Transportation & Logistics: Critical accounting estimates (MD&A)

CEO’s Letter	3
Directors and Senior Management	4
PART I
Item 1.	Business	5
Item 1A.	Risk Factors	10
Item 1B.	Unresolved Staff Comments	20
Item 1C.	Cybersecurity	20
Item 2.	Properties	22
Item 3.	Legal Proceedings	24
Item 4.	Mine Safety Disclosures	25
Executive Officers of the Registrant and Principal Executive Officers of Subsidiaries	26
PART II
Item 5.	Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities	27
Item 6.	[Reserved]	28
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Critical Accounting Estimates	40
Cautionary Information	42
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 8.	Financial Statements and Supplementary Data	43
Report of Independent Registered Public Accounting Firm	44
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	75
Item 9A.	Controls and Procedures	75
Management’s Annual Report on Internal Control Over Financial Reporting	76
Report of Independent Registered Public Accounting Firm	77
Item 9B.	Other Information	78

February 6, 2026

Fellow Shareholders:

The Union Pacific team continued to build on ‘what’s possible’ in 2025, and we delivered best-ever full year results across safety, service, and operating performance while growing our volumes. These results demonstrate that we are committed to our strategy – Safety, Service, and Operational Excellence leads to Growth – and understand what we need to do to set the Company up for future success. We know success can be measured in many ways, but to us it’s about serving our customers, communities, and employees while driving value to our owners.

CSX CORPORATION
FORM 10-K
TABLE OF CONTENTS
Item No.	Page
PART I
1.	Business	3
1A. Risk Factors	7
1B. Unresolved Staff Comments	13
1C. Cybersecurity	14
2.	Properties	16
3.	Legal Proceedings	20
4.	Mine Safety Disclosures	20
Executive Officers of the Registrant	21
PART II
5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	23
6.	Reserved	25
7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	26
· Terms Used by CSX	26
· 202 5 Highlights	28
· Results of Operations	28
· Liquidity and Capital Resources	38
· Contractual Obligations, Other Commitments and Off-Balance Sheet Arrangements	42
· Labor Agreements	42
· Critical Accounting Estimates	43
· Forward-Looking Statements	47

CSX 2025 Form 10-K p.2

CSX CORPORATION

PART I

Item 1. Business

CSX Corporation, together with its subsidiaries ("CSX" or the “Company”), based in Jacksonville, Florida, is one of the nation's leading transportation companies. The Company provides rail-based freight transportation services including traditional rail service, the transport of intermodal containers and trailers, as well as other transportation services such as rail-to-truck transfers and bulk commodity operations. CSX and the rail industry provide customers with access to an expansive and interconnected transportation network that plays a key role in North American commerce and is critical to the long-term economic success and improved global competitiveness of the United States. In addition, freight railroads provide the most economical and environmentally efficient means to transport goods over land.

CSX Transportation, Inc.

PART I
Item 1.	Business	1
Overview	1
Strategy	1
Competitive Strengths	2
Products and Services; Reporting Segments	3
Human Capital	4
Customers	5
Competition	5
Government Regulation	6
Where You Can Find More Information	8
Item 1A.	Risk Factors	9
Item 1B.	Unresolved Staff Comments	16
Item 1C.	Cybersecurity	17
Item 2.	Properties	18
Operating Facilities	18
Fleet	18
Item 3.	Legal Proceedings	18
Item 4.	Mine Safety Disclosures	19
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	20
Shareowner Return Performance Graph	21
Item 6.	[Reserved]	22
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Overview	23

PART I

Introductory Note

In this Annual Report on Form 10-K ("Annual Report" and "this report"), the "Company," "we," "us" and "our" refer to United Parcel Service, Inc. ("UPS"). With regard to the Company’s segments, "we," "us" and "our" may also refer to the segment being discussed.

Unless the context indicates otherwise, whenever we refer in this Annual Report to a particular year, we mean our calendar year ended or ending December 31.

Cautionary Statement About Forward-Looking Statements