CSX 'fell short' of expectations in 2025, Angel says

CSX's 2025 results "fell short" of expectations, but the work completed last year positions the Class I for stronger performance in 2026, President and CEO Steve Angel said in the company's annual report issued yesterday.

CSX reported 2025 revenue of $14.1 billion, down 3% from 2024; an operating margin of 32.1%; and earnings per diluted share of $1.54. Revenue declines were driven primarily by lower export coal revenue, reduced merchandise volumes and lower fuel recovery, partially offset by merchandise pricing gains and higher intermodal volumes, CSX officials said in a press release.

"Our objective is to build CSX into the best-performing railroad in North America, measured by the safety of our operations, the reliability of our service, the efficiency of our cost structure, and the returns we generate on the capital our shareholders entrust to us," said Angel, who was named president and CEO of CSX in September 2025.

A major capital project CSX completed in 2025 was the reopening of the Howard Street Tunnel in Baltimore, Maryland, which will enable double-stack intermodal service through the city once clearance work is completed in early 2026.

Also in 2025, CSX:

• rebuilt 60 miles of track in its Blue Ridge Subdivision after Hurricane Helene flooding;
• completed the 75th Street flyover in Chicago, eliminating a key bottleneck in the city;
• added 85 new or expanded rail-served facilities to its network;
• improved its Federal Railroad Administration personal injury frequency index by 24%, from 1.23 reportable employee injuries per 200,000 worked hours in 2024 to 0.94 in 2025; and 
• improved its FRA train accident rate by 13%, from 3.54 accidents per 1 million train miles in 2024 to 3.08 in 2025.