CSX is one of two major freight railroads serving the eastern U.S., operating an approximately 20,000 route-mile rail network across 26 states east of the Mississippi River. CSX ships bulk commodities, consumer goods, and industrial inputs for manufacturers, energy producers, automotive plants, and agricultural businesses. CSX generates revenue by charging per-carload or per-intermodal-unit rates, with revenue driven by volume, pricing, and commodity mix. The business has a largely fixed cost structure, creating significant operating leverage. CSX operates four business lines: Merchandise (chemicals, agricultural products, automotive, metals, and other goods), Intermodal (containers and trailers combining rail and truck), Coal (thermal coal to utilities and met coal to export terminals and steel mills), and Trucking (primarily Quality Carriers, a bulk liquid chemicals truck carrier). CSX pursues growth through industrial development — attracting manufacturers and distributors to locate on its network — intermodal expansion enabled by the recently completed Howard Street Tunnel clearance project, and truck-to-rail conversion. The tunnel upgrade enables double-stack intermodal service along the I-95 corridor, which CSX argues removes a key competitive disadvantage. With two major capital projects now complete, CSX expects CapEx to decline and free cash flow to grow. CSX returns cash to shareholders via buybacks and an annual dividend it has raised for over 20 consecutive years.