1. Fourth Quarter 2006
Earnings Presentation
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Forward Looking Disclosure
This presentation and other statements by the company contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and
estimates of earnings, revenues, cost-savings, expenses, or other financial items; statements of
management’s plans, strategies and objectives for future operation, and management’s expectations as to
future performance and operations and the time by which objectives will be achieved; statements concerning
proposed new products and services; and statements regarding future economic, industry or market
conditions or performance. Forward-looking statements are typically identified by words or phrases such as
“believe,” “expect,” “anticipate,” “project,” and similar expressions. Forward-looking statements speak only as
of the date they are made, and the company undertakes no obligation to update or revise any forward-looking
statement. If the company does update any forward-looking statement, no inference should be drawn that the
company will make additional updates with respect to that statement or any other forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or
results could differ materially from that anticipated by these forward-looking statements. Factors that may
cause actual results to differ materially from those contemplated by these forward-looking statements include,
among others: (i) the company’s success in implementing its financial and operational initiatives, (ii) changes
in domestic or international economic or business conditions, including those affecting the rail industry (such
as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory
changes; (iv) the inherent business risks associated with safety and security; and (v) the outcome of claims
and litigation involving or affecting the company. Other important assumptions and factors that could cause
actual results to differ materially from those in the forward-looking statements are specified in the company’s
SEC reports, accessible on the SEC’s website at www.sec.gov and the company’s website at www.csx.com.
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2. Executive Summary
Michael Ward
Chairman, President and
Chief Executive Officer
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Fourth quarter overview . . .
Surface Transportation
Fourth Quarter
produced record results
Earnings Per Share
$0.75
Yield environment
remains strong
$0.57
Operations building
$0.52 $0.52
strong service momentum
Economic environment
remains positive
Reported Comparable
2005 2006
Note: Comparable 2006 earnings per share exclude insurance recoveries, a Conrail
property gain and income tax benefits
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3. Sales and Marketing Review
Clarence Gooden
Executive Vice President
Sales and Marketing
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Revenue increased 8% to $2.4 billion
Record fourth quarter Fourth Quarter
revenues, up $177 million Revenue in Millions
Overall volumes were
$2,396
essentially flat
$2,219
Yield environment
remains strong
2005 2006
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4. Revenue per unit increased 8%
Fourth Quarter Revenue Per Unit
2006 versus 2005
Merchandise 11%
Coal 11%
Automotive 4%
Intermodal (2%)
Surface Transportation 8%
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Price continues to drive RPU growth
Year-Over-Year Change
12.6%
11.8%
11.7%
11.0%
9.6% 9.0%
8.6% 8.4%
6.8% 6.7% 6.6%
6.3% 6.2%
6.0% 5.6%
4.8%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2005 2005 2005 2005 2006 2006 2006 2006
Price Increase on 'Same Store Sales' Total Revenue per Unit
Note: Price increases on a ‘Same Store Sales’ basis excludes fuel surcharge
and mix impacts
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5. Merchandise revenue increased 9%
19th consecutive quarter
Fourth Quarter
of revenue growth
2006 versus 2005
Pricing environment
11%
remains strong
9%
Volumes soft in several
markets, partially offset
by Agricultural growth
(3%)
Revenue Volume RPU
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Coal revenue increased 16%
Strong demand continues
Fourth Quarter
in certain markets
2006 versus 2005
Utility inventories are at
16%
target levels
11%
Continued favorable
pricing environment
5%
Revenue Volume RPU
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6. Automotive revenue decreased 7%
Volume down on
Fourth Quarter
production declines
2006 versus 2005
New Domestics continue
4%
to gain market share
Pricing opportunities
continue
(7%)
(10%)
Revenue Volume RPU
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Intermodal revenue decreased 2%
Overall volume flat;
Fourth Quarter
international growth offset
2006 versus 2005
domestic declines
Mix impacted overall
revenue-per-unit; pricing
environment still favorable
0%
Operating Income
(2%) (2%)
— Declined in Q4
— Improved for full year
Revenue Volume RPU — 2007 outlook positive
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7. First quarter revenue outlook positive
Favorable Neutral Unfavorable
Agricultural Products Emerging Markets Automotive
Chemicals Food & Consumer
Coal, Coke & Iron Ore Forest Products
Intermodal
Metals
Phosphate & Fertilizer
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Looking forward . . .
GDP and IDP forecasted Economic Forecast
at about 2% to 3% 2007-2008
Continued strong pricing
3.2%
environment
2.3%
2.1%
Short-term volume 1.8%
weakness; long-term
strength
Service and capacity
2007 2008
improvements will
support growth GDP Industrial Production
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8. Operations Review
Tony Ingram
Executive Vice President
Chief Operating Officer
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Leadership, discipline and execution
Safety performance
improving
Positive operating trends
Reliable
Reliable
continue Performance
Performance
Service Execution
Service Execution
Asset utilization
improving Productivity Discipline
Productivity Discipline
Safety Leadership
Safety Leadership
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9. Safety performance remains strong
FRA Personal Injury FRA Train Accidents
13 Week 13 Week
Average Average
1.32 3.48
4.41
4.01
1.77 3.86
1.68
3.52
1.54 3.35
1.42 1.39
21% Year-Over-Year Improvement
Year- Over- 24% Year-Over-Year Improvement
Year- Over-
Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4
2005 2006 2006 2006 2006 2005 2006 2006 2006 2006
Rolling 12-month Averages
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On-time performance is improving
On-Time Originations On-Time Arrivals
13 Week 13 Week
Average Average
76% 66%
63%
76%
71% 57%
65% 52%
46%
57%
40%
51%
49% Year-Over-Year Improvement
Year- Over- 56% Year-Over-Year Improvement
Year- Over-
Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4
2005 2006 2006 2006 2006 2005 2006 2006 2006 2006
Rolling 12-month Averages
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10. The network is more fluid
Dwell Time (hours) Cars-On-Line (000)
13 Week 13 Week
Average Average
24.7 hrs 226K
29.7 28.9 233
27.7 231
26.8 228
25.6 226 225
14% Year-Over-Year Improvement 4% Year-Over-Year Improvement
Year- Over-
Year- Over-
Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4
2005 2006 2006 2006 2006 2005 2006 2006 2006 2006
Rolling 12-month Averages
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Train velocity remains stable
Velocity (mph) 13 Week
Average
19.8 mph
19.8
19.5 19.5
19.4
19.2
3% Year-Over-Year Improvement
Year- Over-
Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006
Rolling 12-month Averages
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11. Looking forward . . .
Safety momentum will be sustained
Targeting consistent service improvement
Continue managing resources for growth and
productivity
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Financial Results
Oscar Munoz
Executive Vice President
Chief Financial Officer
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12. CSX reports strong fourth quarter results
Fourth Quarter Results
Dollars in millions, except EPS 2006 2005 Variance
Surface Transportation Operating Income $ 505 $ 415 $ 90
Other Operating Income 2 (3) 5
Consolidated Operating Income $ 507 $ 412 $ 95
Other Income (net) 62 62 -
Interest Expense (99) (99) -
Income Taxes (123) (138) 15
Net Earnings $ 347 $ 237 $ 110
Earnings Per Share $ 0.75 $ 0.52 $ 0.23
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Comparable EPS increased 10%
Fourth Quarter Results
Dollars in millions, except EPS 2006 2005 Variance
Surface Transportation Operating Income $ 505 $ 415 $ 90
Less Gain on Insurance Recoveries (27) - (27)
Comparable Operating Income $ 478 $ 415 $ 63
Earnings Per Share $ 0.75 $ 0.52 $ 0.23
Less Gain on Insurance Recoveries (0.04) - (0.04)
Less Gain on Conrail Property (0.06) - (0.06)
Less Income Tax Benefits (0.08) - (0.08)
Comparable Earnings Per Share $ 0.57 $ 0.52 $ 0.05
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13. Surface Transportation income up 15%
Fourth Quarter Results
Dollars in millions 2006 2005 Variance
Revenue $ 2,396 $ 2,219 8%
Expenses
Labor and Fringe 753 731 (3%)
Materials, Supplies and Other 480 416 (15%)
Depreciation 216 208 (4%)
Fuel 271 240 (13%)
Equipment and Other Rents 121 132 8%
Inland Transportation 61 60 (2%)
Conrail Rents, Fees and Services 16 17 6%
Operating Expenses 1,918 1,804 (6%)
Operating Income $ 478 $ 415 15%
Operating Ratio 80.1% 81.3% 1.2 pts
Note: 2006 results exclude insurance recoveries
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Labor and fringe increased 3%
Primarily due to wage and
Fourth Quarter
benefit inflation
Dollars in Millions
Train crew employees
increased by 200 on a
$22 $753 year-over-year basis
$731
Increased incentive
compensation offset by
productivity gains
2005 Variance 2006
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14. MS&O increased 15%
Consistent with third
Fourth Quarter
quarter 2006 expense
Dollars in Millions
Cycling prior year
favorability in casualty
$64 $480 and other reserves
$416
Driven by higher than
historical inflation levels
2005 Variance 2006
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Fuel increased 13%
Consumed 150 million
Fourth Quarter
gallons at average gross
Dollars in Millions
price of $1.81
Comparison impacted by
$271
$31 $58 million in lower hedge
$240
2005 Variance 2006
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15. Rents decreased 8%
Lower Automotive and
Fourth Quarter
Merchandise volumes
Dollars in Millions
Asset utilization driven by
improved operations
($11)
$132
$121
2005 Variance 2006
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All other expenses increased 3%
Fourth Quarter
Dollars in Millions
$293
$285 $8
$16
$17
$61
$60
$216
$208
2005 Variance 2006
Depreciation Inland Transportation Conrail Fees
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16. Comparable full year EPS increased 31%
Full Year Results
Dollars in millions, except EPS 2006 2005 Variance
Surface Transportation Operating Income $ 2,126 $ 1,549 $ 577
Less Gain on Insurance Recoveries (168) - (168)
Comparable Operating Income $ 1,958 $ 1,549 $ 409
Earnings Per Share $ 2.82 $ 1.59 $ 1.23
Less Gain on Insurance Recoveries (0.22) - (0.22)
Less Gain on Conrail Property (0.06) - (0.06)
Less Income Tax Benefits (0.32) (0.16) (0.16)
Plus Debt Repurchase Expense - 0.27 (0.27)
Comparable Earnings Per Share $ 2.22 $ 1.70 $ 0.52
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Record 2006 Surface Transportation results
Comparable Surface Transportation
Operating Income in Millions
$1,958
$1,549
$1,064
$902
2003 2004 2005 2006
Note: Results for 2003, 2004 and 2006 exclude provisions for casualty claims,
restructuring charges and insurance recoveries
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17. Building momentum to the mid-70’s
Comparable Surface Transportation
Operating Ratio
87.9%
86.8%
82.0%
79.5%
2003 2004 2005 2006
Note: Results for 2003, 2004 and 2006 exclude provisions for casualty claims,
restructuring charges and insurance recoveries
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Growing cash supports steady investment
Free Cash Flow 2007 Capital Spending
Dollars in Millions $1.4 Billion
$500 12%
18%
12%
$361
$281 58%
Infrastructure New Capacity
2006 2007
Locomotive Cars & Other
Insurance Recoveries
Note: Insurance recoveries reflect current estimate
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18. Financial wrap-up . . .
Record results for Surface Transportation
Strong momentum in operating ratio
Improving 2007 cash flows with steady
investment in the business
Reaffirm 2010 long-range financial targets
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Concluding Remarks
Michael Ward
Chairman, President and
Chief Executive Officer
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19. Looking forward . . .
Producing strong results for shareholders
Industry positioned to continue its renaissance
Demand for Supply Trucking
Transportation Chains are Remains
Remains High Extending Challenged
Leveraging better service for profitable growth
Targeting greatest success in our 180th year
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Fourth Quarter 2006
Earnings Presentation
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