CSX CORP, 10-K filed on 2/12/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 61
Entity Common Stock, Shares Outstanding   1,859,556,799  
Documents Incorporated by Reference
Portions of the Registrant’s Definitive Proxy Statement (the “Proxy Statement”) to be filed no later than 120 days after the end of the fiscal year with respect to its 2026 annual meeting of shareholders.
    
Entity Central Index Key 0000277948    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Jacksonville, Florida
v3.25.4
CONSOLIDATED INCOME STATEMENTS - USD ($)
$ in Thousands, shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement      
Revenue $ 14,092,000 $ 14,540,000 $ 14,657,000
Expense      
Labor and Fringe 3,262,000 3,165,000 3,052,000
Purchased Services and Other 3,013,000 2,841,000 2,768,000
Depreciation and Amortization 1,680,000 1,658,000 1,607,000
Fuel 1,095,000 1,168,000 1,377,000
Equipment and Other Rents 357,000 355,000 354,000
Goodwill Impairment (Note 18) 164,000 108,000 0
Total Expense 9,571,000 9,295,000 9,158,000
Operating Income 4,521,000 5,245,000 5,499,000
Interest Expense (844,000) (832,000) (809,000)
Other Income - Net (Note 14) 92,000 142,000 139,000
Earnings Before Income Taxes 3,769,000 4,555,000 4,829,000
Income Tax Expense (Note 12) (880,000) (1,085,000) (1,161,000)
Net Earnings $ 2,889,000 $ 3,470,000 $ 3,668,000
Net Earnings Per Share      
Basic (in dollars per share) $ 1.54 $ 1.79 $ 1.83
Assuming Dilution (in dollars per share) $ 1.54 $ 1.79 $ 1.82
Average Common Shares Outstanding (Millions)      
Basic (in shares) 1,870 1,939 2,008
Assuming Dilution (in shares) 1,873 1,943 2,013
v3.25.4
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net Earnings $ 2,889 $ 3,470 $ 3,668
Other Comprehensive Income (Loss) - Net of Tax:      
Pension and Other Post-Employment Benefits 12 41 129
Interest Rate Derivatives (1) 3 0
Other 8 3 2
Total Other Comprehensive Income (Note 16) 19 47 131
Total Comprehensive Earnings $ 2,908 $ 3,517 $ 3,799
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash and Cash Equivalents $ 670 $ 933
Short-term Investments 5 72
Accounts Receivable - Net (Note 11) 1,298 1,326
Materials and Supplies 390 414
Other Current Assets 187 75
Total Current Assets 2,550 2,820
Properties 53,816 52,191
Accumulated Depreciation (17,005) (16,533)
Properties - Net (Note 6) 36,811 35,658
Investment in Affiliates and Other Companies (Note 15) 2,634 2,520
Right of Use Lease Asset (Note 7) 464 487
Goodwill and Other Intangible Assets - Net (Note 18) 267 433
Other Long-term Assets 956 846
Total Assets 43,682 42,764
Current Liabilities:    
Accounts Payable 1,149 1,118
Labor and Fringe Benefits Payable 532 480
Casualty, Environmental and Other Reserves (Note 5) 184 149
Current Maturities of Long-term Debt (Note 10) 708 606
Income and Other Taxes Payable 118 508
Interest Payable 170 172
Other Current Liabilities 272 243
Total Current Liabilities 3,133 3,276
Casualty, Environmental and Other Reserves (Note 5) 295 313
Long-term Debt (Note 10) 18,165 17,897
Deferred Income Taxes - Net (Note 12) 7,914 7,725
Long-term Lease Liability (Note 7) 479 486
Other Long-term Liabilities 536 560
Total Liabilities 30,522 30,257
Shareholders' Equity:    
Common Stock, $1 Par Value (Note 3) 1,860 1,900
Other Capital 948 846
Retained Earnings 10,560 9,988
Accumulated Other Comprehensive Loss (Note 16) (213) (232)
Non-controlling Minority Interest 5 5
Total Shareholders' Equity 13,160 12,507
Total Liabilities and Shareholders' Equity $ 43,682 $ 42,764
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Shareholders' Equity:    
Common stock par value (in dollars per share) $ 1 $ 1
v3.25.4
CONSOLIDATED CASH FLOW STATEMENTS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
Net Earnings $ 2,889 $ 3,470 $ 3,668
Adjustments to Reconcile Net Earnings to Net Cash      
Depreciation and Amortization 1,680 1,658 1,607
Goodwill Impairment (Note 18) 164 108 0
Deferred Income Taxes 194 12 126
Other Operating Activities (70) (75) (41)
Changes in Operating Assets and Liabilities:      
Accounts Receivable 88 82 (51)
Other Current Assets (87) 45 (112)
Accounts Payable 40 3 74
Income and Other Taxes Payable (399) (19) 430
Other Current Liabilities 114 (37) (187)
Net Cash Provided by Operating Activities 4,613 5,247 5,514
INVESTING ACTIVITIES      
Property Additions (2,902) (2,529) (2,257)
Purchases of Short-term Investments 0 (66) (104)
Proceeds from Sales of Short-term Investments 80 91 153
Proceeds and Advances from Property Dispositions 78 66 88
Business Acquisition, Net of Cash Acquired (16) (70) (31)
Other Investing Activities (91) (97) (76)
Net Cash Used in Investing Activities (2,851) (2,605) (2,227)
FINANCING ACTIVITIES      
Shares Repurchased (1,396) (2,237) (3,482)
Dividends Paid (972) (930) (882)
Long-term Debt Repaid (613) (558) (153)
Long-term Debt Issued (Note 10) 900 550 600
Other Financing Activities 56 113 50
Net Cash Used in Financing Activities (2,025) (3,062) (3,867)
Net Decrease in Cash and Cash Equivalents (263) (420) (580)
CASH AND CASH EQUIVALENTS      
Cash and Cash Equivalents at Beginning of Period 933 1,353 1,933
Cash and Cash Equivalents at End of Period 670 933 1,353
SUPPLEMENTAL CASH FLOW INFORMATION      
Interest Paid - Net of Amounts Capitalized 870 850 806
Income Taxes Paid (Note 12) 1,102 1,076 630
Capital Expenditures Accrued but Not Yet Paid $ 231 $ 247 $ 186
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Millions
Total
Common Shares Outstanding
Common Stock and Other Capital
Retained Earnings
Accumulated Other Comprehensive (Loss) Income
 [1]
Non- controlling Minority Interest
Stockholders' Equity, beginning balance (in shares) at Dec. 31, 2022   2,066,367        
Beginning balance at Dec. 31, 2022 $ 12,469   $ 2,640 $ 10,229 $ (410) $ 10
Comprehensive Earnings:            
Net Earnings 3,668     3,668    
Other Comprehensive Income (Note 16) 131       131  
Total Comprehensive Earnings 3,799          
Common stock dividends $ (882)     (882)    
Share Repurchases (in shares) (112,000) (112,484)        
Share Repurchases $ (3,482)   (112) (3,370)    
Excise Tax on Net Share Repurchases (33)     (33)    
Other (in shares)   4,874        
Other 114   122 (3)   (5)
Stockholders' Equity, ending balance (in shares) at Dec. 31, 2023   1,958,757        
Ending balance at Dec. 31, 2023 11,985   2,650 9,609 (279) 5
Comprehensive Earnings:            
Net Earnings 3,470     3,470    
Other Comprehensive Income (Note 16) 47       47  
Total Comprehensive Earnings 3,517          
Common stock dividends $ (930)     (930)    
Share Repurchases (in shares) (65,000) (64,556)        
Share Repurchases $ (2,204)   (65) (2,139)    
Excise Tax on Net Share Repurchases (20)     (20)    
Other (in shares)   5,989        
Other 159   161 (2)    
Stockholders' Equity, ending balance (in shares) at Dec. 31, 2024   1,900,190        
Ending balance at Dec. 31, 2024 12,507   2,746 9,988 (232) 5
Comprehensive Earnings:            
Net Earnings 2,889     2,889    
Other Comprehensive Income (Note 16) 19       19  
Total Comprehensive Earnings 2,908          
Common stock dividends $ (972)     (972)    
Share Repurchases (in shares) (44,000) (44,459)        
Share Repurchases $ (1,376)   (44) (1,332)    
Excise Tax on Net Share Repurchases (12)     (12)    
Other (in shares)   3,928        
Other $ 105   106 (1)    
Stockholders' Equity, ending balance (in shares) at Dec. 31, 2025 1,860,000 1,859,659        
Ending balance at Dec. 31, 2025 $ 13,160   $ 2,808 $ 10,560 $ (213) $ 5
[1] Accumulated Other Comprehensive Loss year-end balances shown above are net of tax. The associated tax benefits were $58 million, $61 million, and $74 million for 2025, 2024 and 2023, respectively. For additional information see Note 16, Other Comprehensive Income (Loss).
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Common stock dividends, per share (in dollars per share) $ 0.52 $ 0.48 $ 0.44
Accumulated Other Comprehensive (Loss) Income      
Associated tax benefit of accumulated other comprehensive loss balances $ 58 $ 61 $ 74
v3.25.4
Nature of Operations and Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Significant Accounting Policies Nature of Operations and Significant Accounting Policies
Business
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 Transportation, Inc.
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. It has access to over 70 ocean, river and lake port terminals along the Atlantic and Gulf Coasts, the Mississippi River, the Great Lakes and the St. Lawrence Seaway. The Company’s intermodal business links customers to railroads via trucks and terminals. CSXT also serves thousands of production and distribution facilities through track connections to approximately 250 short-line and regional railroads.

CSXT is also responsible for the Company's real estate sales, leasing, acquisition and management and development activities. Substantially all of these activities 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 provides 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 include 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

Lines of Business
During 2025, the Company's services generated $14.1 billion of revenue and served four primary lines of business: merchandise, intermodal, coal and trucking.

•The merchandise business shipped 2.6 million carloads (41% of volume) and generated $8.8 billion in revenue (62% of revenue) in 2025. The Company’s merchandise business is comprised of shipments in the following diverse markets: chemicals, agricultural and food products, minerals, automotive, forest products, metals and equipment, and fertilizers.
•The intermodal business shipped 3.0 million units (48% of volume) and generated $2.1 billion in revenue (15% of revenue) in 2025. The intermodal business combines the superior economics of rail transportation with the flexibility of trucks and offers a cost and environmental advantage over long-haul trucking. Through a network of approximately 30 terminals, the intermodal business serves all major markets east of the Mississippi River and transports mainly manufactured consumer goods in containers, providing customers with truck-like service for longer shipments.
•The coal business shipped 718 thousand carloads (11% of volume) and generated $1.9 billion in revenue (13% of revenue) in 2025. The Company transports domestic coal, coke and iron ore to electricity-generating power plants, steel manufacturers and industrial plants as well as export coal to deep-water port facilities. Most of the export coal the Company transports is used for steelmaking, while the majority of domestic coal the Company ships is used for electricity generation.
•The trucking business generated $816 million, or 6%, of revenue in 2025. Trucking revenue is comprised of revenue from the operations of Quality Carriers.

Other revenue accounted for 4% of the Company’s total revenue in 2025. This category includes revenue from regional subsidiary railroads and incidental charges, including intermodal storage and equipment usage, demurrage and switching. Revenue from regional subsidiary railroads includes shipments by railroads that the Company does not directly operate. Intermodal storage represents charges for customer storage of containers at an intermodal terminal, ramp facility or offsite location beyond a specified period of time. Demurrage represents charges assessed when freight cars are held by a customer beyond a specified period of time. Switching represents charges assessed when a railroad switches cars for a customer or another railroad.

Segments
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 trucking segment is not material for separate disclosure. See Note 17, Segment Reporting and Significant Expenses, for additional information on the Company's segments.

Employees
The Company's number of employees was approximately 23,000 as of December 2025, which includes approximately 16,900 rail labor union employees. Most of the Company’s employees provide or support transportation services.
NOTE 1.  Nature of Operations and Significant Accounting Policies, continued

Basis of Presentation
In the opinion of management, the accompanying consolidated financial statements contain all normal, recurring adjustments necessary to fairly present the financial position of CSX and its subsidiaries at December 31, 2025, and December 31, 2024, and the consolidated statements of income, comprehensive income, cash flows and changes in shareholders’ equity for the years ended 2025, 2024 and 2023. In addition, management has evaluated and disclosed all material events occurring subsequent to the date of the financial statements up to the date this annual report is filed on Form 10-K.

Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires that management make estimates in recording the amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of certain revenues and expenses during the reporting period. Actual results may differ from those estimates. Critical accounting estimates using management judgment are made for the following areas:
•personal injury and environmental reserves (see Note 5, Casualty, Environmental and Other Reserves);
•pension plan accounting (see Note 9, Employee Benefit Plans); and
•depreciation policies for assets under the group-life method (see Note 6, Properties)

Fiscal Year
The Company's fiscal periods are based upon the calendar year. Except as otherwise specified, references to full years indicate CSX’s fiscal years ended on December 31, 2025, December 31, 2024, and December 31, 2023.
    
Principles of Consolidation
The consolidated financial statements include results of operations of CSX and subsidiaries over which CSX has majority ownership or financial control. All significant intercompany accounts and transactions have been eliminated. Most investments in companies that were not majority-owned are accounted for under the equity method or as equity investments measured at cost and adjusted for observable price changes and impairment. These investments are reported within Investment in Affiliates and Other Companies on the consolidated balance sheets.
NOTE 1.  Nature of Operations and Significant Accounting Policies, continued

Cash and Cash Equivalents
On a daily basis, cash in excess of current operating requirements is invested in various highly liquid investments having a typical maturity date of three months or less at the date of acquisition. These investments are carried at cost, which approximates market value, and are classified as cash equivalents.

Investments
Investments in instruments with original maturities greater than three months that will mature in less than one year are classified as short-term investments. Investments with original maturities of one year or greater are initially classified within other long-term assets, and the classification is re-evaluated at each balance sheet date.

Materials and Supplies
Materials and supplies in the consolidated balance sheets are carried at average cost and consist primarily of parts used in the repair and maintenance of track structure, equipment, and CSXT’s freight car and locomotive fleets, as well as fuel.

New Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This standard update requires additional interim and annual disclosures about a company’s income taxes, including more detailed information around the annual rate reconciliation and income taxes paid. The Company adopted this guidance prospectively for this 2025 annual report filed on Form 10-K. This standard update did not impact the Company's results of operations or financial position as it only impacts disclosures. See Note 12, Income Taxes.

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 filed 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.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
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:
 Years Ended
 202520242023
Numerator (Dollars in Millions):
 
Net Earnings$2,889 $3,470 $3,668 
Denominator (Units in Millions):
Average Common Shares Outstanding1,870 1,939 2,008 
Other Potentially Dilutive Common Shares3 4 5 
Average Common Shares Outstanding, Assuming Dilution1,873 1,943 2,013 
Net Earnings Per Share, Basic$1.54 $1.79 $1.83 
Net Earnings Per Share, Assuming Dilution$1.54 $1.79 $1.82 

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 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 equity awards that were excluded from the diluted earnings per share calculation because their effect was antidilutive is in the table below.

Years Ended
202520242023
Antidilutive Stock Options Excluded from Diluted EPS (Units in Millions)
5 3 3 
NOTE 2.  Earnings Per Share, continued

Share Repurchase Programs
During fourth quarter 2023, the Company began repurchasing shares under the $5 billion share repurchase program approved in October 2023. Total repurchase authority remaining was $1.2 billion as of December 31, 2025. The previous share repurchase program was announced in July 2022 and completed in November 2023.

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.

Share Repurchase Activity
During 2025, 2024 and 2023, CSX repurchased the following shares:
Years Ended
202520242023
Shares Repurchased (Units in Millions)
44 65 112 
Cost of Shares (Dollars in Millions)
$1,376 $2,204 $3,482 
Average Price Paid per Share$30.95 $34.14 $30.95 
Excise Taxes Paid for Net Share Repurchases
(Dollars in Millions) (a)
$20 $33 $— 
(a) Excise tax payments made in 2025 were related to share repurchases in 2024. Excise tax payments made in 2024 were related to share repurchases in 2023.

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 costs of shares repurchased shown in the table above exclude the impact of this excise tax.
v3.25.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
Common and preferred stock consists of the following:
Common Stock, $1 Par Value
December 2025
 (Units in Millions)
Common Shares Authorized5,400 
Common Shares Issued and Outstanding1,860 
 
Preferred Stock
Preferred Shares Authorized25 
Preferred Shares Issued and Outstanding— 

Holders of common stock are entitled to one vote on all matters requiring a vote for each share held. Preferred stock is senior to common stock with respect to dividends and upon liquidation of CSX.
v3.25.4
Stock Plans and Share-Based Compensation
 12 Months Ended
Dec. 31, 2025
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. Awards granted under the various programs are determined and approved by the Compensation and Talent Management Committee of the Board of Directors. Awards to the Chief Executive Officer are approved by the full Board and awards to senior executives are approved by the Compensation and Talent Management Committee. In certain circumstances, the Chief Executive Officer or delegate approves awards to management employees other than senior executives. The Board of Directors approves awards granted to CSX's non-management directors upon recommendation of the Governance and Sustainability Committee.

Share-based compensation expense for awards under share-based compensation plans and purchases made as part of the employee stock purchase plan 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.
 Years Ended
(Dollars in Millions)202520242023
Share-Based Compensation Expense
Restricted Stock Units$26 $28 $19 
Stock Options14 12 12 
Employee Stock Purchase Plans10 8 7 
Stock Awards for Directors3 2 2 
Performance Units1 (10)20 
Total Share-based Compensation Expense$54 $40 $60 
Income Tax Benefit$13 $13 $14 
NOTE 4.  Stock Plans and Share-Based Compensation, continued

Long-term Incentive Plans
The objective of the CSX Long-term Incentive Plans (“LTIP”) is to motivate and reward certain employees for achieving and exceeding certain financial goals. The 2025-2027, 2024-2026, and 2023-2025 LTIPs were adopted under the 2019 Stock and Incentive Award Plan.

Performance Units
In 2025, 2024 and 2023, target performance units, with each unit being equivalent to one share of CSX common stock, were granted to certain employees under three separate LTIP plans covering three-year cycles: the 2025-2027 ("2025-2027 LTIP"), the 2024-2026 ("2024-2026 LTIP"), and the 2023-2025 ("2023-2025 LTIP"). Payouts of performance units for the plans will be made in CSX common stock based on the achievement of certain goals, in each case excluding non-recurring items as disclosed in the Company's financial statements. The payout range for most participants will be between 0% and 200% of the target awards depending on Company performance against predetermined goals for each three-year cycle.

For the 2025, 2024 and 2023 awards, the average annual operating income growth percentage and Economic Profit (CSX Cash Earnings or CCE), in each case excluding non-recurring items as defined in the plan, will each comprise 50% of the payout and will be measured independently of the other. Participants will receive stock dividend equivalents declared over the performance period based on the number of performance units paid upon vesting. As defined under the plan, Economic Profit incentivizes strategic investments earning more than management's desired minimum required return and is calculated as CSX’s gross cash earnings minus the capital charge on gross operating assets.

For these plans, payouts for certain executive officers are subject to formulaic upward or downward adjustment by up to 20% for the 2025-2027 LTIP or 25% for the 2024-2026 and 2023-2025 LTIPs, capped at an overall payout of 240% for the 2025-2027 LTIP or 250% for the 2024-2026 and 2023-2025 LTIPs, based upon the Company’s total shareholder return relative to specified comparable groups over the performance period.

The fair values of the performance units granted during the years ended December 2025, 2024 and 2023 for awards with total shareholder return components were calculated using a Monte-Carlo simulation model. Performance unit grants were valued using the following weighted-average assumptions:

Years Ended
Weighted-Average Assumptions Used:202520242023
Risk-free Interest Rate4.1 %4.4 %4.4 %
Annualized Volatility23.3 %23.3 %33.2 %
Expected Life (in years)
2.72.92.8

The risk-free interest rate assumptions reflect the U.S. Treasury yield curve in effect at the time of grant. The annualized volatility is based on observed historical volatility of daily stock returns for the three-year period preceding the grant date. The expected life is calculated using the remainder of the performance period.
NOTE 4.  Stock Plans and Share-Based Compensation, continued

Performance unit grant and vesting information is summarized as follows:
 Years Ended
 202520242023
Weighted-Average Fair Value of Units Granted$34.02 $38.66 $31.57 
Fair Value of Units Vested (in Millions)
$21 $22 $16 

The performance unit activity related to the outstanding long-term incentive plans and corresponding fair value is summarized as follows:
 Performance Units Outstanding
(in Thousands)		Weighted-Average Fair Value at Grant Date
Unvested at December 31, 2024
1,279 $35.47 
Granted 852 34.02 
Forfeited (325)35.42 
Vested (652)32.55 
Unvested at December 31, 2025
1,154 $36.10 

As of December 2025, there was $10 million of total unrecognized compensation cost related to performance units that is expected to be recognized over a weighted-average period of approximately two years. 

Stock Options
    Stock options in 2025, 2024 and 2023 were primarily granted along with the corresponding LTIP plans. With these grants, an employee receives an award that provides the opportunity in the future to purchase CSX shares at the closing market price of the stock on the date the award is granted (the strike price). Options granted become exercisable in equal installments on the anniversary of the grant date over a vesting period (three-year graded). All options expire 10 years from the grant date if they are not exercised.

The fair value of stock options granted was estimated as of the dates of grant using the Black-Scholes option valuation model, which uses the following assumptions: dividend yield, risk-free interest rate, annualized volatility and expected life. The annual dividend yield is based on the most recent quarterly CSX dividend payment annualized. The risk-free interest rate is based on U.S. Treasury yield curve in effect at the time of grant. The annualized volatility is based on historical volatility of daily CSX stock price returns over a 6.0 year look-back period ending on the grant date. The expected life is calculated using the safe harbor approach due to lack of historical data on CSX options, which is the midpoint between the vesting schedule and contractual term (10 years).
NOTE 4.  Stock Plans and Share-Based Compensation, continued

Assumptions and inputs used to estimate fair value of stock options are summarized as follows:
Years Ended
 202520242023
Weighted-Average Fair Value of Units Granted$9.47$11.58$9.82
Stock Options Valuation Assumptions:
Annual Dividend Yield1.5 %1.3 %1.4 %
Risk-free Interest Rate4.1 %4.2 %3.8 %
Annualized Volatility26.6 %28.7 %29.6 %
Expected Life (in Years)6.06.06.0
Other Pricing Model Inputs:
Weighted-average Grant-date Market Price of CSX Stock (Strike Price)$33.94$36.73$31.54

The stock option activity is summarized as follows:
 Stock Options Outstanding
(in Thousands)		Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Life
(in Years)		Aggregate Intrinsic Value
(in Millions)
Outstanding at December 31, 20249,531 $27.40 
Granted 1,785 33.93 
Forfeited (456)34.38 
Exercised(1,131)18.90 
Outstanding at December 31, 20259,729 $29.26 5.3$68 
Exercisable at December 31, 20257,195 $27.46 4.6$63 

Unrecognized compensation expense related to stock options as of December 2025 was $12 million and is expected to be recognized over a weighted-average period of approximately two years. The Company issues new shares upon stock option exercises. Additional information on stock option exercises is summarized as follows:

Years Ended
(Dollars in Millions)202520242023
Intrinsic Value of Stock Options Exercised$18 $45 $27 
Cash Received from Option Exercises$21 $79 $52 
NOTE 4.  Stock Plans and Share-Based Compensation, continued

Restricted Stock Units
Restricted stock units are equivalent to one share of CSX stock and are primarily issued along with corresponding LTIP plans and vest on the annual anniversary of the grant date over a vesting period (three-year graded). These awards are time-based and not based upon CSX’s attainment of operational targets. Participants receive stock dividend equivalents on these shares. Restricted stock unit grant and vesting information is summarized as follows:

 Years Ended
 202520242023
Weighted-Average Fair Value of Units Granted$33.16 $36.86 $31.46 
Fair Value of Units Vested (in Millions)
$39 $23 $8 
    
The restricted stock activity related to the outstanding long-term incentive plans and other awards and corresponding fair value is summarized as follows:
 Restricted Stock Units Outstanding
(in Thousands)		Weighted-Average Fair Value at Grant Date
Unvested at December 31, 2024
1,990 $34.01 
Granted801 33.16 
Forfeited (165)34.10 
Vested (1,151)33.55 
Unvested at December 31, 2025
1,475 $33.91 
    
As of December 2025, unrecognized compensation expense for restricted stock units was approximately $21 million, which will be expensed over a weighted-average remaining period of two years.

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. During 2025, 2024, and 2023, awards outside of the annual LTIP program were granted to certain management employees other than senior executives and were not material.
NOTE 4.  Stock Plans and Share-Based Compensation, continued

Stock Awards for Directors
CSX’s non-management directors receive a base annual retainer of $130,000 to be paid quarterly in cash, unless the director chooses to defer the retainer in the form of cash or CSX common stock. Additionally, non-management directors receive an annual grant of common stock in the amount of approximately $190,000 and the independent non-executive Chairman also receives an annual grant of common stock in the amount of approximately $250,000. These awards are evaluated periodically by the Board of Directors.

Employee Stock Purchase Plan
In May 2018, shareholders approved the 2018 CSX Employee Stock Purchase Plan (“ESPP”) for the benefit of Company employees. The Company registered 12 million shares of common stock that may be issued pursuant to this plan. Under the ESPP, employees may contribute between 1% and 10% of base compensation, after-tax, to purchase up to $25,000 of market value CSX common stock per year at 85% of the closing market price on either the grant date or the last day of the six-month offering period, whichever is lower. During 2025, 2024 and 2023, the Company issued the following shares under this program:

 Years Ended
 202520242023
Shares Issued (in Thousands)
1,317 1,012 959 
Weighted Average Purchase Price Per Share$27.38 $28.79 $25.66 
v3.25.4
Casualty, Environmental and Other Reserves
 12 Months Ended
Dec. 31, 2025
Casualty, Environmental and Other Reserves [Abstract]  
Casualty, Environmental and Other Reserves Casualty, Environmental and Other Reserves
Activity related to casualty, environmental and other reserves is as follows:
 CasualtyEnvironmentalOther 
(Dollars in Millions)ReservesReservesReservesTotal
December 31, 2022$194 $161 $81 $436 
Charged to Expense 69 29 67 165 
Payments(68)(36)(57)(161)
December 31, 2023195 154 91 440 
Charged to Expense 72 28 68 168 
Payments(59)(31)(56)(146)
December 31, 2024208 151 103 462 
Charged to Expense67 32 100 199 
Payments(62)(27)(93)(182)
December 31, 2025$213 $156 $110 $479 

Personal injury and environmental reserves are considered critical accounting estimates due to the need for management judgment. In the table above, the impacts of changes in estimates are included in the charged to expense amount and were not material in 2025, 2024 and 2023. Casualty, environmental and other reserves are provided for in the consolidated balance sheets as shown in the table below.

 December 2025December 2024
(Dollars in Millions)CurrentLong-termTotalCurrentLong-termTotal
Casualty:      
Personal Injury$60 $94 $154 $51 $91 $142 
Occupational 6 53 59 7 59 66 
Total Casualty$66 $147 $213 $58 $150 $208 
Environmental 49 107 156 37 114 151 
Other69 41 110 54 49 103 
Total$184 $295 $479 $149 $313 $462 
    
NOTE 5.  Casualty, Environmental and Other Reserves, continued    

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 in Note 8, Commitments and Contingencies. Currently, no individual claim is expected to exceed the self-insured retention amount. Most of the Company's casualty claims relate to CSXT. In accordance with the Contingencies Topic in the ASC, to the extent the value of an individual claim exceeds the self-insured retention amount, the Company would present the liability on a gross basis with a corresponding receivable for insurance recoveries.

These reserves fluctuate based upon the timing of payments as well as changes in estimate. Actual results may vary from estimates due to the number, type and severity of the injury, costs of medical treatments and uncertainties in litigation. Defense and processing costs, which historically have been insignificant and are anticipated to be insignificant in the future, are not included in the recorded liabilities. Changes in casualty reserves are included in purchased services and other on the consolidated income statements.

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. The methodology used by the actuary includes a development factor to reflect growth or reduction in the value of these personal injury claims based largely on CSXT's historical claims and settlement experience. These analyses did not result in a material adjustment to the personal injury reserve in 2025, 2024 or 2023.
NOTE 5.  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 claims, 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. There were no material adjustments to the occupational reserve in 2025, 2024 or 2023.

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 220 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.
NOTE 5.  Casualty, Environmental and Other Reserves, continued

In accordance with the Asset Retirement and Environmental Obligations Topic in the ASC, the Company reviews its role with respect to each site identified at least quarterly, giving consideration to a number of factors such as:
•type of clean-up required;
•nature of the Company’s alleged connection to the location (e.g., generator of waste sent to the site or owner or operator of the site);
•extent of the Company’s alleged connection (e.g., volume of waste sent to the location and other relevant factors); and
•number, connection and financial viability of other named and unnamed potentially responsible parties at the location.

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. The recorded liabilities for estimated future environmental costs are undiscounted. The liability includes future costs for remediation and restoration of sites as well as any significant ongoing monitoring costs, but excludes any anticipated insurance recoveries. 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.
v3.25.4
Properties
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Properties Properties
Details of the Company’s net properties are as follows:
(Dollars in Millions) AccumulatedNet BookAnnual DepreciationEstimated Useful LifeDepreciation
December 2025CostDepreciationValueRate
(Avg. Years)
Method
Road 
 Rail and Other Track Material$10,318 $(2,311)$8,007 2.5%41Group Life
 Ties7,488 (2,374)5,114 3.5%28Group Life
 Grading3,240 (726)2,514 1.3%75Group Life
 Ballast3,581 (1,183)2,398 2.6%38Group Life
 Bridges, Trestles, and Culverts3,391 (591)2,800 1.7%60Group Life
 Signals and Interlockers3,476 (1,464)2,012 4.1%24Group Life
 Buildings1,577 (580)997 2.5%40
Group Life/ Straight Line (a)
 Other6,197 (2,739)3,458 4.1%25
Group Life/ Straight Line (a)
Total Road39,268 (11,968)27,300   
Equipment      
 Locomotive5,374 (2,267)3,107 3.8%26Group Life
 Freight Cars2,246 (358)1,888 3.1%32Group Life
 Work Equipment and Other3,644 (2,412)1,232 8.9%11
Group Life/ Straight Line (a)
Total Equipment11,264 (5,037)6,227   
Land 2,286 — 2,286 N/AN/AN/A
Construction In Progress998 — 998 N/AN/AN/A
Total Properties$53,816 $(17,005)$36,811    
(a) For depreciation method, certain asset categories contain intermodal terminals, trucking or technology-related assets, which are depreciated using the straight-line method.
NOTE 6.  Properties, continued
(Dollars in Millions) AccumulatedNet BookAnnual DepreciationEstimated Useful LifeDepreciation
December 2024CostDepreciationValueRate(Avg. Years)Method
Road 
 Rail and Other Track Material$9,883 $(2,199)$7,684 2.5%41Group Life
 Ties7,269 (2,252)5,017 3.5%28Group Life
 Grading2,813 (699)2,114 1.3%75Group Life
 Ballast3,494 (1,159)2,335 2.6%38Group Life
 Bridges, Trestles, and Culverts3,234 (572)2,662 1.7%60Group Life
 Signals and Interlockers3,476 (1,480)1,996 4.1%24Group Life
 Buildings1,498 (568)930 2.5%40
Group Life/ Straight Line (a)
 Other6,017 (2,719)3,298 4.1%25
Group Life/ Straight Line (a)
Total Road37,684 (11,648)26,036   
Equipment      
 Locomotive5,252 (2,175)3,077 3.8%26Group Life
 Freight Cars2,311 (407)1,904 3.1%32Group Life
 Work Equipment and Other3,599 (2,303)1,296 8.9%11
Group Life/ Straight Line (a)
Total Equipment11,162 (4,885)6,277   
Land 2,276 — 2,276 N/AN/AN/A
Construction In Progress1,069 — 1,069 N/AN/AN/A
Total Properties$52,191 $(16,533)$35,658    

(a) For depreciation method, certain asset categories contain intermodal terminals, trucking or technology-related assets, which are depreciated using the straight-line method.
NOTE 6.  Properties, continued

Capital Expenditures
The Company’s capital investment includes purchased and self-constructed assets and property additions that substantially extend the service life or increase the utility of those assets. Indirect costs that can be allocated to capital projects are also capitalized. The Company is committed to maintaining and improving its existing infrastructure and expanding its network capacity for long-term growth. Rail operations are capital intensive and CSX accounts for these costs in accordance with United States generally accepted accounting principles ("GAAP") and the Company’s capitalization policy. All properties are stated at historical cost less an allowance for accumulated depreciation.

The Company’s largest category of capital investment is the replacement of track assets, which is primarily completed by CSXT employees, as well as the acquisition or construction of new assets that enable CSX to enhance its operations or provide new capacity offerings to its customers. Costs for track asset replacement and capacity projects that are capitalized include:

•labor costs, because many of the assets are self-constructed;
•costs to purchase or construct new track or to prepare ground for the laying of track;
•welding (rail, field and plant), which are processes used to connect segments of rail;
•new ballast, which is gravel and crushed stone that holds track in line;
•fuels and lubricants associated with tie, rail and surfacing work, which is the process of raising track to a designated elevation over an extended distance;
•cross, switch and bridge ties, which are the braces that support the rails on a track;
•gauging, which is the process of standardizing the distance between rails;
•handling costs associated with installing rail, ties or ballast;
•usage charge of machinery and equipment utilized in construction or installation; and
•other track materials.

Labor is a significant cost in self-constructed track replacement work. CSXT engineering employees directly charge their labor to the track replacement project (the capitalized depreciable property). In replacing track, these employees concurrently perform deconstruction and installation of track material. Because of this concurrent process, CSX must estimate the amount of labor that is related to deconstruction versus installation. As a component of the depreciation study for road and track assets, management performs an analysis of labor costs related to the self-constructed track replacement work, which includes direct observation of track replacement processes. Through this analysis, CSX determined that approximately 20% of labor costs associated with track replacement is related to the deconstruction of old track, for which certain elements are expensed, and approximately 80% is associated with the installation of new track, which is capitalized.

Capital investment related to locomotives and freight cars comprises the second largest category of the Company’s capital assets. This category includes purchases of locomotives and freight cars as well as costs to modify or rebuild these assets, which are capitalized if the investment incurred extends the asset’s service life or improves utilization. Improvement projects must meet specified dollar thresholds to be capitalized and are reviewed by management to determine proper accounting treatment. Routine repairs, overhauls and other maintenance costs, for all asset categories, are expensed as incurred.
NOTE 6.  Properties, continued

Depreciation Method
The depreciable assets of the Company are depreciated using either the group-life or straight-line method of accounting, which are both acceptable depreciation methods in accordance with GAAP. The Company depreciates its railroad assets, including main-line track, locomotives and freight cars, using the group-life method. Assets depreciated under the group-life method comprise 86% of total fixed assets of $53.8 billion on a gross basis as of December 2025. The remaining depreciable assets of the Company, including non-railroad assets and assets under finance leases, are depreciated using the straight-line method on a per asset basis. Land is not depreciated.

The group-life method aggregates assets with similar lives and characteristics into groups and depreciates each of these groups as a whole. When using the group-life method, an underlying assumption is that each group of assets, as a whole, is used and depreciated to the end of its group’s recoverable life. The Company currently utilizes different depreciable asset categories to account for depreciation expense for the railroad assets that are depreciated under the group-life method. By utilizing various depreciable categories, the Company can more accurately account for the use of its assets. The group-life method of depreciation closely approximates the straight-line method of depreciation. Additionally, due to the nature of most of its assets (e.g. track is one contiguous, connected asset), the Company believes that this is the most accurate and effective way to properly depreciate its assets. All assets of the Company are depreciated on a time or life basis.

Depreciation Studies
Management performs a review of depreciation expense, including the impacts of service lives and salvage values, on a regular basis. This review includes consideration of the most recent periodic depreciation studies, which are performed for assets depreciated using the group-life method. A depreciation study is the periodic review of asset service lives, salvage values, accumulated depreciation, and other related factors for group assets conducted by a third-party specialist, analyzed by the Company’s management and approved by the Surface Transportation Board ("STB"), the regulatory board that has broad jurisdiction over railroad practices. The STB requires depreciation studies be performed every three years for equipment assets (e.g., locomotives and freight cars) and every six years for road and track assets (e.g., bridges, signals, rail, ties, and ballast). The Company believes the frequency of depreciation studies currently required by the STB, complemented by annual data reviews conducted by a third-party specialist and analyzed by the Company's management, provides adequate review of asset service lives and that a more frequent review would not result in a material change due to the long-lived nature of most of the assets.

The Company completed a depreciation study for its road and track assets in 2020, which resulted in changes to accumulated depreciation, service lives, salvage values, and other related factors for certain assets. The Company performed a depreciation study for equipment assets in 2025, with the resulting changes to be implemented after the study's finalization in 2026. The Company expects a favorable change to depreciation expense of approximately $40 million per year primarily as a result of increases in the remaining service lives of certain equipment assets. The Company plans to complete the next depreciation study for road and track assets in 2027.
NOTE 6.  Properties, continued

Group-Life Assets Sales and Retirements
Since the rail network is one contiguous, connected network, it is impractical to maintain specific identification records for these assets. For track assets (i.e., rail, ties, and ballast), CSX retires assets on a statistical curve relative to the age of the assets. Equipment assets (e.g., locomotives and freight cars) are specifically identified at retirement. When an equipment asset is retired that has been depreciated using the group-life method, the cost is reduced from the cost base and recorded in accumulated depreciation.

For sales or retirements of assets depreciated under the group-life method that occur in the ordinary course of business, the asset cost (net of salvage value or sales proceeds) is charged to accumulated depreciation and no gain or loss is immediately recognized. This practice is consistent with accounting treatment prescribed under the group-life method. As part of the depreciation study, an assessment of the recorded amount of accumulated depreciation is made to determine if it is deficient (or in excess) of the appropriate amount indicated by the study. Any such deficiency (or excess), including any deferred gains or losses, is amortized as a component of depreciation expense over the remaining service life of the asset group until the next required depreciation study. Since the overall assumption with the group-life method is that the assets within the group on average have the same service life and characteristics, it is therefore concluded that the deferred gains and losses offset over time.

For sales or retirements of assets depreciated under the group-life method that do not occur in the ordinary course of business, a gain or loss may be recognized if the sale or retirement meets each of the following three criteria: (i) it is unusual, (ii) it is material in amount, and (iii) it varies significantly from the retirement profile identified through depreciation studies. No material gains or losses were recognized on the sale of assets depreciated using the group-life method in 2025, 2024 or 2023, as no sales met the criteria described above.

Land and Straight-line Assets Sales and Retirements
When the Company sells or retires land, land-related easements or assets depreciated under the straight-line method, a gain or loss is recognized in purchased services and other on the consolidated statements of income. The Company recognized gains on the sale of properties of $17 million, $11 million, and $34 million in 2025, 2024 and 2023, respectively.

Impairment Review
Properties and other long-lived assets are reviewed for impairment whenever events or business conditions indicate the carrying amount of such assets may not be fully recoverable. Initial assessments of recoverability are based on estimates of undiscounted future net cash flows associated with an asset or a group of assets. Where impairment is indicated, the assets are evaluated and their carrying amount is reduced to fair value based on discounted net cash flows or other estimates of fair value. Impairment of group-life assets in service is recorded to accumulated depreciation while impairment of straight-line assets is recorded in operating expense. Impairment expense recorded in purchased services and other expense on the consolidated income statement of $26 million in 2025, $24 million in 2024, and $2 million in 2023 was primarily due to the discontinuation of certain in-progress projects.
NOTE 6.  Properties, continued

Government Assistance
The Company is a party to contracts with recipients and subrecipients of awards from federal, state and local governmental agencies. These awards are typically in the form of cash for purposes of making improvements to the rail network as part of public safety, corridor expansion or economic revitalization initiatives. The awarding agency generally specifies how the awards are to be spent by the recipients and may include limited conditions requiring return of the assistance.
Government funding received or receivable related to a property asset is netted with the cost of the asset in properties on the consolidated balance sheet, and the net asset is subject to depreciation. Any amounts owed by the government entity are recorded in accounts receivable until reimbursed. For the years ended 2025, 2024, and 2023, the total amounts received under contracts with government entities to improve the rail network was $216 million, $246 million, and $84 million, respectively. Non-freight accounts receivable related to these government projects was $121 million and $39 million as of December 31, 2025, and December 31, 2024, respectively.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
At inception, the Company determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. Some of the Company’s lease arrangements contain lease components (e.g., minimum rent payments) and non-lease components (e.g., maintenance, labor charges, etc.). The Company generally accounts for each component separately based on the estimated standalone price of each component. For certain equipment leases, such as freight car, vehicles and work equipment, the Company accounts for the lease and non-lease components as a single lease component.

Certain of the Company’s lease agreements include rental payments that are adjusted periodically for an index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating Leases
Operating leases are included in right-of-use lease assets, other current liabilities and long-term lease liabilities on the consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term, discounted using the Company’s secured incremental borrowing rates or implicit rates, when readily determinable. Short-term operating leases, which have an initial term of 12 months or less, are not recorded on the balance sheet.

The Company has various lease agreements with other parties with terms up to 50 years, including a significant operating lease with the State of Georgia for approximately 137 miles of right-of-way with integral track assets for a term of 50 years with an annual 2.5% increase. Non-cancelable, long-term leases may include provisions for maintenance, options to purchase and options to extend the terms. These options are included in the lease term when it is reasonably certain that the option will be exercised. Lease expense for operating leases, including leases with escalations over their terms, is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Lease expense is included in equipment and other rents on the consolidated income statements and is reported net of lease income. Lease income was not material to the results of operations for 2025, 2024 or 2023.
NOTE 7. Leases, continued

The following table presents information about future lease payments and balances related to operating leases as of December 31, 2025.
(Dollars in Millions)December 2025
Maturity of Lease LiabilitiesLease Payments
2026$69 
202762 
202849 
202944 
203039 
Thereafter1,055 
Total Undiscounted Operating Lease Payments$1,318 
Less: Imputed Interest(772)
Present Value of Operating Lease Liabilities$546 

(Dollars in Millions)20252024
Balance Sheet Classification
Right of Use Asset$464 $487 
Current Lease Liabilities (Included in Other Current Liabilities)67 73 
Long-term Lease Liabilities479 486 
Total Operating Lease Liabilities$546 $559 
Other Information
Weighted-average Remaining Lease Term for Operating Leases30 years30 years
Weighted-average Discount Rate for Operating Leases5.1 %5.1 %

Cash Flows
As of December 2025 and 2024, the Company's right-of-use asset was valued at $464 million and $487 million, respectively. Right of use assets of $38 million and $54 million were recognized as non-cash asset additions due to new operating lease liabilities during the years ended 2025 and 2024, respectively. Cash paid for amounts included in the present value of operating lease liabilities was $83 million and $81 million during the years ended 2025 and 2024, respectively, and is included in operating cash flows.
NOTE 7. Leases, continued

Operating Lease Costs
These costs are primarily related to long-term operating leases, but also include immaterial amounts for variable leases and short-term leases with terms greater than 30 days. These amounts are shown in the table below.
 Years Ended
(Dollars in Millions)202520242023
Rent Expense on Operating Leases$112 $117 $109 

Finance Leases
Finance leases are included in properties - net and long-term debt on the consolidated balance sheets and were not material as of December 2025 or December 2024. The associated amortization expense and interest expense are included in depreciation and interest expense, respectively, on the consolidated income statements and were not material to the results of operations for 2025, 2024 or 2023.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
In 2025, CSXT revised and expanded its long-term locomotive agreement with a third party. The new agreement contains commitments related to a long-term maintenance program that covers a portion of CSXT's fleet of locomotives, specific locomotive rebuilds and an agreement to purchase additional locomotives. The maintenance program costs are based on the maintenance cycle for each covered locomotive, which is determined by the asset's utilization and type. Expected future costs may change as required maintenance schedules are revised and locomotives are placed into or removed from active service. The rebuild program costs are based on the condition of locomotive units and the Company's plan for rebuilding existing locomotives. Under CSXT’s current obligations, the maintenance agreement will expire no earlier than 2035 and CSXT is contractually committed to locomotive rebuilds through 2029. Additionally, CSXT is contractually obligated to purchase a total of 100 new locomotives between 2026 and 2028.

The following table summarizes CSXT’s payments, including prepayments, for the long-term maintenance and rebuild program, which covers approximately 1,900 locomotives with payments based on active status during the period. The 2025 payment amount includes a $96 million prepayment for 2026 locomotive maintenance services, which is included in other current assets on the consolidated balance sheet, as well as $14 million for pre-owned locomotives received in 2025.
 Years Ended
(Dollars in Millions)202520242023
Amounts Paid$456 $311 $236 

    
NOTE 8.  Commitments and Contingencies, continued

Total payments under the agreement are estimated in the table below and include payments related to locomotive rebuilds, the long-term locomotive maintenance program, and locomotive purchases.

Additionally, the Company has various other commitments to purchase technology, communications, track maintenance services and materials, and other services from various suppliers. Total annual payments under all of these purchase commitments are also estimated in the table below.
(Dollars in Millions)Locomotive Maintenance, Rebuild & PurchasesOther
Commitments		Total
2026$387 $153 $540 
2027579 103 682 
2028659 64 723 
2029521 24 545 
2030288 25 313 
Thereafter835 37 872 
Total$3,269 $406 $3,675 

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 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.
    
NOTE 8.  Commitments and Contingencies, continued

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 $2 million to $72 million in the aggregate as of December 31, 2025. 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.

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, and briefing of the appeal is scheduled to conclude in April 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.
NOTE 8.  Commitments and Contingencies, continued

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 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.

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 Hathway 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. Occidental Chemical Corporation, a Texas 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.

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 8.  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 5, Casualty, Environmental and Other Reserves, for additional information on the Company's environmental liabilities.

Regulatory
In October 2024, the Company received a subpoena from the Enforcement Division of the U.S. Securities and Exchange Commission ("SEC") requesting information related to, among other things, the accounting restatement disclosed in the Company's Form 10-Q for the quarterly period ended June 30, 2024 filed on August 5, 2024 with the SEC. The Company has also been responding to information requests by the SEC related to certain of the Company's non-financial performance metrics. The Company received correspondence from the SEC on July 10, 2025, indicating that the agency had concluded its investigation and does not intend to recommend an enforcement action.
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company sponsors defined benefit pension plans principally for salaried, management personnel. For employees hired prior to 2003, the plans provide eligible employees with retirement benefits based predominantly on years of service and compensation rates near retirement. For employees hired between 2003 and 2019, benefits are determined based on a cash balance formula, which provides benefits by utilizing interest and pay credits based upon age, service and compensation. The CSX Pension Plan, the largest plan based on benefit obligation, was closed to new participants in 2020.

The Company engages independent actuaries to 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. In order to perform this valuation, the actuaries are provided with the details of the population covered at the beginning of the year, summarized in the table below, and projects that population forward to the end of the year.
As of
Pension Plan Participants:January 1, 2025
Active Employees2,233 
Retirees and Beneficiaries10,909 
Terminated Vested and Other
3,108 
Total16,250 

 
NOTE 9.  Employee Benefit Plans, continued

The benefit obligation for these plans represents the liability of the Company for current and former employees and is affected primarily by the following:

•service cost (benefits attributed to employee service during the period);
•interest cost (interest on the liability due to the passage of time);
•actuarial gains/losses (experience during the year different from that assumed and changes in plan assumptions); and
•benefits paid to participants.

Cash Flows
Plan assets are amounts that have been segregated and restricted to provide qualified pension plan benefits and include amounts contributed by the Company and amounts earned from invested contributions, net of benefits paid. 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. The Company funds the cost of nonqualified pension benefits on a pay-as-you-go basis. No qualified pension plan contributions were made during 2025, 2024 and 2023. No contributions to the Company's qualified pension plans are expected in 2026.

    Future expected benefit payments are as follows:
Expected Cash Flows (Dollars in Millions):
Pension Benefits
2026$187 
2027183 
2028182 
2029180 
2030179 
2031-2035868 
Total$1,779 

Plan Assets
The Company outsources investment management related to pension plan assets. The CSX Investment Committee (the “Investment Committee”), whose members are selected by the Executive Vice President and Chief Financial Officer, is responsible for setting policy and oversight of investment management. The Investment Committee and investment manager utilize an investment asset allocation strategy that is monitored on an ongoing basis and updated periodically in consideration of plan or employee changes, or changing market conditions. Periodic studies provide an extensive modeling of asset investment return in conjunction with projected plan liabilities and seek to evaluate how to maximize return within the constraints of acceptable risk. 
NOTE 9.  Employee Benefit Plans, continued

The current asset allocation targets 30% growth-oriented investments and 70% immunizing investments. The growth-oriented portfolio consists of return-seeking investments that are diversified across geography, market capitalization, and asset class. The immunizing portfolio is comprised of a customized mix of fixed income and cash investments designed to reduce liability risk. Allocations are evaluated for levels within 5% of targeted allocations and are adjusted quarterly as necessary. 

The distribution of pension plan assets as of the measurement date is shown in the table below, and these assets are reported net of pension liabilities on the balance sheet.

 December 2025December 2024
  Percent of Percent of
(Dollars in Millions)AmountTotal AssetsAmountTotal Assets
Equity$597 24 %$709 29 %
Fixed Income112 5 57 3 
Cash and Cash Equivalents35 1 18 1 
Growth-Oriented$744 30 %$784 33 %
Fixed Income1,623 66 1,129 46 
Cash and Cash Equivalents107 4 496 21 
Immunizing$1,730 70 %$1,625 67 %
Total$2,474 100 %$2,409 100 %

Under the supervision of the Investment Committee, the investment manager selects investments or fund managers in accordance with standards of prudence applicable to asset diversification and investment suitability. The Company also selects fund managers with differing investment styles and benchmarks their investment returns against appropriate indices. Fund investment performance is continuously monitored. Acceptable performance is determined in the context of the long-term return objectives of the fund and appropriate asset class benchmarks.

Within the Company's equity funds, domestic stock is diversified among large and small capitalization stocks. International stock is diversified in a similar manner as well as in developed versus emerging markets stocks. Guidelines established with individual managers can limit investment by industry sectors, individual stock issuer concentration and the use of derivatives and CSX securities.
Fixed income securities guidelines established with individual managers specify the types of allowable investments, such as government, corporate and asset-backed bonds, target certain allocation ranges for domestic and foreign investments and limit the use of certain derivatives. Additionally, guidelines stipulate minimum credit quality constraints and any prohibited securities. For detailed information regarding the fair value of pension assets, see Note 13, Fair Value Measurements.
NOTE 9.  Employee Benefit Plans, continued

Benefit Obligation, Plan Assets and Funded Status
Changes in benefit obligation and the fair value of plan assets for the 2025 and 2024 plan years are as follows:

 Pension Benefits
 Plan YearPlan Year
(Dollars in Millions)20252024
Actuarial Present Value of Benefit Obligation  
Accumulated Benefit Obligation$2,133 $2,115 
Projected Benefit Obligation2,213 2,192 
Change in Projected Benefit Obligation:  
Projected Benefit Obligation at Beginning of Plan Year
$2,192 $2,343 
Service Cost (a)
24 27 
Interest Cost109 106 
Actuarial Loss (Gain)64 (107)
Benefits Paid(176)(177)
Benefit Obligation at End of Plan Year$2,213 $2,192 
Change in Plan Assets:  
Fair Value of Plan Assets at Beginning of Plan Year$2,409 $2,465 
Actual Return on Plan Assets223 104 
Non-qualified Employer Contributions18 17 
Benefits Paid(176)(177)
Fair Value of Plan Assets at End of Plan Year$2,474 $2,409 
Funded Status at End of Plan Year$261 $217 
(a)Service cost for 2025 and 2024 includes capitalized service costs of $4 million and $3 million, respectively.

In 2025, the $64 million actuarial loss for pension benefits was driven by a 25 basis point decrease in the weighted average discount rate, census data updates and other assumption changes. The $107 million net actuarial gain for pension benefits in 2024 was driven by a 68 basis point increase in the weighted average discount rate, partially offset by changes to census data.
NOTE 9.  Employee Benefit Plans, continued

For qualified plan funding purposes, assets and discounted liabilities are measured in accordance with the Employee Retirement Income Security Act ("ERISA"), as well as other related provisions of the Internal Revenue Code and related regulations. Under these funding provisions and the alternative measurements available thereunder, the Company estimates its unfunded obligation for qualified plans on an annual basis.
The Company has recognized the funded status of a pension plan by recording a liability (underfunded plan) or asset (overfunded plan) for the difference between the projected benefit obligation and the fair value of plan assets at the plan measurement date. Amounts related to pension benefits recorded in other long-term assets, labor and fringe benefits payable and other long-term liabilities on the balance sheet are as follows:
 Pension Benefits
 DecemberDecember
(Dollars in Millions)20252024
Amounts Recorded in Consolidated 
Balance Sheets:  
Long-term Assets$447 $403 
Current Liabilities(17)(17)
Long-term Liabilities(169)(169)
Net Amount Recognized in Consolidated Balance Sheets$261 $217 

Long-term assets as of December 2025 and 2024 in the preceding table relate to qualified pension plans where assets exceed projected benefit obligations. Current and long-term liabilities relate to plans where projected benefits obligations exceed assets. The Company's only plan with a net liability status is the unfunded non-qualified pension plan, which has no plan assets. This plan had a projected benefit obligation of $186 million and $186 million and an accumulated benefit obligation of $179 million and $178 million, as of December 31, 2025 and 2024, respectively.
NOTE 9.  Employee Benefit Plans, continued

Net Benefit Expense
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. The following table describes the components of net periodic benefit expense (credit) recorded on the income statement.

Pension Benefits
Years Ended
(Dollars in Millions)202520242023
Service Cost Included in Labor and Fringe$20 $24 $24 
Interest Cost109 106 111 
Expected Return on Plan Assets(160)(168)(164)
Amortization of Net Loss23 18 29 
Total Income Included in Other Income - Net$(28)$(44)$(24)
Net Periodic Benefit Credit$(8)$(20)$— 

Pension Adjustments
The following table shows the pre-tax change in other comprehensive loss (income) attributable to certain components of net benefit expense and the change in benefit obligation for CSX for pension benefits.

(Dollars in Millions)Pension Benefits
Components of Other ComprehensiveYears Ended
Loss (Income)20252024
Recognized in the Balance Sheet  
Loss (Gains)$1 $(42)
Recognized in the Income Statement
Amortization of Net Losses$23 $18 

As of December 2025, the balance to be amortized related to the Company's pension obligations is a pre-tax loss of $498 million. This amount is included in accumulated other comprehensive loss, a component of shareholders’ equity.
NOTE 9.  Employee Benefit Plans, continued

Assumptions
The expected long-term average rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for benefits included in the projected benefit obligation. In estimating that rate, the Company gives appropriate consideration to the historical returns earned by the plan assets in the funds, forward-looking economic assumptions, fees and other costs to be paid out of plan assets, and the current and projected asset mix of the funds. Management, with the assistance of the outsourced investment manager, balances market expectations obtained from various investment managers with both market and actual plan historical returns to develop a reasonable estimate of the expected long-term rate of return on assets. This assumption is reviewed annually and adjusted as deemed appropriate. 

The Company measures the service cost and interest cost components of the net pension benefits expense by using individual spot rates matched with separate cash flows for each future year. The weighted averages of assumptions used by the Company to value its pension obligations were as follows:
 Pension Benefits
 20252024
Expected Long-term Return on Plan Assets:  
Benefit Cost for Current Plan Year6.75 %6.75 %
Benefit Cost for Subsequent Plan Year6.25 %6.75 %
Discount Rates:  
Benefit Cost for Plan Year
Service Cost for Plan Year5.61 %4.90 %
Interest Cost for Plan Year5.20 %4.72 %
Benefit Obligation at End of Plan Year5.25 %5.50 %
Salary Scale Inflation4.80 %4.80 %
Cash Balance Plan Interest Credit Rate3.75 %3.75 %
NOTE 9.  Employee Benefit Plans, continued

Post-retirement Medical Plan
In addition to these plans, the Company sponsors an unfunded post-retirement medical plan and a life insurance plan that provide certain benefits to full-time, salaried, management employees hired prior to 2003 upon their retirement if certain eligibility requirements are met. The accumulated post-retirement benefit obligation related to this plan was $46 million and $49 million, respectively, as of December 31, 2025 and 2024. Through 2034, total future expected benefit payments related to this plan were $42 million. Expenses in 2025, 2024 and 2023 related to this plan were not material.

Other Plans
The Company maintains savings plans for virtually all full-time salaried employees and certain employees covered by collective bargaining agreements. Expense associated with these plans was $39 million, $40 million and $35 million for 2025, 2024 and 2023, respectively, and is included in labor and fringe expense on the consolidated income statement.

Under collective bargaining agreements, the Company participates in a multi-employer benefit plan, which provides certain post-retirement health care and life insurance benefits to eligible contract employees. Premiums under this plan are expensed as incurred and were not material in 2025, 2024 or 2023.

Under the terms of collective bargaining agreements that cover union-represented employees, Quality Carriers contributes to two multi-employer pension plans. These plans provide defined benefits to retired participants. Both of these pension plans are in Pension Protection Act zone “red”, meaning they are at least 65% underfunded. Formal rehabilitation plans have been adopted. Based on information provided to the Company from the administrators of these plans, Quality Carriers’ portion of the contingent liability in the event of a full withdrawal or termination from these plans is estimated to be $284 million. Of this amount, $280 million relates to the Central States Southeast and Southwest Areas Pension Plan and is based on information as of December 31, 2024, which is the latest information available at the date the financial statements were issued. The Company does not currently intend to withdraw from any of these multi-employer pension plans. Required monthly contributions to these plans are not material.
v3.25.4
Debt and Credit Agreements
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt and Credit Agreements Debt and Credit Agreements
Debt at December 2025 and December 2024 is shown in the table below. For information regarding the fair value of debt, see Note 13, Fair Value Measurements.
Maturity at
December		Average
Interest
Rates at
December		DecemberDecember
(Dollars in Millions)2025202520252024
Notes2026-20684.4%$18,858 $18,492 
Equipment Obligations(a)
20274.3%— 1 
Finance Leases2026-20324.7%15 10 
Subtotal Long-term Debt (Including Current Portion) $18,873 $18,503 
Less Debt Due within One Year  (708)(606)
Long-term Debt (Excluding Current Portion)  $18,165 $17,897 
(a) Equipment obligations are secured by an interest in certain railroad equipment.

Total activity related to long-term debt during 2025 is as follows:
(Dollars in Millions)Current PortionLong-term PortionTotal
Long-term Debt as of December 31, 2024
$606 $17,897 $18,503 
2025 Activity:
Long-term Debt Issued— 900 900 
Long-term Debt Repaid(613)— (613)
Reclassifications703 (703)— 
Hedging, Discount, Premium and Other Activity12 71 83 
Long-term Debt as of December 31, 2025$708 $18,165 $18,873 

Debt Issuance
On March 10, 2025, CSX issued an initial $600 million of 5.05% notes due 2035. On October 23, 2025, CSX further issued $300 million of 5.05% notes due 2035, which was a reopening of the existing notes originally issued in March 2025. On September 18, 2024, CSX issued $550 million of 4.90% notes due 2055. In September 2023, CSX issued $600 million of 5.20% notes due 2033. These notes are included in the consolidated balance sheets under long-term debt and may be redeemed by the Company at any time, subject to payment of certain make-whole premiums.

The net proceeds from debt issuances will be used for general corporate purposes, which may include debt repayments, repurchases of CSX’s common stock, capital investment and working capital requirements. For more information regarding debt payable to a related party, see Note 15, Investment in Affiliates and Related-Party Transactions.
NOTE 10.  Debt and Credit Agreements, continued

Long-term Debt Maturities (Net of Discounts, Premiums and Issuance Costs)
(Dollars in Millions)
Maturities at
Years EndingDecember 2025
2026$708 
20271,001 
20281,002 
2029951 
2030400 
Thereafter14,811 
Total Long-term Debt Maturities, including current portion$18,873 

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 assets on the consolidated balance sheet, was an asset of $9 million as of December 31, 2025.

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 an asset of $14 million and $7 million as of December 31, 2025, and December 31, 2024, respectively, and is included in other long-term assets on the consolidated balance sheet. The cumulative fair value of the 2022 swaps was a liability of $87 million and $123 million as of December 31, 2025, and December 31, 2024, 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 table below.

(Dollars in Millions)
December 31, 2025December 31, 2024
Notional Value of Hedged Notes
$1,300 $1,050 
Fair Value Asset Adjustment to Hedged Notes23 7 
Fair Value Liability Adjustment to Hedged Notes(87)(123)
Carrying Amount of Hedged Notes
$1,236 $934 
NOTE 10.  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.
(Dollars in Millions)
202520242023
Interest Expense Impact (Increase) Decrease$(21)$(31)$(28)

Cash Flow Hedges
The Company had forward starting interest rate swaps, classified as cash flow hedges, 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. In accordance with the Derivatives and Hedging Topic in the ASC, the Company has designated these swaps as cash flow hedges. Under the terms of the Adjustable Interest Rate (LIBOR) Act, the reference rate on the swaps were automatically replaced with daily compounded SOFR plus the fallback spread on July 1, 2023, the LIBOR replacement date.

The Company executed settlements of $114 million and $226 million of the aggregate $500 million notional value of cash flow hedges in 2024 and 2023, respectively. These settlements resulted in CSX receiving cash payments of $52 million in 2024 and $95 million in 2023, which are included in other operating activities on the consolidated cash flow statement. A partial settlement also took place in 2022. As of December 31, 2025, and December 31, 2024, no unsettled aggregate notional value of these swaps remained and there was no related asset or liability.

Unrealized gains or losses associated with changes in the fair value of the hedge are 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 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 or loss in AOCI will be recognized in earnings as an adjustment to interest expense over the same period during which the hedged transaction affects earnings. Unrealized amounts related to the hedge, recorded net of tax in other comprehensive income, are summarized in the table below.

(Dollars in Millions)
202520242023
Unrealized Gain - Net$(1)$3 $— 

See Note 13, Fair Value Measurements, and Note 16, Other Comprehensive Income (Loss), for other information about the Company's hedges.
NOTE 10.  Debt and Credit Agreements, continued

Credit Facilities
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 December 31, 2025, 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 December 31, 2025, CSX was in compliance with all covenant requirements under the 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. Proceeds from issuances of the notes are expected to be used for general corporate purposes. At December 31, 2025, the Company had no commercial paper outstanding.
v3.25.4
Revenues
 12 Months Ended
Dec. 31, 2025
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 following 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.
Years Ended
(Dollars in Millions)202520242023
Chemicals$2,776 $2,850 $2,599 
Agricultural and Food Products1,618 1,644 1,657 
Automotive1,182 1,226 1,219 
Forest Products975 1,047 1,012 
Metals and Equipment869 859 917 
Minerals832 772 733 
Fertilizers521 505 516 
Total Merchandise8,773 8,903 8,653 
Intermodal
2,073 2,047 2,060 
Coal
1,900 2,247 2,484 
Trucking816 844 882 
Other530 499 578 
Total$14,092 $14,540 $14,657 


Revenue Recognition
The Company generates revenue from rail freight billings under contracts with customers generally on a rate per carload, container or ton-basis based on length of haul and commodities carried. The Company’s performance obligation arises when it receives a bill of lading (“BOL”) to transport a customer's commodities at a negotiated price contained in a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received, a contract is formed whereby the parties are committed to perform, collectability of consideration is probable and the rights of the parties, shipping terms and conditions, and payment terms are identified. A customer may submit several BOLs for transportation services at various times throughout a service agreement term, but each shipment represents a distinct service that is a separately identified performance obligation.
NOTE 11. Revenues, continued

The average transit time to complete a rail shipment is between 2 to 7 days depending on market. Payments for transportation services are normally billed once a BOL is received and are generally due within 15 days after the invoice date. The Company recognizes revenue over transit time of freight as it moves from origin to destination. Revenue for services started but not completed at the reporting date is allocated based on the relative transit time in each reporting period, with the portion allocated for services subsequent to the reporting date considered remaining performance obligations.

The certain key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows:
•Revenue associated with shipments in transit, which is recognized ratably over transit time and is based on average cycle times to move commodities and products from their origin to their final destination or interchange;
•Adjustments to revenue for billing corrections and billing discounts;
•Adjustments to revenue for overcharge claims filed by customers, which are based on historical payments to customers for rate overcharges as a percentage of total billing; and
•Incentive-based refunds to customers, which are primarily volume-related, are recorded as a reduction to revenue on the basis of the projected liability (this estimate is based on historical activity, current volume levels and forecasted future volume).

Revenue related to interline transportation services that involve the services of another party, such as another railroad, is reported on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not reflected as revenue.

Trucking revenue includes revenue from the operations of Quality Carriers and is mostly comprised of truck shipments of chemicals. A performance obligation arises when Quality Carriers receives a customer order to transport a commodity at a contracted rate. Revenue is recorded on a gross basis ratably over transit time.

Other revenue is recorded upon completion of the service and is comprised of revenue from regional subsidiary railroads and incidental charges, including demurrage, intermodal storage and equipment usage, and switching. Revenue from regional subsidiary railroads includes shipments by railroads that the Company does not directly operate. Demurrage represents charges assessed when freight cars are held by a customer beyond a specified period of time. Intermodal storage represents charges for customer storage of containers at an intermodal terminal, ramp facility or offsite location beyond a specified period of time. Switching represents charges assessed when a railroad switches cars for a customer or another railroad.

During 2025, 2024 and 2023, revenue recognized from performance obligations related to prior periods was not material.
NOTE 11. Revenues, continued

Remaining Performance Obligations
Remaining performance obligations represent the transaction price allocated to future reporting periods for freight services started but not completed at the reporting date. This includes the unearned portion of billed and unbilled amounts for cancellable freight shipments in transit. The Company expects to recognize the unearned portion of revenue for freight services in transit within one week of the reporting date. As of December 31, 2025, remaining performance obligations were not material.

Contract Balances and Accounts Receivable
The timing of revenue recognition, billings and cash collections results in accounts receivable and customer advances and deposits (contract liabilities) on the consolidated balance sheets. Contract assets, contract liabilities and deferred contract costs recorded on the consolidated balance sheet as of December 31, 2025, and December 31, 2024, were not material.

The Company’s accounts receivable - net consists of freight and non-freight receivables, reduced by an allowance for credit losses.
(Dollars in Millions)December 31,
2025		December 31,
2024
Freight Receivables $932 $1,012 
Freight Allowance for Credit Losses(23)(16)
Freight Receivables, net909 996 
Non-Freight Receivables 404 343 
Non-Freight Allowance for Credit Losses(15)(13)
Non-Freight Receivables, net 389 330 
Total Accounts Receivable, net$1,298 $1,326 

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 and currently due related to non-revenue receivables, including government reimbursement receivables. The Company maintains an allowance for 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 2025 and 2024.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Earnings before income taxes of $3.8 billion, $4.6 billion and $4.8 billion for the years ended 2025, 2024 and 2023, respectively, nearly all of which represents earnings from domestic operations. The breakdown of income tax expense between current and deferred is as follows:
Years Ended
(Dollars in Millions)202520242023
Current:
Federal$553 $873 $851 
State133 200 184 
Subtotal Current$686 $1,073 $1,035 
Deferred:   
Federal195 26 110 
State(1)(14)16 
Subtotal Deferred$194 $12 $126 
Total Income Tax Expense$880 $1,085 $1,161 

The Company recorded a 2025 income tax benefit of $43 million primarily as a result of a change in the valuation of the state deferred tax liability as a result of filing the 2024 tax returns, other state tax planning, and a tax credit purchase benefit. In 2024, the Company recorded an income tax benefit of $31 million primarily as a result of state legislative changes and a change in the valuation of the state deferred tax liability as a result of filing the 2023 tax returns. In 2023, the Company recorded an income tax benefit of $22 million primarily from a change in the valuation of the state deferred tax liability.
NOTE 12.  Income Taxes, continued

2025 Income Tax Expense Reconciliation and Cash Payments
The tables in this section present information on income tax expenses and payments for 2025. Prior period values are not presented, as these disclosure requirements have been implemented on a prospective basis. The principal factors contributing to the difference between the effective income tax rate and the U.S. statutory federal income tax rate are as follows:
(Dollars in Millions)2025
AmountPercentage
U.S. Federal Statutory Rate$792 21.0 %
State and Local Income Taxes, Net of Federal Tax Effect (a)
102 2.7 
Foreign Tax Effects3 0.1 
Tax Credits(17)(0.5)
Nontaxable or Nondeductible Items(24)(0.6)
Other Adjustments24 0.6 
Effective Income Tax Rate$880 23.3 %
(a) The states that contribute to the majority (greater than 50% combined) of the tax effect in this category include Indiana, Virginia, Pennsylvania, Florida, and Alabama, listed in descending order of tax effect.

The amount of cash taxes paid by the Company are shown in the table below. Payments in 2025 include $429 million of previously postponed federal and state taxes related to the 2024 tax year, with no postponements available for 2025. There were no individual jurisdictions with cash taxes paid that equaled or exceeded 5% of income taxes paid in 2025.
(Dollars in Millions)
2025
Federal (a)
$938 
State161 
Foreign3 
Total$1,102 
(a) Federal cash tax payments include tax credits purchased of $200 million.

Income Tax Expense Reconciliation for Comparative Periods
Income tax expense reconciled to the tax computed at statutory rates for comparative periods, which are not subject to the requirements of ASU 2023-09, is presented in the following table. 
 Years Ended
(Dollars in Millions)
20242023
Federal Income Taxes$957 21.0 %$1,014 21.0 %
State Income Taxes147 3.2 %158 3.3 %
Other(19)(0.4)%(11)(0.2)%
Income Tax Expense/ Rate$1,085 23.8 %$1,161 24.1 %
NOTE 12.  Income Taxes, continued

Balance Sheet and Other Information
The primary factors in the change in year-end net deferred income tax liability balances include the annual provision for deferred income tax expense and accumulated other comprehensive income (loss). The significant components of deferred income tax assets and liabilities include:

 20252024
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Accelerated Depreciation$— $7,835 $— $7,651 
Other560 639 568 642 
Total$560 $8,474 $568 $8,293 
Net Deferred Income Tax Liabilities $7,914  $7,725 

The Company files a consolidated federal income tax return, which includes its principal domestic subsidiaries. CSX and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. CSX participated in a contemporaneous IRS audit of tax years 2025, 2024 and 2023. Federal examinations of original federal income tax returns for all years through 2023 are resolved.

As of December 2025 and 2024, the Company had approximately $21 million and $20 million, respectively, of total unrecognized tax benefits as a result of uncertain tax positions. Net tax benefits of $16 million and $16 million as of December 2025 and 2024, respectively, could favorably impact the effective income tax rate in each year. The Company does not expect that unrecognized tax benefits as of December 2025 for various state and federal income tax matters will significantly change over the next 12 months. The final outcome of these uncertain tax positions is not yet determinable. There were no material changes to the total gross unrecognized tax benefits and prior year audit resolutions of the Company during the years ended 2025, 2024, or 2023.
    
CSX’s continuing practice is to recognize net interest and penalties related to income tax matters in income tax expense. Accrued interest and penalties were not material as of December 2025 or 2024. Additionally, expenses from changes to the reserves for interest and penalties were not material in 2025, 2024, or 2023.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Financial Instruments Topic in the ASC requires disclosures about fair value of financial instruments in annual reports as well as in quarterly reports. For CSX, this statement applies to certain investments, pension plan assets, long-term debt and interest rate derivatives. The Fair Value Measurements and Disclosures Topic in the ASC clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, including on a non-recurring basis, and requires additional disclosures about the use of fair value measurements.  
Various inputs are considered when determining the value of the Company's investments, pension plan assets, long-term debt, interest rate derivatives and long-lived assets. The inputs or methodologies used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. These inputs are summarized in the three broad levels listed below:
•Level 1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets;
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.); and
•Level 3 – significant unobservable inputs (including the Company’s own assumptions about the assumptions market participants would use in determining the fair value of investments).

The valuation methods described below may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

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 amount of time deposits as reported in the consolidated balance sheet, using Level 2 inputs, approximate fair value due to their short-term nature. Unrealized gains and losses as of December 31, 2025 and December 31, 2024 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.
NOTE 13.  Fair Value Measurements, continued

The Company's investment assets are carried at fair value on the consolidated balance sheets, within the line items short-term investments and other long-term assets, as summarized in the following table.
December 2025December 2024
(Dollars in Millions)Level 1Level 2TotalLevel 1Level 2Total
Exchange-traded Funds$5 $— $5 $2 $— $2 
Corporate Bonds— 82 82 — 71 71 
Government Securities— 71 71 — 42 42 
Asset-backed Securities
— 29 29 — 35 35 
Time Deposits— — — — 66 66 
Total Investments at Fair Value$5 $182 $187 $2 $214 $216 

Total investments in debt securities of $182 million as of December 31, 2025, and $214 as of December 31, 2024, had an amortized cost of $181 million and $218 million, respectively. These investments have the following maturities:
(Dollars in Millions)December 2025December 2024
Less than 1 year$5 $72 
1 - 5 years94 72 
5 - 10 years42 23 
Greater than 10 years41 47 
Total Investments at Fair Value (a)
$182 $214 
(a) Exchange-traded funds are excluded as there is no stated contractual maturity date.
NOTE 13.  Fair Value Measurements, continued

Long-term Debt
Long-term debt, which includes finance leases, is reported at carrying amount on the consolidated balance sheets and is the Company's only financial instrument with fair values significantly different from their carrying amounts. 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 of outstanding debt fluctuates with changes in a number of factors. Such factors include, but are not limited to, interest rates, market conditions, credit ratings, values of similar financial instruments, size of the instrument, cash flow projections and comparable trades. Fair value will exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued. The fair value of a company's debt is a measure of its current value under present market conditions. It does not impact the financial statements under current accounting rules.  

The fair value and carrying value of the Company's long-term debt is as follows:
(Dollars in Millions)December 2025December 2024
Long-term Debt (Including Current Maturities):  
Fair Value$17,305 $16,481 
Carrying Value18,873 18,503 

Interest Rate Derivatives
The Company’s fixed-to-floating interest rate swaps are carried at their respective fair values, which are 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 an asset of $23 million and $7 million (for swaps entered in 2023 and 2025) and a liability of $87 million and $123 million (for swaps entered in 2022) as of December 31, 2025 and December 31, 2024, 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 as of December 31, 2025. See Note 10, Debt and Credit Agreements, for further information.
NOTE 13.  Fair Value Measurements, continued

Pension Plan Assets
    Pension plan assets are reported at fair value, net of pension liabilities, on the consolidated balance sheet. See Note 9, Employee Benefit Plans, for further information. There are several valuation methodologies used for those assets as described below.
Investments in the Fair Value Hierarchy
•Common stock and Exchange-Traded Funds (Level 1): Valued at the closing price reported on the active market on which the securities are traded on the last day of the year and classified in Level 1 of the fair value hierarchy.
•Mutual funds (Level 1): Valued at the net asset value of shares held at year end based on quoted market prices determined in an active market. These assets are classified in Level 1 of the fair value hierarchy.
•Cash and cash equivalents (Level 1): Includes cash and short-term investments with an original maturity of three months or less. The carrying value of cash and cash equivalents at year end approximates fair value. These assets are classified in Level 1 of the fair value hierarchy.
•Corporate bonds, government securities, asset-backed securities and derivatives (Level 2): Valued using price evaluations reflecting the bid and/or ask sides of the market for a similar investment at year end. Asset-backed securities include commercial mortgage-backed securities and collateralized mortgage obligations. These assets are classified in Level 2 of the fair value hierarchy.

Investments Measured at Net Asset Value
•Partnerships: Net asset value of private equity is based on the fair market values associated with the underlying investments at year end. These funds have varying redemption restrictions, but most require advanced notice of at least 15 business days.
•Commingled and common collective trust funds: This class consists of private funds that invest in corporate equity and debt securities, government securities and various short-term debt instruments and are measured at net asset value to estimate the fair value of the investments. The net asset value of the investments is determined by reference to the fair value of the underlying securities, which are valued primarily through the use of directly or indirectly observable inputs. These funds have redemption restrictions that require advanced notice of up to 45 business days.
NOTE 13.  Fair Value Measurements, continued

The pension plan assets at fair value by level, within the fair value hierarchy, as of calendar plan years 2025 and 2024 are shown in the table below. For additional information related to pension assets, see Note 9, Employee Benefit Plans.
 December 2025December 2024
(Dollars in Millions)Level 1Level 2TotalLevel 1Level 2Total
Common Stock$103 $— $103 $171 $— $171 
Exchange-Traded Funds
37 — 37 — — — 
Mutual Funds35 — 35 32 — 32 
Cash and Cash Equivalents142 — 142 514 — 514 
Corporate Bonds— 728 728 — 680 680 
Government Securities— 674 674 — 260 260 
Asset-backed Securities, Derivatives and Other— 15 15 — 14 14 
Total Investments in the Fair Value Hierarchy$317 $1,417 $1,734 $717 $954 $1,671 
Investments Measured at Net Asset Value (a)
n/an/a$740 n/an/a$738 
Investments at Fair Value$317 $1,417 $2,474 $717 $954 $2,409 
(a) Investments measured at net asset value represent certain investments that have been measured at net asset value per share (or its equivalent) and thus are not classified in the fair value hierarchy. The fair value amounts presented in this table are shown to permit reconciliation of the fair value hierarchy to the pension assets disclosed in Note 9, Employee Benefit Plans.

Non-Recurring Fair Value Measurements
The Company re-measured the fair value of intangible assets in 2025 and 2024 related to a goodwill impairment. See Note 18, Goodwill and Other Intangible Assets, for more information.
v3.25.4
Other Income - Net
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Other Income - Net Other Income - Net
The Company derives income from items that are not considered operating activities. Income from these items is reported net of related expense. All components of net periodic pension and post-retirement benefit costs, excluding service cost, are included in other income - net on the consolidated income statement. Miscellaneous income (expense) may fluctuate due to timing and includes investment gains and losses, interest income and other non-operating activities. 

For more information about the drivers of changes in net periodic pension and post-retirement benefit credit from 2024 to 2025 and from 2023 to 2024, refer to Note 9, Employee Benefit Plans. Interest income decreased from 2024 to 2025 primarily as a result of lower average investment balances. Interest income increased from 2023 to 2024 primarily as a result of higher average interest rates. Other income – net consisted of the following:
 Years Ended
(Dollars in Millions)202520242023
Net Periodic Pension and Post-retirement Benefit Credit (a)
$33 $50 $29 
Interest Income45 85 79 
Miscellaneous Income14 7 31 
Total Other Income - Net$92 $142 $139 
(a) Excludes the service cost component of net periodic benefit cost.
v3.25.4
Investment in Affiliates and Related-Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Investment in Affiliates and Related-Party Transactions Investment in Affiliates and Related-Party Transactions
CSX's investments in affiliates are included on the consolidated balance sheet as investments in affiliates and other companies.
 DecemberDecember
(Dollars in Millions)20252024
Conrail$1,301 $1,245 
TTX1,055 1,012 
Other Investments in Affiliates278 263 
Total$2,634 $2,520 

Conrail
Through a limited liability company, CSX and Norfolk Southern Corporation (“NS”) jointly own Conrail. CSX has a 42% economic interest and 50% voting interest in the jointly-owned entity, and NS has the remainder of the economic and voting interests. Pursuant to the Investments-Equity Method and Joint Venture Topic in the ASC, CSX applies the equity method of accounting to its investment in Conrail.

Conrail owns rail infrastructure and operates for the joint benefit of CSX and NS. This is known as the shared asset area. Conrail charges fees for right-of-way usage, equipment rentals and transportation, switching and terminal service charges in the shared asset area. These expenses are included in purchased services and other on the consolidated income statements. Future payments due to Conrail under the shared asset area agreements are shown in the table below.

(Dollars in Millions)Conrail Shared
YearsAsset Agreement
2026$39 
202739 
202839 
202916 
2030— 
Thereafter— 
Total$133 

Also, included in equity earnings of affiliates are CSX’s 42% share of Conrail’s income and its amortization of the fair value write-up arising from the acquisition of Conrail and certain other adjustments. The amortization primarily represents the additional after-tax depreciation expense related to the write-up of Conrail’s fixed assets when the original purchase price, from the 1997 acquisition of Conrail, was allocated based on fair value. This write-up of fixed assets resulted in a difference between CSX's investment in Conrail and its share of Conrail's underlying net equity, which is $315 million as of December 2025.
NOTE 15.  Investment in Affiliates and Related-Party Transactions, continued

The following table discloses amounts related to Conrail. All amounts in the table below are included in purchased services and other expenses on the Company’s consolidated income statements.

 Years Ended
(Dollars in Millions)202520242023
Rents, Fees and Services$134 $142 $132 
Purchase Price Amortization and Other4 4 4 
Equity Earnings of Conrail(57)(69)(54)
Total Conrail Expense$81 $77 $82 

The Company has disclosed amounts below owed to Conrail, or its subsidiaries, representing liabilities under the operating, equipment and shared area agreements with Conrail. As of December 31, 2025, there are two 1.31% notes due 2050 for the operation of the shared asset area. The notes total $441 million and are included in long-term debt on the consolidated balance sheets. Interest expense from these promissory notes was $6 million in each 2025, 2024 and 2023.

 DecemberDecember
(Dollars in Millions)20252024
Balance Sheet Information:  
CSX Accounts Payable to Conrail$214 $172 
Promissory Notes Payable to Conrail Subsidiary  
1.31% CSX Promissory Note due December 2050
73 73 
1.31% CSXT Promissory Note due December 2050
368 368 

TTX Company
TTX Company ("TTX") is a privately-held corporation engaged in the business of providing its owner-railroads with standardized fleets of intermodal, automotive and general use railcars at time and mileage rates. CSX owns about 20 percent of TTX's common stock, and the remaining is owned by the other leading North American railroads and their affiliates. Pursuant to the Investments - Equity Method Topic in the ASC, CSX applies the equity method of accounting to its investment in TTX.
NOTE 15.  Investment in Affiliates and Related-Party Transactions, continued

As required by the Related Party Disclosures Topic in the ASC, the following table discloses amounts related to TTX. Car hire rents and equity earnings are included in equipment and other rents expense on the Company’s consolidated income statement.

 Years Ended
(Dollars in Millions)202520242023
Income Statement Information:
Car Hire Rents$277 $256 $249 
Equity Earnings of TTX(43)(50)(49)
Total TTX Expense$234 $206 $200 
Also included below is balance sheet information related to CSX's payable to TTX, which represents car rental liabilities.

(Dollars in Millions)DecemberDecember
Balance Sheet Information:20252024
CSX Payable to TTX$47 $44 
v3.25.4
Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss)
    
CSX reports comprehensive earnings or loss in accordance with the Comprehensive Income Topic in the ASC in the consolidated comprehensive income statement. Total comprehensive earnings are defined as 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 equal net earnings plus or minus adjustments for pension and other post-retirement liabilities as well as derivative activity and other adjustments. Total comprehensive earnings represent the activity for a period net of tax and were $2.9 billion, $3.5 billion and $3.8 billion for 2025, 2024 and 2023, respectively.

While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, AOCI represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. For CSX, AOCI is primarily the cumulative balance related to pension and other post-retirement benefit adjustments, interest rate derivatives and CSX's share of AOCI of equity method investees.
NOTE 16. Other Comprehensive Income (Loss), continued

Changes in the AOCI balance by component are shown in the following table. Amounts reclassified in pension and other post-employment benefits to net earnings relate to the amortization of actuarial losses and are included in other income - net on the consolidated income statements. See Note 9, Employee Benefit Plans, for further information. Interest rate derivatives consist of forward starting interest rate swaps classified as cash flow hedges, which were fully settled in 2024. See Note 10, Debt and Credit Agreements, for further information. Items classified as other primarily represent CSX's share of AOCI of equity method investees. Amounts reclassified from 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, 2022, net of tax$(519)$150 $(41)$(410)
Other Comprehensive Income (Loss)
Income Before Reclassifications146 16 — 162 
Amounts Reclassified to Net Earnings18 — 5 23 
Tax Expense(35)(16)(3)(54)
Total Other Comprehensive Income$129 $— $2 $131 
Balance December 31, 2023, net of tax$(390)$150 $(39)$(279)
Other Comprehensive Income (Loss)
Income Before Reclassifications44 4 — 48 
Amounts Reclassified to Net Earnings10 — 2 12 
Tax (Expense) Benefit(13)(1)1 (13)
Total Other Comprehensive Income $41 $3 $3 $47 
Balance December 31, 2024, net of tax$(349)$153 $(36)$(232)
Other Comprehensive Income (Loss)
Loss Before Reclassifications(3)— — (3)
Amounts Reclassified to Net Earnings16 — 9 25 
Tax Expense(1)(1)(1)(3)
Total Other Comprehensive Income (Loss)$12 $(1)$8 $19 
Balance December 31, 2025, net of tax$(337)$152 $(28)$(213)
v3.25.4
Segment Reporting and Significant Expenses
 12 Months Ended
Dec. 31, 2025
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. See additional information in Note 1, Nature of Operations and Significant Accounting Policies.

The Company's chief operating decision maker ("CODM") is its Chief Executive Officer. 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 17. 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 years ended 2025, 2024 and 2023.

Years Ended
December 31, 2025December 31, 2024December 31, 2023
(Dollars in Millions)RailReconciliation to ConsolidatedRailReconciliation to ConsolidatedRailReconciliation to Consolidated
Revenue$13,276 $13,696 $13,775 
Reconciliation of Revenue
Trucking Revenue (a)
839851887
Elimination of intersegment revenues(23)(7)(5)
Total Consolidated Revenue$14,092 $14,540 $14,657 
Expense
Labor and Fringe$3,049 $2,971 $2,875 
Purchased Services and Other2,5862,3802,311
Depreciation and Amortization1,6161,5981,550
Fuel
Locomotive9149781,169
Non-Locomotive99102103
Equipment and Other Rents336335334
Gain on Property Disposition(13)(14)(34)
Segment Operating Income$4,689 $5,346 $5,467 
Reconciliation of Operating Income
Trucking Expenses (b)
1,007952855
Elimination of intersegment expenses(23)(7)(5)
Total Consolidated Operating Income$4,521 $5,245 $5,499 
Interest Expense(844)(832)(809)
Other Income-Net92142139
Earnings Before Income Taxes$3,769 $4,555 $4,829 

(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 include $164 million and $108 million impairment charges related to Quality Carriers' goodwill in 2025 and 2024, respectively. See additional information in Note 18, Goodwill and Other Intangible Assets.
NOTE 17. Segment Reporting and Significant Expenses, continued
Capital expenditures made by the rail segment were $2.9 billion, $2.5 billion, and $2.2 billion for 2025, 2024 and 2023, respectively. Capital expenditures include $470 million in 2025 and $50 million in 2024 related to rebuilding the Blue Ridge subdivision as a result of impacts from Hurricane Helene. The total of the rail segment's reportable assets were $43.5 billion, $42.6 billion, and $42.0 billion as of December 31, 2025, 2024 and 2023, respectively, out of total consolidated assets of $43.7 billion, $42.8 billion, and $42.2 billion for the respective years. The remaining non-rail assets are comprised of assets held by the trucking operating segment.
v3.25.4
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The following table presents goodwill and other intangible asset balances and adjustments to those balances for the years ended December 31, 2025, and 2024. There is no remaining goodwill attributed to the Company's trucking operating segment as of December 31, 2025, compared to goodwill of $159 million, and $245 million as of December 2024 and 2023, respectively. The goodwill balance attributed to the rail segment was $80 million at the end of each of the years shown. All intangible assets are attributed to the trucking operating segment.

GoodwillIntangible Assets
(Dollars in Millions)Net Carrying AmountCostAccumulated AmortizationNet Carrying AmountTotal Goodwill and Other Intangible Assets - Net
Balance at December 31, 2023$325 $206 $(25)$181 $506 
Additions22 25 — 25 47 
Amortization— — (12)(12)(12)
Impairment(108)— — — (108)
Balance at December 31, 2024$239 $231 $(37)$194 $433 
Additions5 5 — 5 10 
Amortization— — (12)(12)(12)
Impairment(164)— — — (164)
Balance at December 31, 2025$80 $236 $(49)$187 $267 

Additions
During 2025 and 2024 the Company's trucking operating segment, which is solely comprised of Quality Carriers, completed several acquisitions that were immaterial individually and in aggregate. The acquisitions resulted in the addition of $5 million and $22 million of goodwill in the trucking operating segment in 2025 and 2024, respectively, which were subsequently impaired. Other intangible assets recognized as part of these acquisitions were $5 million and $25 million in 2025 and 2024, respectively.

Amortization
The Company's intangible assets balance primarily relates to intangibles recognized as part of the acquisition of Quality Carriers in 2021. Intangible assets recognized from the acquisition of $180 million consist of $150 million of customer relationships and $30 million of trade names that will be amortized over a weighted-average period of 20 years and 15 years, respectively.
NOTE 18. Goodwill and Other Intangible Assets, continued

2024 Impairment
The Company performed a quantitative assessment, which used a combination of the income and market approaches, as of October 1, 2024, to estimate the fair value of Quality Carriers. The income approach used a discounted cash flow model with significant assumptions for future revenue growth, EBITDA margin, capital expenditures and discount rate. The market approaches used valuation and transaction multiples for selected guideline public companies. Based on the quantitative assessment, CSX concluded the fair value of Quality Carriers did not exceed the carrying value. As a result, a $108 million impairment charge in the trucking operating segment was recorded in operating expense in the accompanying consolidated income statements. These inputs are classified as Level 3 measurements within the fair value hierarchy.

The impairment was driven by lower than previously expected financial performance projections, which were updated during the Company's annual financial plan process that takes place in the fourth quarter. Updates to longer-term projections reflect the effects of a trucking recession that has extended beyond previous expectations as well as higher discount rates.

2025 Impairment
During third quarter 2025, the Company determined that the extended trucking market recession, ongoing economic uncertainty and lower than previously expected financial performance triggered the need to perform an interim impairment assessment for goodwill associated with Quality Carriers. The Company performed a quantitative assessment, which used a combination of the income and market approaches, as of August 1, 2025, to estimate the fair value of Quality Carriers. The income approach used a discounted cash flow model with significant assumptions for future revenue growth, EBITDA margin, capital expenditures and discount rate. The market approach used revenue and EBITDA multiples for selected guideline public companies. These inputs are classified as Level 3 measurements within the fair value hierarchy. Based on the quantitative assessment, CSX concluded the fair value of Quality Carriers did not exceed its carrying value. As a result, all of the remaining Quality Carriers goodwill in the trucking operating segment was determined to be fully impaired and a $164 million impairment charge was recorded in operating expense in the accompanying consolidated income statements.

Additional Information
In addition to the quantitative assessment of goodwill, CSX evaluated the recoverability of the long-lived assets on the Quality Carriers reporting unit in the trucking operating segment in 2025 and 2024. Based on these assessments, CSX concluded the carrying values of these assets were recoverable and no impairment was recorded.

The Company performed a qualitative assessment over the goodwill of the reporting units in the rail segment during fourth quarter 2025 and 2024. No impairment was recorded as a result of those assessments.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Strong performance and reliability of the Company's technology systems are critical to operating safely and effectively, and protecting personal and customer data is essential to maintaining stakeholder trust. The Company has implemented processes designed to assess, identify, and manage material cybersecurity risks, as described further below. CSX maintains a cybersecurity framework that is integrated across the organization through people, processes and technology to help protect the personal information of its customers, its contractors and its suppliers as well as protect the integrity of its own operations. Cybersecurity is also integrated into the Company’s Enterprise Risk Management (“ERM”) program.

The Company equips CSX systems with various cybersecurity tools, conducts vulnerability scans and provides critical cybersecurity information to application users, as appropriate. The Company also takes proactive measures to advise CSX employees of how they can assist the Company in its cybersecurity practices. CSX informs employees on cybersecurity best practices, including how to identify cyber-related suspicious activity, how to report such activity and, as appropriate, proactive measures employees can take to safeguard company information and devices. The Company also provides cybersecurity awareness training to employees and conducts cybersecurity testing exercises to help maintain cybersecurity vigilance. With the assistance of third-party consultants, the Company conducts an annual cybersecurity exercise, which is often a "tabletop" scenario involving a cross-functional group responding to a hypothetical cybersecurity threat.

The Company considers its material cybersecurity-related risks, as described in more detail below and at Item 1A. Risk Factors, and applies various frameworks to establish controls that are reasonably designed to identify, protect, detect, respond to, and recover from significant cybersecurity incidents. The Company also tests its cybersecurity program to assess whether enhancements to cybersecurity measures are appropriate, such as additional detection and prevention capabilities. These tests may include the use of internal or third-party external risk assessments, and penetration testing. The Company also conducts periodic cybersecurity assessments, as appropriate, pursuant to its annual risk assessment process. Third party resources may also be used for these assessments.

As part of its cybersecurity program, CSX partners with a third-party to provide a managed service that is designed to enable continuous monitoring at its Security Operation Center ("SOC"). The SOC has established processes to identify, address, and remediate cybersecurity threats or vulnerabilities. This includes the engagement, where necessary, of third-party experts, advisors, and other cybersecurity professionals that have been retained by the Company to assist in responding to cybersecurity incidents or threats. Company processes also include various procedures for notifying members of the company's cybersecurity department, Chief Information Security Officer ("CISO"), legal department, accounting department, and others as applicable.

The Company has processes designed to provide reasonable oversight for the identification of cybersecurity risks associated with certain third-party service providers. As appropriate, the Company requires certain third-party providers to complete a cybersecurity questionnaire, to provide Service Organization Control assessment results, when such results exist, or to agree to contractual language regarding cybersecurity and incident notification obligations in agreements with the company. CSX also has processes that help monitor risks associated with its key third-party vendors’ technology systems, including, where appropriate, performing security assessments of cyber incidents through dashboard alerting for reported events. CSX’s internal cybersecurity processes and disclosure protocols consider cybersecurity incidents involving key applications provided by third-parties.
The Company, its third-party vendors and other companies in the rail and transportation industries have been subject to, and are likely to continue to be the target of, data breaches, cyber-attacks and other similar incidents as discussed in more detail in Item 1A. Risk Factors. In light of the numerous cybersecurity risks that CSX faces, it is reasonably likely that any of the related risks, individually or collectively, if significant, could materially affect the Company’s operations, including but not limited to service interruption, train accident or derailment, misappropriation of confidential or proprietary information (including personal information), process failure, or other operational difficulties.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] The Company has implemented processes designed to assess, identify, and manage material cybersecurity risks, as described further below. CSX maintains a cybersecurity framework that is integrated across the organization through people, processes and technology to help protect the personal information of its customers, its contractors and its suppliers as well as protect the integrity of its own operations. Cybersecurity is also integrated into the Company’s Enterprise Risk Management (“ERM”) program.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Company's Audit Committee of the Board of Directors oversees the Company's cybersecurity risk, mitigation strategies and overall resiliency of the Company’s technology infrastructure. Such risk is managed as part of the Company’s overall risk management and business continuity processes and is included in the ERM program, which is also overseen by the Audit Committee. The Audit Committee periodically reviews assessments of information security controls and procedures, any incidents that could have a potentially significant impact on the company’s network, and potential cybersecurity risk disclosures. The Company's senior leadership team briefs the Audit Committee and Board of Directors at least annually on information technology and cybersecurity matters, with more frequent updates as circumstances warrant. Such annual updates include significant findings or other information from internal or external evaluations. The Audit Committee is apprised annually on emerging risks to the Company, including education on cybersecurity-related matters as needed. CSX has a cybersecurity expert on the Board and its Audit Committee to provide expanded oversight of the Company’s cybersecurity and technology systems.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Company's Audit Committee of the Board of Directors oversees the Company's cybersecurity risk, mitigation strategies and overall resiliency of the Company’s technology infrastructure. Such risk is managed as part of the Company’s overall risk management and business continuity processes and is included in the ERM program, which is also overseen by the Audit Committee. The Audit Committee periodically reviews assessments of information security controls and procedures, any incidents that could have a potentially significant impact on the company’s network, and potential cybersecurity risk disclosures. The Company's senior leadership team briefs the Audit Committee and Board of Directors at least annually on information technology and cybersecurity matters, with more frequent updates as circumstances warrant. Such annual updates include significant findings or other information from internal or external evaluations. The Audit Committee is apprised annually on emerging risks to the Company, including education on cybersecurity-related matters as needed. CSX has a cybersecurity expert on the Board and its Audit Committee to provide expanded oversight of the Company’s cybersecurity and technology systems.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
More significant cybersecurity incidents or threats may result in notifications to senior leadership and, if necessary, to the Audit Committee and the Board of Directors. Additionally, a cybersecurity governance briefing takes place at least semiannually with leaders from the Company's technology, operations, commercial, legal, and accounting departments to discuss cybersecurity risks, threats, and incidents, as well as updates from the SOC and an assessment of ways to mitigate and remediate any threats or incidents the Company may be facing.

The Company's Audit Committee of the Board of Directors oversees the Company's cybersecurity risk, mitigation strategies and overall resiliency of the Company’s technology infrastructure. Such risk is managed as part of the Company’s overall risk management and business continuity processes and is included in the ERM program, which is also overseen by the Audit Committee. The Audit Committee periodically reviews assessments of information security controls and procedures, any incidents that could have a potentially significant impact on the company’s network, and potential cybersecurity risk disclosures. The Company's senior leadership team briefs the Audit Committee and Board of Directors at least annually on information technology and cybersecurity matters, with more frequent updates as circumstances warrant. Such annual updates include significant findings or other information from internal or external evaluations. The Audit Committee is apprised annually on emerging risks to the Company, including education on cybersecurity-related matters as needed. CSX has a cybersecurity expert on the Board and its Audit Committee to provide expanded oversight of the Company’s cybersecurity and technology systems.
Cybersecurity Risk Role of Management [Text Block]
The cybersecurity program and related risks at CSX are managed by the Assistant Vice President of Cloud Infrastructure Platforms and CISO. The Company's CISO has over 29 years of industry experience including administration of military command and control systems, infrastructure platforms, process governance, and security architecture. The CISO is supported by a team of dedicated cybersecurity professionals as well as various resources from a Managed Security Service Provider.

The CISO is notified of cybersecurity events as needed based on the Company’s processes for addressing cybersecurity incidents and threats. The SOC, with the assistance of outside third-parties as needed, analyzes, evaluates and remediates cybersecurity incidents and provides investigative information to the CISO. Depending on the significance of any specific cybersecurity incident or threat, and/or relation to prior incidents, the CISO will escalate relevant information, as appropriate, and the Company’s legal and accounting groups, with assistance from other company departments and third parties, will assist in assessing potential SEC disclosure obligations. The CISO coordinates disclosure to other agencies, when necessary, including requirements under the Transportation Security Administration directives.

More significant cybersecurity incidents or threats may result in notifications to senior leadership and, if necessary, to the Audit Committee and the Board of Directors. Additionally, a cybersecurity governance briefing takes place at least semiannually with leaders from the Company's technology, operations, commercial, legal, and accounting departments to discuss cybersecurity risks, threats, and incidents, as well as updates from the SOC and an assessment of ways to mitigate and remediate any threats or incidents the Company may be facing.

The Company's Audit Committee of the Board of Directors oversees the Company's cybersecurity risk, mitigation strategies and overall resiliency of the Company’s technology infrastructure. Such risk is managed as part of the Company’s overall risk management and business continuity processes and is included in the ERM program, which is also overseen by the Audit Committee. The Audit Committee periodically reviews assessments of information security controls and procedures, any incidents that could have a potentially significant impact on the company’s network, and potential cybersecurity risk disclosures. The Company's senior leadership team briefs the Audit Committee and Board of Directors at least annually on information technology and cybersecurity matters, with more frequent updates as circumstances warrant. Such annual updates include significant findings or other information from internal or external evaluations. The Audit Committee is apprised annually on emerging risks to the Company, including education on cybersecurity-related matters as needed. CSX has a cybersecurity expert on the Board and its Audit Committee to provide expanded oversight of the Company’s cybersecurity and technology systems.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
The cybersecurity program and related risks at CSX are managed by the Assistant Vice President of Cloud Infrastructure Platforms and CISO. The Company's CISO has over 29 years of industry experience including administration of military command and control systems, infrastructure platforms, process governance, and security architecture. The CISO is supported by a team of dedicated cybersecurity professionals as well as various resources from a Managed Security Service Provider.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The Company's CISO has over 29 years of industry experience including administration of military command and control systems, infrastructure platforms, process governance, and security architecture. The CISO is supported by a team of dedicated cybersecurity professionals as well as various resources from a Managed Security Service Provider.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
More significant cybersecurity incidents or threats may result in notifications to senior leadership and, if necessary, to the Audit Committee and the Board of Directors. Additionally, a cybersecurity governance briefing takes place at least semiannually with leaders from the Company's technology, operations, commercial, legal, and accounting departments to discuss cybersecurity risks, threats, and incidents, as well as updates from the SOC and an assessment of ways to mitigate and remediate any threats or incidents the Company may be facing.

The Company's Audit Committee of the Board of Directors oversees the Company's cybersecurity risk, mitigation strategies and overall resiliency of the Company’s technology infrastructure. Such risk is managed as part of the Company’s overall risk management and business continuity processes and is included in the ERM program, which is also overseen by the Audit Committee. The Audit Committee periodically reviews assessments of information security controls and procedures, any incidents that could have a potentially significant impact on the company’s network, and potential cybersecurity risk disclosures. The Company's senior leadership team briefs the Audit Committee and Board of Directors at least annually on information technology and cybersecurity matters, with more frequent updates as circumstances warrant. Such annual updates include significant findings or other information from internal or external evaluations. The Audit Committee is apprised annually on emerging risks to the Company, including education on cybersecurity-related matters as needed. CSX has a cybersecurity expert on the Board and its Audit Committee to provide expanded oversight of the Company’s cybersecurity and technology systems.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Nature of Operations and Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
In the opinion of management, the accompanying consolidated financial statements contain all normal, recurring adjustments necessary to fairly present the financial position of CSX and its subsidiaries at December 31, 2025, and December 31, 2024, and the consolidated statements of income, comprehensive income, cash flows and changes in shareholders’ equity for the years ended 2025, 2024 and 2023. In addition, management has evaluated and disclosed all material events occurring subsequent to the date of the financial statements up to the date this annual report is filed on Form 10-K.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires that management make estimates in recording the amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of certain revenues and expenses during the reporting period. Actual results may differ from those estimates. Critical accounting estimates using management judgment are made for the following areas:
•personal injury and environmental reserves (see Note 5, Casualty, Environmental and Other Reserves);
•pension plan accounting (see Note 9, Employee Benefit Plans); and
•depreciation policies for assets under the group-life method (see Note 6, Properties)
Fiscal Year
Fiscal Year
The Company's fiscal periods are based upon the calendar year. Except as otherwise specified, references to full years indicate CSX’s fiscal years ended on December 31, 2025, December 31, 2024, and December 31, 2023.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include results of operations of CSX and subsidiaries over which CSX has majority ownership or financial control. All significant intercompany accounts and transactions have been eliminated. Most investments in companies that were not majority-owned are accounted for under the equity method or as equity investments measured at cost and adjusted for observable price changes and impairment. These investments are reported within Investment in Affiliates and Other Companies on the consolidated balance sheets.
Cash and Cash Equivalents
Cash and Cash Equivalents
On a daily basis, cash in excess of current operating requirements is invested in various highly liquid investments having a typical maturity date of three months or less at the date of acquisition. These investments are carried at cost, which approximates market value, and are classified as cash equivalents.
Investments
Investments
Investments in instruments with original maturities greater than three months that will mature in less than one year are classified as short-term investments. Investments with original maturities of one year or greater are initially classified within other long-term assets, and the classification is re-evaluated at each balance sheet date.
Materials and Supplies
Materials and Supplies
Materials and supplies in the consolidated balance sheets are carried at average cost and consist primarily of parts used in the repair and maintenance of track structure, equipment, and CSXT’s freight car and locomotive fleets, as well as fuel.
New Accounting Pronouncements
New Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This standard update requires additional interim and annual disclosures about a company’s income taxes, including more detailed information around the annual rate reconciliation and income taxes paid. The Company adopted this guidance prospectively for this 2025 annual report filed on Form 10-K. This standard update did not impact the Company's results of operations or financial position as it only impacts disclosures. See Note 12, Income Taxes.

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 filed 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.
Earnings Per Share
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 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.
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. Awards granted under the various programs are determined and approved by the Compensation and Talent Management Committee of the Board of Directors. Awards to the Chief Executive Officer are approved by the full Board and awards to senior executives are approved by the Compensation and Talent Management Committee. In certain circumstances, the Chief Executive Officer or delegate approves awards to management employees other than senior executives. The Board of Directors approves awards granted to CSX's non-management directors upon recommendation of the Governance and Sustainability Committee.
Share-based compensation expense for awards under share-based compensation plans and purchases made as part of the employee stock purchase plan 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 In accordance with the Contingencies Topic in the ASC, to the extent the value of an individual claim exceeds the self-insured retention amount, the Company would present the liability on a gross basis with a corresponding receivable for insurance recoveries.
These reserves fluctuate based upon the timing of payments as well as changes in estimate. Actual results may vary from estimates due to the number, type and severity of the injury, costs of medical treatments and uncertainties in litigation. Defense and processing costs, which historically have been insignificant and are anticipated to be insignificant in the future, are not included in the recorded liabilities. Changes in casualty reserves are included in purchased services and other on the consolidated income statements.

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. The methodology used by the actuary includes a development factor to reflect growth or reduction in the value of these personal injury claims based largely on CSXT's historical claims and settlement experience. These analyses did not result in a material adjustment to the personal injury reserve in 2025, 2024 or 2023.
NOTE 5.  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 claims, 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. There were no material adjustments to the occupational reserve in 2025, 2024 or 2023.
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 220 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.
NOTE 5.  Casualty, Environmental and Other Reserves, continued

In accordance with the Asset Retirement and Environmental Obligations Topic in the ASC, the Company reviews its role with respect to each site identified at least quarterly, giving consideration to a number of factors such as:
•type of clean-up required;
•nature of the Company’s alleged connection to the location (e.g., generator of waste sent to the site or owner or operator of the site);
•extent of the Company’s alleged connection (e.g., volume of waste sent to the location and other relevant factors); and
•number, connection and financial viability of other named and unnamed potentially responsible parties at the location.

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. The recorded liabilities for estimated future environmental costs are undiscounted. The liability includes future costs for remediation and restoration of sites as well as any significant ongoing monitoring costs, but excludes any anticipated insurance recoveries. 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.
Capital Expenditures
Capital Expenditures
The Company’s capital investment includes purchased and self-constructed assets and property additions that substantially extend the service life or increase the utility of those assets. Indirect costs that can be allocated to capital projects are also capitalized. The Company is committed to maintaining and improving its existing infrastructure and expanding its network capacity for long-term growth. Rail operations are capital intensive and CSX accounts for these costs in accordance with United States generally accepted accounting principles ("GAAP") and the Company’s capitalization policy. All properties are stated at historical cost less an allowance for accumulated depreciation.

The Company’s largest category of capital investment is the replacement of track assets, which is primarily completed by CSXT employees, as well as the acquisition or construction of new assets that enable CSX to enhance its operations or provide new capacity offerings to its customers. Costs for track asset replacement and capacity projects that are capitalized include:

•labor costs, because many of the assets are self-constructed;
•costs to purchase or construct new track or to prepare ground for the laying of track;
•welding (rail, field and plant), which are processes used to connect segments of rail;
•new ballast, which is gravel and crushed stone that holds track in line;
•fuels and lubricants associated with tie, rail and surfacing work, which is the process of raising track to a designated elevation over an extended distance;
•cross, switch and bridge ties, which are the braces that support the rails on a track;
•gauging, which is the process of standardizing the distance between rails;
•handling costs associated with installing rail, ties or ballast;
•usage charge of machinery and equipment utilized in construction or installation; and
•other track materials.

Labor is a significant cost in self-constructed track replacement work. CSXT engineering employees directly charge their labor to the track replacement project (the capitalized depreciable property). In replacing track, these employees concurrently perform deconstruction and installation of track material. Because of this concurrent process, CSX must estimate the amount of labor that is related to deconstruction versus installation. As a component of the depreciation study for road and track assets, management performs an analysis of labor costs related to the self-constructed track replacement work, which includes direct observation of track replacement processes. Through this analysis, CSX determined that approximately 20% of labor costs associated with track replacement is related to the deconstruction of old track, for which certain elements are expensed, and approximately 80% is associated with the installation of new track, which is capitalized.

Capital investment related to locomotives and freight cars comprises the second largest category of the Company’s capital assets. This category includes purchases of locomotives and freight cars as well as costs to modify or rebuild these assets, which are capitalized if the investment incurred extends the asset’s service life or improves utilization. Improvement projects must meet specified dollar thresholds to be capitalized and are reviewed by management to determine proper accounting treatment. Routine repairs, overhauls and other maintenance costs, for all asset categories, are expensed as incurred.
Group-Life Assets Sales and Retirements
Since the rail network is one contiguous, connected network, it is impractical to maintain specific identification records for these assets. For track assets (i.e., rail, ties, and ballast), CSX retires assets on a statistical curve relative to the age of the assets. Equipment assets (e.g., locomotives and freight cars) are specifically identified at retirement. When an equipment asset is retired that has been depreciated using the group-life method, the cost is reduced from the cost base and recorded in accumulated depreciation.

For sales or retirements of assets depreciated under the group-life method that occur in the ordinary course of business, the asset cost (net of salvage value or sales proceeds) is charged to accumulated depreciation and no gain or loss is immediately recognized. This practice is consistent with accounting treatment prescribed under the group-life method. As part of the depreciation study, an assessment of the recorded amount of accumulated depreciation is made to determine if it is deficient (or in excess) of the appropriate amount indicated by the study. Any such deficiency (or excess), including any deferred gains or losses, is amortized as a component of depreciation expense over the remaining service life of the asset group until the next required depreciation study. Since the overall assumption with the group-life method is that the assets within the group on average have the same service life and characteristics, it is therefore concluded that the deferred gains and losses offset over time.

For sales or retirements of assets depreciated under the group-life method that do not occur in the ordinary course of business, a gain or loss may be recognized if the sale or retirement meets each of the following three criteria: (i) it is unusual, (ii) it is material in amount, and (iii) it varies significantly from the retirement profile identified through depreciation studies. No material gains or losses were recognized on the sale of assets depreciated using the group-life method in 2025, 2024 or 2023, as no sales met the criteria described above.

Land and Straight-line Assets Sales and Retirements
When the Company sells or retires land, land-related easements or assets depreciated under the straight-line method, a gain or loss is recognized in purchased services and other on the consolidated statements of income.
Depreciation Method
Depreciation Method
The depreciable assets of the Company are depreciated using either the group-life or straight-line method of accounting, which are both acceptable depreciation methods in accordance with GAAP. The Company depreciates its railroad assets, including main-line track, locomotives and freight cars, using the group-life method. Assets depreciated under the group-life method comprise 86% of total fixed assets of $53.8 billion on a gross basis as of December 2025. The remaining depreciable assets of the Company, including non-railroad assets and assets under finance leases, are depreciated using the straight-line method on a per asset basis. Land is not depreciated.

The group-life method aggregates assets with similar lives and characteristics into groups and depreciates each of these groups as a whole. When using the group-life method, an underlying assumption is that each group of assets, as a whole, is used and depreciated to the end of its group’s recoverable life. The Company currently utilizes different depreciable asset categories to account for depreciation expense for the railroad assets that are depreciated under the group-life method. By utilizing various depreciable categories, the Company can more accurately account for the use of its assets. The group-life method of depreciation closely approximates the straight-line method of depreciation. Additionally, due to the nature of most of its assets (e.g. track is one contiguous, connected asset), the Company believes that this is the most accurate and effective way to properly depreciate its assets. All assets of the Company are depreciated on a time or life basis.

Depreciation Studies
Management performs a review of depreciation expense, including the impacts of service lives and salvage values, on a regular basis. This review includes consideration of the most recent periodic depreciation studies, which are performed for assets depreciated using the group-life method. A depreciation study is the periodic review of asset service lives, salvage values, accumulated depreciation, and other related factors for group assets conducted by a third-party specialist, analyzed by the Company’s management and approved by the Surface Transportation Board ("STB"), the regulatory board that has broad jurisdiction over railroad practices. The STB requires depreciation studies be performed every three years for equipment assets (e.g., locomotives and freight cars) and every six years for road and track assets (e.g., bridges, signals, rail, ties, and ballast). The Company believes the frequency of depreciation studies currently required by the STB, complemented by annual data reviews conducted by a third-party specialist and analyzed by the Company's management, provides adequate review of asset service lives and that a more frequent review would not result in a material change due to the long-lived nature of most of the assets.
Impairment Review
Impairment Review
Properties and other long-lived assets are reviewed for impairment whenever events or business conditions indicate the carrying amount of such assets may not be fully recoverable. Initial assessments of recoverability are based on estimates of undiscounted future net cash flows associated with an asset or a group of assets. Where impairment is indicated, the assets are evaluated and their carrying amount is reduced to fair value based on discounted net cash flows or other estimates of fair value. Impairment of group-life assets in service is recorded to accumulated depreciation while impairment of straight-line assets is recorded in operating expense.
Leases
At inception, the Company determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. Some of the Company’s lease arrangements contain lease components (e.g., minimum rent payments) and non-lease components (e.g., maintenance, labor charges, etc.). The Company generally accounts for each component separately based on the estimated standalone price of each component. For certain equipment leases, such as freight car, vehicles and work equipment, the Company accounts for the lease and non-lease components as a single lease component.

Certain of the Company’s lease agreements include rental payments that are adjusted periodically for an index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating Leases
Operating leases are included in right-of-use lease assets, other current liabilities and long-term lease liabilities on the consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term, discounted using the Company’s secured incremental borrowing rates or implicit rates, when readily determinable. Short-term operating leases, which have an initial term of 12 months or less, are not recorded on the balance sheet.

The Company has various lease agreements with other parties with terms up to 50 years, including a significant operating lease with the State of Georgia for approximately 137 miles of right-of-way with integral track assets for a term of 50 years with an annual 2.5% increase. Non-cancelable, long-term leases may include provisions for maintenance, options to purchase and options to extend the terms. These options are included in the lease term when it is reasonably certain that the option will be exercised. Lease expense for operating leases, including leases with escalations over their terms, is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Lease expense is included in equipment and other rents on the consolidated income statements and is reported net of lease income. Lease income was not material to the results of operations for 2025, 2024 or 2023.
Finance Leases
Finance leases are included in properties - net and long-term debt on the consolidated balance sheets and were not material as of December 2025 or December 2024. The associated amortization expense and interest expense are included in depreciation and interest expense, respectively, on the consolidated income statements
Revenue Recognition
Revenue Recognition
The Company generates revenue from rail freight billings under contracts with customers generally on a rate per carload, container or ton-basis based on length of haul and commodities carried. The Company’s performance obligation arises when it receives a bill of lading (“BOL”) to transport a customer's commodities at a negotiated price contained in a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received, a contract is formed whereby the parties are committed to perform, collectability of consideration is probable and the rights of the parties, shipping terms and conditions, and payment terms are identified. A customer may submit several BOLs for transportation services at various times throughout a service agreement term, but each shipment represents a distinct service that is a separately identified performance obligation.
NOTE 11. Revenues, continued

The average transit time to complete a rail shipment is between 2 to 7 days depending on market. Payments for transportation services are normally billed once a BOL is received and are generally due within 15 days after the invoice date. The Company recognizes revenue over transit time of freight as it moves from origin to destination. Revenue for services started but not completed at the reporting date is allocated based on the relative transit time in each reporting period, with the portion allocated for services subsequent to the reporting date considered remaining performance obligations.

The certain key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows:
•Revenue associated with shipments in transit, which is recognized ratably over transit time and is based on average cycle times to move commodities and products from their origin to their final destination or interchange;
•Adjustments to revenue for billing corrections and billing discounts;
•Adjustments to revenue for overcharge claims filed by customers, which are based on historical payments to customers for rate overcharges as a percentage of total billing; and
•Incentive-based refunds to customers, which are primarily volume-related, are recorded as a reduction to revenue on the basis of the projected liability (this estimate is based on historical activity, current volume levels and forecasted future volume).

Revenue related to interline transportation services that involve the services of another party, such as another railroad, is reported on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not reflected as revenue.

Trucking revenue includes revenue from the operations of Quality Carriers and is mostly comprised of truck shipments of chemicals. A performance obligation arises when Quality Carriers receives a customer order to transport a commodity at a contracted rate. Revenue is recorded on a gross basis ratably over transit time.

Other revenue is recorded upon completion of the service and is comprised of revenue from regional subsidiary railroads and incidental charges, including demurrage, intermodal storage and equipment usage, and switching. Revenue from regional subsidiary railroads includes shipments by railroads that the Company does not directly operate. Demurrage represents charges assessed when freight cars are held by a customer beyond a specified period of time. Intermodal storage represents charges for customer storage of containers at an intermodal terminal, ramp facility or offsite location beyond a specified period of time. Switching represents charges assessed when a railroad switches cars for a customer or another railroad.

During 2025, 2024 and 2023, revenue recognized from performance obligations related to prior periods was not material.
NOTE 11. Revenues, continued

Remaining Performance Obligations
Remaining performance obligations represent the transaction price allocated to future reporting periods for freight services started but not completed at the reporting date. This includes the unearned portion of billed and unbilled amounts for cancellable freight shipments in transit. The Company expects to recognize the unearned portion of revenue for freight services in transit within one week of the reporting date. As of December 31, 2025, remaining performance obligations were not material.

Contract Balances and Accounts Receivable
The timing of revenue recognition, billings and cash collections results in accounts receivable and customer advances and deposits (contract liabilities) on the consolidated balance sheets.
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 and currently due related to non-revenue receivables, including government reimbursement receivables. The Company maintains an allowance for 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
The Financial Instruments Topic in the ASC requires disclosures about fair value of financial instruments in annual reports as well as in quarterly reports. For CSX, this statement applies to certain investments, pension plan assets, long-term debt and interest rate derivatives. The Fair Value Measurements and Disclosures Topic in the ASC clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, including on a non-recurring basis, and requires additional disclosures about the use of fair value measurements.  
Various inputs are considered when determining the value of the Company's investments, pension plan assets, long-term debt, interest rate derivatives and long-lived assets. The inputs or methodologies used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. These inputs are summarized in the three broad levels listed below:
•Level 1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets;
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.); and
•Level 3 – significant unobservable inputs (including the Company’s own assumptions about the assumptions market participants would use in determining the fair value of investments).

The valuation methods described below may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

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 amount of time deposits as reported in the consolidated balance sheet, using Level 2 inputs, approximate fair value due to their short-term nature. Unrealized gains and losses as of December 31, 2025 and December 31, 2024 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, which includes finance leases, is reported at carrying amount on the consolidated balance sheets and is the Company's only financial instrument with fair values significantly different from their carrying amounts. 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 of outstanding debt fluctuates with changes in a number of factors. Such factors include, but are not limited to, interest rates, market conditions, credit ratings, values of similar financial instruments, size of the instrument, cash flow projections and comparable trades. Fair value will exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued. The fair value of a company's debt is a measure of its current value under present market conditions. It does not impact the financial statements under current accounting rules.
Interest Rate Derivatives
The Company’s fixed-to-floating interest rate swaps are carried at their respective fair values, which are 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 an asset of $23 million and $7 million (for swaps entered in 2023 and 2025) and a liability of $87 million and $123 million (for swaps entered in 2022) as of December 31, 2025 and December 31, 2024, 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 as of December 31, 2025. See Note 10, Debt and Credit Agreements, for further information.
NOTE 13.  Fair Value Measurements, continued

Pension Plan Assets
    Pension plan assets are reported at fair value, net of pension liabilities, on the consolidated balance sheet. See Note 9, Employee Benefit Plans, for further information. There are several valuation methodologies used for those assets as described below.
Investments in the Fair Value Hierarchy
•Common stock and Exchange-Traded Funds (Level 1): Valued at the closing price reported on the active market on which the securities are traded on the last day of the year and classified in Level 1 of the fair value hierarchy.
•Mutual funds (Level 1): Valued at the net asset value of shares held at year end based on quoted market prices determined in an active market. These assets are classified in Level 1 of the fair value hierarchy.
•Cash and cash equivalents (Level 1): Includes cash and short-term investments with an original maturity of three months or less. The carrying value of cash and cash equivalents at year end approximates fair value. These assets are classified in Level 1 of the fair value hierarchy.
•Corporate bonds, government securities, asset-backed securities and derivatives (Level 2): Valued using price evaluations reflecting the bid and/or ask sides of the market for a similar investment at year end. Asset-backed securities include commercial mortgage-backed securities and collateralized mortgage obligations. These assets are classified in Level 2 of the fair value hierarchy.

Investments Measured at Net Asset Value
•Partnerships: Net asset value of private equity is based on the fair market values associated with the underlying investments at year end. These funds have varying redemption restrictions, but most require advanced notice of at least 15 business days.
•Commingled and common collective trust funds: This class consists of private funds that invest in corporate equity and debt securities, government securities and various short-term debt instruments and are measured at net asset value to estimate the fair value of the investments. The net asset value of the investments is determined by reference to the fair value of the underlying securities, which are valued primarily through the use of directly or indirectly observable inputs. These funds have redemption restrictions that require advanced notice of up to 45 business days
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
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:
 Years Ended
 202520242023
Numerator (Dollars in Millions):
 
Net Earnings$2,889 $3,470 $3,668 
Denominator (Units in Millions):
Average Common Shares Outstanding1,870 1,939 2,008 
Other Potentially Dilutive Common Shares3 4 5 
Average Common Shares Outstanding, Assuming Dilution1,873 1,943 2,013 
Net Earnings Per Share, Basic$1.54 $1.79 $1.83 
Net Earnings Per Share, Assuming Dilution$1.54 $1.79 $1.82 
Schedule of Average Outstanding Equity Awards Excluded from Diluted Earnings Per Share Calculation The total average outstanding equity awards that were excluded from the diluted earnings per share calculation because their effect was antidilutive is in the table below.
Years Ended
202520242023
Antidilutive Stock Options Excluded from Diluted EPS (Units in Millions)
5 3 3 
Schedule of Share Repurchase Activity
During 2025, 2024 and 2023, CSX repurchased the following shares:
Years Ended
202520242023
Shares Repurchased (Units in Millions)
44 65 112 
Cost of Shares (Dollars in Millions)
$1,376 $2,204 $3,482 
Average Price Paid per Share$30.95 $34.14 $30.95 
Excise Taxes Paid for Net Share Repurchases
(Dollars in Millions) (a)
$20 $33 $— 
(a) Excise tax payments made in 2025 were related to share repurchases in 2024. Excise tax payments made in 2024 were related to share repurchases in 2023.
v3.25.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Common and Preferred Stock
Common and preferred stock consists of the following:
Common Stock, $1 Par Value
December 2025
 (Units in Millions)
Common Shares Authorized5,400 
Common Shares Issued and Outstanding1,860 
 
Preferred Stock
Preferred Shares Authorized25 
Preferred Shares Issued and Outstanding— 
v3.25.4
Stock Plans and Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
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.
 Years Ended
(Dollars in Millions)202520242023
Share-Based Compensation Expense
Restricted Stock Units$26 $28 $19 
Stock Options14 12 12 
Employee Stock Purchase Plans10 8 7 
Stock Awards for Directors3 2 2 
Performance Units1 (10)20 
Total Share-based Compensation Expense$54 $40 $60 
Income Tax Benefit$13 $13 $14 
Schedule of Assumptions and Inputs Used to Estimate Fair Value of Performance Units
The fair values of the performance units granted during the years ended December 2025, 2024 and 2023 for awards with total shareholder return components were calculated using a Monte-Carlo simulation model. Performance unit grants were valued using the following weighted-average assumptions:

Years Ended
Weighted-Average Assumptions Used:202520242023
Risk-free Interest Rate4.1 %4.4 %4.4 %
Annualized Volatility23.3 %23.3 %33.2 %
Expected Life (in years)
2.72.92.8
Schedule of Performance Unit Grant and Vesting Information
Performance unit grant and vesting information is summarized as follows:
 Years Ended
 202520242023
Weighted-Average Fair Value of Units Granted$34.02 $38.66 $31.57 
Fair Value of Units Vested (in Millions)
$21 $22 $16 
Schedule of Performance Unit Activity Related to Outstanding Long-term Incentive Plans and Corresponding Fair Value
The performance unit activity related to the outstanding long-term incentive plans and corresponding fair value is summarized as follows:
 Performance Units Outstanding
(in Thousands)		Weighted-Average Fair Value at Grant Date
Unvested at December 31, 2024
1,279 $35.47 
Granted 852 34.02 
Forfeited (325)35.42 
Vested (652)32.55 
Unvested at December 31, 2025
1,154 $36.10 
Schedule of Assumptions and Inputs Used to Estimate Fair Value of Stock Options
Assumptions and inputs used to estimate fair value of stock options are summarized as follows:
Years Ended
 202520242023
Weighted-Average Fair Value of Units Granted$9.47$11.58$9.82
Stock Options Valuation Assumptions:
Annual Dividend Yield1.5 %1.3 %1.4 %
Risk-free Interest Rate4.1 %4.2 %3.8 %
Annualized Volatility26.6 %28.7 %29.6 %
Expected Life (in Years)6.06.06.0
Other Pricing Model Inputs:
Weighted-average Grant-date Market Price of CSX Stock (Strike Price)$33.94$36.73$31.54
Schedule of Stock Option Activity
The stock option activity is summarized as follows:
 Stock Options Outstanding
(in Thousands)		Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Life
(in Years)		Aggregate Intrinsic Value
(in Millions)
Outstanding at December 31, 20249,531 $27.40 
Granted 1,785 33.93 
Forfeited (456)34.38 
Exercised(1,131)18.90 
Outstanding at December 31, 20259,729 $29.26 5.3$68 
Exercisable at December 31, 20257,195 $27.46 4.6$63 
Schedule of Intrinsic Value and Cash Proceeds of Options Exercises Additional information on stock option exercises is summarized as follows:
Years Ended
(Dollars in Millions)202520242023
Intrinsic Value of Stock Options Exercised$18 $45 $27 
Cash Received from Option Exercises$21 $79 $52 
Schedule of Restricted Stock Grant and Vesting Information Restricted stock unit grant and vesting information is summarized as follows:
 Years Ended
 202520242023
Weighted-Average Fair Value of Units Granted$33.16 $36.86 $31.46 
Fair Value of Units Vested (in Millions)
$39 $23 $8 
Schedule of Outstanding Restricted Stock Units and Awards
The restricted stock activity related to the outstanding long-term incentive plans and other awards and corresponding fair value is summarized as follows:
 Restricted Stock Units Outstanding
(in Thousands)		Weighted-Average Fair Value at Grant Date
Unvested at December 31, 2024
1,990 $34.01 
Granted801 33.16 
Forfeited (165)34.10 
Vested (1,151)33.55 
Unvested at December 31, 2025
1,475 $33.91 
Schedule of Shares Issued under Employee Stock Purchase Plan During 2025, 2024 and 2023, the Company issued the following shares under this program:
 Years Ended
 202520242023
Shares Issued (in Thousands)
1,317 1,012 959 
Weighted Average Purchase Price Per Share$27.38 $28.79 $25.66 
v3.25.4
Casualty, Environmental and Other Reserves (Tables)
 12 Months Ended
Dec. 31, 2025
Casualty, Environmental and Other Reserves [Abstract]  
Schedule of Claims Activity
Activity related to casualty, environmental and other reserves is as follows:
 CasualtyEnvironmentalOther 
(Dollars in Millions)ReservesReservesReservesTotal
December 31, 2022$194 $161 $81 $436 
Charged to Expense 69 29 67 165 
Payments(68)(36)(57)(161)
December 31, 2023195 154 91 440 
Charged to Expense 72 28 68 168 
Payments(59)(31)(56)(146)
December 31, 2024208 151 103 462 
Charged to Expense67 32 100 199 
Payments(62)(27)(93)(182)
December 31, 2025$213 $156 $110 $479 
Schedule of Balance Sheet Presentation of Casualty, Environmental and Other Reserves Casualty, environmental and other reserves are provided for in the consolidated balance sheets as shown in the table below.
 December 2025December 2024
(Dollars in Millions)CurrentLong-termTotalCurrentLong-termTotal
Casualty:      
Personal Injury$60 $94 $154 $51 $91 $142 
Occupational 6 53 59 7 59 66 
Total Casualty$66 $147 $213 $58 $150 $208 
Environmental 49 107 156 37 114 151 
Other69 41 110 54 49 103 
Total$184 $295 $479 $149 $313 $462 
v3.25.4
Properties (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Net Properties
Details of the Company’s net properties are as follows:
(Dollars in Millions) AccumulatedNet BookAnnual DepreciationEstimated Useful LifeDepreciation
December 2025CostDepreciationValueRate
(Avg. Years)
Method
Road 
 Rail and Other Track Material$10,318 $(2,311)$8,007 2.5%41Group Life
 Ties7,488 (2,374)5,114 3.5%28Group Life
 Grading3,240 (726)2,514 1.3%75Group Life
 Ballast3,581 (1,183)2,398 2.6%38Group Life
 Bridges, Trestles, and Culverts3,391 (591)2,800 1.7%60Group Life
 Signals and Interlockers3,476 (1,464)2,012 4.1%24Group Life
 Buildings1,577 (580)997 2.5%40
Group Life/ Straight Line (a)
 Other6,197 (2,739)3,458 4.1%25
Group Life/ Straight Line (a)
Total Road39,268 (11,968)27,300   
Equipment      
 Locomotive5,374 (2,267)3,107 3.8%26Group Life
 Freight Cars2,246 (358)1,888 3.1%32Group Life
 Work Equipment and Other3,644 (2,412)1,232 8.9%11
Group Life/ Straight Line (a)
Total Equipment11,264 (5,037)6,227   
Land 2,286 — 2,286 N/AN/AN/A
Construction In Progress998 — 998 N/AN/AN/A
Total Properties$53,816 $(17,005)$36,811    
(a) For depreciation method, certain asset categories contain intermodal terminals, trucking or technology-related assets, which are depreciated using the straight-line method.
NOTE 6.  Properties, continued
(Dollars in Millions) AccumulatedNet BookAnnual DepreciationEstimated Useful LifeDepreciation
December 2024CostDepreciationValueRate(Avg. Years)Method
Road 
 Rail and Other Track Material$9,883 $(2,199)$7,684 2.5%41Group Life
 Ties7,269 (2,252)5,017 3.5%28Group Life
 Grading2,813 (699)2,114 1.3%75Group Life
 Ballast3,494 (1,159)2,335 2.6%38Group Life
 Bridges, Trestles, and Culverts3,234 (572)2,662 1.7%60Group Life
 Signals and Interlockers3,476 (1,480)1,996 4.1%24Group Life
 Buildings1,498 (568)930 2.5%40
Group Life/ Straight Line (a)
 Other6,017 (2,719)3,298 4.1%25
Group Life/ Straight Line (a)
Total Road37,684 (11,648)26,036   
Equipment      
 Locomotive5,252 (2,175)3,077 3.8%26Group Life
 Freight Cars2,311 (407)1,904 3.1%32Group Life
 Work Equipment and Other3,599 (2,303)1,296 8.9%11
Group Life/ Straight Line (a)
Total Equipment11,162 (4,885)6,277   
Land 2,276 — 2,276 N/AN/AN/A
Construction In Progress1,069 — 1,069 N/AN/AN/A
Total Properties$52,191 $(16,533)$35,658    
(a) For depreciation method, certain asset categories contain intermodal terminals, trucking or technology-related assets, which are depreciated using the straight-line method.
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Future Lease Payments and Balances related to Operating Leases
The following table presents information about future lease payments and balances related to operating leases as of December 31, 2025.
(Dollars in Millions)December 2025
Maturity of Lease LiabilitiesLease Payments
2026$69 
202762 
202849 
202944 
203039 
Thereafter1,055 
Total Undiscounted Operating Lease Payments$1,318 
Less: Imputed Interest(772)
Present Value of Operating Lease Liabilities$546 
Future payments due to Conrail under the shared asset area agreements are shown in the table below.
(Dollars in Millions)Conrail Shared
YearsAsset Agreement
2026$39 
202739 
202839 
202916 
2030— 
Thereafter— 
Total$133 
Schedule of Balance Sheet Classification and Other Information of Company's Operating Leases
(Dollars in Millions)20252024
Balance Sheet Classification
Right of Use Asset$464 $487 
Current Lease Liabilities (Included in Other Current Liabilities)67 73 
Long-term Lease Liabilities479 486 
Total Operating Lease Liabilities$546 $559 
Other Information
Weighted-average Remaining Lease Term for Operating Leases30 years30 years
Weighted-average Discount Rate for Operating Leases5.1 %5.1 %
Schedule of Operating Lease Costs These amounts are shown in the table below.
 Years Ended
(Dollars in Millions)202520242023
Rent Expense on Operating Leases$112 $117 $109 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Number of Locomotives and Payments under Long-term Maintenance Program
The following table summarizes CSXT’s payments, including prepayments, for the long-term maintenance and rebuild program, which covers approximately 1,900 locomotives with payments based on active status during the period. The 2025 payment amount includes a $96 million prepayment for 2026 locomotive maintenance services, which is included in other current assets on the consolidated balance sheet, as well as $14 million for pre-owned locomotives received in 2025.
 Years Ended
(Dollars in Millions)202520242023
Amounts Paid$456 $311 $236 
Schedule of Annual Payments under Long-term Maintenance Program Total annual payments under all of these purchase commitments are also estimated in the table below.
(Dollars in Millions)Locomotive Maintenance, Rebuild & PurchasesOther
Commitments		Total
2026$387 $153 $540 
2027579 103 682 
2028659 64 723 
2029521 24 545 
2030288 25 313 
Thereafter835 37 872 
Total$3,269 $406 $3,675 
v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Participants In order to perform this valuation, the actuaries are provided with the details of the population covered at the beginning of the year, summarized in the table below, and projects that population forward to the end of the year.
As of
Pension Plan Participants:January 1, 2025
Active Employees2,233 
Retirees and Beneficiaries10,909 
Terminated Vested and Other
3,108 
Total16,250 
Schedule of Future Expected Benefit Payments Future expected benefit payments are as follows:
Expected Cash Flows (Dollars in Millions):
Pension Benefits
2026$187 
2027183 
2028182 
2029180 
2030179 
2031-2035868 
Total$1,779 
Schedule of Allocation of Plan Assets
The distribution of pension plan assets as of the measurement date is shown in the table below, and these assets are reported net of pension liabilities on the balance sheet.

 December 2025December 2024
  Percent of Percent of
(Dollars in Millions)AmountTotal AssetsAmountTotal Assets
Equity$597 24 %$709 29 %
Fixed Income112 5 57 3 
Cash and Cash Equivalents35 1 18 1 
Growth-Oriented$744 30 %$784 33 %
Fixed Income1,623 66 1,129 46 
Cash and Cash Equivalents107 4 496 21 
Immunizing$1,730 70 %$1,625 67 %
Total$2,474 100 %$2,409 100 %
Schedule of Changes in Benefit Obligation and Fair Value of Plan Assets
Changes in benefit obligation and the fair value of plan assets for the 2025 and 2024 plan years are as follows:

 Pension Benefits
 Plan YearPlan Year
(Dollars in Millions)20252024
Actuarial Present Value of Benefit Obligation  
Accumulated Benefit Obligation$2,133 $2,115 
Projected Benefit Obligation2,213 2,192 
Change in Projected Benefit Obligation:  
Projected Benefit Obligation at Beginning of Plan Year
$2,192 $2,343 
Service Cost (a)
24 27 
Interest Cost109 106 
Actuarial Loss (Gain)64 (107)
Benefits Paid(176)(177)
Benefit Obligation at End of Plan Year$2,213 $2,192 
Change in Plan Assets:  
Fair Value of Plan Assets at Beginning of Plan Year$2,409 $2,465 
Actual Return on Plan Assets223 104 
Non-qualified Employer Contributions18 17 
Benefits Paid(176)(177)
Fair Value of Plan Assets at End of Plan Year$2,474 $2,409 
Funded Status at End of Plan Year$261 $217 
(a)Service cost for 2025 and 2024 includes capitalized service costs of $4 million and $3 million, respectively.
Schedule of Amount Recognized in Balance Sheet Amounts related to pension benefits recorded in other long-term assets, labor and fringe benefits payable and other long-term liabilities on the balance sheet are as follows:
 Pension Benefits
 DecemberDecember
(Dollars in Millions)20252024
Amounts Recorded in Consolidated 
Balance Sheets:  
Long-term Assets$447 $403 
Current Liabilities(17)(17)
Long-term Liabilities(169)(169)
Net Amount Recognized in Consolidated Balance Sheets$261 $217 
Schedule of Net Benefit Expense Recorded on the Income Statement The following table describes the components of net periodic benefit expense (credit) recorded on the income statement.
Pension Benefits
Years Ended
(Dollars in Millions)202520242023
Service Cost Included in Labor and Fringe$20 $24 $24 
Interest Cost109 106 111 
Expected Return on Plan Assets(160)(168)(164)
Amortization of Net Loss23 18 29 
Total Income Included in Other Income - Net$(28)$(44)$(24)
Net Periodic Benefit Credit$(8)$(20)$— 
Schedule of Pre-tax Change in Other Comprehensive Loss (Income)
The following table shows the pre-tax change in other comprehensive loss (income) attributable to certain components of net benefit expense and the change in benefit obligation for CSX for pension benefits.

(Dollars in Millions)Pension Benefits
Components of Other ComprehensiveYears Ended
Loss (Income)20252024
Recognized in the Balance Sheet  
Loss (Gains)$1 $(42)
Recognized in the Income Statement
Amortization of Net Losses$23 $18 
Schedule of Weighted-Average Assumptions Used The weighted averages of assumptions used by the Company to value its pension obligations were as follows:
 Pension Benefits
 20252024
Expected Long-term Return on Plan Assets:  
Benefit Cost for Current Plan Year6.75 %6.75 %
Benefit Cost for Subsequent Plan Year6.25 %6.75 %
Discount Rates:  
Benefit Cost for Plan Year
Service Cost for Plan Year5.61 %4.90 %
Interest Cost for Plan Year5.20 %4.72 %
Benefit Obligation at End of Plan Year5.25 %5.50 %
Salary Scale Inflation4.80 %4.80 %
Cash Balance Plan Interest Credit Rate3.75 %3.75 %
v3.25.4
Debt and Credit Agreements (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Debt at December 2025 and December 2024 is shown in the table below. For information regarding the fair value of debt, see Note 13, Fair Value Measurements.
Maturity at
December		Average
Interest
Rates at
December		DecemberDecember
(Dollars in Millions)2025202520252024
Notes2026-20684.4%$18,858 $18,492 
Equipment Obligations(a)
20274.3%— 1 
Finance Leases2026-20324.7%15 10 
Subtotal Long-term Debt (Including Current Portion) $18,873 $18,503 
Less Debt Due within One Year  (708)(606)
Long-term Debt (Excluding Current Portion)  $18,165 $17,897 
(a) Equipment obligations are secured by an interest in certain railroad equipment.

Total activity related to long-term debt during 2025 is as follows:
(Dollars in Millions)Current PortionLong-term PortionTotal
Long-term Debt as of December 31, 2024
$606 $17,897 $18,503 
2025 Activity:
Long-term Debt Issued— 900 900 
Long-term Debt Repaid(613)— (613)
Reclassifications703 (703)— 
Hedging, Discount, Premium and Other Activity12 71 83 
Long-term Debt as of December 31, 2025$708 $18,165 $18,873 
Schedule of Long-term Debt Maturities
Long-term Debt Maturities (Net of Discounts, Premiums and Issuance Costs)
(Dollars in Millions)
Maturities at
Years EndingDecember 2025
2026$708 
20271,001 
20281,002 
2029951 
2030400 
Thereafter14,811 
Total Long-term Debt Maturities, including current portion$18,873 
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 table below.
(Dollars in Millions)
December 31, 2025December 31, 2024
Notional Value of Hedged Notes
$1,300 $1,050 
Fair Value Asset Adjustment to Hedged Notes23 7 
Fair Value Liability Adjustment to Hedged Notes(87)(123)
Carrying Amount of Hedged Notes
$1,236 $934 
The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows.
(Dollars in Millions)
202520242023
Interest Expense Impact (Increase) Decrease$(21)$(31)$(28)
Schedule of Unrealized Amounts Related to Cash Flow Hedges Unrealized amounts related to the hedge, recorded net of tax in other comprehensive income, are summarized in the table below.
(Dollars in Millions)
202520242023
Unrealized Gain - Net$(1)$3 $— 
v3.25.4
Revenues (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues Disaggregated by Lines of Business The following 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.
Years Ended
(Dollars in Millions)202520242023
Chemicals$2,776 $2,850 $2,599 
Agricultural and Food Products1,618 1,644 1,657 
Automotive1,182 1,226 1,219 
Forest Products975 1,047 1,012 
Metals and Equipment869 859 917 
Minerals832 772 733 
Fertilizers521 505 516 
Total Merchandise8,773 8,903 8,653 
Intermodal
2,073 2,047 2,060 
Coal
1,900 2,247 2,484 
Trucking816 844 882 
Other530 499 578 
Total$14,092 $14,540 $14,657 
Schedule of Accounts Receivable, Net
(Dollars in Millions)December 31,
2025		December 31,
2024
Freight Receivables $932 $1,012 
Freight Allowance for Credit Losses(23)(16)
Freight Receivables, net909 996 
Non-Freight Receivables 404 343 
Non-Freight Allowance for Credit Losses(15)(13)
Non-Freight Receivables, net 389 330 
Total Accounts Receivable, net$1,298 $1,326 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Breakdown of Income Tax Expense Between Current and Deferred The breakdown of income tax expense between current and deferred is as follows:
Years Ended
(Dollars in Millions)202520242023
Current:
Federal$553 $873 $851 
State133 200 184 
Subtotal Current$686 $1,073 $1,035 
Deferred:   
Federal195 26 110 
State(1)(14)16 
Subtotal Deferred$194 $12 $126 
Total Income Tax Expense$880 $1,085 $1,161 
Schedule of Effective Income Tax Rate Reconciliation The principal factors contributing to the difference between the effective income tax rate and the U.S. statutory federal income tax rate are as follows:
(Dollars in Millions)2025
AmountPercentage
U.S. Federal Statutory Rate$792 21.0 %
State and Local Income Taxes, Net of Federal Tax Effect (a)
102 2.7 
Foreign Tax Effects3 0.1 
Tax Credits(17)(0.5)
Nontaxable or Nondeductible Items(24)(0.6)
Other Adjustments24 0.6 
Effective Income Tax Rate$880 23.3 %
(a) The states that contribute to the majority (greater than 50% combined) of the tax effect in this category include Indiana, Virginia, Pennsylvania, Florida, and Alabama, listed in descending order of tax effect.
Income tax expense reconciled to the tax computed at statutory rates for comparative periods, which are not subject to the requirements of ASU 2023-09, is presented in the following table. 
 Years Ended
(Dollars in Millions)
20242023
Federal Income Taxes$957 21.0 %$1,014 21.0 %
State Income Taxes147 3.2 %158 3.3 %
Other(19)(0.4)%(11)(0.2)%
Income Tax Expense/ Rate$1,085 23.8 %$1,161 24.1 %
Schedule of Income Taxes Paid
The amount of cash taxes paid by the Company are shown in the table below. Payments in 2025 include $429 million of previously postponed federal and state taxes related to the 2024 tax year, with no postponements available for 2025. There were no individual jurisdictions with cash taxes paid that equaled or exceeded 5% of income taxes paid in 2025.
(Dollars in Millions)
2025
Federal (a)
$938 
State161 
Foreign3 
Total$1,102 
(a) Federal cash tax payments include tax credits purchased of $200 million.
Schedule of Significant Components of Deferred Income Tax Assets and Liabilities The significant components of deferred income tax assets and liabilities include:
 20252024
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Accelerated Depreciation$— $7,835 $— $7,651 
Other560 639 568 642 
Total$560 $8,474 $568 $8,293 
Net Deferred Income Tax Liabilities $7,914  $7,725 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
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, within the line items short-term investments and other long-term assets, as summarized in the following table.
December 2025December 2024
(Dollars in Millions)Level 1Level 2TotalLevel 1Level 2Total
Exchange-traded Funds$5 $— $5 $2 $— $2 
Corporate Bonds— 82 82 — 71 71 
Government Securities— 71 71 — 42 42 
Asset-backed Securities
— 29 29 — 35 35 
Time Deposits— — — — 66 66 
Total Investments at Fair Value$5 $182 $187 $2 $214 $216 
Schedule of Investment Maturities These investments have the following maturities:
(Dollars in Millions)December 2025December 2024
Less than 1 year$5 $72 
1 - 5 years94 72 
5 - 10 years42 23 
Greater than 10 years41 47 
Total Investments at Fair Value (a)
$182 $214 
(a) Exchange-traded funds are excluded as there is no stated contractual maturity date.
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)December 2025December 2024
Long-term Debt (Including Current Maturities):  
Fair Value$17,305 $16,481 
Carrying Value18,873 18,503 
Schedule of Pension Plan Assets at Fair Value by Level
The pension plan assets at fair value by level, within the fair value hierarchy, as of calendar plan years 2025 and 2024 are shown in the table below. For additional information related to pension assets, see Note 9, Employee Benefit Plans.
 December 2025December 2024
(Dollars in Millions)Level 1Level 2TotalLevel 1Level 2Total
Common Stock$103 $— $103 $171 $— $171 
Exchange-Traded Funds
37 — 37 — — — 
Mutual Funds35 — 35 32 — 32 
Cash and Cash Equivalents142 — 142 514 — 514 
Corporate Bonds— 728 728 — 680 680 
Government Securities— 674 674 — 260 260 
Asset-backed Securities, Derivatives and Other— 15 15 — 14 14 
Total Investments in the Fair Value Hierarchy$317 $1,417 $1,734 $717 $954 $1,671 
Investments Measured at Net Asset Value (a)
n/an/a$740 n/an/a$738 
Investments at Fair Value$317 $1,417 $2,474 $717 $954 $2,409 
(a) Investments measured at net asset value represent certain investments that have been measured at net asset value per share (or its equivalent) and thus are not classified in the fair value hierarchy. The fair value amounts presented in this table are shown to permit reconciliation of the fair value hierarchy to the pension assets disclosed in Note 9, Employee Benefit Plans.
v3.25.4
Other Income - Net (Tables)
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Income - Net Other income – net consisted of the following:
 Years Ended
(Dollars in Millions)202520242023
Net Periodic Pension and Post-retirement Benefit Credit (a)
$33 $50 $29 
Interest Income45 85 79 
Miscellaneous Income14 7 31 
Total Other Income - Net$92 $142 $139 
(a) Excludes the service cost component of net periodic benefit cost.
v3.25.4
Investment in Affiliates and Related-Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Equity-method Investments in Affiliates
CSX's investments in affiliates are included on the consolidated balance sheet as investments in affiliates and other companies.
 DecemberDecember
(Dollars in Millions)20252024
Conrail$1,301 $1,245 
TTX1,055 1,012 
Other Investments in Affiliates278 263 
Total$2,634 $2,520 
Schedule of Future Payments Under Shared Asset Area Agreements
The following table presents information about future lease payments and balances related to operating leases as of December 31, 2025.
(Dollars in Millions)December 2025
Maturity of Lease LiabilitiesLease Payments
2026$69 
202762 
202849 
202944 
203039 
Thereafter1,055 
Total Undiscounted Operating Lease Payments$1,318 
Less: Imputed Interest(772)
Present Value of Operating Lease Liabilities$546 
Future payments due to Conrail under the shared asset area agreements are shown in the table below.
(Dollars in Millions)Conrail Shared
YearsAsset Agreement
2026$39 
202739 
202839 
202916 
2030— 
Thereafter— 
Total$133 
Schedule of Related Party Transactions
The following table discloses amounts related to Conrail. All amounts in the table below are included in purchased services and other expenses on the Company’s consolidated income statements.

 Years Ended
(Dollars in Millions)202520242023
Rents, Fees and Services$134 $142 $132 
Purchase Price Amortization and Other4 4 4 
Equity Earnings of Conrail(57)(69)(54)
Total Conrail Expense$81 $77 $82 
 DecemberDecember
(Dollars in Millions)20252024
Balance Sheet Information:  
CSX Accounts Payable to Conrail$214 $172 
Promissory Notes Payable to Conrail Subsidiary  
1.31% CSX Promissory Note due December 2050
73 73 
1.31% CSXT Promissory Note due December 2050
368 368 
As required by the Related Party Disclosures Topic in the ASC, the following table discloses amounts related to TTX. Car hire rents and equity earnings are included in equipment and other rents expense on the Company’s consolidated income statement.

 Years Ended
(Dollars in Millions)202520242023
Income Statement Information:
Car Hire Rents$277 $256 $249 
Equity Earnings of TTX(43)(50)(49)
Total TTX Expense$234 $206 $200 
Also included below is balance sheet information related to CSX's payable to TTX, which represents car rental liabilities.

(Dollars in Millions)DecemberDecember
Balance Sheet Information:20252024
CSX Payable to TTX$47 $44 
v3.25.4
Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Changes in the AOCI Balance by Component
Changes in the AOCI balance by component are shown in the following table. Amounts reclassified in pension and other post-employment benefits to net earnings relate to the amortization of actuarial losses and are included in other income - net on the consolidated income statements. See Note 9, Employee Benefit Plans, for further information. Interest rate derivatives consist of forward starting interest rate swaps classified as cash flow hedges, which were fully settled in 2024. See Note 10, Debt and Credit Agreements, for further information. Items classified as other primarily represent CSX's share of AOCI of equity method investees. Amounts reclassified from other to net earnings are included in purchased services and other or equipment and other rents on the consolidated income statements.
Pension and Other Post-Employment BenefitsInterest Rate DerivativesOtherAccumulated Other Comprehensive (Loss) Income
(Dollars in Millions)
Balance December 31, 2022, net of tax$(519)$150 $(41)$(410)
Other Comprehensive Income (Loss)
Income Before Reclassifications146 16 — 162 
Amounts Reclassified to Net Earnings18 — 5 23 
Tax Expense(35)(16)(3)(54)
Total Other Comprehensive Income$129 $— $2 $131 
Balance December 31, 2023, net of tax$(390)$150 $(39)$(279)
Other Comprehensive Income (Loss)
Income Before Reclassifications44 4 — 48 
Amounts Reclassified to Net Earnings10 — 2 12 
Tax (Expense) Benefit(13)(1)1 (13)
Total Other Comprehensive Income $41 $3 $3 $47 
Balance December 31, 2024, net of tax$(349)$153 $(36)$(232)
Other Comprehensive Income (Loss)
Loss Before Reclassifications(3)— — (3)
Amounts Reclassified to Net Earnings16 — 9 25 
Tax Expense(1)(1)(1)(3)
Total Other Comprehensive Income (Loss)$12 $(1)$8 $19 
Balance December 31, 2025, net of tax$(337)$152 $(28)$(213)
v3.25.4
Segment Reporting and Significant Expenses (Tables)
 12 Months Ended
Dec. 31, 2025
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 years ended 2025, 2024 and 2023.

Years Ended
December 31, 2025December 31, 2024December 31, 2023
(Dollars in Millions)RailReconciliation to ConsolidatedRailReconciliation to ConsolidatedRailReconciliation to Consolidated
Revenue$13,276 $13,696 $13,775 
Reconciliation of Revenue
Trucking Revenue (a)
839851887
Elimination of intersegment revenues(23)(7)(5)
Total Consolidated Revenue$14,092 $14,540 $14,657 
Expense
Labor and Fringe$3,049 $2,971 $2,875 
Purchased Services and Other2,5862,3802,311
Depreciation and Amortization1,6161,5981,550
Fuel
Locomotive9149781,169
Non-Locomotive99102103
Equipment and Other Rents336335334
Gain on Property Disposition(13)(14)(34)
Segment Operating Income$4,689 $5,346 $5,467 
Reconciliation of Operating Income
Trucking Expenses (b)
1,007952855
Elimination of intersegment expenses(23)(7)(5)
Total Consolidated Operating Income$4,521 $5,245 $5,499 
Interest Expense(844)(832)(809)
Other Income-Net92142139
Earnings Before Income Taxes$3,769 $4,555 $4,829 

(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 include $164 million and $108 million impairment charges related to Quality Carriers' goodwill in 2025 and 2024, respectively. See additional information in Note 18, Goodwill and Other Intangible Assets.
v3.25.4
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Other Intangible Asset Balances
The following table presents goodwill and other intangible asset balances and adjustments to those balances for the years ended December 31, 2025, and 2024. There is no remaining goodwill attributed to the Company's trucking operating segment as of December 31, 2025, compared to goodwill of $159 million, and $245 million as of December 2024 and 2023, respectively. The goodwill balance attributed to the rail segment was $80 million at the end of each of the years shown. All intangible assets are attributed to the trucking operating segment.

GoodwillIntangible Assets
(Dollars in Millions)Net Carrying AmountCostAccumulated AmortizationNet Carrying AmountTotal Goodwill and Other Intangible Assets - Net
Balance at December 31, 2023$325 $206 $(25)$181 $506 
Additions22 25 — 25 47 
Amortization— — (12)(12)(12)
Impairment(108)— — — (108)
Balance at December 31, 2024$239 $231 $(37)$194 $433 
Additions5 5 — 5 10 
Amortization— — (12)(12)(12)
Impairment(164)— — — (164)
Balance at December 31, 2025$80 $236 $(49)$187 $267 
v3.25.4
Nature of Operations and Significant Accounting Policies (Details)
mi in Thousands, carload in Thousands, unit in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
employee
railroad
terminal
state
port_terminal
mi
Dec. 31, 2025
employee
railroad
port_terminal
state
line_of_business
terminal
mi
Dec. 31, 2025
employee
carload
railroad
state
terminal
port_terminal
mi
Dec. 31, 2025
employee
railroad
terminal
state
port_terminal
mi
Dec. 31, 2025
employee
unit
railroad
port_terminal
state
terminal
mi
Dec. 31, 2025
employee
operatingSegment
railroad
state
terminal
port_terminal
mi
Dec. 31, 2025
employee
railroad
port_terminal
state
terminal
mi
Dec. 31, 2025
employee
railroad
port_terminal
state
segment
terminal
mi
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Revenue from External Customer [Line Items]                    
Number of rail route miles | mi 20 20 20 20 20 20 20 20    
Rail network states number | state 26 26 26 26 26 26 26 26    
Number of ocean, river and lake ports serviced (over) | port_terminal 70 70 70 70 70 70 70 70    
Number of short-line and regional railroads served (more than) | railroad 250 250 250 250 250 250 250 250    
Revenue $ 14,092               $ 14,540 $ 14,657
Number of primary lines of business | line_of_business   4                
Number of operating segments           2   2    
Number of employees (more than) | employee 23,000 23,000 23,000 23,000 23,000 23,000 23,000 23,000    
Number of rail labor union employees | employee             16,900      
Rail Operations                    
Revenue from External Customer [Line Items]                    
Number of operating segments | operatingSegment           1        
Merchandise business                    
Revenue from External Customer [Line Items]                    
Revenue $ 8,773               8,903 8,653
Number of carloads | carload     2,600              
Percentage of total volume       41.00%            
Percentage of total revenue       62.00%            
Intermodal business                    
Revenue from External Customer [Line Items]                    
Revenue $ 2,073               2,047 2,060
Number of carloads | unit         3.0          
Percentage of total volume       48.00%            
Percentage of total revenue       15.00%            
Number of terminals | terminal 30 30 30 30 30 30 30 30    
Coal business                    
Revenue from External Customer [Line Items]                    
Revenue $ 1,900               2,247 2,484
Number of carloads | carload     718              
Percentage of total volume       11.00%            
Percentage of total revenue       13.00%            
Trucking business                    
Revenue from External Customer [Line Items]                    
Revenue 816               844 882
Percentage of total revenue       6.00%            
Other                    
Revenue from External Customer [Line Items]                    
Revenue $ 530               $ 499 $ 578
Percentage of total revenue       4.00%            
v3.25.4
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net Earnings $ 2,889 $ 3,470 $ 3,668
Denominator:      
Average Common Shares Outstanding (in shares) 1,870 1,939 2,008
Other Potentially Dilutive Common Shares (in shares) 3 4 5
Average Common Shares Outstanding, Assuming Dilution (in shares) 1,873 1,943 2,013
Net Earnings Per Share, Basic (in dollars per share) $ 1.54 $ 1.79 $ 1.83
Net Earnings Per Share, Assuming Dilution (in dollars per share) $ 1.54 $ 1.79 $ 1.82
v3.25.4
Earnings Per Share - Schedule of Antidilutive Stock Options Excluded from Diluted Earnings Per Share Calculation (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stock Options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 5 3 3
v3.25.4
Earnings Per Share - Narrative (Details) - Share Repurchase Program October 2023 - USD ($)
$ in Billions
Dec. 31, 2025
Oct. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Share repurchase program authorized amount   $ 5.0
Share repurchase program, remaining amount $ 1.2  
v3.25.4
Earnings Per Share - Schedule of Share Repurchase Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Shares Repurchased (in shares) 44 65 112
Cost of Shares (Dollars in Millions) $ 1,376 $ 2,204 $ 3,482
Average Price Paid per Share (in dollars per share) $ 30.95 $ 34.14 $ 30.95
Excise Taxes Paid for Net Share Repurchases $ 20 $ 33 $ 0
v3.25.4
Shareholders' Equity - Schedule of Common and Preferred Stock (Details) - $ / shares
shares in Millions
Dec. 31, 2025
Dec. 31, 2024
Stockholders' Equity Note [Abstract]    
Common Stock, Par Value (in dollars per share) $ 1 $ 1
Common Shares Authorized (in shares) 5,400  
Common Shares Issued (in shares) 1,860  
Common Shares Outstanding (in shares) 1,860  
Preferred Shares Authorized (in shares) 25  
Preferred Shares Issued (in shares) 0  
Preferred Shares Outstanding (in shares) 0  
v3.25.4
Shareholders' Equity - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
vote
Stockholders' Equity Note [Abstract]  
Common stock, number of votes per share (in dollars per share) 1
v3.25.4
Stock Plans and Share-Based Compensation - Schedule of Share-Based Compensation and Related Income Tax Benefit (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share-based Compensation Expense $ 54 $ 40 $ 60
Income Tax Benefit 13 13 14
Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share-based Compensation Expense 26 28 19
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share-based Compensation Expense 14 12 12
Employee Stock Purchase Plans      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share-based Compensation Expense 10 8 7
Stock Awards for Directors      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share-based Compensation Expense 3 2 2
Performance Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share-based Compensation Expense $ 1 $ (10) $ 20
v3.25.4
Stock Plans and Share-Based Compensation - Narrative (Details)
 1 Months Ended 12 Months Ended
May 31, 2018
USD ($)
shares
Dec. 31, 2025
USD ($)
plan
shares
Dec. 31, 2024
plan
Dec. 31, 2023
plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Period prior to grant date   3 years    
Non-management Directors        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Annual retainer to be paid to non-management directors, cash option   $ 130,000    
Annual retainer to be paid to non-management directors, common stock option   190,000    
Chairman        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Annual grant of common stock amount   250,000    
Performance Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost   $ 10,000,000    
Expected weighted average period of recognition for unrecognized compensation cost (in years)   2 years    
Expected life (in years)   2 years 8 months 12 days 2 years 10 months 24 days 2 years 9 months 18 days
Performance Units | Long-term Incentive Plans        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of equivalent shares of CSX common stock per unit of award (in shares) | shares   1    
Number of long term incentive plans | plan   3 3 3
Percentage payout on operating ratio   50.00%    
Performance Units | Long-term Incentive Plans | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, equity instruments other than options, payout percentage of target   0.00%    
Performance Units | Long-term Incentive Plans | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, equity instruments other than options, payout percentage of target   200.00%    
Performance Units | 2025-2027 LTIP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award performance period   3 years 3 years 3 years
Performance Units | 2025-2027 LTIP | Certain Executive Officers        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share based compensation arrangement by share based payment award, equity instruments other than options, payout percentage adjustment   0.20    
Performance Units | 2025-2027 LTIP | Maximum | Certain Executive Officers        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, equity instruments other than options, payout percentage of target   240.00%    
Performance Units | 2024-2026 LTIP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award performance period   3 years 3 years 3 years
Performance Units | 2024-2026 LTIP | Certain Executive Officers        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share based compensation arrangement by share based payment award, equity instruments other than options, payout percentage adjustment   0.25    
Performance Units | 2024-2026 LTIP | Maximum | Certain Executive Officers        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, equity instruments other than options, payout percentage of target   250.00%    
Performance Units | 2023-2025 LTIP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award performance period   3 years 3 years 3 years
Performance Units | 2023-2025 LTIP | Certain Executive Officers        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share based compensation arrangement by share based payment award, equity instruments other than options, payout percentage adjustment   0.25    
Performance Units | 2023-2025 LTIP | Maximum | Certain Executive Officers        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, equity instruments other than options, payout percentage of target   250.00%    
Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost   $ 12,000,000    
Expected weighted average period of recognition for unrecognized compensation cost (in years)   2 years    
Expected life (in years)   6 years 6 years 6 years
Stock Options | Long-term Incentive Plans        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award term   10 years    
Stock Options | Long-term Incentive Plans | Vesting on anniversary of the grant date (graded period)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award performance period   3 years    
Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost   $ 21,000,000    
Expected weighted average period of recognition for unrecognized compensation cost (in years)   2 years    
Restricted Stock Units | Share-Based Payment Arrangement, Graduated Vesting        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award performance period   3 years    
Restricted Stock Units | Long-term Incentive Plans        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of equivalent shares of CSX common stock per unit of award (in shares) | shares   1    
Employee Stock Purchase Plans | Employee Stock Purchase Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of registered shares of common stock that my be issued pursuant to plan (in shares) | shares 12,000,000      
Employee contribution percentage, minimum 1.00%      
Employee contribution percentage, maximum 10.00%      
Maximum value of stocks purchased by employee, after tax $ 25,000      
Percentage of share closing market price 85.00%      
Share offering period 6 months      
v3.25.4
Stock Plans and Share-Based Compensation - Schedule of Assumptions Used to Estimate Fair Value of Performance Units (Details) - Performance Units
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free Interest Rate 4.10% 4.40% 4.40%
Annualized Volatility 23.30% 23.30% 33.20%
Expected Life (in years) 2 years 8 months 12 days 2 years 10 months 24 days 2 years 9 months 18 days
v3.25.4
Stock Plans and Share-Based Compensation - Schedule of Performance Unit Grant and Vesting Information (Details) - Performance Units - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-Average Fair Value of Units Granted (in dollars per share) $ 34.02 $ 38.66 $ 31.57
Fair Value of Units Vested (in Millions) $ 21 $ 22 $ 16
v3.25.4
Stock Plans and Share-Based Compensation - Schedule of Performance Unit Activity Related to Outstanding Long-term Incentive Plans and Corresponding Fair Value (Details) - Performance Units
shares in Thousands
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Weighted-Average Fair Value at Grant Date  
Beginning balance (in dollars per share) $ 38.66
Ending balance (in dollars per share) $ 34.02
Long-term Incentive Plans  
Units Outstanding  
Beginning balance (in shares) | shares 1,279
Granted (in shares) | shares 852
Forfeited (in shares) | shares (325)
Vested (in shares) | shares (652)
Ending balance (in shares) | shares 1,154
Weighted-Average Fair Value at Grant Date  
Beginning balance (in dollars per share) $ 35.47
Granted (in dollars per share) 34.02
Forfeited (in dollars per share) 35.42
Vested (in dollars per share) 32.55
Ending balance (in dollars per share) $ 36.10
v3.25.4
Stock Plans and Share-Based Compensation - Schedule of Assumptions and Inputs Used to Estimate Fair Value of Stock Options (Details) - Stock Options - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-Average Fair Value of Units Granted (in dollars per share) $ 9.47 $ 11.58 $ 9.82
Annual Dividend Yield 1.50% 1.30% 1.40%
Risk-free Interest Rate 4.10% 4.20% 3.80%
Annualized Volatility 26.60% 28.70% 29.60%
Expected Life (in years) 6 years 6 years 6 years
Weighted-average Grant-date Market Price of CSX Stock (Strike Price) (in dollars per share) $ 33.94 $ 36.73 $ 31.54
v3.25.4
Stock Plans and Share-Based Compensation - Schedule of Stock Option Activity (Details)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Stock Options Outstanding  
Beginning balance (in shares) | shares 9,531
Granted (in shares) | shares 1,785
Forfeited (in shares) | shares (456)
Exercised (in shares) | shares (1,131)
Ending balance (in shares) | shares 9,729
Weighted-Average Exercise Price  
Beginning balance (in dollars per share) | $ / shares $ 27.40
Granted (in dollars per share) | $ / shares 33.93
Forfeited (in dollars per share) | $ / shares 34.38
Exercised (in dollars per share) | $ / shares 18.90
Ending balance (in dollars per share) | $ / shares $ 29.26
Outstanding, Weighted-average Remaining Contractual Life (in Years) 5 years 3 months 18 days
Outstanding, Aggregate Intrinsic Value | $ $ 68
Exercisable (in shares) | shares 7,195
Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ / shares $ 27.46
Exercisable, Weighted-Average Remaining Contractual Life (in Years) 4 years 7 months 6 days
Exercisable, Aggregate Intrinsic Value | $ $ 63
v3.25.4
Stock Plans and Share-Based Compensation - Schedule of Intrinsic Value and Cash Received on Exercises (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Intrinsic Value of Stock Options Exercised $ 18 $ 45 $ 27
Cash Received from Option Exercises $ 21 $ 79 $ 52
v3.25.4
Stock Plans and Share-Based Compensation - Schedule of Restricted Stock Grant and Vesting Information (Details) - Restricted Stock Units - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-Average Fair Value of Units Granted (in dollars per share) $ 33.16 $ 36.86 $ 31.46
Fair Value of Units Vested (in Millions) $ 39 $ 23 $ 8
v3.25.4
Stock Plans and Share-Based Compensation - Schedule of Outstanding Restricted Stock Units and Award (Details) - Restricted Stock Units
shares in Thousands
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Units Outstanding  
Beginning balance (in shares) | shares 1,990
Granted (in shares) | shares 801
Forfeited (in shares) | shares (165)
Vested (in shares) | shares (1,151)
Ending balance (in shares) | shares 1,475
Weighted-Average Fair Value at Grant Date  
Beginning balance (in dollars per share) | $ / shares $ 34.01
Granted (in dollars per share) | $ / shares 33.16
Forfeited (in dollars per share) | $ / shares 34.10
Vested (in dollars per share) | $ / shares 33.55
Ending balance (in dollars per share) | $ / shares $ 33.91
v3.25.4
Stock Plans and Share-Based Compensation - Schedule of Shares Issued Under Employee Stock Purchase Plan (Details) - ESPP - Employee Stock Purchase Plans - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares Issued (in shares) 1,317 1,012 959
Weighted Average Purchase Price Per Share (in dollars per share) $ 27.38 $ 28.79 $ 25.66
v3.25.4
Casualty, Environmental and Other Reserves - Schedule of Claims Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Loss Contingency Accrual [Roll Forward]      
Balance at beginning of period $ 462 $ 440 $ 436
Charged to Expense 199 168 165
Payments (182) (146) (161)
Balance at end of period 479 462 440
Casualty Reserves      
Loss Contingency Accrual [Roll Forward]      
Balance at beginning of period 208 195 194
Charged to Expense 67 72 69
Payments (62) (59) (68)
Balance at end of period 213 208 195
Environmental Reserves      
Loss Contingency Accrual [Roll Forward]      
Balance at beginning of period 151 154 161
Charged to Expense 32 28 29
Payments (27) (31) (36)
Balance at end of period 156 151 154
Other Reserves      
Loss Contingency Accrual [Roll Forward]      
Balance at beginning of period 103 91 81
Charged to Expense 100 68 67
Payments (93) (56) (57)
Balance at end of period $ 110 $ 103 $ 91
v3.25.4
Casualty, Environmental and Other Reserves - Schedule of Balance Sheet Presentation (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Contingencies [Line Items]        
Current $ 184 $ 149    
Long-term 295 313    
Total 479 462 $ 440 $ 436
Total Casualty        
Contingencies [Line Items]        
Current 66 58    
Long-term 147 150    
Total 213 208 195 194
Personal Injury        
Contingencies [Line Items]        
Current 60 51    
Long-term 94 91    
Total 154 142    
Occupational        
Contingencies [Line Items]        
Current 6 7    
Long-term 53 59    
Total 59 66    
Environmental        
Contingencies [Line Items]        
Current 49 37    
Long-term 107 114    
Total 156 151 154 161
Other        
Contingencies [Line Items]        
Current 69 54    
Long-term 41 49    
Total $ 110 $ 103 $ 91 $ 81
v3.25.4
Casualty, Environmental and Other Reserves - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
site
claim
Casualty Reserves  
Loss Contingencies [Line Items]  
Self-insured retention amount per injury | $ $ 100,000,000
Individual claims expected to exceed self-insured retention amount | claim 0
Environmental  
Loss Contingencies [Line Items]  
Environmental impaired sites | site 220
v3.25.4
Properties - Schedule of Net Properties (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 53,816 $ 52,191
Accumulated Depreciation (17,005) (16,533)
Properties - Net (Note 6) 36,811 35,658
Total Road    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost 39,268 37,684
Accumulated Depreciation (11,968) (11,648)
Properties - Net (Note 6) 27,300 26,036
Rail and Other Track Material    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost 10,318 9,883
Accumulated Depreciation (2,311) (2,199)
Properties - Net (Note 6) $ 8,007 $ 7,684
Annual Depreciation Rate 2.50% 2.50%
Estimated Useful Life (Avg. Years) 41 years 41 years
Ties    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 7,488 $ 7,269
Accumulated Depreciation (2,374) (2,252)
Properties - Net (Note 6) $ 5,114 $ 5,017
Annual Depreciation Rate 3.50% 3.50%
Estimated Useful Life (Avg. Years) 28 years 28 years
Grading    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 3,240 $ 2,813
Accumulated Depreciation (726) (699)
Properties - Net (Note 6) $ 2,514 $ 2,114
Annual Depreciation Rate 1.30% 1.30%
Estimated Useful Life (Avg. Years) 75 years 75 years
Ballast    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 3,581 $ 3,494
Accumulated Depreciation (1,183) (1,159)
Properties - Net (Note 6) $ 2,398 $ 2,335
Annual Depreciation Rate 2.60% 2.60%
Estimated Useful Life (Avg. Years) 38 years 38 years
Bridges, Trestles, and Culverts    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 3,391 $ 3,234
Accumulated Depreciation (591) (572)
Properties - Net (Note 6) $ 2,800 $ 2,662
Annual Depreciation Rate 1.70% 1.70%
Estimated Useful Life (Avg. Years) 60 years 60 years
Signals and Interlockers    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 3,476 $ 3,476
Accumulated Depreciation (1,464) (1,480)
Properties - Net (Note 6) $ 2,012 $ 1,996
Annual Depreciation Rate 4.10% 4.10%
Estimated Useful Life (Avg. Years) 24 years 24 years
Buildings    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 1,577 $ 1,498
Accumulated Depreciation (580) (568)
Properties - Net (Note 6) $ 997 $ 930
Annual Depreciation Rate 2.50% 2.50%
Estimated Useful Life (Avg. Years) 40 years 40 years
Other    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 6,197 $ 6,017
Accumulated Depreciation (2,739) (2,719)
Properties - Net (Note 6) $ 3,458 $ 3,298
Annual Depreciation Rate 4.10% 4.10%
Estimated Useful Life (Avg. Years) 25 years 25 years
Total Equipment    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 11,264 $ 11,162
Accumulated Depreciation (5,037) (4,885)
Properties - Net (Note 6) 6,227 6,277
Locomotive    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost 5,374 5,252
Accumulated Depreciation (2,267) (2,175)
Properties - Net (Note 6) $ 3,107 $ 3,077
Annual Depreciation Rate 3.80% 3.80%
Estimated Useful Life (Avg. Years) 26 years 26 years
Freight Cars    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 2,246 $ 2,311
Accumulated Depreciation (358) (407)
Properties - Net (Note 6) $ 1,888 $ 1,904
Annual Depreciation Rate 3.10% 3.10%
Estimated Useful Life (Avg. Years) 32 years 32 years
Work Equipment and Other    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 3,644 $ 3,599
Accumulated Depreciation (2,412) (2,303)
Properties - Net (Note 6) $ 1,232 $ 1,296
Annual Depreciation Rate 8.90% 8.90%
Estimated Useful Life (Avg. Years) 11 years 11 years
Land    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 2,286 $ 2,276
Properties - Net (Note 6) 2,286 2,276
Construction In Progress    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost 998 1,069
Properties - Net (Note 6) $ 998 $ 1,069
v3.25.4
Properties - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]        
Percentage of labor costs relating to the deconstruction of old track   20.00%    
Percentage of labor costs relating to the installation of new track   80.00%    
Percentage of assets depreciated under the group-life method   86.00%    
Properties   $ 53,816 $ 52,191  
Gains on sale of properties   17 11 $ 34
Impairment expense   $ 26 $ 24 2
Government Assistance, Asset, Increase, Statement of Financial Position [Extensible Enumeration]   Properties Properties  
Government assistance, asset, increase   $ 216 $ 246 $ 84
Non-freight accounts receivable   121 39  
Equipment assets        
Property, Plant and Equipment [Line Items]        
Properties   $ 11,264 11,162  
Life studies, frequency period   3 years    
Equipment assets | Service Life, Salvage Value And Other | Forecast        
Property, Plant and Equipment [Line Items]        
Expected decrease in depreciation expense $ 40      
Road and track assets        
Property, Plant and Equipment [Line Items]        
Properties   $ 39,268 $ 37,684  
Life studies, frequency period   6 years    
v3.25.4
Leases - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
mi
Dec. 31, 2024
USD ($)
Lessee, Lease, Description [Line Items]    
Right-of-use asset $ 464 $ 487
Right-of-use asset recognized as non-cash asset addition 38 54
Cash paid for amounts included in measurement of operating lease liabilities $ 83 $ 81
State of Georgia    
Lessee, Lease, Description [Line Items]    
Term of lease agreement 50 years  
Number of miles of right-of-way with integral equipment leased | mi 137  
Percentage of annual increase in operating lease 2.50%  
Maximum | Other parties    
Lessee, Lease, Description [Line Items]    
Term of lease agreement 50 years  
v3.25.4
Leases - Schedule of Future Lease Payments and Balances related to Operating Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Maturity of Lease Liabilities    
2026 $ 69  
2027 62  
2028 49  
2029 44  
2030 39  
Thereafter 1,055  
Total 1,318  
Less: Imputed Interest (772)  
Present Value of Operating Lease Liabilities $ 546 $ 559
v3.25.4
Leases - Schedule of Balance Sheet Classification and Other Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Balance Sheet Classification    
Right of Use Asset $ 464 $ 487
Current Lease Liabilities (Included in Other Current Liabilities) $ 67 $ 73
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Current Liabilities Other Current Liabilities
Long-term Lease Liabilities $ 479 $ 486
Total Operating Lease Liabilities $ 546 $ 559
Other Information    
Weighted-average Remaining Lease Term for Operating Leases 30 years 30 years
Weighted-average Discount Rate for Operating Leases 5.10% 5.10%
v3.25.4
Leases - Schedule of Operating Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Rent Expense on Operating Leases $ 112 $ 117 $ 109
v3.25.4
Commitments and Contingencies - Narrative (Details)
 1 Months Ended 12 Months Ended
Oct. 02, 2025
entity
Jan. 31, 2024
USD ($)
party
Mar. 24, 2023
defendant
Mar. 02, 2023
mi
Sep. 28, 2021
mi
Jun. 30, 2018
defendant
Mar. 31, 2016
mi
May 31, 2007
entity
Dec. 31, 2025
USD ($)
locomotive
mi
Mar. 02, 2022
party
Other Commitments [Line Items]                    
Number of locomotives to be purchased, 2026-2028 | locomotive                 100  
Number of locomotives to be serviced under long-term maintenance and rebuild program | locomotive                 1,900  
Casualty and non catastrophic property deductible                 $ 200,000,000  
Casualty and catastrophic property deductible                 $ 175,000,000  
Environmental Litigation                    
Other Commitments [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                
Number of defendants | defendant     37     110        
Environmental Litigation | Other Defendants                    
Other Commitments [Line Items]                    
Litigation settlement, amount awarded to other party   $ 150,000,000                
Environmental Litigation | Occidental Petroleum Corporation                    
Other Commitments [Line Items]                    
Number of entities | entity 2                  
Pending Litigation | Fuel Surcharge Antitrust Litigation                    
Other Commitments [Line Items]                    
Number of other U.S.-based entities mentioned in class action lawsuit | entity               3    
Minimum | Pending Litigation                    
Other Commitments [Line Items]                    
Range of possible loss from legal proceedings                 $ 2,000,000  
Maximum | Pending Litigation                    
Other Commitments [Line Items]                    
Range of possible loss from legal proceedings                 72,000,000  
Total Casualty                    
Other Commitments [Line Items]                    
Self-insured retention amount per injury                 100,000,000  
Prepayment for 2026 Locomotive Maintenance Services                    
Other Commitments [Line Items]                    
Cost, maintenance                 96,000,000  
Payment for Pre-owned Locomotives                    
Other Commitments [Line Items]                    
Cost, maintenance                 $ 14,000,000  
v3.25.4
Commitments and Contingencies - Schedule of Number of Locomotives and Payments under Long-term Maintenance Program (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]      
Amounts Paid $ 456 $ 311 $ 236
v3.25.4
Commitments and Contingencies - Schedule of Annual Payments under Long-term Maintenance Program (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Unrecorded Unconditional Purchase Obligation [Abstract]  
2026 $ 540
2027 682
2028 723
2029 545
2030 313
Thereafter 872
Total 3,675
Locomotive Maintenance, Rebuild & Purchases  
Unrecorded Unconditional Purchase Obligation [Abstract]  
2026 387
2027 579
2028 659
2029 521
2030 288
Thereafter 835
Total 3,269
Other Commitments  
Unrecorded Unconditional Purchase Obligation [Abstract]  
2026 153
2027 103
2028 64
2029 24
2030 25
Thereafter 37
Total $ 406
v3.25.4
Employee Benefit Plans - Schedule of Participants (Details)
Jan. 01, 2025
employee
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Active Employees 2,233
Retirees and Beneficiaries 10,909
Terminated Vested and Other 3,108
Total 16,250
v3.25.4
Employee Benefit Plans - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
plan
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Employer contributions $ 18,000,000 $ 17,000,000  
Percentage within which the planned allocation is managed 5.00%    
Net actuarial gain (loss) $ (64,000,000) 107,000,000  
Projected benefit obligation 186,000,000 186,000,000  
Accumulated benefit obligation 179,000,000 178,000,000  
Projected benefit obligation 0 0  
Plan benefit accruals $ 2,133,000,000 2,115,000,000  
Growth-Oriented      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage of pension plan assets 30.00%    
Immunizing      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage of pension plan assets 70.00%    
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Employer contributions $ 0 0 $ 0
Expected contributions expected in the next fiscal year 0    
Net actuarial gain (loss) $ (64,000,000) $ 107,000,000  
Increase (decrease) in weighted average discount rate (0.25%) 0.68%  
Pre-tax (loss) gain to be amortized related to post-retirement obligations $ (498,000,000)    
Pension Plan | Quality Carriers, Inc. | Multiemployer Plan, Union-represented Employees      
Defined Benefit Plan Disclosure [Line Items]      
Number of multi-employer pension plans | plan 2    
Contingent liability for full withdrawal or termination of multi-employer plan $ 284,000,000    
Pension Plan | Quality Carriers, Inc. | Multiemployer Plan, Union-represented Employees, Central Southeast and Southwest Areas Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Contingent liability for full withdrawal or termination of multi-employer plan 280,000,000    
Postretirement Health Coverage      
Defined Benefit Plan Disclosure [Line Items]      
Plan benefit accruals 46,000,000 $ 49,000,000  
Defined benefit plan, expected future benefit payments 42,000,000    
Savings Plan      
Defined Benefit Plan Disclosure [Line Items]      
Expense associated with savings plans $ 39,000,000 $ 40,000,000 $ 35,000,000
v3.25.4
Employee Benefit Plans - Schedule of Future Expected Benefit Payments (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]  
2026 $ 187
2027 183
2028 182
2029 180
2030 179
2031-2035 868
Total $ 1,779
v3.25.4
Employee Benefit Plans - Schedule of Allocation of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Amount $ 2,474 $ 2,409 $ 2,465
Percent of total assets 100.00% 100.00%  
Growth-Oriented      
Defined Benefit Plan Disclosure [Line Items]      
Amount $ 744 $ 784  
Percent of total assets 30.00% 33.00%  
Equity      
Defined Benefit Plan Disclosure [Line Items]      
Amount $ 597 $ 709  
Percent of total assets 24.00% 29.00%  
Fixed Income      
Defined Benefit Plan Disclosure [Line Items]      
Amount $ 112 $ 57  
Percent of total assets 5.00% 3.00%  
Cash and Cash Equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Amount $ 35 $ 18  
Percent of total assets 1.00% 1.00%  
Immunizing      
Defined Benefit Plan Disclosure [Line Items]      
Amount $ 1,730 $ 1,625  
Percent of total assets 70.00% 67.00%  
Fixed Income      
Defined Benefit Plan Disclosure [Line Items]      
Amount $ 1,623 $ 1,129  
Percent of total assets 66.00% 46.00%  
Cash and Cash Equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Amount $ 107 $ 496  
Percent of total assets 4.00% 21.00%  
v3.25.4
Employee Benefit Plans - Schedule of Changes in Benefit Obligation and Fair Value of Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Actuarial Present Value of Benefit Obligation    
Accumulated Benefit Obligation $ 2,133 $ 2,115
Projected Benefit Obligation 2,213 2,192
Change in Projected Benefit Obligation:    
Projected Benefit Obligation at Beginning of Plan Year 2,192 2,343
Service Cost 24 27
Interest Cost 109 106
Actuarial Loss (Gain) 64 (107)
Benefits Paid (176) (177)
Benefit Obligation at End of Plan Year 2,213 2,192
Change in Plan Assets:    
Fair Value of Plan Assets at Beginning of Plan Year 2,409 2,465
Actual Return on Plan Assets 223 104
Non-qualified Employer Contributions 18 17
Benefits Paid (176) (177)
Fair Value of Plan Assets at End of Plan Year 2,474 2,409
Funded Status at End of Plan Year 261 217
Capitalized service costs $ 4 $ 3
v3.25.4
Employee Benefit Plans - Schedule of Amount Recognized in Balance Sheet (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Amounts Recorded in Consolidated Balance Sheets [Abstract]    
Long-term Assets $ 447 $ 403
Current Liabilities (17) (17)
Long-term Liabilities (169) (169)
Net Amount Recognized in Consolidated Balance Sheets $ 261 $ 217
v3.25.4
Employee Benefit Plans - Schedule of Net Benefit Expense Recorded on the Income Statement (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Components of expense/ (income) related to net benefit expense [Abstract]      
Interest Cost $ 109 $ 106  
Amortization of Net Loss 23 18  
Total Income Included in Other Income - Net (33) (50) $ (29)
Pension Benefits      
Components of expense/ (income) related to net benefit expense [Abstract]      
Service Cost Included in Labor and Fringe 20 24 24
Interest Cost 109 106 111
Expected Return on Plan Assets (160) (168) (164)
Amortization of Net Loss 23 18 29
Total Income Included in Other Income - Net (28) (44) (24)
Net Periodic Benefit Credit $ (8) $ (20) $ 0
v3.25.4
Employee Benefit Plans - Schedule of Pre-tax Change in Other Comprehensive Loss (Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Recognized in the Balance Sheet    
Loss (Gains) $ 1 $ (42)
Recognized in the Income Statement    
Amortization of Net Loss $ 23 $ 18
v3.25.4
Employee Benefit Plans - Schedule of Weighted-Average Assumptions Used (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]    
Benefit Cost for Current Plan Year 6.75% 6.75%
Benefit Cost for Subsequent Plan Year 6.25% 6.75%
Discount Rates:    
Service Cost for Plan Year 5.61% 4.90%
Interest Cost for Plan Year 5.20% 4.72%
Benefit Obligation at End of Plan Year 5.25% 5.50%
Salary Scale Inflation 4.80% 4.80%
Cash Balance Plan Interest Credit Rate 3.75% 3.75%
v3.25.4
Debt and Credit Agreements - Schedule of Long-term Debt Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Finance Leases Average Interest Rate 4.70%  
Total Long-term Debt Maturities, including current portion $ 18,873 $ 18,503
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Long-term Debt (Excluding Current Portion) Long-term Debt (Excluding Current Portion)
Finance Leases $ 15 $ 10
Less Debt Due within One Year (708) (606)
Long-term Debt (Excluding Current Portion) $ 18,165 17,897
Notes    
Debt Instrument [Line Items]    
Average Interest Rates 4.40%  
Total Long-term Debt Maturities, including current portion $ 18,858 18,492
Equipment Obligations    
Debt Instrument [Line Items]    
Average Interest Rates 4.30%  
Total Long-term Debt Maturities, including current portion $ 0 $ 1
v3.25.4
Debt and Credit Agreements - Schedule of Activity Related to Long-Term Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement, Debt Instruments [Roll Forward]      
Long-term Debt as of December 31, 2024 Current Portion $ 606    
Long-term Debt as of December 31, 2024 Long-term Portion 17,897    
Long-term Debt as of December 31, 2024, Total 18,503    
Long-term Debt Issued 900 $ 550 $ 600
Long-term Debt Repaid (613) (558) $ (153)
Reclassifications 0    
Hedging, Discount, Premium and Other Activity 83    
Long-term Debt as of December 31, 2025 Current Portion 708 606  
Long-term Debt as of December 31, 2025 Long-term Portion 18,165 17,897  
Long-term Debt as of December 31, 2025, Total 18,873 18,503  
Current Portion      
Movement, Debt Instruments [Roll Forward]      
Long-term Debt as of December 31, 2024 Current Portion 606    
Long-term Debt Issued 0    
Long-term Debt Repaid (613)    
Reclassifications 703    
Hedging, Discount, Premium and Other Activity 12    
Long-term Debt as of December 31, 2025 Current Portion 708 606  
Long-term Portion      
Movement, Debt Instruments [Roll Forward]      
Long-term Debt as of December 31, 2024 Long-term Portion 17,897    
Long-term Debt Issued 900    
Long-term Debt Repaid 0    
Reclassifications (703)    
Hedging, Discount, Premium and Other Activity 71    
Long-term Debt as of December 31, 2025 Long-term Portion $ 18,165 $ 17,897  
v3.25.4
Debt and Credit Agreements - Narrative (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
swap
Dec. 31, 2025
USD ($)
swap
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
swap
Dec. 31, 2022
swap
Oct. 23, 2025
USD ($)
Mar. 10, 2025
USD ($)
Sep. 18, 2024
USD ($)
Sep. 30, 2023
USD ($)
Debt Instrument [Line Items]                  
Other operating activities   $ (70,000,000) $ (75,000,000) $ (41,000,000)          
Commercial Paper                  
Debt Instrument [Line Items]                  
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                  
Debt Instrument [Line Items]                  
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                  
Debt Instrument [Line Items]                  
Interest rate fair value hedge asset at fair value   $ 9,000,000              
Seven Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging                  
Debt Instrument [Line Items]                  
Derivative, number of fair value hedges | swap   7              
Derivative, term of contract   10 years              
2023 Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging                  
Debt Instrument [Line Items]                  
Derivative, number of fair value hedges | swap       2          
2022 Fixed-to-Floating Interest Rate Swap | Fair Value Hedging                  
Debt Instrument [Line Items]                  
Derivative, number of fair value hedges | swap         5        
2022 Fixed-to-Floating Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument                  
Debt Instrument [Line Items]                  
Interest rate fair value hedge liability at fair value   $ 87,000,000 123,000,000            
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument                  
Debt Instrument [Line Items]                  
Derivative asset, notional value   500,000,000              
Notional amount settled     114,000,000 $ 226,000,000          
Other operating activities     52,000,000 $ 95,000,000          
Derivative asset, unsettled notional amount   0 0            
Two Separate Fixed-to-Floating Interest Rate Swaps Due 2033 | Fair Value Hedging | Designated as Hedging Instrument                  
Debt Instrument [Line Items]                  
Interest rate fair value hedge asset at fair value   14,000,000 $ 7,000,000            
5.05% Notes Due 2035                  
Debt Instrument [Line Items]                  
Notional value of hedged notes           $ 300,000,000 $ 600,000,000    
Interest rate           5.05% 5.05%    
4.90% Notes Due 2055                  
Debt Instrument [Line Items]                  
Notional value of hedged notes               $ 550,000,000  
Interest rate               4.90%  
5.2% Notes Due 2033                  
Debt Instrument [Line Items]                  
Notional value of hedged notes                 $ 600,000,000
Interest rate                 5.20%
Two Separate Fixed-to-Floating Interest Rate Swaps Due 2055                  
Debt Instrument [Line Items]                  
Notional value of hedged notes $ 250,000,000                
Seven Fixed-to-Floating Interest Rate Swaps                  
Debt Instrument [Line Items]                  
Notional value of hedged notes   1,100,000,000              
3.25% Notes Due 2027                  
Debt Instrument [Line Items]                  
Notional value of hedged notes   $ 850,000,000              
Interest rate   3.25%              
Unsecured Revolving Credit Facility Due 2028 | Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Line of credit facility capacity   $ 1,200,000,000              
Line of credit facility, amount outstanding   $ 0              
v3.25.4
Debt and Credit Agreements - Schedule of Long-term Debt Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Maturities of Long-term Debt [Abstract]    
2026 $ 708  
2027 1,001  
2028 1,002  
2029 951  
2030 400  
Thereafter 14,811  
Total Long-term Debt Maturities, including current portion $ 18,873 $ 18,503
v3.25.4
Debt and Credit Agreements - Schedule of Interest Rate Derivatives (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Fixed-to-Floating Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument    
Debt Instrument [Line Items]    
Fair Value Asset Adjustment to Hedged Notes $ 23,000,000 $ 7,000,000
Fair Value Liability Adjustment to Hedged Notes (87,000,000) (123,000,000)
Carrying Amount of Hedged Notes 1,236,000,000 934,000,000
Fixed Rate Notes Due Between 2036 and 2040    
Debt Instrument [Line Items]    
Notional Value of Hedged Notes $ 1,300,000,000 $ 1,050,000,000
v3.25.4
Debt and Credit Agreements - Schedule of Interest Expense Impact (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fixed-to-Floating Interest Rate Swaps      
Derivative [Line Items]      
Interest Expense Impact (Increase) Decrease $ (21) $ (31) $ (28)
v3.25.4
Debt and Credit Agreements - Schedule of Unrealized Amounts Related to Cash Flow Hedges (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flow Hedging      
Derivative [Line Items]      
Unrealized Gain - Net $ (1) $ 3 $ 0
v3.25.4
Revenues - Schedule of Disaggregated by Lines of Business (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 14,092 $ 14,540 $ 14,657
Total Merchandise      
Disaggregation of Revenue [Line Items]      
Revenue 8,773 8,903 8,653
Chemicals      
Disaggregation of Revenue [Line Items]      
Revenue 2,776 2,850 2,599
Agricultural and Food Products      
Disaggregation of Revenue [Line Items]      
Revenue 1,618 1,644 1,657
Automotive      
Disaggregation of Revenue [Line Items]      
Revenue 1,182 1,226 1,219
Forest Products      
Disaggregation of Revenue [Line Items]      
Revenue 975 1,047 1,012
Metals and Equipment      
Disaggregation of Revenue [Line Items]      
Revenue 869 859 917
Minerals      
Disaggregation of Revenue [Line Items]      
Revenue 832 772 733
Fertilizers      
Disaggregation of Revenue [Line Items]      
Revenue 521 505 516
Intermodal      
Disaggregation of Revenue [Line Items]      
Revenue 2,073 2,047 2,060
Coal      
Disaggregation of Revenue [Line Items]      
Revenue 1,900 2,247 2,484
Trucking      
Disaggregation of Revenue [Line Items]      
Revenue 816 844 882
Other      
Disaggregation of Revenue [Line Items]      
Revenue $ 530 $ 499 $ 578
v3.25.4
Revenues - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Concentration Risk [Line Items]  
Payment period after invoice date 15 days
Minimum  
Concentration Risk [Line Items]  
Average transit time to complete a rail shipment 2 days
Maximum  
Concentration Risk [Line Items]  
Average transit time to complete a rail shipment 7 days
v3.25.4
Revenues - Schedule of Accounts Receivables, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Accounts Receivable, net $ 1,298 $ 1,326
Freight Receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts Receivables, gross 932 1,012
Allowance for Credit Losses (23) (16)
Total Accounts Receivable, net 909 996
Non-Freight Receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts Receivables, gross 404 343
Allowance for Credit Losses (15) (13)
Total Accounts Receivable, net $ 389 $ 330
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Earnings before income taxes $ 3,769 $ 4,555 $ 4,829
Additional income tax benefit 43 31 22
Income taxes paid, net 1,102 1,076 $ 630
Unrecognized tax benefits 21 20  
Amount of unrecognized tax benefits that could favorably impact effective income tax rate 16 $ 16  
Tax Year 2024      
Effective Income Tax Rate Reconciliation [Line Items]      
Income taxes paid, net $ 429    
v3.25.4
Income Taxes - Schedule of Breakdown of Income Tax Expense Between Current and Deferred (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 553,000 $ 873,000 $ 851,000
State 133,000 200,000 184,000
Subtotal Current 686,000 1,073,000 1,035,000
Deferred:      
Federal 195,000 26,000 110,000
State (1,000) (14,000) 16,000
Subtotal Deferred 194,000 12,000 126,000
Total Income Tax Expense $ 880,000 $ 1,085,000 $ 1,161,000
v3.25.4
Income Taxes - Schedule of Difference between the Effective Income Tax Rate Reconciliation and the U.S. Statutory Federal Income Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. Federal Statutory Rate $ 792,000 $ 957,000 $ 1,014,000
State and Local Income Taxes, Net of Federal Tax Effect 102,000 147,000 158,000
Foreign Tax Effects 3,000    
Tax Credits (17,000)    
Nontaxable or Nondeductible Items (24,000)    
Other Adjustments 24,000 (19,000) (11,000)
Total Income Tax Expense $ 880,000 $ 1,085,000 $ 1,161,000
Percentage      
U.S. Federal Statutory Rate 21.00% 21.00% 21.00%
State and Local Income Taxes, Net of Federal Tax Effect 2.70% 3.20% 3.30%
Foreign Tax Effects 0.10%    
Tax Credits (0.50%)    
Nontaxable or Nondeductible Items (0.60%)    
Other Adjustments 0.60% (0.40%) (0.20%)
Effective Income Tax Rate 23.30% 23.80% 24.10%
Tax Jurisdiction of Domicile [Extensible Enumeration] UNITED STATES UNITED STATES UNITED STATES
v3.25.4
Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Federal $ 938    
State 161    
Foreign 3    
Total 1,102 $ 1,076 $ 630
Payments for purchase of tax credits $ 200    
v3.25.4
Income Taxes - Schedule of Income Tax Expense Reconciled to Tax Computed at Statutory Rates (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Expense      
Federal Income Taxes $ 792,000 $ 957,000 $ 1,014,000
State Income Taxes 102,000 147,000 158,000
Other Adjustments 24,000 (19,000) (11,000)
Total Income Tax Expense $ 880,000 $ 1,085,000 $ 1,161,000
Rate      
Federal Income Taxes 21.00% 21.00% 21.00%
State Income Taxes 2.70% 3.20% 3.30%
Other 0.60% (0.40%) (0.20%)
Effective Income Tax Rate 23.30% 23.80% 24.10%
v3.25.4
Income Taxes - Schedule of Significant Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Other $ 560 $ 568
Total 560 568
Liabilities    
Accelerated Depreciation 7,835 7,651
Other 639 642
Total 8,474 8,293
Net Deferred Income Tax Liabilities $ 7,914 $ 7,725
v3.25.4
Fair Value Measurements - Schedule of Fair Value of Investment Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value $ 5 $ 2
Level 1 | Exchange-traded Funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 5 2
Level 1 | Corporate Bonds    
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 | Asset-backed Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 0 0
Level 1 | Time Deposits    
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 182 214
Level 2 | Exchange-traded Funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 0 0
Level 2 | Corporate Bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 82 71
Level 2 | Government Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 71 42
Level 2 | Asset-backed Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 29 35
Level 2 | Time Deposits    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 0 66
Total    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 187 216
Total | Exchange-traded Funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 5 2
Total | Corporate Bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 82 71
Total | Government Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 71 42
Total | Asset-backed Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 29 35
Total | Time Deposits    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value $ 0 $ 66
v3.25.4
Fair Value Measurements - Schedule of Investment Maturities (Details) - Fair Value - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Less than 1 year $ 5 $ 72
1 - 5 years 94 72
5 - 10 years 42 23
Greater than 10 years 41 47
Total Investments at Fair Value $ 182 $ 214
v3.25.4
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt securities $ 182 $ 214
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments at amortized cost $ 181 218
Partnerships    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Net asset value, redemption restriction period 15 days  
Commingled and Common Collective Trust Funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Net asset value, redemption restriction period 45 days  
Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging | Designated as Hedging Instrument    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate fair value hedge liability at fair value $ 87 123
2023 & 2025 Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging | Designated as Hedging Instrument    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate fair value hedge asset at fair value 23 7
2022 Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging | Designated as Hedging Instrument    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate fair value hedge liability at fair value $ 87 $ 123
v3.25.4
Fair Value Measurements - Schedule of Fair Value and Carrying Value of Long-term Debt (Details) - Level 2 - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term Debt (Including Current Maturities): $ 17,305 $ 16,481
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term Debt (Including Current Maturities): $ 18,873 $ 18,503
v3.25.4
Fair Value Measurements - Schedule of Pension Plan Assets at Fair Value by Level (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value $ 2,474 $ 2,409 $ 2,465
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 2,474 2,409  
Pension Plan | Total      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 1,734 1,671  
Pension Plan | Total | Common Stock      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 103 171  
Pension Plan | Total | Exchange-Traded Funds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 37 0  
Pension Plan | Total | Mutual Funds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 35 32  
Pension Plan | Total | Cash and Cash Equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 142 514  
Pension Plan | Total | Corporate Bonds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 728 680  
Pension Plan | Total | Government Securities      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 674 260  
Pension Plan | Total | Asset-backed Securities, Derivatives and Other      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 15 14  
Pension Plan | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 317 717  
Pension Plan | Level 1 | Common Stock      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 103 171  
Pension Plan | Level 1 | Exchange-Traded Funds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 37 0  
Pension Plan | Level 1 | Mutual Funds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 35 32  
Pension Plan | Level 1 | Cash and Cash Equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 142 514  
Pension Plan | Level 1 | Corporate Bonds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 0 0  
Pension Plan | Level 1 | Government Securities      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 0 0  
Pension Plan | Level 1 | Asset-backed Securities, Derivatives and Other      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 0 0  
Pension Plan | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 1,417 954  
Pension Plan | Level 2 | Common Stock      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 0 0  
Pension Plan | Level 2 | Exchange-Traded Funds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 0 0  
Pension Plan | Level 2 | Mutual Funds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 0 0  
Pension Plan | Level 2 | Cash and Cash Equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 0 0  
Pension Plan | Level 2 | Corporate Bonds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 728 680  
Pension Plan | Level 2 | Government Securities      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 674 260  
Pension Plan | Level 2 | Asset-backed Securities, Derivatives and Other      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 15 14  
Pension Plan | Investments measured at net asset value      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value $ 740 $ 738  
v3.25.4
Other Income - Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Income and Expenses [Abstract]      
Net Periodic Pension and Post-retirement Benefit Credit $ 33 $ 50 $ 29
Interest Income 45 85 79
Miscellaneous Income 14 7 31
Total Other Income - Net $ 92 $ 142 $ 139
v3.25.4
Investment in Affiliates and Related-Party Transactions - Schedule of Equity-method Investments in Affiliates (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Total $ 2,634 $ 2,520
Corporate Joint Venture | Conrail    
Related Party Transaction [Line Items]    
Total 1,301 1,245
Affiliated Entity    
Related Party Transaction [Line Items]    
Total 2,634 2,520
Affiliated Entity | TTX    
Related Party Transaction [Line Items]    
Total 1,055 1,012
Affiliated Entity | Other Investments in Affiliates    
Related Party Transaction [Line Items]    
Total $ 278 $ 263
v3.25.4
Investment in Affiliates and Related-Party Transactions - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
note
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Corporate Joint Venture | Conrail      
Related Party Transaction [Line Items]      
Ownership percentage 42.00%    
Voting interest percentage 50.00%    
Difference between carrying amount and underlying equity $ 315    
Promissory notes executed | note 2    
Interest expense, debt $ 6 $ 6 $ 6
Corporate Joint Venture | Conrail | 1.31% Promissory Note Due December 2050      
Related Party Transaction [Line Items]      
Note interest rate 1.31%    
New notes issued in non-cash transaction $ 441    
Related Party | TTX      
Related Party Transaction [Line Items]      
Ownership percentage 20.00%    
v3.25.4
Investment in Affiliates and Related-Party Transactions - Schedule of Future Payments Due under Operating Leases (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Related Party Transaction [Line Items]  
2026 $ 69
2027 62
2028 49
2029 44
2030 39
Thereafter 1,055
Total 1,318
Corporate Joint Venture | Conrail  
Related Party Transaction [Line Items]  
2026 39
2027 39
2028 39
2029 16
2030 0
Thereafter 0
Total $ 133
v3.25.4
Investment in Affiliates and Related-Party Transactions - Schedule of Related Party in the Consolidated Income Statement Components (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Amounts Consolidated Income Statements [Abstract]      
Total Expense $ 9,571 $ 9,295 $ 9,158
Corporate Joint Venture | Conrail      
Related Party Amounts Consolidated Income Statements [Abstract]      
Rents, Fees and Services 134 142 132
Purchase Price Amortization and Other 4 4 4
Equity Earnings (57) (69) (54)
Total Expense 81 77 82
Related Party | TTX      
Related Party Amounts Consolidated Income Statements [Abstract]      
Car Hire Rents 277 256 249
Equity Earnings (43) (50) (49)
Total Expense $ 234 $ 206 $ 200
v3.25.4
Investment in Affiliates and Related-Party Transactions - Schedule of Related Party Consolidated Balance Sheet Components (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Corporate Joint Venture | Conrail    
Related Party Transaction [Line Items]    
Accounts payable $ 214 $ 172
Corporate Joint Venture | Conrail | 1.31% CSX Promissory Note due December 2050    
Related Party Transaction [Line Items]    
Notes payable $ 73 $ 73
Promissory note interest rate 1.31% 1.31%
Corporate Joint Venture | Conrail | 1.31% CSXT Promissory Note due December 2050    
Related Party Transaction [Line Items]    
Notes payable $ 368 $ 368
Promissory note interest rate 1.31% 1.31%
Related Party | TTX    
Related Party Transaction [Line Items]    
Accounts payable $ 47 $ 44
v3.25.4
Other Comprehensive Income (Loss) - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity [Abstract]      
Comprehensive earnings $ 2,908 $ 3,517 $ 3,799
v3.25.4
Other Comprehensive Income (Loss) - Schedule of Changes in AOCI Balance by Components (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance $ 12,507 $ 11,985 $ 12,469
Other Comprehensive Income (Loss)      
Ending balance 13,160 12,507 11,985
Accumulated Other Comprehensive (Loss) Income      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance [1] (232) (279) (410)
Other Comprehensive Income (Loss)      
Income (Loss) Before Reclassifications (3) 48 162
Amounts Reclassified to Net Earnings 25 12 23
Tax (Expense) Benefit (3) (13) (54)
Total Other Comprehensive Income (Loss) 19 47 131
Ending balance [1] (213) (232) (279)
Pension and Other Post-Employment Benefits      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (349) (390) (519)
Other Comprehensive Income (Loss)      
Income (Loss) Before Reclassifications (3) 44 146
Amounts Reclassified to Net Earnings 16 10 18
Tax (Expense) Benefit (1) (13) (35)
Total Other Comprehensive Income (Loss) 12 41 129
Ending balance (337) (349) (390)
Interest Rate Derivatives      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 153 150 150
Other Comprehensive Income (Loss)      
Income (Loss) Before Reclassifications 0 4 16
Amounts Reclassified to Net Earnings 0 0 0
Tax (Expense) Benefit (1) (1) (16)
Total Other Comprehensive Income (Loss) (1) 3 0
Ending balance 152 153 150
Other      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (36) (39) (41)
Other Comprehensive Income (Loss)      
Income (Loss) Before Reclassifications 0 0 0
Amounts Reclassified to Net Earnings 9 2 5
Tax (Expense) Benefit (1) 1 (3)
Total Other Comprehensive Income (Loss) 8 3 2
Ending balance $ (28) $ (36) $ (39)
[1] Accumulated Other Comprehensive Loss year-end balances shown above are net of tax. The associated tax benefits were $58 million, $61 million, and $74 million for 2025, 2024 and 2023, respectively. For additional information see Note 16, Other Comprehensive Income (Loss).
v3.25.4
Segment Reporting and Significant Expenses- Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
operatingSegment
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]            
Number of operating segments     2 2    
Reportable segments not disclosed segments          
Assets $ 43,682 $ 43,682 $ 43,682 $ 43,682 $ 42,764 $ 42,200
Rail Operations            
Segment Reporting, Asset Reconciling Item [Line Items]            
Number of operating segments | operatingSegment     1      
Segment, expenditure, addition to long-lived assets   2,900     2,500 2,200
Assets $ 43,500 43,500 $ 43,500 $ 43,500 42,600 $ 42,000
Rail Operations | Hurricane Helene            
Segment Reporting, Asset Reconciling Item [Line Items]            
Segment, expenditure, addition to long-lived assets   $ 470     $ 50  
v3.25.4
Segment Reporting and Significant Expenses- Schedule of Segment Reporting Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]          
Revenue     $ 14,092 $ 14,540 $ 14,657
Labor and Fringe     3,262 3,165 3,052
Purchased Services and Other     3,013 2,841 2,768
Depreciation and Amortization     1,680 1,658 1,607
Fuel     1,095 1,168 1,377
Equipment and Other Rents     357 355 354
Operating Income     4,521 5,245 5,499
Expenses     9,571 9,295 9,158
Interest Expense     (844) (832) (809)
Other Income-Net     92 142 139
Earnings Before Income Taxes     3,769 4,555 4,829
Impairment     164 108 0
Eliminations          
Segment Reporting, Asset Reconciling Item [Line Items]          
Revenue     (23) (7) (5)
Expenses     (23) (7) (5)
Trucking Operating Segment          
Segment Reporting, Asset Reconciling Item [Line Items]          
Impairment     164 108  
Trucking Operating Segment | Operating Segments          
Segment Reporting, Asset Reconciling Item [Line Items]          
Revenue     839 851 887
Expenses     1,007 952 855
Rail Operations          
Segment Reporting, Asset Reconciling Item [Line Items]          
Impairment $ 0 $ 0      
Rail Operations | Operating Segments          
Segment Reporting, Asset Reconciling Item [Line Items]          
Revenue     13,276 13,696 13,775
Labor and Fringe     3,049 2,971 2,875
Purchased Services and Other     2,586 2,380 2,311
Depreciation and Amortization     1,616 1,598 1,550
Equipment and Other Rents     336 335 334
Gain on Property Disposition     (13) (14) (34)
Operating Income     4,689 5,346 5,467
Rail Operations | Operating Segments | Fuel - Locomotive          
Segment Reporting, Asset Reconciling Item [Line Items]          
Fuel     914 978 1,169
Rail Operations | Operating Segments | Fuel - Non- Locomotive          
Segment Reporting, Asset Reconciling Item [Line Items]          
Fuel     $ 99 $ 102 $ 103
v3.25.4
Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Asset Balances (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill      
Beginning balance $ 239 $ 325  
Additions 5 22  
Impairment (164) (108) $ 0
Ending balance 80 239 325
Intangible Assets      
Beginning balance, cost 231 206  
Beginning balance, accumulated amortization (37) (25)  
Beginning balance, net carrying amount 194 181  
Additions 5 25  
Amortization (12) (12)  
Ending balance, cost 236 231 206
Ending balance, accumulated amortization (49) (37) (25)
Ending balance, net carrying amount 187 194 181
Total Goodwill and Other Intangible Assets - Net      
Beginning balance 433 506  
Additions 10 47  
Amortization (12) (12)  
Impairment (164) (108) 0
Ending balance $ 267 $ 433 $ 506
v3.25.4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 2 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]            
Goodwill   $ 80 $ 239 $ 80 $ 239 $ 325
Intangible assets acquired       5 25  
Impairment       164 108 0
Quality Carriers, Inc.            
Finite-Lived Intangible Assets [Line Items]            
Intangible assets acquired       180    
Quality Carriers, Inc. | Customer Relationships            
Finite-Lived Intangible Assets [Line Items]            
Intangible assets acquired       $ 150    
Amortization period of intangible assets acquired       20 years    
Quality Carriers, Inc. | Trade Names            
Finite-Lived Intangible Assets [Line Items]            
Intangible assets acquired       $ 30    
Amortization period of intangible assets acquired       15 years    
Trucking Operating Segment            
Finite-Lived Intangible Assets [Line Items]            
Goodwill   0 159 $ 0 159 245
Impairment       164 108  
Trucking Operating Segment | Several Acquisitions            
Finite-Lived Intangible Assets [Line Items]            
Goodwill   5 22 5 22  
Intangible assets acquired       5 25  
Trucking Operating Segment | Quality Carriers, Inc.            
Finite-Lived Intangible Assets [Line Items]            
Impairment $ 164   108      
Impairment of intangible assets, finite-lived $ 0          
Rail Operations            
Finite-Lived Intangible Assets [Line Items]            
Goodwill   80 80 $ 80 $ 80 $ 80
Impairment   $ 0 $ 0