[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","mtgik2gjf9bqi6e2e5tk8p144","revision",2,"title","CSX Corp 2026年第三季度财报：营收与利润双增，现金流强劲回购超百亿","originalTitle","10-Q - CSX CORP (0000277948) (Filer)","summary","CSX Corp 2026年第三季度收入40.17亿美元，同比增长12%；净利润10.52亿美元，每股收益0.57美元。前九个月收入114.34亿美元，净利润28.61亿美元，每股收益1.54美元。自由现金流26.48亿美元，九个月回购股份约1.11亿股，耗资约11.43亿美元。截至9月30日，总资产451.54亿美元，现金及等价物12.23亿美元，长期债务171.02亿美元。","reason","公司营收与利润显著增长，现金流强劲且回购力度大，但需关注燃油成本上升、债务压力及环境诉讼风险。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_78":88},"publishedAt","2026-10-21T20:02:14.000Z","discoveredAt","2026-10-22T00:29:26.146Z","timelineAt","category","ai-products","tags",[84,85],"stockSymbols",[83],"score",75,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":72},"hasTranslation","bodyLanguage","zh","factId","fOL9qanNEvR0",{"_73":74,"_16":75},"reportCount","additionalSourceCount",1,"developmentCount",0,"publicId","c69f2860-30fc-414f-b623-d3405307e568","CSX Corp. 2026 年第三季度财报发布",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

(☒) 根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或

(☐) 根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的过渡报告

从 __________ 至 __________ 的过渡期

委员会文件编号 1-8022

$\"CSX_BLUE_RGB_JPG.jpg\"$

CSX 公司

（在章程中指定的注册人全名）

弗吉尼亚州

62-1051971

（注册或组织的州或司法管辖区）

（美国国税局雇主识别号码）

500 Water Street

15 楼

杰克逊维尔

佛罗里达州

32202

904

359-3200

（主要执行办公室地址）

（邮政编码）

（电话号码，包括区号）

无变更

（如自上次报告以来名称、地址或财政年度有所更改，请注明）

根据《法案》第 12(b) 条注册的证券：

每类证券的名称

交易符号

注册的交易所名称

面值 1 美元的普通股

CSX

纳斯达克全球精选市场

通过勾选方框表明注册人（1）是否已提交根据《1934 年证券交易法》第 13 条或第 15(d) 条在前 12 个月内（或注册人需提交此类报告的较短期间）要求提交的所有报告，以及（2）是否在过去 90 天内受到此类提交要求的约束。

是 (X) 否 ( )

通过勾选方框表明注册人是否已根据《法规 S-T》第 405 条（本章第 232.405 条）提交并发布所有要求提交和发布的交互式数据文件，在前 12 个月（或注册人需提交此类文件的较短期间）内。

是 (X) 否 ( )

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司（根据《交易所法》第 12b-2 条定义）。

大型加速提交者 (X) 加速提交者 ( ) 非加速提交者 ( ) 较小报告公司 (☐) 新兴成长公司 (☐)

如果是一家新兴成长公司，请通过勾选方框表明注册人是否已选择不使用根据《交易所法》第 13(a) 条提供的任何新修订的财务会计标准的延长过渡期。 ( )

通过勾选方框表明注册人是否为壳公司（根据《交易所法》第 12b-2 条定义）。

是 (☐) 否 (X)

截至 2026 年 9 月 30 日（最接近提交日期的可行日期）流通的普通股股份数量为 1,843,398,210 股。

CSX 2026年第三季度10-Q表第1页

CSX公司

10-Q表

截至2026年9月30日的季度

索引


		页码
第一部分。	财务信息
项目1。	财务报表	3

	合并损益表（未审计） - 截至2026年9月30日的季度和前九个月以及截至2025年9月30日的季度和前九个月	3

	合并综合损益表（未审计） - 截至2026年9月30日的季度和前九个月以及截至2025年9月30日的季度和前九个月	3

	合并资产负债表 - 截至2026年9月30日（未审计）和2025年12月31日	4

	合并现金流量表（未审计） - 截至2026年9月30日的前九个月以及截至2025年9月30日的前九个月	5

	合并股东权益变动表（未审计） - 截至2026年9月30日的季度和前九个月以及截至2025年9月30日的季度和前九个月	6

	合并财务报表附注（未审计）	8

项目2。	管理层讨论与分析财务状况和经营成果	31

项目3。	关于市场风险的定量和定性披露	46

项目4。	控制和程序	46

第二部分。	其他信息
项目1。	法律诉讼	47

项目1A。	风险因素	47

项目2。	CSX购买股权证券	47

项目3。	高级证券违约	48

项目4。	矿山安全披露	48

项目5。	其他信息	48

项目6。	附录	49

签名		50

CSX 2026年第三季度10-Q表第2页

CSX公司

第一部分 - 财务信息

项目1。财务报表

合并损益表（未审计）

（金额以百万美元计，除非另有说明）


	第三季度		前九个月
	2026	2025		2026	2025

收入	$	4,017		$	3,587		$	11,434	$	10,584
费用
劳动力和福利	834		815			2,477	2,427
购买的服务和其他	657		730			1,917	2,214
折旧和摊销	413		424			1,239	1,276
燃料	451		281			1,199	825
设备和其他租金	92		86			273	267
商誉减值	—		164			—	164
总费用	2,447		2,500			7,105	7,173

营业利润	1,570		1,087			4,329	3,411

利息费用	(207)		(210)			(631)	(631)
其他收入 - 净额	21		21			69	69
税前收益	1,384		898			3,767	2,849

所得税费用	(332)		(204)			(906)	(680)
净收益	$	1,052		$	694		$	2,861	$	2,169

每股普通股（注2）
基本每股净收益	$	0.57		$	0.37		$	1.54	$	1.16
假设稀释的每股净收益	$	0.57		$	0.37		$	1.54	$	1.16


平均股份数（以百万计）	1,849		1,864			1,855	1,874
假设稀释的平均股份数（以百万计）	1,853		1,867			1,858	1,876

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Unaudited)

(Dollars in Millions)


	Third Quarters		Nine Months
	2026	2025		2026	2025
Total Comprehensive Earnings (Note 10)	$	1,053		$	698	$	2,866	$	2,181

See accompanying notes to consolidated financial statements.

CSX Q3 2026 Form 10-Q p.3

Table of Contents

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(Dollars in Millions)


	(Unaudited)
	September 30, 2026	December 31, 2025
ASSETS
Current Assets:
Cash and Cash Equivalents	$	1,223		$	670
Short-term Investments (Note 9)	382		5
Accounts Receivable - Net (Note 8)	1,485		1,298
Materials and Supplies	401		390
Other Current Assets	142		187
Total Current Assets	3,633		2,550

Properties	54,911		53,816
Accumulated Depreciation	(17,769)		(17,005)
Properties - Net	37,142		36,811

Investment in Affiliates and Other Companies	2,707		2,634
Right-of-Use Lease Asset	477		464
Goodwill and Other Intangible Assets - Net	258		267
Other Long-term Assets	937		956
Total Assets	$	45,154		$	43,682

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable	$	1,137		$	1,149
Labor and Fringe Benefits Payable	566		532
Casualty, Environmental and Other Reserves (Note 4)	185		184
Current Maturities of Long-term Debt (Note 7)	1,702		708
Income and Other Taxes Payable	205		118
Interest Payable	245		170
Other Current Liabilities	269		272
Total Current Liabilities	4,309		3,133

Casualty, Environmental and Other Reserves (Note 4)	294		295
Long-term Debt (Note 7)	17,102		18,165
Deferred Income Taxes - Net	8,030		7,914
Long-term Lease Liability	492		479
Other Long-term Liabilities	545		536
Total Liabilities	30,772		30,522

Shareholders' Equity:
Common Stock, $1 Par Value	1,842		1,860
Other Capital	1,134		948
Retained Earnings	11,608		10,560
Accumulated Other Comprehensive Loss (Note 10)	(208)		(213)
Non-controlling Minority Interest	6		5
Total Shareholders' Equity	14,382		13,160
Total Liabilities and Shareholders' Equity	$	45,154		$	43,682

See accompanying notes to consolidated financial statements.

CSX Q3 2026 Form 10-Q p.4

Table of Contents

CSX CORPORATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED CASH FLOW STATEMENTS (Unaudited)

(Dollars in Millions)


	Nine Months
	2026	2025

OPERATING ACTIVITIES
Net Earnings	$	2,861		$	2,169
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation and Amortization	1,239		1,276
Deferred Income Taxes	115		143
Goodwill Impairment	—		164
Other Operating Activities	(128)		(58)
Changes in Operating Assets and Liabilities:
Accounts Receivable	(196)		(30)
Other Current Assets	64		(32)
Accounts Payable	67		36
Income and Other Taxes Payable	86		(508)
Other Current Liabilities	108		67
Net Cash Provided by Operating Activities	4,216		3,227

INVESTING ACTIVITIES
Property Additions	(1,712)		(2,225)
Purchases of Short-Term Investments	(515)		—
Proceeds from Sales of Short-term Investments	153		72
Proceeds and Advances from Property Dispositions	144		64
业务收购，扣除所获现金	—		(15)
其他投资活动	23		(41)
投资活动使用的净现金	(1,907)		(2,145)

筹资活动
回购股份	(1,061)		(1,284)
支付的股息	(779)		(730)
偿还长期债务（注释7）	(10)		(12)
发行长期债务（注释7）	—		600
其他筹资活动	94		23
筹资活动使用的净现金	(1,756)		(1,403)

现金及现金等价物的净增加（减少）	553		(321)

现金及现金等价物
期初现金及现金等价物	670		933
期末现金及现金等价物	$	1,223		$	612

某些以前年度的数据已根据当前的披露格式进行了重新分类。

参见合并财务报表的附注。

CSX 2026年第三季度10-Q表第5页

CSX公司

第1项财务报表

合并股东权益变动表

（未经审计）

（以百万美元计）


2026年九个月	普通股发行数量（千股）	普通股和其他资本	留存收益	其他综合（损失）收益(a)	非控制性少数股东权益	股东权益总额

2025年12月31日余额	1,859,659	$	2,808		$	10,560		$	(213)		$	5		$	13,160
综合收益：
净利润	—	—		807		—		—		807
其他综合收益	—	—		—		1		—		1
综合收益总额						808

普通股股息，每股0.14美元	—	—		(260)		—		—		(260)
股份回购	(5,686)	(6)		(216)		—		—		(222)
对净股份回购征收的消费税	—	—		(1)		—		—		(1)
股票期权行权和其他	3,858	94		1		—		1		96
2026年3月31日余额	1,857,831	$	2,896		$	10,891		$	(212)		$	6		$	13,581
综合收益：
净利润	—		—		1,002		—		—		1,002
其他综合收益	—		—		—		3		—		3
综合收益总额						1,005

普通股股息，每股0.14美元	—		—		(260)		—		—		(260)
股份回购	(6,269)		(6)		(278)		—		—		(284)
对净股份回购征收的消费税	—		—		(2)		—		—		(2)
股票期权行权和其他	749		49		(1)		—		—		48
2026年6月30日余额	1,852,311		$	2,939		$	11,352		$	(209)		$	6		$	14,088
综合收益：
净利润	—		—		1,052		—		—		1,052
其他综合收益	—		—		—		1		—		1
综合收益总额						1,053

普通股股息，每股0.14美元	—		—		(259)		—		—		(259)
股份回购	(11,143)		(11)		(532)		—		—		(543)
对净股份回购征收的消费税	—		—		(5)		—		—		(5)
股票期权行权和其他	916		48		—		—		—		48
2026年9月30日余额	1,842,084		$	2,976		$	11,608		$	(208)		$	6		$	14,382

(a) 上述累计其他综合损失余额已扣税。截至2025年12月31日，相关税款为5800万美元；截至2026年3月31日为5700万美元；截至2026年6月30日为5700万美元；截至2026年9月30日为5700万美元。更多信息，请参见注释10，其他综合收益。

参见合并财务报表的附注。

CSX 2026年第三季度10-Q表第6页

CSX公司

第1项财务报表

合并股东权益变动表

（未经审计）

（以百万美元计）


2025年九个月	普通股发行数量（千股）	普通股和其他资本	留存收益	其他综合（损失）收益(a)	非控制性少数股东权益	股东权益总额

2024年12月31日余额	1,900,190	$	2,746		$	9,988		$	(232)		$	5		$	12,507
综合收益：
净利润	—	—		646		—		—		646
其他综合收益	—	—		—		5		—		5
综合收益总额						651

普通股股息，每股0.13美元	—	—		(245)		—		—		(245)
股票回购	(23,707)	(24)		(727)		—		—		(751)
净股票回购消费税	—	—		(7)		—		—		(7)
股票期权行权及其他	1,894	20		—		—		—		20
2025年3月31日余额	1,878,377	$	2,742		$	9,655		$	(227)		$	5		$	12,175
综合收益：
净利润	—		—		829		—		—		829
其他综合收益	—		—		—		3		—		3
综合收益总额						832

普通股股息，每股0.13美元	—		—		(243)		—		—		(243)
股票回购	(14,209)		(14)		(387)		—		—		(401)
净股票回购消费税	—		—		(4)		—		—		(4)
股票期权行权及其他	112		18		—		—		—		18
2025年6月30日余额	1,864,280		$	2,746		$	9,850		$	(224)		$	5		$	12,377
综合收益：
净利润	—		—		694		—		—		694
其他综合收益	—		—		—		4		—		4
综合收益总额						698

普通股股息，每股0.13美元	—		—		(242)		—		—		(242)
股票回购	(3,387)		(3)		(109)		—		—		(112)
净股票回购消费税	—		—		(1)		—		—		(1)
股票期权行权及其他	1,125		39		(1)		—		—		38
2025年9月30日余额	1,862,018		$	2,782		$	10,191		$	(220)		$	5		$	12,758

(a) 上述累计其他综合损失余额已扣税。截至2024年12月31日，相关税款为6100万美元，截至2025年3月31日为5900万美元，截至2025年6月30日为5800万美元，截至2025年9月30日为5700万美元。有关更多信息，请参阅第10号附注，其他综合收益。

请参阅附注中的合并财务报表。

CSX 2026年第三季度10-Q表第7页

CSX公司

合并财务报表附注

(未经审计)

第1号附注业务性质及重要会计政策

背景

CSX公司及其子公司（“CSX”或“公司”）总部位于佛罗里达州杰克逊维尔，是美国领先的运输公司之一。公司提供基于铁路的运输服务，包括传统铁路服务、集装箱和拖车的运输，以及其他运输服务，如铁路到公路的转运和散装商品运营。

CSX的主要运营子公司CSX Transportation, Inc.（“CSXT”）通过其约20,000英里路线的铁路网络，为运输供应链提供重要连接，并服务于密西西比河以东26个州、哥伦比亚特区以及安大略省和魁北克省的加拿大省份。公司的多式联运业务通过卡车和中转站将客户与铁路连接起来。CSXT还负责公司的房地产销售、租赁、收购和管理及开发活动，其中大部分活动集中在支持铁路运营。

其他实体

除了CSXT，公司的子公司还包括Quality Carriers, Inc.（“Quality Carriers”）、CSX Intermodal Terminals, Inc.（“CSX Intermodal Terminals”）、Total Distribution Services, Inc.（“TDSI”）、Transflo Terminal Services, Inc.（“Transflo”）、CSX Technology, Inc.（“CSX Technology”）及其他子公司。Quality Carriers是北美最大的散装液体化学品卡车运输服务提供商。CSX Intermodal Terminals拥有并运营一个主要位于美国东部的多式联运终端系统，并为某些客户提供多式联运货物的取送服务（即多式联运货物的收货和送货服务）。TDSI为汽车工业提供配送中心和仓储地点。Transflo通过将货物从铁路转运到卡车，使未通铁路服务的客户能够享受到铁路运输的诸多优势。Transflo最大的市场是化工和农业，包括塑料和乙醇的运输。CSX Technology及其他子公司为公司提供支持服务。

CSX 2026年第三季度10-Q表第8页

CSX 公司

合并财务报表附注

（未审计）

注释 1. 业务性质和重要会计政策，继续

列报基础

附带的合并财务报表包含所有正常的、经常性的调整，以公允地列示合并财务报表及附带的注释。如适用，前期信息已重新分类以符合当前的列报方式。根据证券交易委员会（“SEC”）的规则和条例，某些通常包含在按照美国通用会计准则（“GAAP”）编制的年度财务报表附注中的信息和披露内容，已从这些中期财务报表中省略。CSX建议将这些财务报表与经审计的财务报表以及包含在CSX最新年度报告10-K表中的附注，以及随后提交的8-K表中的任何当前报告一起阅读。

财年

公司的财年基于日历年。除非另有规定，“第三季度”或“九个月”的参考是指CSX截至2026年9月30日和2025年9月30日的财季，而“财年末”则指截至2025年12月31日的财年。

新的会计准则

2024年11月，FASB发布了ASU 2024-03，利润表费用的分解。该标准更新要求对常见列示的费用科目中的某些费用进行额外披露。公司需在其2027年年度10-K表中采用该准则，但允许提前采用。公司目前正在评估这些修正案对其披露的影响，但该标准更新不会影响公司的经营成果或财务状况。

2025年9月，FASB发布了ASU 2025-06，针对内部使用软件会计处理的针对性改进。该标准更新对内部使用软件的资本化标准进行了现代化，消除了对项目阶段的引用，而是要求项目在成本可以资本化之前满足完成概率标准。该指南自2028年第一季度开始生效，尽管允许提前采用，并且可以使用前瞻性、追溯性或修改后的过渡方法进行应用。公司目前正在评估这些修正案的影响，但预计采用不会对公司的经营成果或财务状况产生重大影响。

2025年12月，FASB发布了ASU 2025-10，企业收到政府拨款的会计处理。该标准规定了企业收到的政府拨款的会计处理方法，包括与资产相关的拨款和与收入相关的拨款的指导方针。该指南自2029年第一季度开始生效，尽管允许提前采用，并且可以使用修改后的前瞻性、修改后的追溯性或完全追溯性过渡方法进行应用。公司目前正在评估该指南的影响，但预计采用不会对公司的经营成果或财务状况产生重大影响。

CSX 2026年第三季度10-Q表第9页

CSX公司

合并财务报表附注

（未审计）

注释2. 每股收益

下表列示了基本每股收益和假设稀释的每股收益的计算。


	第三季度		九个月
	2026	2025		2026	2025
分子（以百万美元为单位）：
净利润	$	1,052		$	694		$	2,861	$	2,169



分母（以百万单位为单位）：
平均流通股数量	1,849		1,864			1,855	1,874
其他潜在稀释性流通股	4		3			3	2
假设稀释的平均流通股数量	1,853		1,867			1,858	1,876

基本每股收益	$	0.57		$	0.37		$	1.54	$	1.16
假设稀释的每股收益	$	0.57		$	0.37		$	1.54	$	1.16

基本每股收益基于流通普通股的加权平均数量。假设稀释的每股收益基于流通普通股的加权平均数量和普通股等价物，调整了由于潜在稀释性工具可能发行的普通股的影响。CSX的潜在稀释性工具包括股权奖励，包括员工股票期权、业绩单位和限制性股票单位。

在计算稀释每股收益时，包括如果所有实值的流通股票期权都被行使时可能流通的潜在股票数量，扣除CSX可能用这些假设行使所得款项回购的股票数量。因影响为反稀释而从稀释每股收益计算中排除的总平均流通股票期权数量如下表所示。


	第三季度		九个月
	2026	2025		2026	2025
从稀释每股收益中排除的反稀释股票期权（以百万单位为单位）	1	5		1	5

CSX 2026 年第三季度 10-Q 表第 10 页

CSX 公司

合并财务报表附注

（未审）

注释 2. 每股收益，继续

股票回购

2023 年第四季度，公司开始根据 2023 年 10 月批准的 50 亿美元股票回购计划进行股票回购。2026 年 5 月，董事会授权了一项新的股票回购计划，为现有 2023 年 10 月股票回购计划下剩余的额度提供了额外的 50 亿美元授权。截至 2026 年 9 月 30 日，总回购授权为 52 亿美元。

股票回购可通过多种方式完成，包括但不限于公开市场购买、根据规则 10b5-1 计划进行的购买、加速股票回购和协商的大宗购买。股票回购的时间取决于管理层对市场状况和其他因素的评估，该计划仍受董事会的自由裁量权约束。预计未来股票回购将通过现有现金、运营产生的现金和债务发行来资助。股票在回购后立即被注销。根据会计准则汇编（\"ASC\"）中的权益主题，回购价格超过面值的差额记录在留存收益中。

截至 2026 年 9 月 30 日的第三季度和九个月，以及 2025 年 9 月 30 日，公司进行了以下回购活动：


	第三季度		九个月
	2026	2025		2026	2025
回购的股票（百万）	11		3			23	41
股票成本（百万美元）	$	543		$	112		$	1,049	$	1,264
每股平均支付价格	$	48.75		$	33.07		$	45.42	$	30.61

为净股票回购支付的消费税（百万美元） (a)	$	—		$	—		$	12	$	20
(a) 2026 年支付的消费税与 2025 年的股票回购有关。2025 年支付的消费税与 2024 年的股票回购有关。

2022 年《通胀削减法案》对 2022 年 12 月 31 日之后大多数股票回购的净价值征收 1% 的不可抵扣消费税。与净股票回购相称的消费税反映在权益中，并在合并资产负债表的其他流动负债中包含相应的消费税应付款项。上表中显示的股票回购成本不包括此项消费税的影响。

股息增加

2026 年 2 月，公司董事会授权将季度现金股息提高 8%，从 2026 年 3 月起为每股普通股 0.14 美元。

CSX 2026 年第三季度 10-Q 表第 11 页

CSX 公司

合并财务报表附注

（未审）

注释 3. 股票计划和基于股票的薪酬

根据CSX的股权激励计划，奖励包括针对管理层的业绩单位、股票期权和限制性股票单位，以及针对董事的股票赠与。根据股权激励计划授予的奖励的股权激励费用，按授予日奖励的公允价值计量，并在各自奖励的服务期内按直线法确认。或者，对于允许在退休或离职后继续归属的员工，费用在死亡时或在加速服务期内确认。减值损失在发生时确认。与股权激励相关的税前总费用和所得税收益如下表所示。所得税收益包括期权行权和其他股权奖励归属的影响。


	第三财季		九个月
（以百万美元计）	2026	2025		2026	2025
股权激励费用：
业绩单位	$	10		$	—		$	28	$	2
限制性股票单位	4		7			12	20
股票期权	4		4			11	10
员工股票购买计划	2		3			7	8
董事股票奖励	—		—			2	3
总股权激励费用	$	20		$	14		$	60	$	43
所得税收益	$	4		$	4		$	16	$	10

长期激励计划

2026年2月，公司根据一项新的长期激励计划（“LTIP”）授予了2026年至2028年的以下奖励，该计划是在CSX 2019年股票和激励奖励计划下实施的。


	授予（千份）	加权平均公允价值



业绩单位	637	$	50.18
限制性股票单位	255	42.65
股票期权	1,271	12.83

CSX Q3 2026 Form 10-Q p.12

CSX公司

合并财务报表附注

（未经审计）

注3. 股票计划和股权激励，继续

业绩单位

单位在授予后大约三年基于业绩归属，支付以CSX普通股形式进行。2026-2028计划的业绩指标是投入资本回报率（“ROIC”）和相对股东总回报率（“rTSR”）。这些指标相互独立评估，分别按60%的ROIC和40%的rTSR加权，总支付金额为授予价值的100%。如果达到最大ROIC和最大rTSR，则指标将分别产生120%和80%的支付，总支付金额为200%。

ROIC通过将税后净营运利润（根据计划定义调整某些项目）除以投入资本来计算，以衡量公司利用资本产生回报的效率。税后净营运利润计算为净利润，调整以排除利息的成本和税影响，包括隐含租赁利息。投入资本由公司最近五个季度末的平均债务（包括融资和经营租赁）和股东权益组成。

rTSR 指标显示了公司相对于竞争对手的表现，方法是根据各自 TSRs 对 S&P 500 工业股公司进行从高到低的排名，并计算 CSX 相对于同业公司的百分位表现。绩效单位的 rTSR 组件的公允价值是使用蒙特卡洛模拟模型计算的。

股票期权

股票期权的期限为十年，并在授予日期的周年纪念日每年等额行权，分三年完成。这些奖励是基于时间的，不取决于绩效目标的达成。股票期权奖励的公允价值是在授予日使用 Black-Scholes 估值模型确定的。

限制性股票单位

授予的限制性股票单位在授予日期的周年纪念日每年等额行权，分三年完成，并以 1:1 的比例以 CSX 普通股结算。这些奖励是基于时间的，不取决于 CSX 绩效目标的达成。

其他奖励

这些奖励是在年度 LTIP 计划之外定期授予的，需经董事会、薪酬与人才管理委员会或首席执行官（\"CEO\"）批准。在截至 2026 年 9 月 30 日的第三季度和九个月期间，以及截至 2025 年 9 月 30 日的期间，向某些管理人员授予了非重要的奖励。

有关公司现有长期激励补偿的更多信息，包括以前 LTIP 下授予的单位，请参阅 CSX 最近的年度 10-K 报告。

CSX Q3 2026 Form 10-Q p.13

CSX 公司

合并财务报表附注

（未经审计）

注 4. 意外、环境及其他准备金

人身伤害和环境准备金被视为关键的会计估计，因为需要管理层的判断。意外、环境和其他准备金在合并资产负债表中反映，如下表所示。


	2026 年 9 月 30 日		2025 年 12 月 31 日
（以百万美元计）	流动	长期	总计		流动	长期	总计

意外：
人身伤害	$	60		$	101		$	161		$	60	$	94	$	154
职业病	6		53		59			6	53		59
总意外	66		154		220			66	147		213
环境	50		92		142			49	107		156
其他	69		48		117			69	41		110
总计	$	185		$	294		$	479		$	184	$	295	$	479

这些负债根据 ASC 中的或有事项主题，在很可能且可以合理估计时确认。实际结算和收到的索赔可能有所不同，这些事项的最终结果无法确定。考虑到目前可用的法律辩护、已记录的负债和其他因素，管理层认为，这些事项在最终解决时，单独来看不会对公司的财务状况、经营成果或流动性产生重大不利影响。然而，如果在同一个期间发生多个事项，它们的综合影响可能在该特定期间内是重大的。

伤亡

伤亡准备金代表与铁路运营主要相关的个人伤害、职业疾病和职业伤害索赔的累计金额。根据第5号注释中讨论的《承诺和或有事项》，公司的自保额为每次事件1亿美元，承诺和或有事项。目前，没有单个索赔预计会超过自保额。

人身伤害

人身伤害准备金代表员工工作相关和第三方伤害的负债。CSXT员工的工作相关伤害主要受《联邦雇主责任法》（“FELA”）约束。CSXT聘请了一位独立精算师，协助管理层评估人身伤害索赔的价值。精算师每季度进行一次分析，并由管理层审查。该分析在截至2026年9月30日的季度或九个月内，或截至2025年9月30日的季度，未导致人身伤害准备金的重大调整。

CSX 2026年第三季度10-Q表第14页

CSX公司

合并财务报表附注

（未审计）

第4号注释伤亡、环境及其他准备金，继续

职业

职业准备金代表因工作场所中某些物质的暴露（如溶剂、肥皂、化学品和柴油烟雾）、过去接触石棉或因工作条件导致的慢性身体伤害（如重复性压力伤害）的指控而产生的负债。公司聘请了一位独立精算师，分析公司历史索赔记录、和解金额和驳回率，以帮助确定未来预期的索赔发生率和平均和解价值。该分析由精算师进行，并由管理层每季度审查。该分析在截至2026年9月30日的季度或九个月内，或截至2025年9月30日的季度，未导致职业准备金的重大调整。

环境

公司涉及与环境问题相关的各种程序，包括与私人当事人和监管机构的行政和司法程序。公司已被认定为大约200个环境受损地点的潜在责任方。其中许多地点可能根据1980年联邦《综合环境反应、赔偿和责任法案》（“CERCLA”），也称为《超级基金法》，或类似州法律，接受补救措施。这些程序中的大多数源于用于持续或停止铁路运营的财产上的环境状况。然而，其中一些程序是基于指控，称公司或其前身将危险物质发送至他人拥有或运营的设施进行处理、回收或处置。此外，公司的一些土地被租给他人用于商业或工业用途，这可能导致危险物质或其他受监管物质释放到该财产上，并可能引发针对公司的程序。

在任何此类程序中，根据《超级基金法》，公司可能面临环境清理和执法行动，以及类似州法律可能对当前和前任场地所有者和经营者施加连带责任，而不论是否存在过失或原始行为的合法性。这些成本可能非常巨大。

公司至少每季度审查其在每个 identified 场地中的角色。根据管理层的审查流程，已记录金额以覆盖与每个场地相关的或有未来环境修复成本，只要这些成本可以合理估计且很可能发生。与这些负债相关的付款预计将在未来几年内支付。环境修复成本包含在合并损益表的采购服务和其他项目中。

目前，公司在某些场地尚未拥有足够的信息来合理估计额外的负债金额（如有），直到完成未来的环境研究。此外，目前未知的条件可能在任何地点导致额外的暴露，其金额和重要性目前无法合理估计。然而，根据目前可获得的信息，公司认为其环境储备准确反映了目前所需修复行动的估计成本。

其他

其他储备包括各种索赔的负债，例如汽车、财产、一般责任、工人赔偿和码头工人残疾索赔。

CSX Q3 2026 Form 10-Q p.15

CSX 公司

合并财务报表附注

（未审计）

注 5. 承诺和或有事项

保险

公司为财产损失（包括由此产生的业务中断）以及意外事故索赔（包括第三方责任）购买了具有大量限额的保险计划。在每个保险计划中，公司保留一定风险。根据其财产保险计划，公司保留每次事件中洪水和指定风暴造成的损失高达 2 亿美元的风险，以及每次事件中其他财产损失高达 1.75 亿美元的风险。对于意外事故索赔，公司保留每次事件中高达 1 亿美元的风险。CSX 在其全额自留金额之上购买了保险覆盖，并在不同层次上保留了一定比例的风险。尽管公司认为其保险覆盖是足够的，但未来的索赔可能会超过现有的保险覆盖范围，或者保险可能不再以商业上合理的价格继续获得。

法律

该公司涉及与其业务相关的诉讼，并是多项法律行动和索赔的当事人，包括各种政府程序和私人民事诉讼，包括但不限于与燃油附加费做法、税务事项、环境和危险物质暴露事项、FELA和现任或前雇员的劳工索赔、其他人身伤害或财产索赔，以及涉及某些运输费率和费用的争议和投诉。一些法律程序包括要求赔偿性损害和惩罚性损害赔偿的索赔，其他则可能是或被指为集体诉讼。尽管这些事项的最终结果无法确定，考虑到各种因素，包括可用的法律辩护、已记录的负债以及适用的保险，目前管理层认为这些待决事项不太可能对公司的财务状况、经营成果或流动性产生重大不利影响。然而，这些事项中的一项或多项意外不利解决可能会对公司在该特定期间的财务状况、经营成果或流动性产生重大不利影响。

对于某些事项，公司能够估计可能的损失范围，这些事项的损失可能性超过已建立的准备金。截至2026年9月30日，公司估计该范围合计为100万美元至7500万美元。该估计的合计范围基于目前可获得的信息，需要重大判断和多种假设。因此，公司估计的数值可能会随时间而变化，实际损失可能与当前估计有显著差异。

燃油附加费反垄断诉讼

2007年5月，针对CSXT和另外三家美国一级铁路公司提起了集体诉讼，指控被告的燃油附加费做法涉及合同和非监管运输，违反了反垄断法，构成了非法共谋。这些集体诉讼被转移到哥伦比亚特区联邦法院，进行协调或合并的庭前程序。2017年，地区法院作出裁决，拒绝了集体诉讼认证。2019年8月16日，美国哥伦比亚特区上诉法院确认了地区法院的裁决。

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注5. 承诺与或有事项，继续

尽管该诉讼类别未获认证，但个别托运人随后已对铁路公司提起诉讼，这些案件也被转移到哥伦比亚特区联邦法院进行庭前程序，但由不同的法官审理。2024年3月，原案件被重新分配给后来提交案件的法官。2024年7月17日，铁路公司提交了简易判决动议，辩论在2024年12月完成。2025年6月18日，法官举行了关于铁路公司简易判决动议的听证会，并于2025年6月24日批准了铁路公司的简易判决，下令关闭案件。大多数个别托运人已向美国哥伦比亚特区上诉法院上诉简易判决裁决。上诉的辩论已完成，口头辩论定于2026年12月11日举行。

环境

CSXT正在赔偿Pharmacia LLC（前身为Monsanto Company，\"Pharmacia\"）因位于新泽西州Kearny沿Lower Passaic River（\"财产\"）的房地产相关某些责任。该财产曾由Pharmacia拥有，现在由CSXT拥有。CSXT的赔偿和辩护义务涉及多个事项。美国环境保护局（\"EPA\"）根据其CERCLA授权，要求调查和清理17英里Lower Passaic River研究区（\"研究区\"）中的有害物质。CSXT代表Pharmacia，以及大量其他潜在责任方，根据与EPA的行政和解协议和同意令，共同对研究区进行补救调查和可行性研究。Pharmacia对研究区调查和清理费用的责任，由CSXT赔偿，可能通过各种机制确定，包括（a）与EPA的分配和和解；（b）EPA对未和解方提起的诉讼；或（c）责任方之间的诉讼。

对于研究区的下八英里，EPA于2016年3月发布了其规定补救措施的决定记录。Occidental Chemical Corporation（\"Occidental\"）根据与EPA的同意令，为研究区下八英里部分进行了补救设计。EPA于2024年5月批准了该设计。

对于研究区剩余的上九英里，EPA于2021年9月28日发布的决定记录中选择了临时补救措施。2023年3月2日，EPA发布了一项行政命令，要求Occidental为研究区上九英里部分设计临时补救措施。

包括Pharmacia在内的潜在责任方正在参与EPA指导的责任分配和和解过程，分别确定与下河段和整个研究区相关责任。CSXT代表Pharmacia参与了EPA指导的责任分配和和解过程。

2022年3月2日，EPA向Pharmacia、Occidental以及包括美国诺基亚公司（\"Nokia\"）在内的其他八家实体发出通知信，指控它们根据《超级基金法》（CERCLA）第107(a)条对危险物质的释放或威胁释放负责，并要求每家实体单独或共同向EPA提交诚意报价，以解决整个研究区域的相关事宜。CSXT代表Pharmacia作出回应，并于2022年6月27日，在与EPA冲突预防与解决中心调解员会面后，向EPA提交了诚意报价。

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第5号注释承诺与或有事项，继续

2023年11月21日，EPA通知新泽西州联邦地区法院（\"法院\"）称，它打算与一组潜在责任方达成同意令（\"CD\"）。2024年1月31日，EPA提交了一份针对82家潜在责任方的修改后的CD动议，其中不包括Pharmacia，要求支付1.5亿美元以解决他们在整个研究区域内的责任。2024年4月1日，Occidental提交了对EPA提出CD动议的反对意见。其他一些未和解的方，包括Pharmacia，提交了关于（但未反对）CD的评论。2024年12月18日，法院批准并下达了CD，目前该CD正在上诉中。与EPA及其他方就Pharmacia责任的谈判仍在继续。

2025年10月2日，美国石油公司Occidental宣布与伯克希尔哈撒韦达成最终协议，收购Occidental的化工业务，该业务因Occidental根据德克萨斯州法律完成了一次分裂合并而被分拆为独立实体。一家新成立的德克萨斯州公司也称为Occidental Chemical Corporation（\"新Occidental\"），现在持有公司的制造资产，而另一家德克萨斯州公司Environmental Resource Holdings（\"ERH\"）则持有遗留环境责任，包括与下帕塞克河相关的责任。通过该交易，Occidental石油公司将其在新Occidental的所有股权利益出售给伯克希尔哈撒韦，交易于2026年1月2日完成。2026年2月6日，包括Pharmacia在内的多方在新泽西州联邦法院提起诉讼，要求法院作出裁定，认定新Occidental仍与ERH对下帕塞克河的CERCLA责任承担连带责任。

2026年6月29日，Nokia在美国哥伦比亚特区联邦法院对美国、EPA、美国司法部（\"DOJ\"）及相关联邦官员提起诉讼，挑战EPA决定将Nokia排除在CD之外以及将Nokia归类为负责执行或资助下帕塞克河清理工作的责任方。该诉讼要求法院对EPA在执法和和解过程中的处理方式作出确认性及禁令救济。

2026年9月10日，司法部代表环保局向新泽西州美国地区法院提交了一份单独的拟议同意令。根据拟议的同意令，ERH（声称是奥西昂特的公司继承人）将进行估计价值1.25亿美元的工作以支持清理工作，包括建设陆上处理设施和陆上支持设施，以实现未来的疏浚和覆盖，对下段8.3英里进行基线采样，并补偿环保局未来的监督成本。拟议的同意令要求ERH最初获得1.25亿美元的财务保证，并在生效后，为同意令中涉及的具体事项，使ERH获得不被起诉的承诺，并根据《超级基金法》第113(f)(2)条获得免受分担责任索赔的保护。拟议的同意令将接受公众意见征集期。

CSXT还在诉讼中为Pharmacia进行辩护和赔偿，该诉讼由奥西昂特提起，旨在追回其与整个研究区域清理相关的过去和未来成本。或者，奥西昂特寻求强制某些或所有被告参与研究区域的清理工作。Pharmacia是奥西昂特于2018年6月30日提起的联邦诉讼中的约110名被告之一，也是奥西昂特于2023年3月24日提起的联邦诉讼中的37名被告之一。这两起诉讼均因CD行动的解决而中止。CSXT还在与财产相关的合作自然资源损害评估过程中为Pharmacia进行辩护和赔偿。

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第5号注释承诺与或有事项，继续

根据目前可获得的信息，公司认为根据环保局指导的分配，其在财产和研究区域的清理成本中所占份额不会对公司的财务状况、经营成果或流动性产生重大影响。

有关公司环境负债的更多信息，请参见第4号注释，事故、环境及其他储备。

第6号注释员工福利计划

公司为主要针对薪金制管理人员的养老金计划提供赞助。所有计划都已对新参与者关闭。

独立精算师根据公司基于历史趋势、当前市场利率和未来预测确定的适当假设，计算与这些计划相关的负债和费用金额。这些金额由管理层审查。只有净定期福利成本的服务成本部分计入合并损益表中的工资和福利费用。净定期福利成本的其他所有组成部分均计入其他收入 - 净额。


	养老金福利成本
	第三季度		九个月
（以百万美元计）	2026		2025		2026		2025
计入工资和福利的工资成本	$	6			$	5		$	17	$	15

利息成本	25			27			75		82
计划资产预期回报	(38)			(40)			(112)		(120)
净损失摊销	6			6			18		17
其他收入净额总计	(7)			(7)			(19)		(21)

净期初福利信贷	$	(1)			$	(2)		$	(2)	$	(6)

合格的养老金计划义务按照监管要求进行资金拨付，并以达到或超过最低资金要求为目标，以避免对计划运作和福利支付的灵活性造成限制。预计2026年不会向公司的合格养老金计划进行任何拨款。

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第7号注释：债务和信用协议

截至2026年9月30日季度与长期债务相关的所有活动均列示在下面的表格中。有关公司长期债务的公允价值信息，请参见第9号注释，公允价值计量。


(百万美元)	当期部分	长期部分	总计
截至2025年12月31日的长期债务	$	708		$	18,165	$	18,873
2026年活动：

长期债务偿还	(10)		—		(10)
重分类	1,003		(1,003)		—

对冲、折价、溢价和其他活动	1		(60)		(59)

截至2026年9月30日的长期债务	$	1,702		$	17,102	$	18,804

利率衍生工具

公允价值对冲

在2025年第一季度，CSX签订了两项固定利率对浮动利率的利率互换，这些互换被归类为公允价值对冲。这些互换旨在对冲与市场波动相关的10年期利率风险，这些波动归因于有担保隔夜融资利率（\"SOFR\"）对累计2.5亿美元固定利率未偿债券的影响，这些债券将于2055年到期。截至2026年9月30日和2025年12月31日，这些互换的累计公允价值分别是一项1200万美元的负债和一项900万美元的资产，这些价值包含在合并资产负债表中的其他长期负债和其他长期资产中。

CSX has seven other fixed-to-floating interest rate swaps classified as fair value hedges. The swaps are designed to hedge 10 years of interest rate risk associated with market fluctuations attributable to SOFR on a cumulative $1.1 billion of fixed rate outstanding notes which are due between 2032 and 2040. These swaps are comprised of two swaps entered during 2023 (“2023 swaps”) and five swaps entered during 2022 (“2022 swaps”). The cumulative fair value of the 2023 swaps was a liability of $4 million and an asset of $14 million as of September 30, 2026, and December 31, 2025, respectively, and is included in other long-term liabilities and other long-term assets on the consolidated balance sheet. The cumulative fair value of the 2022 swaps was a liability of $128 million and $87 million as of September 30, 2026, and December 31, 2025, respectively, and is included in other long-term liabilities on the consolidated balance sheet.

The swaps expire between 2032 and 2055. If settled early, the remaining cumulative fair value adjustment to the hedged notes will be amortized over the remaining life of the associated notes. The cumulative adjustment to the hedged notes is included in long-term debt on the consolidated balance sheet as shown in the following table below.


(Dollars in Millions)	September 30, 2026	December 31, 2025
Notional Value of Hedged Notes	$	1,300		$	1,300
Fair Value Asset Adjustment to Hedged Notes	—		23
Fair Value Liability Adjustment to Hedged Notes	(144)		(87)
Carrying Amount of Hedged Notes	$	1,156		$	1,236

CSX Q3 2026 Form 10-Q p.20

Table of Contents

CSX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 7. Debt and Credit Agreements, continued

Gains and losses resulting from changes in fair value of the interest rate swaps offset changes in the fair value of the hedged portion of the underlying debt with no gain or loss recognized due to hedge ineffectiveness. The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows.


	Third Quarters		Nine Months
(Dollars in Millions)	2026		2025	2026		2025
Interest Expense Impact (Increase)/ Decrease	$	(3)		$	(6)		$	(9)	$	(16)

Cash Flow Hedges

The Company had forward starting interest rate swaps, designated as cash flow hedges in accordance with the Derivatives and Hedging Topic in the ASC, that had an aggregate notional value of $500 million at inception. These swaps were effected to hedge the benchmark interest rate associated with future interest payments related to the anticipated refinancing of $850 million of 3.25% notes due in 2027, which is expected to occur no later than 36 months following the maturity of those 2027 notes. CSX executed a final settlement of the notional value of the cash flow hedges in second quarter 2024, so no unsettled aggregate notional value of these swaps remained and there is no related asset or liability as of September 30, 2026, and December 31, 2025.

The unrealized gain associated with the settled portion of the swaps is recorded net of tax in accumulated other comprehensive income (\"AOCI\") on the consolidated balance sheet. As these swaps were fully settled in 2024, subsequent gains or losses are only attributable to tax effects. The unrealized gain associated with the settled portion of the hedges will continue to be classified in AOCI until the associated debt instrument is issued in the future. The unrealized gain in AOCI will be recognized in earnings as an adjustment to interest expense over the same period during which the hedged transaction affects earnings.

See Note 9, Fair Value Measurements, and Note 10, Other Comprehensive Income (Loss), for additional information about the Company's swaps.

CSX Q3 2026 Form 10-Q p.21

Table of Contents

CSX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 7. Debt and Credit Agreements, continued

Credit Facility

The Company has a $1.2 billion unsecured revolving credit facility backed by a diverse syndicate of banks. This facility allows same-day borrowings at floating interest rates, based on SOFR or an agreed-upon replacement reference rate, plus a spread that depends upon CSX's senior unsecured debt ratings. This facility expires in February 2028. As of September 30, 2026, the Company had no outstanding balances under this facility.

Commitment fees and interest rates payable under the facility were similar to fees and rates available to comparably rated investment-grade borrowers. As of third quarter 2026, CSX was in compliance with all covenant requirements under this facility.

Commercial Paper

Under its commercial paper program, which is backed by the revolving credit facility, the Company may issue unsecured commercial paper notes up to a maximum aggregate principal amount of $1.0 billion outstanding at any time. Proceeds from issuances of the notes are used for general corporate purposes. At September 30, 2026, the Company had no outstanding debt under the commercial paper program.

CSX Q3 2026 Form 10-Q p.22

Table of Contents

CSX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 8. Revenues

The Company’s revenues are primarily derived from the transportation of freight as performance obligations that arise from its contracts with customers are satisfied. The below table presents the Company’s revenues disaggregated by market as this best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Fuel surcharge revenue is included in the individual markets.


	Third Quarters		Nine Months
(Dollars in Millions)	2026	2025		2026	2025

Chemicals	$	790		$	697		$	2,286	$	2,096
Agricultural and Food Products	430		382			1,283	1,208
Automotive	325		306			932	897
Forest Products	277		247			772	746
Metals and Equipment	267		224			743	657
Minerals	246		226			680	625
Fertilizers	118		126			391	388
Total Merchandise	2,453		2,208			7,087	6,617

Intermodal	634		527			1,772	1,511
Coal	537		490			1,515	1,428
Trucking	227		207			655	620
Other	166		155			405	408
Total	$	4,017		$	3,587		$	11,434	$	10,584

The Company’s accounts receivable - net consists of freight and non-freight receivables, reduced by an allowance for credit losses. Freight receivables include amounts earned, billed and unbilled, and currently due from customers for transportation-related services. Non-freight receivables include amounts, billed and unbilled, currently due related to government reimbursement receivables and other non-revenue receivables.


(Dollars in Millions)	September 30, 2026	December 31, 2025

Freight Receivables	$	1,149		$	932
Freight Allowance for Credit Losses	(17)		(23)
Freight Receivables - Net	1,132		909

Non-Freight Receivables	372		404
Non-Freight Allowance for Credit Losses	(19)		(15)
Non-Freight Receivables - Net	353		389
Total Accounts Receivable - Net	$	1,485		$	1,298

The Company maintains an allowance for expected credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables adjusted for forward-looking economic conditions as necessary. Credit losses recognized on the Company’s accounts receivable were not material in the third quarters or nine months ended September 30, 2026, or 2025.

CSX Q3 2026 Form 10-Q p.23

Table of Contents

CSX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 9. Fair Value Measurements

Investments

The Company's investment assets are carried at fair value on the consolidated balance sheet in accordance with the Fair Value Measurements and Disclosures Topic in the ASC. They are valued with assistance from a third-party trustee and consist of exchange-traded funds, corporate bonds, asset-backed securities, government securities, and short-term time deposits. The exchange-traded funds are valued at quoted market prices determined in an active market, which are Level 1 inputs.

The corporate bonds, asset-backed securities and government securities are valued using broker quotes that utilize observable market inputs, which are Level 2 inputs. The carrying amounts of time deposits, which are reported in the consolidated balance sheet using Level 2 inputs, approximate fair value due to their short-term nature. Unrealized losses as of September 30, 2026, and September 30, 2025, were not material. The Company believes any impairment of investments held with gross unrealized losses to be temporary and not the result of credit risk.

The Company's investment assets are carried at fair value on the consolidated balance sheets and are included in short-term investments and other long-term assets. Investment asset holdings are summarized in the following table.


	September 30, 2026		December 31, 2025
(Dollars in Millions)	Level 1	Level 2		Total		Level 1	Level 2		Total

Exchange-traded Funds	$	6		$	—			$	6		$	5		$	—	$	5
Time Deposits	—		375			375			—	—			—
Government Securities	—		69			69			—	71			71
Corporate Bonds	—		67			67			—	82			82
Asset-backed Securities	—		17			17			—	29			29
Total Investments at Fair Value	$	6		$	528			$	534		$	5		$	182	$	187

The Company's debt securities include government securities, corporate bonds and asset-backed securities. The fair values of these securities totaled $153 million as of September 30, 2026, and $182 million as of December 31, 2025, and the amortized costs totaled $159 million and $181 million, respectively. All investment assets other than exchange-traded funds have stated contractual maturity dates as summarized in the following table:


(Dollars in Millions)	September 30, 2026		December 31, 2025
Less than 1 year	$	382			$	5
1 - 5 years	85			94
5 - 10 years	31			42
Greater than 10 years	30			41
Total Investments at Fair Value	$	528			$	182

CSX Q3 2026 Form 10-Q p.24

Table of Contents

CSX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 9. Fair Value Measurements, continued

Long-term Debt

Long-term debt is reported at carrying amount on the consolidated balance sheets and is the Company's only financial instrument with a fair value significantly different from its carrying amount. The fair value of a company's debt is a measure of its current value under present market conditions, but does not impact the financial statements under current accounting rules. The majority of the Company's long-term debt is valued with assistance from a third party that utilizes closing transactions, market quotes or market values of comparable debt. For those instruments not valued by the third party, the fair value has been estimated by applying market rates of similar instruments to the scheduled contractual debt payments and maturities. These market rates are provided by the same third party. All of the inputs used to determine the fair value of the Company's long-term debt are Level 2 inputs.

The fair value and carrying value of the Company's long-term debt is as follows:


(Dollars in Millions)	September 30, 2026		December 31, 2025
Long-term Debt (Including Current Maturities):
Fair Value	$	15,921			$	17,305
Carrying Value	18,804			18,873

Interest Rate Derivatives

The Company’s fixed-to-floating swaps are carried at fair value, which is determined with assistance from a third party based upon pricing models using inputs observed from actively quoted markets. All of the inputs used to determine the fair value of the fixed-to-floating interest rate swaps are Level 2 inputs. The fair value of the Company’s fixed-to-floating interest rate swaps was a liability of $16 million and an asset of $23 million (for swaps entered in 2025 and 2023), and a liability of $128 million and $87 million (for swaps entered in 2022) as of September 30, 2026, and December 31, 2025, respectively.

Changes in interest rates no longer impact the fair value of the Company’s forward starting interest rate swaps because they are fully settled. See Note 7, Debt and Credit Agreements, for further information.

CSX Q3 2026 Form 10-Q p.25

Table of Contents

CSX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 10. Other Comprehensive Income (Loss)

Total comprehensive earnings represents all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders (e.g. issuance of equity securities and dividends). Generally, for CSX, total comprehensive earnings equals net earnings plus or minus adjustments for pension and other post-retirement liabilities, derivative activity and other items. Total comprehensive earnings is presented net of tax and was $1.1 billion and $698 million for third quarters 2026 and 2025, respectively, and $2.9 billion and $2.2 billion for the nine months ended September 30, 2026 and 2025, respectively

AOCI represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. Changes in the AOCI balance by component are shown in the following table. Amounts in pension and other post-employment benefits reclassified to net earnings relate to the amortization of actuarial losses and are included in other income - net on the consolidated income statements. See Note 6, Employee Benefit Plans, for further information. Interest rate derivatives consist of forward starting interest rate swaps classified as cash flow hedges, which are now fully settled. See Note 7, Debt and Credit Agreements, for further information. Other primarily represents CSX's share of AOCI of equity method investees. Amounts reclassified in other to net earnings are included in purchased services and other or equipment and other rents on the consolidated income statements.


	Pension and Other Post-Employment Benefits	Interest Rate Derivatives	Other	Accumulated Other Comprehensive (Loss) Income
(Dollars in Millions)
Balance December 31, 2025, Net of Tax	$	(337)		$	152	$	(28)	$	(213)
Other Comprehensive Income (Loss)

Amounts Reclassified to Net Earnings	13		—		(6)	7
Tax Expense	(3)		—		1	(2)
Total Other Comprehensive Income (Loss)	10		—		(5)	5
Balance September 30, 2026, Net of Tax	$	(327)		$	152	$	(33)	$	(208)

CSX Q3 2026 Form 10-Q p.26

Table of Contents

CSX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 11. Segment Reporting and Significant Expenses

The Company has two operating segments: rail and trucking. Although the Company provides a breakdown of revenue by line of business, the overall financial and operational performance of the railroad is analyzed as one operating segment due to the integrated nature of the rail network. The Rail column in the table below includes the activities of all CSX entities other than the trucking company, Quality Carriers, and also includes the Company's equity in the net income of equity method investments. As the trucking segment is not material for separate disclosure as a reportable segment, the results of these operations are included as a reconciliation to the Company's consolidated results in the tables below.

The Company's chief operating decision maker (\"CODM\") is its CEO. The CODM reviews information presented on a consolidated basis, accompanied by supplemental information about the trucking segment separately, for purposes of allocating resources and evaluating financial performance. The Company has determined that operating income is the key measure of segment profit or loss as this measure is the focus of the CODM in developing financial plans, including resource allocation, and evaluating actual financial performance against plan. The CODM regularly reviews operating results broken out by significant expense.

CSX Q3 2026 Form 10-Q p.27

Table of Contents

CSX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 11. Segment Reporting and Significant Expenses, continued

The table below presents information about the Company's significant expenses and the required reportable segment reconciliations for the quarters ended September 30, 2026, and September 30, 2025.


	Third Quarters
	2026		2025
(Dollars in Millions)	Rail	Reconciliation to Consolidated		Rail	Reconciliation to Consolidated
Revenue (a)	$	3,790				$	3,380

Reconciliation of Revenue
Trucking Revenue (a)		230			215
Elimination of intersegment revenues		(3)			(8)
Total Consolidated Revenue		$	4,017				$	3,587

Expense (b)
Labor and Fringe	$	782				$	758
Purchased Services and Other	548			624
Depreciation and Amortization	398			408
Fuel
Locomotive	384			237
Non-Locomotive	33			23
Equipment and Other Rents	87			80
Gain on Property Disposition	(11)			(6)
Segment Operating Income	$	1,569				$	1,256

Reconciliation of Operating Income
Trucking Expenses (b)		229			384
Elimination of intersegment expenses		(3)			(8)
Total Consolidated Operating Income		$	1,570				$	1,087

Interest Expense		(207)			(210)
Other Income - Net		21			21
Earnings Before Income Taxes		$	1,384				$	898

CSX Q3 2026 Form 10-Q p.28

Table of Contents

CSX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 11. Segment Reporting and Significant Expenses, continued

The table below presents information about the Company's significant expenses and the required reportable segment reconciliations for the nine months ended September 30, 2026, and September 30, 2025.



	Nine Months
		2026	2025
(Dollars in Millions)				Rail	Reconciliation to Consolidated	Rail	Reconciliation to Consolidated
Revenue (a)				$	10,779			$	9,964

Reconciliation of Revenue
Trucking Revenue (a)					664		641
Elimination of intersegment revenues					(9)		(21)
Total Consolidated Revenue					$	11,434			$	10,584

Expense (b)
Labor and Fringe				$	2,327			$	2,268
Purchased Services and Other				1,630		1,893
Depreciation and Amortization				1,193		1,228
Fuel
Locomotive				1,014		688
Non-Locomotive				96		75
Equipment and Other Rents				258		252
Gain on Property Disposition				(57)		(11)
Segment Operating Income				$	4,318			$	3,571

Reconciliation of Operating Income
Trucking Expenses (b)					653		801
Elimination of intersegment expenses					(9)		(21)
Total Consolidated Operating Income					$	4,329			$	3,411

Interest Expense					(631)		(631)
Other Income - Net					69		69
Earnings Before Income Taxes					$	3,767			$	2,849

(a) Trucking revenue is comprised of revenue from Quality Carriers. Rail revenue represents revenue attributed to all CSX entities other than the trucking company, Quality Carriers.

(b) Trucking expenses include labor and fringe, purchased services and other, depreciation and amortization, fuel, equipment and other rents, and gains/losses on property dispositions from the operations of Quality Carriers. Rail expenses represent expenses attributable to all CSX entities other than the trucking company, Quality Carriers. Trucking expenses for the three and nine months ended September 30, 2025, include a $164 million impairment charge of Quality Carrier's goodwill. For more information related to the 2025 impairment, see CSX's most recent annual report on Form 10-K.

CSX Q3 2026 Form 10-Q p.29

Table of Contents

CSX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 11. Segment Reporting and Significant Expenses, continued

Capital expenditures made by the rail segment were $581 million and $717 million, for the third quarters 2026 and 2025, respectively, and $1,679 million and $2,173 million, for the nine months ended September 30, 2026, and September 30, 2025, respectively. The total of the rail segment's reportable assets was $45.0 billion and $43.5 billion as of September 30, 2026, and December 31, 2025, respectively, out of total consolidated assets of $45.2 billion and $43.7 billion for the respective periods. The remaining non-rail assets are comprised of assets held by the trucking operating segment.

CSX Q3 2026 Form 10-Q p.30

Table of Contents

CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

THIRD QUARTER 2026 RESULTS

•Revenue increased $430 million, or 12%, year over year.

•Expenses decreased $53 million, or 2%, year over year.

•Operating income of $1.6 billion increased $483 million, or 44%, year over year.

•Operating margin of 39.1% improved 880 basis points versus the prior year.

•Earnings per diluted share of $0.57 increased $0.20, or 54%, year over year.


	Third Quarters		Nine Months
	2026	2025	Fav / (Unfav)	% Change		2026	2025	Fav / (Unfav)	% Change
Volume (in Thousands)	1,687		1,612		75	5	%		4,922		4,710	212	5	%

(in Millions)
Revenue	$	4,017		$	3,587		$	430	12			$	11,434	$	10,584	$	850	8
Expense	2,447		2,500		53	2			7,105	7,173	68	1
Operating Income	$	1,570		$	1,087		$	483	44	%		$	4,329	$	3,411	$	918	27	%

Operating Margin	39.1	%	30.3	%	880	bps		37.9	%	32.2	%	570	bps

Earnings Per Diluted Share	$	0.57		$	0.37		$	0.20	54	%		$	1.54		$	1.16		$	0.38	33	%

CSX Q3 2026 Form 10-Q p.31

Table of Contents

CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Volume and Revenue (Unaudited)
Volume (Thousands of Units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)
Third Quarters
	Volume	Revenue		Revenue Per Unit
	2026	2025		% Change	2026		2025		% Change	2026		2025		% Change
Chemicals	176		164		7	%		$	790		$	697			13	%	$	4,489	$	4,250	6	%
Agricultural and Food Products	114		110		4			430		382			13			3,772		3,473	9
Minerals	103		104		(1)			246		226			9			2,388		2,173	10
Automotive	97		99		(2)			325		306			6			3,351		3,091	8
Metals and Equipment	75		67		12			267		224			19			3,560		3,343	6
Forest Products	72		68		6			277		247			12			3,847		3,632	6
Fertilizers	42		48		(13)			118		126			(6)			2,810		2,625	7
Total Merchandise	679		660		3			2,453		2,208			11			3,613		3,345	8
Intermodal	820		768		7			634		527			20			773		686	13
Coal	188		184		2			537		490			10			2,856		2,663	7
Trucking	—		—		—			227		207			10			—		—	—
Other	—		—		—			166		155			7			—		—	—
Total	1,687		1,612		5	%		$	4,017		$	3,587			12	%	$	2,381	$	2,225	7	%

Nine Months
	Volume	Revenue		Revenue Per Unit
	2026	2025		% Change	2026		2025		% Change	2026		2025		% Change
Chemicals	521		494		5	%		$	2,286		$	2,096			9	%	$	4,388	$	4,243	3	%
Agricultural and Food Products	349		342		2			1,283		1,208			6			3,676		3,532	4
Minerals	290		282		3			680		625			9			2,345		2,216	6
Automotive	286		289		(1)			932		897			4			3,259		3,104	5
Metals and Equipment	212		202		5			743		657			13			3,505		3,252	8
Forest Products	206		208		(1)			772		746			3			3,748		3,587	4
Fertilizers	141		143		(1)			391		388			1			2,773		2,713	2
Total Merchandise	2,005		1,960		2			7,087		6,617			7			3,535		3,376	5
Intermodal	2,369		2,213		7			1,772		1,511			17			748		683	10
Coal	548		537		2			1,515		1,428			6			2,765		2,659	4
Trucking	—		—		—			655		620			6			—		—	—
Other	—		—		—			405		408			(1)			—		—	—
Total	4,922		4,710		5	%		$	11,434		$	10,584			8	%	$	2,323	$	2,247	3	%

CSX Q3 2026 Form 10-Q p.32

Table of Contents

CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Third Quarter 2026

Revenue

Total revenue increased 12% in third quarter 2026 when compared to third quarter 2025 primarily due to increased fuel surcharge revenue as well as higher volume and pricing across merchandise, intermodal and coal.

Merchandise Volume

Chemicals - Increased primarily due to higher shipments of petcoke, waste, plastics and crude oil.

Agricultural and Food Products - Increased due to higher shipments of domestic and export grains and feed ingredients, partially offset by decreased shipments of ethanol.

Minerals - Decreased due to lower shipments of limestone, partially offset by higher shipments of construction-related materials.

Automotive - Decreased due to the impact of a temporary outage at a customer location associated with re-tooling efforts.

Metals and Equipment - Increased due to higher steel, equipment, and aluminum shipments.

Forest Products - Increased due to higher lumber and building products shipments, including benefits from a tighter trucking environment, which were partially offset by lower shipments of pulp and paper products, which includes the impacts of customer plant closures.

Fertilizers - Shipments decreased as higher input costs led to reduced fertilizer demand.

Intermodal Volume

Domestic shipments increased due to wins with key customers, new service offerings and a tightening truck environment. International shipments decreased slightly.

Coal Volume

Export coal increased due to higher shipments of metallurgical and thermal coal, including the benefits of increased production from re-opened mines. Domestic coal decreased due to lower shipments to utility plants, partially offset by higher shipments to steel manufacturing locations and lake terminals.

Trucking Revenue

Trucking revenue increased $20 million versus the prior year primarily due to higher fuel surcharge.

Other Revenue

Other revenue increased $11 million primarily due to higher revenue for intermodal storage and equipment usage.

CSX Q3 2026 Form 10-Q p.33

Table of Contents

CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Expenses

Expenses of $2.4 billion decreased $53 million, or 2%, in third quarter 2026 when compared to third quarter 2025. Third quarter 2026 expense included offsetting impacts of a $170 million increase in fuel expense and a $164 million decrease in goodwill impairment expense compared to prior year.

Labor and Fringe expense increased $19 million due to the following:

•Incentive compensation increased $53 million driven by higher expected payouts.

•An increase of $38 million was due to wage and healthcare cost inflation.

•A decrease of $22 million was due to prior year management and executive severance costs.

•The remaining $50 million net decrease was mostly due to lower headcount.

Purchased Services and Other expense decreased $73 million due to the following:

•Efficiency savings, net of inflation, of $42 million were driven by cost reductions across operating and support functions.

•Gains on property dispositions were $11 million in third quarter 2026 compared to $7 million in the prior year.

•All other net costs decreased $27 million, primarily due to the effects of higher costs in the prior year related to network disruptions, including rerouting impacts, and technology contract restructuring costs.

Depreciation and Amortization expense decreased $11 million primarily as a result of an equipment depreciation study, partially offset by increases related to a larger asset base.

Fuel costs increased $170 million mostly due to a 67% increase in locomotive fuel prices as well as higher non-locomotive fuel prices, partially offset by efficiency savings.

Equipment and Other Rents expense increased $6 million due to longer merchandise cycle times and higher volume.

Goodwill Impairment expense in the prior year for Quality Carriers was $164 million.

Interest Expense

Interest expense decreased $3 million.

Other Income - Net

Other income - net was flat as higher interest income was offset by other items.

Income Tax Expense

Income tax expense increased $128 million primarily due to higher earnings before income taxes.

CSX Q3 2026 Form 10-Q p.34

Table of Contents

CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Nine Months Results of Operations

Revenue increased $850 million primarily due to volume and price growth in merchandise, intermodal and coal together with higher fuel recovery.

Total expense decreased $68 million resulting from efficiency savings, the impact of prior year costs related to goodwill impairment and network disruptions, higher gains on property dispositions, and lower depreciation due to the equipment depreciation study. These and other decreases were largely offset by higher fuel prices, inflation, higher incentive compensation, and higher volume-related costs.

Interest expense was flat.

Other income - net was flat as higher interest income was offset by other non-significant items.

Income tax expense increased $226 million primarily due to higher earnings before income taxes.

CSX Q3 2026 Form 10-Q p.35

Table of Contents

CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Non-GAAP Measures - Unaudited

CSX reports its financial results in accordance with accounting principles generally accepted in the United States of America (\"GAAP\"). CSX also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by GAAP. Therefore, CSX’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP. Reconciliations of non-GAAP measures to corresponding GAAP measures are below.

Prior Year Adjusted Operating Results

Management believes that adjusted operating income, adjusted operating margin, adjusted net earnings, and adjusted net earnings per share, assuming dilution are important in evaluating the Company's performance and for planning and forecasting future business operations and future profitability. These non-GAAP measures provide meaningful supplemental information regarding operating results because they exclude the third quarter 2025 non-cash impairment of the remaining amount of Quality Carriers' goodwill, which is a significant item that is not considered indicative of future financial trends. The goodwill impairment was tax-effected using rates reflective of the applicable tax amounts related to the impairment charge. These prior year adjusted results should be considered in addition to, rather than as a substitute for, the Company's GAAP operating results.

The following tables reconcile the Company's GAAP operating results to adjusted operating results (non-GAAP measures).


	Quarter Ended September 30, 2025
(Dollars in millions, except per share amounts)	Operating Income		Operating Margin		Net Earnings		Net Earnings Per Share, Assuming Dilution
GAAP Operating Results	$	1,087			30.3	%		$	694		$	0.37
Goodwill Impairment	164			4.6	%		124			0.07
Adjusted Operating Results (non-GAAP)	$	1,251			34.9	%		$	818		$	0.44


	Nine Months Ended September 30, 2025
(Dollars in millions, except per share amounts)	Operating Income		Operating Margin		Net Earnings		Net Earnings Per Share, Assuming Dilution
GAAP Operating Results	$	3,411			32.2	%		$	2,169		$	1.16
Goodwill Impairment	164			1.6	%		124			0.06
Adjusted Operating Results (non-GAAP)	$	3,575			33.8	%		$	2,293		$	1.22

CSX Q3 2026 Form 10-Q p.36

Table of Contents

CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Free Cash Flow

Management believes that Free Cash Flow (\"FCF\") is supplemental information useful to investors as it is important in evaluating the Company’s financial performance. More specifically, FCF measures cash generated by the business after reinvestment. This measure represents cash available for both equity and bond investors to be used for dividends, share repurchases or principal reduction on outstanding debt. FCF is calculated by using net cash from operations and adjusting for property additions and proceeds and advances from property dispositions. FCF should be considered in addition to, rather than a substitute for, cash provided by operating activities.

The increase in FCF before dividends of $1.6 billion from the prior year is primarily due to decreased property additions driven by completion of the Blue Ridge subdivision rebuild, prior year payments of previously postponed taxes, and higher cash-generating net earnings. Prior year property additions included $440 million related to rebuilding the Blue Ridge subdivision, which was reopened in September 2025.

The following table reconciles cash provided by operating activities (GAAP measure) to FCF before dividends (non-GAAP measure).


	Nine Months
(Dollars in Millions)	2026	2025
Net cash provided by operating activities	$	4,216		$	3,227
Property Additions	(1,712)		(2,225)
Proceeds and Advances from Property Dispositions	144		64
Free Cash Flow (before payment of dividends)	$	2,648		$	1,066

CSX Q3 2026 Form 10-Q p.37

Table of Contents

CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Operating Statistics (Estimated)

The Company is committed to continuous improvement in safety and service performance through training, innovation and investment. Training and safety programs are designed to prevent incidents that can adversely impact employees, customers and communities. Technological innovations that can detect and avoid many types of human factor incidents are designed to serve as an additional layer of protection for the Company's employees. Continued capital investment in the Company's assets, including track, bridges, signals, equipment and detection technology also supports safety performance.

In the third quarter of 2026, velocity decreased by 2% and dwell increased by 12% versus prior year. Carload trip plan performance decreased by 12% and intermodal trip plan performance decreased by 11%. The Company continues to focus on operational improvements and executing the operating plan to deliver safe, reliable, and efficient service to customers.

The Federal Railroad Administration (“FRA”) personal injury frequency index of 0.97 in third quarter 2026 improved 17% compared to prior year and the FRA train accident rate of 2.77 improved 5%. Safety is a top priority at CSX, and the Company is committed to reducing risk and enhancing the overall safety of its employees, customers, and communities in which it operates.


	Third Quarters		Nine Months
	2026	2025	Improvement / (Deterioration)		2026	2025	Improvement / (Deterioration)
Operations Performance
Train Velocity (Miles Per Hour)	18.6		18.9		(2)	%		18.5		18.0		3	%
Dwell (Hours)	10.6		9.5		(12)	%		10.8		10.5		(3)	%
Cars Online	128,828		121,278		(6)	%		128,107		127,698		—	%

On-Time Originations	69	%	75	%	(8)	%		70	%	71	%	(1)	%
On-Time Arrivals	56	%	64	%	(13)	%		57	%	59	%	(3)	%
Carload Trip Plan Performance	73	%	83	%	(12)	%		73	%	76	%	(4)	%
Intermodal Trip Plan Performance	83	%	93	%	(11)	%		86	%	91	%	(5)	%

Fuel Efficiency	0.92		0.94		2	%		0.94		0.97		3	%

Revenue Ton-Miles (Billions)
Merchandise	33.4		32.8		2	%		100.4		98.3		2	%
Coal	9.3		9.9		(6)	%		26.9		27.6		(3)	%
Intermodal	8.0		7.7		4	%		23.4		22.3		5	%
Total Revenue Ton-Miles	50.7		50.4		1	%		150.7		148.2		2	%

Total Gross Ton-Miles (Billions)	98.9		98.8		—	%		292.1		292.3		—	%

Safety
FRA Personal Injury Frequency Index	0.97		1.17		17	%		0.85		1.04		18	%
FRA Train Accident Rate	2.77		2.91		5	%		2.86		3.53		19	%

Certain operating statistics are estimated and can continue to be updated as actuals settle. The methodology for calculating train velocity, dwell, cars online and trip plan performance differs from that used by the Surface Transportation Board. The Company will continue to report these metrics to the Surface Transportation Board using the prescribed methodology.

CSX Q3 2026 Form 10-Q p.38

Table of Contents

CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Key Performance Measures Definitions

Train Velocity - Average train speed between origin and destination in miles per hour (does not include locals, yard jobs, work trains or passenger trains). Train velocity measures actual train miles and times of a train movement on CSX's network.

Dwell - Average amount of time in hours between car arrival to and departure from the yard.

Cars Online - Average number of active freight rail cars on lines operated by CSX, excluding rail cars that are being repaired, in storage, those that have been sold, or private cars dwelling at a customer location more than one day.

On-Time Originations - Percent of scheduled road trains that depart the origin yard on-time or ahead of schedule.

On-Time Arrivals - Percent of scheduled road trains that arrive at the destination yard on-time to within two hours of scheduled arrival.

Carload Trip Plan Performance - Percent of measured cars (excludes unit trains and other non-scheduled service as well as empty automotive shipments) destined for a customer that complete their scheduled plan at or ahead of the original estimated time of arrival or interchange (as applicable).

Intermodal Trip Plan Performance - Percent of measured containers (excludes port shipments along with empty containers and other non-scheduled service) destined for a customer that complete their scheduled plan at or ahead of the original estimated time of arrival, notification or interchange (as applicable).

Fuel Efficiency - Gallons of locomotive fuel per 1,000 gross ton-miles.

Revenue Ton-Miles (RTMs) - The movement of one revenue-producing ton of freight over a distance of one mile.

Gross Ton-Miles (GTMs) - The movement of one ton of train weight over one mile. GTMs are calculated by multiplying total train weight by distance the train moved. Total train weight is comprised of the weight of the freight cars and their contents.

FRA Personal Injury Frequency Index - Number of FRA-reportable injuries per 200,000 man-hours.

FRA Train Accident Rate - Number of FRA-reportable train accidents per million train-miles.

CSX Q3 2026 Form 10-Q p.39

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CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

The following are material changes in the significant cash flows, sources of cash and liquidity, capital investments, consolidated balance sheets and working capital, which provide an update to the discussion included in CSX's most recent annual report on Form 10-K.

Material Changes in Significant Cash Flows

The following chart highlights the operating, investing and financing components of the net increase of $553 million and decrease of $321 million in cash and cash equivalents for the nine months ended September 30, 2026, and September 30, 2025, respectively.

$\"557\"$ $\"559\"$ $\"561\"$

•The Company generated $989 million more cash from operating activities primarily driven by higher cash-generating net earnings and net favorable working capital activities. Working capital changes included the impact of the prior year payment of postponed taxes, partially offset by the impact of higher accounts receivable commensurate with higher revenues.

•CSX used $238 million less cash for investing activities primarily due to lower property additions following the completion of the rebuilding of the Blue Ridge subdivision in prior year as well as increased proceeds from property dispositions in the current year. These decreases were partially offset by net purchases of short-term investments in 2026.

•The Company used $353 million more cash for financing activities as the prior year included proceeds from debt issuances compared with none in the current year. This decrease in proceeds was partially offset by lower share repurchases in the current year.

CSX Q3 2026 Form 10-Q p.40

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CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Sources of Cash and Liquidity and Uses of Cash

As of the end of third quarter 2026, CSX had $1.6 billion of cash, cash equivalents and short-term investments. CSX uses current cash balances for general corporate purposes, which may include capital expenditures, working capital requirements, reduction or refinancing of outstanding indebtedness, redemptions and repurchases of CSX common stock, dividends to shareholders, acquisitions and other business opportunities, and contributions to the Company's qualified pension plan. See Note 7, Debt and Credit Agreements.

The Company has multiple sources of liquidity, including cash generated from operations and financing sources. The Company filed a shelf registration statement with the SEC on February 27, 2025, which may be used to issue debt or equity securities at CSX’s discretion, subject to market conditions and CSX Board authorization. While CSX seeks to give itself flexibility with respect to cash requirements, there can be no assurance that market conditions would permit CSX to sell such securities on acceptable terms at any given time, or at all. During the nine months ended September 30, 2026, CSX did not issue any long-term debt. As of September 30, 2026, approximately $1.7 billion of debt is classified as current. As described above, the Company has multiple sources of liquidity available to sufficiently address these obligations, including cash on hand, cash generated from operations, and access to financing sources.

CSX has a $1.2 billion unsecured, revolving credit facility backed by a diverse syndicate of banks that expires in February 2028. At September 30, 2026, the Company had no outstanding balances under this facility. The Company also has a commercial paper program, backed by the revolving credit facility, under which the Company may issue unsecured short-term commercial paper notes up to a maximum aggregate principal amount of $1.0 billion outstanding at any time. At September 30, 2026, the Company had no debt outstanding under the commercial paper program.

Planned capital investments for 2026 are expected to be less than $2.4 billion. Spending to sustain core infrastructure with a focus on safety and reliability will remain a top priority. In addition, management is committed to investments that promote profitable growth, including projects supporting service enhancements and productivity initiatives, which includes investments in locomotives and freight cars. CSX intends to fund capital investments primarily through cash generated from operations.

CSX Q3 2026 Form 10-Q p.41

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CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Material Changes in the Consolidated Balance Sheets and Working Capital

Total assets increased $1.5 billion from year end primarily due to a $930 million increase in cash and short-term investments, a $331 million increase in net property consistent with planned capital expenditures, and a $187 million increase in accounts receivable commensurate with increased revenue.

Total liabilities increased $250 million from year end primarily due to a $116 million increase in deferred income taxes primarily driven by bonus tax depreciation. Increases in income and other taxes payable and interest payable were driven by the timing of payments. Total shareholders' equity increased $1.2 billion from year end primarily driven by net earnings of $2.9 billion, partially offset by share repurchases of $1.0 billion and dividends paid of $779 million.

Working capital is considered a measure of a company's ability to meet its short-term needs. CSX had a working capital deficit of $676 million as of September 30, 2026, and $583 million as of December 31, 2025. This deficit increase of $93 million since year end was primarily driven by a $1.0 billion reclass of long-term debt to current, partially offset by a $930 million increase in cash and short-term investments as noted above. The Company's working capital balance varies due to factors such as the timing of scheduled debt payments and changes in cash and cash equivalent balances as discussed above. The Company continues to maintain adequate liquidity to satisfy current liabilities and maturing obligations when they come due. CSX has sufficient financial capacity, including its revolving credit facility, commercial paper program and shelf registration statement to manage its day-to-day cash requirements and any anticipated obligations. The Company from time to time accesses the credit markets for additional liquidity.

CSX is committed to returning cash to shareholders and maintaining an investment-grade credit profile. Capital structure, capital investments and cash distributions, including dividends and share repurchases, are reviewed at least annually by the Board of Directors. Management's assessment of market conditions and other factors guides the timing and volume of repurchases. Future share repurchases are expected to be funded by cash on hand, cash generated from operations and debt issuances.

This discussion should be read in conjunction with our Condensed Consolidated Financial Statements and the related notes that appear elsewhere in this document.

LABOR AGREEMENTS

Approximately 16,400 of the Company's approximately 21,900 employees are members of a rail labor union and covered by national agreements with the Class I railroads or CSX-specific agreements. Agreements with an effective date of January 1, 2025, have been fully ratified by most unions, representing nearly 75% of the Company's unionized workforce. The remaining unionized employees are covered under previous agreements while negotiations take place since collective agreements under the Railway Labor Act do not expire, but continue until amended or replaced.

CSX Q3 2026 Form 10-Q p.42

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CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires that management make estimates in reporting the amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and certain revenues and expenses during the reporting period. Actual results may differ from those estimates. These estimates and assumptions are discussed with the Audit Committee of the Board of Directors on a regular basis. Consistent with the prior year, significant estimates using management judgment are made for the areas below. For further discussion of CSX's critical accounting estimates, see the Company's most recent annual report on Form 10-K.

•personal injury and environmental reserves;

•pension plan accounting; and

•depreciation policies for assets under the group-life method.

FORWARD-LOOKING STATEMENTS

Certain statements in this report and in other materials filed with the Securities and Exchange Commission, as well as information included in oral statements or other written statements made by the Company, are forward-looking statements. The Company intends for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements within the meaning of the Private Securities Litigation Reform Act may contain, among others, statements regarding:

•projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes or other financial items;

•expectations as to results of operations and operational initiatives;

•expectations as to the effect of claims, lawsuits, environmental costs, commitments, contingent liabilities, labor negotiations or agreements on the Company's financial condition, results of operations or liquidity;

•management's plans, strategies and objectives for future operations, capital expenditures, workforce levels, dividends, share repurchases, safety and service performance, proposed new services and other matters that are not historical facts, and management's expectations as to future performance and operations and the time by which objectives will be achieved; and

•future economic, industry or market conditions or performance and their effect on the Company's financial condition, results of operations or liquidity.

Forward-looking statements are typically identified by words or phrases such as “will,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” “preliminary” and similar expressions. The Company cautions against placing undue reliance on forward-looking statements, which reflect its good faith beliefs with respect to future events and are based on information currently available to it as of the date the forward-looking statement is made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the timing when, or by which, such performance or results will be achieved.

CSX Q3 2026 Form 10-Q p.43

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CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-looking statements are subject to a number of risks and uncertainties and actual performance or results could differ materially from those anticipated by any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. If the Company does update any forward-looking statement, no inference should be drawn that the Company will make additional updates with respect to that statement or any other forward-looking statements. The following important factors, in addition to those discussed in Part I, Item 1A. Risk Factors of CSX's most recent annual report on Form 10-K and elsewhere in this report, may cause actual results to differ materially from those contemplated by any forward-looking statements:

•legislative, regulatory or legal developments involving transportation, including rail or intermodal transportation, the environment, hazardous materials, taxation, international trade and initiatives to further regulate the rail industry;

•the outcome of litigation, claims and other contingent liabilities, including, but not limited to, those related to fuel surcharge, environmental matters, taxes, shipper and rate claims subject to adjudication, personal injuries and occupational illnesses;

•changes in domestic or international economic, political or business conditions, including those directly affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation, as well as the impact of international trade agreements and tariffs) and those affecting the level of demand for products carried by CSXT or by truck, including impacts to the performance and value of the Company's rail and trucking-related investments;

•natural events such as severe weather conditions, including floods, fire, hurricanes and earthquakes, a pandemic crisis affecting the health of the Company's employees, its shippers or the consumers of goods, or other unforeseen disruptions of the Company's operations, systems, property, equipment or supply chain;

•competition from other modes of freight transportation, such as trucking, and competition and consolidation or financial distress within the transportation industry generally;

•the cost of compliance with laws and regulations that differ from expectations as well as costs, penalties and operational and liquidity impacts associated with noncompliance with applicable laws or regulations;

•the impact of increased passenger activities in capacity-constrained areas, including potential effects of high speed rail initiatives, or regulatory changes affecting when CSXT can transport freight or service routes;

•unanticipated conditions in the financial markets that may affect timely access to capital markets and the cost of capital, as well as management's decisions regarding share repurchases;

•changes in fuel prices, surcharges for fuel and the availability of fuel;

•the impact of natural gas prices on coal-fired electricity generation;

•the impact of global supply and price of seaborne coal on CSX's export coal market;

•availability of insurance coverage at commercially reasonable rates or insufficient insurance coverage to cover claims or damages;

•the inherent business risks associated with safety and security, including the transportation of hazardous materials and cybersecurity incidents compromising the security, stability, availability, or reliability of information technology systems or data;

•adverse economic or operational effects from actual or threatened war or terrorist activities and any governmental response;

•loss of key personnel or the inability to hire and retain qualified employees;

CSX Q3 2026 Form 10-Q p.44

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CSX CORPORATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

•labor and benefit costs and labor difficulties, including stoppages affecting either the Company's operations or customers' ability to deliver goods to the Company for shipment;

•the Company's success in implementing its strategic, financial and operational initiatives, including, but not limited to, acquisitions;

•the impact of conditions in the real estate market on the Company's ability to sell assets;

•changes in operating conditions and costs, including the impacts of inflation, or commodity concentrations;

•the impacts of a public health crisis and any policies or initiatives instituted in response; and

•the inherent uncertainty associated with projecting economic and business conditions.

Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified elsewhere in this report and in CSX's other SEC reports, which are accessible on the SEC's website at www.sec.gov and the Company's website at www.csx.com. The information on the CSX website is not part of this quarterly report on Form 10-Q.

CSX Q3 2026 Form 10-Q p.45

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CSX CORPORATION

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in market risk from the information provided under Part II, Item 7A (Quantitative and Qualitative Disclosures about Market Risk) of CSX's most recent annual report on Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

As of September 30, 2026, under the supervision and with the participation of CSX's Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), management has evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based on that evaluation, the CEO and CFO concluded that, as of September 30, 2026, the Company's disclosure controls and procedures were effective at the reasonable assurance level in timely alerting them to material information required to be included in CSX's periodic SEC reports. There were no changes in the Company's internal controls over financial reporting during the third quarter of 2026 that have materially affected or are reasonably likely to materially affect the Company's internal control over financial reporting.

CSX Q3 2026 Form 10-Q p.46

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CSX CORPORATION

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Item 103 of SEC Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that the Company reasonably believes will exceed a specified threshold. Pursuant to SEC amendments to this Item, the Company will be using a threshold of $1 million for such proceedings. For further details, refer to Note 5, Commitments and Contingencies, of this quarterly report on Form 10-Q. Also refer to Part I, Item 3, Legal Proceedings in CSX's most recent annual report on Form 10-K.

Item 1A. Risk Factors

For information regarding factors that could affect the Company's results of operations, financial condition and liquidity, see the risk factors discussed under Part I, Item 1A (Risk Factors) of CSX's most recent annual report on Form 10-K. See also Part I, Item 2 (Forward-Looking Statements) of this quarterly report on Form 10-Q.

Item 2. CSX Purchases of Equity Securities

During fourth quarter 2023, the Company began repurchasing shares under the $5 billion share repurchase program approved in October 2023. In May 2026, the Board of Directors authorized a new share repurchase program, providing $5 billion of incremental authority to that remaining under the existing October 2023 share repurchase program. Total repurchase authority remaining as of September 30, 2026, was $5.2 billion. For more information about share repurchases, see Note 2, Earnings Per Share. Share repurchase activity for the third quarter 2026 is shown below. Amounts exclude the impact of excise tax on net share repurchases imposed as part of the Inflation Reduction Act of 2022.


	CSX Purchases of Equity Securities for the Quarter
Third Quarter	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
Beginning Balance				$	5,704,621,786
July 1 - July 31, 2026	1,920,999		$	50.04		1,920,999		5,608,492,752
August 1 - August 31, 2026	2,446,096		50.73		2,446,096		5,484,402,354
September 1 - September 30, 2026	6,776,394		47.67		6,776,394		5,161,361,994
Ending Balance	11,143,489		$	48.75		11,143,489		$	5,161,361,994

CSX Q3 2026 Form 10-Q p.47

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CSX CORPORATION

PART II

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not Applicable

Item 5. Other Information

During the third quarter of 2026, none of the Company's directors or officers adopted or terminated any \"Rule 10b5-1 trading arrangement\" or any \"non-Rule 10b5-1 trading arrangement,\" as each term is defined in Item 408 of Regulation S-K.

CSX Q3 2026 Form 10-Q p.48

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CSX CORPORATION

PART II

Item 6. Exhibits


Exhibit designation	Nature of exhibit	Previously filed as exhibit to




Officer certifications:
31*	Rule 13a-14(a) Certifications
32**	Section 1350 Certifications

Interactive data files:
101*	The following financial information from CSX Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed with the SEC on October 21, 2026, formatted in inline XBRL includes: (i) consolidated income statements for the quarters and nine months ended September 30, 2026, and September 30, 2025, (ii) condensed consolidated comprehensive income statements for the quarters and nine months ended September 30, 2026, and September 30, 2025, (iii) consolidated balance sheets at September 30, 2026, and December 31, 2025, (iv) consolidated cash flow statements for the nine months ended September 30, 2026, and September 30, 2025, (v) consolidated statements of changes in shareholders' equity for the quarters and nine months ended September 30, 2026, and September 30, 2025, and (vi) the notes to consolidated financial statements.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101)



* Filed herewith
** Furnished herewith

CSX Q3 2026 Form 10-Q p.49

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CSX CORPORATION

PART II

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CSX CORPORATION

(Registrant)

By: /s/ ANGELA C. WILLIAMS

Angela C. Williams

Vice President and

Chief Accounting Officer

(Principal Accounting Officer)

Dated: October 21, 2026

CSX Q3 2026 Form 10-Q p.50

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