CSX Corp
CSX—
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CSX Corp AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin 34.2% TTM vs industry median 8.9% - 3.9x advantage from rail network moat and pricing power[Operating Margin]
- Negative working capital (-455M) means CSX collects before paying - capital-light despite 37B PPE base[Working Capital]
- Debt/equity 1.54 with 19.6B total debt vs 4.6B operating cash flow TTM - 4.3x leverage manageable but elevated[Debt to Equity]
Watch Triggers
- Operating Margin: Falls below 30% — Would signal pricing power erosion or cost inflation - core thesis depends on margin durability
- Capital Expenditure: Exceeds 25% of revenue — Higher capex intensity would further compress FCF and limit buyback capacity
- Interest Expense: Exceeds 1B annually — Rising rates on 19.6B debt would materially impact net income given 838M current expense
Bull Case
Irreplaceable rail network with 34% operating margins generates 4.6B annual cash flow - regulatory barriers prevent new competition
Operating MarginCash FlowPPE
ROE 22.6% TTM vs industry 9.1% median with minimal goodwill (80M) - real asset returns, not accounting fiction
ROEGoodwillTangible Book Value
Bear Case
P/E 22x and P/S 4.8x vs industry medians of 18.8x and 0.9x - premium valuation assumes no volume decline
PE RatioPS Ratio
272M asset impairment TTM and 164M unusual charges signal potential network optimization costs ahead
Asset Impairment ChargeTotal Unusual Items
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
58%
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Forward Thesis
FCF constrained by capex intensity (22% of revenue) limits shareholder returns despite strong operations
1-3yhigh
- Capex 3.1B TTM on 37B PPE requires ongoing maintenance
- FCF margin only 11% vs 34% operating margin
- Interest expense 838M TTM consumes 18% of operating income
FCF 1.6B TTM vs operating cash 4.6BCapex/revenue 22% vs industry median 11%Net debt 18.6B = 2.9x EBITDA
Valuation Context
Caveats
Public Strategies Rankings
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CSX Fundamentals
Transportation and Warehousing → Rail Transportation
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$76.83B | — | ||
$95.52B | — | ||
27 | — | ||
$14.09B | -3.1% | — | |
$1.54 | -12.3% | — | |
33.5% | -3.6% | — | |
20.5% | -3.4% | — | |
$1.71B | -37.0% | — | |
22.5% | -5.7% | — | |
Beta 5Y (Monthly) | unknown | — |
CSX Dividend History
105 dividends
2026
$0.140002/27/26$0.1400
2025
$0.520011/28/25$0.1300
08/29/25$0.1300
05/30/25$0.1300
02/28/25$0.1300
2024
$0.480011/29/24$0.1200
08/30/24$0.1200
05/31/24$0.1200
02/28/24$0.1200
2023
$0.440011/29/23$0.1100
08/30/23$0.1100
05/30/23$0.1100
02/27/23$0.1100
2022
$0.400011/29/22$0.1000
08/30/22$0.1000
05/27/22$0.1000
02/25/22$0.1000
2021
$0.373011/29/21$0.0933
08/30/21$0.0930
05/27/21$0.0933
02/25/21$0.0933
2020
$0.346711/27/20$0.0867
08/28/20$0.0867
05/28/20$0.0867
02/27/20$0.0867
2019
$0.320011/27/19$0.0800
08/29/19$0.0800
05/30/19$0.0800
02/27/19$0.0800
2018
$0.293311/29/18$0.0733
08/30/18$0.0733
05/30/18$0.0733
02/28/18$0.0733
2017
$0.260011/29/17$0.0667
08/29/17$0.0667
05/26/17$0.0667
02/24/17$0.0600
2016
$0.240011/28/16$0.0600
08/29/16$0.0600
05/26/16$0.0600
02/25/16$0.0600
2015
$0.233311/25/15$0.0600
08/27/15$0.0600
05/27/15$0.0600
02/25/15$0.0533
2014
$0.210011/25/14$0.0533
08/27/14$0.0533
05/23/14$0.0533
02/26/14$0.0500
2013
$0.196711/26/13$0.0500
08/28/13$0.0500
05/29/13$0.0500
02/26/13$0.0467
2012
$0.180011/28/12$0.0467
08/29/12$0.0467
05/29/12$0.0467
02/27/12$0.0400
2011
$0.122211/28/11$0.0400
08/29/11$0.0400
05/26/11$0.0133
02/24/11$0.0289
2010
$0.108911/26/10$0.0289
08/27/10$0.0267
05/26/10$0.0267
02/24/10$0.0267
2009
$0.097811/25/09$0.0244
08/27/09$0.0244
05/27/09$0.0244
02/25/09$0.0244
2008
$0.085611/26/08$0.0244
08/27/08$0.0244
05/28/08$0.0200
02/27/08$0.0167
2007
$0.060011/28/07$0.0167
08/29/07$0.0167
05/30/07$0.0133
02/27/07$0.0133
2006
$0.036711/21/06$0.0111
08/23/06$0.0111
05/23/06$0.0072
02/22/06$0.0072
2005
$0.023911/22/05$0.0072
08/23/05$0.0056
05/23/05$0.0056
02/23/05$0.0056
2004
$0.022211/22/04$0.0056
08/23/04$0.0056
05/21/04$0.0056
02/23/04$0.0056
2003
$0.022211/21/03$0.0056
08/21/03$0.0056
05/21/03$0.0056
02/21/03$0.0056
2002
$0.022211/20/02$0.0056
08/21/02$0.0056
05/22/02$0.0056
02/21/02$0.0056
2001
$0.044411/20/01$0.0056
08/22/01$0.0056
05/23/01$0.0167
02/22/01$0.0167
2000
$0.066711/21/00$0.0167
08/23/00$0.0167
05/23/00$0.0167
02/23/00$0.0167
CSX Stock Splits
3 stock splits
06/29/211:3 split
06/16/110.333333:1 split
08/16/060.5:1 split
CSX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/12/26 | 12/31/25 | 10-K | |
10/16/25 | 09/30/25 | 10-Q | |
07/23/25 | 06/30/25 | 10-Q | |
04/16/25 | 03/31/25 | 10-Q | |
02/27/25 | 12/31/24 | Unknown | |
10/17/24 | 09/30/24 | 10-Q | |
08/05/24 | 06/30/24 | 10-Q | |
04/18/24 | 03/31/24 | 10-Q | |
02/14/24 | 12/31/23 | 10-K | |
10/20/23 | 09/30/23 | 10-Q | |
07/20/23 | 06/30/23 | 10-Q | |
04/20/23 | 03/31/23 | 10-Q | |
02/15/23 | 12/31/22 | 10-K | |
10/21/22 | 09/30/22 | 10-Q | |
07/21/22 | 06/30/22 | 10-Q | |
04/21/22 | 03/31/22 | 10-Q | |
02/16/22 | 12/31/21 | 10-K | |
10/21/21 | 09/30/21 | 10-Q | |
07/22/21 | 06/30/21 | 10-Q | |
04/21/21 | 03/31/21 | 10-Q | |
02/10/21 | 12/31/20 | 10-K | |
10/22/20 | 09/30/20 | 10-Q | |
07/23/20 | 06/30/20 | 10-Q | |
04/23/20 | 03/31/20 | 10-Q | |
02/12/20 | 12/31/19 | 10-K | |
10/17/19 | 09/30/19 | 10-Q | |
07/17/19 | 06/30/19 | 10-Q | |
04/17/19 | 03/31/19 | 10-Q | |
02/06/19 | 12/31/18 | 10-K | |
10/17/18 | 09/30/18 | 10-Q | |
07/18/18 | 06/30/18 | 10-Q | |
04/18/18 | 03/31/18 | 10-Q | |
02/07/18 | 12/31/17 | 10-K | |
10/18/17 | 09/30/17 | 10-Q | |
07/19/17 | 06/30/17 | 10-Q | |
04/20/17 | 03/31/17 | 10-Q | |
02/14/17 | 12/30/16 | 10-K | |
10/12/16 | 09/23/16 | 10-Q | |
07/14/16 | 06/24/16 | 10-Q | |
04/13/16 | 03/25/16 | 10-Q | |
02/10/16 | 12/25/15 | 10-K | |
10/14/15 | 09/25/15 | 10-Q | |
07/15/15 | 06/26/15 | 10-Q | |
04/15/15 | 03/27/15 | 10-Q | |
02/11/15 | 12/26/14 | 10-K | |
10/15/14 | 09/26/14 | 10-Q | |
07/15/14 | 06/27/14 | 10-Q | |
04/16/14 | 03/28/14 | 10-Q | |
02/12/14 | 12/27/13 | 10-K | |
10/16/13 | 09/27/13 | 10-Q | |
07/17/13 | 06/28/13 | 10-Q | |
04/16/13 | 03/29/13 | 10-Q | |
02/19/13 | 12/28/12 | 10-K | |
10/16/12 | 09/28/12 | 10-Q | |
07/19/12 | 06/29/12 | 10-Q | |
04/19/12 | 03/30/12 | 10-Q | |
02/21/12 | 12/31/11 | 10-K | |
10/26/11 | 09/30/11 | 10-Q | |
07/21/11 | 07/01/11 | 10-Q | |
04/20/11 | 04/01/11 | 10-Q | |
02/18/11 | 12/31/10 | 10-K | |
10/15/10 | 09/24/10 | 10-Q | |
07/15/10 | 06/25/10 | 10-Q | |
04/19/10 | 03/26/10 | 10-Q | |
02/19/10 | 12/25/09 | 10-K | |
10/19/09 | 09/25/09 | 10-Q | |
07/15/09 | 06/26/09 | 10-Q | |
04/15/09 | 03/27/09 | 10-Q | |
02/19/09 | 12/31/08 | 10-K | |
10/15/08 | 09/30/08 | 10-Q | |
07/16/08 | 06/30/08 | 10-Q | |
04/16/08 | 03/31/08 | 10-Q | |
02/22/08 | 12/31/07 | 10-K | |
10/23/07 | 09/30/07 | 10-Q | |
07/25/07 | 06/30/07 | 10-Q | |
04/18/07 | 03/31/07 | 10-Q | |
02/15/07 | 12/31/06 | 10-K | |
10/18/06 | 09/30/06 | 10-Q | |
07/21/06 | 06/30/06 | 10-Q | |
04/25/06 | 03/31/06 | 10-Q | |
02/24/06 | 12/30/05 | 10-K | |
10/26/05 | 09/30/05 | 10-Q | |
08/02/05 | 07/01/05 | 10-Q | |
05/04/05 | 03/31/05 | 10-Q | |
03/08/05 | 12/31/04 | 10-K | |
11/03/04 | 09/24/04 | 10-Q | |
07/29/04 | 06/25/04 | 10-Q | |
04/30/04 | 03/26/04 | 10-Q | |
03/10/04 | 12/26/03 | 10-K | |
10/24/03 | 09/26/03 | 10-Q | |
07/30/03 | 06/27/03 | 10-Q | |
04/30/03 | 03/28/03 | 10-Q | |
02/26/03 | 12/27/02 | 10-K | |
10/28/02 | 09/27/02 | 10-Q | |
07/29/02 | 06/28/02 | 10-Q | |
05/03/02 | 03/29/02 | 10-Q | |
03/04/02 | 12/28/01 | 10-K | |
11/07/01 | 09/28/01 | 10-Q | |
08/01/01 | 06/29/01 | 10-Q | |
05/03/01 | 03/30/01 | 10-Q | |
03/01/01 | 12/29/00 | 10-K | |
11/02/00 | 09/29/00 | 10-Q | |
08/04/00 | 06/30/00 | 10-Q | |
05/12/00 | 03/31/00 | 10-Q |