8-K ·Filed Jul 22, 2026

CSX

CSX CORP
BULLISH
Impact 6/10
Horizonimmediate Processed2mo ago SEC0000277948-26-000031
8-K Item 2.02: Earnings release
Actionable Insight ▲ Bullish

The strong beat and margin expansion reinforce operational momentum. With no explicit forward guidance provided, the market will focus on the 4:30 PM ET conference call for commentary on volume sustainability, fuel cost management, and any potential industry consolidation impacts. The sharp increase in fuel expense (66% YoY) is a key risk to monitor if fuel prices remain elevated.

DirectionBullish
Confidencehigh
Horizonimmediate
Latest settled — T+20d ⚠ clustered
CSX ▼ -3.49% at T+20d
LONG call ✗ call lost -3.49% · α vs SPY -6.80% · entry $52.81 → $50.97
Next anchor: T+60d in 13d
Latest observation: T+49 -6.80% FF3 residual α
Entry anchored
Jul 22, 03:59 PM ET
via exchange tick
T+1d
+0.80%
call +0.80% · α +0.69%
$53.23
settled 2mo ago
T+5d
-4.96%
call -4.96% · α -5.44%
$50.19
settled 2mo ago
T+20d
-3.49%
call -3.49% · α -6.80%
$50.97
settled 6w ago
T+60d
—
call — · α —
—
in 13d

Price Chart

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Executive Summary

CSX reported record Q2 2026 revenue of $3.94B (+10% YoY) and diluted EPS of $0.54 (+23% YoY), beating consensus estimates of $0.52. Operating margin expanded 240bps to 38.3% as volume grew 6% across merchandise, intermodal, and coal. The strong operational performance was partially offset by a 74% increase in locomotive fuel prices, highlighting the company's ability to manage costs and capitalize on pricing and volume growth.

Key Financial Metrics

EPS
$0.54
est $0.52 · +3.9%
Revenue
$3.9B
est $3.9B · +0.9% · +10.1% YoY
Rating
beat

Key Facts

  • Record quarterly revenue of $3.935B, up 10% YoY from $3.574B
  • Diluted EPS of $0.54, up 23% from $0.44 YoY, beating consensus of $0.52
  • Operating income of $1.506B, up 17% YoY; operating margin expanded 240bps to 38.3%
  • Total volume of 1.68M units increased 6% YoY, led by intermodal up 9%
  • Fuel expense surged 66% YoY as locomotive fuel price rose 74% to $4.05/gal
  • Free cash flow (before dividends) for H1 2026 was $1.617B vs $444B in H1 2025, driven by higher operating cash flow and lower capex

Financial Impact

Revenue beat consensus by $35M (0.9%); EPS beat by $0.02 (4.3%)

revenueepsoperating incomeoperating marginvolumefree cash flow

Risk Factors

  • Locomotive fuel price rose 74% YoY to $4.05/gal – if sustained, could pressure margins absent fuel surcharge pass-through
  • Carload and intermodal trip plan performance deteriorated slightly (down 5% and 2% YoY respectively), indicating some service execution challenges
  • Advisory expenses related to potential industry consolidation noted – may signal M&A activity
  • Dwell increased 6% YoY, suggesting some network congestion

Market Snapshot

Exchange
Nasdaq
Sector
Railroads, Line-Haul Operating
Analyst Consensus
68% bullish (28 analysts)

Investment Themes

Industrials & Manufacturing

Documents Analyzed

This report is based on 7 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0000277948-26-000031
Document: csx-20260722.htm0000277948-26-000031
Document: pressrelease_q22026.htm0000277948-26-000031
Document: 0000277948-26-000031-index-headers.html0000277948-26-000031
Document: 0000277948-26-000031-index.html0000277948-26-000031
Document: 0000277948-26-000031.txt0000277948-26-000031
8-K Data (Synthetic)0000277948-26-000031
6 reports for CSX
Performance horizon

Track record builds as more directional reports settle.

Filters
Rows
Reports for CSX — sortable, filterable
TypeNow
Jul 27, 2026
9w ago
Insider Cluster
NEUTRAL ★ 3/10
$51.80 $51.44▼ −0.69%▼ −3.99%$47.37 (−8.56%)
Jul 22, 2026
10w ago
8-K
BULLISH ★ 6/10
$52.81 $50.97▼ −3.49%▼ −6.80%$47.37 (−10.31%)
May 14, 2026
20w ago
8-K
NEUTRAL ★ 4/10
$45.92 $47.57▲ +3.60%▲ +4.46%$47.37 (+3.16%)
Apr 22, 2026
23w ago
Press Release
BULLISH ★ 7/10
$46.18 $45.94▼ −0.51%▼ −5.15%$47.37 (+2.57%)
Apr 22, 2026
23w ago
8-K
BULLISH ★ 8/10
$46.18 $45.94▼ −0.51%▼ −5.15%$47.37 (+2.57%)
Mar 30, 2026
26w ago
DEFA14A
NEUTRAL ★ 3/10
$39.75 $45.23▲ +13.79%▲ +1.19%$47.37 (+19.17%)
Showing 6 of 6

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