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How CSX (CSX) makes money
CSX (CSX) made $4.0B of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. Total Merchandise brought in $2.5B (61%); Coal brought in $537M (13%); Metals and Equipment brought in $267M (7%). Of every dollar of revenue, 39¢ was left as operating profit, 26¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Total Merchandise | $2.5B | 61.1% | +0.8% | +14% |
| ↳ Chemicals | $790M | 19.7% | +2% | +13% |
| ↳ Intermodal | $634M | 15.8% | +2% | +20% |
| ↳ Agricultural and Food Products | $430M | 10.7% | -3% | +13% |
| ↳ Automotive | $325M | 8.1% | -2% | +6% |
| ↳ Forest Products | $277M | 6.9% | +4% | +12% |
| Coal | $537M | 13.4% | +3% | +10% |
| Metals and Equipment | $267M | 6.6% | +4% | +19% |
| Minerals | $246M | 6.1% | +2% | +9% |
| Trucking | $227M | 5.7% | +0.4% | +10% |
| Other | $166M | 4.1% | +35% | +7% |
| Fertilizers | $118M | 2.9% | -11% | -6% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $4.0B | 100.0% |
| Operating profit | $1.6B | 39.1% |
| Income tax | $332M | 8.3% |
| Net earnings | $1.1B | 26.2% |
| Operating cash flow | $1.6B | 40.3% |
| Free cash flow | $1.0B | 25.5% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $4.0B | +12% |
| Q2 2026 | $3.9B | +10% |
| Q1 2026 | $3.5B | +2% |
| Q4 2025 | $3.5B | -0.9% |
| Q3 2025 | $3.6B | -0.9% |
| Q2 2025 | $3.6B | -3% |
| Q1 2025 | $3.4B | -7% |
From CSX's 10-Q filed Oct 21, 2026 (on EDGAR).
Questions
How does CSX make money?
CSX (CSX) made $4.0B of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. Total Merchandise brought in $2.5B (61%); Coal brought in $537M (13%); Metals and Equipment brought in $267M (7%). Of every dollar of revenue, 39¢ was left as operating profit, 26¢ was left as net earnings.
What is CSX's biggest business?
Total Merchandise: $2.5B in the third quarter 2026, 61% of revenue, +14% from a year earlier.
What is CSX's profit margin?
Net earnings were $1.1B, 26.2% of revenue, in the third quarter 2026; the operating margin was 39.1%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.