CSX earnings exceeded revenue and operating-margin expectations for the third quarter of 2026, sending shares more than 4% higher in after-hours trading on October 21. The railroad reported record revenue of $4.02 billion, supported by higher fuel surcharges and shipping charges.

Key Takeaways

  • Revenue exceeded analyst estimates by $60 million, while operating margin reached 39.1%.
  • Merchandise revenue rose 11% and intermodal revenue increased 20%; earnings per share climbed 54%.

Table of Contents

CSX earnings show gains in revenue and profitability

The operating-margin result beat estimates by 170 basis points, accompanying the record revenue performance. Earnings per share reached $0.57, an increase of 54% from a year earlier.

Merchandise shipping generated $2.45 billion in revenue, up 11%, while intermodal revenue rose 20% to $634 million.

CSX operates about 20,000 route miles across 26 states and parts of Canada. Its network serves major East Coast ports and population centers, carrying goods including chemicals, agricultural products, vehicles, metals, forest products and coal.

CSX earnings multiple exceeds historical median

The earnings multiple also exceeded its historical benchmark. CSX traded at 27.94 times trailing 12-month earnings, compared with a five-year median of 18.9 times.

CSX had a debt-to-equity ratio of 1.38.

Insider share transactions

Over the preceding 12 months, insiders sold $17.7 million in shares and purchased $1.0 million.

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