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.
Suppliers
Railroad equipment suppliers (rail, ties, freight cars, locomotives)
depends onnamed as a riskIf 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 notesThe 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 revenueThe trucking business generated $816 million, or 6%, of revenue in 2025.Business (Item 1)
National Carriers Conference Committee
named as a riskThese 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 riskCSXT’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 riskDuring 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 networkCSX’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)
Hazards
Commodities and inputs
Coal
earns from · $1.9 billion in revenue (13% of revenue)named as a riskThe 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 riskChanges 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 riskAdditionally, 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 riskFor 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 riskIn 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 riskTogether, 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 riskApplicable 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 riskAny 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)
Federal Railroad Administration (FRA)
subject tonamed as a riskTogether, FRA and PHMSA have broad jurisdiction over railroad operating standards and practices, including track, freight cars, locomotives and hazardous materials requirements.Business (Item 1)
Canadian Transportation Agency
subject toIn 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 riskIf, 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)
Common carrier mandate (hazardous materials)
subject tonamed as a riskUnder 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)