First look: CSX earnings

CSX Corp. (NASDAQ: CSX) reported second-quarter 2026 earnings after the market close on Wednesday, delivering a solid performance that exceeded Wall Street expectations on both revenue and earnings per share. The Class I railroad based in Jacksonville, Fla. , posted revenue of $3. 94 billion, up 10.

1% year-over-year, while GAAP earnings per share came in at $0. 54, beating analyst consensus estimates of $0. 52 by 4. 2%. Revenue came in at $3. 94 billion, up 10. 1% y/y, with operating income of $1. 51 billion. Operating margin was 38. 3%, up from 35. 9%. “Our second quarter results reflect the solid progress we’re making at CSX.

Our railroaders successfully managed substantial volume growth while maintaining a consistent focus on safety and productivity, which allowed us to deliver improved financial performance,” said Steve Angel, president and chief executive, in an earnings release.

“As we move into the second half of the year, we will strengthen our service execution as we continue to build momentum across the business.” Carload volumes improved by 6. 1% from 0. 1% a year ago. The railroad’s operating ratio improved to 61. 7% from 64. 1% in the prior-year quarter, reflecting better cost control and operational efficiency.

Free cash flow swung dramatically from negative $115 million in Q2 2025 to positive $687 million this quarter, underscoring strong cash generation. Intermodal volumes, in particular, have been a highlight, with analysts noting a surge in intermodal traffic ahead of the earnings release.

The volume rebound suggests strengthening demand across key freight segments, including consumer goods and industrial shipments moving through CSX’s eastern U. S. network.

CSX raised its full-year outlook for revenue growth in the mid-to-high single digits, operating margin growth of greater than 350 basis points, and free cash flow growth of better than 80%. Capital spending remains unchanged at less than $2. 4 billion.

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