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CSX (CSX) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 21, 2026 · CSX (CSX) Q3 2026 earnings results →
Q3 2026 Revenue up 12% year over year to $4.0B · 26¢ of every $1 of revenue kept as net profit · operating margin 39.1%
CSX made $4.0B in Q3 2026 (+12% Y/Y): Total Merchandise $2.5B, Coal $537M, Metals and Equipment $267M. Operating margin 39.1%, net earnings $1.1B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 21, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $4.0B in Q3 2026, up 12% year over year and up 2% from the previous quarter. Chemicals was the largest line at 20% of revenue. Intermodal added $0.11B year over year (up 20%), 25% of the total change. Fertilizers declined 6%.
Operating profit was $1.6B, a 39.1% margin (up 8.8 points year over year). Of the extra revenue versus Q3 2025, 112% reached operating profit, above the 30% margin then. Total costs fell 2% while revenue rose 12%. Net earnings were $1.1B, up 52% year over year. The effective tax rate was 24.0%.
Operating cash flow was $1.6B (up 21% year over year), 154% of net earnings. Non-cash charges added back $0.41B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.13B. Capital expenditures of $0.59B left free cash flow of $1.0B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 21, 2026 | $4.0B | +12% | 39.1% | $1.1B | $1.6B |
| Q2 2026 | 10-Q | Jul 22, 2026 | $3.9B | +10% | 38.3% | $1.0B | $1.3B |
| Q1 2026 | 10-Q | Apr 22, 2026 | $3.5B | +2% | 36.0% | $807M | $1.3B |
| Q4 2025 | 10-K | Feb 12, 2026 | $3.5B | -0.9% | 31.6% | $720M | $1.4B |
| Q3 2025 | 10-Q | Oct 16, 2025 | $3.6B | -0.9% | 30.3% | $694M | $1.3B |
| Q2 2025 | 10-Q | Jul 23, 2025 | $3.6B | -3% | 35.9% | $829M | $635M |
| Q1 2025 | 10-Q | Apr 16, 2025 | $3.4B | -7% | 30.4% | $646M | $1.3B |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About CSX
CSX Corporation, together with its subsidiaries ("CSX" or the “Company”), based in Jacksonville, Florida, is one of the nation's leading transportation companies. The Company provides rail-based freight transportation services including traditional rail service, the transport of intermodal containers and trailers, as well as other transportation services such as rail-to-truck transfers and bulk commodity operations. CSX and the rail industry provide customers with access to an expansive and interconnected transportation network that plays a key role in North American commerce and is critical to the long-term economic success and improved global competitiveness of the United States. In addition, freight railroads provide the most economical and environmentally efficient means to transport goods over land.
In its own words, from its 10-K, filed Feb 12, 2026.
CSX against its Railroads, Line-Haul Operating peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +15%. Operating margin: 39.1% against the peers' median 35.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CSX CSX | Q3 2026 | $4.0B | +12% | 39.1% |
| UNP Union Pacific | Q3 2026 | $7.2B | +15% | 40.9% |
| Burlington Northern Santa FE, LLC | Q2 2026 | $6.6B | +14% | 34.5% |
| NSC Norfolk Southern | Q3 2026 | $3.5B | +14% | 32.6% |
| CP Canadian Pacific Kansas City | Q3 2026 | $3.0B | +15% | 35.2% |
| FIP FTAI Infrastructure | Q3 2026 | $219M | +56% | 9.0% |
Source: CSX 10-Q on SEC EDGAR · CIK 277948 · Railroads, Line-Haul Operating
13F: who owns CSX and who is buying
More on CSX
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results