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2026 THIRD QUARTER CONFERENCE CALL October 21, 2026
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Forward Looking Disclosure 2026 THIRD QUARTER EARNINGS CONFERENCE CALL This information and other statements by the company may contain forward -looking statements within the meaning of the Private Se curities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of manage ment’s plans, strategies and objectives for future operations, and management’s expectations as to future performance and operations and the time by w hich objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market condit ions or performance. Forward-looking statements are typically identified by words or phrases such as “will,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” “preliminary” and similar expressions. Forward -looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement , no inference should be drawn that the company will make additional updates with respect to that statement or any other forward -looking statements. Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward- looking statements include, among others: (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (suc h as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; (vii) changes in fuel prices, surcharges for fuel and the availability of fuel; (viii) adverse economic or operational effects from actual or threatened war or terrorist activities and any government response; and (ix) the inherent uncertainty associated with projecting economic and business conditions. Other important assumptions and factors that could cause actual results to differ materially from those in the forward -looking statements are specified in the company’s SEC reports, accessible on the SEC’s website at www.sec.gov and the company’s website at www.csx.com. 1
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Non-GAAP Measures Disclosure CSX reports its financial results in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). CSX also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulati on S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, CSX’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP. Reconciliations of non-GAAP measures to corresponding GAAP measures are attached hereto in the Appendix of this presentation. 2 2026 THIRD QUARTER EARNINGS CONFERENCE CALL
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2026 THIRD QUARTER EARNINGS CONFERENCE CALL OPENING COMMENTS & OPERATIONS REVIEW Steve Angel President and Chief Executive Officer
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Moving Forward with Safety and Efficiency 2026 THIRD QUARTER EARNINGS CONFERENCE CALL Q3 2026 Q3 2025 Change Workforce Efficiency Million gross ton-miles per rail employee Q3 2026 Q3 2025 Change Fuel Efficiency Gallons per 1,000 gross ton-miles All-time U.S. railroad quarterly record Continued discipline on safety and building on operational productivity 4 0.92 0.94 ▼2% 4.98 4.69 ▲6% 7th straight quarter of y/y improvement FRA Personal Injury Rate Per 200,000 employee-hours 5th straight quarter of y/y improvement FRA Train Accident Rate Per million train miles0.97 1.17 ▼17% 2.77 2.91 ▼5%
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Focus on Service Metric Improvement 2026 THIRD QUARTER EARNINGS CONFERENCE CALL Trip Plan ComplianceVelocity (MPH) Customer Switch Data (CSD) 5 Dwell (Hours) 18.9 19.6 18.9 18.0 18.6 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 9.5 9.8 10.7 11.0 10.6 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 93% 92% 88% 88% 83%83% 83% 74% 71% 73% 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 Intermodal Carload 95% 93% 91% 92% 94% 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 ▲3% ▼4% ▲2 ppt IM: ▼5 ppt CL: ▲2 ppt
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2026 THIRD QUARTER EARNINGS CONFERENCE CALL FINANCIAL REVIEW Kevin Boone Executive Vice President and Chief Financial Officer
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Third Quarter Earnings Summary 2026 THIRD QUARTER EARNINGS CONFERENCE CALL Operating Income*Total Revenue GAAP $1,087M Adj. $1,251 M $1,570M Q3 25 Q3 25 Q3 26 $3,587M $4,017M Q3 25 Q3 26 25% Increase12% Increase Earnings Per Share* GAAP $0.37 Adj $0.44 $0.57 Q3 25 Q3 25 Q3 26 30% Increase 7 Operating Margin* 30.3% 34.9% 39.1% Q3 25 Q3 25 Q3 26 420 bps Increase* *Adjusted values exclude effects of $164M non-cash goodwill impairment in Q3 2025. See Appendix for Non-GAAP reconciliation. GAAP Adj.
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Third Quarter Expense Summary 2026 THIRD QUARTER EARNINGS CONFERENCE CALL Total operating expense decreased 2% y/y against a 5% increase in volume, as higher fuel costs more than offset the impact of the 3Q25 impairment charge Labor costs increased 2%, as improved productivity and the cycling of $22M in 3Q25 severance costs largely offset higher incentive compensation and labor inflation PS&O costs decreased 10%, driven by broad cost savings and the roll-off of 3Q network re-route costs 8 Quarterly Expense Comparison Dollars in Millions Q3 2026 Q3 2025 % Change Fav (Unfav) Labor and Fringe 834 815 (2%) Purchased Services and Other 657 730 10% Depreciation and Amortization 413 424 3% Equipment and Other Rents 92 86 (7%) Non-Fuel Expense, before impairments $1,996 $2,055 3% Goodwill Impairment 0 164 N/A Fuel 451 281 (60%) Total Expense $2,447 $2,500 2%
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2026 THIRD QUARTER EARNINGS CONFERENCE CALL COMMERCIAL REVIEW Maryclare Kenney Senior Vice President and Chief Commercial Officer
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Merchandise Metals, Chemicals, Forest Products lead volume increases Higher fuel surcharge and positive renewals supporting overall Merchandise RPU Intermodal Tight truck markets, expanding service initiatives driving strong domestic performance Increased fuel prices primary factor for RPU growth Coal Export supply growth, domestic industrial markets offsetting softer utility shipments Modest RPU tailwind from benchmark price gains Q3 2026 vs. Q3 2025 679 $2,453 +11% $3,613 +8% 820 +7% 188 +2% $634 +20% $773 +13% $537 +10% $2,856 Volume (‘000 Units) Revenue ($M) Revenue Per Unit ($) Third Quarter Volume and Revenue Performance 2026 THIRD QUARTER EARNINGS CONFERENCE CALL Q3 2026 Volume up 5%, Total Revenue up 12%, Overall RPU up 7% 10 +3% +7%
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2026 THIRD QUARTER EARNINGS CONFERENCE CALL CLOSING REMARKS Steve Angel President and Chief Executive Officer
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2026 Full Year Outlook 2026 THIRD QUARTER EARNINGS CONFERENCE CALL High single-digit revenue growth Operating margin expansion greater than 350 basis points Total capital expenditures below $2.4 billion Free Cash Flow growth greater than 80% 12
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Question & Answer 2026 THIRD QUARTER EARNINGS CONFERENCE CALL 13 The CSX Public Safety Coordination Center expanded network safety with new technology, securely sharing real-time location information during emergencies. CSX hosted its first external training and media tour at the Hazardous Materials Training Institute in Jacksonville—the only industry-led institute of its kind. CSX earned the 2026 Dr. William W. Hay Award for Excellence from AREMA for the Blue Ridge Rebuild project—a 60-mile restoration project following Hurricane Helene.
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2026 THIRD QUARTER EARNINGS CONFERENCE CALL APPENDIX Quarterly Comparisons
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Third Quarter Cash Flow and Distributions 2026 THIRD QUARTER EARNINGS CONFERENCE CALL Property Additions In Millions $1,284 $1,061 $730 $779 Q3 25 YTD Q3 26 YTD Buybacks Dividends Shareholder Distributions In Millions $1,785 $1,712 $440 Q3 25 YTD Q3 26 YTD Core Spend Blue Ridge Rebuild Free Cash Flow Before Dividends* In Millions $1,066 $2,648 Q3 25 YTD Q3 26 YTD 15 * See next section for Non-GAAP reconciliation
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2026 THIRD QUARTER EARNINGS CONFERENCE CALL APPENDIX Non-GAAP Reconciliations
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Non-GAAP Free Cash Flow Reconciliation 2026 THIRD QUARTER EARNINGS CONFERENCE CALL Nine Months Ended Dollars in millions Sep. 30, 2026 Sep. 30, 2025 Net Cash Provided by Operating Activities $ 4,216 $ 3,227 Property Additions (1,712) (2,225) Proceeds and Advances from Property Dispositions 144 64 Free Cash Flow Before Dividends (non-GAAP) $ 2,648 $ 1,066 Free Cash Flow 17 Note: 2025 Free Cash Flow includes approximately $440 million of cash outflows for the Blue Ridge rebuild.
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Non-GAAP Reconciliation of Adjusted Operating Results 2026 THIRD QUARTER EARNINGS CONFERENCE CALL 18 Dollars in millions, except per share amounts Operating Income Operating Margin Net Earnings Net Earnings Per Share, Assuming Dilution GAAP Operating Results $ 1,087 30.3% $ 694 $ 0.37 Goodwill Impairment 164 4.6% 124 0.07 Adjusted Operating Results (non-GAAP) $ 1,251 34.9% $ 818 $ 0.44 Quarter Ended Sept. 30, 2025 Dollars in millions, except per share amounts Operating Income Operating Margin Net Earnings Net Earnings Per Share, Assuming Dilution GAAP Operating Results $ 3,411 32.2% $ 2,169 $ 1.16 Goodwill Impairment 164 1.6% 124 0.06 Adjusted Operating Results (non-GAAP) $ 3,575 33.8% $ 2,293 $ 1.22 Nine Months Ended Sept. 30, 2025