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CSX cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.0B in Q3 2026 · $3.2B over twelve months

Operating cash flow$1.6B
Capital spending−$593M
Free cash flow+$1.0B
Cash / net income1.5×

Analysis

In Q3 2026, CSX generated $1.6B of operating cash flow and spent $593M on capital projects, leaving free cash flow of $1.0B. That is $417M more than in Q3 2025 ($607M).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.6B; the largest uses were capital spending ($2.4B), buybacks ($1.2B), dividends ($1.0B); besides operations, cash came from asset & business sales ($158M), other financing ($127M); the cash balance rose by $611M.

Operating cash flow was $1.6B against net income of $1.1B — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$413M, other liabilities +$106M, prepaid and other assets +$49.0M.

Free cash flow

CSX: free cash flow by quarterCSX: free cash flow by quarter$550MQ4 2024$536MQ1 2025−$141MQ2 2025$607MQ3 2025$709MQ4 2025$729MQ1 2026$751MQ2 2026$1.0BQ3 2026
Operating cash flow less capital spending.
CSX: operating cash flow against capital spendingCSX: operating cash flow against capital spendingOperating cash flowCapital spending$1.4B$838MQ4 2024$1.3B$719MQ1 2025$635M$776MQ2 2025$1.3B$730MQ3 2025$1.4B$677MQ4 2025$1.3B$543MQ1 2026$1.3B$576MQ2 2026$1.6B$593MQ3 2026
Latest (Q3 2026): Operating cash flow $1.6B, Capital spending $593M.

Capital allocation, year by year

CSX: where the cash came from (up) and went (down), by fiscal yearCSX: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $5.1BFY2021: Net borrowing −$426MFY2021: Shares issued $31.0MFY2021: Asset sales $529MFY2021: Capital spending −$1.8BFY2021: Acquisitions −$541MFY2021: Buybacks −$2.9BFY2021: Dividends −$839M$5.7BFY2021FY2022: Operating cash flow $5.5BFY2022: Net borrowing $1.8BFY2022: Shares issued $15.0MFY2022: Asset sales $294MFY2022: Capital spending −$2.1BFY2022: Acquisitions −$227MFY2022: Buybacks −$4.7BFY2022: Dividends −$852M$7.6BFY2022FY2023: Operating cash flow $5.5BFY2023: Net borrowing $447MFY2023: Shares issued $52.0MFY2023: Asset sales $88.0MFY2023: Capital spending −$2.3BFY2023: Acquisitions −$31.0MFY2023: Buybacks −$3.5BFY2023: Dividends −$882M$6.1BFY2023FY2024: Operating cash flow $5.2BFY2024: Net borrowing −$8.0MFY2024: Shares issued $79.0MFY2024: Asset sales $66.0MFY2024: Capital spending −$2.5BFY2024: Acquisitions −$70.0MFY2024: Buybacks −$2.2BFY2024: Dividends −$930M$5.4BFY2024FY2025: Operating cash flow $4.6BFY2025: Net borrowing $287MFY2025: Shares issued $21.0MFY2025: Asset sales $78.0MFY2025: Capital spending −$2.9BFY2025: Acquisitions −$16.0MFY2025: Buybacks −$1.4BFY2025: Dividends −$972M$5.0BFY2025
Over these 5 years operating cash flow totalled $26.0B; the largest uses were buybacks ($14.7B) and capital spending ($11.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debt$18.8B
Net debt$17.2B
Due within a year$1.7B

CSX funds itself: free cash flow was $3.2B over the last twelve months, and $1.6B of cash and investments stands against $18.8B of debt ($1.7B due within a year, 0.9× covered by cash).

Where the cash came from and went

CSX: sources (+) and uses (−) of cash, Q3 2026CSX: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.6BCapital spending−$593MBuybacks−$543MDividends−$259MCash drawn (+) / kept (−)−$216MOther financing−$12.0MAsset & business sales$7.0MNet borrowing (+) / repaid (−)−$1.0M
CSX: sources (+) and uses (−) of cash, TTM to Q3 2026CSX: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$5.6BCapital spending−$2.4BBuybacks−$1.2BDividends−$1.0BCash drawn (+) / kept (−)−$611MOther investing−$381MNet borrowing (+) / repaid (−)−$311MAsset & business sales$158MOther financing$127MAcquisitions−$1.0M

From profit to cash

CSX: net income to operating cash flow, Q3 2026CSX: net income to operating cash flow, Q3 2026Net income$1.1BDepreciation & amortization$413MStock-based pay$20.0MDeferred taxes$31.0MReceivables−$6.0MPayables$13.0MPrepaid and other assets$49.0MOther liabilities$106MIncome taxes payable$16.0MOperating cash flow$1.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.6B−$593M—−$543M−$259M−$1.0M−$216M$1.0B
Q2 2026$1.3B−$576M—−$296M−$260M−$7.0M−$43.0M$751M
Q1 2026$1.3B−$543M—−$222M−$260M−$2.0M−$294M$729M
Q4 2025$1.4B−$677M−$1.0M−$112M−$242M−$301M−$58.0M$709M
Q3 2025$1.3B−$730M−$1.0M−$112M−$242M−$9.0M−$225M$607M
Q2 2025$635M−$776M−$14.0M−$421M−$243M−$1.0M$752M−$141M
Q1 2025$1.3B−$719M—−$751M−$245M$598M−$206M$536M
Q4 2024$1.4B−$838M−$2.0M−$1.0B−$230M−$2.0M$711M$550M

CSX: income statement and cash flow

CSX, Q3 2026: revenue $4.0B (+12% year over year), operating margin 39.1%. The chart follows the revenue to costs, profit and cash.

CSX: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.