Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-10-05

CSX Corp (CSX)

CEO Stephen Angel was paid $11,711,612 in fiscal year 2025, the 16th percentile of its disclosed peer group (SEC filing 0001628280-26-021944 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$23,696,453
Joseph Hinrichs total, FY2025
Former President and Chief Executive Officer — highest-paid officer; CEO Stephen Angel: $11,711,612
16th
CEO (Stephen Angel) pay percentile vs peers
123:1
CEO-to-median pay ratio
93.05%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Stephen Angel (President and Chief Executive Officer), FY2025 total compensation $11,711,612 (base salary $386,364) [exec_comp, SEC accession 0001628280-26-021944, filed 2026-03-30]

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CSX's next annual pay disclosure, estimated March 30, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Joseph Hinrichs$1,113,636$0$10,029,002$2,500,008$1,481,137$0$8,572,670$23,696,453
Former President and Chief Executive Officer
Stephen Angel386,36405,385,3425,248,065513,8630177,97811,711,612
President and Chief Executive Officer
Michael Cory757,08302,527,360630,000575,38302,365,6556,855,481
Executive Vice President and Chief Operating Officer
Kevin Boone747,91702,527,360630,000568,417159,39654,9694,688,058
Executive Vice President and Chief Financial Officer
Sean Pelkey604,25702,206,389550,008459,235139,238304,2094,263,336
Former Executive Vice President and Chief Financial Officer
Stephen Fortune668,33301,865,419465,008507,933077,2813,583,974
Executive Vice President and Chief Digital & Technology Officer
Diana Sorfleet588,333—1,865,419465,008402,420160,43044,6913,526,301
Retired Executive Vice President and Chief Administrative Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Joseph Hinrichs$23,696,453$15,350,652$14,074,235↑ +8,345,801
Stephen Angel11,711,612———
Michael Cory6,855,4815,076,224—↑ +1,779,257
Kevin Boone4,688,0584,663,6804,934,102↑ +24,378
Sean Pelkey4,263,3363,803,2653,960,324↑ +460,071
Stephen Fortune3,583,9743,586,3543,805,988↓ −2,380
Diana Sorfleet3,526,301———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against CSX
17 companies name CSX as a compensation peer

Each company listed discloses CSX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CSX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Ann D. BegemanIndependent Director$330,009
Anne H. ChowIndependent Director$365,959
David M. MoffettIndependent Director$420,009
Donna M. AlvaradoFormer director (through FY2025)$302,146
J. Steven WhislerIndependent Director$420,009
James L. WainscottIndependent Director$375,009
John J. ZillmerChair of the Board$595,017
Linda H. RieflerIndependent Director$445,009
Paul C. HilalIndependent Director$395,009
Steven T. HalversonIndependent Director$425,009
Suzanne M. VautrinotIndependent Director$346,509
Thomas P. BostickIndependent Director$339,709
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Dividend-equivalent accruals2026-04-01—218—~9,0341 insider, 1 accrual row
Dividend-equivalent accruals2026-05-01—200—~9,0181 insider, 1 accrual row
Dividend-equivalent accruals2026-06-01—197—~9,0341 insider, 1 accrual row
John J. ZillmerDirector2026-06-03D10,00046464,500CommonForm 4 ↗
Kevin BooneEVP & CFO2026-06-03D136,708476,384,264CommonForm 4 ↗
Kevin BooneEVP & CFO2026-06-03D123,25300Derivative, Class A CommonForm 4 ↗
Kevin BooneEVP & CFO2026-06-03A123,253232,893,980CommonForm 4 ↗
Kevin BooneEVP & CFO2026-06-03D13,45500Derivative, Class A CommonForm 4 ↗
Kevin BooneEVP & CFO2026-06-03A13,45523305,429CommonForm 4 ↗
J. Steven WhislerDirector2026-06-15A7914737,485CommonForm 4 ↗
Dividend-equivalent accruals2026-07-01—187—~9,0381 insider, 1 accrual row
Michael S. BurnsSVP - CLO & Corp Secy2026-07-24D13,00053684,840CommonForm 4 ↗
Angela C. WilliamsVP & Chief Accounting Officer2026-07-24D30,000531,598,700CommonForm 4 ↗
Michael S. BurnsSVP - CLO & Corp Secy2026-07-24D13,00000Derivative, Class A CommonForm 4 ↗
Michael S. BurnsSVP - CLO & Corp Secy2026-07-24A13,00027344,500CommonForm 4 ↗
Dividend-equivalent accruals2026-08-03—181—~9,0191 insider, 1 accrual row
Dividend-equivalent accruals2026-09-01—185—~9,0101 insider, 1 accrual row
J. Steven WhislerDirector2026-09-15A7714937,517CommonForm 4 ↗
Michael CoryEVP & COO2026-09-25D12,61147589,943CommonForm 4 ↗
Dividend-equivalent accruals2026-10-01—194—~9,0291 insider, 1 accrual row

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 20 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Stephen F. AngelDirector2026-04-01A218$41$9,034Derivative, Class A CommonForm 4 ↗
Stephen F. AngelDirector2026-05-01A200459,018Derivative, Class A CommonForm 4 ↗
Stephen F. AngelDirector2026-06-01A197469,034Derivative, Class A CommonForm 4 ↗
John J. ZillmerDirector2026-06-03D10,00046464,500CommonForm 4 ↗
Kevin BooneEVP & CFO2026-06-03D136,708476,384,264CommonForm 4 ↗
Kevin BooneEVP & CFO2026-06-03D123,25300Derivative, Class A CommonForm 4 ↗
Kevin BooneEVP & CFO2026-06-03A123,253232,893,980CommonForm 4 ↗
Kevin BooneEVP & CFO2026-06-03D13,45500Derivative, Class A CommonForm 4 ↗
Kevin BooneEVP & CFO2026-06-03A13,45523305,429CommonForm 4 ↗
J. Steven WhislerDirector2026-06-15A7914737,485CommonForm 4 ↗
Stephen F. AngelDirector2026-07-01A187489,038Derivative, Class A CommonForm 4 ↗
Michael S. BurnsSVP - CLO & Corp Secy2026-07-24D13,00053684,840CommonForm 4 ↗
Angela C. WilliamsVP & Chief Accounting Officer2026-07-24D30,000531,598,700CommonForm 4 ↗
Michael S. BurnsSVP - CLO & Corp Secy2026-07-24D13,00000Derivative, Class A CommonForm 4 ↗
Michael S. BurnsSVP - CLO & Corp Secy2026-07-24A13,00027344,500CommonForm 4 ↗
Stephen F. AngelDirector2026-08-03A181509,019Derivative, Class A CommonForm 4 ↗
Stephen F. AngelDirector2026-09-01A185499,010Derivative, Class A CommonForm 4 ↗
J. Steven WhislerDirector2026-09-15A7714937,517CommonForm 4 ↗
Michael CoryEVP & COO2026-09-25D12,61147589,943CommonForm 4 ↗
Stephen F. AngelDirector2026-10-01A194479,029Derivative, Class A CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Stephen FortuneRSU2025-02-14——13,935—$465,011
Michael CoryOPTION2025-02-14——62,014—630,000
Michael CoryPSU2025-02-1811,23756,184—134,8421,897,334
Joseph HinrichsRSU2025-02-14——74,918—2,500,014
Sean PelkeyRSU2025-02-14——16,482—550,004
Kevin BooneRSU2025-02-14——18,880—630,026
Stephen AngelPSU2025-10-0129,985149,926—359,8225,385,342
Kevin BoonePSU2025-02-1811,23756,184—134,8421,897,334
Stephen FortunePSU2025-02-188,29441,469—99,5261,400,408
Diana SorfleetRSU2025-02-14——13,935—465,011
Sean PelkeyPSU2025-02-189,81049,049—117,7181,656,385
Diana SorfleetPSU2025-02-188,29441,469—99,5261,400,408
Michael CoryRSU2025-02-14——18,880—630,026
Joseph HinrichsPSU2025-02-1844,590222,949—535,0787,528,988
Stephen AngelOPTION2025-10-01——636,052—5,248,065
Stephen FortuneOPTION2025-02-14——45,773—465,008
Diana SorfleetOPTION2025-02-14——45,773—465,008
Joseph HinrichsOPTION2025-02-14——246,088—2,500,008
Kevin BooneOPTION2025-02-14——62,014—630,000
Sean PelkeyOPTION2025-02-14——54,140—550,008
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Stephen Fortune$465,011$1,400,408$465,00860.1%
Michael Cory630,0261,897,334630,00060.1%
Joseph Hinrichs2,500,0147,528,9882,500,00860.1%
Sean Pelkey550,0041,656,385550,00860.1%
Kevin Boone630,0261,897,334630,00060.1%
Stephen Angel05,385,3425,248,06550.6%
Diana Sorfleet465,0111,400,408465,00860.1%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Joseph HinrichsRSU58,356—$2,115,405
Stephen FortuneRSU40,488—1,467,690
Joseph HinrichsRSU214,217—7,765,366
Stephen AngelRSU119,941—4,347,861
Michael CoryRSU68,166—2,471,018
Kevin BooneRSU54,855—1,988,494
Michael CoryRSU54,855—1,988,494
Sean PelkeyRSU46,552—1,687,510
Diana SorfleetRSU40,488—1,467,690
Kevin BooneRSU36,949—1,339,401
Sean PelkeyRSU29,818—1,080,903
Stephen FortuneRSU27,271—988,574
Diana SorfleetRSU27,271—988,574
Stephen AngelOption636,05235—
Kevin BooneOption21,30931.67—
Kevin BooneOption36,29836.72—
Stephen FortuneOption45,77333.37—
Kevin BooneOption62,01433.37—
Michael CoryOption36,29836.72—
Michael CoryOption62,01433.37—
Stephen FortuneOption15,72931.67—
Stephen FortuneOption26,79236.72—
Diana SorfleetOption15,72931.67—
Diana SorfleetOption26,79236.72—
Diana SorfleetOption45,77333.37—
Joseph HinrichsOption60,13231.67—
Joseph HinrichsOption72,98036.72—
Joseph HinrichsOption54,68733.37—
Sean PelkeyOption11,79731.67—
Sean PelkeyOption10,04736.72—
Sean PelkeyOption13,53533.37—
05

Incentive-plan design — the Compensation Discussion & Analysis

The primary objectives of the Company’s executive compensation program are to attract, motivate, and reward executives for extraordinary results that create shareholder value, reinforce a pay-for-performance culture with a significant portion of each NEO’s total compensation at-risk, and implement short and long-term incentive plans with stretch targets that drive strong financial results in achieving sustainable growth.

CEO STI target (% of salary)175%
CEO LTI target (% of salary)—
Independent consultantPay Governance, LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-121,324,087,82898,932,4095,438,01693.05%Passed
20252025-05-071,272,936,606148,504,2318,988,85289.55%Passed
20242024-05-081,226,635,057248,521,8939,388,98283.15%Passed
20232023-05-101,337,075,452154,939,2169,214,36289.62%Passed
20222022-05-04960,492,665645,294,9947,309,14959.81%Passed
20212021-05-07535,653,28239,840,4734,114,02793.08%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1293.05%a
20252025-05-0789.55%b
20242024-05-0883.15%c

a. Approved under the standard stated in the filing — “Abstentions are not considered votes cast on any proposal and will have no effect on the outcome of the vote for Items 1, 2, or 3.”.

b. Approved under the standard stated in the filing — “Abstentions are not considered votes cast on any proposal and will have no effect on the outcome of the vote for Items 1, 2 or 3.”.

c. Approved under the standard stated in the filing — “Abstentions are not considered votes cast on any proposal and will have no effect on the outcome of the vote for Items 1, 2 3 or 4.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)123 : 1
CEO total compensation$14,938,149
Median employee compensation$122,362
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
John J. ZillmerIndependent · Board Chair · Executive · Compensation · Governance and Sustainability$155,000$440,017———$595,017
Linda H. RieflerIndependent · Executive · Compensation · Governance and Sustainability (Chair) · Compensation and Talent Management200,000190,009——55,000445,009
Steven T. HalversonIndependent · Executive · Audit · Compensation (Chair)180,000190,009——55,000425,009
David M. MoffettIndependent · Executive · Audit (Chair) · Finance180,000190,009——50,000420,009
J. Steven WhislerIndependent · Executive · Audit · Finance (Chair)175,000190,009——55,000420,009
Paul C. HilalIndependent · Executive · Finance · Governance and Sustainability155,000190,009——50,000395,009
James L. WainscottIndependent · Audit · Finance · Compensation130,000190,009——55,000375,009
Anne H. ChowIndependent · Finance · Compensation · Governance and Sustainability · Compensation and Talent Management130,000190,009——45,950365,959
Suzanne M. VautrinotIndependent · Audit · Governance and Sustainability130,000190,009——26,500346,509
Thomas P. BostickIndependent · Finance · Compensation · Governance and Sustainability130,000190,009——19,700339,709
Ann D. BegemanIndependent · Finance · Compensation · Newly elected140,000190,009———330,009
Donna M. AlvaradoIndependent · Audit · Compensation · Departed during FY47,500190,009——64,637302,146
Stephen F. AngelEmployee director · Executive (Chair)—————0
09

Board fee structure and ownership guideline

Annual cash retainer$130,000
Annual equity retainer$190,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,752,500
Equity awards (grant-date value)$2,530,116
All other compensation$476,787
Total cost of the board$4,759,403

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies CSX Corp names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including CSX Corp.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Trane Technologies plc2025David Regnery$1,512,500$8,900,397$5,700,010$2,831,173$27,262,157
2Wabtec Corporation2025Rafael Santana1,400,00020,027,022—4,724,58026,181,461
3Canadian Pacific Kansas City Limited2025Keith Creel1,887,03012,022,3136,780,2043,761,74225,655,819
4Parker-Hannifin Corporation2026Jennifer Parmentier1,537,5007,586,8987,841,9404,539,82222,761,169
5Emerson Electric Co.2025Lal Karsanbhai1,537,50015,413,32503,728,52521,240,262
6Union Pacific Corporation2025V. James Vena1,475,0009,000,1306,000,0033,437,25020,296,362
7Waste Management, Inc.2025James Fish1,486,53812,406,4782,400,0212,472,48019,048,786
8Dover Corporation2025Richard Tobin1,387,3858,040,7266,562,519018,757,706
9Ecolab Inc.2025Christophe Beck1,390,0817,228,1014,566,9163,383,18317,404,935
10Schlumberger Limited2025Olivier Le Peuch1,650,00012,374,95302,083,95017,347,291
11Otis Worldwide Corporation2025Judith Marks1,400,00013,182,89501,965,60016,977,877
12Norfolk Southern Corporation2025Mark George1,100,0009,199,7332,300,0102,932,87516,245,050
13Illinois Tool Works Inc.2025Christopher A. O'Herlihy1,337,2715,249,9575,249,9962,702,38915,211,011
14PPG Industries, Inc.2025Timothy Knavish1,300,0007,333,5423,666,6901,924,00014,885,022
15Republic Services, Inc.2025Jon Vander Ark1,302,69211,124,48901,982,66414,857,016
16Air Products and Chemicals, Inc.2025Eduardo Menezes810,84610,918,5010011,809,287
17CSX Corp2025Stephen Angel386,3645,385,3425,248,065513,86311,711,612
18J.B. Hunt Transport Services, Inc.2025Shelley Simpson961,3856,927,52901,067,4219,004,371
19The Williams Companies, Inc.2025Chad Zamarin829,7885,999,96201,492,2558,682,793
20Eaton Corporation2025Paulo Ruiz1,087,1164,140,3141,384,6951,155,0007,923,677
—Canadian National Railway Company——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
CSX Corp76%PSU 60 · Option 20 · RSU 20NoPay Governance, LLC
Air Products and Chemicals, Inc.not disclosedPSU 60 · RSU 40Yes — Relative TSR (compared to S&P 500 Index)Willis Towers Watson
Canadian National Railway Companynot disclosednot disclosednot disclosednot disclosed
Canadian Pacific Kansas City Limitednot disclosedPSU 60 · Option 40not disclosedFrederic W. Cook & Co., Inc. (FW Cook)
Dover Corporation121.7%PSU 40 · Options 40 · RSU 20Yes — 3-Year relative TSRMeridian Compensation Partners, LLC
Eaton Corporation70%PSU 50 · RSU 25 · Options 25Yes — Relative TSRMeridian Compensation Partners
Ecolab Inc.137%PSU 60 · Options 40Yes — relative TSRFW Cook
Emerson Electric Co.141.5%PSU 55 · RSU 45NoExequity
Illinois Tool Works Inc.not disclosedPSU 50 · Options 50NoMeridian Compensation Partners LLC
J.B. Hunt Transport Services, Inc.not disclosedPSU 60 · RSU 40NoMeridian Compensation Partners, LLC
Norfolk Southern Corporation118.5%not disclosedYes — relative TSRFW Cook
Otis Worldwide Corporation77.76%PSU 60 · RSU 40Yes — Relative TSRFrederic W. Cook & Co., Inc. (FW Cook)
Parker-Hannifin Corporationnot disclosedPSU 50 · Options 50NoMercer Consulting
PPG Industries, Inc.93%MSU 34 · Options 33 · PSU 33NoFW Cook
Republic Services, Inc.91.79%PSU 80 · RSU 20NoPearl Meyer & Partners, LLC
Schlumberger Limited84%PSU 75 · RSU 25Yes — Total Shareholder Return (TSR)Pay Governance
The Williams Companies, Inc.136%PSU 60 · RSU 40Yes — Relative TSRFW Cook
Trane Technologies plc109.21%PSU 50 · Options 40 · RSU 10Yes — Relative TSRMeridian Compensation Partners, LLC
Union Pacific Corporation138%PSU 60 · Options 40NoPay Governance
Wabtec Corporation192.8%PSU 60 · RSU 40NoExequity
Waste Management, Inc.103.02%PSU 80 · Option 20NoFrederic W. Cook & Co., Inc.

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at CSX Corp in fiscal 2025?
As disclosed, Joseph Hinrichs (Former President and Chief Executive Officer) was the highest-paid executive at CSX Corp in fiscal 2025, with total compensation of $23,696,453.
How does CSX Corp's chief executive pay compare to its disclosed peer group?
As disclosed, Stephen Angel's total compensation ranked at the 16th percentile of CSX Corp's disclosed peer group.
What is CSX Corp's CEO-to-median employee pay ratio?
As disclosed, CSX Corp's CEO-to-median employee pay ratio was 123:1.
How did shareholders vote on CSX Corp's executive compensation?
As disclosed, 93.05% of shareholders supported CSX Corp's executive compensation in the latest say-on-pay vote.
How much does CSX Corp spend in total on board compensation for fiscal 2025?
As disclosed, CSX Corp reported total board compensation of $4,759,403 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Joseph HinrichsDEF 14A2026-03-300001628280-26-021944Section “Compensation Tables” · page 91. As printed: 23,696,453. Filing ↗machine: r14 · c27 · span 1541791–1541801
2Section 01, Stephen AngelDEF 14A2026-03-300001628280-26-021944Section “Compensation Tables” · page 91. As printed: 11,711,612. Filing ↗machine: r2 · c27 · span 1506353–1506363
3Section 01, Michael CoryDEF 14A2026-03-300001628280-26-021944Section “Compensation Tables” · page 91. As printed: 6,855,481. Filing ↗machine: r8 · c27 · span 1520593–1520602
4Section 01, Kevin BooneDEF 14A2026-03-300001628280-26-021944Section “Compensation Tables” · page 91. As printed: 4,688,058. Filing ↗machine: r5 · c27 · span 1510374–1510383
5Section 01, Sean PelkeyDEF 14A2026-03-300001628280-26-021944Section “Compensation Tables” · page 91. As printed: 4,263,336. Filing ↗machine: r17 · c27 · span 1552096–1552105
6Section 01, Stephen FortuneDEF 14A2026-03-300001628280-26-021944Section “Compensation Tables” · page 91. As printed: 3,583,974. Filing ↗machine: r10 · c27 · span 1527599–1527608
7Section 01, Diana SorfleetDEF 14A2026-03-300001628280-26-021944Section “Compensation Tables” · page 91. As printed: 3,526,301. Filing ↗
8Section 03, Stephen Fortune RSUDEF 14A2026-03-300001628280-26-021944Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t211 · r14 · c13 · span 1630349–1630356
9Section 03, Michael Cory OPTIONDEF 14A2026-03-300001628280-26-021944Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t211 · r11 · c13 · span 1624777–1624784
10Section 03, Michael Cory PSUDEF 14A2026-03-300001628280-26-021944Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t211 · r12 · c13 · span 1626806–1626815
11Section 03, Joseph Hinrichs RSUDEF 14A2026-03-300001628280-26-021944Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t211 · r22 · c13 · span 1645226–1645235
12Section 03, Sean Pelkey RSUDEF 14A2026-03-300001628280-26-021944Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t211 · r26 · c13 · span 1652705–1652712
13Section 03, Kevin Boone RSUDEF 14A2026-03-300001628280-26-021944Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t211 · r6 · c13 · span 1615473–1615480
14Section 03, Stephen Angel PSUDEF 14A2026-03-300001628280-26-021944Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t211 · r3 · c7 · span 1608904–1608911
15Section 03, Kevin Boone PSUDEF 14A2026-03-300001628280-26-021944Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t211 · r8 · c13 · span 1619368–1619377
16Section 03, Stephen Fortune PSUDEF 14A2026-03-300001628280-26-021944Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t211 · r16 · c13 · span 1634242–1634251
17Section 03, Diana Sorfleet RSUDEF 14A2026-03-300001628280-26-021944Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t211 · r18 · c13 · span 1637787–1637794
18Section 03, Sean Pelkey PSUDEF 14A2026-03-300001628280-26-021944Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t211 · r28 · c13 · span 1656599–1656608
19Section 03, Diana Sorfleet PSUDEF 14A2026-03-300001628280-26-021944Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t211 · r20 · c13 · span 1641680–1641689
20Section 03, Michael Cory RSUDEF 14A2026-03-300001628280-26-021944Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t211 · r10 · c13 · span 1622911–1622918
21Section 03, Joseph Hinrichs PSUDEF 14A2026-03-300001628280-26-021944Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t211 · r24 · c13 · span 1649127–1649136
22Section 03, Stephen Angel OPTIONDEF 14A2026-03-300001628280-26-021944Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t211 · r4 · c9 · span 1611241–1611248
23Section 03, Stephen Fortune OPTIONDEF 14A2026-03-300001628280-26-021944Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t211 · r15 · c9 · span 1631526–1631532
24Section 03, Diana Sorfleet OPTIONDEF 14A2026-03-300001628280-26-021944Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t211 · r19 · c13 · span 1639653–1639660
25Section 03, Joseph Hinrichs OPTIONDEF 14A2026-03-300001628280-26-021944Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t211 · r23 · c9 · span 1646405–1646412
26Section 03, Kevin Boone OPTIONDEF 14A2026-03-300001628280-26-021944Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t211 · r7 · c9 · span 1616650–1616656
27Section 03, Sean Pelkey OPTIONDEF 14A2026-03-300001628280-26-021944Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t211 · r27 · c9 · span 1653882–1653888
28Section 07, pay ratioDEF 14A2026-03-300001628280-26-021944Section “CEO Pay Ratio”. As printed: 123 : 1. Filing ↗
29Section 08, John J. ZillmerDEF 14A2026-03-300001628280-26-021944Section “Director Compensation”. As printed: 595,017. Filing ↗machine: span 959123–959401
30Section 08, Linda H. RieflerDEF 14A2026-03-300001628280-26-021944Section “Director Compensation”. As printed: 445,009. Filing ↗machine: span 952202–952446
31Section 08, Steven T. HalversonDEF 14A2026-03-300001628280-26-021944Section “Director Compensation”. As printed: 425,009. Filing ↗machine: span 947198–947442
32Section 08, David M. MoffettDEF 14A2026-03-300001628280-26-021944Section “Director Compensation”. As printed: 420,009. Filing ↗machine: span 950533–950777
33Section 08, J. Steven WhislerDEF 14A2026-03-300001628280-26-021944Section “Director Compensation”. As printed: 420,009. Filing ↗machine: span 957216–957460
34Section 08, Paul C. HilalDEF 14A2026-03-300001628280-26-021944Section “Director Compensation”. As printed: 395,009. Filing ↗machine: span 948864–949108
35Section 08, James L. WainscottDEF 14A2026-03-300001628280-26-021944Section “Director Compensation”. As printed: 375,009. Filing ↗machine: span 955546–955790
36Section 08, Anne H. ChowDEF 14A2026-03-300001628280-26-021944Section “Director Compensation”. As printed: 365,959. Filing ↗machine: span 945526–945770
37Section 08, Suzanne M. VautrinotDEF 14A2026-03-300001628280-26-021944Section “Director Compensation”. As printed: 346,509. Filing ↗machine: span 953875–954119
38Section 08, Thomas P. BostickDEF 14A2026-03-300001628280-26-021944Section “Director Compensation”. As printed: 339,709. Filing ↗machine: span 943861–944105
39Section 08, Ann D. BegemanDEF 14A2026-03-300001628280-26-021944Section “Director Compensation”. As printed: 330,009. Filing ↗machine: span 942191–942435
40Section 08, Donna M. AlvaradoDEF 14A2026-03-300001628280-26-021944Section “Director Compensation”. As printed: 302,146. Filing ↗machine: span 940527–940769
41Section 08, Stephen F. AngelDEF 14A2026-03-300001628280-26-021944Section “Director Compensation”. As printed: 0. Filing ↗
42Section 02, Stephen F. Angel 2026-04-01Form 42026-04-020001193125-26-140177Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Stephen F. Angel 2026-05-01Form 42026-05-050001193125-26-206452Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Stephen F. Angel 2026-06-01Form 42026-06-020001193125-26-253530Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, John J. Zillmer 2026-06-03Form 42026-06-040001193125-26-257422Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Kevin Boone 2026-06-03Form 42026-06-050001193125-26-259595Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Kevin Boone 2026-06-03Form 42026-06-050001193125-26-259595Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Kevin Boone 2026-06-03Form 42026-06-050001193125-26-259595Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Kevin Boone 2026-06-03Form 42026-06-050001193125-26-259595Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Kevin Boone 2026-06-03Form 42026-06-050001193125-26-259595Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, J. Steven Whisler 2026-06-15Form 42026-06-170001193125-26-274198Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Stephen F. Angel 2026-07-01Form 42026-07-060001193125-26-296199Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Michael S. Burns 2026-07-24Form 42026-07-270001193125-26-318099Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Angela C. Williams 2026-07-24Form 42026-07-270001193125-26-318102Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Michael S. Burns 2026-07-24Form 42026-07-270001193125-26-318099Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Michael S. Burns 2026-07-24Form 42026-07-270001193125-26-318099Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Stephen F. Angel 2026-08-03Form 42026-08-050001193125-26-335141Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Stephen F. Angel 2026-09-01Form 42026-09-020001193125-26-380206Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, J. Steven Whisler 2026-09-15Form 42026-09-170001628280-26-062524Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Michael Cory 2026-09-25Form 42026-09-280001193125-26-405344Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Stephen F. Angel 2026-10-01Form 42026-10-050001193125-26-414117Insider equity transaction reported since the proxy statement. Filing ↗
62Section 06, 2026 voteForm 8-K2026-05-140000950103-26-007181Item 5.07 · say-on-pay result. As reported: 93.05% (votes for as printed: 1,324,087,828). Filing ↗
63Section 06, 2025 voteForm 8-K2025-05-120000950103-25-005915Item 5.07 · say-on-pay result. As reported: 89.55% (votes for as printed: 1,272,936,606). Filing ↗
64Section 06, 2024 voteForm 8-K2024-05-100000950103-24-006544Item 5.07 · say-on-pay result. As reported: 83.15% (votes for as printed: 1,226,635,057). Filing ↗
65Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
66Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
67Section 09b board cost (computed)Computed——Cash 1,752,500 + equity 2,530,116 + all other 476,787 = 4,759,403, summed across the director compensation table rows.machine: formula: Σ = 4,759,403
68Trane Technologies plc, Section 10b CEO totalDEF 14A2026-04-230001628280-26-026679CEO total compensation as printed in Trane Technologies plc's own proxy. As printed: 27,262,157. Filing ↗machine: t21 · r2 · c15 · span 319298–319308
69Wabtec Corporation, Section 10b CEO totalDEF 14A2026-03-310001628280-26-022197CEO total compensation as printed in Wabtec Corporation's own proxy. As printed: 26,181,461. Filing ↗machine: r4 · c21 · span 967772–967782
70Canadian Pacific Kansas City Limited, Section 10b CEO totalDEF 14A2026-04-230001193125-26-173665CEO total compensation as printed in Canadian Pacific Kansas City Limited's own proxy. As printed: 25,655,819. Filing ↗
71Parker-Hannifin Corporation, Section 10b CEO totalDEF 14A2026-09-180001308179-26-000394CEO total compensation as printed in Parker-Hannifin Corporation's own proxy. As printed: 22,761,169. Filing ↗machine: r2 · c24 · span 1022768–1022778
72Emerson Electric Co., Section 10b CEO totalDEF 14A2025-12-120000032604-25-000103CEO total compensation as printed in Emerson Electric Co.'s own proxy. As printed: 21,240,262. Filing ↗machine: r2 · c27 · span 849389–849399
73Union Pacific Corporation, Section 10b CEO totalDEF 14A2026-03-250000100885-26-000098CEO total compensation as printed in Union Pacific Corporation's own proxy. As printed: 20,296,362. Filing ↗machine: span 1158158–1158168
74Waste Management, Inc., Section 10b CEO totalDEF 14A2026-03-310001104659-26-037381CEO total compensation as printed in Waste Management, Inc.'s own proxy. As printed: 19,048,786. Filing ↗machine: r2 · c36 · span 986125–986135
75Dover Corporation, Section 10b CEO totalDEF 14A2026-03-240001193125-26-120708CEO total compensation as printed in Dover Corporation's own proxy. As printed: 18,757,706. Filing ↗machine: t263 · r2 · c35 · span 813120–813130
76Ecolab Inc., Section 10b CEO totalDEF 14A2026-03-200001104659-26-032777CEO total compensation as printed in Ecolab Inc.'s own proxy. As printed: 17,404,935. Filing ↗machine: t199 · r1 · c63 · span 2259065–2259075
77Schlumberger Limited, Section 10b CEO totalDEF 14A2026-02-260001308179-26-000024CEO total compensation as printed in Schlumberger Limited's own proxy. As printed: 17,347,291. Filing ↗machine: t235 · r1 · c14 · span 700975–700985
78Otis Worldwide Corporation, Section 10b CEO totalDEF 14A2026-04-170001140361-26-015389CEO total compensation as printed in Otis Worldwide Corporation's own proxy. As printed: 16,977,877. Filing ↗machine: t325 · r3 · c25 · span 1708890–1708900
79Norfolk Southern Corporation, Section 10b CEO totalDEF 14A2026-03-270001193125-26-127620CEO total compensation as printed in Norfolk Southern Corporation's own proxy. As printed: 16,245,050. Filing ↗machine: r5 · c33 · span 2773362–2773372
80Illinois Tool Works Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-127599CEO total compensation as printed in Illinois Tool Works Inc.'s own proxy. As printed: 15,211,011. Filing ↗machine: span 1647874–1647884
81PPG Industries, Inc., Section 10b CEO totalDEF 14A2026-03-050000079879-26-000088CEO total compensation as printed in PPG Industries, Inc.'s own proxy. As printed: 14,885,022. Filing ↗machine: span 1300546–1300556
82Republic Services, Inc., Section 10b CEO totalDEF 14A2026-03-240001193125-26-121796CEO total compensation as printed in Republic Services, Inc.'s own proxy. As printed: 14,857,016. Filing ↗machine: t333 · r3 · c29 · span 1371801–1371811
83Air Products and Chemicals, Inc., Section 10b CEO totalDEF 14A2025-12-110001308179-25-000643CEO total compensation as printed in Air Products and Chemicals, Inc.'s own proxy. As printed: 11,809,287. Filing ↗machine: r2 · c24 · span 1181178–1181188
84CSX Corp (subject), Section 10b CEO totalDEF 14A2026-03-300001628280-26-021944CEO total compensation as printed in CSX Corp's own proxy. As printed: 11,711,612. Filing ↗machine: r2 · c27 · span 1506353–1506363
85J.B. Hunt Transport Services, Inc., Section 10b CEO totalDEF 14A2026-03-110001437749-26-007732CEO total compensation as printed in J.B. Hunt Transport Services, Inc.'s own proxy. As printed: 9,004,371. Filing ↗machine: r1 · c21 · span 825167–825176
86The Williams Companies, Inc., Section 10b CEO totalDEF 14A2026-03-180001193125-26-112643CEO total compensation as printed in The Williams Companies, Inc.'s own proxy. As printed: 8,682,793. Filing ↗machine: r5 · c17 · span 4189334–4189344
87Eaton Corporation, Section 10b CEO totalDEF 14A2026-03-130001193125-26-105117CEO total compensation as printed in Eaton Corporation's own proxy. As printed: 7,923,677. Filing ↗machine: r4 · c18 · span 2008245–2008255
88Section 10a, Union Pacific Corporation reciprocityDEF 14A—0000100885-26-000098Union Pacific Corporation names CSX Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
89Section 10a, Air Products and Chemicals, Inc. reciprocityDEF 14A—0001308179-25-000643Air Products and Chemicals, Inc.'s most recent proxy was read; its disclosed peer group does not include CSX Corp. Filing ↗
90Section 10a, Canadian Pacific Kansas City Limited reciprocityDEF 14A—0001193125-26-173665Canadian Pacific Kansas City Limited names CSX Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
91Section 10a, Dover Corporation reciprocityDEF 14A—0001193125-26-120708Dover Corporation's most recent proxy was read; its disclosed peer group does not include CSX Corp. Filing ↗
92Section 10a, Eaton Corporation reciprocityDEF 14A—0001193125-26-105117Eaton Corporation's most recent proxy was read; its disclosed peer group does not include CSX Corp. Filing ↗
93Section 10a, Ecolab Inc. reciprocityDEF 14A—0001104659-26-032777Ecolab Inc.'s most recent proxy was read; its disclosed peer group does not include CSX Corp. Filing ↗
94Section 10a, Emerson Electric Co. reciprocityDEF 14A—0000032604-25-000103Emerson Electric Co.'s most recent proxy was read; its disclosed peer group does not include CSX Corp. Filing ↗
95Section 10a, Illinois Tool Works Inc. reciprocityDEF 14A—0001193125-26-127599Illinois Tool Works Inc.'s most recent proxy was read; its disclosed peer group does not include CSX Corp. Filing ↗
96Section 10a, J.B. Hunt Transport Services, Inc. reciprocityDEF 14A—0001437749-26-007732J.B. Hunt Transport Services, Inc. names CSX Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
97Section 10a, Otis Worldwide Corporation reciprocityDEF 14A—0001140361-26-015389Otis Worldwide Corporation's most recent proxy was read; its disclosed peer group does not include CSX Corp. Filing ↗
98Section 10a, Parker-Hannifin Corporation reciprocityDEF 14A—0001308179-26-000394Parker-Hannifin Corporation's most recent proxy was read; its disclosed peer group does not include CSX Corp. Filing ↗
99Section 10a, The Williams Companies, Inc. reciprocityDEF 14A—0001193125-26-112643The Williams Companies, Inc.'s most recent proxy was read; its disclosed peer group does not include CSX Corp. Filing ↗
100Section 10a, Trane Technologies plc reciprocityDEF 14A—0001628280-26-026679Trane Technologies plc's most recent proxy was read; its disclosed peer group does not include CSX Corp. Filing ↗
101Section 10a, Waste Management, Inc. reciprocityDEF 14A—0001104659-26-037381Waste Management, Inc. names CSX Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
102Section 10a, Wabtec Corporation reciprocityDEF 14A—0001628280-26-022197Wabtec Corporation names CSX Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
103Section 10a, PPG Industries, Inc. reciprocityDEF 14A—0000079879-26-000088PPG Industries, Inc.'s most recent proxy was read; its disclosed peer group does not include CSX Corp. Filing ↗
104Section 10a, Schlumberger Limited reciprocityDEF 14A—0001308179-26-000024Schlumberger Limited's most recent proxy was read; its disclosed peer group does not include CSX Corp. Filing ↗

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