CSX Management Dinner Takeaways

Research evidence excerpt

CSX Management Dinner Takeaways

Airfreight & Surface Transportation: Rail

CSX Corp.

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

May 13, 2026

Price: $44.53 (05/12/2026) CSX Management Dinner Takeaways

Price Target: $45.00

BUY (1)

ESG SCORE: 54/100

Jason H. Seidl THE TD COWEN INSIGHT

646 562 1404

We hosted a dinner with CSX management last night in NYC. Management struck a

jason.seidl@tdsecurities.com

constructive tone on near-term demand trends and internal cost execution. CSX is taking a

Elliot Alper calculated and prudent response to the revised merger filing, and should continue to be an

646 562 1403 active voice. Broad variety of structural productivity measures in engineering, maintenance

elliot.alper@tdsecurities.com

and Quality Carriers underway.

Uday Khanapurkar, CFA

646 562 1362 Demand Trends

uday.khanapurkar@tdsecurities.com

CSX management sounded incrementally constructive on current demand, noting they “feel

Key Data pretty good from where we are” with volume trends running better than expected versus

Symbol NYSE: CSX

the start of the year. Their views on the railroad's end markets were described as cautiously

Market Cap $82.7B optimistic, with continued strength in chemicals, improving visibility in plastics supported

by U.S. low-cost energy, and solid activity across metals and aggregates (weather aside).

Management also highlighted energy-related demand (pipe tied to LNG exports; data-center-

driven activity showing up in Permian basin) and pointed to export upside out of Savannah/

Charleston as a potential next leg. Domestic intermodal was also highlighted as an area

that is seeing improving trends as it benefits from rising fuel prices and recent strong TL

price increases. Importantly, they emphasized that recent overall volume improvement is not