CSX · 10-K filed 12 Feb 2026 · year to 31 Dec 2025

CSX

22 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Railroad equipment suppliers (rail, ties, freight cars, locomotives)

depends onnamed as a risk

If any of the current manufacturers stops production or experiences a supply shortage, CSXT could experience a significant cost increase or material shortage.Risk factors (Item 1A)

Other companies

Secured Overnight Financing Rate (SOFR)

exposed to its price · $800 million of fixed rate outstanding notes

The swaps are designed to hedge 10 years of interest rate risk associated with market fluctuations attributable to SOFR on a cumulative $800 million of fixed rate outstanding notes, which are due between 2036 and 2040.Market risk (Item 7A)

Also named by ABR, ADBE, AGM, AMG, ARCC, BCSF, BRO, CAT and 21 more

Merchandise freight

earns from · $8.8 billion in revenue (62% of revenue)

The merchandise business shipped 2.6 million carloads (41% of volume) and generated $8.8 billion in revenue (62% of revenue) in 2025.Business (Item 1)

Also named by NSC

Intermodal freight

earns from · $2.1 billion in revenue (15% of revenue)

The intermodal business shipped 3.0 million units (48% of volume) and generated $2.1 billion in revenue (15% of revenue) in 2025.Business (Item 1)

Also named by NSC

Quality Carriers, Inc.

earns from · $816 million, or 6%, of revenue

The trucking business generated $816 million, or 6%, of revenue in 2025.Business (Item 1)

National Carriers Conference Committee

named as a risk

These agreements are either bargained for nationally by the National Carriers Conference Committee or locally between CSX and the union.Risk factors (Item 1A)

Competitors

Norfolk Southern Railway

competes withnamed as a risk

CSXT’s primary rail competitor is Norfolk Southern Railway, which operates throughout much of the Company’s territory.Business (Item 1)

Also named by JBHT

Union Pacific Railroad

competes withnamed as a risk

During 2025, Norfolk Southern Railway entered into an agreement to merge with Union Pacific Railroad to form the nation's only transcontinental rail network, which requires the approval of the Surface Transportation Board.Business (Item 1)

Also named by BRK/B

Places

Eastern United States (east of the Mississippi River)

concentrated in · approximately 20,000 route-mile rail network

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.Business (Item 1)

Also named by BJ, SMID

Hazards

Hurricanes and flooding

operates innamed as a risk

Hurricanes as well as storm and flooding events have impacted the Company's network in the past, leading to interrupted service and damage to track structure and equipment.Risk factors (Item 1A)

Also named by FCNCA, JBHT

Commodities and inputs

Coal

earns from · $1.9 billion in revenue (13% of revenue)named as a risk

The coal business shipped 718 thousand carloads (11% of volume) and generated $1.9 billion in revenue (13% of revenue) in 2025.Business (Item 1)

Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more

Natural gas

exposed to its pricenamed as a risk

Changes in natural gas prices, or other factors impacting demand for electricity, could impact future power generation at coal-fired plants, which would affect the Company's coal volumes and revenues.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Diesel fuel

depends onnamed as a risk

Additionally, if a fuel supply shortage were to arise, the Company would be negatively impacted.Risk factors (Item 1A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Seaboard coal

exposed to its pricenamed as a risk

For example, slower rates of economic growth in Asia, contraction of European economies, and changes in the global supply of seaborne coal or price of seaborne coal have adverse impacts on U.S. export coal volume and result in lower coal revenue for CSX.Risk factors (Item 1A)

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

In particular, the EPA has issued various regulations and may issue additional regulations targeting emission reductions, including rules and standards governing emissions from certain stationary and mobile sources.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject tonamed as a risk

Together, FRA and PHMSA have broad jurisdiction over railroad operating standards and practices, including track, freight cars, locomotives and hazardous materials requirements.Business (Item 1)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Transportation Security Administration (TSA)

subject tonamed as a risk

Applicable rules issued by the TSA place significant security and safety requirements on passenger and freight railroad carriers, rail transit systems and facilities that ship hazardous materials by rail.Risk factors (Item 1A)

Also named by ALK, BKH, CHRW, CP, DAL, EXC, EXPD, FDX and 13 more

Surface Transportation Board (STB)

subject tonamed as a risk

Any new rules from the STB regarding, among other things, competitive access or revenue adequacy could have a material adverse effect on the Company's financial condition, results of operations and liquidity as well as its ability to invest in enhancing and maintaining vital infrastructure.Business (Item 1)

Also named by BRK/B, CP, L, NSC, SUN, SUNC, UNP

Federal Railroad Administration (FRA)

subject tonamed as a risk

Together, FRA and PHMSA have broad jurisdiction over railroad operating standards and practices, including track, freight cars, locomotives and hazardous materials requirements.Business (Item 1)

Also named by CP, FCNCA, HESM, NSC, UNP, WAB

Canadian Transportation Agency

subject to

In Canada, the railroad operations conducted by the Company’s subsidiaries, including CSXT, are subject to the regulatory jurisdiction of the Canadian Transportation Agency.Business (Item 1)

Also named by CP

Laws and programs

Railway Labor Act

subject to · approximately 16,900 employeesnamed as a risk

If, however, CSX is unable to negotiate acceptable agreements, the employees covered by the Railway Labor Act could strike, which could result in loss of business and increased operating costs as a result of higher wages or benefits paid to union members.Risk factors (Item 1A)

Also named by ALK, DAL, FDX, LUV, UAL, UNP

Common carrier mandate (hazardous materials)

subject tonamed as a risk

Under federal regulations, CSXT is required to transport certain hazardous materials under the legal duty referred to as the common carrier mandate regardless of risk or potential exposure to loss.Risk factors (Item 1A)