel costs rose $170 million, and operating measures such as dwell time and trip plan performance worsened.
Operating income was $1.57 billion, up 44%, and operating margin was 39.1% versus 30.3%.
Total volume was 1.69 million units, up 5%, with intermodal volume up 7%.
Fuel expense rose $170 million, mostly due to a 67% increase in locomotive fuel prices.
Average dwell rose to 10.6 hours from 9.5 hours, and carload trip plan performance fell to 73% from 83%.
CSX Chief Operating Officer Michael Cory ceased serving as executive vice president and COO on October 12, 2026, and will provide transition services until May 8, 2027, when his employment ends. Operations leaders Doug Ryhorchuk and Casey Albright will now report directly to CEO Steve Angel, and the filing says the company's operating priorities are unchanged.
Cory stopped serving as EVP and COO effective October 12, 2026; his employment ends May 8, 2027
Transition agreement keeps his base salary at a $780,000 annual rate during the transition period, subject to a release of claims
Doug Ryhorchuk (SVP of Operations) and Casey Albright (SVP of Network Operations and Service Design) now report directly to Angel
Cory is bound by a non-compete and non-solicitation covenant for 24 months after his employment ends
CSX reported second quarter 2026 results on July 22, 2026, with revenue, operating income, net earnings and diluted EPS all higher than a year earlier. Volume rose 6%, led by 9% intermodal growth, while fuel expense rose $177 million on a 74% increase in locomotive fuel prices. The filing does not include updated financial guidance, and the company's results are based on the figures in its press release and quarterly report.
Revenue of $3.94 billion rose 10% year over year, driven mainly by higher fuel surcharge revenue plus higher volume and pricing.
Operating income of $1.51 billion rose 17%, and operating margin was 38.3% versus 35.9% a year earlier.
Net earnings of $1.00 billion, or $0.54 per diluted share, compared with $829 million, or $0.44 per share, in second quarter 2025.
Fuel expense rose $177 million to $446 million, partly offset by efficiency savings.
CSX's board authorized $5 billion of new share repurchase authority on May 12, 2026, on top of about $989 million remaining under the existing program as of March 31, 2026. The same day, the company announced that Stephen Fortune, Executive Vice President and Chief Digital & Technology Officer, had left the company, with Steve Watkins taking over his responsibilities.
Board authorized $5 billion of incremental buyback authority, added to about $989 million remaining as of March 31, 2026
Stephen Fortune's employment separated effective immediately on May 14, 2026, subject to a separation agreement and release
Steve Watkins assumes Fortune's responsibilities and reports directly to CFO Kevin S. Boone
At the May 12, 2026 annual meeting, all twelve director nominees were elected and shareholders ratified Ernst & Young LLP as auditor for 2026
CSX reported first quarter 2026 net earnings of $807 million, or $0.43 per diluted share, up from $646 million, or $0.34 per share, a year earlier. Revenue rose 2% to $3.48 billion on higher merchandise pricing, intermodal volume and domestic coal revenue, partly offset by lower export coal revenue. The filing shows earnings and revenue both improved for shareholders, and the company did not provide new guidance in this release.
Operating income was $1.25 billion, up from $1.04 billion in the first quarter of 2025.
Net earnings were $807 million, or $0.43 per diluted share, compared with $646 million, or $0.34 per share.
Revenue was $3.48 billion, up 2%, on total volume of 1.56 million units, up 3%.
Fuel expense rose $27 million, primarily due to a 14% increase in locomotive fuel prices.
CSX reported fourth quarter 2025 revenue of $3.51 billion, down 1% from a year earlier, as lower merchandise volume and reduced export coal revenue offset higher pricing. Net earnings were $720 million, or $0.39 per share, versus $733 million, or $0.38 per share, a year earlier, but the prior-year figure excluded a goodwill impairment, and the quarter included about $50 million in severance and technology costs. For the full year, EPS fell 14% to $1.54 and revenue fell 3% to $14.09 billion, which matters to shareholders because the earnings trend weakened over the year.
Q4 2025 revenue was $3.51 billion, down 1% year over year; operating margin was 31.6% versus 31.3% a year earlier.
Q4 2025 EPS was $0.39 versus $0.38 in Q4 2024; prior-year adjusted EPS was $0.42 excluding a goodwill impairment.
Full-year 2025 EPS was $1.54 versus $1.79 in 2024, down 14%; full-year net earnings were $2.89 billion versus $3.47 billion.
Full-year 2025 results include a $164 million goodwill impairment charge recorded in the third quarter.
CSX appointed Kevin Boone as executive vice president and chief financial officer, effective October 29, 2025, succeeding Sean Pelkey, who separated from the company the same day. The company also promoted Maryclare Kenney to senior vice president and chief commercial officer. The filing discloses no financial results, and Boone's compensation is unchanged.
Kevin Boone, previously executive vice president and chief commercial officer since June 2021, becomes CFO effective October 29, 2025
Sean R. Pelkey separated from his role as CFO on October 29, 2025; his severance is subject to a signed separation agreement and release
Maryclare T. Kenney, age 48, promoted to senior vice president and chief commercial officer, effective immediately
No changes to Boone's compensation arrangements in connection with his appointment
CSX entered into an underwriting agreement on October 20, 2025 to sell $300 million of additional 5.050% notes due 2035, under its existing shelf registration. The notes form a single series with $600 million of the same notes issued on March 10, 2025, and the offering is expected to close on October 23, 2025, subject to customary conditions. For shareholders, this is a routine debt financing that adds to the company's outstanding borrowings.
Underwriting agreement dated October 20, 2025 with Citigroup Global Markets, J.P. Morgan Securities and UBS Securities as representatives
$300 million aggregate principal amount of 5.050% notes due 2035, a further issuance of the $600 million notes issued March 10, 2025
Offering expected to close October 23, 2025, subject to customary closing conditions
CSX reported third quarter 2025 results with revenue of $3.59 billion, down 1% from a year earlier, and net earnings of $694 million, or $0.37 per share, down from $894 million, or $0.46 per share, in the third quarter of 2024. Excluding a non-cash goodwill impairment of $164 million tied to Quality Carrier, adjusted net earnings were $818 million, or $0.44 per share, which is still below the prior year's figures.
Third quarter operating income was $1.09 billion, down 20% from $1.35 billion a year earlier; adjusted operating income excluding the impairment was $1.25 billion.
Volume rose 1% year over year to 1.61 million units, but revenue fell 1% as lower export coal prices and lower merchandise volume offset gains in other revenue, merchandise pricing and intermodal.
Expenses rose $235 million, or 10%, in the quarter, including $164 million of goodwill impairment and $35 million of corporate restructuring, severance and advisory costs excluded from adjusted results.
The filing gives no new financial guidance for future periods.
CSX's Board appointed Stephen Angel, 70, as President and Chief Executive Officer and a Board member, effective immediately, succeeding Joseph Hinrichs, whose employment ended effective September 27, 2025. Hinrichs also resigned from the Board, and the company's September 29 press release says operating performance remains strong and CSX still expects full-year volume growth.
Angel's employment letter provides a $1,500,000 initial annual base salary, a 175% target bonus and a $10,000,000 grant-date target value sign-on equity award.
Hinrichs separated from employment effective September 27, 2025, and resigned from the Board upon his separation.
Angel was Linde CEO from 2018 to 2022 and Chairman from 2022; he plans to retire from Linde's Board effective January 31, 2026.
The press release states that CSX still expects to deliver full-year volume growth.
CSX reported second quarter 2025 results with revenue of $3.57 billion, down 3% from a year earlier, and net income of $829 million, down 14%. Diluted EPS was $0.44, compared with $0.49 a year earlier, and operating income fell 11% to $1.28 billion, so shareholders saw lower profit on a year-over-year basis despite a sequential improvement.
Revenue fell 3% year-over-year to $3.57 billion, reflecting lower export coal prices, reduced fuel surcharge and lower merchandise volume.
Operating margin was 35.9%, down 320 basis points from a year earlier but up 550 basis points from the first quarter.
Diluted EPS was $0.44, down 10% from $0.49 a year earlier and up 29% from the prior quarter.
Total volume was 1.58 million units, flat year-over-year and up 4% sequentially.
CSX reported first quarter 2025 results that declined from a year earlier, with revenue of $3.42 billion, down 7%, and net income of $646 million, or $0.34 per diluted share, versus $880 million, or $0.45 per share, in the prior-year quarter. CEO Joe Hinrichs said the results did not meet company expectations, citing operational challenges and network constraints tied to two major infrastructure projects. For shareholders, the lower quarterly earnings per share reflect weaker operating income and revenue.
Operating income was $1.04 billion, compared with $1.34 billion in the first quarter of 2024.
Net income was $646 million, or $0.34 per diluted share, compared with $880 million, or $0.45 per diluted share.
Revenue was $3.42 billion, down 7% year over year, while total volume of 1.52 million units was down 1%.
Shares repurchased in the quarter totaled $751 million, compared with $247 million a year earlier.
CSX Corporation entered into an underwriting agreement on March 6, 2025 to sell $600 million of 5.050% Notes due 2035 to the public through underwriters led by Barclays, BofA Securities, Mizuho and Morgan Stanley. The offering is expected to close on March 10, 2025, subject to customary closing conditions, and is being made under a shelf registration that took effect February 27, 2025. The filing describes a routine debt financing and does not state how the proceeds will be used.
Principal amount: $600 million of 5.050% Notes due 2035
Underwriting agreement dated March 6, 2025 with Barclays Capital, BofA Securities, Mizuho Securities USA and Morgan Stanley as representatives
Expected closing date: March 10, 2025, subject to customary conditions
Offered under shelf registration effective February 27, 2025
CSX appointed Ann Begeman, a former Surface Transportation Board member from 2011 to 2021, to its board of directors effective January 27, 2025, raising the board from twelve to thirteen directors. The board determined she does not qualify as independent under NASDAQ listing standards because she received $275,000 for regulatory and government affairs advice in fiscal 2024.
Appointed effective January 27, 2025; board size increases from twelve to thirteen directors.
Board found she is not independent under NASDAQ standards due to $275,000 in fiscal 2024 advisory payments.
Named to the Finance Committee; compensated as a non-employee director under the March 25, 2024 proxy statement.
CSX reported fourth quarter 2024 net income of $733 million, or $0.38 per diluted share, down from $882 million, or $0.45, a year earlier, as revenue fell 4% to $3.54 billion. The quarter included a $108 million non-cash goodwill impairment charge tied to Quality Carriers; excluding it, adjusted EPS was $0.42. For full year 2024, net income was $3.47 billion, or $1.79 per share, compared with $1.82 in 2023.
Q4 2024 revenue was $3.54 billion, down 4% year over year; net income was $733 million, or $0.38 per diluted share, versus $0.45 a year earlier.
A $108 million goodwill impairment charge related to Quality Carriers reduced fourth quarter results; adjusted EPS was $0.42.
Full year 2024 revenue was $14.54 billion, down 1%; EPS was $1.79 versus $1.82 in 2023.
CSX said its Executive Vice President and Chief Legal Officer, Nathan Goldman, will retire effective January 1, 2025, after a 21-year tenure. Michael Burns, a company veteran since 2006 who currently serves as vice president and general counsel, will be promoted to Senior Vice President and Chief Legal Officer effective January 2, 2025, as part of a planned succession process. The filing reports no financial figures, so the change is a leadership transition rather than a change in reported results.
Nathan D. Goldman, age 67, retires as EVP, Chief Legal Officer and Corporate Secretary effective January 1, 2025
Michael S. Burns, age 49, promoted to Senior Vice President, Chief Legal Officer and Corporate Secretary effective January 2, 2025
Burns previously served as Vice President, General Counsel and Assistant Corporate Secretary, and joined CSX in 2006
Burns will oversee legal and regulatory affairs, the corporate secretary's office, risk management, and audit functions, among others
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every CSX filing is on SEC EDGAR ↗. 8-K briefs of other companies →