CSX
CSX on March 30 reported issuing a 2025 Annual Report (above), outlining two “landmark” projects—its completion and reopening of Baltimore’s Howard Street Tunnel and the rebuilding of 60 miles of the Blue Ridge Subdivision—and citing improved safety and other efforts. This follows the Class I’s fourth-quarter and full-year 2025 financial report, released in January.
“2025 was a challenging year for CSX,” Steve Angel wrote in the report’s letter to shareholders. “Severe weather disruptions and the simultaneous execution of two large-scale infrastructure projects constrained our network early in the year, and a soft freight environment and unplanned customer closures offered little support. Revenue declined 3% on flat volume, operating margin decreased 400 basis points and adjusted operating margin contracted 360 basis points. Earnings per diluted share decreased to $1.54, with adjusted earnings per diluted share at $1.61. These results fell short of our expectations. But our employees accomplished a great deal in 2025 that positions this railroad for stronger operational and financial performance in 2026. They delivered two of the most consequential infrastructure projects in CSX’s recent history, recovered service performance through the second half of the year, and improved safety across the network.”
Among the report’s key highlights:
CSX said it made progress across “core priorities” in 2025, including:
- “Delivering major infrastructure projects: CSX reopened Baltimore’s Howard Street Tunnel after a [$450 million] major expansion [project] that cleared a long-standing bottleneck on the I-95 corridor and will enable double-stack intermodal service through Baltimore once remaining clearance work is completed in early 2026. The company also rebuilt 60 miles of the Blue Ridge Subdivision after Hurricane Helene flooding and restored full service in under a year. CSX also cited completion of the 75th Street CREATE Flyover in Chicago, which eliminated a key chokepoint in the nation’s busiest rail hub.
- “Improving safety performance: CSX reported its 2025 Federal Railroad Administration personal injury frequency index improved 24% from the prior year to 0.94 and its train accident rate improved 13% to 3.08. The company also highlighted technology deployments such as its Mobile Collision Safety system and expanded use of autonomous electric shuttles at select terminals.
- “Strengthening service through the back half: CSX said network performance improved as early-year disruptions cleared, with fourth-quarter results showing average network velocity up 7% and terminal dwell improved 13% from the prior year, while carload trip plan performance increased 9% and intermodal trip plan performance rose 8%.
- “Advancing growth initiatives: CSX added 85 new or expanded rail-served facilities in 2025 and said it had approximately 600 customer-related development projects in various stages across its network. The railroad also pointed to new and expanded intermodal and interchange agreements designed to broaden market access.”
CSX’s 2025 Annual Report also includes the railroad’s Form 10-K for the fiscal year ending Dec. 31, 2025, along with other information on safety, service, growth, sustainability, and governance.
Further Reading:
- CSX 4Q, Full-Year ’25: ‘Challenging Year’
- CSX opens the TRANSFLO Petersburg Terminal (part of Class I Briefs)
- CSX Adds 21 Properties to ‘Select Site’ Program
- For CSX, $670MM Power Upgrade Order
UP
“Congratulations to our North Platte West Shop on 5 years injury free,” UP reported via social media on March 31. “This milestone doesn’t happen by chance—it happens when teams support each other, share knowledge and look out for each other every day.” The team, it noted, “truly leads with care and collaboration.”
The shop is part of the Class I’s Bailey Yard, which was named for former UP President Edd H. Bailey and covers approximately 2,850 acres. Also part of the yard complex is the non-profit Golden Spike Tower and Visitor Center, an eight-story building overlooking the railroad staging area that is open to the public year-round.
In December, UP’s Chicago Service Unit celebrated working more than 365 days injury-free.
The railroad closed 2025 with what Chief Safety Officer Rod Doerr recently reported was “the best employee safety record in our history, improving 24% from 2024.” That progress, he said, “reflects years of practical, field-driven change across the railroad.”
