<SEC-DOCUMENT>0000950103-25-013410.txt : 20251020
<SEC-HEADER>0000950103-25-013410.hdr.sgml : 20251020
<ACCEPTANCE-DATETIME>20251020170230
ACCESSION NUMBER:		0000950103-25-013410
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251020
DATE AS OF CHANGE:		20251020

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CSX CORP
		CENTRAL INDEX KEY:			0000277948
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROADS, LINE-HAUL OPERATING [4011]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				621051971
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-285319
		FILM NUMBER:		251404526

	BUSINESS ADDRESS:	
		STREET 1:		500 WATER STREET
		STREET 2:		15TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202
		BUSINESS PHONE:		9043593200

	MAIL ADDRESS:	
		STREET 1:		500 WATER STREET
		STREET 2:		15TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CSX CORP
		CENTRAL INDEX KEY:			0000277948
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROADS, LINE-HAUL OPERATING [4011]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				621051971
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		500 WATER STREET
		STREET 2:		15TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202
		BUSINESS PHONE:		9043593200

	MAIL ADDRESS:	
		STREET 1:		500 WATER STREET
		STREET 2:		15TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>dp236082_fwp.htm
<DESCRIPTION>FORM FWP
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  <TD STYLE="width: 50%"><B>&nbsp;</B></TD>
  <TD STYLE="text-align: right; width: 50%"><B>Filed Pursuant to Rule 433</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD STYLE="text-align: right"><B>Registration No. 333-285319</B></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>CSX Corporation<BR>
PRICING TERM SHEET</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>October 20, 2025</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="padding: 2pt; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>$300,000,000
    <FONT STYLE="background-color: white">5.050</FONT>% Notes due 2035 (the &ldquo;Notes&rdquo;)</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; width: 38%"><B>Issuer:</B></TD>
    <TD STYLE="padding: 2pt; width: 62%">CSX Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Expected Ratings*:</B></TD>
    <TD STYLE="padding: 2pt">A3 (Moody&rsquo;s) / BBB+ (S&amp;P) / A- (Fitch)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Security:</B></TD>
    <TD STYLE="padding: 2pt">5.050% Notes due 2035</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Size:</B></TD>
    <TD STYLE="padding: 2pt">$300,000,000 (to become immediately fungible upon the Settlement Date with the outstanding $600,000,000 principal amount of 5.050% Notes due 2035 issued on March 10, 2025)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Maturity Date:</B></TD>
    <TD STYLE="padding: 2pt">June 15, 2035</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Coupon:</B></TD>
    <TD STYLE="padding: 2pt">5.050%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Interest Payment Dates:</B></TD>
    <TD STYLE="padding: 2pt">June 15 and December 15 of each year, commencing on December 15, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Price to Public:</B></TD>
    <TD STYLE="padding: 2pt">103.069% (plus accrued interest from June 15, 2025 to the Settlement Date in an aggregate amount of $5,386,666.67, assuming the Settlement Date is October 23, 2025)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Benchmark Treasury:</B></TD>
    <TD STYLE="padding: 2pt">4.250% due August 15, 2035</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Benchmark Treasury Price and Yield:</B></TD>
    <TD STYLE="padding: 2pt">102-02; 3.993%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Spread to Benchmark Treasury:</B></TD>
    <TD STYLE="padding: 2pt">+ 65 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Re-Offer Yield:</B></TD>
    <TD STYLE="padding: 2pt">4.643%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Make-Whole Call:</B></TD>
    <TD STYLE="padding: 2pt">T+15 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Par Call:</B></TD>
    <TD STYLE="padding: 2pt">Within three months prior to the maturity date</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Trade Date:</B></TD>
    <TD STYLE="padding: 2pt">October 20, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Expected Settlement Date**:</B></TD>
    <TD STYLE="padding: 2pt">October 23, 2025 (T+3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>CUSIP / ISIN:</B></TD>
    <TD STYLE="padding: 2pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">126408 HZ9 / US126408HZ94</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Joint Book-Running Managers:</B></TD>
    <TD STYLE="padding: 2pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UBS Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Senior Co-Managers:</B></TD>
    <TD STYLE="padding: 2pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CIBC World Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt"><B>Co-Managers:</B></TD>
    <TD STYLE="padding: 2pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PNC Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Siebert Williams Shank &amp; Co., LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>*Note: A securities rating is not a recommendation
to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>**We expect that delivery of the Notes will
be made against payment therefor on or about October 23, 2025, which will be the third business day after the date hereof. Under Rule
15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business
day (T+1), unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to one business
day before delivery of the Notes will be required by virtue of the fact that the Notes initially will settle in three business days (T+3)
to specify alternative settlement arrangements to prevent a failed settlement. Such purchasers should consult their own advisors in this
regard.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The issuer has filed a registration statement
(including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus
in that registration statement and the related prospectus supplement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You may get these documents for free by visiting
EDGAR on the SEC Website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange
to send you the prospectus if you request it by calling Citigroup Global Markets Inc. toll-free at 1-800-831-9146; J.P. Morgan Securities
LLC collect at 1-212-834-4533 or UBS Securities LLC toll-free at 1-833-481-0269. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Any disclaimer or other notice that may appear
below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result
of this communication being sent by Bloomberg or another email system.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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