CSX posted 4Q25 operating income of $1.11 billion and net earnings of $720 million, or $0.39 per share, compared to $1.11 billion and $733 million, or $0.38 per share, in 4Q24. Excluding a pre-tax, non-cash goodwill impairment charge, adjusted operating income was $1.21 billion and adjusted net earnings were $815 million, or $0.42 per share, in 4Q24. Fourth-quarter 2025 operating income and earnings per share include approximately $50 million and $0.02, respectively, in “expenses related to severance and rationalization of specific technology investments.” (Download 4Q25 Financial Report below) 4Q25 Financial Highlights Revenue totaled $3.51 billion for the quarter, decreasing 1% year-over-year, “as the effects of lower merchandise volume and reduced export coal revenue offset higher pricing in merchandise and intermodal, an increase in intermodal volume, and higher fuel surcharge revenue.” Operating income was $1.11 billion, compared to adjusted operating income of $1.21 billion in the prior year. The operating ratio (OR) was 68.4%, compared to 68.7% and adjusted OR of 65.7% in the fourth quarter of 2024. EPS was $0.39, compared to adjusted EPS of $0.42 in the prior year. Fourth quarter operating income and EPS include $50 million and $0.02, respectively, in “severance and technology rationalization expense.” Full-Year 2025 Financial Highlights Revenue totaled $14.09 billion. Operating income was $4.52 billion, and adjusted operating income was $4.69 billion, excluding a $164 million “goodwill impairment charge” in the third quarter. CSX’s OR was 67.9% for the full year; adjusted OR was 66.8%. EPS was $1.54, and adjusted EPS was $1.61. “Our…
