$CSX · CSX CORP
CSX Corp. reported Q3 2026 results with record quarterly revenue of $4.02 billion (+12% YoY), operating income of $1.57 billion (+44%), and diluted EPS of $0.57 (+54% vs. $0.37 in Q3 2025, or +30% vs. adjusted $0.44). Operating margin expanded 880 bps to 39.1%. Total volume rose 5% to 1.69 million units, led by 7% intermodal growth. The prior-year quarter included a $164 million goodwill impairment charge for Quality Carriers.
- Record quarterly revenue of $4.02 billion, up 12% year-over-year.
- Operating income of $1.57 billion, up 44% YoY; operating margin expanded 880 bps to 39.1%.
- Diluted EPS of $0.57, up 54% vs. $0.37 in Q3 2025 (or +30% vs. adjusted $0.44).
- Total volume of 1.69 million units, up 5%, with intermodal volume increasing 7%.
- Share repurchases: 11 million shares bought in Q3 at average $48.75 per share, totaling $543 million.
Extended-hours trading shows CSX at $50.39, up 4.11% vs. the regular-session close of $48.40, indicating strong positive reception to the earnings beat and margin expansion.
CSX delivered its highest-ever quarterly revenue and near-40% operating margin, demonstrating that precision scheduled railroading continues to drive outsized earnings growth even with fuel headwinds.
CSX's 39.1% operating margin and 880 bps expansion set a high bar among Class I railroads, reflecting the precision scheduled railroading model's continued efficiency gains even as fuel costs rise.
Operating metrics deteriorated: train velocity fell 2%, dwell increased 12%, and both carload and intermodal trip plan performance declined double digits. Fuel expense surged $170 million (60%) on a 67% locomotive fuel price increase.
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