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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 $2.0B. Free cash flow decreased 0.2% 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$88.0B
P/E Ratio28.86

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—$750K$750K$750K$750K—
Total state income taxes, net of refunds—$40.3M$40.3M$40.3M$40.3M—
Income Taxes Paid, Net$269M$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$838M$719M$776M$730M$677M$543M
Payment for (Proceeds from) Other Investing Activity$3M$18M$45M—$50M-$47M
Payments to Acquire Short-Term Investments$66M$0———$140M
Proceeds from disposals of property, plant and equipment$16M$23M$26M$15M$14M$64M
Proceeds From Sale Of Short Term Investments$10M$67M$2M$3M$8M$5M
Net cash from investing activities-$883M-$647M-$807M-$691M-$706M-$567M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Defined Benefit Plan Actuarial Gain (Loss)$26.8M-$16M-$16M-$16M-$16M—
Change in accounts payable—$34M—$83M—$64M
Change in accounts receivable-$75M$9M$27M-$6M-$118M$120M
Other working capital changes-$32M-$4M-$46M-$8M-$12M-$47M
Deferred income taxes—$13M-$14M$144M$51M$51M
Depreciation and amortization$422M$425M$427M$424M$404M$415M
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$788M$821M$791M$815M$835M$812M
Net cash from operating activities$1.4B$1.3B$635M$1.3B$1.4B$1.3B
Net income$733M$646M$829M$694M$720M$807M
Stock-based compensation—$14M$15M$14M$11M$13M
Amortization Of Debt Discount Premium—$25M$41M$5M$12M-$3M
Gain/(loss) on dispositions, net$2.8M$4.3M$4.3M$4.3M$4.3M—
Provision (benefit) for income taxes (Note 16)$203M$212M$264M$204M$200M$256M
Income and other taxes—$175M-$537M-$146M—$176M
Increase (Decrease) in Other Current Assets-$18M$34M—$19M$55M$38M
Current liabilities-$4M$9M——$112M-$36M
Loss Contingency Accrual Provision$42M$49.8M$49.8M$49.8M$49.8M—

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$0$600M——$300M$0
Repayments of debt$2M$2M$1M$9M$601M$2M
Dividends paid$230M$245M$243M$242M$242M$260M
Other, net$41M-$4M$85M—$33M$73M
Payment of Deferred Purchase Consideration$41M-$4M$85M—$33M$73M
Noncontrolling interest transactions and other$41M-$4M$85M—$33M$73M
Net cash from financing activities-$1.2B-$402M-$580M-$421M-$622M-$411M
Noncontrolling Interests Activity and Other$41M-$4M$85M—$33M$73M
Repurchases of common stock$1B$751M$421M$112M$112M$222M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$550M$536M$0$607M$709M$729M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash-$711M$206M-$752M——$294M
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$50M$33.3M$33.3M$33.3M$33.3M—
Defined Benefit Plan Actual Return On Plan Assets$26M$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-$250K-$250K-$250K-$250K—
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$44M$44M$44M$44M—
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$44M$44M$44M$44M—
Service Cost$6.8M$6M$6M$6M$6M—
Capitalized service costs$750K$1M$1M$1M$1M—
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$1M$3M$3M$4M$3M$7M
Equipment and Other Rents$95M$87M$94M$86M$90M$84M
Government assistance, asset, increase$61.5M$54M$54M$54M$54M—
Income before provision for income taxes$936M$858M$1.1B$898M$920M$1.1B
Foreign Tax Effects—$750K$750K$750K$750K—
U.S. federal statutory tax$239.3M$198M$198M$198M$198M—
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$207M$209M$212M$210M$213M$213M
Reclassifications—$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$37M$26M$22M$21M$23M$23M
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$1B$1.3B$1.1B$1.1B$1.3B
Other$750K$2M$2M$2M$2M—
Purchased Services and Other$754M$774M$710M$730M$799M$616M
Cost of Shares (Dollars in Millions)$992M$751M$401M$112M$112M$222M
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$992M$751M$401M$112M$112M$222M
Stock Repurchased and Retired During Period, Value, Excise Tax$9M$7M$4M$1M$0$1M
Payments for purchase of tax credits—$50M$50M$50M$50M—
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$114M$114M$114M$114M—
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