Companies /Industrials

CSX Corp

NASDAQ: CSX Railroads
$51.54
▼ $0.22 (−0.43%) today
Markets closed · 9:08pm ET

Q2 2025 Earnings

Reported Jul 23, 2025, 4:01pm ET · SEC source
$0.44
Beat +5.47%
EPS · est. $0.42
$3.6B
Miss −0.07%
Revenue · est. $3.6B
−7.5%
Trailing market
CSX vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%+4%Jul 23Jul 24report 4:01pm ETearnings+0.2%+0.3%
0+2%+4%Jul 23Jul 24earnings+0.2%+0.3%
CSX +0.3%S&P 500 +0.2%
0+2%+4%Jul 23Jul 24report 4:01pm ETearnings+0.3%+0.3%
0+2%+4%Jul 23Jul 24earnings+0.3%+0.3%
CSX +0.3%NASDAQ +0.3%
0+2%Jul 22Jul 31report 4:01pm ETearnings−0.6%+0.1%
0+2%Jul 22Jul 31earnings−0.6%+0.1%
CSX +0.1%S&P 500 −0.6%
0+2%Jul 22Jul 31report 4:01pm ETearnings−0.4%+0.1%
0+2%Jul 22Jul 31earnings−0.4%+0.1%
CSX +0.1%NASDAQ −0.4%
+0.09%
Day of report
+2.17%
Next session
+1.54%
One week
−6.26%
30 days

S&P 500 over the same 30 days: +1.27%.

Did CSX Beat Earnings? Q2 2025 Results

CSX delivered a mixed but ultimately encouraging second quarter, posting earnings per share of $0.44 that beat the $0.42 consensus estimate by 5.47%, even as revenue of $3.57 billion came in just fractionally below expectations and fell 3.4% from a year ago. The headline profit figure masked a more nuanced story: revenue headwinds from lower export coal benchmark prices, a sharp drop in fuel surcharge income to $222 million from $275 million, and soft merchandise volumes weighed on the top line, while disciplined cost management and a 550-basis-point sequential expansion in operating margin to 35.9% helped protect the bottom line. The sequential momentum, with EPS climbing 29% from Q1, signaled that management's push on network fluidity is gaining traction even as <a href="https://247wallst.com/investing/2025/07/17/stock-market-live-july-17-sp-500-voo-floats-higher-on-positive-earnings-reports-no-tariffs-news/">broader market sentiment</a> remains sensitive to macro crosscurrents. CEO Joe Hinrichs noted that industrial market uncertainty persists, but pointed to two major infrastructure projects nearing completion as catalysts for profitable growth ahead.

Key Takeaways
  • Sequential improvement in network fluidity and cost efficiency
  • Higher merchandise pricing partially offset volume declines
  • Lower export coal benchmark prices reduced coal revenue
  • Reduced fuel surcharge revenue due to lower diesel prices
  • Intermodal volume growth driven by higher international port volumes
  • 12% decrease in locomotive fuel prices lowered fuel costs
  • Increased costs from network disruptions, rerouting, and congestion
  • Inflation-driven increases in labor and purchased services
  • Hurricane Helene Blue Ridge subdivision rebuild costs of approximately $295 million in first half property additions

“The skill and commitment of CSX's railroaders enabled us to deliver significant sequential improvements in network fluidity and cost efficiency that are apparent in our financial results.”

CSX CEO, on the earnings call

Forward Guidance & Outlook

CEO Joe Hinrichs indicated that uncertainty continues to impact select industrial markets but emphasized the company's focus on completing two major infrastructure projects that will strengthen CSX's position to execute on profitable growth opportunities. The company noted meaningful sequential improvement in network performance and service metrics over the course of Q2 2025, with June performance significantly stronger than April.

CSX YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$2.0B$4.0B$3.7B$3.6BRevenue$1.4B$1.3BOperating Income$962.9M$829.0MNet Income
$0$2.0B$4.0BRevenueOperating IncomeNet Income

CSX Revenue by Segment

Total Merchandise$2.3B−2.0%
Chemicals$701.0M−3.0%
Intermodal$491.0M−3.0%
Coal$477.0M−15.0%
Agricultural and Food Products$418.0M+3.0%
Automotive$320.0M−5.0%
Forest Products$250.0M−7.0%
Metals and Equipment$224.0M−3.0%

Figures from SEC filings and company reports. Not investment advice.