Income StatementBalance SheetCash FlowSegments
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CSX Cash Flow Statement

Operating, investing, and financing cash movements

CSX generated $4.6B in operating cash flow over the trailing twelve months. After $2.7B in capital expenditures, free cash flow was $1.9B. Free cash flow decreased 0.3% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$4.6BNet Cash From Investing (TTM)-$2.8BNet Cash From Financing (TTM)-$2.0BCapital Expenditures (TTM)$2.7BDepreciation And Amortization Cf (TTM)$1.7BNet Change In Cash (TTM)-$851.0M
Latest FilingQ1 2026
Report Date2026-04-22
Market Cap$84.6B
P/E Ratio27.73

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid$61.8M$57.8M$57.8M$57.8M$57.8M—
Interest paid$212.5M$217.5M$217.5M$217.5M$217.5M—
Capital expenditures incurred but not yet paid$61.8M$57.8M$57.8M$57.8M$57.8M—
Capital Expenditures Incurred but Not Yet Paid$61.8M$57.8M$57.8M$57.8M$57.8M—
Foreign income taxes, net of refunds—$750.0K$750.0K$750.0K$750.0K—
Total state income taxes, net of refunds—$40.3M$40.3M$40.3M$40.3M—
Income Taxes Paid, Net$269.0M$275.5M$275.5M$275.5M$275.5M—
Intrinsic Value of Stock Options Exercised$11.3M$4.5M$4.5M$4.5M$4.5M—

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$838.0M$719.0M$776.0M$730.0M$677.0M$543.0M
Payment for (Proceeds from) Other Investing Activity$3.0M$18.0M$45.0M—$50.0M-$47.0M
Payments to Acquire Short-Term Investments$66.0M$0.0———$140.0M
Proceeds from disposals of property, plant and equipment$16.0M$23.0M$26.0M$15.0M$14.0M$64.0M
Proceeds From Sale Of Short Term Investments$10.0M$67.0M$2.0M$3.0M$8.0M$5.0M
Net cash from investing activities-$883.0M-$647.0M-$807.0M-$691.0M-$706.0M-$567.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Defined Benefit Plan Actuarial Gain (Loss)$26.8M-$16.0M-$16.0M-$16.0M-$16.0M—
Change in accounts payable—$34.0M—$83.0M—$64.0M
Change in accounts receivable-$75.0M$9.0M$27.0M-$6.0M-$118.0M$120.0M
Other working capital changes-$32.0M-$4.0M-$46.0M-$8.0M-$12.0M-$47.0M
Deferred income taxes—$13.0M-$14.0M$144.0M$51.0M$51.0M
Depreciation and amortization$422.0M$425.0M$427.0M$424.0M$404.0M$415.0M
Tax Adjustments, Settlements and Unusual Provisions-$7.8M-$10.8M-$10.8M-$10.8M-$10.8M—
Loss Contingency Accrual, Payments$36.5M$45.5M$45.5M$45.5M$45.5M—
Non-cash Labor and Related Expense$788.0M$821.0M$791.0M$815.0M$835.0M$812.0M
Net cash from operating activities$1.4B$1.3B$635.0M$1.3B$1.4B$1.3B
Net income$733.0M$646.0M$829.0M$694.0M$720.0M$807.0M
Stock-based compensation—$14.0M$15.0M$14.0M$11.0M$13.0M
Amortization Of Debt Discount Premium—$25.0M$41.0M$5.0M$12.0M-$3.0M
Gain/(loss) on dispositions, net$2.8M$4.3M$4.3M$4.3M$4.3M—
Provision (benefit) for income taxes (Note 16)$203.0M$212.0M$264.0M$204.0M$200.0M$256.0M
Income and other taxes—$175.0M-$537.0M-$146.0M—$176.0M
Increase (Decrease) in Other Current Assets-$18.0M$34.0M—$19.0M$55.0M$38.0M
Current liabilities-$4.0M$9.0M——$112.0M-$36.0M
Loss Contingency Accrual Provision$42.0M$49.8M$49.8M$49.8M$49.8M—

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$0.0$600.0M——$300.0M$0.0
Repayments of debt$2.0M$2.0M$1.0M$9.0M$601.0M$2.0M
Dividends paid$230.0M$245.0M$243.0M$242.0M$242.0M$260.0M
Other, net$41.0M-$4.0M$85.0M—$33.0M$73.0M
Payment of Deferred Purchase Consideration$41.0M-$4.0M$85.0M—$33.0M$73.0M
Noncontrolling interest transactions and other$41.0M-$4.0M$85.0M—$33.0M$73.0M
Net cash from financing activities-$1.2B-$402.0M-$580.0M-$421.0M-$622.0M-$411.0M
Noncontrolling Interests Activity and Other$41.0M-$4.0M$85.0M—$33.0M$73.0M
Repurchases of common stock$1.0B$751.0M$421.0M$112.0M$112.0M$222.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$550.0M$536.0M$0.0$607.0M$709.0M$729.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash-$711.0M$206.0M-$752.0M——$294.0M
Common Stock, Dividends, Per Share, Declared$0.12$0.13$0.13$0.13$0.13$0.14
Common stock, number of votes per share (in dollars per share)$0.25$0.25$0.25$0.25$0.25—
Current Income Tax Expense (Benefit)$268.3M$171.5M$171.5M$171.5M$171.5M—
U.S. state and local$50.0M$33.3M$33.3M$33.3M$33.3M—
Defined Benefit Plan Actual Return On Plan Assets$26.0M$55.8M$55.8M$55.8M$55.8M—
Defined Benefit Plan, Amortization of Gain (Loss)-$4.5M-$5.8M-$5.8M-$5.8M-$5.8M—
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax$10.5M-$250.0K-$250.0K-$250.0K-$250.0K—
Interest Cost for Plan Year1.2%1.3%1.3%1.3%1.3%—
Service Cost for Plan Year1.2%1.4%1.4%1.4%1.4%—
Salary Scale Inflation1.2%1.2%1.2%1.2%1.2%—
Defined Benefit Plan, Benefit Obligation, Benefits Paid$44.3M$44.0M$44.0M$44.0M$44.0M—
Non-qualified Employer Contributions$4.3M$4.5M$4.5M$4.5M$4.5M—
Defined Benefit Plan Interest Cost$26.5M$27.3M$27.3M$27.3M$27.3M—
Defined Benefit Plan, Plan Assets, Benefits Paid$44.3M$44.0M$44.0M$44.0M$44.0M—
Service Cost$6.8M$6.0M$6.0M$6.0M$6.0M—
Capitalized service costs$750.0K$1.0M$1.0M$1.0M$1.0M—
Earnings per common share - basic (in dollars per share)$0.38$0.34$0.44$0.37$0.38$0.43
Earnings per common share - diluted (in dollars per share)$0.39$0.34$0.44$0.37$0.38$0.43
U.S. federal statutory tax5.3%5.3%5.3%5.3%5.3%—
Other-0.1%0.1%0.1%0.1%0.1%—
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent0.8%0.7%0.7%0.7%0.7%—
Effective Income Tax Rate Reconciliation, Tax Credit, Percent—0.1%0.1%0.1%0.1%—
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent—0.1%0.1%0.1%0.1%—
Tax benefit$1.0M$3.0M$3.0M$4.0M$3.0M$7.0M
Equipment and Other Rents$95.0M$87.0M$94.0M$86.0M$90.0M$84.0M
Government assistance, asset, increase$61.5M$54.0M$54.0M$54.0M$54.0M—
Income before provision for income taxes$936.0M$858.0M$1.1B$898.0M$920.0M$1.1B
Foreign Tax Effects—$750.0K$750.0K$750.0K$750.0K—
U.S. federal statutory tax$239.3M$198.0M$198.0M$198.0M$198.0M—
State and local taxes$36.8M$25.5M$25.5M$25.5M$25.5M—
Effective Income Tax Rate Reconciliation, Tax Credit, Amount—$4.3M$4.3M$4.3M$4.3M—
Interest Expense, Nonoperating$207.0M$209.0M$212.0M$210.0M$213.0M$213.0M
Reclassifications—$0.0$0.0$0.0$0.0$0.0
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component-$12.5M-$8.3M-$8.3M-$8.3M-$8.3M—
Other Income - Net$37.0M$26.0M$22.0M$21.0M$23.0M$23.0M
Number of Operating Segments0.502.00———2.00
Number of primary lines of business1.001.001.001.001.00—
Number of rail labor union employees—4225.004225.004225.004225.00—
Expenses$2.4B$2.4B$2.3B$2.5B$2.4B$2.2B
Operating Income Loss$1.1B$1.0B$1.3B$1.1B$1.1B$1.3B
Other$750.0K$2.0M$2.0M$2.0M$2.0M—
Purchased Services and Other$754.0M$774.0M$710.0M$730.0M$799.0M$616.0M
Cost of Shares (Dollars in Millions)$992.0M$751.0M$401.0M$112.0M$112.0M$222.0M
Percentage within which the planned allocation is managed1.3%1.3%1.3%1.3%1.3%—
Revenue From Contract With Customer Excluding Assessed Tax$3.5B$3.4B$3.6B$3.6B$3.5B$3.5B
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares18.5K114K114K114K114K—
Stock Repurchased And Retired During Period Value$992.0M$751.0M$401.0M$112.0M$112.0M$222.0M
Stock Repurchased and Retired During Period, Value, Excise Tax$9.0M$7.0M$4.0M$1.0M$0.0$1.0M
Payments for purchase of tax credits—$50.0M$50.0M$50.0M$50.0M—
Treasury Stock Acquired Average Cost Per Share—$31.66$28.28$33.07$0.34$39.02
Number of locomotives to be serviced under long-term maintenance and rebuild program—475.00475.00475.00475.00—
Number of locomotives to be purchased, 2026-2028—25.0025.0025.0025.00—
Amounts Paid$77.8M$114.0M$114.0M$114.0M$114.0M—
Effect of dilutive RSUs and PSUs (in shares)—2M2M3M1M2M
Diluted (in shares)—1.9B1.9B1.9B—1.9B
Weighted average common shares outstanding, basic (in shares)—1.9B1.9B1.9B—1.9B