CSX CORP
CSX · Railroads, Line-Haul Operating · 1.86B shares · -4%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $3.4B (gross $3.5B, SBC $60M)
Reference price $46.70 · est. market cap ~$86.8B — last insider sale, 2026-06-03 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78CSX is a wide-moat Class I railroad with elite margins and cash generation, but a clear down year in revenue and earnings.
Strengths
- Oligopoly moat with top-decile operating margin (95th pct), net margin (86.7th), OCF margin (88th) and FCF (94th)
- Strong pricing power and ROA (82.8th); highly durable, hard-to-replicate network franchise
Risks
- Revenue -3%, operating income -14% (400bp margin compression), EPS -14% and a goodwill impairment
- Weak liquidity (current ratio 20th pct) and volume softness across several commodity groups
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Weak liquidityCurrent ratio 0.81 (<1)
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$1M, last 6mo) Form 4 ↗
- Buying back stockNet buyback — share count -4%/yr over 4y
- Insider sellingInsider selling — 5 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$14M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
32.1%
Net margin
20.5%
Return on assets
6.6%
Revenue growth (QoQ)
-0.7%
Net-income growth
-16.7%
Current ratio
0.8×
Free cash flow
$1.7B
EBITDA
$6.2B
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | WHISLER J STEVEN | Grant | 791 | $47.39 |
| 2026-06-03 | Boone Kevin S. | Option exercise | 13K | $22.70 |
| 2026-06-03 | Boone Kevin S. | Sell | 137K | $46.70 |
| 2026-06-03 | Boone Kevin S. | Option exercise | 123K | $23.48 |
| 2026-06-03 | ZILLMER JOHN J | Sell | 10K | $46.45 |
| 2026-03-13 | WHISLER J STEVEN | Grant | 954 | $39.30 |
| 2026-03-06 | ANGEL STEPHEN F | Buy | 25K | $40.27 |
| 2026-03-02 | ZILLMER JOHN J | Gift | 5.8K | — |
| 2026-02-26 | CHAND M RIZWAN | Grant | 12K | — |
| 2026-02-26 | Boone Kevin S. | Grant | 15K | — |
| 2026-02-26 | ANGEL STEPHEN F | Grant | 63K | — |
| 2026-02-26 | Bostick Thomas | Grant | 4.5K | — |
| 2026-02-26 | Vautrinot Suzanne M | Grant | 4.5K | — |
| 2026-02-26 | WHISLER J STEVEN | Grant | 4.5K | — |
| 2026-02-26 | RIEFLER LINDA H | Grant | 4.5K | — |
| 2026-02-26 | Begeman Ann D. | Grant | 4.5K | — |
| 2026-02-26 | Halverson Steven T | Grant | 4.5K | — |
| 2026-02-26 | WAINSCOTT JAMES L | Grant | 4.5K | — |
| 2026-02-26 | Chow Anne H | Grant | 4.5K | — |
| 2026-02-26 | Hilal Paul C | Grant | 4.5K | — |
| 2026-02-26 | Burns Michael S. | Grant | 8.2K | — |
| 2026-02-26 | MOFFETT DAVID M | Grant | 4.5K | — |
| 2026-02-26 | ZILLMER JOHN J | Grant | 4.5K | — |
| 2026-02-26 | ZILLMER JOHN J | Grant | 5.9K | — |
| 2026-02-26 | Williams Angela C | Grant | 1.9K | — |
| 2026-02-26 | Kenney Maryclare T. | Grant | 9.4K | — |
| 2026-02-26 | Fortune Stephen | Grant | 11K | — |
| 2026-02-26 | Cory Michael A. | Grant | 15K | — |
| 2026-02-19 | Sorfleet Diana B | Option exercise | 13K | $16.13 |
| 2026-02-19 | Sorfleet Diana B | Option exercise | 25K | $17.94 |
| 2026-02-19 | Sorfleet Diana B | Option exercise | 51K | $22.70 |
| 2026-02-19 | Sorfleet Diana B | Sell | 90K | $41.56 |
| 2026-02-13 | Cory Michael A. | Tax withheld | 1.3K | $40.87 |
| 2026-02-13 | Williams Angela C | Tax withheld | 279 | $40.87 |
| 2026-02-13 | Williams Angela C | Tax withheld | 251 | $40.87 |
| 2026-02-13 | Williams Angela C | Tax withheld | 281 | $40.87 |
| 2026-02-13 | Sorfleet Diana B | Tax withheld | 2.0K | $40.87 |
| 2026-02-13 | Sorfleet Diana B | Tax withheld | 1.7K | $40.87 |
| 2026-02-13 | Sorfleet Diana B | Tax withheld | 1.9K | $40.87 |
| 2026-02-13 | Kenney Maryclare T. | Tax withheld | 294 | $40.87 |
| 2026-02-13 | Kenney Maryclare T. | Tax withheld | 198 | $40.87 |
| 2026-02-13 | Kenney Maryclare T. | Tax withheld | 441 | $40.87 |
| 2026-02-13 | Fortune Stephen | Tax withheld | 2.0K | $40.87 |
| 2026-02-13 | Fortune Stephen | Tax withheld | 1.7K | $40.87 |
| 2026-02-13 | Fortune Stephen | Tax withheld | 1.9K | $40.87 |
| 2026-02-13 | Cory Michael A. | Tax withheld | 1.2K | $40.87 |
| 2026-02-13 | Cory Michael A. | Tax withheld | 1.4K | $40.87 |
| 2026-02-13 | Burns Michael S. | Tax withheld | 135 | $40.87 |
| 2026-02-13 | Burns Michael S. | Tax withheld | 209 | $40.87 |
| 2026-02-13 | Burns Michael S. | Tax withheld | 895 | $40.87 |
| 2026-02-13 | Boone Kevin S. | Tax withheld | 2.7K | $40.87 |
| 2026-02-13 | Boone Kevin S. | Tax withheld | 2.3K | $40.87 |
| 2026-02-13 | Boone Kevin S. | Tax withheld | 2.5K | $40.87 |
| 2026-02-03 | Fortune Stephen | Option exercise | 31K | $31.67 |
| 2026-02-03 | Fortune Stephen | Sell | 31K | $38.65 |
| 2026-01-28 | Sorfleet Diana B | Sell | 67K | $37.48 |
| 2026-01-23 | Fortune Stephen | Grant | 2.3K | — |
| 2026-01-23 | Fortune Stephen | Tax withheld | 1.0K | $36.64 |
| 2026-01-23 | Sorfleet Diana B | Grant | 2.3K | — |
| 2026-01-23 | Sorfleet Diana B | Tax withheld | 1.0K | $36.64 |
| 2026-01-23 | Kenney Maryclare T. | Grant | 355 | — |
| 2026-01-23 | Kenney Maryclare T. | Tax withheld | 158 | $36.64 |
| 2026-01-23 | Williams Angela C | Grant | 336 | — |
| 2026-01-23 | Williams Angela C | Tax withheld | 150 | $36.64 |
| 2026-01-23 | Cory Michael A. | Grant | 2.4K | — |
| 2026-01-23 | Cory Michael A. | Tax withheld | 528 | $36.64 |
| 2026-01-23 | Burns Michael S. | Grant | 298 | — |
| 2026-01-23 | Burns Michael S. | Tax withheld | 88 | $36.64 |
| 2026-01-23 | Boone Kevin S. | Grant | 3.1K | — |
| 2026-01-23 | Boone Kevin S. | Tax withheld | 1.4K | $36.64 |
| 2025-12-15 | WHISLER J STEVEN | Grant | 1.7K | $37.18 |
| 2025-12-04 | Hilal Paul C | Gift | 10K | — |
| 2025-11-14 | Kenney Maryclare T. | Grant | 1.3K | — |
| 2025-10-22 | Boone Kevin S. | Sell | 31K | $36.09 |
| 2025-10-22 | Boone Kevin S. | Option exercise | 16K | $17.59 |
| 2025-10-22 | Boone Kevin S. | Option exercise | 15K | $17.94 |
| 2025-10-20 | Burns Michael S. | Option exercise | 11K | $22.70 |
| 2025-10-20 | ANGEL STEPHEN F | Buy | 55K | $36.87 |
| 2025-10-20 | Burns Michael S. | Sell | 24K | $36.76 |
| 2025-10-20 | Burns Michael S. | Option exercise | 13K | $17.94 |
| 2025-09-26 | Hinrichs Joseph R | Tax withheld | 52K | $34.01 |
| 2025-09-15 | WHISLER J STEVEN | Grant | 1.2K | $32.50 |
| 2025-06-30 | Pelkey Sean R. | Other | 5.5K | $32.63 |
| 2025-06-30 | Pelkey Sean R. | Tax withheld | 2.0K | $33.47 |
| 2025-06-30 | Pelkey Sean R. | Other | 5.5K | — |
| 2025-06-13 | WHISLER J STEVEN | Grant | 1.2K | $32.12 |
| 2025-04-01 | Fortune Stephen | Tax withheld | 5.0K | $29.54 |
| 2025-03-14 | WHISLER J STEVEN | Grant | 1.2K | $30.01 |
| 2025-03-04 | Fortune Stephen | Sell | 1.5K | $31.41 |
| 2025-02-19 | Hilal Paul C | Gift | 30K | — |
| 2025-02-14 | Hinrichs Joseph R | Tax withheld | 8.5K | $33.37 |
| 2025-02-14 | Hinrichs Joseph R | Tax withheld | 8.3K | $33.37 |
| 2025-02-14 | Hinrichs Joseph R | Grant | 75K | — |
| 2025-02-14 | Fortune Stephen | Tax withheld | 6.1K | $33.37 |
| 2025-02-14 | Fortune Stephen | Tax withheld | 2.0K | $33.37 |
| 2025-02-14 | Fortune Stephen | Tax withheld | 1.7K | $33.37 |
| 2025-02-14 | Fortune Stephen | Grant | 14K | — |
| 2025-02-14 | Cory Michael A. | Tax withheld | 1.2K | $33.37 |
| 2025-02-14 | Cory Michael A. | Tax withheld | 1.3K | $33.37 |
| 2025-02-14 | Cory Michael A. | Grant | 19K | — |
| 2025-02-14 | Burns Michael S. | Tax withheld | 666 | $33.37 |
| 2025-02-14 | Burns Michael S. | Tax withheld | 161 | $33.37 |
| 2025-02-14 | Burns Michael S. | Tax withheld | 251 | $33.37 |
| 2025-02-14 | Burns Michael S. | Grant | 9.6K | — |
| 2025-02-14 | Boone Kevin S. | Tax withheld | 9.0K | $33.37 |
| 2025-02-14 | Boone Kevin S. | Tax withheld | 2.7K | $33.37 |
| 2025-02-14 | Boone Kevin S. | Tax withheld | 2.3K | $33.37 |
| 2025-02-14 | Boone Kevin S. | Grant | 19K | — |
| 2025-02-14 | ZILLMER JOHN J | Grant | 5.7K | — |
| 2025-02-14 | WHISLER J STEVEN | Grant | 5.7K | — |
| 2025-02-14 | WAINSCOTT JAMES L | Grant | 5.7K | — |
| 2025-02-14 | Vautrinot Suzanne M | Grant | 5.7K | — |
| 2025-02-14 | RIEFLER LINDA H | Grant | 5.7K | — |
| 2025-02-14 | MOFFETT DAVID M | Grant | 5.7K | — |
| 2025-02-14 | Halverson Steven T | Grant | 5.7K | — |
| 2025-02-14 | Chow Anne H | Grant | 5.7K | — |
| 2025-02-14 | Bostick Thomas | Grant | 5.7K | — |
| 2025-02-14 | Begeman Ann D. | Grant | 5.7K | — |
| 2025-02-14 | ALVARADO DONNA M | Grant | 5.7K | — |
| 2025-02-14 | ZILLMER JOHN J | Grant | 7.5K | — |
| 2025-02-14 | Hilal Paul C | Grant | 5.7K | $33.37 |
| 2025-02-14 | Williams Angela C | Tax withheld | 782 | $33.37 |
| 2025-02-14 | Williams Angela C | Tax withheld | 264 | $33.37 |
| 2025-02-14 | Williams Angela C | Tax withheld | 217 | $33.37 |
| 2025-02-14 | Williams Angela C | Grant | 1.9K | — |
| 2025-02-14 | Sorfleet Diana B | Tax withheld | 6.6K | $33.37 |
| 2025-02-14 | Sorfleet Diana B | Tax withheld | 2.0K | $33.37 |
| 2025-02-14 | Sorfleet Diana B | Tax withheld | 1.7K | $33.37 |
| 2025-02-14 | Sorfleet Diana B | Grant | 14K | — |
| 2025-02-14 | Pelkey Sean R. | Tax withheld | 6.6K | $33.37 |
| 2025-02-14 | Pelkey Sean R. | Tax withheld | 2.0K | $33.37 |
| 2025-02-14 | Pelkey Sean R. | Tax withheld | 1.7K | $33.37 |
| 2025-02-14 | Pelkey Sean R. | Grant | 16K | — |
| 2025-01-26 | Pelkey Sean R. | Grant | 9.5K | — |
| 2025-01-26 | Pelkey Sean R. | Tax withheld | 3.7K | $32.69 |
| 2025-01-26 | Pelkey Sean R. | Tax withheld | 3.7K | $32.69 |
| 2025-01-26 | Pelkey Sean R. | Grant | 9.6K | — |
| 2025-01-26 | Pelkey Sean R. | Disposition | 122 | — |
| 2025-01-26 | Sorfleet Diana B | Grant | 18K | — |
| 2025-01-26 | Sorfleet Diana B | Tax withheld | 7.5K | $32.69 |
| 2025-01-26 | Boone Kevin S. | Grant | 25K | — |
| 2025-01-26 | Boone Kevin S. | Tax withheld | 10K | $32.69 |
| 2025-01-26 | Burns Michael S. | Grant | 3.4K | — |
| 2025-01-26 | Burns Michael S. | Tax withheld | 751 | $32.69 |
| 2025-01-26 | Hinrichs Joseph R | Grant | 75K | — |
| 2025-01-26 | Hinrichs Joseph R | Tax withheld | 30K | $32.69 |
| 2025-01-26 | Williams Angela C | Grant | 3.0K | — |
| 2025-01-26 | Williams Angela C | Tax withheld | 1.4K | $32.69 |
| 2025-01-26 | Fortune Stephen | Grant | 18K | — |
| 2025-01-26 | Fortune Stephen | Tax withheld | 7.1K | $32.69 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (2)
- TTX Company
- PARSONS CORP
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-14 | Exec/director changeShareholder voteOther | filing ↗ |
| 2026-04-22 | ResultsExhibits | filing ↗ |
| 2026-01-22 | ResultsExhibits | filing ↗ |
| 2025-10-29 | Exec/director changeReg FDOtherExhibits | filing ↗ |
| 2025-10-23 | Debt obligationOtherExhibits | filing ↗ |
| 2025-10-22 | Material agreementExhibits | filing ↗ |
| 2025-10-16 | ResultsExhibits | filing ↗ |
| 2025-09-29 | Exec/director changeReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-14 | 2026-05-12 | 0000950103-26-007181 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0000277948-26-000013 ↗ |
| 10-Q | 2026-04-22 | 2026-03-31 | 0000277948-26-000014 ↗ |
| 10-K | 2026-02-12 | 2025-12-31 | 0000277948-26-000006 ↗ |
| 8-K | 2026-01-22 | 2026-01-22 | 0000277948-26-000003 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0000950103-25-013783 ↗ |
| 8-K | 2025-10-23 | 2025-10-20 | 0000950103-25-013592 ↗ |
| 8-K | 2025-10-22 | 2025-10-20 | 0000950103-25-013519 ↗ |
| 8-K | 2025-10-16 | 2025-10-16 | 0000277948-25-000053 ↗ |
| 10-Q | 2025-10-16 | 2025-09-30 | 0000277948-25-000054 ↗ |
| 8-K | 2025-09-29 | 2025-09-26 | 0000950103-25-012355 ↗ |
| 10-Q | 2025-07-23 | 2025-06-30 | 0000277948-25-000044 ↗ |