CSX CORP, 10-Q filed on 10/21/2026
Quarterly Report
v3.26.3
Cover
 9 Months Ended
Sep. 30, 2026
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2026
Document Transition Report false
Entity File Number 1-8022
Entity Registrant Name CSX CORPORATION
Entity Incorporation, State or Country Code VA
Entity Tax Identification Number 62-1051971
Entity Address, Address Line One 500 Water Street
Entity Address, Address Line Two 15th Floor
Entity Address, City or Town Jacksonville
Entity Address, State or Province FL
Entity Address, Postal Zip Code 32202
City Area Code 904
Local Phone Number 359-3200
Title of 12(b) Security Common Stock, $1 Par Value
Trading Symbol CSX
Security Exchange Name NASDAQ
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 1,843,398,210
Entity Central Index Key 0000277948
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2026
Document Fiscal Period Focus Q3
Amendment Flag false
v3.26.3
CONSOLIDATED INCOME STATEMENTS (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income Statement        
Revenue $ 4,017 $ 3,587 $ 11,434 $ 10,584
Expense        
Labor and Fringe 834 815 2,477 2,427
Purchased Services and Other 657 730 1,917 2,214
Depreciation and Amortization 413 424 1,239 1,276
Fuel 451 281 1,199 825
Equipment and Other Rents 92 86 273 267
Goodwill Impairment 0 164 0 164
Total Expense 2,447 2,500 7,105 7,173
Operating Income 1,570 1,087 4,329 3,411
Interest Expense (207) (210) (631) (631)
Other Income - Net 21 21 69 69
Earnings Before Income Taxes 1,384 898 3,767 2,849
Income Tax Expense (332) (204) (906) (680)
Net Earnings $ 1,052 $ 694 $ 2,861 $ 2,169
Per Common Share (Note 2)        
Net Earnings Per Share, Basic (in dollars per share) $ 0.57 $ 0.37 $ 1.54 $ 1.16
Net Earnings Per Share, Assuming Dilution (in dollars per share) $ 0.57 $ 0.37 $ 1.54 $ 1.16
Average Shares Outstanding (in shares) 1,849 1,864 1,855 1,874
Average Shares Outstanding, Assuming Dilution (in shares) 1,853 1,867 1,858 1,876
v3.26.3
CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Statement of Comprehensive Income [Abstract]                
Total Comprehensive Earnings (Note 10) $ 1,053 $ 1,005 $ 808 $ 698 $ 832 $ 651 $ 2,866 $ 2,181
v3.26.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current Assets:    
Cash and Cash Equivalents $ 1,223 $ 670
Short-term Investments (Note 9) 382 5
Accounts Receivable - Net (Note 8) 1,485 1,298
Materials and Supplies 401 390
Other Current Assets 142 187
Total Current Assets 3,633 2,550
Properties 54,911 53,816
Accumulated Depreciation (17,769) (17,005)
Properties - Net 37,142 36,811
Investment in Affiliates and Other Companies 2,707 2,634
Right-of-Use Lease Asset 477 464
Goodwill and Other Intangible Assets - Net 258 267
Other Long-term Assets 937 956
Total Assets 45,154 43,682
Current Liabilities:    
Accounts Payable 1,137 1,149
Labor and Fringe Benefits Payable 566 532
Casualty, Environmental and Other Reserves (Note 4) 185 184
Current Maturities of Long-term Debt (Note 7) 1,702 708
Income and Other Taxes Payable 205 118
Interest Payable 245 170
Other Current Liabilities 269 272
Total Current Liabilities 4,309 3,133
Casualty, Environmental and Other Reserves (Note 4) 294 295
Long-term Debt (Note 7) 17,102 18,165
Deferred Income Taxes - Net 8,030 7,914
Long-term Lease Liability 492 479
Other Long-term Liabilities 545 536
Total Liabilities 30,772 30,522
Shareholders' Equity:    
Common Stock, $1 Par Value 1,842 1,860
Other Capital 1,134 948
Retained Earnings 11,608 10,560
Accumulated Other Comprehensive Loss (Note 10) (208) (213)
Non-controlling Minority Interest 6 5
Total Shareholders' Equity 14,382 13,160
Total Liabilities and Shareholders' Equity $ 45,154 $ 43,682
v3.26.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2026
Dec. 31, 2025
Shareholders' Equity:    
Common stock, par value (in dollars per share) $ 1 $ 1
v3.26.3
CONSOLIDATED CASH FLOW STATEMENTS (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
OPERATING ACTIVITIES    
Net Earnings $ 2,861 $ 2,169
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:    
Depreciation and Amortization 1,239 1,276
Deferred Income Taxes 115 143
Goodwill Impairment 0 164
Other Operating Activities (128) (58)
Changes in Operating Assets and Liabilities:    
Accounts Receivable (196) (30)
Other Current Assets 64 (32)
Accounts Payable 67 36
Income and Other Taxes Payable 86 (508)
Other Current Liabilities 108 67
Net Cash Provided by Operating Activities 4,216 3,227
INVESTING ACTIVITIES    
Property Additions (1,712) (2,225)
Purchases of Short-Term Investments (515) 0
Proceeds from Sales of Short-term Investments 153 72
Proceeds and Advances from Property Dispositions 144 64
Business Acquisition, Net of Cash Acquired 0 (15)
Other Investing Activities 23 (41)
Net Cash Used In Investing Activities (1,907) (2,145)
FINANCING ACTIVITIES    
Shares Repurchased (1,061) (1,284)
Dividends Paid (779) (730)
Long-term Debt Repaid (Note 7) (10) (12)
Long-term Debt Issued (Note 7) 0 600
Other Financing Activities 94 23
Net Cash Used in Financing Activities (1,756) (1,403)
Net Increase (Decrease) in Cash and Cash Equivalents 553 (321)
CASH AND CASH EQUIVALENTS    
Cash and Cash Equivalents at Beginning of Period 670 933
Cash and Cash Equivalents at End of Period $ 1,223 $ 612
v3.26.3
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
shares in Thousands, $ in Millions
Total
Common Shares Outstanding (Thousands)
Common Stock and Other Capital
Retained Earnings
Accumulated Other Comprehensive (Loss) Income
Non-controlling Minority Interest
Beginning Balance (in shares) at Dec. 31, 2024   1,900,190        
Beginning Balance at Dec. 31, 2024 $ 12,507   $ 2,746 $ 9,988 $ (232) [1] $ 5
Comprehensive Earnings:            
Net Earnings 646     646    
Other Comprehensive Income 5       5 [1]  
Total Comprehensive Earnings (Note 10) 651          
Common stock dividends (245)     (245)    
Share Repurchases (in shares)   (23,707)        
Share Repurchases (751)   (24) (727)    
Excise Tax on Net Share Repurchases (7)     (7)    
Stock Option Exercises and Other (in shares)   1,894        
Stock Option Exercises and Other 20   20      
Ending Balance (in shares) at Mar. 31, 2025   1,878,377        
Ending Balance at Mar. 31, 2025 12,175   2,742 9,655 (227) [1] 5
Beginning Balance (in shares) at Dec. 31, 2024   1,900,190        
Beginning Balance at Dec. 31, 2024 12,507   2,746 9,988 (232) [1] 5
Comprehensive Earnings:            
Net Earnings 2,169          
Total Comprehensive Earnings (Note 10) $ 2,181          
Share Repurchases (in shares) (41,000)          
Ending Balance (in shares) at Sep. 30, 2025   1,862,018        
Ending Balance at Sep. 30, 2025 $ 12,758   2,782 10,191 (220) [1] 5
Beginning Balance (in shares) at Mar. 31, 2025   1,878,377        
Beginning Balance at Mar. 31, 2025 12,175   2,742 9,655 (227) [1] 5
Comprehensive Earnings:            
Net Earnings 829     829    
Other Comprehensive Income 3       3 [1]  
Total Comprehensive Earnings (Note 10) 832          
Common stock dividends (243)     (243)    
Share Repurchases (in shares)   (14,209)        
Share Repurchases (401)   (14) (387)    
Excise Tax on Net Share Repurchases (4)     (4)    
Stock Option Exercises and Other (in shares)   112        
Stock Option Exercises and Other 18   18      
Ending Balance (in shares) at Jun. 30, 2025   1,864,280        
Ending Balance at Jun. 30, 2025 12,377   2,746 9,850 (224) [1] 5
Comprehensive Earnings:            
Net Earnings 694     694    
Other Comprehensive Income 4       4 [1]  
Total Comprehensive Earnings (Note 10) 698          
Common stock dividends $ (242)     (242)    
Share Repurchases (in shares) (3,000) (3,387)        
Share Repurchases $ (112)   (3) (109)    
Excise Tax on Net Share Repurchases (1)     (1)    
Stock Option Exercises and Other (in shares)   1,125        
Stock Option Exercises and Other 38   39 (1)    
Ending Balance (in shares) at Sep. 30, 2025   1,862,018        
Ending Balance at Sep. 30, 2025 12,758   2,782 10,191 (220) [1] 5
Beginning Balance (in shares) at Dec. 31, 2025   1,859,659        
Beginning Balance at Dec. 31, 2025 13,160   2,808 10,560 (213) [2] 5
Comprehensive Earnings:            
Net Earnings 807     807    
Other Comprehensive Income 1       1 [2]  
Total Comprehensive Earnings (Note 10) 808          
Common stock dividends (260)     (260)    
Share Repurchases (in shares)   (5,686)        
Share Repurchases (222)   (6) (216)    
Excise Tax on Net Share Repurchases (1)     (1)    
Stock Option Exercises and Other (in shares)   3,858        
Stock Option Exercises and Other 96   94 1   1
Ending Balance (in shares) at Mar. 31, 2026   1,857,831        
Ending Balance at Mar. 31, 2026 13,581   2,896 10,891 (212) [2] 6
Beginning Balance (in shares) at Dec. 31, 2025   1,859,659        
Beginning Balance at Dec. 31, 2025 13,160   2,808 10,560 (213) [2] 5
Comprehensive Earnings:            
Net Earnings 2,861          
Total Comprehensive Earnings (Note 10) $ 2,866          
Share Repurchases (in shares) (23,000)          
Ending Balance (in shares) at Sep. 30, 2026   1,842,084        
Ending Balance at Sep. 30, 2026 $ 14,382   2,976 11,608 (208) [2] 6
Beginning Balance (in shares) at Mar. 31, 2026   1,857,831        
Beginning Balance at Mar. 31, 2026 13,581   2,896 10,891 (212) [2] 6
Comprehensive Earnings:            
Net Earnings 1,002     1,002    
Other Comprehensive Income 3       3 [2]  
Total Comprehensive Earnings (Note 10) 1,005          
Common stock dividends (260)     (260)    
Share Repurchases (in shares)   (6,269)        
Share Repurchases (284)   (6) (278)    
Excise Tax on Net Share Repurchases (2)     (2)    
Stock Option Exercises and Other (in shares)   749        
Stock Option Exercises and Other 48   49 (1)    
Ending Balance (in shares) at Jun. 30, 2026   1,852,311        
Ending Balance at Jun. 30, 2026 14,088   2,939 11,352 (209) [2] 6
Comprehensive Earnings:            
Net Earnings 1,052     1,052    
Other Comprehensive Income 1       1 [2]  
Total Comprehensive Earnings (Note 10) 1,053          
Common stock dividends $ (259)     (259)    
Share Repurchases (in shares) (11,000) (11,143)        
Share Repurchases $ (543)   (11) (532)    
Excise Tax on Net Share Repurchases (5)     (5)    
Stock Option Exercises and Other (in shares)   916        
Stock Option Exercises and Other 48   48      
Ending Balance (in shares) at Sep. 30, 2026   1,842,084        
Ending Balance at Sep. 30, 2026 $ 14,382   $ 2,976 $ 11,608 $ (208) [2] $ 6
[1] Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $61 million as of December 31, 2024, $59 million as of March 31, 2025, $58 million as of June 30, 2025, and $57 million as of September 30, 2025. For additional information, see Note 10, Other Comprehensive Income.
[2] Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $58 million as of December 31, 2025, $57 million as of March 31, 2026, $57 million as of June 30, 2026, and $57 million as of September 30, 2026. For additional information, see Note 10, Other Comprehensive Income.
v3.26.3
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Common stock, dividends, per share, declared (in dollars per share) $ 0.14 $ 0.14 $ 0.14 $ 0.13 $ 0.13 $ 0.13    
Accumulated Other Comprehensive (Loss) Income                
Associated tax of accumulated other comprehensive loss balances $ 57 $ 57 $ 57 $ 57 $ 58 $ 59 $ 58 $ 61
v3.26.3
Nature of Operations and Significant Accounting Policies
 9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Significant Accounting Policies Nature of Operations and Significant Accounting Policies
Background
CSX Corporation together with its subsidiaries ("CSX" or the “Company”), based in Jacksonville, Florida, is one of the nation's leading transportation companies. The Company provides rail-based transportation services including traditional rail service, the transport of intermodal containers and trailers, as well as other transportation services such as rail-to-truck transfers and bulk commodity operations.

CSX's principal operating subsidiary, CSX Transportation, Inc. (“CSXT”), provides an important link to the transportation supply chain through its approximately 20,000 route-mile rail network and serves major population centers in 26 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. The Company's intermodal business links customers to railroads via trucks and terminals. CSXT is also responsible for the Company's real estate sales, leasing, acquisition, and management and development activities, substantially all of which are focused on supporting railroad operations.

Other entities
In addition to CSXT, the Company’s subsidiaries include Quality Carriers, Inc. ("Quality Carriers"), CSX Intermodal Terminals, Inc. (“CSX Intermodal Terminals”), Total Distribution Services, Inc. (“TDSI”), Transflo Terminal Services, Inc. (“Transflo”), CSX Technology, Inc. (“CSX Technology”) and other subsidiaries. Quality Carriers is the largest provider of bulk liquid chemicals truck transportation in North America. CSX Intermodal Terminals owns and operates a system of intermodal terminals, predominantly in the eastern United States and also performs drayage services (the pickup and delivery of intermodal shipments) for certain customers. TDSI serves the automotive industry with distribution centers and storage locations. Transflo connects non-rail served customers to the many benefits of rail by transferring products from rail to trucks. The biggest Transflo markets are chemicals and agriculture, which includes shipments of plastics and ethanol. CSX Technology and other subsidiaries provide support services for the Company.
NOTE 1.    Nature of Operations and Significant Accounting Policies, continued

Basis of Presentation
The accompanying consolidated financial statements contain all normal, recurring adjustments necessary to fairly present the consolidated financial statements and accompanying notes. Where applicable, prior year information has been reclassified to conform to the current presentation. Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted from these interim financial statements. CSX suggests that these financial statements be read in conjunction with the audited financial statements and the notes included in CSX's most recent annual report on Form 10-K as well as any subsequently filed current reports on Form 8-K.

Fiscal Year
The Company's fiscal periods are based upon the calendar year. Except as otherwise specified, references to “third quarter(s)” or “nine months” indicate CSX's fiscal periods ending September 30, 2026, and September 30, 2025, and references to "year-end" indicate the fiscal year ended December 31, 2025.

New Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This standard update requires additional disclosures about certain expenses in commonly presented expense captions. The Company is required to adopt the guidance for its 2027 annual report on Form 10-K, though early adoption is permitted. The Company is currently evaluating the impact of these amendments on its disclosures, but this standard update will not impact the Company's results of operations or financial position.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This standard update modernizes the capitalization criteria for internal-use software, eliminating references to project stages and instead requiring that projects meet completion probability criteria before costs can be capitalized. This guidance is effective beginning first quarter 2028, though early adoption is permitted, and can be applied using a prospective, retrospective, or modified transition approach. The Company is currently evaluating the impact of these amendments but does not anticipate that adoption will have a material impact on the Company's results of operations or financial position.

In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants by Business Entities. This standard establishes the accounting for government grants received by a business entity, including guidance for both grants related to an asset and grants related to income. This guidance is effective beginning first quarter 2029, though early adoption is permitted, and can be applied using a modified prospective, modified retrospective, or full retrospective transition approach. The Company is currently evaluating the impact of this guidance but does not anticipate that adoption will have a material impact on the Company's results of operations or financial position.
v3.26.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution.
Third QuartersNine Months
2026202520262025
Numerator (Dollars in Millions):
Net Earnings
$1,052 $694 $2,861 $2,169 
Denominator (Units in Millions):
Average Common Shares Outstanding1,849 1,864 1,855 1,874 
Other Potentially Dilutive Common Shares4 3 3 2 
Average Common Shares Outstanding, Assuming Dilution
1,853 1,867 1,858 1,876 
Net Earnings Per Share, Basic
$0.57 $0.37 $1.54 $1.16 
Net Earnings Per Share, Assuming Dilution
$0.57 $0.37 $1.54 $1.16 
    
Basic earnings per share is based on the weighted-average number of shares of common stock outstanding. Earnings per share, assuming dilution, is based on the weighted-average number of shares of common stock outstanding and common stock equivalents adjusted for the effects of common stock that may be issued as a result of potentially dilutive instruments. CSX's potentially dilutive instruments are made up of equity awards including employee stock options, performance units and restricted stock units.

When calculating diluted earnings per share, the potential shares that would be outstanding if all in-the-money outstanding stock options were exercised are included, net of shares CSX could repurchase using the proceeds from these hypothetical exercises. The total average outstanding stock options that were excluded from the diluted earnings per share calculation because their effect was antidilutive is in the table below.
Third QuartersNine Months
2026202520262025
Antidilutive Stock Options Excluded from Diluted EPS (Units in Millions)
1515
NOTE 2.    Earnings Per Share, continued

Share Repurchases    
During fourth quarter 2023, the Company began repurchasing shares under the $5 billion share repurchase program approved in October 2023. In May 2026, the Board of Directors authorized a new share repurchase program, providing $5 billion of incremental authority to that remaining under the existing October 2023 share repurchase program. Total repurchase authority was $5.2 billion as of September 30, 2026.

Share repurchases may be made through a variety of methods including, but not limited to, open market purchases, purchases pursuant to Rule 10b5-1 plans, accelerated share repurchases and negotiated block purchases. The timing of share repurchases depends upon management's assessment of marketplace conditions and other factors, and the program remains subject to the discretion of the Board of Directors. Future share repurchases are expected to be funded by cash on hand, cash generated from operations and debt issuances. Shares are retired immediately upon repurchase. In accordance with the Equity Topic in the Accounting Standards Codification ("ASC"), the excess of repurchase price over par value is recorded in retained earnings.

During third quarters and nine months ended September 30, 2026, and September 30, 2025, the Company engaged in the following repurchase activities:

Third QuartersNine Months
2026202520262025
Shares Repurchased (Millions)
11 3 23 41 
Cost of Shares (Dollars in Millions)
$543 $112 $1,049 $1,264 
Average Price Paid per Share$48.75 $33.07 $45.42 $30.61 
Excise Taxes Paid for Net Share Repurchases (Dollars in Millions) (a)
$— $— $12 $20 
(a) Excise tax payments made in 2026 were related to share repurchases in 2025. Excise tax payments made in 2025 were related to share repurchases in 2024.

The Inflation Reduction Act of 2022 imposes a nondeductible 1% excise tax on the net value of most share repurchases made after December 31, 2022. Excise tax commensurate with net share repurchases is reflected in equity and a corresponding liability for excise taxes payable is included in other current liabilities on the consolidated balance sheet. The cost of shares repurchased shown in the table above excludes the impact of this excise tax.

Dividend Increase
In February 2026, the Company's Board of Directors authorized an 8% increase in the quarterly cash dividend to $0.14 per common share effective March 2026.
v3.26.3
Stock Plans and Share-Based Compensation
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock Plans and Share-Based Compensation Stock Plans and Share-Based Compensation
Under CSX's share-based compensation plans, awards consist of performance units, stock options and restricted stock units for management and stock grants for directors. Share-based compensation expense for awards under share-based compensation plans is measured using the fair value of the award on the grant date and is recognized on a straight-line basis over the service period of the respective award. Alternatively, expense is recognized upon death or over an accelerated service period for employees whose agreements allow for continued vesting upon retirement or separation. Forfeitures are recognized as they occur. Total pre-tax expense and income tax benefits associated with share-based compensation are shown in the table below. Income tax benefits include impacts from option exercises and the vesting of other equity awards.

Third QuartersNine Months
(Dollars in Millions)
2026202520262025
Share-Based Compensation Expense:
Performance Units$10 $— $28 $2 
Restricted Stock Units4 7 12 20 
Stock Options4 4 11 10 
Employee Stock Purchase Plan2 3 7 8 
Stock Awards for Directors— — 2 3 
Total Share-Based Compensation Expense$20 $14 $60 $43 
Income Tax Benefit$4 $4 $16 $10 

Long-term Incentive Plan
In February 2026, the Company granted the following awards under a new long-term incentive plan ("LTIP") for the years 2026 through 2028, which was adopted under the CSX 2019 Stock and Incentive Award Plan.
Granted
(Thousands)
Weighted Avg. Fair Value
Performance Units637$50.18 
Restricted Stock Units25542.65 
Stock Options1,27112.83 
NOTE 3.     Stock Plans and Share-Based Compensation, continued

Performance Units
Units vest based on performance approximately three years after grant with payouts made in CSX common stock. The 2026-2028 plan's performance measures are Return on Invested Capital (“ROIC”) and relative Total Shareholder Return (“rTSR”). These measures are assessed independently of each other and weighted at 60% ROIC and 40% rTSR, respectively, for a total payout of 100% of the grant value. If the maximum ROIC and maximum rTSR are achieved, then the measures would generate a payout of 120% and 80%, respectively, for a total payout at 200%.

ROIC is calculated by dividing net operating profit after taxes, adjusting for certain items as defined in the Plan, by invested capital to measure how effectively the Company uses its capital to generate returns. Net operating profit after taxes is calculated as net income, adjusted to exclude the cost and tax impact of interest, including implied lease interest. Invested capital is composed of the average of the Company's debt, including financing and operating leases, and shareholders equity as of the end of the most recent five quarters.

The rTSR measure shows how the Company performed compared to its competitors by ranking the companies in the S&P 500 Industrials from highest to lowest according to their respective TSRs and calculating the percentile performance of CSX relative to the peer companies. The fair values of the rTSR component of performance units were calculated using a Monte-Carlo simulation model.

Stock Options
Stock options were granted with ten-year terms and vest over three years in equal installments each year on the anniversary of the grant date. These awards are time-based and are not based upon attainment of performance goals. The fair values of stock option awards were determined at the grant date using the Black-Scholes valuation model.

Restricted Stock Units
The restricted stock units awarded vest over three years in equal installments each year on the anniversary of the grant date and are settled in CSX common stock on a one-for-one basis. These awards are time-based and are not based upon CSX's attainment of performance goals.

Other Awards
Awards are periodically granted outside of the annual LTIP program, subject to approval by the Board of Directors, Compensation and Talent Management Committee, or Chief Executive Officer ("CEO") as appropriate. Immaterial awards outside of the annual LTIP program were granted to certain management employees during the third quarters and nine months ended September 30, 2026, and September 30, 2025.

For more information related to the Company's outstanding long-term incentive compensation, including units granted under previous LTIPs, see CSX's most recent annual report on Form 10-K.
v3.26.3
Casualty, Environmental and Other Reserves
 9 Months Ended
Sep. 30, 2026
Casualty, Environmental and Other Reserves [Abstract]  
Casualty, Environmental and Other Reserves Casualty, Environmental and Other Reserves
Personal injury and environmental reserves are considered critical accounting estimates due to the need for management judgment. Casualty, environmental and other reserves are reflected in the consolidated balance sheets as shown in the table below.

September 30, 2026December 31, 2025
(Dollars in Millions)
CurrentLong-termTotalCurrentLong-termTotal
Casualty:
Personal Injury$60 $101 $161 $60 $94 $154 
Occupational6 53 59 6 53 59 
     Total Casualty66 154 220 66 147 213 
Environmental50 92 142 49 107 156 
Other69 48 117 69 41 110 
     Total$185 $294 $479 $184 $295 $479 

These liabilities are accrued when probable and reasonably estimable in accordance with the Contingencies Topic in the ASC. Actual settlements and claims received could differ, and final outcomes of these matters cannot be predicted with certainty. Considering the legal defenses currently available, the liabilities that have been recorded and other factors, it is the opinion of management that none of these items individually, when finally resolved, will have a material adverse effect on the Company's financial condition, results of operations or liquidity. Should a number of these items occur in the same period, however, their combined effect could be material in that particular period.

Casualty
Casualty reserves represent accruals for personal injury, occupational disease and occupational injury claims primarily related to railroad operations. The Company's self-insured retention amount for casualty claims is $100 million per occurrence as discussed at Note 5, Commitments and Contingencies. Currently, no individual claim is expected to exceed the self-insured retention amount.

Personal Injury
Personal injury reserves represent liabilities for employee work-related and third-party injuries. Work-related injuries for CSXT employees are primarily subject to the Federal Employers’ Liability Act (“FELA”). CSXT retains an independent actuary to assist management in assessing the value of personal injury claims. An analysis is performed by the actuary quarterly and is reviewed by management. This analysis did not result in a material adjustment to the personal injury reserve in the quarters or nine months ended September 30, 2026, or September 30, 2025.
NOTE 4.    Casualty, Environmental and Other Reserves, continued

Occupational
Occupational reserves represent liabilities arising from allegations of exposure to certain materials in the workplace (such as solvents, soaps, chemicals and diesel fumes), past exposure to asbestos or allegations of chronic physical injuries resulting from work conditions (such as repetitive stress injuries). The Company retains an independent actuary to analyze the Company’s historical claim filings, settlement amounts, and dismissal rates to assist in determining future anticipated claim filing rates and average settlement values. This analysis is performed by the actuary and reviewed by management quarterly. The analysis did not result in a material adjustment to the occupational reserve in the quarters or nine months ended September 30, 2026, or September 30, 2025.

Environmental
The Company is a party to various proceedings related to environmental issues, including administrative and judicial proceedings involving private parties and regulatory agencies. The Company has been identified as a potentially responsible party at approximately 200 environmentally impaired sites. Many of these are, or may be, subject to remedial action under the federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), also known as the Superfund Law, or similar state statutes. Most of these proceedings arose from environmental conditions on properties used for ongoing or discontinued railroad operations. A number of these proceedings, however, are based on allegations that the Company, or its predecessors, sent hazardous substances to facilities owned or operated by others for treatment, recycling or disposal. In addition, some of the Company's land holdings were leased to others for commercial or industrial uses that may have resulted in releases of hazardous substances or other regulated materials onto the property and could give rise to proceedings against the Company.

In any such proceedings, the Company is subject to environmental clean-up and enforcement actions under the Superfund Law, as well as similar state laws that may impose joint and several liability for clean-up and enforcement costs on current and former owners and operators of a site without regard to fault or the legality of the original conduct. These costs could be substantial.

The Company reviews its role with respect to each site identified at least quarterly. Based on management's review process, amounts have been recorded to cover contingent anticipated future environmental remediation costs with respect to each site to the extent such costs are reasonably estimable and probable. Payments related to these liabilities are expected to be made over the next several years. Environmental remediation costs are included in purchased services and other on the consolidated income statements.

Currently, the Company does not possess sufficient information to reasonably estimate the amounts of additional liabilities, if any, on some sites until completion of future environmental studies. In addition, conditions that are currently unknown could, at any given location, result in additional exposure, the amount and materiality of which cannot presently be reasonably estimated. Based upon information currently available, however, the Company believes its environmental reserves accurately reflect the estimated cost of remedial actions currently required.

Other
Other reserves include liabilities for various claims, such as automobile, property, general liability, workers' compensation and longshoremen disability claims.
v3.26.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Insurance
The Company maintains insurance programs with substantial limits for property damage, including resulting business interruption, as well as casualty claims, which includes third-party liability. A certain amount of risk is retained by the Company on each insurance program. Under its property insurance program, the Company retains all risk up to $200 million per occurrence for losses from floods and named windstorms and up to $175 million per occurrence for other property losses. For casualty claims, the Company retains all risk up to $100 million per occurrence. CSX purchases insurance coverage above its full self-retention amounts and it retains a percentage of risk at various layers as well. While the Company believes its insurance coverage is adequate, future claims could exceed existing insurance coverage or insurance may not continue to be available at commercially reasonable rates.

Legal
The Company is involved in litigation incidental to its business and is a party to a number of legal actions and claims, various governmental proceedings and private civil lawsuits, including, but not limited to, those related to fuel surcharge practices, tax matters, environmental and hazardous material exposure matters, FELA and labor claims by current or former employees, other personal injury or property claims, and disputes and complaints involving certain transportation rates and charges. Some of the legal proceedings include claims for compensatory as well as punitive damages and others are, or are purported to be, class actions. While the final outcomes of these matters cannot be predicted with certainty, considering, among other things, the legal defenses available and liabilities that have been recorded along with applicable insurance, it is currently the opinion of management that none of these pending items is likely to have a material adverse effect on the Company's financial condition, results of operations or liquidity. An unexpected adverse resolution of one or more of these items, however, could have a material adverse effect on the Company's financial condition, results of operations or liquidity in that particular period.

The Company is able to estimate a range of possible loss for certain matters for which a loss is reasonably possible in excess of reserves established. The Company has estimated this range to be $1 million to $75 million in the aggregate at September 30, 2026. This estimated aggregate range is based upon currently available information and is subject to significant judgment and a variety of assumptions. Accordingly, the Company's estimate will change from time to time, and actual losses may vary significantly from the current estimate.

Fuel Surcharge Antitrust Litigation
In May 2007, class action lawsuits were filed against CSXT and three other U.S.-based Class I railroads alleging that the defendants' fuel surcharge practices relating to contract and unregulated traffic resulted from an illegal conspiracy in violation of antitrust laws. The class action lawsuits were transferred to federal court in the District of Columbia for coordinated or consolidated pre-trial proceedings. In 2017, the District Court issued its decision denying class certification. On August 16, 2019, the U.S. Court of Appeals for the D.C. Circuit affirmed the District Court’s ruling.
NOTE 5.    Commitments and Contingencies, continued

Although the class was not certified, individual shippers have since brought claims against the railroads, which were also transferred to federal court in the District of Columbia for pre-trial proceedings but before a different judge. In March 2024, the original case was reassigned to the judge in the later-filed case. The railroads filed motions for summary judgment on July 17, 2024, with the briefing completed in December 2024. The judge held a hearing on the railroads' summary judgment motions on June 18, 2025, and granted summary judgment in favor of the railroads on June 24, 2025, ordering the cases closed. Most of the individual shippers have appealed the summary judgment ruling to the U.S. Court of Appeals for the D.C. Circuit. Briefing on the appeal is complete and oral argument is scheduled for December 11, 2026.

Environmental
CSXT is indemnifying Pharmacia LLC, formerly known as Monsanto Company, ("Pharmacia") for certain liabilities associated with real estate located in Kearny, New Jersey along the Lower Passaic River (the “Property”). The Property, which was formerly owned by Pharmacia, is now owned by CSXT. CSXT's indemnification and defense duties arise with respect to several matters. The U.S. Environmental Protection Agency ("EPA"), using its CERCLA authority, seeks the investigation and cleanup of hazardous substances in the 17-mile Lower Passaic River Study Area (the "Study Area”). CSXT, on behalf of Pharmacia, and a significant number of other potentially responsible parties are together conducting a Remedial Investigation and Feasibility Study of the Study Area pursuant to an Administrative Settlement Agreement and Order on Consent with the EPA. Pharmacia’s share of responsibility, indemnified by CSXT, for the investigation and cleanup costs of the Study Area may be determined through various mechanisms including (a) an allocation and settlement with EPA; (b) litigation brought by EPA against non-settling parties; or (c) litigation among the responsible parties.

For the lower eight miles of the Study Area, EPA issued its Record of Decision detailing the agency’s mandated remedial process in March 2016. Occidental Chemical Corporation ("Occidental") performed the remedial design for the lower eight-mile portion of the Study Area pursuant to a consent order with EPA. EPA approved the design in May 2024.

For the remaining upper nine miles of the Study Area, EPA selected an interim remedy in a Record of Decision dated September 28, 2021. On March 2, 2023, EPA issued an administrative order requiring Occidental to design the interim remedy for the upper nine miles of the Study Area.

Potentially responsible parties, including Pharmacia, are participating in an EPA-directed allocation and settlement process to assign responsibility related to the lower river and the entire Study Area, respectively. CSXT participated in the EPA-directed allocation and settlement process on behalf of Pharmacia.

On March 2, 2022, EPA issued a Notice Letter to Pharmacia, Occidental and eight other parties, including Nokia of America Corporation (“Nokia”), alleging they are liable under Section 107(a) of CERCLA for releases or threatened releases of hazardous substances and requesting each party, individually or collectively, submit good faith offers to EPA in connection with the entire Study Area. CSXT, on behalf of Pharmacia, responded to the Notice Letter and submitted a good faith offer to EPA on June 27, 2022, following meetings with a mediator from EPA’s Conflict Prevention and Resolution Center.
NOTE 5.    Commitments and Contingencies, continued

On November 21, 2023, EPA notified the United States District Court for the District of New Jersey ("Court") that it intended to move to enter a Consent Decree ("CD") with a group of potentially responsible parties. On January 31, 2024, EPA filed a motion to enter a modified CD with 82 potentially responsible parties, not including Pharmacia, requiring payment of $150 million to resolve their liability with respect to the entire Study Area. On April 1, 2024, Occidental filed its opposition to EPA's motion to enter the CD. Several other non-settling parties, including Pharmacia, filed comments concerning (but not opposing) entry of the CD. On December 18, 2024, the Court entered and approved the CD, which is now under appeal. Negotiations with EPA and other parties to resolve Pharmacia's liability continue.

On October 2, 2025, Occidental Petroleum Corporation announced a definitive agreement for Berkshire Hathaway to acquire Occidental’s chemical business, which had been separated into its own entity as a result of Occidental having completed a divisive merger under Texas law that divided its overall business into two entities. A newly formed Texas corporation also called Occidental Chemical Corporation (“New Occidental”), now holds the company’s manufacturing assets, while Environmental Resource Holdings, also a Texas corporation (“ERH”), holds legacy environmental liabilities, including those related to the Lower Passaic River. This transaction, through which Occidental Petroleum Corporation sold all equity interests in New Occidental to Berkshire Hathaway, closed on January 2, 2026. On February 6, 2026, a group of parties, including Pharmacia, filed a complaint in New Jersey federal court seeking a declaratory judgment that New Occidental remains jointly and severally liable with ERH for CERCLA liability related to the Lower Passaic River.

On June 29, 2026, Nokia filed a complaint in the United States District Court for the District of Columbia against the United States, EPA, the U.S. Department of Justice ("DOJ"), and related federal officials challenging EPA’s decision to exclude Nokia from the CD and its classification of Nokia as a party responsible for performing or funding the Lower Passaic River cleanup. The complaint seeks declaratory and injunctive relief relating to Nokia’s treatment in EPA’s enforcement and settlement process.

On September 10, 2026, DOJ, on behalf of EPA, lodged a separate proposed consent decree in the United States District Court for the District of New Jersey. Under the proposed consent decree, ERH (which claims to be a corporate successor to Occidental) would perform an estimated $125 million of work to support the cleanup, consisting of the construction of an upland processing facility and upland support facilities to enable future dredging and capping, baseline sampling of the lower 8.3 miles, and reimbursement of EPA’s future oversight costs. The proposed consent decree would require ERH to secure financial assurance initially in the amount of $125 million and, upon entry, would provide ERH with a covenant not to sue and protection from contribution claims under Section 113(f)(2) of CERCLA for the specific matters addressed in the decree. The proposed consent decree is subject to a public comment period.

CSXT is also defending and indemnifying Pharmacia with regard to the Property in litigation filed by Occidental, which is seeking to recover its past and future costs associated with the remediation of the entire Study Area. Alternatively, Occidental seeks to compel some, or all, of the defendants to participate in the remediation of the Study Area. Pharmacia is one of approximately 110 defendants in a federal lawsuit filed by Occidental on June 30, 2018, and one of 37 defendants in a federal lawsuit filed by Occidental on March 24, 2023. Both of these lawsuits are stayed pending resolution of the CD action. CSXT is also defending and indemnifying Pharmacia in a cooperative natural resource damages assessment process related to the Property.
NOTE 5.    Commitments and Contingencies, continued

Based on currently available information, the Company does not believe its share of remediation costs as determined by the EPA-directed allocation with respect to the Property and the Study Area would be material to the Company's financial condition, results of operations or liquidity.

See Note 4, Casualty, Environmental and Other Reserves, for additional information on the Company's environmental liabilities.
v3.26.3
Employee Benefit Plans
 9 Months Ended
Sep. 30, 2026
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company sponsors defined benefit pension plans principally for salaried, management personnel. All plans are closed to new participants.

Independent actuaries compute the amounts of liabilities and expenses relating to these plans subject to the assumptions that the Company determines are appropriate based on historical trends, current market rates and future projections. These amounts are reviewed by management. Only the service cost component of net periodic benefit costs is included in labor and fringe expense on the consolidated income statement. All other components of net periodic benefit cost are included in other income - net.
Pension Benefits Cost
Third QuartersNine Months
(Dollars in Millions)
2026202520262025
Service Cost Included in Labor and Fringe$6 $5 $17 $15 
Interest Cost25 27 75 82 
Expected Return on Plan Assets(38)(40)(112)(120)
Amortization of Net Loss6 6 18 17 
Total Included in Other Income - Net(7)(7)(19)(21)
Net Periodic Benefit Credit$(1)$(2)$(2)$(6)
    
Qualified pension plan obligations are funded in accordance with regulatory requirements and with an objective of meeting or exceeding minimum funding requirements necessary to avoid restrictions on flexibility of plan operation and benefit payments. No contributions to the Company's qualified pension plans are expected in 2026.
v3.26.3
Debt and Credit Agreements
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt and Credit Agreements Debt and Credit Agreements
Total activity related to long-term debt during the quarter ended September 30, 2026, is shown in the table below. For fair value information related to the Company's long-term debt, see Note 9, Fair Value Measurements.

(Dollars in Millions)
Current PortionLong-term PortionTotal
Long-term Debt as of December 31, 2025
$708 $18,165 $18,873 
2026 Activity:
Long-term Debt Repaid(10)— (10)
Reclassifications1,003 (1,003)— 
Hedging, Discount, Premium and Other Activity1 (60)(59)
Long-term Debt as of September 30, 2026
$1,702 $17,102 $18,804 

Interest Rate Derivatives
Fair Value Hedges
In first quarter 2025, CSX entered into two fixed-to-floating interest rate swaps classified as fair value hedges. The swaps are designed to hedge 10 years of interest rate risk associated with market fluctuations attributable to the Secured Overnight Financing Rate ("SOFR") on a cumulative $250 million of fixed rate outstanding notes which are due in 2055. The cumulative fair value of these swaps, which is included in other long-term liabilities and other long-term assets on the consolidated balance sheet, was a liability of $12 million and an asset of $9 million as of September 30, 2026, and December 31, 2025, respectively.

CSX has seven other fixed-to-floating interest rate swaps classified as fair value hedges. The swaps are designed to hedge 10 years of interest rate risk associated with market fluctuations attributable to SOFR on a cumulative $1.1 billion of fixed rate outstanding notes which are due between 2032 and 2040. These swaps are comprised of two swaps entered during 2023 (“2023 swaps”) and five swaps entered during 2022 (“2022 swaps”). The cumulative fair value of the 2023 swaps was a liability of $4 million and an asset of $14 million as of September 30, 2026, and December 31, 2025, respectively, and is included in other long-term liabilities and other long-term assets on the consolidated balance sheet. The cumulative fair value of the 2022 swaps was a liability of $128 million and $87 million as of September 30, 2026, and December 31, 2025, respectively, and is included in other long-term liabilities on the consolidated balance sheet.

The swaps expire between 2032 and 2055. If settled early, the remaining cumulative fair value adjustment to the hedged notes will be amortized over the remaining life of the associated notes. The cumulative adjustment to the hedged notes is included in long-term debt on the consolidated balance sheet as shown in the following table below.
(Dollars in Millions)September 30, 2026December 31, 2025
Notional Value of Hedged Notes$1,300 $1,300 
Fair Value Asset Adjustment to Hedged Notes— 23 
Fair Value Liability Adjustment to Hedged Notes(144)(87)
Carrying Amount of Hedged Notes$1,156 $1,236 
NOTE 7.    Debt and Credit Agreements, continued

Gains and losses resulting from changes in fair value of the interest rate swaps offset changes in the fair value of the hedged portion of the underlying debt with no gain or loss recognized due to hedge ineffectiveness. The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows.

Third QuartersNine Months
(Dollars in Millions)2026202520262025
Interest Expense Impact (Increase)/ Decrease$(3)$(6)$(9)$(16)

Cash Flow Hedges
The Company had forward starting interest rate swaps, designated as cash flow hedges in accordance with the Derivatives and Hedging Topic in the ASC, that had an aggregate notional value of $500 million at inception. These swaps were effected to hedge the benchmark interest rate associated with future interest payments related to the anticipated refinancing of $850 million of 3.25% notes due in 2027, which is expected to occur no later than 36 months following the maturity of those 2027 notes. CSX executed a final settlement of the notional value of the cash flow hedges in second quarter 2024, so no unsettled aggregate notional value of these swaps remained and there is no related asset or liability as of September 30, 2026, and December 31, 2025.

The unrealized gain associated with the settled portion of the swaps is recorded net of tax in accumulated other comprehensive income ("AOCI") on the consolidated balance sheet. As these swaps were fully settled in 2024, subsequent gains or losses are only attributable to tax effects. The unrealized gain associated with the settled portion of the hedges will continue to be classified in AOCI until the associated debt instrument is issued in the future. The unrealized gain in AOCI will be recognized in earnings as an adjustment to interest expense over the same period during which the hedged transaction affects earnings.

See Note 9, Fair Value Measurements, and Note 10, Other Comprehensive Income (Loss), for additional information about the Company's swaps.
NOTE 7.    Debt and Credit Agreements, continued

Credit Facility
The Company has a $1.2 billion unsecured revolving credit facility backed by a diverse syndicate of banks. This facility allows same-day borrowings at floating interest rates, based on SOFR or an agreed-upon replacement reference rate, plus a spread that depends upon CSX's senior unsecured debt ratings. This facility expires in February 2028. As of September 30, 2026, the Company had no outstanding balances under this facility.

Commitment fees and interest rates payable under the facility were similar to fees and rates available to comparably rated investment-grade borrowers. As of third quarter 2026, CSX was in compliance with all covenant requirements under this facility.

Commercial Paper
Under its commercial paper program, which is backed by the revolving credit facility, the Company may issue unsecured commercial paper notes up to a maximum aggregate principal amount of $1.0 billion outstanding at any time. Proceeds from issuances of the notes are used for general corporate purposes. At September 30, 2026, the Company had no outstanding debt under the commercial paper program.
v3.26.3
Revenues
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The Company’s revenues are primarily derived from the transportation of freight as performance obligations that arise from its contracts with customers are satisfied. The below table presents the Company’s revenues disaggregated by market as this best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Fuel surcharge revenue is included in the individual markets.

Third QuartersNine Months
(Dollars in Millions)
2026202520262025
Chemicals$790 $697 $2,286 $2,096 
Agricultural and Food Products430 382 1,283 1,208 
Automotive325 306 932 897 
Forest Products277 247 772 746 
Metals and Equipment267 224 743 657 
Minerals246 226 680 625 
Fertilizers118 126 391 388 
Total Merchandise2,453 2,208 7,087 6,617 
Intermodal634 527 1,772 1,511 
Coal537 490 1,515 1,428 
Trucking227 207 655 620 
Other166 155 405 408 
Total$4,017 $3,587 $11,434 $10,584 

The Company’s accounts receivable - net consists of freight and non-freight receivables, reduced by an allowance for credit losses. Freight receivables include amounts earned, billed and unbilled, and currently due from customers for transportation-related services. Non-freight receivables include amounts, billed and unbilled, currently due related to government reimbursement receivables and other non-revenue receivables.
(Dollars in Millions)
September 30,
2026		December 31,
2025
Freight Receivables $1,149 $932 
Freight Allowance for Credit Losses(17)(23)
Freight Receivables - Net1,132 909 
Non-Freight Receivables 372 404 
Non-Freight Allowance for Credit Losses(19)(15)
Non-Freight Receivables - Net 353 389 
Total Accounts Receivable - Net$1,485 $1,298 

The Company maintains an allowance for expected credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables adjusted for forward-looking economic conditions as necessary. Credit losses recognized on the Company’s accounts receivable were not material in the third quarters or nine months ended September 30, 2026, or 2025.
v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Investments
The Company's investment assets are carried at fair value on the consolidated balance sheet in accordance with the Fair Value Measurements and Disclosures Topic in the ASC. They are valued with assistance from a third-party trustee and consist of exchange-traded funds, corporate bonds, asset-backed securities, government securities, and short-term time deposits. The exchange-traded funds are valued at quoted market prices determined in an active market, which are Level 1 inputs.

The corporate bonds, asset-backed securities and government securities are valued using broker quotes that utilize observable market inputs, which are Level 2 inputs. The carrying amounts of time deposits, which are reported in the consolidated balance sheet using Level 2 inputs, approximate fair value due to their short-term nature. Unrealized losses as of September 30, 2026, and September 30, 2025, were not material. The Company believes any impairment of investments held with gross unrealized losses to be temporary and not the result of credit risk.

The Company's investment assets are carried at fair value on the consolidated balance sheets and are included in short-term investments and other long-term assets. Investment asset holdings are summarized in the following table.
September 30, 2026December 31, 2025
(Dollars in Millions)
Level 1Level 2TotalLevel 1Level 2Total
Exchange-traded Funds
$6 $— $6 $5 $— $5 
Time Deposits— 375 375 — — — 
Government Securities— 69 69 — 71 71 
Corporate Bonds— 67 67 — 82 82 
Asset-backed Securities
— 17 17 — 29 29 
Total Investments at Fair Value
$6 $528 $534 $5 $182 $187 

The Company's debt securities include government securities, corporate bonds and asset-backed securities. The fair values of these securities totaled $153 million as of September 30, 2026, and $182 million as of December 31, 2025, and the amortized costs totaled $159 million and $181 million, respectively. All investment assets other than exchange-traded funds have stated contractual maturity dates as summarized in the following table:
(Dollars in Millions)
September 30,
2026		December 31,
2025
Less than 1 year
$382 $5 
1 - 5 years
85 94 
5 - 10 years
31 42 
Greater than 10 years
30 41 
Total Investments at Fair Value$528 $182 
NOTE 9.    Fair Value Measurements, continued

Long-term Debt
Long-term debt is reported at carrying amount on the consolidated balance sheets and is the Company's only financial instrument with a fair value significantly different from its carrying amount. The fair value of a company's debt is a measure of its current value under present market conditions, but does not impact the financial statements under current accounting rules. The majority of the Company's long-term debt is valued with assistance from a third party that utilizes closing transactions, market quotes or market values of comparable debt. For those instruments not valued by the third party, the fair value has been estimated by applying market rates of similar instruments to the scheduled contractual debt payments and maturities. These market rates are provided by the same third party. All of the inputs used to determine the fair value of the Company's long-term debt are Level 2 inputs.

The fair value and carrying value of the Company's long-term debt is as follows:
(Dollars in Millions)
September 30,
2026		December 31,
2025
Long-term Debt (Including Current Maturities):
Fair Value$15,921 $17,305 
Carrying Value18,804 18,873 

Interest Rate Derivatives
The Company’s fixed-to-floating swaps are carried at fair value, which is determined with assistance from a third party based upon pricing models using inputs observed from actively quoted markets. All of the inputs used to determine the fair value of the fixed-to-floating interest rate swaps are Level 2 inputs. The fair value of the Company’s fixed-to-floating interest rate swaps was a liability of $16 million and an asset of $23 million (for swaps entered in 2025 and 2023), and a liability of $128 million and $87 million (for swaps entered in 2022) as of September 30, 2026, and December 31, 2025, respectively.

Changes in interest rates no longer impact the fair value of the Company’s forward starting interest rate swaps because they are fully settled. See Note 7, Debt and Credit Agreements, for further information.
v3.26.3
Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss)
Total comprehensive earnings represents all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders (e.g. issuance of equity securities and dividends). Generally, for CSX, total comprehensive earnings equals net earnings plus or minus adjustments for pension and other post-retirement liabilities, derivative activity and other items. Total comprehensive earnings is presented net of tax and was $1.1 billion and $698 million for third quarters 2026 and 2025, respectively, and $2.9 billion and $2.2 billion for the nine months ended September 30, 2026 and 2025, respectively

AOCI represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. Changes in the AOCI balance by component are shown in the following table. Amounts in pension and other post-employment benefits reclassified to net earnings relate to the amortization of actuarial losses and are included in other income - net on the consolidated income statements. See Note 6, Employee Benefit Plans, for further information. Interest rate derivatives consist of forward starting interest rate swaps classified as cash flow hedges, which are now fully settled. See Note 7, Debt and Credit Agreements, for further information. Other primarily represents CSX's share of AOCI of equity method investees. Amounts reclassified in other to net earnings are included in purchased services and other or equipment and other rents on the consolidated income statements.

Pension and Other Post-Employment BenefitsInterest Rate DerivativesOtherAccumulated Other Comprehensive (Loss) Income
(Dollars in Millions)
Balance December 31, 2025, Net of Tax
$(337)$152 $(28)$(213)
Other Comprehensive Income (Loss)
Amounts Reclassified to Net Earnings13 — (6)7 
Tax Expense(3)— 1 (2)
Total Other Comprehensive Income (Loss)10 — (5)5 
Balance September 30, 2026, Net of Tax
$(327)$152 $(33)$(208)
v3.26.3
Segment Reporting and Significant Expenses
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting and Significant Expenses Segment Reporting and Significant Expenses
The Company has two operating segments: rail and trucking. Although the Company provides a breakdown of revenue by line of business, the overall financial and operational performance of the railroad is analyzed as one operating segment due to the integrated nature of the rail network. The Rail column in the table below includes the activities of all CSX entities other than the trucking company, Quality Carriers, and also includes the Company's equity in the net income of equity method investments. As the trucking segment is not material for separate disclosure as a reportable segment, the results of these operations are included as a reconciliation to the Company's consolidated results in the tables below.

The Company's chief operating decision maker ("CODM") is its CEO. The CODM reviews information presented on a consolidated basis, accompanied by supplemental information about the trucking segment separately, for purposes of allocating resources and evaluating financial performance. The Company has determined that operating income is the key measure of segment profit or loss as this measure is the focus of the CODM in developing financial plans, including resource allocation, and evaluating actual financial performance against plan. The CODM regularly reviews operating results broken out by significant expense.
NOTE 11.    Segment Reporting and Significant Expenses, continued

The table below presents information about the Company's significant expenses and the required reportable segment reconciliations for the quarters ended September 30, 2026, and September 30, 2025.

Third Quarters
20262025
(Dollars in Millions)RailReconciliation to ConsolidatedRailReconciliation to Consolidated
Revenue (a)
$3,790 $3,380 
Reconciliation of Revenue
Trucking Revenue (a)
230215
Elimination of intersegment revenues(3)(8)
Total Consolidated Revenue$4,017 $3,587 
Expense (b)
Labor and Fringe$782 $758 
Purchased Services and Other548624
Depreciation and Amortization398408
Fuel
Locomotive384237
Non-Locomotive3323
Equipment and Other Rents8780
Gain on Property Disposition(11)(6)
Segment Operating Income$1,569 $1,256 
Reconciliation of Operating Income
Trucking Expenses (b)
229384
Elimination of intersegment expenses(3)(8)
Total Consolidated Operating Income$1,570 $1,087 
Interest Expense(207)(210)
Other Income - Net2121
Earnings Before Income Taxes$1,384 $898 
NOTE 11.    Segment Reporting and Significant Expenses, continued

The table below presents information about the Company's significant expenses and the required reportable segment reconciliations for the nine months ended September 30, 2026, and September 30, 2025.
Nine Months
20262025
(Dollars in Millions)RailReconciliation to ConsolidatedRailReconciliation to Consolidated
Revenue (a)
$10,779 $9,964 
Reconciliation of Revenue
Trucking Revenue (a)
664641
Elimination of intersegment revenues(9)(21)
Total Consolidated Revenue$11,434 $10,584 
Expense (b)
Labor and Fringe$2,327 $2,268 
Purchased Services and Other1,6301,893
Depreciation and Amortization1,1931,228
Fuel
Locomotive1,014688
Non-Locomotive9675
Equipment and Other Rents258252
Gain on Property Disposition(57)(11)
Segment Operating Income$4,318 $3,571 
Reconciliation of Operating Income
Trucking Expenses (b)
653801
Elimination of intersegment expenses(9)(21)
Total Consolidated Operating Income$4,329 $3,411 
Interest Expense(631)(631)
Other Income - Net6969
Earnings Before Income Taxes$3,767 $2,849 

(a) Trucking revenue is comprised of revenue from Quality Carriers. Rail revenue represents revenue attributed to all CSX entities other than the trucking company, Quality Carriers.

(b) Trucking expenses include labor and fringe, purchased services and other, depreciation and amortization, fuel, equipment and other rents, and gains/losses on property dispositions from the operations of Quality Carriers. Rail expenses represent expenses attributable to all CSX entities other than the trucking company, Quality Carriers. Trucking expenses for the three and nine months ended September 30, 2025, include a $164 million impairment charge of Quality Carrier's goodwill. For more information related to the 2025 impairment, see CSX's most recent annual report on Form 10-K.
NOTE 11.    Segment Reporting and Significant Expenses, continued
Capital expenditures made by the rail segment were $581 million and $717 million, for the third quarters 2026 and 2025, respectively, and $1,679 million and $2,173 million, for the nine months ended September 30, 2026, and September 30, 2025, respectively. The total of the rail segment's reportable assets was $45.0 billion and $43.5 billion as of September 30, 2026, and December 31, 2025, respectively, out of total consolidated assets of $45.2 billion and $43.7 billion for the respective periods. The remaining non-rail assets are comprised of assets held by the trucking operating segment.
v3.26.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.3
Nature of Operations and Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying consolidated financial statements contain all normal, recurring adjustments necessary to fairly present the consolidated financial statements and accompanying notes. Where applicable, prior year information has been reclassified to conform to the current presentation. Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted from these interim financial statements. CSX suggests that these financial statements be read in conjunction with the audited financial statements and the notes included in CSX's most recent annual report on Form 10-K as well as any subsequently filed current reports on Form 8-K.
Fiscal Year
Fiscal Year
The Company's fiscal periods are based upon the calendar year. Except as otherwise specified, references to “third quarter(s)” or “nine months” indicate CSX's fiscal periods ending September 30, 2026, and September 30, 2025, and references to "year-end" indicate the fiscal year ended December 31, 2025.
New Accounting Pronouncements
New Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This standard update requires additional disclosures about certain expenses in commonly presented expense captions. The Company is required to adopt the guidance for its 2027 annual report on Form 10-K, though early adoption is permitted. The Company is currently evaluating the impact of these amendments on its disclosures, but this standard update will not impact the Company's results of operations or financial position.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This standard update modernizes the capitalization criteria for internal-use software, eliminating references to project stages and instead requiring that projects meet completion probability criteria before costs can be capitalized. This guidance is effective beginning first quarter 2028, though early adoption is permitted, and can be applied using a prospective, retrospective, or modified transition approach. The Company is currently evaluating the impact of these amendments but does not anticipate that adoption will have a material impact on the Company's results of operations or financial position.

In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants by Business Entities. This standard establishes the accounting for government grants received by a business entity, including guidance for both grants related to an asset and grants related to income. This guidance is effective beginning first quarter 2029, though early adoption is permitted, and can be applied using a modified prospective, modified retrospective, or full retrospective transition approach. The Company is currently evaluating the impact of this guidance but does not anticipate that adoption will have a material impact on the Company's results of operations or financial position.
Stock Plans and Share-Based Compensation Under CSX's share-based compensation plans, awards consist of performance units, stock options and restricted stock units for management and stock grants for directors. Share-based compensation expense for awards under share-based compensation plans is measured using the fair value of the award on the grant date and is recognized on a straight-line basis over the service period of the respective award. Alternatively, expense is recognized upon death or over an accelerated service period for employees whose agreements allow for continued vesting upon retirement or separation. Forfeitures are recognized as they occur.
Casualty
Personal Injury
Personal injury reserves represent liabilities for employee work-related and third-party injuries. Work-related injuries for CSXT employees are primarily subject to the Federal Employers’ Liability Act (“FELA”). CSXT retains an independent actuary to assist management in assessing the value of personal injury claims. An analysis is performed by the actuary quarterly and is reviewed by management. This analysis did not result in a material adjustment to the personal injury reserve in the quarters or nine months ended September 30, 2026, or September 30, 2025.
NOTE 4.    Casualty, Environmental and Other Reserves, continued

Occupational
Occupational reserves represent liabilities arising from allegations of exposure to certain materials in the workplace (such as solvents, soaps, chemicals and diesel fumes), past exposure to asbestos or allegations of chronic physical injuries resulting from work conditions (such as repetitive stress injuries). The Company retains an independent actuary to analyze the Company’s historical claim filings, settlement amounts, and dismissal rates to assist in determining future anticipated claim filing rates and average settlement values. This analysis is performed by the actuary and reviewed by management quarterly. The analysis did not result in a material adjustment to the occupational reserve in the quarters or nine months ended September 30, 2026, or September 30, 2025.
Environmental
Environmental
The Company is a party to various proceedings related to environmental issues, including administrative and judicial proceedings involving private parties and regulatory agencies. The Company has been identified as a potentially responsible party at approximately 200 environmentally impaired sites. Many of these are, or may be, subject to remedial action under the federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), also known as the Superfund Law, or similar state statutes. Most of these proceedings arose from environmental conditions on properties used for ongoing or discontinued railroad operations. A number of these proceedings, however, are based on allegations that the Company, or its predecessors, sent hazardous substances to facilities owned or operated by others for treatment, recycling or disposal. In addition, some of the Company's land holdings were leased to others for commercial or industrial uses that may have resulted in releases of hazardous substances or other regulated materials onto the property and could give rise to proceedings against the Company.

In any such proceedings, the Company is subject to environmental clean-up and enforcement actions under the Superfund Law, as well as similar state laws that may impose joint and several liability for clean-up and enforcement costs on current and former owners and operators of a site without regard to fault or the legality of the original conduct. These costs could be substantial.

The Company reviews its role with respect to each site identified at least quarterly. Based on management's review process, amounts have been recorded to cover contingent anticipated future environmental remediation costs with respect to each site to the extent such costs are reasonably estimable and probable. Payments related to these liabilities are expected to be made over the next several years. Environmental remediation costs are included in purchased services and other on the consolidated income statements.
Currently, the Company does not possess sufficient information to reasonably estimate the amounts of additional liabilities, if any, on some sites until completion of future environmental studies. In addition, conditions that are currently unknown could, at any given location, result in additional exposure, the amount and materiality of which cannot presently be reasonably estimated. Based upon information currently available, however, the Company believes its environmental reserves accurately reflect the estimated cost of remedial actions currently required.
Revenues The Company maintains an allowance for expected credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables adjusted for forward-looking economic conditions as necessary.
Fair Value Measurements
Investments
The Company's investment assets are carried at fair value on the consolidated balance sheet in accordance with the Fair Value Measurements and Disclosures Topic in the ASC. They are valued with assistance from a third-party trustee and consist of exchange-traded funds, corporate bonds, asset-backed securities, government securities, and short-term time deposits. The exchange-traded funds are valued at quoted market prices determined in an active market, which are Level 1 inputs.

The corporate bonds, asset-backed securities and government securities are valued using broker quotes that utilize observable market inputs, which are Level 2 inputs. The carrying amounts of time deposits, which are reported in the consolidated balance sheet using Level 2 inputs, approximate fair value due to their short-term nature. Unrealized losses as of September 30, 2026, and September 30, 2025, were not material. The Company believes any impairment of investments held with gross unrealized losses to be temporary and not the result of credit risk.
Long-term Debt
Long-term debt is reported at carrying amount on the consolidated balance sheets and is the Company's only financial instrument with a fair value significantly different from its carrying amount. The fair value of a company's debt is a measure of its current value under present market conditions, but does not impact the financial statements under current accounting rules. The majority of the Company's long-term debt is valued with assistance from a third party that utilizes closing transactions, market quotes or market values of comparable debt. For those instruments not valued by the third party, the fair value has been estimated by applying market rates of similar instruments to the scheduled contractual debt payments and maturities. These market rates are provided by the same third party. All of the inputs used to determine the fair value of the Company's long-term debt are Level 2 inputs.
Interest Rate Derivatives
The Company’s fixed-to-floating swaps are carried at fair value, which is determined with assistance from a third party based upon pricing models using inputs observed from actively quoted markets. All of the inputs used to determine the fair value of the fixed-to-floating interest rate swaps are Level 2 inputs.
v3.26.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings per Share
The following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution.
Third QuartersNine Months
2026202520262025
Numerator (Dollars in Millions):
Net Earnings
$1,052 $694 $2,861 $2,169 
Denominator (Units in Millions):
Average Common Shares Outstanding1,849 1,864 1,855 1,874 
Other Potentially Dilutive Common Shares4 3 3 2 
Average Common Shares Outstanding, Assuming Dilution
1,853 1,867 1,858 1,876 
Net Earnings Per Share, Basic
$0.57 $0.37 $1.54 $1.16 
Net Earnings Per Share, Assuming Dilution
$0.57 $0.37 $1.54 $1.16 
Schedule of Total Average Outstanding Stock Options Excluded from Diluted Earnings Per Share Calculation The total average outstanding stock options that were excluded from the diluted earnings per share calculation because their effect was antidilutive is in the table below.
Third QuartersNine Months
2026202520262025
Antidilutive Stock Options Excluded from Diluted EPS (Units in Millions)
1515
Schedule of Share Repurchase Activity
During third quarters and nine months ended September 30, 2026, and September 30, 2025, the Company engaged in the following repurchase activities:

Third QuartersNine Months
2026202520262025
Shares Repurchased (Millions)
11 3 23 41 
Cost of Shares (Dollars in Millions)
$543 $112 $1,049 $1,264 
Average Price Paid per Share$48.75 $33.07 $45.42 $30.61 
Excise Taxes Paid for Net Share Repurchases (Dollars in Millions) (a)
$— $— $12 $20 
(a) Excise tax payments made in 2026 were related to share repurchases in 2025. Excise tax payments made in 2025 were related to share repurchases in 2024.
v3.26.3
Stock Plans and Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation and Related Income Tax Benefit Total pre-tax expense and income tax benefits associated with share-based compensation are shown in the table below. Income tax benefits include impacts from option exercises and the vesting of other equity awards.
Third QuartersNine Months
(Dollars in Millions)
2026202520262025
Share-Based Compensation Expense:
Performance Units$10 $— $28 $2 
Restricted Stock Units4 7 12 20 
Stock Options4 4 11 10 
Employee Stock Purchase Plan2 3 7 8 
Stock Awards for Directors— — 2 3 
Total Share-Based Compensation Expense$20 $14 $60 $43 
Income Tax Benefit$4 $4 $16 $10 
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award
In February 2026, the Company granted the following awards under a new long-term incentive plan ("LTIP") for the years 2026 through 2028, which was adopted under the CSX 2019 Stock and Incentive Award Plan.
Granted
(Thousands)
Weighted Avg. Fair Value
Performance Units637$50.18 
Restricted Stock Units25542.65 
Stock Options1,27112.83 
v3.26.3
Casualty, Environmental and Other Reserves (Tables)
 9 Months Ended
Sep. 30, 2026
Casualty, Environmental and Other Reserves [Abstract]  
Schedule of Balance Sheet Presentation of Casualty, Environmental and Other Reserves Casualty, environmental and other reserves are reflected in the consolidated balance sheets as shown in the table below.
September 30, 2026December 31, 2025
(Dollars in Millions)
CurrentLong-termTotalCurrentLong-termTotal
Casualty:
Personal Injury$60 $101 $161 $60 $94 $154 
Occupational6 53 59 6 53 59 
     Total Casualty66 154 220 66 147 213 
Environmental50 92 142 49 107 156 
Other69 48 117 69 41 110 
     Total$185 $294 $479 $184 $295 $479 
v3.26.3
Employee Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2026
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Costs
Pension Benefits Cost
Third QuartersNine Months
(Dollars in Millions)
2026202520262025
Service Cost Included in Labor and Fringe$6 $5 $17 $15 
Interest Cost25 27 75 82 
Expected Return on Plan Assets(38)(40)(112)(120)
Amortization of Net Loss6 6 18 17 
Total Included in Other Income - Net(7)(7)(19)(21)
Net Periodic Benefit Credit$(1)$(2)$(2)$(6)
v3.26.3
Debt and Credit Agreements (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Activity Related to Long-Term Debt
Total activity related to long-term debt during the quarter ended September 30, 2026, is shown in the table below. For fair value information related to the Company's long-term debt, see Note 9, Fair Value Measurements.

(Dollars in Millions)
Current PortionLong-term PortionTotal
Long-term Debt as of December 31, 2025
$708 $18,165 $18,873 
2026 Activity:
Long-term Debt Repaid(10)— (10)
Reclassifications1,003 (1,003)— 
Hedging, Discount, Premium and Other Activity1 (60)(59)
Long-term Debt as of September 30, 2026
$1,702 $17,102 $18,804 
Schedule of Interest Rate Derivatives The cumulative adjustment to the hedged notes is included in long-term debt on the consolidated balance sheet as shown in the following table below.
(Dollars in Millions)September 30, 2026December 31, 2025
Notional Value of Hedged Notes$1,300 $1,300 
Fair Value Asset Adjustment to Hedged Notes— 23 
Fair Value Liability Adjustment to Hedged Notes(144)(87)
Carrying Amount of Hedged Notes$1,156 $1,236 
The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows.
Third QuartersNine Months
(Dollars in Millions)2026202520262025
Interest Expense Impact (Increase)/ Decrease$(3)$(6)$(9)$(16)
v3.26.3
Revenues (Tables)
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues Disaggregated by Lines of Business The below table presents the Company’s revenues disaggregated by market as this best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Fuel surcharge revenue is included in the individual markets.
Third QuartersNine Months
(Dollars in Millions)
2026202520262025
Chemicals$790 $697 $2,286 $2,096 
Agricultural and Food Products430 382 1,283 1,208 
Automotive325 306 932 897 
Forest Products277 247 772 746 
Metals and Equipment267 224 743 657 
Minerals246 226 680 625 
Fertilizers118 126 391 388 
Total Merchandise2,453 2,208 7,087 6,617 
Intermodal634 527 1,772 1,511 
Coal537 490 1,515 1,428 
Trucking227 207 655 620 
Other166 155 405 408 
Total$4,017 $3,587 $11,434 $10,584 
Schedule of Accounts Receivable, Net
(Dollars in Millions)
September 30,
2026		December 31,
2025
Freight Receivables $1,149 $932 
Freight Allowance for Credit Losses(17)(23)
Freight Receivables - Net1,132 909 
Non-Freight Receivables 372 404 
Non-Freight Allowance for Credit Losses(19)(15)
Non-Freight Receivables - Net 353 389 
Total Accounts Receivable - Net$1,485 $1,298 
v3.26.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Investment Assets
The Company's investment assets are carried at fair value on the consolidated balance sheets and are included in short-term investments and other long-term assets. Investment asset holdings are summarized in the following table.
September 30, 2026December 31, 2025
(Dollars in Millions)
Level 1Level 2TotalLevel 1Level 2Total
Exchange-traded Funds
$6 $— $6 $5 $— $5 
Time Deposits— 375 375 — — — 
Government Securities— 69 69 — 71 71 
Corporate Bonds— 67 67 — 82 82 
Asset-backed Securities
— 17 17 — 29 29 
Total Investments at Fair Value
$6 $528 $534 $5 $182 $187 
Schedule of Investment Maturities All investment assets other than exchange-traded funds have stated contractual maturity dates as summarized in the following table:
(Dollars in Millions)
September 30,
2026		December 31,
2025
Less than 1 year
$382 $5 
1 - 5 years
85 94 
5 - 10 years
31 42 
Greater than 10 years
30 41 
Total Investments at Fair Value$528 $182 
Schedule of Fair Value and Carrying Value of Long-Term Debt
The fair value and carrying value of the Company's long-term debt is as follows:
(Dollars in Millions)
September 30,
2026		December 31,
2025
Long-term Debt (Including Current Maturities):
Fair Value$15,921 $17,305 
Carrying Value18,804 18,873 
v3.26.3
Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Schedule of Changes in the AOCI Balance by Component Changes in the AOCI balance by component are shown in the following table. Amounts in pension and other post-employment benefits reclassified to net earnings relate to the amortization of actuarial losses and are included in other income - net on the consolidated income statements. See Note 6, Employee Benefit Plans, for further information. Interest rate derivatives consist of forward starting interest rate swaps classified as cash flow hedges, which are now fully settled. See Note 7, Debt and Credit Agreements, for further information. Other primarily represents CSX's share of AOCI of equity method investees. Amounts reclassified in other to net earnings are included in purchased services and other or equipment and other rents on the consolidated income statements.
Pension and Other Post-Employment BenefitsInterest Rate DerivativesOtherAccumulated Other Comprehensive (Loss) Income
(Dollars in Millions)
Balance December 31, 2025, Net of Tax
$(337)$152 $(28)$(213)
Other Comprehensive Income (Loss)
Amounts Reclassified to Net Earnings13 — (6)7 
Tax Expense(3)— 1 (2)
Total Other Comprehensive Income (Loss)10 — (5)5 
Balance September 30, 2026, Net of Tax
$(327)$152 $(33)$(208)
v3.26.3
Segment Reporting and Significant Expenses (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The table below presents information about the Company's significant expenses and the required reportable segment reconciliations for the quarters ended September 30, 2026, and September 30, 2025.

Third Quarters
20262025
(Dollars in Millions)RailReconciliation to ConsolidatedRailReconciliation to Consolidated
Revenue (a)
$3,790 $3,380 
Reconciliation of Revenue
Trucking Revenue (a)
230215
Elimination of intersegment revenues(3)(8)
Total Consolidated Revenue$4,017 $3,587 
Expense (b)
Labor and Fringe$782 $758 
Purchased Services and Other548624
Depreciation and Amortization398408
Fuel
Locomotive384237
Non-Locomotive3323
Equipment and Other Rents8780
Gain on Property Disposition(11)(6)
Segment Operating Income$1,569 $1,256 
Reconciliation of Operating Income
Trucking Expenses (b)
229384
Elimination of intersegment expenses(3)(8)
Total Consolidated Operating Income$1,570 $1,087 
Interest Expense(207)(210)
Other Income - Net2121
Earnings Before Income Taxes$1,384 $898 
NOTE 11.    Segment Reporting and Significant Expenses, continued

The table below presents information about the Company's significant expenses and the required reportable segment reconciliations for the nine months ended September 30, 2026, and September 30, 2025.
Nine Months
20262025
(Dollars in Millions)RailReconciliation to ConsolidatedRailReconciliation to Consolidated
Revenue (a)
$10,779 $9,964 
Reconciliation of Revenue
Trucking Revenue (a)
664641
Elimination of intersegment revenues(9)(21)
Total Consolidated Revenue$11,434 $10,584 
Expense (b)
Labor and Fringe$2,327 $2,268 
Purchased Services and Other1,6301,893
Depreciation and Amortization1,1931,228
Fuel
Locomotive1,014688
Non-Locomotive9675
Equipment and Other Rents258252
Gain on Property Disposition(57)(11)
Segment Operating Income$4,318 $3,571 
Reconciliation of Operating Income
Trucking Expenses (b)
653801
Elimination of intersegment expenses(9)(21)
Total Consolidated Operating Income$4,329 $3,411 
Interest Expense(631)(631)
Other Income - Net6969
Earnings Before Income Taxes$3,767 $2,849 

(a) Trucking revenue is comprised of revenue from Quality Carriers. Rail revenue represents revenue attributed to all CSX entities other than the trucking company, Quality Carriers.

(b) Trucking expenses include labor and fringe, purchased services and other, depreciation and amortization, fuel, equipment and other rents, and gains/losses on property dispositions from the operations of Quality Carriers. Rail expenses represent expenses attributable to all CSX entities other than the trucking company, Quality Carriers. Trucking expenses for the three and nine months ended September 30, 2025, include a $164 million impairment charge of Quality Carrier's goodwill. For more information related to the 2025 impairment, see CSX's most recent annual report on Form 10-K.
v3.26.3
Nature of Operations and Significant Accounting Policies (Details)
mi in Thousands
Sep. 30, 2026
state
mi
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of rail route miles | mi 20
Rail network states number | state 26
v3.26.3
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Numerator:                
Net Earnings $ 1,052 $ 1,002 $ 807 $ 694 $ 829 $ 646 $ 2,861 $ 2,169
Denominator:                
Average Common Shares Outstanding (in shares) 1,849     1,864     1,855 1,874
Other Potentially Dilutive Common Shares (in shares) 4     3     3 2
Average Common Shares Outstanding, Assuming Dilution (in shares) 1,853     1,867     1,858 1,876
Net Earnings Per Share, Basic (in dollars per share) $ 0.57     $ 0.37     $ 1.54 $ 1.16
Net Earnings Per Share, Assuming Dilution (in dollars per share) $ 0.57     $ 0.37     $ 1.54 $ 1.16
v3.26.3
Earnings Per Share - Schedule of Total Average Outstanding Stock Options Excluded from Diluted Earnings Per Share Calculation (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Stock Options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Stock Options Excluded from Diluted EPS (in shares) 1 5 1 5
v3.26.3
Earnings Per Share - Narrative (Details) - USD ($)
$ / shares in Units, $ in Billions
 1 Months Ended 3 Months Ended
Feb. 28, 2026
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
May 31, 2026
Oct. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                  
Increase in quarterly dividend percentage 8.00%                
Common stock, dividends, per share, declared (in dollars per share)   $ 0.14 $ 0.14 $ 0.14 $ 0.13 $ 0.13 $ 0.13    
Share Repurchase Program October 2023 & May 2026                  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                  
Share repurchase program, remaining amount   $ 5.2              
Share Repurchase Program October 2023                  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                  
Share repurchase program authorized amount                 $ 5.0
Share Repurchase Program May 2026                  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                  
Share repurchase program authorized amount               $ 5.0  
v3.26.3
Earnings Per Share - Schedule of Share Repurchase Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Earnings Per Share [Abstract]        
Shares Repurchased (in shares) 11 3 23 41
Cost of Shares (Dollars in Millions) $ 543 $ 112 $ 1,049 $ 1,264
Average Price Paid per Share (in dollars per share) $ 48.75 $ 33.07 $ 45.42 $ 30.61
Excise Taxes Paid for Net Share Repurchases (Dollars in Millions) $ 0 $ 0 $ 12 $ 20
v3.26.3
Stock Plans and Share-Based Compensation - Schedule of Share-Based Compensation and Related Income Tax Benefit (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total Share-Based Compensation Expense $ 20 $ 14 $ 60 $ 43
Income Tax Benefit 4 4 16 10
Performance Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total Share-Based Compensation Expense 10 0 28 2
Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total Share-Based Compensation Expense 4 7 12 20
Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total Share-Based Compensation Expense 4 4 11 10
Employee Stock Purchase Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total Share-Based Compensation Expense 2 3 7 8
Stock Awards for Directors        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total Share-Based Compensation Expense $ 0 $ 0 $ 2 $ 3
v3.26.3
Stock Plans and Share-Based Compensation - Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award (Details) - Long-term Incentive Plan
shares in Thousands
 1 Months Ended
Feb. 28, 2026
$ / shares
shares
Performance Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards granted (in shares) | shares 637
Weighted-average grant date fair value (in dollars per share) | $ / shares $ 50.18
Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards granted (in shares) | shares 255
Weighted-average grant date fair value (in dollars per share) | $ / shares $ 42.65
Stock Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock options granted (in shares) | shares 1,271
Weighted average grant date fair value, options (in dollars per share) | $ / shares $ 12.83
v3.26.3
Stock Plans and Share-Based Compensation - Narrative (Details)
 9 Months Ended
Sep. 30, 2026
shares
Performance Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period (in years) 3 years
Return on invested capital, weight (ROIC) 60.00%
Relative total shareholder return, weight (rTSR) 40.00%
Payout percentage grant value 100.00%
Maximum return on invested capital, weight (ROIC) 120.00%
Maximum relative total shareholder return, weight (rTSR) 80.00%
Maximum payout percentage 200.00%
Stock Options | Long-term Incentive Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period (in years) 3 years
Award term (in years) 10 years
Performance Units | Long-term Incentive Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period (in years) 3 years
Number of equivalent shares of CSX common stock per unit of award (in shares) 1
v3.26.3
Casualty, Environmental and Other Reserves - Schedule of Balance Sheet Presentation (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Contingencies [Line Items]    
Current $ 185 $ 184
Long-term 294 295
Total 479 479
Total Casualty    
Contingencies [Line Items]    
Current 66 66
Long-term 154 147
Total 220 213
Personal Injury    
Contingencies [Line Items]    
Current 60 60
Long-term 101 94
Total 161 154
Occupational    
Contingencies [Line Items]    
Current 6 6
Long-term 53 53
Total 59 59
Environmental    
Contingencies [Line Items]    
Current 50 49
Long-term 92 107
Total 142 156
Other    
Contingencies [Line Items]    
Current 69 69
Long-term 48 41
Total $ 117 $ 110
v3.26.3
Casualty, Environmental and Other Reserves - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2026
USD ($)
claim
site
Casualty  
All Contingencies Reserves [Line Items]  
Self-insured retention amount per injury | $ $ 100
Individual claims expected to exceed self-insured retention amount | claim 0
Environmental  
All Contingencies Reserves [Line Items]  
Environmental impaired sites | site 200
v3.26.3
Commitments and Contingencies (Details)
$ in Millions
 1 Months Ended 9 Months Ended
Oct. 02, 2025
entity
Jan. 31, 2024
USD ($)
party
Mar. 24, 2023
defendant
Mar. 02, 2023
mi
Sep. 28, 2021
mi
Jun. 30, 2018
defendant
Mar. 31, 2016
mi
May 31, 2007
entity
Sep. 30, 2026
USD ($)
mi
Sep. 10, 2026
USD ($)
mi
Mar. 02, 2022
party
Loss Contingencies [Line Items]                      
Casualty and non catastrophic property deductible                 $ 200    
Casualty and catastrophic property deductible                 $ 175    
Environmental                      
Loss Contingencies [Line Items]                      
Number of miles pertaining to passaic river tidal reach required to be studied by EPA | mi                 17    
Number of miles under study | mi             8        
Site contingency, number of upper miles under study | mi       9 9            
Site contingency, number of parties liable | party                     8
Number of parties participating in modified CD | party   82                  
Cleanup work                   $ 125  
Baseline sampling, number of miles | mi                   8.3  
Required financial assurance to be secured                   $ 125  
Number of defendants | defendant     37     110          
Environmental | Other Defendants                      
Loss Contingencies [Line Items]                      
Litigation settlement, amount awarded to other party   $ 150                  
Environmental | Occidental Petroleum Corporation                      
Loss Contingencies [Line Items]                      
Number of entities | entity 2                    
Pending Litigation | Fuel Surcharge Antitrust Litigation                      
Loss Contingencies [Line Items]                      
Number of other U.S.-based entities mentioned in class action lawsuit | entity               3      
Minimum | Pending Litigation                      
Loss Contingencies [Line Items]                      
Range of possible loss from legal proceedings                 $ 1    
Maximum | Pending Litigation                      
Loss Contingencies [Line Items]                      
Range of possible loss from legal proceedings                 75    
Total Casualty                      
Loss Contingencies [Line Items]                      
Self-insured retention amount, per occurrence (up to)                 $ 100    
v3.26.3
Employee Benefit Plans - Schedule of Components of Net Periodic Benefit Costs (Details) - Pension Benefits Cost - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Components of expense/ (income) related to net benefit expense:        
Service Cost Included in Labor and Fringe $ 6 $ 5 $ 17 $ 15
Interest Cost 25 27 75 82
Expected Return on Plan Assets (38) (40) (112) (120)
Amortization of Net Loss 6 6 18 17
Total Included in Other Income - Net (7) (7) (19) (21)
Net Periodic Benefit Credit $ (1) $ (2) $ (2) $ (6)
v3.26.3
Employee Benefit Plans - Narrative (Details)
Sep. 30, 2026
USD ($)
Retirement Benefits [Abstract]  
Expected contributions to the Company's qualified pension plans in 2026 $ 0
v3.26.3
Debt and Credit Agreements - Schedule of Activity Related to Long-Term Debt (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Movement, Debt Instruments [Roll Forward]    
Long-term Debt as of December 31, 2025 Current Portion $ 708  
Long-term Debt as of December 31, 2025 Long-term Portion 18,165  
Long-term Debt as of December 31, 2025, Total 18,873  
Long-term Debt Repaid (10) $ (12)
Reclassifications 0  
Hedging, Discount, Premium and Other Activity (59)  
Long-term Debt as of September 30, 2026, Current Portion 1,702  
Long-term Debt as of September 30, 2026, Long-term Portion 17,102  
Long-term Debt as of September 30, 2026, Total 18,804  
Current Portion    
Movement, Debt Instruments [Roll Forward]    
Long-term Debt as of December 31, 2025 Current Portion 708  
Long-term Debt Repaid (10)  
Reclassifications 1,003  
Hedging, Discount, Premium and Other Activity 1  
Long-term Debt as of September 30, 2026, Current Portion 1,702  
Long-term Portion    
Movement, Debt Instruments [Roll Forward]    
Long-term Debt as of December 31, 2025 Long-term Portion 18,165  
Long-term Debt Repaid 0  
Reclassifications (1,003)  
Hedging, Discount, Premium and Other Activity (60)  
Long-term Debt as of September 30, 2026, Long-term Portion $ 17,102  
v3.26.3
Debt and Credit Agreements - Narrative (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
swap
Sep. 30, 2026
USD ($)
swap
Dec. 31, 2023
swap
Dec. 31, 2022
swap
Dec. 31, 2025
USD ($)
Commercial Paper          
Line of Credit Facility          
Line of credit facility capacity   $ 1,000,000,000.0      
Line of credit facility, amount outstanding   0      
Two Separate Fixed-to-Floating Interest Rate Swaps Due 2055 | Fair Value Hedging          
Line of Credit Facility          
Derivative, number of fair value hedges | swap 2        
Derivative, term of contract 10 years        
Two Separate Fixed-to-Floating Interest Rate Swaps Due 2055 | Fair Value Hedging | Designated as Hedging Instrument          
Line of Credit Facility          
Interest rate fair value hedge liability at fair value   12,000,000     $ 12,000,000
Interest rate fair value hedge asset at fair value   $ 9,000,000     9,000,000
Seven Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging          
Line of Credit Facility          
Derivative, number of fair value hedges | swap   7      
Derivative, term of contract   10 years      
Two Separate Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging          
Line of Credit Facility          
Derivative, number of fair value hedges | swap     2    
Five Separate Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging          
Line of Credit Facility          
Derivative, number of fair value hedges | swap       5  
Five Separate Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging | Designated as Hedging Instrument          
Line of Credit Facility          
Interest rate fair value hedge liability at fair value   $ 128,000,000     87,000,000
2023 Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging | Designated as Hedging Instrument          
Line of Credit Facility          
Interest rate fair value hedge liability at fair value   4,000,000     4,000,000
Interest rate fair value hedge asset at fair value   $ 14,000,000     14,000,000
Interest Rate Swap          
Line of Credit Facility          
Derivative instrument, period following debt maturity, hedged transaction   36 months      
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument          
Line of Credit Facility          
Derivative asset, notional value   $ 500,000,000      
Derivative asset, unsettled notional amount   0     $ 0
Two Separate Fixed-to-Floating Interest Rate Swaps Due 2055          
Line of Credit Facility          
Notional value of hedged notes $ 250,000,000        
Seven Fixed-to-Floating Interest Rate Swaps          
Line of Credit Facility          
Notional value of hedged notes   1,100,000,000      
3.25% Notes Due 2027          
Line of Credit Facility          
Notional value of hedged notes   $ 850,000,000      
Interest rate   3.25%      
Unsecured Revolving Credit Facility Due 2028 | Revolving Credit Facility          
Line of Credit Facility          
Line of credit facility capacity   $ 1,200,000,000      
Line of credit facility, amount outstanding   $ 0      
v3.26.3
Debt and Credit Agreements - Schedule of Interest Rate Derivatives (Details) - USD ($)
Sep. 30, 2026
Dec. 31, 2025
Fixed-to-Floating Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Fair Value Asset Adjustment to Hedged Notes $ 0 $ 23,000,000
Fair Value Liability Adjustment to Hedged Notes (144,000,000) (87,000,000)
Carrying Amount of Hedged Notes 1,156,000,000 1,236,000,000
Fixed Rate Notes Due Between 2036 and 2040    
Derivative [Line Items]    
Notional Value of Hedged Notes $ 1,300,000,000 $ 1,300,000,000
v3.26.3
Debt and Credit Agreements - Schedule of Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Five Separate Fixed-to-Floating Interest Rate Swaps        
Derivative [Line Items]        
Interest Expense Impact (Increase)/ Decrease $ (3) $ (6) $ (9) $ (16)
v3.26.3
Revenues - Schedule of Revenues Disaggregated by Lines of Business (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Disaggregation of Revenue [Line Items]        
Revenue $ 4,017 $ 3,587 $ 11,434 $ 10,584
Total Merchandise        
Disaggregation of Revenue [Line Items]        
Revenue 2,453 2,208 7,087 6,617
Chemicals        
Disaggregation of Revenue [Line Items]        
Revenue 790 697 2,286 2,096
Agricultural and Food Products        
Disaggregation of Revenue [Line Items]        
Revenue 430 382 1,283 1,208
Automotive        
Disaggregation of Revenue [Line Items]        
Revenue 325 306 932 897
Forest Products        
Disaggregation of Revenue [Line Items]        
Revenue 277 247 772 746
Metals and Equipment        
Disaggregation of Revenue [Line Items]        
Revenue 267 224 743 657
Minerals        
Disaggregation of Revenue [Line Items]        
Revenue 246 226 680 625
Fertilizers        
Disaggregation of Revenue [Line Items]        
Revenue 118 126 391 388
Intermodal        
Disaggregation of Revenue [Line Items]        
Revenue 634 527 1,772 1,511
Coal        
Disaggregation of Revenue [Line Items]        
Revenue 537 490 1,515 1,428
Trucking        
Disaggregation of Revenue [Line Items]        
Revenue 227 207 655 620
Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 166 $ 155 $ 405 $ 408
v3.26.3
Revenues - Schedule of Accounts Receivable, Net (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Accounts Receivable - Net $ 1,485 $ 1,298
Freight Receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, gross 1,149 932
Allowance for credit losses (17) (23)
Total Accounts Receivable - Net 1,132 909
Non-Freight Receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, gross 372 404
Allowance for credit losses (19) (15)
Total Accounts Receivable - Net $ 353 $ 389
v3.26.3
Fair Value Measurements - Schedule of Fair Value of Investment Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value $ 6 $ 5
Level 1 | Exchange-traded Funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 6 5
Level 1 | Time Deposits    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 0 0
Level 1 | Government Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 0 0
Level 1 | Corporate Bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 0 0
Level 1 | Asset-backed Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 0 0
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 528 182
Level 2 | Exchange-traded Funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 0 0
Level 2 | Time Deposits    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 375 0
Level 2 | Government Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 69 71
Level 2 | Corporate Bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 67 82
Level 2 | Asset-backed Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 17 29
Total    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 534 187
Total | Exchange-traded Funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 6 5
Total | Time Deposits    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 375 0
Total | Government Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 69 71
Total | Corporate Bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 67 82
Total | Asset-backed Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value $ 17 $ 29
v3.26.3
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
2023 & 2025 Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging | Designated as Hedging Instrument    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Interest rate fair value hedge liability at fair value $ 16 $ 16
Interest rate fair value hedge asset at fair value 23 23
2022 Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging | Designated as Hedging Instrument    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Interest rate fair value hedge liability at fair value 128 87
Fair Value    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt securities 153 182
Carrying Value    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt securities at amortized costs $ 159 $ 181
v3.26.3
Fair Value Measurements - Schedule of Investment Maturities (Details) - Fair Value - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Less than 1 year $ 382 $ 5
1 - 5 years 85 94
5 - 10 years 31 42
Greater than 10 years 30 41
Total Investments at Fair Value $ 528 $ 182
v3.26.3
Fair Value Measurements - Schedule of Fair Value and Carrying Value of Long-Term Debt (Details) - Level 2 - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term Debt (Including Current Maturities): $ 15,921 $ 17,305
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term Debt (Including Current Maturities): $ 18,804 $ 18,873
v3.26.3
Other Comprehensive Income (Loss) - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Equity [Abstract]                
Comprehensive earnings $ 1,053 $ 1,005 $ 808 $ 698 $ 832 $ 651 $ 2,866 $ 2,181
v3.26.3
Other Comprehensive Income (Loss) - Schedule of Changes in the AOCI Balance by Component (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2026
USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning Balance $ 13,160
Other Comprehensive Income (Loss)  
Ending Balance 14,382
Accumulated Other Comprehensive (Loss) Income  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning Balance (213) [1]
Other Comprehensive Income (Loss)  
Amounts Reclassified to Net Earnings 7
Tax Expense (2)
Total Other Comprehensive Income (Loss) 5
Ending Balance (208) [1]
Pension and Other Post-Employment Benefits  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning Balance (337)
Other Comprehensive Income (Loss)  
Amounts Reclassified to Net Earnings 13
Tax Expense (3)
Total Other Comprehensive Income (Loss) 10
Ending Balance (327)
Interest Rate Derivatives  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning Balance 152
Other Comprehensive Income (Loss)  
Amounts Reclassified to Net Earnings 0
Tax Expense 0
Total Other Comprehensive Income (Loss) 0
Ending Balance 152
Other  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning Balance (28)
Other Comprehensive Income (Loss)  
Amounts Reclassified to Net Earnings (6)
Tax Expense 1
Total Other Comprehensive Income (Loss) (5)
Ending Balance $ (33)
[1] Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $58 million as of December 31, 2025, $57 million as of March 31, 2026, $57 million as of June 30, 2026, and $57 million as of September 30, 2026. For additional information, see Note 10, Other Comprehensive Income.
v3.26.3
Segment Reporting and Significant Expenses- Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
segment
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Segment Reporting [Line Items]          
Number of operating segments | segment     2    
Number of reportable segments not disclosed flag     segments    
Assets $ 45,154   $ 45,154   $ 43,682
Rail Operations          
Segment Reporting [Line Items]          
Number of operating segments | segment     1    
Segment, expenditure, addition to long-lived assets 581 $ 717 $ 1,679 $ 2,173  
Assets $ 45,000   $ 45,000   $ 43,500
v3.26.3
Segment Reporting and Significant Expenses- Schedule of Segment Reporting Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Segment Reporting [Line Items]        
Revenue $ 4,017 $ 3,587 $ 11,434 $ 10,584
Labor and Fringe 834 815 2,477 2,427
Purchased Services and Other 657 730 1,917 2,214
Depreciation and Amortization 413 424 1,239 1,276
Fuel 451 281 1,199 825
Equipment and Other Rents 92 86 273 267
Operating Income 1,570 1,087 4,329 3,411
Expenses 2,447 2,500 7,105 7,173
Interest Expense (207) (210) (631) (631)
Other Income - Net 21 21 69 69
Earnings Before Income Taxes 1,384 898 3,767 2,849
Impairment 0 164 0 164
Eliminations        
Segment Reporting [Line Items]        
Revenue (3) (8) (9) (21)
Expenses (3) (8) (9) (21)
Rail Operations | Operating Segments        
Segment Reporting [Line Items]        
Revenue 3,790 3,380 10,779 9,964
Labor and Fringe 782 758 2,327 2,268
Purchased Services and Other 548 624 1,630 1,893
Depreciation and Amortization 398 408 1,193 1,228
Equipment and Other Rents 87 80 258 252
Gain on Property Disposition (11) (6) (57) (11)
Operating Income 1,569 1,256 4,318 3,571
Rail Operations | Operating Segments | Fuel - Locomotive        
Segment Reporting [Line Items]        
Fuel 384 237 1,014 688
Rail Operations | Operating Segments | Fuel - Non- Locomotive        
Segment Reporting [Line Items]        
Fuel 33 23 96 75
Trucking Operations        
Segment Reporting [Line Items]        
Impairment   164   164
Trucking Operations | Operating Segments        
Segment Reporting [Line Items]        
Revenue 230 215 664 641
Expenses $ 229 $ 384 $ 653 $ 801