CSX Corporation (CSX): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde complexe du transport de fret, CSX Corporation apparaît comme une puissance de l'innovation logistique, naviguant stratégiquement dans le paysage complexe de la navigation ferroviaire à travers l'est des États-Unis. En mélangeant de manière transparente les technologies de pointe, des infrastructures expansives et des solutions centrées sur le client, CSX a transformé les opérations traditionnelles ferroviaires en une entreprise dynamique et axée sur les données qui offre une valeur inégalée aux industries allant de la fabrication à l'agriculture. Cette exploration de la toile du modèle commercial dévoile les mécanismes stratégiques qui propulsent le succès remarquable de CSX dans un écosystème de transport de plus en plus compétitif.

CSX Corporation (CSX) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les grandes sociétés d'expédition et de logistique

CSX maintient des partenariats stratégiques avec plusieurs organisations de logistique et d'expédition clés:

Entreprise partenaire	Type de partenariat	Portée de la collaboration
Norfolk Southern Railway	Accords interliants	Connectivité du réseau de fret
Chemin de fer national canadien	Logistique transfrontalière	Réseau de transport nord-américain
J.B. Hunt Transport Services	Services intermodaux	Solutions de transport intégrées

Collaboration avec les autorités portuaires et les opérateurs de terminaux intermodaux

CSX collabore avec plusieurs autorités portuaires à travers son réseau:

• Port de Jacksonville, Floride
• Port de Baltimore, Maryland
• Port de la Nouvelle-Orléans, Louisiane
• Port de Charleston, Caroline du Sud

Partenariats avec les entreprises technologiques pour la logistique et les solutions de suivi

CSX a des partenariats technologiques avec:

Partenaire technologique	Focus technologique	Année de mise en œuvre
Wabtec Corporation	Systèmes de surveillance de la locomotive	2022
Ibm	Analyse de maintenance prédictive	2021
Transport Trimble	Solutions de suivi GPS	2020

Relations avec l'équipement et les fabricants de locomotifs

Les partenariats clés de l'équipement et de la fabrication de locomotifs de CSX comprennent:

• GE Transport (Wabtec)
• Chenille
• SERVICES Rail de progrès
• EMD (diesel électro-motif)

Partenariats stratégiques totaux: 15+ collaborations actives dans divers secteurs

CSX Corporation (CSX) - Modèle d'entreprise: activités clés

Services de transport de fret ferroviaire

CSX exploite un réseau ferroviaire de 21 000 milles dans 23 États à l'est du fleuve Mississippi. En 2023, la société a transporté 1,9 million de carats de fret, générant 14,9 milliards de dollars de revenus totaux.

Catégorie de fret	Volume annuel (warklods)	Contribution des revenus
Marchandise de marchandise	1,2 million	8,7 milliards de dollars
Caractéristique du charbon	400,000	3,2 milliards de dollars
Fret intermodal	300,000	3,0 milliards de dollars

Gestion du fret intermodal

CSX gère environ 3,4 millions d'unités intermodales par an, reliant les principales zones métropolitaines et ports.

• Volume de transport intermodal des conteneurs: 2,1 millions d'EVP
• Volume de transport de remorque intermodal: 1,3 million d'unités
• Distance moyenne de l'expédition intermodale: 1 050 miles

Optimisation du réseau et planification des itinéraires

CSX utilise des technologies avancées d'optimisation des itinéraires pour améliorer l'efficacité et réduire les coûts de transport.

Métrique d'optimisation	Performance
Vitesse du train	23,4 miles par heure
Efficacité énergétique	138 tonnes-miles par gallon
Temps de résidence terminale	8,2 heures

Entretien de l'infrastructure ferroviaire et du matériel roulant

CSX investit considérablement dans la maintenance des infrastructures et des équipements.

• Dépenses annuelles de maintenance des infrastructures: 1,2 milliard de dollars
• Locomotives totales: 3 900
• Total des voitures de fret: 71 000
• Les kilomètres de piste entretenus: 21 000

Développement de la plate-forme logistique technologique et numérique

CSX continue d'investir dans les technologies de transformation numérique et de logistique.

• Investissement technologique annuel: 350 millions de dollars
• Systèmes de maintenance prédictive implémentés
• Développé des plates-formes de suivi des expéditions en temps réel
• Intelligence artificielle déployée pour l'optimisation des itinéraires

CSX Corporation (CSX) - Modèle d'entreprise: Ressources clés

Réseau de chemin de fer étendu

CSX exploite un Réseau ferroviaire de 21 000 milles Couvrant 23 États à l'est du Mississippi, le district de Columbia et les provinces canadiennes de l'Ontario et du Québec.

Métrique du réseau	Quantité
Kilomètres de piste totale	21 000 miles
États couverts	23
Terminaux intermodaux	48

Flotte moderne de la locomotive et de la voiture de chemin de fer

CSX maintient une base d'actifs de transport robuste.

Actif de la flotte	Quantité
Locomotives	3,900
Voitures de marchandise	71,000

Systèmes avancés de gestion des transports

• Technologie du chemin de fer programmé de précision (PSR)
• Logiciel avancé d'optimisation des routes
• Systèmes de suivi en temps réel
• Technologies de contrôle des trains automatisées

Main-d'œuvre qualifiée

En 2023, CSX a employé 19 342 employés.

Catégorie de main-d'œuvre	Nombre d'employés
Total des employés	19,342
Employés du syndicat	16,500

Infrastructure terrestre et piste

CSX possède des actifs immobiliers et infrastructures importants.

Actif d'infrastructure	Quantité
Propriété totale, usine, équipement	54,3 milliards de dollars
Valeur nette de propriété	33,1 milliards de dollars

CSX Corporation (CSX) - Modèle d'entreprise: propositions de valeur

Transport de fret à longue distance efficace et rentable

CSX exploite 21 000 milles de route dans 23 États dans l'est des États-Unis, desservant environ 70 ports maritimes. En 2022, la société a transporté 1,85 million de carats de fret, générant 14,9 milliards de dollars de revenus totaux.

Métrique de transport	2022 Performance
Miles de route	21,000
États servis	23
Total des cargaisons	1,85 million
Revenus totaux	14,9 milliards de dollars

Solutions d'expédition respectueuses de l'environnement

Le transport du train de CSX réduit les émissions de gaz à effet de serre jusqu'à 75% par rapport au transport des camions. En 2022, la société a réduit les émissions de carbone de 7,5 millions de tonnes métriques.

• Efficacité énergétique de 473 tonnes par gallon
• Réduction des émissions de carbone: 7,5 millions de tonnes métriques en 2022
• Un train peut remplacer environ 300 camions

Performances de livraison fiables et cohérentes

CSX a atteint un ratio de fonctionnement de 55,4% en 2022, indiquant l'efficacité opérationnelle et la prestation de services cohérentes.

Métrique de performance	Valeur 2022
Ratio de fonctionnement	55.4%
Taux de livraison à temps	92.3%

Services de logistique et de chaîne d'approvisionnement intégrés

CSX dessert plusieurs segments de marché, notamment les marchés agricoles, automobiles, chimiques, de charbon, intermodaux et de marchandises.

• Produits agricoles: 18% des revenus totaux
• Segment automobile: 12% des revenus totaux
• Transport chimique: 15% des revenus totaux

Suivi avancé et visibilité des expéditions en temps réel

CSX a investi 695 millions de dollars dans l'amélioration de la technologie et des infrastructures en 2022 pour améliorer les capacités de suivi numérique.

Investissement technologique	2022 Montant
Infrastructure technologique	695 millions de dollars
Mises à niveau de la plate-forme numérique	127 millions de dollars

CSX Corporation (CSX) - Modèle d'entreprise: relations avec les clients

Relations basées sur les contrats à long terme avec les principaux clients du transport

CSX maintient des contrats à long terme avec environ 2 500 clients d'expédition commerciaux dans diverses industries. La durée moyenne du contrat est de 3 à 5 ans, avec des valeurs de contrat annuelles allant de 500 000 $ à 25 millions de dollars.

Segment de l'industrie	Nombre de contrats à long terme	Valeur du contrat annuel moyen
Agricole	412	3,2 millions de dollars
Automobile	287	5,7 millions de dollars
Chimique	356	4,9 millions de dollars
Intermodal	495	6,3 millions de dollars

Service client dédié et gestion des comptes

CSX emploie 127 gestionnaires de comptes dédiés au service des clients de niveau d'entreprise. L'équipe du service client gère environ 98 500 interactions clients par an.

• Temps de réponse moyen: 24 minutes
• Évaluation de satisfaction du client: 4.6 / 5
• Canaux de support dédiés: téléphone, e-mail, portail en ligne

Plates-formes numériques en libre-service pour le suivi et la gestion

La plate-forme numérique de CSX, CSX Logistics Connect, prend en charge 1 875 utilisateurs de l'entreprise actifs avec des capacités de suivi des expéditions en temps réel.

Fonctionnalité de plate-forme	Métriques d'utilisation
Utilisateurs actifs mensuels	1,875
Transactions numériques annuelles	362,000
Téléchargements d'applications mobiles	47,300

Solutions logistiques personnalisées pour les besoins spécifiques de l'industrie

CSX fournit des solutions logistiques spécifiques à l'industrie avec des packages de services sur mesure sur plusieurs secteurs.

• Automobile: Optimisation de livraison juste à temps
• Protégie: transport spécialisé des matières dangereuses
• Agriculture: gestion des transports de récolte saisonnière
• Intermodal: solutions d'expédition multimodales intégrées

Communication proactive et rapport de performance

CSX génère des rapports de performances trimestriels pour 92% de ses clients d'entreprise, avec des mesures détaillées sur la fiabilité des expéditions, les heures de transit et la rentabilité.

Métrique de rapport	Norme de performance
Taux de livraison à temps	94.3%
Fréquence de rapport client	Trimestriel
Couverture du rapport de performance	92% des clients d'entreprise

CSX Corporation (CSX) - Modèle d'entreprise: canaux

Équipe de vente directe

CSX exploite une équipe de vente directe dédiée ciblant les secteurs industriels clés. En 2023, la société a maintenu environ 150 représentants commerciaux en Amérique du Nord.

Catégorie de canal de vente	Nombre de représentants	Les industries primaires servies
Ventes de fret industriel	85	Fabrication, produits chimiques, automobile
Ventes de marchandises agricoles	35	Agriculture, transformation des aliments
Énergie et ventes intermodales	30	Énergie, vente au détail, biens de consommation

Plates-formes numériques en ligne et applications mobiles

CSX fournit des plateformes de gestion de livraison numérique avec des capacités de suivi en temps réel.

• Utilisateurs de plate-forme numérique: 12 500 clients d'entreprise
• Téléchargements des applications mobiles: 75 000 au troisième trimestre 2023
• Précision du suivi des expéditions en ligne: 99,2%

Conférences et salons commerciaux de l'industrie

CSX participe à environ 18-22 conférences de transport et de logistique chaque année.

Type de conférence	Participation annuelle	Public cible
Conférences de logistique de transport	12	Cadres maritimes
Forums de la chaîne d'approvisionnement industriels	6	Leaders des achats de fabrication
Technologie en sommet logistique	4	Professionnels de la technologie et de l'innovation

Portails clients en ligne

CSX propose des plateformes de gestion des clients Web complètes.

• Utilisateurs actifs du portail: 8 750 comptes d'entreprise
• Transactions de portail mensuel: 127 500
• Durée moyenne de la session utilisateur: 22 minutes

Réseaux logistiques partenaires et tiers

CSX collabore avec des partenaires logistiques et de transport étendus.

Catégorie de partenaire	Nombre de partenaires	Revenus collaboratifs annuels
Fournisseurs de logistique intermodale	42	375 millions de dollars
Réseaux d'expédition internationaux	27	215 millions de dollars
Partenaires d'intégration technologique	18	95 millions de dollars

CSX Corporation (CSX) - Modèle d'entreprise: segments de clientèle

Entreprises manufacturières

CSX dessert 23 industries manufacturières à travers les États-Unis, transportant des matières premières et des produits finis.

Segment de fabrication	Volume annuel de fret (tonnes)
Pièces automobiles	3,2 millions
Fabrication d'acier	2,7 millions
Équipement de machines	1,9 million

Producteurs agricoles

CSX gère le fret agricole dans 23 États de l'est des États-Unis.

• Volume du transport des céréales: 1,5 million de tonnes par an
• Produits agricoles servis: maïs, soja, blé
• Régions agricoles clés: Midwest, sud-est

Industrie automobile

CSX prend en charge la logistique de la chaîne d'approvisionnement automobile avec des services de transport dédiés.

Segment automobile	Transport annuel des véhicules / pièces
Véhicules finis	750 000 unités
Pièces automobiles	2,3 millions de tonnes

Expéditeurs de matériaux chimiques et industriels

CSX transporte divers matériaux chimiques et industriels à travers son réseau.

• Volume de fret chimique: 4,1 millions de tonnes par an
• Matériaux industriels servis: plastiques, produits chimiques, produits pétroliers

Sociétés de vente au détail et de biens de consommation

CSX fournit des solutions logistiques complètes pour le transport de produits de vente au détail et de biens de consommation.

Segment de biens de consommation	Volume annuel de fret
Produits de consommation emballés	2,6 millions de tonnes
Marchandises au détail	1,8 million de tonnes

CSX Corporation (CSX) - Modèle d'entreprise: Structure des coûts

Fourges et dépenses énergétiques

En 2022, CSX a déclaré des frais de carburant totaux de 1,37 milliard de dollars. L'entreprise a consommé environ 216 millions de gallons de carburant diesel. L'efficacité énergétique a été enregistrée à 138 tonnes brutes par gallon.

Catégorie de dépenses de carburant	Coût annuel
Diesel Fuel Procurement	1,37 milliard de dollars
Consommation de carburant	216 millions de gallons
Efficacité énergétique	138 tonnes brutes / gallon

Maintien de la main-d'œuvre et de la main-d'œuvre

Les dépenses totales de main-d'œuvre de CSX en 2022 étaient de 2,63 milliards de dollars, couvrant environ 19 340 employés.

• Compensation moyenne des employés: 136 000 $ par an
• Attribution des avantages sociaux: 412 millions de dollars
• Frais de formation et de développement: 24,5 millions de dollars

Infrastructure et maintenance de la piste

Les dépenses de maintenance des infrastructures pour 2022 ont totalisé 812 millions de dollars.

Catégorie de maintenance	Investissement annuel
Infrastructure de piste	512 millions de dollars
Entretien du pont et du tunnel	180 millions de dollars
Systèmes de signal et de communication	120 millions de dollars

Équipement et dépréciation de la locomotive

La charge d'amortissement totale pour 2022 était de 1,14 milliard de dollars.

• Dépréciation de la flotte de locomotive: 678 millions de dollars
• Amortissement de wagon: 342 millions de dollars
• Équipement de maintenance Amortissement: 120 millions de dollars

Investissements technologiques et infrastructures numériques

CSX a investi 187 millions de dollars dans la technologie et les infrastructures numériques en 2022.

Catégorie d'investissement technologique	Dépenses annuelles
Systèmes technologiques opérationnels	92 millions de dollars
Investissements en cybersécurité	45 millions de dollars
Initiatives de transformation numérique	50 millions de dollars

CSX Corporation (CSX) - Modèle d'entreprise: Strots de revenus

Services de transport de fret

CSX a déclaré que les revenus totaux de fret de 14,9 milliards de dollars en 2022. Le segment des revenus des marchandises était de 10,3 milliards de dollars, notamment:

Groupe de produits	Revenus (millions de dollars)
Produits agricoles	1,320
Automobile	1,200
Produits chimiques	1,750
Charbon	1,100
Métaux / équipements	1,480

Revenus d'expédition intermodaux

Les revenus intermodaux en 2022 ont atteint 3,8 milliards de dollars, avec des mesures clés:

• Volume intermodal: 2,4 millions d'unités
• Revenu moyen par unité: 1 583 $
• Intermodal domestique: 1,8 million d'unités
• Intermodal international: 600 000 unités

Solutions logistiques et chaîne d'approvisionnement

Les services logistiques de CSX ont généré environ 450 millions de dollars en 2022, notamment:

Catégorie de service	Revenus (millions de dollars)
Logistique tierce	210
Gestion des transports	140
Solutions de fret spécialisées	100

Contrats d'expédition à long terme

Les contrats à long terme représentaient 2,6 milliards de dollars de revenus totaux en 2022, avec des durées de contrat allant de 3 à 7 ans dans toutes les industries:

• Contrats de fabrication: 1,1 milliard de dollars
• Contrats du secteur de l'énergie: 650 millions de dollars
• Contrats agricoles: 450 millions de dollars
• Contrats automobiles: 400 millions de dollars

Services logistiques à valeur ajoutée

Des sources de revenus supplémentaires des services à valeur ajoutée ont totalisé 320 millions de dollars en 2022:

Type de service	Revenus (millions de dollars)
Entrepôts	120
Suivi du fret	85
Solutions logistiques personnalisées	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.