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# CSX Corporation: Current Events (8-K filings, March 2025 to October 2026) ## Filings that contain financial statements CSX furnishes a Quarterly Financial Report as Exhibit 99.2 to each earnings Form 8-K. Each holds an income statement, a condensed balance sheet, a condensed cash flow statement, volume and revenue tables, and a non-GAAP reconciliation. - Form 8-K filed July 22, 2026, accession 0000277948-26-000031: second quarter 2026 (quarter and six months ended June 30, 2026). Income statement for the quarter and six months, balance sheet at June 30, 2026 and December 31, 2025, and six-month cash flow statement. - Form 8-K filed April 22, 2026, accession 0000277948-26-000013: first quarter 2026 (quarter ended March 31, 2026). - Form 8-K filed January 22, 2026, accession 0000277948-26-000003: fourth quarter and full year 2025. - Form 8-K filed October 16, 2025, accession 0000277948-25-000053: third quarter 2025. - Form 8-K filed July 23, 2025, accession 0000277948-25-000043: second quarter 2025. - Form 8-K filed April 16, 2025, accession 0000277948-25-000027: first quarter 2025. ## Earnings - **July 22, 2026, second quarter 2026 results** (0000277948-26-000031). Record quarterly revenue of $3.94 billion, up 10%. Operating income was $1.51 billion, up 17%, and operating margin was 38.3%, up 240 basis points. Net earnings were $1.00 billion, or $0.54 per diluted share, against $829 million, or $0.44, a year earlier. Volume was 1.68 million units, up 6%, led by 9% intermodal growth. Fuel expense rose $177 million, driven by a 74% rise in locomotive fuel prices, and fuel surcharge revenue rose to $410 million from $222 million. Six-month operating cash flow was $2.60 billion and free cash flow before dividends was $1.62 billion. Cash used for share repurchases was $518 million for the six months, against $1.17 billion a year earlier. The release gives no numeric guidance. Expenses in the quarter included advisory costs "related to potential industry consolidation"; the filings name no transaction. - **April 22, 2026, first quarter 2026 results** (0000277948-26-000013). Revenue of $3.48 billion, up 2%. Operating income was $1.25 billion and net earnings were $807 million, or $0.43 per diluted share, against $0.34 a year earlier. Volume was 1.56 million units, up 3%. - **January 22, 2026, fourth quarter and full year 2025 results** (0000277948-26-000003). Fourth quarter revenue was $3.51 billion, down 1%, with operating income of $1.11 billion and EPS of $0.39. The quarter included about $50 million ($0.02 per share) of severance and technology rationalization expense. Full-year 2025 revenue was $14.09 billion, operating income was $4.52 billion ($4.69 billion adjusted), and EPS was $1.54 ($1.61 adjusted). The adjustment excludes a $164 million goodwill impairment recorded in the third quarter. - **October 16, 2025, third quarter 2025 results** (0000277948-25-000053). Revenue of $3.59 billion, down 1%. Operating income was $1.09 billion and net earnings were $694 million, or $0.37 per share. Excluding the $164 million non-cash goodwill impairment, adjusted operating income was $1.25 billion and adjusted EPS was $0.44. The adjusted figures also carry $35 million of restructuring, severance and advisory expense. ## Management and board changes - **October 12, 2026 (Form 8-K filed October 13, 2026), chief operating officer retirement** (0000277948-26-000034). Michael A. Cory, Executive Vice President and Chief Operating Officer, retires and leaves the role effective October 12, 2026. He provides transition services until May 8, 2027, when his employment ends. During that period he keeps his $780,000 base salary and remains eligible for bonuses; his equity awards are treated as a retirement. A non-compete runs 24 months after termination. Senior Vice Presidents Doug Ryhorchuk (Operations) and Casey Albright (Network Operations and Service Design) now report directly to the CEO. - **May 14, 2026, chief digital and technology officer departure** (0000950103-26-007181). Stephen Fortune, Executive Vice President and Chief Digital & Technology Officer, separated from employment effective immediately. Steve Watkins takes over his responsibilities and reports to CFO Kevin Boone. - **October 29, 2025, new CFO and chief commercial officer** (0000950103-25-013783). Kevin S. Boone, previously Chief Commercial Officer, became Executive Vice President and Chief Financial Officer, succeeding Sean R. Pelkey, who separated from the company. Maryclare T. Kenney was promoted to Senior Vice President and Chief Commercial Officer. - **September 28-29, 2025, new CEO** (0000950103-25-012355). The Board appointed Stephen Angel, former Linde chief executive, as President and CEO and a director, effective September 28, 2025. He succeeded Joseph R. Hinrichs, who separated from the company and resigned from the Board. The employment letter sets a $1,500,000 base salary, a target bonus of 175% of salary, a sign-on equity award with a $10,000,000 target grant value, and a 2026 long-term incentive grant with a $13,500,000 target value. The company said operating performance remained strong and it still expected full-year volume growth. ## Capital actions - **May 12, 2026, new share repurchase authority** (0000950103-26-007181). The Board authorized a new program giving $5 billion of incremental authority on top of about $989 million remaining under the existing program as of March 31, 2026. - **October 2025, notes reopening** (0000950103-25-013519, 0000950103-25-013592). On October 20, 2025, CSX signed an underwriting agreement for $300 million of 5.050% Notes due 2035. The offering closed October 23, 2025. The notes are a further issuance of the same series first issued in March 2025. - **March 2025, notes offering** (0001193125-25-049850, 0001193125-25-050848). CSX signed an underwriting agreement on March 6, 2025 and completed the offering on March 10, 2025 of $600 million of 5.050% Notes due 2035. ## Shareholder meetings - **May 12, 2026 annual meeting** (0000950103-26-007181). All twelve directors were elected, Ernst & Young was ratified as auditor for 2026, and say-on-pay was approved. - **May 7, 2025 annual meeting** (0000950103-25-005915). All twelve directors were elected, Ernst & Young was ratified as auditor for 2025, and say-on-pay was approved. ## Mergers and acquisitions None of the Form 8-K filings reviewed reports a signed or closed acquisition or merger by CSX. The only reference is the "potential industry consolidation" advisory expense noted under the second quarter 2026 results.