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Sentiment · FY2026 Q2
CSX delivered Q1 total revenue increasing 2% on 3% volume growth, with EPS surging 26% driven by broad-based cost efficiency and margin expansion. Operating income increased 20%, and full-year revenue growth guidance was raised from low single digits to mid-single digits. The Howard Street Tunnel was unlocking new capacity for intermodal growth, and the industrial development pipeline continued driving volume. The company targeted the high end of the 200 to 300 basis point margin expansion range, with free cash flow growth now expected above 60% versus 2025.
Margin | Demand | Cost Pressure | Competitive Dynamics | Revenue Growth | Pricing | Capex Investment | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 4 | 1 | 2 | 6 | 3 | 3 | |
| 2025Q1 | 4 | 8 | 5 | 2 | 3 | 2 | 1 | |
| 2025Q2 | 2 | 5 | 5 | 4 | 3 | 2 | 2 | 3 |
| 2025Q3 | 4 | 5 | 2 | 9 | 1 | 4 | 6 | |
| 2025Q4 | 8 | 2 | 5 | 3 | 4 | 4 | 1 | 1 |
| 2026Q1 | 5 | 5 | 5 | 2 | 2 | 2 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 6 | 4 | 2 | 4 | 8 | 5 |
| Demand | 4 | 8 | 5 | 5 | 2 | 5 |
| Cost Pressure | 1 | 5 | 5 | 2 | 5 | 5 |
| Competitive Dynamics | 2 | 2 | 4 | 9 | 3 | 2 |
| Revenue Growth | 6 | 3 | 3 | 4 | 2 | |
| Pricing | 3 | 2 | 2 | 1 | 4 | 2 |
| Capex Investment | 3 | 1 | 2 | 4 | 1 | 2 |
| M&A | 3 | 6 | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $3.54B | -3.8% | $0.38 | -15.6% | 34.2% | 20.7% | $550M |
| FY2025 Q1 | $3.42B | -7.0% | $0.34 | -24.4% | 30.4% | 18.9% | $536M |
| FY2025 Q2 | $3.57B | -3.4% | $0.44 | -10.2% | 35.9% | 23.2% | $-141M |
| FY2025 Q3 | $3.59B | -0.9% | $0.37 | -19.6% | 30.3% | 19.3% | $2.83B |
| FY2025 Q4 | $3.51B | -0.9% | $0.39 | +2.6% | 31.6% | 20.5% | $709M |
| FY2026 Q1 | $3.48B | +1.7% | $0.43 | +26.5% | 36.0% | 23.2% | $729M |
| FY2026 Q2 | $3.94B | +10.1% | $0.54 | +22.7% | 38.3% | 25.5% | $1.87B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Tom Wadewitz | UBS | 7 (0%) |
| Ken Hoexter | Bank of America | 7 (0%) |
| David Vernon | Bernstein | 7 (0%) |
| Jon Chappell | Evercore ISI | 7 (0%) |
| Walter Spracklin | RBC Capital Markets | 7 (14%) |
| Brian Ossenbeck | JPMorgan | 7 (43%) |
| Chris Wetherbee | Wells Fargo | 7 (0%) |
| Ariel Rosa | Citigroup | 7 (0%) |
| Brandon Oglenski | Barclays | 6 (33%) |
| Scott Group | Wolfe Research | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 7 (43%) |
| RBC Capital Markets | 1 | 7 (14%) |
| Bank of America | 1 | 7 (0%) |
| Barclays | 2 |
What CSX and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“CSX reported yesterday, great results. I was impressed. They did a great job, okay? And they are going to compete hard and they will still be a competitor in the eastern part of our network.”
UNP's CEO praises CSX's quarterly results and frames CSX as a hard competitor in the East post-merger; a read-through on CSX's competitive posture.
“So we're coming in by granite by rail, which means we're coming in by CSX.”
Martin Marietta relies on CSX rail to import granite into Florida, making CSX a key logistics supplier for its aggregates distribution.
| 7 (29%) |
| Bernstein | 1 | 7 (0%) |
| Evercore ISI | 1 | 7 (0%) |
| Citigroup | 1 | 7 (0%) |
| Stephens | 2 | 7 (14%) |
“We also supported Diamond Pet Foods with a multistate site search that settled in Indiana”
Diamond Pet Foods sited a new rail-served facility in Indiana with CSX support.
“We worked with Keystone Terminals, a bulk commodity terminal in Jacksonville, Florida, to develop a new rail extension, enabling synthetic gypsum shipments to move on our network”
Keystone Terminals developed a CSX rail extension enabling synthetic gypsum shipments.
“we will soon be launching improved service with CPKC on our SMX product. SMX provides truck competitive transit between major markets in the southeast with Dallas and Mexico”
CSX is partnering with CPKC on the SMX interline intermodal service linking the southeast with Dallas and Mexico.
“Martin Marietta expanded a rail-served aggregate loading facility in Green Cove Springs, Florida with new rail infrastructure”
Martin Marietta expanded a CSX rail-served aggregate loading facility, expected to reach full ramp by end of 2Q on strong demand.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CSX CSX Corporation | 7 | +1.7% | |
| NSC Norfolk Southern Railway | 5 | +0.2% | |
| UNP Union Pacific Corporation | 6 | +3.1% | |
| WAB Wabtec | 8 | +13.0% |