CSX CORP Earnings Summary — Q1 2026

• Q1 2026 net income surged 24.9% year-over-year to $807 million despite largely flat revenue.
• Revenue growth returned to positive territory at 1.7% YoY after four consecutive quarters of declines.
• Operating income reached $1,253 million, a significant recovery from the $1,041 million reported in Q1 2025.
• Share count reduction continues to support EPS, with diluted shares outstanding down 1.59% YoY.
• Operating expenses were tightly controlled at $415 million, significantly lower than the $588 million spike in Q3 2025.
• The company maintains its dominant duopolistic position in the Eastern US despite commodity volatility.
• The PSR (Precision Scheduled Railroading) model continues to drive cost optimization and margin recovery.

Management is pivoting toward a 'growth' mindset to capture truck-to-rail conversions while maintaining a best-in-class operating ratio.

Improving

After a challenging 2025 characterized by net income declines, Q1 2026 shows a sharp reversal in profit trends and a return to top-line growth.

The outlook remains focused on refining operational efficiencies and leveraging terrestrial rights-of-way to counter secular declines in coal through diverse freight expansion.