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CSX

csx · NASDAQ Industrials
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Ticker csx
Exchange NASDAQ
Sector Industrials
Industry Railroads
Employees 10,000+
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FY2024 Annual Report · CSX
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Annual 
Report
2024

In This Report
Our people
Our customers
Our Communities
Powered to Perform
Financial Performance
Safety Performance
Service Performance
Growth Opportunities
Environmental, Social, and Governance
Message from the CEO
Board of Directors
Executive Management
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Making connections
Prioritizing our people, 
our customers, and  
our communities

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The year 2024 was one of determination and 
transformation for CSX. Amidst significant 
challenges, including the collapse of the Francis 
Scott Key Bridge; Hurricanes Debby, Helene, 
and Milton; and the dockworkers’ East Coast 
port strike, our team demonstrated extraordinary 
professionalism, ingenuity, and compassion. It was 
a year that underscored who we are as a company—
united by our shared goals and driven by the values 
of ONE CSX. 
Our financial results reflect the turbulence of 
the year but also the resilience of our company. 
Revenue totaled $14.5 billion, a 1% decrease year 
over year. Expenses increased 1% to $9.3 billion, 
while operating income declined 5% to $5.2 
billion. Additionally, our operating margin of 36.1% 
represented a modest decline of 140 basis points 
compared to 37.5% in 2023, and earnings per diluted 
share decreased by $0.03 to $1.79.* 
Despite these headwinds, we achieved significant 
progress in critical areas that position CSX for long-
term success. In 2024, we invested $2.5 billion to 
maintain and enhance our infrastructure, ensuring 
CSX is prepared to meet future demands with 
optimized network and terminal capacity. From 
rerouting critical rail traffic after hurricanes to quickly 
repairing damaged infrastructure, our team worked 
tirelessly to sustain operations and support our 
customers. Their efforts enabled rapid recoveries, 
and their ongoing reconstruction—including the 
repair of over 60 miles of storm-damaged track in 
the Blue Ridge region—reflects our commitment to 
operational excellence and community stewardship. 
*Operating margin includes the wholly owned trucking subsidiary Quality Carriers. Additional
details on our operating segments’ revenue and costs are included on page 119 of the 10-K.
The human toll of last year’s disasters remains deeply 
felt, and we continue to stand with our neighbors, 
offering support as they rebuild their lives. These 
efforts exemplify the spirit of ONE CSX, where 
collaboration and compassion drive everything we do. 
Growth Through Strategic Investments 
Every challenge presents an opportunity to grow 
stronger. CSX seized these moments in 2024 to invest 
strategically in initiatives that enhance our network’s 
capacity and efficiency. We are particularly proud of 
milestones such as the modernization of Baltimore’s 
Howard Street Tunnel, which will enable double-stack 
Intermodal service along the critical I-95 corridor by 
the end of 2025. 
Also exciting was the acquisition of the Meridian & 
Bigbee Railroad (MNBR), our first new interchange in 
decades. Announced in October 2024, this landmark 
partnership strengthens East-West and Mexico traffic 
routes, unlocking new opportunities for our customers 
while further enhancing network connectivity. 
We’ve also prepared for a sustainable future by 
advancing alternative fuel solutions, such as biofuels 
and hydrogen-power innovation. The unveiling of our 
first hydrogen-powered locomotive in April 2024 was 
a groundbreaking achievement that demonstrates our 
readiness to support emerging industries and lead in 
the transition toward increased innovation. 
Our focus on customer relationships remains central 
to our strategy. Collaborative efforts, including 
site visits, surveys, and tailored solutions from our 
Operations and Sales and Marketing teams, help 
us address customer needs and establish CSX as 
To Our Valued Shareholders
Message from the CEO
a trusted partner. With more than 500 industrial 
development projects in our pipeline, we are building 
the foundation for sustainable growth across a 
diverse range of industries. 
Advancing Safety and Engagement 
Safety defines every aspect of CSX operations, and in 
2024, we made important strides through our SAFE 
CSX initiative. With guidance from safety experts 
at DEKRA, we are working to shift our culture from 
rule enforcement to proactive risk management. 
The resulting hands-on training, mentorship, and 
collaboration empower our teams to identify and 
mitigate risks and continuously improve safety 
practices. 
This cultural transformation is guided by the 
attributes of WE CARE, WE CONNECT, WE MAKE IT 
SAFE, WE SPEAK UP, WE OWN IT, and WE LEARN. 
By embracing these principles, we’re reinforcing our 
shared commitment to safety and delivering tangible 
results, including a 1% year-over-year improvement in 
our 2024 FRA Train Accident Rate. 
Our employees are the backbone of CSX, and their 
engagement drives our success. This year, we 
expanded employee-focused initiatives and once 
again led Class I railroads by securing new tentative 
agreements with labor unions ahead of National 
Bargaining. To date, nearly half of our unionized 
workforce has ratified new agreements with 
improved pay and benefits. We also enhanced our 
formal workplace recognition program to celebrate 
employee contributions. Additionally, Family Day 
events brought together 20,000 team members and 
their loved ones across the network, underscoring 
our dedication to building a connected and inclusive 
culture. 
Looking inward, we also launched the ONE CSX 
Academy, a series of courses that equip employees 
to embody our core values and behaviors in their 
daily work. Programs like these empower team 
members to drive performance while fostering 
collaboration companywide. 
A Bright Future Ahead 
2024 reminded us of what makes CSX exceptional—
our people, our resilience, and our steadfast 
commitment to progress. Together, we’ve risen 
above market uncertainties, navigated operational 
disruptions, and delivered for our customers, 
shareholders, and communities. These achievements 
reflect the strength of our proven operating model 
and the unstoppable momentum of ONE CSX. 
As we look ahead to 2025, I am confident in the 
opportunities we have created. Strategic growth 
initiatives, infrastructure enhancements, and cultural 
transformations position us as a leader in innovation, 
safety, and customer service. Guided by these 
priorities, we will continue driving sustainable growth 
and creating long-term value for all stakeholders. 
Thank you for your continued trust and partnership in 
shaping the next chapter of CSX’s story. Together, we 
are building something remarkable. 
Sincerely, 
Joseph R. Hinrichs
President and Chief Executive Officer 

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Our People

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Powered to perform
our people
CSX Revenue Mix
61%
16%
14%
6%
3%
Merchandise
Coal
Intermodal
Trucking
32%
18%
14%
12%
9%
9%
6%
Chemicals
Agricultural and 
Food Products
Automotive
Forest Products
Metals and Equipment
Minerals
Fertilizers
Other
PORTLAND
CINCINNATI
LOUISVILLE
NASHVILLE
MEMPHIS
BIRMINGHAM
MONTGOMERY
ATLANTA
CHICAGO
AVON
CUMBERLAND
TAMPA
COLUMBUS
RUSSELL
WILLARD
JACKSONVILLE
SAVANNAH
CHARLESTON
FLORENCE
NEW ORLEANS
WAYCROSS
MOBILE
HAMLET
ROCKY MOUNT
RICHMOND
BALTIMORE
SELKIRK
SYRACUSE
BUFFALO
CLEVELAND
PITTSBURGH
DETROIT
TOLEDO
CSX network
MAJOR TERMINAL
CSX RAIL SERVICE
CSX OPERATING AGREEMENT

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CSX demonstrated steady performance in 2024, 
navigating industry challenges while seizing market 
opportunities to position the company for long-term 
success. Total volume increased by 2% year over 
year, a mark of strong operational execution that 
outpaced the broader industrial economy. 
This achievement earned CSX recognition from 
Trains magazine, which noted CSX as the only 
railroad to fully rebound to pre-pandemic volume 
levels. 
Merchandise revenue grew 3% for the full year, 
supported by pricing gains and a 1% increase 
Financial Performance
by
the
numbers
Our people
Revenue (millions)
2023
2024
$14,657
$14,540
-1%
Merchandise Revenue (millions)
2023
2024
$8,653
$8,903
3%
Operating Income (millions)
2023
2024
$5,499
$5,245 
-5%
Total Volume (thousands)
2023
2024
6,142
6,277
2%
Operating Margin
2023
2024
37.5%
36.1%
-140 bps
in Merchandise volume. However, total revenue 
declined by $117 million, or 1%, compared to 2023, 
which was primarily due to lower fuel surcharges and 
a reduction in Coal revenue, driven by declines in 
global benchmark rates. 
The Merchandise segment continued to be a key 
driver of CSX’s success. Notable highlights included:  
• Chemicals: Higher shipments of plastics, crude oil,
natural gas liquids, and other industrial chemicals
led to an increase in this sector.
• Agricultural and Food Products: Higher domestic
shipments of feed grain, ethanol, and their
ingredients provided some offsets.
• Automotive: Volume rose due to new business
gains, even as reduced North American vehicle
production tempered overall growth.
• Minerals: Increased demand for cement propelled
growth.
• Forest Products: Higher shipments of pulpboard,
paper, and building materials drove this segment’s
gains.
CSX Intermodal volume benefitted from an uptick in 
international shipments driven by stronger imports 
through East Coast ports and broader inventory 
replenishments.  
Despite softness in overall revenue in 2024, CSX 
delivered strong volume growth. These efforts, 
combined with enhanced collaboration with 
customers and cultural improvements within the 
organization, have created a solid foundation for 
continued success. The company anticipates 
continued volume growth for the full year 2025 as 
it further strengthens customer relationships and 
delivers superior service through its dedicated front-
line employees. 

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Safety remains at the core of CSX’s operational 
priorities, reflecting the company’s unwavering 
commitment to protecting its employees, 
customers, and the communities it serves. While 
2024 presented both progress and challenges, 
CSX demonstrated its dedication to continuous 
safety improvements through targeted initiatives 
and advanced training programs. 
The FRA Train Accident Rate improved by 1% 
year over year, decreasing from 3.44 to 3.40—
underscoring the company’s ongoing focus on 
operational reliability. However, the FRA Personal 
Injury Frequency Index rose by 27%, from 0.94 to 
1.19, highlighting the need for further strides in risk 
mitigation and injury prevention. 
Central to this transformation is the SAFE CSX 
initiative, which continues to play a critical role in 
reshaping how safety is approached and prioritized 
across the organization. SAFE CSX is designed to 
empower employees at all levels to engage in open 
dialogue, identify risks, and work collaboratively 
to prevent incidents. It emphasizes a shared 
responsibility for safety, fostering a culture where 
every team member feels motivated to contribute to 
safer operations. 
Key SAFE CSX accomplishments in 2024 include: 
• Leadership Workshops: Four of 10 planned safety
workshops with the company’s top 124 operations
leaders were completed, aligning leadership on
safety vision and goals.
• Field Technical Training: Over 1,700 field leaders
participated in hands-on training workshops to
develop practical safety skills and strengthen the
ONE CSX culture.
• Safety Survey: CSX collected and analyzed
feedback from nearly 5,000 field-based employees
through its initial safety survey. This valuable input
is already shaping the company’s approach to
safety planning and improvement.
safety Performance
Our people
Looking ahead, CSX is focused on several strategic 
priorities under the SAFE CSX initiative to elevate 
safety performance, including the proactive 
reduction of exposure risks, strengthening safety 
leadership among front-line leaders, and ensuring 
operational leaders remain closely aligned with safety 
governance and strategy. Operational excellence 
remains a key focus, as the company strives to 
enhance reliability and reduce risks across its 
network. 
Through initiatives like SAFE CSX, CSX is advancing 
toward a workplace where safety is an even more 
deeply ingrained cultural value. By addressing 
challenges head-on and continuously striving for 
improvement, CSX is building a stronger, safer 
foundation for the future. 
Note: Lower index numbers reflect better results.
FRA Train Accident Rate
2023
2024
3.44
3.40
1%
FRA Personal Injury 
Frequency Index 
2023
2024
0.94
1.19
-27%
Scan the QR 
code to view 
a SAFE CSX 
Exposure Risk 
Discussion 
Training video.

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Our customers

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CSX remains steadfast in its commitment to 
delivering exceptional service performance 
across its network. We believe that 
demonstrating industry leadership in customer 
service is the critical driver of our ability to 
deliver sustainable, profitable growth. 
In 2024, the company achieved a 2% improvement 
in velocity, reflecting enhanced train speed between 
shipment origin and destination. 
However, dwell time increased by 10% compared to 
2023, signaling ongoing efforts to refine processing 
efficiency at key yards. Trip plan performance saw 
slight declines, with carload trip plan performance 
decreasing to 79% from 84% and Intermodal trip 
plan performance declining to 91% from 95%, 
relative to the prior year. These metrics reflect the 
transitional nature of operational enhancements that 
are expected to yield long-term benefits. 
Operationally, CSX made targeted infrastructure 
and efficiency investments in 2024 aimed at 
providing safe, reliable, and efficient service. The 
Engineering team significantly increased its output, 
laying a higher volume of mainline rail, installing 
more ties, and executing extensive surfacing and 
ballast work compared to 2023. These efforts were 
complemented by efficiency projects at multiple rail 
yards, driving improved car processing and better 
overall network performance. While such initiatives 
require time for service metrics to fully align, 
early results are evident in areas like velocity, fuel 
efficiency, and asset utilization, which are reflecting 
improvement. 
CSX made significant strides in fuel efficiency, 
achieving a 4% improvement year over year, with 
locomotive fuel consumption reduced from 1.02 
to 0.98 gallons per 1,000 gross ton-miles in 2024. 
This progress stemmed from reducing out-of-
route miles, leveraging advanced technologies like 
Trip Optimizer—a system akin to cruise control for 
trains—and enhancing train fluidity throughout the 
network. Additionally, CSX experienced a decrease 
in required horsepower as freight is now transported 
more efficiently and with fewer resources. The 
company’s total gross ton-miles increased modestly 
by 1%, rising from 381.3 billion in 2023 to 384.4 billion 
in 2024. 
The company remains focused on driving operational 
improvements and executing its proven operating 
plan to consistently deliver safe, reliable, and efficient 
service to its customers. For more details on CSX’s 
key performance measures, view page 37 of the 10-K.
Service Performance 
Our customers
2023
2024
Fuel Efficiency
1.02
0.98
4%
Train Velocity (mph)
2023
2024
18.0
18.3
2%
Total Gross Ton-Miles (billions)
2023
2024
  381.3
  384.4
1%
Dwell (hours)
2023
2024
9.4
10.3
-10%

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CSX entered 2024 with a clear vision for growth, 
leveraging its industry-leading assets, 
exceptional service delivery, and strategic 
investments to capture opportunities across 
its network. With a record pipeline of initiatives 
and a proven commitment to operational 
excellence, CSX is poised to deliver long-term 
value for customers and shareholders. 
A core pillar of CSX’s growth strategy is its superior 
service. Customers consistently emphasize 
that reliable rail service creates opportunities 
for collaboration and innovation. By adapting to 
customer needs and delivering tailored solutions, 
CSX continues to strengthen its relationships and 
drive growth. The company’s disciplined focus on 
providing safe, dependable, and efficient service 
differentiates it in the marketplace and accelerates its 
ability to unlock new opportunities. 
One of the company’s most prominent growth 
drivers is industrial development. Over the past three 
years, CSX has steadily built a robust pipeline of over 
500 projects, representing customer investments 
spanning tens of millions to billions of dollars. These 
developments signify a pivotal shift in the industrial 
landscape—where decades of headwinds from 
industry attrition are transforming into tailwinds, 
as businesses reinvest in U.S.-based production 
and infrastructure. A key enabler of this growth is 
the CSX Select Site program, which includes nearly 
a thousand properties in its inventory. This program 
ensures that shovel-ready sites are available to meet 
customer needs, accelerating project timelines and 
driving new opportunities. CSX plays a key role in 
supporting this resurgence, with projects ranging 
from large-scale manufacturing sites to smaller, 
localized developments that tap into its extensive 
network. 
Modal conversion presents significant potential, 
as CSX identifies and collaborates with customers 
seeking more efficient transportation solutions. 
This includes converting freight from highways to 
rail, providing benefits to both customers and the 
environment by reducing emissions and congestion. 
Through its strong Intermodal product and initiatives 
such as the expansion of the TRANSFLO network—
where investments were doubled in 2024 with the 
addition of 231 car spots across the network—and 
the introduction of ISO tank solutions for chemical 
shipments in partnership with its Quality Carriers 
business, CSX is extending its reach to customers 
who may not traditionally rely on rail transportation. 
These innovations enhance the company’s value 
proposition and expand its addressable market. 
Growth Opportunities
Our customers
CSX is also actively capitalizing on emerging 
industries. Areas such as renewable energy and 
battery production are creating new growth 
opportunities, while industries like waste 
management and aggregates are evolving in ways 
that deepen their reliance on rail networks. CSX is 
responding by delivering solutions tailored to meet 
these specialized demands, particularly in regions like 
the Northeast and Southeast, where the company’s 
network offers distinct advantages. 
Strategic investments remain foundational to CSX’s 
growth ambitions. The modernization of critical 
infrastructure, such as the Howard Street Tunnel 
project in Baltimore, is opening new corridors for 
double-stack Intermodal traffic, enhancing efficiency 
and expanding market access. Similarly, the 
integration of Pan Am Railways and the development 
of the Meridian & Bigbee Railroad (MNBR) further 
strengthen CSX’s connectivity and unlock additional 
opportunities, including new East-West traffic flows 
through partnerships like the one with CPKC. These 
initiatives amplify the company’s ability to efficiently 
serve high-demand regions while capturing new 
business. 
CSX’s efforts are complemented by its focus on 
regional sales growth and technology innovation, 
aimed at simplifying rail access for smaller 
customers. By investing in seamless customer 
solutions and doubling down on proactive 
engagement with underutilized freight markets, the 
company is effectively broadening its reach and 
reigniting interest in rail among businesses that had 
previously shifted away from the mode. 
CSX’s growth strategy going forward will continue to 
leverage its unparalleled network, fostering customer 
partnerships, and translating strategic investments 
into sustainable, incremental margins. By maintaining 
this disciplined approach, CSX remains well-
positioned to capture emerging opportunities and 
fuel long-term growth across its diverse markets. 
Scan the QR 
code to learn 
more on the CSX 
2024 Investor 
Day website.

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Our Communities

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Trip Optimizer is sophisticated, 
data-driven cruise control for 
trains that saves about 41 million 
gallons of fuel annually.
Distributed Power is the practice of 
precisely locating locomotives along the 
train length instead of placing them all 
at the front. This enables longer trains, 
better adhesion, and more efficient 
movement.
Automatic Engine Start-Stop is a 
system that uses sensors to monitor a 
locomotive’s status and automatically 
shuts off the engine when it’s not 
needed, restarting it only when required 
to move again to reduce idle time and 
boost fuel efficiency. 
CSX continues to demonstrate a strong 
commitment to sustainability integrating 
environmentally conscious practices across 
its operations and aligning these efforts 
with its growth strategy. Recognized as one 
of the most fuel-efficient modes of freight 
transportation, CSX trains move a ton of freight 
more than 500 miles on a single gallon of fuel. 
This dedication to enhancing fuel efficiency and 
reducing greenhouse gas emissions solidifies 
CSX’s position as a leader in sustainable freight 
transportation. 
Notable advancements include implanting the 
Wabtec-developed Trip Optimizer system, distributed 
power technology, and Automatic Engine Start-Stop. 
Together, these initiatives have delivered exceptional 
results, enabling CSX to achieve the best fuel 
efficiency performance among U.S.-based Class I 
railroads in 2024, with 0.976 gallons per KGTM. 
CSX also supports customers’ sustainability 
objectives by providing solutions that optimize supply 
chains and reduce carbon footprints. Its TRANSFLO 
network, which expanded with an additional 231 
car spots in 2024, facilitates efficient transloading 
services. Complementary offerings such as the 
Quality Carriers’ ISO tank solution, further extend the 
reach and impact of CSX’s network. These customer-
centric innovations emphasize safety, quality, and 
environmental responsibility while offering flexible, 
scalable logistics support. 
To enable customers to quantify their environmental 
impact, CSX provides a Carbon Calculator tool as 
part of its ShipCSX web platform. This tool allows 
businesses to measure emissions savings and align 
their supply chain decisions with sustainability goals. 
By shifting freight from highway to rail, customers 
can reduce greenhouse gas emissions by 60% to 
80%, with a single CSX train replacing the cargo 
capacity of 280 trucks. 
CSX’s commitment to sustainability is further 
celebrated through its annual Customer 
Environmental Excellence Awards. For their 
significant highway-to-rail conversions in 2024, six 
companies—Amazon, General Motors, Heidelberg 
Environmental Sustainability
Our communities
Materials North America, Nissan North America, 
Tropicana, and WestRock—were honored for 
achieving substantial emissions reductions. 
The company’s achievements in sustainability 
have earned it widespread recognition, including 
accolades from Newsweek, Forbes, Time, USA Today, 
and the Dow Jones Sustainability Index, where CSX 
has been listed for 14 consecutive years. 
Through ongoing innovation, collaboration, and a 
steadfast focus on reducing environmental impact, 
CSX is building a greener supply chain—for its 
customers, communities, and the planet. 
10M 
tons
CSX helped customers avoid over 10 million tons of 
CO2 in 2024 by choosing to ship by rail over truck

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Additionally, CSX’s innovation initiatives have 
extended into alternative fuels and next-generation 
locomotives. Building on a successful pilot of B20 
biodiesel with Wabtec, the company unveiled its 
first hydrogen fuel cell locomotive, manufactured 
at its Locomotive Shop in Huntington, WV. Battery-
powered and hydrogen-based locomotives are now 
being tested for operational viability, demonstrating 
CSX’s pursuit of zero-emissions rail solutions. 
These efforts are complemented by investments 
in employee training to foster a workforce skilled in 
advancing sustainable technologies. 
Environmental Sustainability
Our communities
Scan the QR 
code to view 
the hydrogen 
locomotive 
unveiling.

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CSX is deeply committed to making a 
positive impact in the communities it 
serves, exemplifying a dedication to social 
responsibility that extends well beyond its rail 
operations. In 2024, the company supported 
823 communities, with employees contributing 
an impressive 24,326 hours to volunteer 
work—that’s more than 1,000 days of service. 
CSX also provided 527 grants, awarded 220 
scholarships, and sponsored 1,708 community 
events, all with the goal of building stronger 
communities and improving the quality of life for 
those it serves. 
A major focus in 2024 was disaster relief, particularly 
in response to Hurricanes Helene and Milton. 
When these storms devastated communities, CSX 
stepped up to provide essential aid to its employees 
and neighbors. Through a $500,000 donation to 
the Employee Disaster Relief Fund (EDRF), the 
company offered a lifeline to team members in crisis. 
The EDRF is an employee-driven fund that assists 
employees recovering from hurricanes, floods, 
and other catastrophic events. In 2024 alone, the 
EDRF distributed $664,000 to employees in need, 
$514,000 of which went directly to hurricane relief 
efforts. Additionally, CSX donated $250,000 to the 
American Red Cross, with $150,000 earmarked for 
hurricane relief. 
Beyond financial assistance, CSX provided direct 
support to employees affected by the storms, 
delivering 8,800 meals, over 350 generators, and 
more than 10,000 gallons of fuel. Families were also 
provided with temporary lodging, clean water, baby 
supplies, and pet food. The company personally 
reached out to more than 2,400 employees to ensure 
they had the resources and support they needed to 
recover. 
CSX also demonstrated its longstanding 
commitment to the Baltimore community by 
donating $50,000 to the Key Bridge Fund, 
established to aid in the recovery following the tragic 
collapse of the Francis Scott Key Bridge in March 
2024. This contribution reflects the company’s 
determination to be a partner in rebuilding and 
resilience, wherever it is needed. 
A Culture of Giving 
CSX employees continued to lead through 
philanthropy in 2024, supported by the company’s 
matching gift programs. Together, these efforts 
generated $1,043,201 in donations, including 
$628,123 directly matched to amplify employee 
contributions. This culture of giving underscores 
CSX’s belief in strengthening its workforce and the 
communities surrounding them. 
Social Responsibility
Our communities
Bringing Hope to Families with the 
Santa Train 
One of CSX’s most cherished traditions, the Santa 
Train, brought even more joy in 2024, as the 
company used it to reach a community in need. 
Before the 82nd annual ride from Shelby, Kentucky, 
to Kingsport, Tennessee, CSX hosted a special 
Holiday Express event for families impacted by 
Hurricane Helene. Held in Erwin, Tennessee, the 
event transformed a historic moment into a beacon 
of hope. Featuring holiday-themed railcars lit with 
dazzling lights, the beloved Santa Train car, and free 
refreshments including Chick-fil-A sandwiches and 
hot dogs, the event gave families a much-needed 
celebration. Over 350 gifts and goodie bags were 
handed out, spreading holiday cheer to those still 
recovering from the storm. 

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Social Responsibility
Our communities
But CSX didn’t stop there. To further support the 
affected region, the company and its partners 
donated $5,000 each to five local organizations 
leading flood relief efforts, including the East 
Tennessee Foundation and Manna Foodbank. 
Americana singer-songwriter Drew Holcomb capped 
off the event with a heartfelt performance, delivering 
a message of hope and unity. Visit CSX.com/
santatrain2024 for photos and videos of Santa Train 
and Holiday Express.
CSX Pride in Service 
CSX’s Pride in Service initiative, which supports 
veterans, active-duty military, and their families, 
continued to be recognized on a national stage in 
2024. Honored at the Navy Employer Recognition 
Event (NERE), the company was acknowledged for 
its exceptional support of citizen sailor employees. 
Additionally, CSX earned two Patriot Awards and 
the prestigious Freedom Award from the Employer 
Support of the Guard and Reserve (ESGR), which 
celebrates organizations that go above and beyond in 
supporting National Guardsmen and Reservists. 
CSX also earned accolades for its partnership with 
the Wounded Warrior Project, winning Gold and 
Silver in Engage for Good’s Halo Awards for its focus 
on employee-driven community engagement. The 
company was also recognized by the PRNews Impact 
Communications Awards for its Pride in Service 
initiative, highlighting its innovative approach to 
community engagement and social impact. 
CSX’s social responsibility efforts reflect its core 
values of service and positive community impact. By 
fostering meaningful relationships and contributing 
to the greater good, CSX continues to be a trusted 
neighbor, partner, and leader in building a brighter 
future. 
Scan the QR 
code to view 
the Santa Train 
highlight video.

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At CSX, effective governance is central to 
reducing risk, protecting shareholder interests, 
and driving sustained growth and success. 
Throughout 2024, the company upheld its 
strong commitment to governance principles, 
ensuring the highest standards of transparency, 
accountability, and ethical leadership.
Guided by the collaboration between the Board 
of Directors and the executive leadership team, 
CSX’s advanced policies are designed to reflect 
its dedication to these values while maintaining 
compliance with legal and regulatory requirements. 
CSX’s governance framework is built on a foundation 
of practices that promote integrity and long-term 
value creation. Key governance features include 
the annual election of directors, majority voting 
standards, an independent Board Chair, stock 
ownership guidelines for officers and directors, a 
policy against hedging or pledging CSX shares, proxy 
access, and alignment of executive compensation 
with the company’s performance. 
The company’s Board of Directors and executive 
team also play a vital role in articulating CSX’s 
vision and purpose, ensuring they are conveyed 
to employees, customers, and the communities 
it serves. This leadership includes overseeing 
adherence to codes, policies, and values while 
ensuring proper disclosure, auditing, and compliance 
practices remain a priority. 
Leadership Transitions Aligned with 
Strategy 
CSX demonstrated its adaptable and forward-looking 
approach to governance through key leadership 
transitions in 2024, seamlessly executed in 
alignment with its growth strategy and commitment 
to excellence. These changes underscore the 
company’s ability to identify and select leaders 
whose experience and expertise will further 
strengthen CSX’s future positioning. 
Anne Chow  
Elected to the  
Board of Directors 
In May 2024, Anne Chow 
joined the CSX Board 
of Directors, bringing a 
wealth of knowledge and 
leadership expertise from her 32-year career at AT&T. 
A trailblazer in customer service and technology, her 
tenure included three years as CEO of AT&T Business, 
where she oversaw a $35 billion global operation 
delivering innovative solutions in fiber optics, 
Governance
Our communities
wireless technologies, cloud services, and more. 
Chow’s accomplishments earned her recognition on 
Fortune’s Most Powerful Women in Business list and 
induction into the Dallas Business Hall of Fame. 
Chow’s dedication to fostering excellence extends 
beyond her professional career, with active 
involvement on various boards, including Franklin 
Covey and 3M, as well as a role as Senior Fellow at 
Northwestern’s Kellogg School of Management. Her 
election reflects CSX’s strategic focus on innovation, 
growth, and enhancing customer and employee 
experiences. 
Ann Begeman 
Appointed to the 
Board of Directors 
Ann Begeman joined the 
CSX Board of Directors in 
January 2025, bringing over 
30 years of experience in 
public service and transportation policy. Begeman’s 
career has spanned more than three decades 
in public service, primarily in the legislative and 
executive branches of government where she 
focused on transportation policy. She played a critical 
role in contributing to the development of significant 
legislation, including the ICC Termination Act, which 
dissolved the Interstate Commerce Commission and 
established the Surface Transportation Board (STB). 
Begeman’s appointment reflects a career dedicated 
to advancing transportation policy, improving 
regulatory practices, and fostering effective 
governance. Her leadership and commitment 
continue to contribute significantly to the 
transportation industry as part of her ongoing work 
and her role on the CSX Board of Directors.
Nathan Goldman 
Retires
CSX celebrated the legacy 
of Nathan Goldman, 
Executive Vice President, 
Chief Legal Officer, and 
Corporate Secretary, upon 
the announcement of his retirement effective January 
1, 2025. With over 21 years with CSX, Goldman’s 
leadership helped guide the company through pivotal 
moments, including the successful transition of three 
CEOs. His contributions to the legal, compliance, and 
regulatory landscape leave an enduring impact on 
the company. 
Michael Burns 
Appointed to 
Leadership Team 
Succeeding Goldman, 
Michael Burns was promoted 
to Senior Vice President, 
Chief Legal Officer, and 
Corporate Secretary effective January 2, 2025. 
Burns, who brings 18 years of experience with CSX, 
has served in numerous leadership roles, including 
Vice President, General Counsel, and Assistant 
Corporate Secretary, and has demonstrated 
exceptional capabilities in legal and regulatory 
matters, risk management, and compliance. His 
promotion underscores the depth of talent within 
CSX’s leadership ranks and positions the company 
for continued success. 
CSX’s governance practices and leadership 
transitions in 2024 are a testament to its 
commitment to align talent and strategy with  
long-term shareholder value and operational 
excellence. With a strong governance foundation,  
a visionary board, and a dynamic leadership team, 
CSX is well-positioned to drive growth, deliver value, 
and uphold its longstanding tradition of excellence  
in governance. These efforts exemplify CSX’s ability 
to adapt to changing demands while staying true to 
its core values, ensuring sustained success for years 
to come. 

30
31
Board of directors
Donna M. Alvarado 
Founder and President 
of Aguila International 
Ann D. Begeman 
Former Chairman, Surface 
Transportation Board
Paul C. Hilal
Founder and Chief Executive 
Officer, Mantle Ridge LP
Thomas P. Bostick 
Retired Lieutenant General, 
United States Army
David M. Moffett 
Former Chief Executive 
Officer, Federal Home Loan 
Mortgage Corporation
Donna M. Alvarado, currently serving as a director, is expected to 
retire from the Board in compliance with the mandatory retirement 
requirement outlined in CSX’s policy on director qualifications and 
selection in the CSX Corporate Governance Guidelines and 
bylaws. Consequently, Alvarado was not renominated for 
consideration as a director at the 2025 Annual Meeting.
Separately, Ann D. Begeman, while a current 
director, did not serve on the Board in 2024. 
She was officially appointed to the CSX 
Board on January 27, 2025.
Anne H. Chow 
Retired Chief Executive 
Officer, AT&T Business
Linda H. Riefler 
Former Chair of Global 
Research, Morgan Stanley
Joseph Hinrichs
President and Chief 
Executive Officer, CSX
Suzanne M. Vautrinot
Retired Major General, 
United States Air Force
Steven T. Halverson
Former Chairman, President, 
and Chief Executive Officer, 
The Haskell Company
James L. Wainscott
Former Chairman, President, 
and Chief Executive Officer, 
AK Steel Holding Corporation
John J. Zillmer
Chair of the CSX Board  
Chief Executive Officer, Aramark
J. Steven Whisler
Retired Chairman and Chief Executive 
Officer, Phelps Dodge Corporation

32
33
Executive Management 
Kevin Boone 
Executive Vice President 
and Chief Commercial 
Officer 
Mike Cory 
Executive Vice President 
and Chief Operating 
Officer 
Joseph Hinrichs 
President and Chief 
Executive Officer 
Diana Sorfleet 
Executive Vice President 
and Chief Administrative 
Officer 
Stephen Fortune
Executive Vice President 
and Chief Digital and 
Technology Officer 
Sean Pelkey
Executive Vice President 
and Chief Financial 
Officer
Michael Burns
Senior Vice President, 
Chief Legal Officer, and 
Corporate Secretary 

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