CSX Corporation (CSX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado mundo del transporte de carga, CSX Corporation emerge como una potencia de innovación logística, navegando estratégicamente el complejo panorama del envío ferroviario en todo el este de los Estados Unidos. Al combinar perfectamente la tecnología avanzada, la infraestructura expansiva y las soluciones centradas en el cliente, CSX ha transformado las operaciones ferroviarias tradicionales en una empresa dinámica basada en datos que ofrece un valor incomparable a las industrias que van desde la fabricación hasta la agricultura. Esta exploración de lienzo de modelo de negocio presenta los mecanismos estratégicos que impulsan el notable éxito de CSX en un ecosistema de transporte cada vez más competitivo.

CSX Corporation (CSX) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con grandes compañías de envío y logística

CSX mantiene asociaciones estratégicas con varias organizaciones de logística y envío clave:

Empresa asociada	Tipo de asociación	Alcance de la colaboración
Norfolk Southern Railway	Acuerdos interlíneas	Conectividad de red de flete
Ferrocarril nacional canadiense	Logística transfronteriza	Red de transporte de América del Norte
Servicios de transporte de J.B. Hunt	Servicios intermodales	Soluciones de transporte integradas

Colaboración con autoridades portuarias y operadores de terminales intermodales

CSX colabora con múltiples autoridades portuarias en su red:

• Puerto de Jacksonville, Florida
• Puerto de Baltimore, Maryland
• Puerto de Nueva Orleans, Louisiana
• Puerto de Charleston, Carolina del Sur

Asociaciones con empresas de tecnología para logística y rastreo de soluciones

CSX tiene asociaciones tecnológicas con:

Socio tecnológico	Enfoque tecnológico	Año de implementación
Wabtec Corporation	Sistemas de monitoreo de locomotoras	2022
IBM	Análisis de mantenimiento predictivo	2021
Transporte de trimble	Soluciones de seguimiento del GPS	2020

Relaciones con equipos y fabricantes de locomotoras

Las asociaciones clave de fabricación de equipos y locomotoras de CSX incluyen:

• GE Transportation (Wabtec)
• Oruga
• Servicios ferroviarios de progreso
• EMD (diesel electromotivo)

Asociaciones estratégicas totales: más de 15 colaboraciones activas en varios sectores

CSX Corporation (CSX) - Modelo de negocio: actividades clave

Servicios de transporte de carga ferroviaria

CSX opera una red ferroviaria de 21,000 millas en 23 estados al este del río Mississippi. En 2023, la compañía transportó 1,9 millones de automóviles de carga, generando $ 14.9 mil millones en ingresos totales.

Categoría de flete	Volumen anual (cargas de automóviles)	Contribución de ingresos
Flete de mercancías	1.2 millones	$ 8.7 mil millones
Flete de carbón	400,000	$ 3.2 mil millones
Flete intermodal	300,000	$ 3.0 mil millones

Gestión intermodal de flete

CSX maneja aproximadamente 3,4 millones de unidades intermodales anualmente, conectando las principales áreas metropolitanas y puertos.

• Volumen de transporte de contenedores intermodales: 2.1 millones de TEUS
• Volumen de transporte de remolque intermodal: 1.3 millones de unidades
• Distancia de envío intermodal promedio: 1,050 millas

Optimización de red y planificación de rutas

CSX utiliza tecnologías avanzadas de optimización de rutas para mejorar la eficiencia y reducir los costos de transporte.

Métrica de optimización	Actuación
Velocidad del tren	23.4 millas por hora
Eficiencia de combustible	138 toneladas por galón
Tiempo de permanencia de terminal	8.2 horas

Mantenimiento de la infraestructura ferroviaria y el stock rodante

CSX invierte significativamente en infraestructura y mantenimiento de equipos.

• Gasto anual de mantenimiento de la infraestructura: $ 1.2 mil millones
• Locomotoras totales: 3,900
• Total de carga de carga: 71,000
• Millas de pista mantenidas: 21,000

Tecnología y desarrollo de plataforma de logística digital

CSX continúa invirtiendo en tecnologías de transformación digital y logística.

• Inversión tecnológica anual: $ 350 millones
• Sistemas de mantenimiento predictivo implementados
• Desarrolló plataformas de seguimiento de envíos en tiempo real
• Inteligencia artificial desplegada para la optimización de rutas

CSX Corporation (CSX) - Modelo de negocio: recursos clave

Red ferroviaria extensa

CSX opera un Red ferroviaria de 21,000 millas cubriendo 23 estados al este del río Mississippi, el distrito de Columbia y las provincias canadienses de Ontario y Quebec.

Métrico de red	Cantidad
Millas de pista total	21,000 millas
Estados cubiertos	23
Terminales intermodales	48

Flota moderna de locomotoras y vagones

CSX mantiene una sólida base de activos de transporte.

Activo de la flota	Cantidad
Locomotoras	3,900
Autos de flete	71,000

Sistemas avanzados de gestión de transporte

• Tecnología de ferrocarril programado de precisión (PSR)
• Software de optimización de ruta avanzada
• Sistemas de seguimiento en tiempo real
• Tecnologías de control de trenes automatizadas

Fuerza laboral hábil

A partir de 2023, CSX empleó 19,342 empleados.

Categoría de fuerza laboral	Número de empleados
Total de empleados	19,342
Empleados sindicales	16,500

Infraestructura de tierra y seguimiento

CSX posee activos significativos de bienes raíces e infraestructura.

Activo de infraestructura	Cantidad
Propiedad total, planta, equipo	$ 54.3 mil millones
Valor de propiedad neta	$ 33.1 mil millones

CSX Corporation (CSX) - Modelo de negocio: propuestas de valor

Transporte de carga a larga distancia eficiente y rentable

CSX opera 21,000 millas de ruta a través de 23 estados en el este de los Estados Unidos, atendiendo aproximadamente 70 puertos marítimos. En 2022, la compañía transportó 1,85 millones de cargas de carga, generando $ 14.9 mil millones en ingresos totales.

Métrico de transporte	Rendimiento 2022
Millas de ruta	21,000
Estados atendidos	23
Cargas de autos totales	1.85 millones
Ingresos totales	$ 14.9 mil millones

Soluciones de envío ambientalmente sostenibles

El transporte de trenes de CSX reduce las emisiones de gases de efecto invernadero hasta en un 75% en comparación con el transporte de camiones. En 2022, la compañía redujo las emisiones de carbono en 7,5 millones de toneladas métricas.

• Eficiencia de combustible de 473 toneladas por galón
• Reducción de emisiones de carbono: 7,5 millones de toneladas métricas en 2022
• Un tren puede reemplazar aproximadamente 300 camiones

Rendimiento de entrega confiable y consistente

CSX logró una relación operativa de 55.4% en 2022, lo que indica eficiencia operativa y entrega de servicios consistentes.

Métrico de rendimiento	Valor 2022
Relación operativa	55.4%
Tasa de entrega a tiempo	92.3%

Logística integrada y servicios de cadena de suministro

CSX atiende a múltiples segmentos de mercado, incluidos los mercados agrícolas, automotrices, químicos, de carbón, intermodales y de mercancías.

• Productos agrícolas: 18% de los ingresos totales
• Segmento automotriz: 12% de los ingresos totales
• Transporte químico: 15% de los ingresos totales

Seguimiento avanzado y visibilidad de envío en tiempo real

CSX invested $695 million in technology and infrastructure improvements in 2022 to enhance digital tracking capabilities.

Inversión tecnológica	Cantidad de 2022
Infraestructura tecnológica	$ 695 millones
Actualizaciones de plataforma digital	$ 127 millones

CSX Corporation (CSX) - Modelo de negocios: relaciones con los clientes

Relaciones a largo plazo basadas en contratos con los principales clientes de envío

CSX mantiene contratos a largo plazo con aproximadamente 2,500 clientes de envío comercial en varias industrias. La duración promedio del contrato es de 3 a 5 años, con valores anuales del contrato que van desde $ 500,000 a $ 25 millones.

Segmento de la industria	Número de contratos a largo plazo	Valor anual promedio del contrato
Agrícola	412	$ 3.2 millones
Automotor	287	$ 5.7 millones
Químico	356	$ 4.9 millones
Intermodal	495	$ 6.3 millones

Servicio al cliente dedicado y gestión de cuentas

CSX emplea a 127 gerentes de cuentas dedicados que atienden a clientes de nivel empresarial. El equipo de servicio al cliente maneja aproximadamente 98,500 interacciones con el cliente anualmente.

• Tiempo de respuesta promedio: 24 minutos
• Calificación de satisfacción del cliente: 4.6/5
• Canales de soporte dedicados: teléfono, correo electrónico, portal en línea

Plataformas de autoservicio digital para el seguimiento y la gestión

Plataforma digital de CSX, CSX Logistics Connect, admite 1,875 usuarios corporativos activos con capacidades de seguimiento de envío en tiempo real.

Característica de la plataforma	Métricas de uso
Usuarios activos mensuales	1,875
Transacciones digitales anuales	362,000
Descargas de aplicaciones móviles	47,300

Soluciones logísticas personalizadas para necesidades específicas de la industria

CSX proporciona soluciones logísticas específicas de la industria con paquetes de servicios a medida en múltiples sectores.

• Automotriz: optimización de entrega justo a tiempo
• Químico: transporte especializado de material peligroso
• Agricultura: gestión de transporte de cultivos estacional
• Intermodal: soluciones de envío multimodal integradas

Informes de comunicación y rendimiento proactivos

CSX genera informes de rendimiento trimestrales para el 92% de sus clientes empresariales, con métricas detalladas sobre la confiabilidad del envío, los tiempos de tránsito y la eficiencia de rentabilidad.

Métrica de informes	Estándar de rendimiento
Tasa de entrega a tiempo	94.3%
Frecuencia de informes del cliente	Trimestral
Cobertura de informes de rendimiento	92% de clientes empresariales

CSX Corporation (CSX) - Modelo de negocio: canales

Equipo de ventas directas

CSX opera un equipo de ventas directo dedicado dirigido a los sectores industriales clave. A partir de 2023, la compañía mantuvo aproximadamente 150 representantes de ventas en América del Norte.

Categoría de canal de ventas	Número de representantes	Industrias principales atendidas
Ventas de flete industrial	85	Fabricación, química, automotriz
Venta de productos agrícolas	35	Agricultura, procesamiento de alimentos
Energía y ventas intermodales	30	Energía, venta minorista, bienes de consumo

Plataformas digitales en línea y aplicaciones móviles

CSX proporciona plataformas de gestión de envío digital con capacidades de seguimiento en tiempo real.

• Usuarios de la plataforma digital: 12,500 clientes corporativos
• Descargas de aplicaciones móviles: 75,000 a partir del cuarto trimestre 2023
• Precisión de seguimiento del envío en línea: 99.2%

Conferencias de la industria y ferias comerciales

CSX participa en aproximadamente 18-22 conferencias de transporte y logística anualmente.

Tipo de conferencia	Participación anual	Público objetivo
Conferencias de logística de transporte	12	Ejecutivos de envío
Foros de la cadena de suministro industrial	6	Líderes de adquisiciones de fabricación
Tecnología en cumbres logísticas	4	Profesionales de tecnología e innovación

Portales de clientes basados ​​en la web

CSX ofrece plataformas integrales de gestión de clientes basadas en la web.

• Usuarios activos de Portal: 8,750 cuentas corporativas
• Transacciones mensuales del portal: 127,500
• Duración promedio de la sesión del usuario: 22 minutos

Redes de logística de socios y de terceros

CSX colabora con extensos socios de logística y transporte.

Categoría de socio	Número de socios	Ingresos colaborativos anuales
Proveedores de logística intermodal	42	$ 375 millones
Redes de envío internacionales	27	$ 215 millones
Socios de integración de tecnología	18	$ 95 millones

CSX Corporation (CSX) - Modelo de negocio: segmentos de clientes

Empresas manufactureras

CSX atiende a 23 industrias manufactureras en todo Estados Unidos, transportando materias primas y productos terminados.

Segmento de fabricación	Volumen anual de flete (toneladas)
Piezas automotrices	3.2 millones
Fabricación de acero	2.7 millones
Equipo de maquinaria	1.9 millones

Productores agrícolas

CSX maneja la carga agrícola en 23 estados en el este de los Estados Unidos.

• Volumen de transporte de grano: 1.5 millones de toneladas anuales
• Productos agrícolas servidos: maíz, soja, trigo
• Regiones agrícolas clave: Medio Oeste, Sureste

Industria automotriz

CSX admite la logística de la cadena de suministro automotriz con servicios de transporte dedicados.

Segmento automotriz	Transporte anual de vehículos/piezas
Vehículos terminados	750,000 unidades
Piezas automotrices	2.3 millones de toneladas

Descipadores de materiales químicos e industriales

CSX transporta diversos materiales químicos e industriales a través de su red.

• Volumen de flete químico: 4.1 millones de toneladas anuales
• Materiales industriales servidos: plásticos, productos químicos, productos derivados del petróleo

Empresas de bienes minoristas y de consumo

CSX proporciona soluciones logísticas integrales para el transporte minorista y de bienes de consumo.

Segmento de bienes de consumo	Volumen anual de flete
Productos envasados ​​por el consumidor	2.6 millones de toneladas
Mercancía minorista	1.8 millones de toneladas

CSX Corporation (CSX) - Modelo de negocio: Estructura de costos

Gastos de combustible y energía

En 2022, CSX reportó gastos totales de combustible de $ 1.37 mil millones. La compañía consumió aproximadamente 216 millones de galones de combustible diesel. La eficiencia de combustible se registró en 138 toneladas brutas por galón.

Categoría de gastos de combustible	Costo anual
Adquisición de combustible diesel	$ 1.37 mil millones
Consumo de combustible	216 millones de galones
Eficiencia de combustible	138 toneladas brutas/galón

Mantenimiento laboral y de la fuerza laboral

Los gastos laborales totales de CSX en 2022 fueron de $ 2.63 mil millones, que cubren aproximadamente 19,340 empleados.

• Compensación promedio de empleados: $ 136,000 por año
• Asignación de beneficios para empleados: $ 412 millones
• Gastos de capacitación y desarrollo: $ 24.5 millones

Infraestructura y mantenimiento de la pista

El gasto de mantenimiento de la infraestructura para 2022 totalizaron $ 812 millones.

Categoría de mantenimiento	Inversión anual
Rastrear la infraestructura	$ 512 millones
Mantenimiento de puentes y túneles	$ 180 millones
Sistemas de señal y comunicación	$ 120 millones

Equipo y depreciación de locomotoras

El gasto total de depreciación para 2022 fue de $ 1.14 mil millones.

• Depreciación de la flota de locomotoras: $ 678 millones
• Depreciación de vagones: $ 342 millones
• Depreciación del equipo de mantenimiento: $ 120 millones

Tecnología e inversiones en infraestructura digital

CSX invirtió $ 187 millones en tecnología e infraestructura digital en 2022.

Categoría de inversión tecnológica	Gasto anual
Sistemas de tecnología operativa	$ 92 millones
Inversiones de ciberseguridad	$ 45 millones
Iniciativas de transformación digital	$ 50 millones

CSX Corporation (CSX) - Modelo de negocios: flujos de ingresos

Servicios de transporte de carga

CSX reportó ingresos totales de flete de $ 14.9 mil millones en 2022. El segmento de ingresos de mercancías fue de $ 10.3 mil millones, que incluye:

Grupo de productos básicos	Ingresos ($ millones)
Productos agrícolas	1,320
Automotor	1,200
Químicos	1,750
Carbón	1,100
Metales/equipos	1,480

Ingresos de envío intermodal

Los ingresos intermodales en 2022 alcanzaron $ 3.8 mil millones, con métricas clave:

• Volumen intermodal: 2.4 millones de unidades
• Ingresos promedio por unidad: $ 1,583
• Intermodal nacional: 1.8 millones de unidades
• Intermodal internacional: 600,000 unidades

Soluciones de logística y cadena de suministro

Los servicios de logística de CSX generaron aproximadamente $ 450 millones en 2022, que incluyen:

Categoría de servicio	Ingresos ($ millones)
Logística de terceros	210
Gestión del transporte	140
Soluciones de flete especializadas	100

Contratos de envío a largo plazo

Los contratos a largo plazo representaron $ 2.6 mil millones de ingresos totales en 2022, con duraciones contractuales que van desde 3 a 7 años en todas las industrias:

• Contratos de fabricación: $ 1.1 mil millones
• Contratos del sector energético: $ 650 millones
• Contratos agrícolas: $ 450 millones
• Contratos automotrices: $ 400 millones

Servicios de logística de valor agregado

Las fuentes de ingresos adicionales de los servicios de valor agregado totalizaron $ 320 millones en 2022:

Tipo de servicio	Ingresos ($ millones)
Almacenamiento	120
Seguimiento de flete	85
Soluciones logísticas personalizadas	115

CSX Corporation (CSX) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose CSX Corporation over other options, especially trucking. It boils down to hard numbers on efficiency and capacity upgrades that are now coming online.

Cost-Effective Transport: Rail is 3-4x more fuel efficient than trucking

The fundamental value here is the inherent fuel advantage of rail. According to the Association of American Railroads (AAR), moving freight by rail is 3 - 4 times more fuel efficient than moving freight on the highway. CSX Corporation has backed this up with capital, investing more than $2.8 billion over the last decade to improve its locomotive fuel efficiency. For fiscal year 2024, CSX's system-wide train efficiency metric reached approximately 528 ton-miles per gallon (RTM/gal). To put that in perspective, a comparable heavy-duty diesel truck hauling freight was estimated to achieve only about 134 ton-miles per gallon in a similar calculation. This efficiency directly translates to lower operating costs passed on to shippers.

Metric	CSX (2024 Est.)	Trucking (Example Est.)
Fuel Efficiency (Ton-Miles per Gallon)	528 RTM/gal	134 RTM/gal
Relative Efficiency Factor	3.94 times more efficient	1.00 times

Network Capacity: Double-stack intermodal clearance on the I-95 corridor (post-Howard Street Tunnel)

The completion of the Howard Street Tunnel expansion is a massive capacity unlock for the East Coast. This historic infrastructure project, valued at over $450 million, reopened on September 26, 2025. Once final bridge clearance projects wrap up in early 2026, this will clear a key I-95 corridor bottleneck, allowing double-stacked intermodal trains to move through Baltimore. CSX Corporation projects this will generate up to 125,000 new intermodal loads annually. Furthermore, the Port of Baltimore anticipates this will lead to 160,000 containers annually moving through the port. This establishes what CSX claims will be the fastest and most efficient intermodal route on the I-95 corridor connecting Florida with the Northeast.

Environmental Efficiency: Up to 75% fewer GHG emissions than trucks

The environmental benefit is a key selling point, especially as customers focus on their own Scope 3 emissions. Data from the U.S. Environmental Protection Agency suggests that freight by rail instead of truck would lower greenhouse gas (GHG) emissions by up to 75% on average. CSX Corporation's 2024 ESG report showed that their customers collectively reduced CO2 emissions by over 10 million tons by choosing rail. More recently, in 2025, three recognized customers-Diageo, Geocycle LLC, and Chemours-eliminated over 38,000 metric tons of CO2 emissions through their rail shipments with CSX.

Integrated Logistics: Seamless rail, intermodal, and rail-to-truck transload solutions

CSX Corporation provides a full suite of services, not just line-haul rail. The company offers rail, intermodal, and rail-to-truck transload services and solutions across its network, which connects every major metropolitan area in the eastern United States. This network also links more than 240 short-line railroads and over 70 ocean, river, and lake ports. The network's operational health is tracked closely by key metrics. For week 48 of 2025 (November 22 - 28, 2025), the system average train velocity was 20.1 mph, and the system-wide aggregated terminal dwell average was 9.7 hours.

You can see the focus on operational improvement reflected in service scores:

• Trip plan compliance reached 82.5% in May 2025.
• This May 2025 performance was the highest since December 2024\'s level of 82.7%.

Customer-Centric Service: Improved network fluidity and cost efficiency via the ONE CSX culture

The commitment to service improvement is tied to the internal 'ONE CSX' culture. Management pointed to this dedication as the enabler for sequential improvements in network fluidity and cost efficiency seen in the second quarter of 2025. For Q2 2025, CSX posted an operating margin of 35.9%. This followed a Q1 2025 where total volume was 1% lower year-over-year at 1.52 million units, but intermodal volume showed growth. The company reported Q2 2025 total volume was flat compared to Q2 2024 at 1.58 million units, which was up 4% sequentially. The Q2 2025 operating income was $1.28 billion, compared to $1.45 billion in Q2 2024.

Finance: draft 13-week cash view by Friday.

CSX Corporation (CSX) - Canvas Business Model: Customer Relationships

You're looking at how CSX Corporation manages its relationships across its diverse customer base as of late 2025. This isn't just about taking orders; it's about deep partnership for some and efficient, standardized service for others.

Dedicated sales and marketing teams for large, strategic accounts are key for securing high-value, complex business. The company's strategy involves these teams working closely with industrial development efforts. As of the March 2025 Proxy Statement, CSX Corporation reported having over 550 projects in its industrial development pipeline, which directly translates to future large account engagement and tailored service solutions.

Direct communication and collaboration are formalized through the ONE CSX model. This framework is designed to ensure that Operations and Sales and Marketing teams work together to create tailored solutions, reinforcing the role as a trusted partner. This internal alignment supports the relationship management across the entire organization, which is built on a foundation of approximately 23,500 employees as of 2025.

For standard freight movements, the relationship leans more toward the transactional side, where efficiency and reliability are the primary value drivers. You see this reflected in the operational performance metrics that impact day-to-day service. For week 48, ending November 28, 2025, the system average train velocity was reported at 20.1 mph, and the system-wide dwell average was 9.7 hrs. These metrics are the tangible results of the service provided to these transactional customers.

The backbone of many long-term relationships involves long-term contracts for bulk commodities like coal and chemicals. These relationships are characterized by committed volumes over extended periods, providing revenue stability. The importance of these segments is clear from the 2024 revenue breakdown:

Commodity Segment	Percentage of 2024 Consolidated Revenue
Chemicals	17%
Coal	16%
Intermodal Containers	16%
Automotive Cargo	7%

The coal segment, a major component of these contract-based relationships, faced headwinds, with fourth quarter 2024 coal revenue falling 20% to $499 million. For the full year 2024, CSX Corporation hauled 82.7 million short tons (st) of coal. Domestic coal shipments specifically dropped 14% to 38.9 million st in 2024, though export shipments to terminals saw a 9% increase.

The company's approach to customer relationships can be summarized by the different levels of engagement required:

• Dedicated account management for strategic partners.
• Supply chain analysis offered by Regional Sales Managers.
• Focus on operational metrics for transactional shippers.
• Commitment to long-term volume stability from bulk commodity contracts.

Finance: draft 13-week cash view by Friday.

CSX Corporation (CSX) - Canvas Business Model: Channels

You're looking at how CSX Corporation actually gets its product-freight movement-to the customer, which is all about the physical network they use. This is the backbone of their operation, the tangible assets that connect supply and demand across the Eastern U.S. and beyond.

Direct rail lines connecting major metropolitan areas and production facilities

CSX Corporation's primary channel is its extensive rail network. This network is positioned to reach nearly two-thirds of Americans, who drive the majority of the nation's consumption of goods. The core infrastructure is its approximately 20,000 route-mile rail network. This physical track structure includes mainline track connecting terminals and yards, as well as track connecting the mainline to customer locations.

The network serves key population centers across the eastern United States. For instance, in the first quarter of 2025, CSX Corporation reported total volume of 1.52 million units. By the second quarter of 2025, that volume was 1.58 million units. To move this freight, CSX Transportation operates an average of 1,848 trains per day. The company maintains a fleet of approximately 51,000 freight cars and more than 3,500 locomotives to support these movements.

Network of intermodal terminals for container and trailer transfer

The intermodal segment is a crucial channel, linking customers to railroads via trucks and terminals for container and trailer transfer. CSX Corporation operates a system of intermodal terminals, predominantly in the eastern United States. These terminals act as sorting facilities where railcars are re-sorted onto new outbound trains, serving as hubs between CSX and local customers. While the exact number of terminals isn't explicitly stated for late 2025, the company's intermodal business showed growth, with intermodal volume contributing to offsetting revenue declines in Q1 2025. The company's ten largest yards and terminals based on annual volume include Waycross, Georgia, and the Bedford Park Intermodal Terminal in Chicago, Illinois.

Short-line railroad connections for last-mile and regional access

To ensure regional access and last-mile connectivity, CSX Corporation uses track connections to a vast network of smaller carriers. This is how they reach thousands of production and distribution facilities that aren't directly on their main lines. As of early 2025 announcements, CSX links with more than 240 short-line and regional railroads. This connectivity is vital for moving bulk and industrial merchandise, like the 17% of consolidated revenue derived from chemicals or the 7% from automotive cargo in 2024.

Port connections to facilitate international trade via 70+ ports

For international trade channels, CSX Corporation connects its network to maritime shipping lanes. The network reaches more than 70 ocean, river, and lake ports along the Atlantic and Gulf coasts, the Mississippi River, the Great Lakes, and the St. Lawrence Seaway. This facilitates the movement of goods for import and export. For example, in Q2 2025, lower export coal prices impacted revenue, showing the direct link between port activity and financial results. The company's subsidiaries, like Quality Carriers, also support the movement of bulk liquid chemicals, which often involves port logistics.

Here's a quick look at the scale of the network channels as of the latest reporting periods:

Channel Metric	Value	Context/Date
Route Miles	Approximately 20,000	Rail Network Size
States Served East of Mississippi	26	Service Area
Short-Line Railroad Connections	More than 240	Regional Access
Ocean, River, and Lake Ports Connected	More than 70	International Trade Access
Average Trains Operated Per Day	1,848	Daily Operations
Freight Cars in Fleet	Approximately 51,000	Asset Base
Q2 2025 Total Volume	1.58 million units	Quarterly Throughput

The reach of these channels is broad, covering key metropolitan areas like New York, Philadelphia, Boston, Atlanta, Miami, and New Orleans. Also, CSX Transportation, Inc. is responsible for real estate sales and management, substantially all of which is focused on supporting railroad operations, which is an indirect channel supporting the physical network.

You should check the next 10-K filing to see if the route mileage has changed due to any infrastructure projects mentioned by CEO Joe Hinrichs. Finance: draft 13-week cash view by Friday.

CSX Corporation (CSX) - Canvas Business Model: Customer Segments

You're looking at the core of how CSX Corporation makes its money, which is all about who pays them to move their goods across the Eastern, Southeastern, and Midwestern United States. Honestly, the customer base is a direct reflection of the industrial and consumer economy they serve.

For the projected fiscal year 2025, CSX Corporation expects its Merchandise Freight segment to be the single-biggest revenue driver, making up 64% of total projected revenues, estimated at $9.1 Billion. This segment is where the bulk of the industrial and consumer product customers sit.

Merchandise: Industrial, construction, agricultural, and consumer products

The Merchandise segment is quite diverse, encompassing a wide range of bulk and finished goods. In 2024, this segment shipped 2.6 million carloads, generating $8.9 billion in revenue. This business line is where you find the manufacturers of plastics, metals, minerals, and forest products, alongside agricultural shippers.

Here's a look at the components that make up this broad customer base, based on 2024 revenue distribution across the detailed Merchandise sub-categories mentioned in their reports:

Merchandise Sub-Category	Approximate 2024 Revenue Share (Implied from data)	Customer Type Example
Chemicals & Petroleum Products	~11.23% of Total Revenue (2022 figure, used as proxy)	Manufacturers of plastics and industrial chemicals
Agricultural & Food Products	~7.08% of Total Revenue (2023 figure, used as proxy)	Agricultural companies
Metals and Equipment	~3.92% of Total Revenue (2023 figure, used as proxy)	Steel processors and industrial manufacturers
Automotive	~5.21% of Total Revenue (2023 figure, used as proxy)	Vehicle manufacturers and parts suppliers

To be fair, the exact 2024 breakdown for these sub-segments isn't fully available, but the overall Merchandise segment accounted for about 61% of the total 2024 revenue of $14,540 million.

Intermodal: Shipping lines and logistics companies moving manufactured consumer goods

The Intermodal segment handles the movement of containers that switch between rail, truck, and sometimes ship or barge. This is the direct link for many logistics providers and shipping lines moving manufactured consumer goods across the network. In 2024, this segment shipped 2.9 million units, a 5% increase in volume year-over-year.

For projected 2025, Intermodal Freight is expected to generate $2.0 Billion, representing 14% of total projected revenue. This segment's customers are primarily those needing port access or efficient long-haul container movement.

Coal: Electric utilities, steel manufacturers, and export markets

CSX Corporation moves both thermal coal for electric utilities and metallurgical coal for steel production, plus exports. This segment saw its revenue decline in 2024 due to lower global benchmark rates.

In 2024, Coal Services generated $2.20 Billion in revenue, which was about 15.78% of the total revenue. For projected 2025, Coal Freight is expected to generate $1.9 Billion, or 13% of total revenue.

The key customer types here are:

• Electric utilities for power generation.
• Steel manufacturers using metallurgical coal.
• Export markets, with deliveries to ports like Baltimore and Norfolk.

Chemicals: Manufacturers of plastics, fertilizers, and other industrial chemicals

While the specific Chemicals segment revenue is often bundled into Merchandise, the types of customers are clear. The Merchandise segment includes chemicals & petroleum products, and fertilizers are explicitly listed as a component. The Trucking segment, operated through Quality Carriers, also focuses on bulk liquid chemicals transportation.

In 2024, the revenue from the broader Merchandise segment, which houses these chemical shippers, was $8.9 billion. You're looking at major industrial producers who rely on CSX Corporation for feedstock and product distribution.

Automotive: Vehicle manufacturers and parts suppliers

Automotive is another key component within the larger Merchandise Freight category. In 2024, the Merchandise segment, which includes Automotive, accounted for 61% of the total revenue of $14,540 million.

The Automotive customer base includes both vehicle manufacturers and suppliers of parts, relying on the network to move components to assembly plants and finished vehicles to distribution points.

Finance: draft a sensitivity analysis on Merchandise revenue assuming a 5% volume shift from Intermodal to Merchandise for 2026 by Friday.

CSX Corporation (CSX) - Canvas Business Model: Cost Structure

You're looking at the heavy, non-negotiable costs that keep the CSX Corporation network running. For a Class I railroad, the cost structure is dominated by assets that require constant, massive upkeep. It's a capital-intensive game, plain and simple.

The foundation of CSX Corporation's cost base is the high fixed costs associated with owning and maintaining the extensive rail infrastructure-the tracks, bridges, signals, and yards. While we don't have the exact fixed operating expense for late 2025, we know the commitment to this asset base is ongoing. For context on the asset scale, as of June 30, 2025, the rail segment's reportable assets stood at $42.7 billion.

The variable costs, however, are what you watch closely quarter-to-quarter to gauge operational efficiency. These are the costs that move with volume and market conditions. Here's a breakdown of the key expense categories for the first six months of 2025 (H1 2025) compared to the same period in 2024, showing where the money is actually going:

Expense Category	H1 2025 Amount (Millions USD)	H1 2024 Amount (Millions USD)
Labor and Fringe	$1,612	$1,571
Purchased Services and Other	$1,484	$1,411
Fuel	$544	$626
Total Reported Expenses (Excluding D&A)	$4,673	$4,597

Labor and Fringe is a significant chunk of the operating costs. For the first half of 2025, this category hit $1.612 billion. That's a definite increase from the $1.571 billion seen in H1 2024, likely reflecting wage pressures and inflation impacting the workforce you depend on.

Fuel expenses are the classic variable cost that swings with commodity prices. In H1 2025, CSX Corporation spent $544 million on fuel. That's a notable drop from the $626 million spent in the first half of 2024, suggesting either lower commodity prices or better fuel efficiency-or both-helped the bottom line, even if only slightly.

You also have to account for the money going into keeping the network modern and expanding its reach. Capital expenditures (CapEx) are critical here. Management reaffirmed its plan to spend approximately $2.5 billion on CapEx for the full year 2025. Looking at the actual spend through the first half of the year, the rail segment alone invested $1,457 million ($1.457 billion) in property additions, showing they are defintely pushing hard on network improvements.

Here are the key components driving the non-labor, non-fuel operating costs:

• Purchased Services and Other: This category was $1.484 billion for H1 2025, up from $1.411 billion the prior year.
• Capital Expenditures (Rail Segment YTD): $1,457 million spent through June 30, 2025.
• Planned Full-Year CapEx: Approximately $2.5 billion budgeted for 2025.
• Depreciation and Amortization (H1 2025): This non-cash charge was $852 million.

Finance: draft 13-week cash view by Friday.

CSX Corporation (CSX) - Canvas Business Model: Revenue Streams

CSX Corporation generates its freight revenue primarily from the transportation of merchandise, intermodal containers, and coal across its network in the Eastern United States. The total revenue for the Trailing Twelve Months (TTM) ending September 30, 2025, was reported at $14.123 billion.

The business model relies on distinct freight segments, with the Merchandise segment historically being the largest contributor to the top line. For the projected Fiscal Year 2025, Merchandise Freight is expected to account for 64% of total revenues, translating to an estimated $9.1 billion. This segment includes the transportation of chemicals & petroleum products, metals & equipment, minerals, fertilizers, forest products, agricultural & food products, and automotive cargo.

The revenue streams show varied performance across segments as of the third quarter of 2025. For instance, in Q3 2025, the Merchandise segment saw a -1% revenue decline on a -1% volume decrease, with pricing offsetting fuel/mix effects. Conversely, Intermodal revenue increased by +4% on a +5% volume increase in the same quarter, driven by international growth.

Coal revenue faced headwinds, with Q3 2025 revenue declining by -11% on a -3% volume decrease, as weakness in the export coal market persisted, though utility coal remained strong. Overall total quarterly revenue for Q3 2025 was $3.59 billion, a 1% decrease year-over-year, as lower export coal prices and merchandise volume declines partially offset gains elsewhere.

Fuel surcharge revenue is a variable component of the total, adjusting based on diesel prices. The impact of lower fuel surcharges was noted as a factor contributing to a 4% decrease in total CSX revenue for one reported quarter. This highlights how external energy costs directly influence a portion of the reported revenue figures.

Here is a look at the projected breakdown of CSX Corporation's revenue streams for the full Fiscal Year 2025, based on current estimates:

Revenue Stream Segment	Projected FY 2025 Revenue Amount	Projected Percentage of Total Revenue
Merchandise Freight	$9.1 Bil	64%
Intermodal Freight	$2.0 Bil	14%
Coal Freight	$1.9 Bil	13%
Trucking & Others	$1.2 Bil	9%

The revenue composition for the third quarter of 2025 showed specific commodity performance within the freight categories:

• Intermodal revenue was up +4% on a +5% volume increase.
• Within Merchandise, Minerals revenue grew +12% on +8% volume growth.
• Fertilizer volume saw a rebound with 7% growth.
• Forest Products and Chemical markets volumes were both down -7%.
• Export coal revenue declined -11% year-over-year.

The company's Q3 2025 revenue was $3.59 billion, with adjusted earnings per share of $0.44. The TTM revenue of $14.123B represented a 3.8% decline year-over-year.