10-Q · July 22, 2026
The supplied excerpt does not contain the Q2 income statement, segment results, balance sheet, or cash-flow statements, so reported revenue, margins, EPS, free cash flow, and period-over-period trends cannot be verified…
Earnings analysis · 10-Q
CSX earnings analysis
Filed October 21, 2026 · Our reading of the company's report
The latest report
CSX delivered a strong Q3 2026, with revenue of approximately $4.02 billion and diluted EPS of $0.57, both above consensus, while operating margin expanded to 39.1%. Performance was supported by 5% total volume growth…
Read full summary
CSX delivered a strong Q3 2026, with revenue of approximately $4.02 billion and diluted EPS of $0.57, both above consensus, while operating margin expanded to 39.1%. Performance was supported by 5% total volume growth and 7% intermodal growth. The filing provides no quantitative revenue or EPS guidance, although management expects continued progress toward best-in-class performance in 2027; balance-sheet and cash-flow figures were not included in the supplied extract.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.57
- Operating margin
- 39.1%
- Segment
- Intermodal volume increased 7% year over year; total volume increased 5% year over year. Segment revenue dollars were not provided in the supplied filing extract.
What stood out
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Revenue grew and beat consensus
Q3 revenue was approximately $4.02 billion, up from $3.94 billion in Q2 2026 and $3.59 billion in Q3 2025. Revenue exceeded the $3.961 billion consensus estimate by approximately $59 million, or 1.5%.
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EPS exceeded estimates
Diluted EPS was $0.57, up $0.03 from $0.54 in Q2 2026 and $0.20 from $0.37 in Q3 2025. EPS exceeded the $0.53 consensus estimate by $0.04.
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Operating leverage strengthened
Operating margin was 39.1%, compared with 38.3% in Q2 2026 and 30.3% in Q3 2025, an improvement of 80 basis points sequentially and 880 basis points year over year.
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Volume growth accelerated
Total volume increased 5% year over year, with intermodal volume up 7%, indicating volume growth was a key contributor to the quarter's performance.
What to watch
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Goodwill impairment distorts comparisons
The prior-year comparison includes a $164 million goodwill impairment, which improves reported year-over-year comparability and may overstate the underlying operating improvement.
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Labor disruptions could impair service
The filing identifies labor difficulties and stoppages as potential risks to operations and customer deliveries. These risks are relevant despite reported total volume growth of 5% in Q3 2026.
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Cost inflation remains a headwind
The 10-Q states there were no material changes in market risk from the latest 10-K, while its forward-looking disclosures continue to identify inflation and changing operating costs as risks. The filing was current as of September 30, 2026.
Management's outlook
No quantitative forward revenue or EPS guidance was provided. Management said it expects continued progress toward best-in-class performance in 2027.
Earlier filings 4
10-Q · April 22, 2026
CSX reported Q1 2026 revenue of $3,482 million, up $59 million (1.7%) from Q1 2025, with operating income rising to $1,253 million from $1,041 million and operating margin expanding to ~36.0% from 30.4%. Net earnings…
10-K · February 12, 2026
CSX describes a large, diversified rail franchise with ~20,000 route miles, broad intermodal and merchandise operations and a focus on network investment and capital returns. 2025 results show lower revenue and earnings…
10-Q · October 16, 2025
CSX reported Q3 2025 revenue of $3,587 million and operating income of $1,087 million, with diluted EPS of $0.37. Revenue was modestly lower versus Q3 2024, operating income and EPS declined materially year-over-year,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.