What CSX Corporation told the SEC could break it.

CSX derives 13% of total revenue ($1.9B) from transporting coal—a market in secular domestic decline with volatile export demand tied to global steel and utility cycles.

“The coal business shipped 718 thousand carloads (11% of volume) and generated $1.9 billion in revenue (13% of revenue) in 2025. The Company transports domestic coal, coke and iron ore to electricity-generating power plants, steel manufacturers and industrial plants as well as export coal to deep-water port facilities. Most of the export coal the Company transports is used for steelmaking, while the majority of domestic coal the Company ships is used for electricity generation.”

CSXT is indemnifying Pharmacia (formerly Monsanto) for unresolved EPA CERCLA cleanup liability at the 17-mile Lower Passaic River Study Area in NJ; Pharmacia/CSXT were excluded from the $150M consent decree with 82 other PRPs, leaving their share of liability unquantified and still in litigation.

“CSXT is indemnifying Pharmacia LLC, formerly known as Monsanto Company, ("Pharmacia") for certain liabilities associated with real estate located in Kearny, New Jersey along the Lower Passaic River (the "Property"). The Property, which was formerly owned by Pharmacia, is now owned by CSXT. CSXT's indemnification and defense duties arise with respect to several matters. The U.S. Environmental Protection Agency ("EPA"), using its CERCLA authority, seeks the investigation and cleanup of hazardous substances in the 17-mile Lower Passaic River Study Area (the "Study Area"). On January 31, 2024, EPA filed a motion to enter a modified CD with 82 potentially responsible parties, not including Pharmacia, requiring payment of $150 million to resolve their liability with respect to the entire Study Area.”