CSX operates a freight railroad network concentrated in the eastern United States, moving coal, industrial products, agricultural goods and intermodal containers between ports, factories and distribution centers. Railroads carry an inherent cost advantage over trucking for moving heavy freight over long distances, though that advantage narrows for shorter hauls where trucks remain more flexible and often faster. CSX's coal shipments, once a much larger share of its business, have declined for years as utilities have shifted away from coal-fired power generation, pushing the company to lean more on intermodal and merchandise freight for growth. Like other major railroads, CSX has focused heavily on operating ratio, the share of revenue consumed by operating expenses, as a core measure of efficiency that shapes how the market values the business.