CSX FY2026 Q2 IMPROVING

Отчётный звонок CSX Corporation

Jul 22, 2026 · 12:30 ET Kevin BooneMary Claire KenneyMatthew Korn

Вывод Buzzberg

Revenue up 10% to record; guidance raised

CSX reported a strong Q2 with 6% volume growth and 10% revenue growth, driven by broad-based demand and tight truck capacity. Management raised full-year guidance significantly, citing robust volume trends, cost discipline, and favorable market conditions. Key themes include capacity gains from Howard Street Tunnel, partnership momentum with CPKC, and modest hiring to address service tightness. Volume up 6%, revenue up 10% (record), operating income +17%, margins +240 bps despite fuel headwinds.

Вывод Buzzberg Revenue up 10% to record; guidance raised CSX reported a strong Q2 with 6% volume growth and 10% revenue growth, driven by broad-based demand and tight truck capacity. Management raised full-year guidance significantly, citing robust volume trends, cost discipline, and favorable market conditions. Key themes include capacity gains from Howard Street Tunnel, partnership momentum with CPKC, and modest hiring to address service tightness. Volume up 6%, revenue up 10% (record), operating income +17%, margins +240 bps despite fuel headwinds. Читать полный анализСвернуть анализ

Full-year guidance raised: revenue growth mid-to-high single digits (qualitative), operating margin expansion >350 bps, FCF growth >80%.
Crew availability tightness in Q2 due to seasonal absences and stronger-than-expected demand; modest headcount additions planned.
Truck capacity tightening accelerating rail conversions, especially in forest products and domestic intermodal.

Revenue $3.935B +13% QoQ

EPS $0.54 +26% QoQ

Op margin 38.27% reported

Free cash flow $0.751B +3% QoQ

Что изменилось в этом квартале

Guidance

Revenue up 10% to record; guidance raised

Guidance tone

Margins

Operating margins improved 240 bps despite fuel headwinds

Volume up 6%, revenue up 10% (record), operating income +17%, margins +240 bps despite fuel headwinds.

Other

Headcount down 6% with cost discipline

Full-year guidance raised: revenue growth mid-to-high single digits (qualitative), operating margin expansion >350 bps, FCF growth >80%.

Demand

Intermodal revenue up 26% on 9% volume growth

Management expressed confidence with raised guidance, record revenue, and strong margin expansion, while acknowledging service metric challenges but expecting improvement.

AI, капзатраты и спрос

Платформа и монетизация

Management mentioned that AI can be used for price analytical tools to improve pricing capabilities, but no other AI-related discussion occurred.

Спрос

Заказы и конверсия

Intermodal revenue up 26% on 9% volume growth. Management expressed confidence with raised guidance, record revenue, and strong margin expansion, while acknowledging service metric challenges but expecting improvement.

Капзатраты

Инвестиции и мощности

Capital spending outlook remains unchanged at less than $2.4 billion, with no discussion of data centers, fabs, or supply constraints.

Тон · confident

Management expressed confidence with raised guidance, record revenue, and strong margin expansion, while acknowledging service metric challenges but expecting improvement.

Ограничения

Networking

Networking availability is constraining deployment

“But in terms of the network itself, we showed with the volume we brought, with the exception of some locations where we were very tight on crews, we can handle it and we can handle more.”

Mike Corey

Альфа цепочки поставок

Crew availability tightness from seasonal absences and unexpected demand surge pressured service metrics, but modest headcount additions are planned to improve fluidity without sacrificing productivity.

“the demand came in much stronger than we expected and we were tighter on crews in some of our locations. volume was up 6% across the network and higher in some individual locations while the headcount was lower than last year.”

Mike Corey

Прогноз компании

ImprovingGuidance tone · was IN LINE last Q

Прогноз компании
Показатель	Период	Диапазон	Середина	Статус
Capex	FY2026	$2.4B	$2.4B	MAINTAINED
Free cash flow	FY2026	80%	80%	RAISED
Op margin	FY2026	3.5%	3.5%	RAISED

Сигналы по компаниям

+7.1%

с момента звонка

$90.30→$96.72

ПартнёрыАльфа цепочки поставок

Crew availability tightness from seasonal absences and unexpected demand surge pressured service metrics, but modest headcount additions are planned to improve fluidity without sacrificing productivity. — Indicates near-term service constraints that could limit share gains if not resolved, but also shows operational resilience and a targeted hiring strategy.

“we've seen growth week over week in both of those areas”

Mary Claire Kenney

Контекст вопросов и ответов

CP· Партнёры

Вопрос

Ari RosaAnalyst, Citi

Hi. Mary Claire, I was hoping you could talk about the intermodal opportunity, maybe staying on the idea of available capacity. Now that Howard Street is open, obviously the trucking market has tightened a lot, especially in the East, and we heard J.B. Hunt speak to that. Just talk about how you're balancing the desire to grow volume against the pricing opportunity and how much available capacity is on the network. How should we be modeling that over the next couple of quarters? Thanks.

Ответ менеджмента

Mary Claire KenneySenior Vice President and Chief Commercial Officer

Thank you. So I'd say when we think about domestic intermodal this year and longer term, we see opportunity out there. We talked about that, go back to even a couple years ago when we talked publicly about where we saw domestic intermodal. There's a good amount of traffic that moves over the highway that is suitable for intermodal conversion. Certainly, we're coming out of what was a pretty soft truck market. It's tightened pretty significantly over the course of the last several months, and we're having a lot of conversations with customers about I tell you the investments we've made in our infrastructure have allowed us to capitalize on opportunities probably you know pretty quickly over the course of the last few months. I'm closely watching as the team goes out there and sells against Tower Street Tunnel and the new connectivity that we've put in place what that looks like on a weekly basis. We've talked about over the last couple of calls some of the new services that we've put in place including the partnership with CPKC on SMX and when I look at you know SMX and Howard Street Tunnel over the course of the last few weeks really over the course of the last couple of months we've seen growth week over week in both of those areas and then as I look the last couple weeks you know it's adding about two a couple of points I would say in terms of domestic intermodal growth and so we see additional opportunity there Howard Street's pretty still pretty early for our customers and it was later in the bid cycle when that was unlocked this year Thank you. Thank you. were constantly watching the market, evaluating the market. Not everything comes up at the same time. I talked earlier about the bid season associated with domestic intermodal, and that comes into play. In terms of capacity, it's a constant conversation with Mike and his team. I would say, as I think about our intermodal trains, they're out there running today. There's capacity on many of our trains, and so it gives us the ability to bring on business pretty quickly within that area and still be able to support it from a reliability standpoint. and a consistency perspective for our customers.