{"schemaVersion":1,"research":true,"symbol":"csx","name":"CSX","topic":"moat","path":"/stock/csx/moat","status":"published","version":11,"updatedAt":"2026-10-29T00:23:48.549Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"CSX’s moat is narrow, anchored by efficient scale from its ~20,000‑mile Eastern U.S. rail network, broad port/terminal access and long‑lived rights‑of‑way, which are expensive to replicate. Rail/intermodal’s cost advantage over long‑haul trucking and demonstrated 2026 pricing gains reinforce competitiveness. However, trucking competition, severe weather rebuilds and regulatory constraints temper width and resilience.","advantages":[{"mechanism":"efficient_scale","claim":"A ~20,000‑mile network with 70+ port connections, ~30 intermodal terminals and ~250 short‑line links, underpinned by long‑term right‑of‑way control and sustained infrastructure capex, creates efficient scale across the Eastern U.S. that is costly to replicate.","durability":"Long‑lived track assets, a 50‑year right‑of‑way lease and ongoing network investments support persistence; commercial partnerships extend reach.","risks":"Severe weather disruptions, regulatory changes and cross‑modal competition can strain capacity, require costly rebuilds or dilute route advantages.","invalidation":"Sustained share loss in core lanes, mandated open access, or inability to reinvest (e.g., curtailed capex) undermining service and returns would invalidate scale benefits.","competitors":["CPKC","BNSF","CN"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8","e33","e34"],"counterEvidenceIds":["e16","e17","e18","e19"]},{"mechanism":"cost_advantage","claim":"Rail/intermodal service offers a cost advantage versus long‑haul trucking, with 2026 results showing higher pricing across merchandise, intermodal and coal, and domestic intermodal gains tied to customer wins and a tighter truck market.","durability":"Structural rail fuel efficiency and dense corridors support a sustained unit‑cost edge, though it varies with trucking capacity and fuel cycles.","risks":"Trucking competition, fuel price volatility and fuel‑surcharge timing lags can compress realized price; macro shifts may weaken intermodal.","invalidation":"If trucking sustains comparable long‑haul costs/service or CSX cannot hold price/mix as volumes grow across cycles, the cost edge would erode.","competitors":[],"evidenceIds":["e9","e10","e11","e12","e13"],"counterEvidenceIds":["e14","e15","e17"]}],"evidence":[{"id":"e1","location":"2025 10-K, Business description","sourceId":"filing-1","excerpt":"(“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."},{"id":"e2","location":"2025 10-K, Business description (ports)","sourceId":"filing-1","excerpt":"It has access to over 70 ocean, river and lake port terminals along the Atlantic and Gulf Coasts, the Mississippi River, the Great Lakes and the St."},{"id":"e3","location":"2025 10-K, Business description (ports cont.)","sourceId":"filing-1","excerpt":"Lawrence Seaway. This access allows the Company to meet the dynamic transportation needs of manufacturers, industrial producers, the automotive industry, construction companies, farmers and feed mills, wholesalers and retailers, and energy producers."},{"id":"e4","location":"2025 10-K, Intermodal network","sourceId":"filing-1","excerpt":"Through a network of approximately 30 terminals, the intermodal business serves all major markets east of the Mississippi River and transports mainly manufactured consumer goods in containers, providing customers with truck-like service for longer shipments."},{"id":"e5","location":"2025 10-K, Network connectivity to facilities/short-lines","sourceId":"filing-1","excerpt":"CSXT also serves thousands of production and distribution facilities through track connections with other Class I railroads and approximately 250 short-line and regional railroads."},{"id":"e6","location":"2025 10-K, Long-term right-of-way lease","sourceId":"filing-1","excerpt":"The Company has various lease agreements with other parties with terms up to 50 years, including a significant operating lease with the State of Georgia for approximately 137 miles of right-of-way with integral track assets for a term of 50 years with an annual 2.5% increase."},{"id":"e7","location":"2025 10-K, Capital expenditures (infrastructure)","sourceId":"filing-1","excerpt":"Years Ended\nCapital Expenditures (Dollars in Millions)\n2025\n2024\nTrack\n$\n987 \n$\n1,039 \nBridges, Signals, PTC and Other\n1,252 \n802 \nTotal Infrastructure\n2,239 \n1,841 \nStrategic Projects and Commercial Facilities\n332 \n364 \nLocomotives\n208 \n250 \nFreight Cars\n123 \n74 \nCash Invested for Capital Expenditures\n$\n2,902 \n$\n2,529 \nCSX 2025 Form 10-K p.39\nCSX CORPORATION\nPART II\nCapital expenditures above include approximately $470 million and $50 million in 2025 and 2024, respectively, related to rebuilding the Blue Ridge subdivision as a result of impacts from Hurricane Helene."},{"id":"e8","location":"2026 Proxy, Partnered service with CPKC","sourceId":"filing-11","excerpt":"We launched the Southeast Mexico Express with CPKC, creating a seamless solution linking U.S."},{"id":"e33","location":"2026 Proxy, Partnered service with BNSF","sourceId":"filing-11","excerpt":"Southeast markets with Mexico. With BNSF, we developed faster services connecting the Los Angeles Basin to Atlanta, Charlotte, and other areas in the East, providing customers with a compelling long-haul solution."},{"id":"e34","location":"2026 Proxy, Partnered service with CN","sourceId":"filing-11","excerpt":"Working with CN, we strengthened service connecting Canada to Nashville, opening new end-to-end supply chain options across North America."},{"id":"e9","location":"2025 10-K, Intermodal cost advantage vs trucking","sourceId":"filing-1","excerpt":"The intermodal business combines the superior economics of rail transportation with the flexibility of trucks and offers a cost and environmental advantage over long-haul trucking."},{"id":"e10","location":"Q2 2026 QFR, Volume/Revenue commentary","sourceId":"filing-10","excerpt":"7,417 \n$\n6,997 \n6 \n%\n$\n2,293 \n$\n2,259 \n2 \n%\n7\nCSX Corporation\nVOLUME AND REVENUE\nTotal revenue increased 10% in second quarter 2026 when compared to second quarter 2025 primarily due to increased fuel surcharge revenue together with higher volume and pricing across merchandise, intermodal and coal."},{"id":"e11","location":"Q3 2026 QFR, Volume/Revenue commentary","sourceId":"filing-7","excerpt":"10 \nCoal\n548 \n537 \n2 \n1,515 \n1,428 \n6 \n2,765 \n2,659 \n4 \nTrucking\n— \n— \n— \n655 \n620 \n6 \n— \n— \n— \nOther\n— \n— \n— \n405 \n408 \n(1)\n— \n— \n— \nTotal\n4,922 \n4,710 \n5 \n%\n$\n11,434 \n$\n10,584 \n8 \n%\n$\n2,323 \n$\n2,247 \n3 \n%\n7\nCSX Corporation\nVOLUME AND REVENUE\nTotal revenue increased 12% in third quarter 2026 when compared to third quarter 2025 primarily due to increased fuel surcharge revenue as well as higher volume and pricing across merchandise, intermodal and coal."},{"id":"e12","location":"Q3 2026 QFR, Intermodal volume drivers","sourceId":"filing-7","excerpt":"Intermodal Volume\nDomestic shipments increased due to wins with key customers, new service offerings and a tightening truck environment."},{"id":"e13","location":"Q2 2026 Press Release, Volume growth","sourceId":"filing-9","excerpt":"•Volume increased 6% with broad-based growth across markets led by 9% intermodal growth"},{"id":"e14","location":"Q3 2026 QFR, Fuel surcharge description","sourceId":"filing-7","excerpt":"Fuel Surcharge\nFuel surcharge revenue is included in the individual markets and does not include amounts for trucking."},{"id":"e15","location":"Q3 2026 QFR, Fuel lag timing (non-intermodal)","sourceId":"filing-7","excerpt":"Fuel lag is the estimated revenue effect resulting from the difference between highway diesel prices in the quarter and the prices used for fuel surcharge, which are on a two-month lag for non-intermodal traffic."},{"id":"e16","location":"Q3 2026 10-Q, Risk factors (severe weather)","sourceId":"filing-4","excerpt":"•natural events such as severe weather conditions, including floods, fire, hurricanes and earthquakes, a pandemic crisis affecting the health of the Company's employees, its shippers or the consumers of goods, or other unforeseen disruptions of the Company's operations, systems, property, equipment or supply chain;"},{"id":"e17","location":"Q3 2026 10-Q, Risk factors (competition incl. trucking)","sourceId":"filing-4","excerpt":"•competition from other modes of freight transportation, such as trucking, and competition and consolidation or financial distress within the transportation industry generally;"},{"id":"e18","location":"Q3 2026 10-Q, Risk factors (regulatory)","sourceId":"filing-4","excerpt":"•the cost of compliance with laws and regulations that differ from expectations as well as costs, penalties and operational and liquidity impacts associated with noncompliance with applicable laws or regulations;"},{"id":"e19","location":"Q3 2026 QFR, Hurricane Helene Blue Ridge rebuild cost","sourceId":"filing-7","excerpt":"c)Property Additions: Property additions for the prior year nine months ended September 30, 2025, include $440 million related to rebuilding the Blue Ridge subdivision as a result of impacts from Hurricane Helene."},{"id":"e20","location":"Q3 2026 QFR, Blue Ridge subdivision reopened","sourceId":"filing-7","excerpt":"The Blue Ridge subdivision reopened in September 2025."},{"id":"e21","location":"Q3 2026 Press Release, Volume +5% (intermodal +7%)","sourceId":"filing-6","excerpt":"•Total volume up 5%, with intermodal volume increasing by 7%"},{"id":"e22","location":"Q3 2026 QFR, Operating margin expanded to 39.1%","sourceId":"filing-7","excerpt":"•Operating income of $1.57 billion, up 44%; operating margin expanded 880 bps to 39.1%"},{"id":"e23","location":"Q2 2026 Press Release, Operating margin to 38.3%","sourceId":"filing-9","excerpt":"•Operating income of $1.51 billion, up 17%; operating margin expanded 240 bps to 38.3%"},{"id":"e24","location":"Q3 2026 QFR, Efficiency savings","sourceId":"filing-7","excerpt":"•Efficiency savings, net of inflation, of $42 million were driven by cost reductions across operating and support functions."},{"id":"e25","location":"Q3 2026 QFR, Prior-year goodwill impairment","sourceId":"filing-7","excerpt":"a)Goodwill Impairment: During the prior year third quarter 2025, the Company recognized an impairment charge of $164 million related to Quality Carrier's remaining goodwill."},{"id":"e26","location":"2026 Proxy, Governance practices","sourceId":"filing-11","excerpt":"Key elements of our comprehensive governance program include:\nuAnnual election of directors;\nuMajority voting standard for the election of directors and director resignation policy;"},{"id":"e28","location":"2026 Proxy, Director independence determination","sourceId":"filing-11","excerpt":"In February 2026, after considering relevant NASDAQ listing standards, the Board, upon recommendation from the Governance and Sustainability Committee, determined that the following director nominees are independent under these NASDAQ listing standards: Thomas P."},{"id":"e29","location":"2026 Proxy, Pay-performance linkage","sourceId":"filing-11","excerpt":"uFinancial performance measures have a strong correlation to long-term shareholder value creation"},{"id":"e30","location":"2026 Proxy, Share ownership guidelines support alignment","sourceId":"filing-11","excerpt":"uShare ownership guidelines reinforce alignment of executive and shareholder interests\n \n2026 Proxy Statement\n68\nCompensation Discussion and Analysis | Elements of the Company’s 2025 Executive Compensation Program"},{"id":"e31","location":"2026 Proxy, Stock ownership multiples","sourceId":"filing-11","excerpt":"Position\nMinimum Value\nChief Executive Officer\n 6 times base salary\nExecutive Vice Presidents\n 4 times base salary\nSenior Vice Presidents\n 3 times base salary\nVice Presidents\n 1 times base salary\nEquity Award Grant Timing\nCSX historically grants options and other awards at its February meeting each year."},{"id":"e32","location":"2026 Proxy, Short-term incentive performance measures","sourceId":"filing-11","excerpt":"Recruit, motivate, and retain talented, high-performing executives\nIncentive Compensation\nShort-Term \nIncentives\nCash\nThe Company’s performance measures for the 2025 Management Incentive Compensation Plan (“MICP”) and weightings at target are:"},{"id":"e35","location":"2025 10-K, Planned 2026 capital investments","sourceId":"filing-1","excerpt":"Planned capital investments for 2026 are expected to be less than $2.4 billion."},{"id":"e36","location":"Q3 2026 QFR, Free cash flow reconciliation","sourceId":"filing-7","excerpt":"Nine Months Ended\n(Dollars in Millions)\nSep."},{"id":"e37","location":"Q3 2026 10-Q, New $5B repurchase authorization","sourceId":"filing-4","excerpt":"In May 2026, the Board of Directors authorized a new share repurchase program, providing $5 billion of incremental authority to that remaining under the existing October 2023 share repurchase program."}],"changes":["Updated with 2Q–3Q 2026 volume, pricing and margin disclosures; moat verdict unchanged (narrow)."],"limitations":["Competitor performance and market share data are not provided; named railroads appear as partners, not in comparative results.","Pricing commentary includes fuel surcharges and may reflect mix; contract lengths/terms are undisclosed.","Route exclusivity and regulatory barriers are not quantified.","Switching frictions are inferred from physical connectivity; explicit captive-customer metrics are absent."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"CSX operates a ~20,000‑mile Eastern U.S. rail network with extensive port, terminal and short‑line connections, reinforced by long‑term right‑of‑way control and heavy, recurring infrastructure capex—features that are difficult and costly to replicate.","evidenceIds":["e1","e2","e4","e5","e6","e7"]},{"criterion":"durability","grade":3,"rationale":"A 50‑year right‑of‑way lease and sustained infrastructure investment support long asset lives and service continuity; reopening the Blue Ridge subdivision after hurricane damage evidences restoration capability.","evidenceIds":["e6","e7","e20"]},{"criterion":"customer_dependency","grade":2,"rationale":"Service to thousands of facilities, 70+ ports and ~30 terminals indicates deep supply‑chain integration, suggesting moderate switching frictions; however, explicit captive‑site data or contract stickiness is not disclosed.","evidenceIds":["e5","e2","e4"]},{"criterion":"erosion_resilience","grade":2,"rationale":"CSX restored a key line post‑hurricane, but severe weather, regulatory costs and competition from trucking remain ongoing pressures that can erode advantages or require significant rebuild spending.","evidenceIds":["e19","e20","e16","e17"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Management reported higher pricing across merchandise, intermodal and coal alongside volume growth in both 2Q and 3Q 2026, indicating realized price gains rather than only mix.","evidenceIds":["e10","e11"]},{"criterion":"retention","grade":2,"rationale":"Total volumes rose 6% in 2Q and 5% in 3Q 2026, with intermodal leading—consistent with ongoing customer demand. However, volumes are an indirect proxy and do not provide renewal or churn metrics.","evidenceIds":["e13","e21"]},{"criterion":"margin_resilience","grade":2,"rationale":"Operating margins expanded to 38.3% in 2Q and 39.1% in 3Q 2026. While supportive, margins also reflect fuel surcharges and costs; they don’t isolate structural pricing from fuel/mix effects.","evidenceIds":["e23","e22","e14"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Fuel surcharges enable pass‑throughs, but non‑intermodal traffic has a two‑month pricing lag, evidencing partial, timing‑constrained contractual flexibility. Broader contract terms remain undisclosed.","evidenceIds":["e14","e15"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Significant, targeted infrastructure capex with 2026 spend guided below 2025, improved free cash flow, and a new repurchase authorization show discipline; hurricane rebuild needs highlight capital intensity and volatility.","evidenceIds":["e7","e35","e36","e37"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Incentives use multiple financial measures, stock ownership guidelines, and explicit pay‑for‑performance links, supporting alignment with shareholder outcomes.","evidenceIds":["e29","e30","e31","e32"]},{"criterion":"execution","grade":2,"rationale":"Volume growth, intermodal gains, and efficiency savings indicate operational progress; however, the prior‑year goodwill impairment tempers the assessment of consistent execution.","evidenceIds":["e13","e21","e24","e25"]},{"criterion":"governance","grade":3,"rationale":"Disclosed practices include an independent chair, annual elections, majority voting and fully independent key committees; the board confirmed director independence under NASDAQ 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reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 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unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":37.94091560346592,"roic":null,"fcf_margin":22.296513611243775,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Cash and cash equivalents is unavailable in the extracted statements for this period.","ev_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roiic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":36.07290233837689,"roic":null,"fcf_margin":18.693259972489685,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for 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metric are unavailable in the extracted statements for this period.","roic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roiic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this 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