CSX Q2 2026 revenue reached a quarterly record of $3.94 billion as total volume increased 6%, prompting the U.S. freight railroad to raise its full-year financial outlook.

Double-stack CSX intermodal containers moving through Dolton, Illinois
A double-stack CSX intermodal train passes through Dolton, Illinois. Illustrative image; it does not depict the Q2 2026 earnings announcement. Resized without cropping. Photo: Eric Pancer (vxla), CC BY 2.0.

Intermodal Growth Lifts CSX Q2 2026 Results

The official second-quarter results⁠ show revenue rose 10% from $3.574 billion a year earlier. CSX attributed the increase to higher fuel surcharge revenue, greater volume and stronger pricing across merchandise, intermodal and coal markets.

Total volume reached 1.68 million units. Intermodal produced the largest unit gain, rising 9% year over year, while the company’s detailed quarterly materials⁠ show merchandise and coal volumes each increased 4%. Intermodal revenue climbed 26%, compared with gains of 8% for merchandise and 16% for coal.

Operating income advanced 17% to $1.506 billion from $1.283 billion. Net earnings rose 21% to $1.00 billion from $829 million, while diluted earnings per share increased 23% to $0.54 from $0.44.

The operating margin improved to 38.3% from 35.9%, a gain of 240 basis points. Operational indicators were mixed: average train velocity increased 3% to 18.0 mph, but average terminal dwell rose 6% to 11.0 hours.

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Higher 2026 Outlook Follows a Stronger First Half

CSX now expects full-year revenue to grow by a mid- to high-single-digit percentage, including fuel effects based on the current diesel forward curve. The company also forecasts operating margin expansion of more than 350 basis points and free cash flow growth above 80%.

Its updated outlook keeps 2026 capital expenditure below $2.4 billion. These targets remain forward-looking rather than realized results.

President and CEO Steve Angel said CSX would focus on strengthening service execution during the second half as it continues to build momentum across the business.

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