CSX logs record quarterly revenue in Q2

CSX yesterday reported second-quarter 2026 operating income of $1.5 billion and net earnings of $1 billion, or 54 cents per diluted share, up from operating income of $1.3 billion and net earnings of $829 million, or 44 cents per diluted share, in the same period a year ago.

The Class I logged record quarterly revenue of $3.94 billion, up 10% year over year. CSX officials attribute the growth to increased fuel surcharge revenue and higher volume and pricing across merchandise, intermodal and coal markets. Total Q2 volume of 1.68 million units was 6% higher than Q2 2025 volume. Intermodal was the largest contributor to unit growth in the quarter, up 9% year over year.

The company posted a Q2 operating margin of 38.3, an improvement of 240 basis points versus the Q2 2025 operating margin of 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 CSX President and CEO Steve Angel. "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."

Based on results through 2026’s first half, CSX has raised its full-year financial outlook. The Class I now expects full-year revenue growth by a mid-to high-single digit percentage, operating margin expansion exceeding 350 basis points and free cash flow growth greater than 80%.