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CSX · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A record-revenue quarter with operating leverage on full display — revenue up 10% on 6% volume growth while total costs rose only 6%, expanding operating margin 240 bp to 38.3% and driving EPS up 23%.
Net Earnings
$1,002M
up 21% y/y
Revenue
$3,935M
up 10% y/y
Operating Income
$1,506M
up 17% y/y
- Revenue +10% — higher fuel surcharge revenue, shipment volumes and pricing
Source
«Total revenue increased 10% in second quarter 2026 when compared to second quarter 2025 primarily due to increased fuel surcharge revenue together with higher volume and pricing across merchandise, intermodal and coal.»
press release, 8-K
All figures in $M.
| Line item | Amount and change |
|---|---|
| Merchandise | $2,446 · +8% · Chemicals $774 · Ag $444 · Auto $332 |
| Intermodal | $620 · +26% |
| Coal | $520 · +9% |
| Trucking | $226 · +7% |
| Other | $123 · -11% |
| Revenue | $3,935 · +10% · Volume +6% · rev/unit +4% |
| Labor & Fringe | $831 · +5% |
| Purchased Services & Other | $644 · -9% |
| Fuel | $446 · +66% · Offset by surcharge revenue |
| D&A* | $411 · -4% |
| Equipment & Rents | $97 · +3% |
| Operating Income | $1,506 · +17% · 38.3% margin · +240 bp |
| Other Income, net | $25 · +14% |
| Interest Expense | $211 · flat |
| Pretax Earnings | $1,320 · +21% |
| Income Taxes | $318 · ETR 24.1% |
| Net Earnings | $1,002 · +21% · Diluted EPS $0.54 · +23% |
Verdict: a record-revenue quarter with operating leverage on full display — revenue up 10% on 6% volume growth while total costs rose only 6%, expanding operating margin 240 bp to 38.3% and driving EPS up 23%.
Volume 1.68M units (+6%) · intermodal volume +9% · revenue per unit $2,348 (+4%) · six-month net earnings $1,809M (+23%).
Source and notation
* marks non-cash / ≈ estimated. Source: CSX press release and Quarterly Financial Report, 8-K (SEC EDGAR).
Open as an image: CSX, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “CSX Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/csx/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/csx/q2-2026"><img src="https://whoreportstoday.com/t/csx/q2-2026/sankey.png" alt="CSX Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/csx/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/csx/q2-2026">CSX Q2 2026 earnings chart (Who Reports Today)</a>
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- Revenue growth (+10%) outpaced volume growth (+6%) on higher fuel surcharge revenue and pricing gains across merchandise, intermodal and coal.
- Intermodal was the star: revenue up 26% on 9% more units and a 16% jump in revenue per unit — the strongest growth of any market.
- Fuel expense jumped 66% to $446M, but it is largely passed through via surcharges — the revenue side more than covered it, and every other cost line was nearly flat or down.
- Purchased services fell 9% and depreciation fell 4%, holding total expense growth to 6% against 10% revenue growth — that gap is the entire margin story (+240 bp to 38.3%).
- Within merchandise (+8%): chemicals +10% to $774M, metals & equipment +14%, minerals +11%; automotive was the laggard at +4% on slightly lower volume.
- EPS (+23%) grew faster than net earnings (+21%) thanks to continued buybacks.
- Interest expense was flat at $211M and the effective tax rate was 24.1% — the entire earnings improvement came from operations.
What distorts the picture in this report and what to watch beyond the headlines.
CSX — CSX operates as a freight railroad company in the eastern United States, transporting goods such as coal, agricultural products, and consumer goods.
It is headquartered in Jacksonville, Florida.
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