S&P 500 Industrials Sector SEC Filings — October 13, 2026

Recast shows nine-month FY2026 net earnings to common stockholders up from $1,941M to $1,947M and diluted EPS from $3.45 to $3.46, with adjusted EPS up from $4.71 to $4.72; the reported change is small and driven by mark-to-market pension accounting

Q1 FY2026 and Q2 FY2026 net earnings to common stockholders revised up from $605M to $607M and $618M to $620M respectively, a modest but consistent upward direction in the restated interim periods

Q3 FY2026 adjusted EBITA includes an $82M benefit from IEEPA tariff refunds that is excluded from adjusted metrics, meaning underlying operating momentum is likely weaker than the headline quarter suggests

Fiscal 2025 full-year net earnings to common stockholders revised down from $2,293M to $2,270M and diluted EPS from $4.04 to $4.00, while adjusted EPS was revised up from $6.00 to $6.01, a divergence between GAAP and adjusted views

Q4 FY2025 earnings from continuing operations before income taxes were revised down by $36M, cutting Q4 diluted EPS from $1.12 to $1.07, a 4.5% reduction in the quarter's reported EPS

Announced retirement of EVP and COO Mike Cory with a transition plan already in place, and management credited Cory with driving safety and productivity to record levels, which supports a continuity-focused read rather than a performance-driven departure

Operations leadership consolidated under CEO Steve Angel, with Doug Ryhorchuk (nearly four decades at CN, joined CSX 2024) overseeing transportation, engineering and mechanical, and Casey Albright (nearly 30 years at CSX) leading service plan design; experienced internal and rail-industry depth mitigates succession risk

Tariff-refund benefit of $82M in Q3 FY2026 sits in reported results but is excluded from adjusted EBITA, so quarterly comparisons on an adjusted basis may overstate run-rate performance

FY2025 GAAP net earnings cut by $23M ($2,293M to $2,270M) while adjusted EPS rose by $0.01, meaning the two measures moved in opposite directions on the same restated year

Continuing-operations pre-tax earnings revised down $36M in Q4 FY2025, lowering diluted EPS from $1.12 to $1.07, which signals that prior quarterly reporting carried measurement error for pension obligations

Loss of the EVP and COO during an active transition, with two SVP-level operators now reporting directly to the CEO, concentrates operational accountability at the top at a time when service reliability is a stated priority

Management reaffirmed safety and reliable service as priorities, yet no timeline or interim COO was named in the disclosure, leaving the post-retirement operating structure undefined

Once the mark-to-market recast is absorbed, nine-month adjusted EPS of $4.72 versus $4.71 previously shows stable underlying earnings, a potential re-rating catalyst if the market focuses on adjusted results

The $82M IEEPA refund is a non-recurring benefit that is cash-generative, and a clear reconciliation of its cash versus accrual impact could support a more constructive view of working-capital flexibility

Internal promotion and rail-experienced leaders (Ryhorchuk, Albright) reduce execution risk from the COO departure, supporting a 'stable operations' thesis for the rail franchise

Management attributes record safety and productivity levels to Cory's tenure, so the operating baseline entering the transition is strong, a supportive setup for shares if service metrics hold through the handoff

Emerson's mark-to-market restatement moved both quarterly and full-year figures in both directions, a reminder that pension accounting choices can shift reported earnings by tens of millions of dollars and should be scrutinized across the sector's large defined-benefit plans [IMPLICATION: check peers for similar recasts]

Emerson's $82M IEEPA refund benefit points to tariff-related recoveries showing up as one-time items; investors should expect adjusted-versus-reported gaps across import-exposed industrials as refunds are recognized [IMPLICATION: watch adjusted metric definitions]

The CSX COO retirement with internal succession reflects a broader pattern of experienced rail operators rotating through senior roles; continuity depends on how quickly reporting lines are simplified [IMPLICATION: monitor service metrics through the transition]

Confirm whether the mark-to-market treatment is applied consistently going forward and whether the $82M IEEPA tariff refund is quantified in future adjusted reconciliations (next earnings release, date not in filing)

Track whether the $82M refund is reflected in cash flow and whether management provides a run-rate adjustment in guidance

Watch for a formal naming of a single operations executive or changes to the reporting structure following Cory's retirement (effective date not disclosed in filing)

Monitor safety incident rates and service reliability in upcoming operating updates to confirm the transition is not disrupting network performance

Check other S&P 500 Industrials with large defined-benefit plans for similar mark-to-market recasts that could move reported earnings