CSX Corporation

Management returned 2.35 billion dollars to owners in 2025 via 1.38 billion dollars of buybacks and 972 million dollars of dividends while funding 2.90 billion dollars of property additions, including a one-time 470 million dollar Blue Ridge rebuild.

While buybacks have reduced diluted share count to an average 1.873 billion in 2025, the trucking acquisition of Quality Carriers proved subpar and triggered a 164 million dollar goodwill impairment in 3Q25 after a 108 million dollar impairment in 2024. We give credit for disciplined capex to strengthen network assets and expand growth corridors, but we mark down for the QC acquisition outcome and the need to keep capex elevated to sustain service and moat.