...May 13, 2026 This report does not constitute a rating action. We expect CSX's revenue to grow 4% in 2026. Our forecast factors in current expectations for elevated diesel prices, which will inflate revenue per carload and make headline revenue less indicative of underlying performance. Excluding fuel surcharges, we expect 2026 revenue to grow around 1%. We expect carloads to increase around 1% in 2026, reflecting modest gains in merchandise and intermodal and relatively stable coal volumes. While our U.S. GDP forecast has remained relatively unchanged since the Iran conflict began, prolonged high fuel costs could begin to erode demand and pressure carloads. Within the merchandise segment, economic conditions remain mixed, with industrial production showing only gradual improvement. We expect continued weakness in housing and automotive limiting freight demand in those segments, while other segments are benefiting from infrastructure projects. We believe the intermodal segment is poised...
