CSX Corporation

CSX typically sustains pricing above rail inflation in merchandise and intermodal lanes due to limited substitution on long-haul corridors and service quality, while fuel surcharge mechanisms help recover diesel volatility.

In 2025, merchandise revenue per unit broadly rose modestly despite softer volumes, and management highlighted higher pricing in merchandise and intermodal even as coal pricing fell with benchmarks. This indicates healthy price discipline, albeit constrained by regulation and truck competition over shorter lengths of haul.

The primary check on pricing is oversight from the STB on reasonableness and potential pro-competitive measures.