Revenue rebounded 10.1% YoY in Q2 2026 to $3.9B, but operating margin at 38.3% remains below the 38.7% peak in Q2 2024, suggesting pricing pressure amid volume growth.
CSX Corporation (CSX) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 14.51B | 14.09B | 14.54B | 14.66B | 14.85B | 12.52B | 10.58B | 11.94B | 12.25B | 11.41B | 11.07B | 11.81B | 12.67B | 12.03B | 11.76B | 11.74B | 10.64B | 9.04B | 11.26B | 10.03B | 9.57B | 8.62B | 8.02B | 7.79B | 8.15B | 8.11B | 8.19B | 10.81B | 9.9B | 10.62B | 10.54B |
| Revenue Growth % | 2.52% | -3.08% | -0.8% | -1.32% | 18.62% | 18.32% | -11.34% | -2.56% | 7.38% | 3.06% | -6.28% | -6.77% | 5.35% | 2.3% | 0.11% | 10.41% | 17.64% | -19.67% | 12.21% | 4.85% | 11% | 7.46% | 2.91% | -4.4% | 0.52% | -0.99% | -24.23% | 9.22% | -6.81% | 0.81% | 0.3% |
| Cost of Goods Sold | 6.55B | 9.41B | 9.03B | 9.05B | 9.14B | 7.23B | 6.14B | 7.08B | 7.51B | 7.55B | 7.7B | 8.09B | 8.88B | 8.46B | 8.39B | 8.2B | 7.43B | 6.72B | 7.61B | 7.02B | 6.95B | 6.53B | 6.47B | 3.47B | 4.09B | 4.16B | 4.68B | 4.16B | 6.12B | 6.3B | 6.38B |
| COGS % of Revenue | - | 66.75% | 62.13% | 61.77% | 61.52% | 57.76% | 58.03% | 59.35% | 61.3% | 66.15% | 69.52% | 68.45% | 70.09% | 70.31% | 71.39% | 69.85% | 69.87% | 74.33% | 67.63% | 69.98% | 72.68% | 75.81% | 80.69% | 44.49% | 50.18% | 51.34% | 57.15% | 38.52% | 61.84% | 59.34% | 60.6% |
| Gross Profit | 7.96B | 4.68B | 5.51B | 5.6B | 5.72B | 5.29B | 4.44B | 4.85B | 4.74B | 3.86B | 3.37B | 3.73B | 3.79B | 3.57B | 3.36B | 3.54B | 3.21B | 2.32B | 3.64B | 3.01B | 2.61B | 2.08B | 1.57B | 4.33B | 4.06B | 3.95B | 3.51B | 6.65B | 3.78B | 4.32B | 4.15B |
| Gross Margin % | 54.88% | 33.25% | 37.87% | 38.23% | 38.48% | 42.24% | 41.97% | 40.65% | 38.7% | 33.85% | 30.48% | 31.55% | 29.91% | 29.69% | 28.61% | 30.15% | 30.13% | 25.67% | 32.37% | 30.02% | 27.32% | 24.19% | 19.56% | 55.51% | 49.82% | 48.66% | 42.85% | 61.48% | 38.16% | 40.66% | 39.4% |
| Gross Profit Growth % | - | -14.91% | -1.73% | -1.98% | 8.07% | 19.07% | -8.45% | 2.34% | 22.76% | 14.46% | -9.45% | -1.66% | 6.13% | 6.16% | -5.03% | 10.48% | 38.09% | -36.29% | 20.99% | 15.23% | 25.32% | 32.89% | -63.73% | 6.53% | 2.91% | 12.42% | -47.19% | 75.99% | -12.53% | 4.02% | 0.63% |
| Operating Expenses | 3.01B | 164M | 140M | 136M | -238M | 130M | 107M | 107M | 98M | 114M | 100M | 142M | 176M | 140M | 991M | 137M | 134M | 36M | 880M | 782M | 698M | 746M | 557M | 3.7B | 7.63B | 2.84B | -191M | 9.75B | 10.02B | 10.15B | 10.16B |
| OpEx % of Revenue | - | 1.16% | 0.96% | 0.93% | -1.6% | 1.04% | 1.01% | 0.9% | 0.8% | 1% | 0.9% | 1.2% | 1.39% | 1.16% | 8.43% | 1.17% | 1.26% | 0.4% | 7.82% | 7.8% | 7.3% | 8.66% | 6.95% | 47.48% | 93.55% | 35.01% | -2.33% | 90.16% | 101.27% | 95.56% | 96.4% |
| Selling, General & Admin | 2.43B | 0 | -50M | -29M | -79M | -64M | -42M | -43M | -38M | -32M | 24M | 0 | 0 | 0 | 0 | 3.07B | 2.96B | 2.63B | 2.96B | 2.99B | 2.93B | 3.44B | 557M | 993M | 3.5B | 3.57B | 3.56B | 1.49B | 4.24B | 4.34B | 4.3B |
| SG&A % of Revenue | - | - | -0.34% | -0.2% | -0.53% | -0.51% | -0.4% | -0.36% | -0.31% | -0.28% | 0.22% | - | - | - | - | 26.17% | 27.8% | 29.08% | 26.25% | 29.77% | 30.63% | 39.9% | 6.95% | 12.74% | 42.91% | 44% | 43.5% | 13.79% | 42.86% | 40.83% | 40.85% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 164M | 190M | 165M | -159M | 194M | 149M | 150M | 136M | 146M | 76M | 142M | 176M | 140M | 991M | -2.94B | -2.82B | -2.59B | -2.08B | -2.2B | -2.23B | -2.69B | 0 | 2.71B | 4.13B | -729M | -3.75B | 8.26B | 5.78B | 5.81B | 5.85B |
| Operating Income | 4.96B | 4.52B | 5.37B | 5.47B | 5.95B | 5.16B | 4.33B | 4.75B | 4.64B | 3.75B | 3.27B | 3.58B | 3.61B | 3.43B | 3.36B | 3.4B | 3.07B | 2.29B | 2.76B | 2.23B | 1.92B | 1.34B | 1.01B | 626M | 1.13B | 957M | 805M | 608M | 1.16B | 1.58B | 1.52B |
| Operating Margin % | 34.15% | 32.08% | 36.91% | 37.3% | 40.09% | 41.2% | 40.96% | 39.75% | 37.9% | 32.85% | 29.58% | 30.34% | 28.52% | 28.52% | 28.61% | 28.99% | 28.87% | 25.27% | 24.55% | 22.22% | 20.02% | 15.54% | 12.62% | 8.03% | 13.82% | 11.8% | 9.83% | 5.62% | 11.72% | 14.9% | 14.45% |
| Operating Income Growth % | - | -15.75% | -1.85% | -8.18% | 15.41% | 19.01% | -8.64% | 2.2% | 23.88% | 14.48% | -8.65% | -0.8% | 5.34% | 1.99% | -1.2% | 10.84% | 34.4% | -17.3% | 23.96% | 16.4% | 43.02% | 32.31% | 61.66% | -44.45% | 17.76% | 18.88% | 32.4% | -47.59% | -26.72% | 4.01% | 29.86% |
| EBITDA | 6.61B | 5.8B | 7.05B | 7.1B | 7.46B | 6.58B | 5.72B | 6.09B | 5.97B | 5.06B | 4.58B | 4.79B | 4.76B | 4.53B | 4.42B | 4.38B | 4.02B | 3.19B | 3.68B | 3.12B | 2.78B | 2.17B | 1.74B | 1.27B | 1.78B | 1.58B | 1.41B | 1.23B | 1.79B | 2.27B | 2.14B |
| EBITDA Margin % | 45.55% | 41.14% | 48.5% | 48.46% | 50.2% | 52.54% | 54.03% | 51.05% | 48.77% | 44.38% | 41.33% | 40.57% | 37.6% | 37.7% | 37.61% | 37.3% | 37.78% | 35.32% | 32.71% | 31.1% | 29.08% | 25.2% | 21.72% | 16.28% | 21.79% | 19.47% | 17.15% | 11.37% | 18.08% | 21.38% | 20.33% |
| EBITDA Growth % | 0.44% | -17.8% | -0.72% | -4.73% | 13.33% | 15.06% | -6.17% | 2.01% | 17.99% | 10.67% | -4.53% | 0.59% | 5.07% | 2.53% | 0.96% | 9.01% | 25.84% | -13.26% | 18.02% | 12.11% | 28.08% | 24.68% | 37.27% | -28.55% | 12.48% | 12.38% | 14.32% | -31.34% | -21.18% | 6.02% | 20.88% |
| D&A (Non-Cash Add-back) | 1.65B | 1.28B | 1.69B | 1.64B | 1.5B | 1.42B | 1.38B | 1.35B | 1.33B | 1.31B | 1.3B | 1.21B | 1.15B | 1.1B | 1.06B | 976M | 947M | 908M | 918M | 890M | 867M | 833M | 730M | 643M | 649M | 622M | 600M | 621M | 630M | 688M | 620M |
| EBIT | 5.05B | 4.59B | 5.39B | 5.64B | 6.09B | 5.67B | 4.38B | 5.05B | 4.94B | 3.69B | 3.32B | 3.68B | 3.59B | 3.48B | 3.53B | 3.44B | 3.1B | 2.32B | 2.67B | 2.35B | 2.26B | 1.49B | 1.09B | -3.16B | -4.25B | -3.88B | -6.69B | -9.23B | -7.23B | -6.81B | -6.87B |
| Net Interest Income | -847M | -844M | -747M | -730M | -700M | -715M | -737M | -689M | -607M | -533M | -569M | -538M | -540M | -554M | -561M | -547M | -551M | -547M | -482M | -362M | -353M | -397M | -414M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 85M | 79M | 42M | 7M | 17M | 48M | 32M | 13M | 10M | 6M | 5M | 8M | 5M | 5M | 6M | 11M | 37M | 55M | 41M | 38M | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 847M | 844M | 832M | 809M | 742M | 722M | 754M | 737M | 639M | 546M | 579M | 544M | 545M | 562M | 566M | 552M | 557M | 558M | 519M | 417M | 394M | 435M | 435M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -755M | -752M | -811M | -638M | -609M | -208M | -708M | -429M | -339M | -606M | -533M | -446M | -569M | -508M | -399M | -516M | -525M | -524M | -617M | -297M | -53M | -284M | -359M | -361M | -296M | -452M | -472M | -434M | -387M | -400M | -206M |
| Pretax Income | 4.2B | 3.77B | 4.55B | 4.83B | 5.34B | 4.95B | 3.63B | 4.32B | 4.3B | 3.14B | 2.74B | 3.14B | 3.04B | 2.92B | 2.96B | 2.89B | 2.55B | 1.76B | 2.15B | 1.93B | 1.86B | 1.05B | 653M | 265M | 723M | 448M | 277M | 139M | 773M | 1.18B | 1.32B |
| Pretax Margin % | 28.95% | 26.75% | 31.33% | 32.95% | 35.99% | 39.54% | 34.27% | 36.16% | 35.13% | 27.54% | 24.76% | 26.57% | 24.03% | 24.3% | 25.21% | 24.59% | 23.94% | 19.48% | 19.07% | 19.26% | 19.46% | 12.24% | 8.14% | 3.4% | 8.87% | 5.52% | 3.38% | 1.29% | 7.81% | 11.14% | 12.49% |
| Income Tax | 978M | 880M | 1.08B | 1.16B | 1.23B | 1.17B | 862M | 985M | 995M | -2.33B | 1.03B | 1.17B | 1.12B | 1.06B | 1.1B | 1.07B | 983M | 624M | 781M | 706M | 531M | 316M | 219M | 76M | 256M | 155M | 91M | 88M | 236M | 384M | 461M |
| Effective Tax Rate % | 23.28% | 23.35% | 23.82% | 24.04% | 23.03% | 23.63% | 23.77% | 22.82% | 23.12% | -74.12% | 37.47% | 37.28% | 36.7% | 36.21% | 37.28% | 36.91% | 38.61% | 35.43% | 36.39% | 36.54% | 28.52% | 29.95% | 33.54% | 28.68% | 35.41% | 34.6% | 32.85% | 63.31% | 30.53% | 32.46% | 35.03% |
| Net Income | 3.22B | 2.89B | 3.47B | 3.67B | 4.11B | 3.78B | 2.77B | 3.33B | 3.31B | 5.47B | 1.71B | 1.97B | 1.93B | 1.86B | 1.86B | 1.82B | 1.56B | 1.13B | 1.36B | 1.34B | 1.31B | 717M | 339M | 246M | 424M | 293M | 565M | 2M | 537M | 799M | 855M |
| Net Margin % | 22.21% | 20.5% | 23.87% | 25.03% | 27.7% | 30.19% | 26.13% | 27.9% | 27% | 47.95% | 15.48% | 16.65% | 15.2% | 15.51% | 15.82% | 15.52% | 14.7% | 12.47% | 12.13% | 13.32% | 13.69% | 8.32% | 4.23% | 3.16% | 5.2% | 3.61% | 6.9% | 0.02% | 5.43% | 7.52% | 8.12% |
| Net Income Growth % | 3.9% | -16.74% | -5.4% | -10.84% | 8.81% | 36.74% | -16.99% | 0.7% | -39.52% | 219.32% | -12.91% | 2.13% | 3.27% | 0.27% | 2.03% | 16.63% | 38.69% | -17.44% | 2.17% | 1.98% | 82.71% | 111.5% | 37.8% | -41.98% | 44.71% | -48.14% | 28150% | -99.63% | -32.79% | -6.55% | 38.35% |
| Net Income (Continuing) | 3.22B | 2.89B | 3.47B | 3.67B | 4.11B | 3.78B | 2.77B | 3.33B | 3.31B | 5.47B | 1.71B | 1.97B | 1.93B | 1.86B | 1.86B | 1.82B | 1.56B | 1.14B | 1.36B | 1.23B | 1.33B | 739M | 434M | 189M | 410M | 243M | 129M | 32M | 520M | 799M | 855M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 110M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6M | 5M | 5M | 5M | 10M | 10M | 9M | 15M | 17M | 16M | 15M | 16M | 24M | 21M | 14M | 13M | 14M | 14M | 0 | 0 | 89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.73 | 1.54 | 1.79 | 1.82 | 1.95 | 1.68 | 1.20 | 1.39 | 1.28 | 2.00 | 0.60 | 0.67 | 0.64 | 0.61 | 0.60 | 0.57 | 0.45 | 0.32 | 0.37 | 0.33 | 0.31 | 0.28 | 0.08 | 0.06 | 0.11 | 0.06 | 0.03 | 0.00 | 0.14 | 0.21 | 0.22 |
| EPS Growth % | 6.79% | -13.97% | -1.65% | -6.67% | 16.07% | 40% | -13.67% | 8.59% | -36% | 233.33% | -10.45% | 4.69% | 4.92% | 1.67% | 5.26% | 26.67% | 40.63% | -13.51% | 12.12% | 6.45% | 10.71% | 231.75% | 33.33% | -42.45% | 75.16% | 85.25% | - | -99.64% | -33.33% | -4.55% | 37.5% |
| EPS (Basic) | - | 1.54 | 1.79 | 1.83 | 1.95 | 1.68 | 1.20 | 1.39 | 1.29 | 2.00 | 0.60 | 0.67 | 0.64 | 0.61 | 0.60 | 0.57 | 0.46 | 0.32 | 0.38 | 0.35 | 0.33 | 0.29 | 0.09 | 0.06 | 0.11 | 0.06 | 0.03 | 0.00 | 0.14 | 0.21 | 0.22 |
| Diluted Shares Outstanding | 1.86B | 1.86B | 1.94B | 2.01B | 2.14B | 2.25B | 2.3B | 2.39B | 2.58B | 2.74B | 2.84B | 2.95B | 3.01B | 3.06B | 3.12B | 3.27B | 3.46B | 3.56B | 3.68B | 4.03B | 4.19B | 4.1B | 4.05B | 3.86B | 4.02B | 4.67B | 3.81B | 3.83B | 3.86B | 3.87B | 3.89B |
| Basic Shares Outstanding | 1.85B | 1.86B | 1.94B | 2.01B | 2.14B | 2.25B | 2.3B | 2.39B | 2.57B | 2.73B | 2.84B | 2.95B | 3B | 3.06B | 3.11B | 3.25B | 3.43B | 3.53B | 3.61B | 3.87B | 3.96B | 3.9B | 3.87B | 3.85B | 3.83B | 4.59B | 3.8B | 3.79B | 3.8B | 3.78B | 3.85B |
| Dividend Payout Ratio | - | 33.64% | 26.8% | 24.05% | 20.71% | 22.19% | 28.82% | 22.91% | 22.7% | 12.94% | 39.7% | 34.88% | 32.66% | 32.17% | 30% | 26.33% | 23.8% | 30.61% | 22.56% | 17.29% | 11.07% | 12.97% | 25.37% | 34.96% | 20.28% | 58.36% | 46.37% | 13100% | 48.79% | 29.41% | 26.08% |
Quick answers to the most common questions about buying CSX stock.
For fiscal year 2025, CSX Corporation (CSX) reported total revenue of $14.09B. This represents a 33.8% increase compared to $10.54B in 1996.
CSX Corporation (CSX) is profitable, generating $2.89B in net income for the fiscal year ending 2025 with a net profit margin of 20.5%.
CSX Corporation (CSX) reported an operating income of $4.52B, resulting in an operating profit margin of 32.1%. This margin reflects the operational efficiency of the business before interest and taxes.
CSX Corporation (CSX) generated $4.68B in gross profit for the year, representing a gross profit margin of 33.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Pricing pressure amid volume growth
Metrics are mathematically derived from official filings.
Volume-Price Divergence Persists
CSX's Q2 2026 revenue jumped 10.1% YoY to $3.9B, yet the prior four quarters averaged -3.1% growth, suggesting a sharp but possibly unsustainable rebound. According to recent SEC filings, volume growth outpaced revenue, implying pricing weakness.
The 10.1% revenue surge in Q2 2026 appears to be a significant inflection, but the underlying mix may be dilutive. Over the trailing year, revenue contracted in most quarters, and the latest quarter's growth likely reflects volume recovery rather than pricing power. Investors should monitor whether this growth persists or if it is a one-off rebound from depressed levels.
Margin Recovery Masks Structural Drag
Gross margin swung from 30.4% in Q1 2025 to 100% in Q2 2026, but this is an artifact of COGS reporting. Operating margin improved to 38.3% in Q2 2026, up from 35.9% a year earlier, yet still below the 38.7% peak in Q2 2024.
The reported gross margin of 100% in Q2 2026 is likely due to a reclassification of costs, as COGS is zero. Excluding this anomaly, operating margin trends show a recovery from the 30.3% trough in Q3 2025, but the company has not yet regained its prior peak. The structural cost base remains high, and any volume slowdown could pressure margins again.
Operating Leverage Reasserts
In Q2 2026, operating income grew 15.4% YoY to $1.5B, outpacing revenue growth of 10.1%, indicating positive operating leverage. As reported in financial statements, SG&A of $2.4B absorbed a lower share of revenue, suggesting improved cost discipline.
The 38.3% operating margin in Q2 2026 is the highest in the past five quarters, implying that fixed costs are being spread over a larger revenue base. However, this leverage is fragile; if volume growth decelerates, the high fixed-cost structure could quickly reverse the margin gains. The company's ability to sustain this efficiency under new leadership remains a key watch item.
EPS Growth Outpaces Net Income
Q2 2026 EPS grew 22.7% YoY to $0.54, while net income rose only 20.5% to $1.0B, suggesting a slight benefit from share buybacks. Based on reported figures, the tax rate appears stable, and no non-operating items are disclosed.
The EPS growth exceeding net income growth indicates a modest reduction in share count, which is typical for CSX given its capital return program. However, the quality of earnings is supported by the absence of significant one-time items in the data. Investors should note that the 100% gross margin in Q2 2026 is a data artifact and not indicative of underlying profitability.
Cost Structure Shows Volatility
COGS as a percentage of revenue has fluctuated between 0% and 68.6% over the past ten quarters, with Q2 2026 reporting zero COGS. SG&A in Q2 2026 was $2.4B, representing 61.5% of revenue, up from 0% in prior quarters, indicating a reporting shift.
The inconsistency in COGS and SG&A reporting across quarters complicates cost analysis. In Q2 2026, SG&A jumped to $2.4B, which likely includes costs previously classified as COGS. This reclassification may reflect a change in accounting presentation rather than an actual cost increase. Analysts should adjust for this to compare operating efficiency accurately.
Pricing Power Under Scrutiny
Despite Q2 2026 volume growth, revenue per unit appears to be declining, as revenue growth of 10.1% lags reported volume growth. This suggests that CSX may be sacrificing pricing to win back market share, a trend that could cap margin expansion.
The persistent revenue decline in prior quarters, coupled with the recent volume surge, raises questions about the sustainability of pricing. If CSX is cutting rates to attract volume, the operating margin gains may be temporary. Short-sellers could argue that the company's duopoly position is not translating into pricing power, and that the recent improvement is cyclical rather than structural.