Скачать или смотреть CSX (NASDAQ: CSX) Reports Q3 2025: $164 Million Goodwill Impairment Charge Overshadows Operating Win

CSX Q3 2025 Earnings Report: Adjusted Profit Tops Expectations as New CEO Steve Angel Leverages Operational Improvements

*CSX Corporation (NASDAQ: CSX) announced its Third Quarter 2025 financial results on October 16, 2025.* This video breaks down the financial figures, operational successes, and strategic challenges facing the Jacksonville, Florida-based premier transportation company.

The quarter marked the first earnings report under new President and CEO Steve Angel, who previously oversaw GE’s locomotive building unit and the merger of Linde and Praxair. Angel stated the network is "operating well" and the company is positioned to deliver long-term profitable growth.

Financial Performance Overview (Q3 2025 vs. Q3 2024)

CSX's GAAP Net Earnings fell 22%. The results were weighed down by a significant one-time financial charge:

*GAAP Net Earnings:* $694 million, or *$0.37 per share* (down 22% from $0.46 per share a year ago).
*Impact of Goodwill Impairment:* Results included a non-cash charge of *$164 million* for goodwill impairment related to Quality Carrier.
*Adjusted Net Earnings (Non-GAAP):* Excluding the charge, CSX earned $818 million, or **$0.44 per share**. This adjusted figure just topped the 43 cents per share analysts surveyed by FactSet Research had predicted.
*Revenue:* $3.587 billion, a 1% decrease year-over-year. This decrease was primarily driven by lower export coal prices and declines in merchandise volume, partially offset by intermodal volume growth.

Operational Wins and Network Improvements

CSX’s performance suffered over the past year due to major construction limiting capacity and flexibility. The Q3 2025 results reflect the wrapping up of two crucial projects:

*Blue Ridge Subdivision Repairs:* Repairs from Hurricane Helene were completed on October 2.
*Howard St Tunnel Renovation in Baltimore:* Completed on September 26.

These completions are expected to help improve performance going forward. Key operational metrics demonstrated improved efficiency and safety in Q3 2025:

*Volume:* Total volume was up 1% (1.61 million units) year-over-year.
*Train Velocity:* Improved 2% (18.9 MPH).
*Dwell:* Improved 8% (9.5 hours).
*Safety:* The FRA Train Accident Rate improved significantly by 21% (2.55), and the FRA Personal Injury Frequency Index improved 7% (1.16).

Strategic Challenges and Merger Pressure

CSX is facing pressure from investors, notably Ancora Holdings, to seek a merger partner. This pressure stems from the prospect of a combined Union Pacific-Norfolk Southern railroad—an $85 billion deal. Most observers believe CSX would be at a disadvantage if the transcontinental UP-NS merger is approved.

However, both of CSX's likely merger partners—BNSF and CPKC railroads—have expressed disinterest, favoring cooperative agreements instead of merging.

CSX management is guiding toward overall year-over-year volume growth for the full fiscal year 2025 and plans to build on strong operating performance into Q4.

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*Watch to learn:*
How the $164 million goodwill impairment charge affected CSX’s GAAP net income.
Why CSX’s adjusted earnings beat analyst predictions.
The status of the potential $85 billion Union Pacific-Norfolk Southern merger and its implications for CSX.
Details on key operational improvements, including Train Velocity and Dwell.

*Disclaimer:* This analysis is based on CSX's Third Quarter 2025 reports. CSX reminds investors that forward-looking statements are subject to various risks and uncertainties, including those related to economic, political, or business conditions, and industry consolidation.

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