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CSX (CSX) Financials

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$34.58 -1.29 (-3.60%)
Closing price 08/22/2025 04:00 PM Eastern
Extended Trading
$34.60 +0.02 (+0.04%)
As of 08/22/2025 07:59 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for CSX

Annual Income Statements for CSX

This table shows CSX's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/26/2014 12/25/2015 12/30/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 1,927 1,968 1,714 5,471 3,309 3,331 2,765 3,781 4,114 3,668 3,470
Consolidated Net Income / (Loss)		 1,927 1,968 1,714 5,471 3,309 3,331 2,765 3,781 4,114 3,668 3,470
Net Income / (Loss) Continuing Operations		 1,927 1,968 1,714 5,471 3,309 3,331 2,765 3,781 4,114 3,668 3,470
Total Pre-Tax Income 		3,044 3,138 2,741 3,142 4,304 4,316 3,627 4,951 5,345 4,829 4,555
Total Operating Income		 3,613 3,584 3,413 3,720 4,869 4,965 4,362 5,594 5,954 5,499 5,245
Total Gross Profit		 11,053 10,398 9,891 7,169 8,131 10,679 9,704 11,245 12,831 9,874 13,017
Total Revenue		 12,669 11,811 11,069 11,408 12,250 11,937 10,583 12,522 14,853 14,657 14,540
Operating Revenue		 12,669 11,811 11,069 11,408 12,250 11,937 10,583 12,522 14,853 14,657 14,540
Total Cost of Revenue		 1,616 1,413 1,178 4,239 4,119 1,258 879 1,277 2,022 4,783 1,523
Operating Cost of Revenue		 1,616 1,413 1,178 4,239 4,119 1,258 879 1,277 2,022 4,783 1,523
Total Operating Expenses		 7,440 6,814 6,478 3,449 3,262 5,714 5,342 5,651 6,877 4,375 7,772
Selling, General & Admin Expense		 5,861 5,646 5,227 2,113 1,931 4,516 3,994 4,685 5,613 2,802 6,017
Depreciation Expense		 1,151 1,208 1,301 1,315 1,331 1,349 1,383 1,420 1,502 1,607 1,658
Impairment Charge		 - - - - - - - - 0.00 0.00 108
Other Special Charges / (Income)		 - - - - - -151 -35 -454 -238 -34 -11
Total Other Income / (Expense), net		 -569 -446 -672 -578 -565 -649 -735 -643 -609 -670 -690
Interest Expense		 561 544 694 546 - 737 754 722 742 809 832
Other Income / (Expense), net		 -8.00 98 22 -32 -565 88 19 79 133 139 142
Income Tax Expense		 1,117 1,170 1,027 -2,329 995 985 862 1,170 1,231 1,161 1,085
Basic Earnings per Share		 $1.93 $2.00 $1.81 $6.01 $3.86 $1.39 $1.20 $1.68 $1.93 $1.83 $1.79
Weighted Average Basic Shares Outstanding		 1.00B 983M 947M 911M 857M 2.39B 2.30B 2.25B 2.14B 2.01B 1.94B
Diluted Earnings per Share		 $1.92 $2.00 $1.81 $5.99 $3.84 $1.39 $1.20 $1.68 $1.92 $1.82 $1.79
Weighted Average Diluted Shares Outstanding		 1.00B 984M 948M 914M 861M 2.40B 2.31B 2.26B 2.14B 2.01B 1.94B
Weighted Average Basic & Diluted Shares Outstanding		 998.40M 984M 85.70B 910.30M 165.45B 773.83M 762.51M 2.19B 2.06B 1.96B 1.89B
Cash Dividends to Common per Share		 $0.63 $0.70 $0.72 $0.78 $0.88 $0.96 $1.04 $0.37 $0.40 $0.44 $0.48

Quarterly Income Statements for CSX

This table shows CSX's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 966 987 984 828 869 880 963 894 720 646 829
Consolidated Net Income / (Loss)		 966 987 984 828 869 880 963 894 720 646 829
Net Income / (Loss) Continuing Operations		 966 987 984 828 869 880 963 894 720 646 829
Total Pre-Tax Income 		1,235 1,304 1,296 1,102 1,127 1,168 1,267 1,184 919 858 1,093
Total Operating Income		 1,390 1,464 1,466 1,271 1,298 1,337 1,448 1,354 1,089 1,041 1,283
Total Gross Profit		 3,981 3,260 3,297 2,368 949 3,272 3,315 2,446 3,984 2,240 3,211
Total Revenue		 3,730 3,706 3,699 3,572 3,680 3,681 3,701 3,619 3,539 3,423 3,574
Operating Revenue		 3,730 3,706 3,699 3,572 3,680 3,681 3,701 3,619 3,539 3,423 3,574
Total Cost of Revenue		 -251 446 402 1,204 2,731 409 386 1,173 -445 1,183 363
Operating Cost of Revenue		 -251 446 402 1,204 2,731 409 386 1,173 -445 1,183 363
Total Operating Expenses		 2,591 1,796 1,831 1,097 -349 1,935 1,867 1,092 2,895 1,199 1,928
Selling, General & Admin Expense		 2,251 1,411 1,439 700 -748 1,525 1,457 675 2,368 774 1,501
Depreciation Expense		 395 393 404 403 407 410 410 416 422 425 427
Total Other Income / (Expense), net		 -155 -160 -170 -169 -171 -169 -181 -170 -170 -183 -190
Interest Expense		 199 201 201 203 204 210 209 206 207 209 212
Other Income / (Expense), net		 44 41 31 34 33 41 28 36 37 26 22
Income Tax Expense		 269 317 312 274 258 288 304 290 199 212 264
Basic Earnings per Share		 $0.45 $0.48 $0.49 $0.42 $0.44 $0.45 $0.50 $0.46 $0.37 $0.34 $0.44
Weighted Average Basic Shares Outstanding		 2.14B 2.05B 2.02B 1.99B 2.01B 1.96B 1.94B 1.94B 1.94B 1.89B 1.87B
Diluted Earnings per Share		 $0.45 $0.48 $0.49 $0.41 $0.44 $0.45 $0.49 $0.46 $0.38 $0.34 $0.44
Weighted Average Diluted Shares Outstanding		 2.14B 2.06B 2.03B 2.00B 2.01B 1.96B 1.95B 1.94B 1.94B 1.89B 1.87B
Weighted Average Basic & Diluted Shares Outstanding		 2.06B 2.03B 2.01B 1.98B 1.96B 1.95B 1.94B 1.93B 1.89B 1.88B 1.86B
Cash Dividends to Common per Share		 $0.10 $0.11 $0.11 $0.11 - $0.12 $0.12 $0.12 - $0.13 $0.13

Annual Cash Flow Statements for CSX

This table details how cash moves in and out of CSX's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/26/2014 12/25/2015 12/30/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 77 -41 -25 -202 457 100 2,171 -890 -306 -580 -420
Net Cash From Operating Activities		 3,343 3,370 3,041 3,472 4,641 4,850 4,263 5,099 5,526 5,514 5,247
Net Cash From Continuing Operating Activities		 3,343 3,370 3,041 3,472 4,641 4,850 4,263 5,099 5,526 5,514 5,247
Net Income / (Loss) Continuing Operations		 1,927 1,968 1,714 5,471 3,309 3,331 2,765 3,781 4,114 3,668 3,470
Consolidated Net Income / (Loss)		 1,927 1,968 1,714 5,471 3,309 3,331 2,765 3,781 4,114 3,668 3,470
Depreciation Expense		 1,151 1,208 1,301 1,315 1,331 1,349 1,383 1,420 1,502 1,607 1,658
Non-Cash Adjustments To Reconcile Net Income		 -11 -130 -178 88 -154 -151 -35 -454 -238 -34 97
Changes in Operating Assets and Liabilities, net		 276 324 204 -3,402 155 321 150 352 148 273 22
Net Cash From Investing Activities		 -2,183 -2,892 -1,798 -1,495 -1,684 -2,102 -649 -1,877 -2,063 -2,227 -2,605
Net Cash From Continuing Investing Activities		 -2,183 -2,892 -1,798 -1,495 -1,684 -2,102 -649 -1,877 -2,063 -2,227 -2,605
Purchase of Property, Plant & Equipment		 -2,449 -2,562 -2,398 -2,040 -1,745 -1,657 -1,626 -1,791 -2,113 -2,257 -2,529
Acquisitions		 - - - - - - 0.00 -541 -227 -31 -70
Purchase of Investments		 -1,433 -1,739 -929 -782 -736 -2,838 -426 -75 -59 -104 -66
Sale of Property, Plant & Equipment		 62 147 195 97 319 254 56 529 294 88 66
Sale and/or Maturity of Investments		 1,674 1,225 1,325 1,193 505 2,108 1,424 5.00 9.00 153 91
Other Investing Activities, net		 -37 37 9.00 37 -27 31 -77 -4.00 33 -76 -97
Net Cash From Financing Activities		 -1,083 -519 -1,268 -2,179 -2,500 -2,648 -1,443 -4,112 -3,769 -3,867 -3,062
Net Cash From Continuing Financing Activities		 -1,083 -519 -1,268 -2,179 -2,500 -2,648 -1,443 -4,112 -3,769 -3,867 -3,062
Repayment of Debt		 -937 -229 -1,732 -351 -78 -518 -779 -387 -186 -103 -445
Repurchase of Common Equity		 -517 -804 -1,056 -1,970 -4,671 -3,373 -867 -2,886 -4,731 -3,482 -2,237
Payment of Dividends		 -629 -686 -680 -708 -751 -763 -797 -839 -852 -882 -930
Issuance of Debt		 1,000 1,200 2,200 850 3,000 2,000 1,000 0.00 2,000 600 550
Cash Interest Paid		 575 566 606 555 614 717 750 718 729 806 850
Cash Income Taxes Paid		 741 768 580 911 814 691 664 931 1,167 630 1,076

Quarterly Cash Flow Statements for CSX

This table details how cash moves in and out of CSX's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -378 -667 -310 404 -7.00 130 -245 406 -711 206 -752
Net Cash From Operating Activities		 1,271 1,251 1,222 1,552 1,489 1,066 1,089 1,686 1,388 1,255 635
Net Cash From Continuing Operating Activities		 1,271 1,251 1,222 1,552 1,489 1,066 1,089 1,686 1,388 1,255 635
Net Income / (Loss) Continuing Operations		 966 987 971 828 882 880 950 894 733 646 829
Consolidated Net Income / (Loss)		 966 987 971 828 882 880 950 894 733 646 829
Depreciation Expense		 395 393 406 403 405 410 410 416 422 425 427
Non-Cash Adjustments To Reconcile Net Income		 -55 -8.00 -12 -6.00 -8.00 7.00 -8.00 1.00 105 13 -14
Changes in Operating Assets and Liabilities, net		 -35 -121 -143 327 210 -231 -263 375 128 171 -607
Net Cash From Investing Activities		 -419 -480 -465 -561 -721 -486 -544 -674 -883 -647 -807
Net Cash From Continuing Investing Activities		 -419 -480 -465 -561 -721 -486 -544 -674 -883 -647 -807
Purchase of Property, Plant & Equipment		 -676 -443 -554 -574 -686 -517 -542 -625 -838 -719 -776
Acquisitions		 -4.00 -2.00 -29 - - -26 -24 -18 -2.00 0.00 -14
Sale of Property, Plant & Equipment		 243 8.00 44 13 23 11 43 7.00 16 23 26
Sale and/or Maturity of Investments		 - 53 100 - - 81 - - 10 67 2.00
Other Investing Activities, net		 58 5.00 -25 1.00 -57 -35 -21 -38 -3.00 -18 -45
Net Cash From Financing Activities		 -1,230 -1,438 -1,067 -587 -775 -450 -790 -606 -1,216 -402 -580
Net Cash From Continuing Financing Activities		 -1,230 -1,438 -1,067 -587 -775 -450 -790 -606 -1,216 -402 -580
Repayment of Debt		 -2.00 -145 18 2.00 22 32 6.00 -522 39 -6.00 84
Repurchase of Common Equity		 -1,021 -1,067 -863 -971 -581 -247 -563 -402 -1,025 -751 -421
Payment of Dividends		 -207 -226 -222 -218 -216 -235 -233 -232 -230 -245 -243

Annual Balance Sheets for CSX

This table presents CSX's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/26/2014 12/25/2015 12/30/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 33,053 34,745 35,414 35,739 36,729 38,257 39,793 40,531 37,102 42,212 42,764
Total Current Assets		 2,572 2,840 2,487 1,915 2,565 3,278 4,441 3,873 2,024 3,359 2,820
Cash & Equivalents		 669 628 603 401 858 958 3,129 2,239 1,933 1,353 933
Short-Term Investments		 292 810 417 18 253 996 2.00 77 0.00 83 72
Accounts Receivable		 1,129 982 938 970 1,010 986 912 1,148 0.00 1,393 1,326
Inventories, net		 273 350 407 372 263 261 302 339 0.00 440 414
Other Current Assets		 68 70 122 154 181 77 96 70 91 90 75
Plant, Property, & Equipment, net		 28,584 30,174 31,150 31,764 31,998 32,168 32,444 33,015 34,070 34,721 35,658
Plant, Property & Equipment, gross		 39,343 41,574 43,227 44,324 44,805 45,100 45,530 46,505 48,463 50,281 52,191
Accumulated Depreciation		 10,759 11,400 12,077 12,560 12,807 12,932 13,086 13,490 14,393 15,560 16,533
Total Noncurrent Assets		 1,897 1,731 1,777 2,060 2,166 2,811 2,908 3,643 1,008 4,132 4,286
Long-Term Investments		 1,356 1,394 1,459 1,686 1,779 1,879 1,985 2,099 0.00 2,397 2,520
Goodwill		 - - - - - - 63 451 502 506 433
Other Noncurrent Operating Assets		 541 337 318 374 387 932 860 1,093 506 1,229 1,333
Total Liabilities & Shareholders' Equity		 33,053 34,745 35,414 35,739 36,729 38,257 39,793 40,531 18,249 42,212 42,764
Total Liabilities		 21,877 23,077 23,720 21,018 24,149 26,394 26,683 27,031 8,430 30,227 30,257
Total Current Liabilities		 2,107 1,952 2,040 1,894 1,915 2,151 2,019 2,233 2,446 3,223 3,276
Short-Term Debt		 228 20 331 19 18 245 401 181 0.00 558 606
Accounts Payable		 845 764 806 847 949 1,043 809 963 0.00 1,237 1,290
Accrued Expenses		 142 131 115 108 113 100 90 118 0.00 144 149
Current Deferred & Payable Income Tax Liabilities		 163 108 129 157 106 69 73 134 0.00 524 508
Current Employee Benefit Liabilities		 613 490 545 602 550 489 482 630 682 517 480
Other Current Liabilities		 116 439 114 161 179 205 164 207 228 243 243
Total Noncurrent Liabilities		 19,770 21,125 21,680 19,124 22,234 24,243 24,664 24,798 7,520 27,004 26,981
Long-Term Debt		 9,514 10,515 10,962 11,790 14,739 15,993 16,304 16,185 0.00 17,975 17,897
Noncurrent Deferred & Payable Income Tax Liabilities		 8,858 9,179 9,596 6,418 6,690 6,961 7,168 7,383 7,520 7,699 7,725
Other Noncurrent Operating Liabilities		 1,398 1,431 1,122 916 805 1,289 1,192 1,230 0.00 1,330 1,359
Total Equity & Noncontrolling Interests		 11,176 11,668 11,694 14,721 12,580 11,863 13,110 13,500 12,469 11,985 12,507
Total Preferred & Common Equity		 11,152 11,652 11,679 14,705 12,563 11,848 13,101 13,490 9,819 11,980 12,502
Total Common Equity		 11,152 11,652 11,679 14,705 12,563 11,848 13,101 13,490 9,819 11,980 12,502
Common Stock		 1,084 1,079 1,066 1,107 1,067 1,119 2,440 2,268 0.00 2,650 2,746
Retained Earnings		 10,734 11,238 11,253 14,084 12,157 11,404 11,259 11,630 10,229 9,609 9,988
Accumulated Other Comprehensive Income / (Loss)		 -666 -665 -640 -486 -661 -675 -598 -408 -410 -279 -232
Noncontrolling Interest		 24 16 15 16 17 15 9.00 10 0.00 5.00 5.00

Quarterly Balance Sheets for CSX

This table presents CSX's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 37,102 41,478 35,803 36,742 42,212 42,695 42,362 43,069 42,764 43,199 42,929
Total Current Assets		 2,024 3,355 1,063 1,862 3,359 3,472 3,180 3,577 2,820 3,020 2,305
Cash & Equivalents		 1,933 1,291 956 1,360 1,353 1,483 1,238 1,644 933 1,139 387
Short-Term Investments		 0.00 178 0.00 0.00 83 2.00 4.00 12 72 8.00 6.00
Accounts Receivable		 0.00 1,377 0.00 0.00 1,393 1,400 1,430 1,413 1,326 1,348 1,409
Inventories, net		 0.00 394 0.00 427 440 451 417 415 414 438 420
Other Current Assets		 91 115 107 75 90 136 91 93 75 87 83
Plant, Property, & Equipment, net		 34,070 34,293 34,267 34,441 34,721 35,056 34,949 35,170 35,658 35,858 36,248
Plant, Property & Equipment, gross		 48,463 48,441 49,241 49,691 50,281 50,661 51,065 51,503 52,191 52,674 53,331
Accumulated Depreciation		 14,393 14,148 14,974 15,250 15,560 15,605 16,116 16,333 16,533 16,816 17,083
Total Noncurrent Assets		 1,008 3,830 473 439 4,132 4,167 4,233 4,322 4,286 4,321 4,376
Long-Term Investments		 0.00 2,313 0.00 0.00 2,397 2,424 2,455 2,485 2,520 2,537 2,574
Goodwill		 502 500 0.00 0.00 506 520 535 544 433 430 437
Other Noncurrent Operating Assets		 506 1,017 473 439 1,229 1,223 1,243 1,293 1,333 1,354 1,365
Total Liabilities & Shareholders' Equity		 18,249 41,478 17,715 17,117 42,212 42,695 42,362 43,069 42,764 43,199 42,929
Total Liabilities		 8,430 29,144 8,275 7,998 30,227 30,093 29,742 30,133 30,257 31,024 30,552
Total Current Liabilities		 2,446 2,321 2,074 2,934 3,223 3,024 2,739 2,569 3,276 3,421 2,983
Short-Term Debt		 0.00 11 0.00 0.00 558 557 557 6.00 606 605 616
Accounts Payable		 0.00 1,203 0.00 0.00 1,237 1,306 1,192 1,301 1,290 1,315 1,273
Accrued Expenses		 0.00 151 0.00 0.00 144 140 148 147 149 146 158
Current Deferred & Payable Income Tax Liabilities		 0.00 361 0.00 361 524 382 122 379 508 685 156
Current Employee Benefit Liabilities		 682 367 444 0.00 517 387 469 470 480 391 453
Other Current Liabilities		 228 228 226 0.00 243 252 251 266 243 279 327
Total Noncurrent Liabilities		 7,520 26,823 7,605 7,637 27,004 27,069 27,003 27,564 26,981 27,603 27,569
Long-Term Debt		 0.00 17,911 0.00 0.00 17,975 17,944 17,951 18,535 17,897 18,521 18,550
Noncurrent Deferred & Payable Income Tax Liabilities		 7,520 7,605 7,605 7,637 7,699 7,759 7,716 7,721 7,725 7,739 7,718
Other Noncurrent Operating Liabilities		 0.00 1,307 0.00 0.00 1,330 1,366 1,336 1,308 1,359 1,343 1,301
Total Equity & Noncontrolling Interests		 12,469 12,334 12,074 11,756 11,985 12,602 12,620 12,936 12,507 12,175 12,377
Total Preferred & Common Equity		 9,819 12,326 9,440 9,119 11,980 12,597 12,616 12,931 12,502 12,170 12,372
Total Common Equity		 9,819 12,326 9,440 9,119 11,980 12,597 12,616 12,931 12,502 12,170 12,372
Common Stock		 0.00 2,620 0.00 0.00 2,650 2,698 2,697 2,743 2,746 2,742 2,746
Retained Earnings		 10,229 10,092 9,852 9,513 9,609 10,205 10,189 10,457 9,988 9,655 9,850
Accumulated Other Comprehensive Income / (Loss)		 -410 -386 -412 -394 -279 -306 -270 -269 -232 -227 -224
Noncontrolling Interest		 0.00 8.00 0.00 0.00 5.00 5.00 4.00 5.00 5.00 5.00 5.00

Annual Metrics And Ratios for CSX

This table displays calculated financial ratios and metrics derived from CSX's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/26/2014 12/25/2015 12/30/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.35% -6.77% -6.28% 3.06% 7.38% -2.56% -11.34% 18.32% 18.62% -1.32% -0.80%
EBITDA Growth		 3.66% 2.82% -3.15% 5.64% 12.63% 13.61% -9.97% 23.06% 6.99% -4.53% -2.76%
EBIT Growth		 3.47% 2.14% -6.71% 7.37% 16.70% 17.40% -13.30% 29.49% 7.30% -7.38% -4.45%
NOPAT Growth		 3.24% -1.73% -5.05% 203.50% -42.21% 2.36% -13.22% 28.47% 7.27% -8.86% -4.34%
Net Income Growth		 3.38% 2.13% -12.91% 219.19% -39.52% 0.66% -16.99% 36.75% 8.81% -10.84% -5.40%
EPS Growth		 4.92% 4.17% -9.50% 230.94% -35.89% 0.66% -16.99% 40.00% 14.29% -5.21% -1.65%
Operating Cash Flow Growth		 2.33% 0.81% -9.76% 14.17% 33.67% 4.50% -12.10% 19.61% 8.37% -0.22% -4.84%
Free Cash Flow Firm Growth		 -2.38% 8.00% -32.52% 156.76% 45.34% 7.78% -27.84% 21.62% -6.40% 28.41% -24.47%
Invested Capital Growth		 5.20% 4.14% 5.87% 19.10% 0.09% -0.73% 1.78% 3.04% 5.06% -0.20% 3.00%
Revenue Q/Q Growth		 1.28% -3.36% 2.37% -1.50% 2.34% -2.12% -0.56% 5.05% 2.08% -0.34% -0.96%
EBITDA Q/Q Growth		 2.59% -0.43% 3.88% 1.83% -7.92% 9.19% 0.28% 3.13% 1.12% -2.16% -3.48%
EBIT Q/Q Growth		 3.18% -1.15% 4.28% 2.82% -10.28% 11.97% 0.30% 3.69% 0.81% -2.96% -4.72%
NOPAT Q/Q Growth		 2.55% -3.16% 6.57% 190.90% -49.98% -1.35% 0.65% 3.14% 0.62% -3.22% -4.66%
Net Income Q/Q Growth		 3.49% -1.25% -0.46% 205.81% -49.91% -2.12% -0.40% 4.82% 0.78% -3.90% -5.35%
EPS Q/Q Growth		 3.23% -0.50% 1.12% 208.76% -50.58% -2.12% -0.40% 4.35% 0.00% -4.71% -4.79%
Operating Cash Flow Q/Q Growth		 8.89% -5.15% -9.12% 1.70% 15.53% -2.45% 0.52% 2.93% -0.16% 2.32% -2.53%
Free Cash Flow Firm Q/Q Growth		 8.40% 17.56% -30.05% 48.11% 5.77% -3.13% -7.87% 10.49% -9.39% 33.19% -24.61%
Invested Capital Q/Q Growth		 1.31% -0.27% 2.53% 19.15% -0.07% 0.24% 1.35% 0.49% 1.88% -2.55% 0.55%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 87.24% 88.04% 89.36% 62.84% 66.38% 89.46% 91.69% 89.80% 86.39% 67.37% 89.53%
EBITDA Margin		 37.54% 41.40% 42.79% 43.86% 46.00% 53.63% 54.46% 56.64% 51.09% 49.43% 48.45%
Operating Margin		 28.52% 30.34% 30.83% 32.61% 39.75% 41.59% 41.22% 44.67% 40.09% 37.52% 36.07%
EBIT Margin		 28.46% 31.17% 31.03% 32.33% 35.13% 42.33% 41.40% 45.30% 40.98% 38.47% 37.05%
Profit (Net Income) Margin		 15.21% 16.66% 15.48% 47.96% 27.01% 27.90% 26.13% 30.19% 27.70% 25.03% 23.87%
Tax Burden Percent		 63.30% 62.72% 62.53% 174.12% 76.88% 77.18% 76.23% 76.37% 76.97% 75.96% 76.18%
Interest Burden Percent		 84.44% 85.23% 79.80% 85.20% 100.00% 85.41% 82.79% 87.27% 87.81% 85.65% 84.56%
Effective Tax Rate		 36.70% 37.28% 37.47% -74.12% 23.12% 22.82% 23.77% 23.63% 23.03% 24.04% 23.82%
Return on Invested Capital (ROIC)		 12.61% 11.84% 10.70% 28.83% 15.32% 15.73% 13.58% 17.04% 17.56% 15.64% 14.75%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.67% 8.14% 5.62% 17.96% 11.29% 11.60% 8.91% 12.87% 13.99% 12.12% 11.21%
Return on Net Nonoperating Assets (RNNOA)		 5.17% 5.39% 3.97% 12.59% 8.92% 11.52% 8.56% 11.38% 14.12% 14.36% 13.58%
Return on Equity (ROE)		 17.78% 17.23% 14.67% 41.42% 24.24% 27.26% 22.14% 28.42% 31.68% 30.00% 28.34%
Cash Return on Invested Capital (CROIC)		 7.54% 7.78% 5.00% 11.40% 15.23% 16.47% 11.82% 14.04% 12.63% 15.84% 11.80%
Operating Return on Assets (OROA)		 11.12% 10.86% 9.79% 10.37% 11.88% 13.48% 11.23% 14.13% 15.68% 14.22% 12.68%
Return on Assets (ROA)		 5.94% 5.81% 4.89% 15.38% 9.13% 8.88% 7.09% 9.41% 10.60% 9.25% 8.17%
Return on Common Equity (ROCE)		 17.74% 17.20% 14.65% 41.37% 24.21% 27.22% 22.12% 28.40% 28.44% 26.74% 28.32%
Return on Equity Simple (ROE_SIMPLE)		 17.28% 16.89% 14.68% 37.21% 26.34% 28.11% 21.11% 28.03% 41.90% 30.62% 27.76%
Net Operating Profit after Tax (NOPAT)		 2,287 2,248 2,134 6,477 3,743 3,832 3,325 4,272 4,583 4,177 3,996
NOPAT Margin		 18.05% 19.03% 19.28% 56.78% 30.56% 32.10% 31.42% 34.12% 30.85% 28.50% 27.48%
Net Nonoperating Expense Percent (NNEP)		 4.93% 3.70% 5.09% 10.87% 4.03% 4.13% 4.67% 4.17% 3.58% 3.51% 3.54%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 36.75% 13.69% 12.89%
Cost of Revenue to Revenue		 12.76% 11.96% 10.64% 37.16% 33.62% 10.54% 8.31% 10.20% 13.61% 32.63% 10.47%
SG&A Expenses to Revenue		 46.26% 47.80% 47.22% 18.52% 15.76% 37.83% 37.74% 37.41% 37.79% 19.12% 41.38%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 58.73% 57.69% 58.52% 30.23% 26.63% 47.87% 50.48% 45.13% 46.30% 29.85% 53.45%
Earnings before Interest and Taxes (EBIT)		 3,605 3,682 3,435 3,688 4,304 5,053 4,381 5,673 6,087 5,638 5,387
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 4,756 4,890 4,736 5,003 5,635 6,402 5,764 7,093 7,589 7,245 7,045
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.82 1.93 2.61 3.07 3.89 4.51 5.07 5.98 6.45 5.64 4.98
Price to Tangible Book Value (P/TBV)		 2.82 1.93 2.61 3.07 3.89 4.51 5.09 6.19 6.80 5.89 5.16
Price to Revenue (P/Rev)		 2.48 1.90 2.75 3.96 3.99 4.48 6.27 6.44 4.27 4.61 4.28
Price to Earnings (P/E)		 16.33 11.41 17.76 8.26 14.76 16.04 24.01 21.33 15.40 18.43 17.93
Dividend Yield		 1.99% 3.04% 2.22% 1.54% 1.52% 1.41% 1.20% 1.03% 1.33% 1.29% 1.49%
Earnings Yield		 6.12% 8.76% 5.63% 12.11% 6.77% 6.23% 4.17% 4.69% 6.49% 5.43% 5.58%
Enterprise Value to Invested Capital (EV/IC)		 2.09 1.56 1.92 2.25 2.48 2.71 3.16 3.64 2.30 3.08 2.81
Enterprise Value to Revenue (EV/Rev)		 3.07 2.56 3.55 4.81 4.96 5.52 7.37 7.40 4.13 5.61 5.31
Enterprise Value to EBITDA (EV/EBITDA)		 8.18 6.17 8.29 10.97 10.78 10.29 13.53 13.06 8.09 11.36 10.96
Enterprise Value to EBIT (EV/EBIT)		 10.79 8.20 11.43 14.88 14.11 13.03 17.80 16.33 10.09 14.60 14.33
Enterprise Value to NOPAT (EV/NOPAT)		 17.01 13.43 18.40 8.47 16.22 17.19 23.45 21.68 13.40 19.70 19.32
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.64 8.95 12.92 15.81 13.09 13.58 18.29 18.17 11.11 14.92 14.72
Enterprise Value to Free Cash Flow (EV/FCFF)		 28.44 20.42 39.39 21.44 16.32 16.42 26.94 26.31 18.64 19.45 24.16
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.87 0.90 0.97 0.80 1.17 1.37 1.27 1.21 0.00 1.55 1.48
Long-Term Debt to Equity		 0.85 0.90 0.94 0.80 1.17 1.35 1.24 1.20 0.00 1.50 1.43
Financial Leverage		 0.67 0.66 0.71 0.70 0.79 0.99 0.96 0.88 1.01 1.18 1.21
Leverage Ratio		 2.99 2.97 3.00 2.69 2.65 3.07 3.13 3.02 2.99 3.24 3.47
Compound Leverage Factor		 2.53 2.53 2.40 2.29 2.65 2.62 2.59 2.63 2.63 2.78 2.93
Debt to Total Capital		 46.57% 47.45% 49.13% 44.51% 53.98% 57.78% 56.03% 54.80% 0.00% 60.73% 59.67%
Short-Term Debt to Total Capital		 1.09% 0.09% 1.44% 0.07% 0.07% 0.87% 1.35% 0.61% 0.00% 1.83% 1.95%
Long-Term Debt to Total Capital		 45.48% 47.36% 47.69% 44.44% 53.92% 56.91% 54.68% 54.19% 0.00% 58.90% 57.71%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.11% 0.07% 0.07% 0.06% 0.06% 0.05% 0.03% 0.03% 0.00% 0.02% 0.02%
Common Equity to Total Capital		 53.31% 52.48% 50.81% 55.43% 45.96% 42.16% 43.94% 45.17% 78.75% 39.26% 40.32%
Debt to EBITDA		 2.05 2.15 2.38 2.36 2.62 2.54 2.90 2.31 0.00 2.56 2.63
Net Debt to EBITDA		 1.56 1.58 1.86 1.94 2.11 1.94 2.01 1.68 0.00 2.03 2.13
Long-Term Debt to EBITDA		 2.00 2.15 2.31 2.36 2.62 2.50 2.83 2.28 0.00 2.48 2.54
Debt to NOPAT		 4.26 4.69 5.29 1.82 3.94 4.24 5.02 3.83 0.00 4.44 4.63
Net Debt to NOPAT		 3.25 3.43 4.13 1.50 3.17 3.24 3.49 2.80 0.00 3.52 3.75
Long-Term Debt to NOPAT		 4.16 4.68 5.14 1.82 3.94 4.17 4.90 3.79 0.00 4.30 4.48
Altman Z-Score		 2.08 1.76 1.86 2.50 2.42 2.42 2.59 3.01 5.82 2.45 2.30
Noncontrolling Interest Sharing Ratio		 0.21% 0.18% 0.13% 0.12% 0.12% 0.13% 0.10% 0.07% 10.24% 10.86% 0.04%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.22 1.45 1.22 1.01 1.34 1.52 2.20 1.73 0.83 1.04 0.86
Quick Ratio		 0.99 1.24 0.96 0.73 1.11 1.37 2.00 1.55 0.79 0.88 0.71
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,368 1,478 997 2,560 3,721 4,011 2,894 3,520 3,295 4,231 3,196
Operating Cash Flow to CapEx		 140.05% 139.54% 138.04% 178.69% 325.46% 345.69% 271.53% 404.04% 303.79% 254.22% 213.03%
Free Cash Flow to Firm to Interest Expense		 2.44 2.72 1.44 4.69 0.00 5.44 3.84 4.88 4.44 5.23 3.84
Operating Cash Flow to Interest Expense		 5.96 6.19 4.38 6.36 0.00 6.58 5.65 7.06 7.45 6.82 6.31
Operating Cash Flow Less CapEx to Interest Expense		 1.70 1.76 1.21 2.80 0.00 4.68 3.57 5.31 5.00 4.13 3.35
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.39 0.35 0.32 0.32 0.34 0.32 0.27 0.31 0.38 0.37 0.34
Accounts Receivable Turnover		 11.62 11.19 11.53 11.96 12.37 11.96 11.15 12.16 0.00 0.00 10.70
Inventory Turnover		 6.16 4.54 3.11 10.88 12.97 4.80 3.12 3.98 0.00 0.00 3.57
Fixed Asset Turnover		 0.45 0.40 0.36 0.36 0.38 0.37 0.33 0.38 0.44 0.43 0.41
Accounts Payable Turnover		 1.79 1.76 1.50 5.13 4.59 1.26 0.95 1.44 0.00 0.00 1.21
Days Sales Outstanding (DSO)		 31.42 32.62 31.66 30.52 29.50 30.52 32.73 30.02 0.00 0.00 34.13
Days Inventory Outstanding (DIO)		 59.29 80.47 117.28 33.54 28.13 76.02 116.89 91.61 0.00 0.00 102.33
Days Payable Outstanding (DPO)		 203.51 207.81 243.23 71.17 79.58 288.98 384.52 253.24 0.00 0.00 302.81
Cash Conversion Cycle (CCC)		 -112.80 -94.73 -94.30 -7.10 -21.94 -182.45 -234.89 -131.61 0.00 0.00 -166.35
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 18,601 19,371 20,508 24,425 24,447 24,268 24,699 25,451 26,739 26,685 27,485
Invested Capital Turnover		 0.70 0.62 0.56 0.51 0.50 0.49 0.43 0.50 0.57 0.55 0.54
Increase / (Decrease) in Invested Capital		 919 770 1,137 3,917 22 -179 431 752 1,288 -54 800
Enterprise Value (EV)		 38,912 30,177 39,276 54,888 60,735 65,851 77,977 92,623 61,415 82,292 77,213
Market Capitalization		 31,463 22,458 30,447 45,168 48,851 53,431 66,379 80,662 63,348 67,587 62,230
Book Value per Share		 $11.20 $11.95 $12.47 $16.45 $14.88 $15.14 $17.13 $6.08 $4.67 $6.06 $6.48
Tangible Book Value per Share		 $11.20 $11.95 $12.47 $16.45 $14.88 $15.14 $17.05 $5.88 $4.43 $5.81 $6.26
Total Capital		 20,918 22,203 22,987 26,530 27,337 28,101 29,815 29,866 12,469 30,518 31,010
Total Debt		 9,742 10,535 11,293 11,809 14,757 16,238 16,705 16,366 0.00 18,533 18,503
Total Long-Term Debt		 9,514 10,515 10,962 11,790 14,739 15,993 16,304 16,185 0.00 17,975 17,897
Net Debt		 7,425 7,703 8,814 9,704 11,867 12,405 11,589 11,951 -1,933 14,700 14,978
Capital Expenditures (CapEx)		 2,387 2,415 2,203 1,943 1,426 1,403 1,570 1,262 1,819 2,169 2,463
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -268 -530 -242 -379 -443 -582 -308 -495 -2,355 -742 -855
Debt-free Net Working Capital (DFNWC)		 693 908 778 40 668 1,372 2,823 1,821 -422 694 150
Net Working Capital (NWC)		 465 888 447 21 650 1,127 2,422 1,640 -422 136 -456
Net Nonoperating Expense (NNE)		 360 280 420 1,006 434 501 560 491 469 509 526
Net Nonoperating Obligations (NNO)		 7,425 7,703 8,814 9,704 11,867 12,405 11,589 11,951 14,270 14,700 14,978
Total Depreciation and Amortization (D&A)		 1,151 1,208 1,301 1,315 1,331 1,349 1,383 1,420 1,502 1,607 1,658
Debt-free, Cash-free Net Working Capital to Revenue		 -2.12% -4.49% -2.19% -3.32% -3.62% -4.88% -2.91% -3.95% -15.86% -5.06% -5.88%
Debt-free Net Working Capital to Revenue		 5.47% 7.69% 7.03% 0.35% 5.45% 11.49% 26.67% 14.54% -2.84% 4.73% 1.03%
Net Working Capital to Revenue		 3.67% 7.52% 4.04% 0.18% 5.31% 9.44% 22.89% 13.10% -2.84% 0.93% -3.14%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.64 $0.67 $0.60 $2.00 $1.29 $1.39 $1.20 $1.68 $1.95 $1.85 $1.79
Adjusted Weighted Average Basic Shares Outstanding		 3.00B 2.95B 2.84B 2.73B 2.57B 2.39B 2.30B 2.25B 2.14B 2.01B 1.94B
Adjusted Diluted Earnings per Share		 $0.64 $0.67 $0.60 $2.00 $1.28 $1.39 $1.20 $1.68 $1.95 $1.85 $1.79
Adjusted Weighted Average Diluted Shares Outstanding		 3.01B 2.95B 2.84B 2.74B 2.58B 2.39B 2.30B 2.26B 2.14B 2.01B 1.94B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 2.97B 2.89B 2.78B 2.66B 2.45B 2.32B 2.29B 2.19B 2.06B 1.96B 1.89B
Normalized Net Operating Profit after Tax (NOPAT)		 2,287 2,248 2,134 2,772 3,743 3,715 3,299 3,925 4,400 4,151 4,070
Normalized NOPAT Margin		 18.05% 19.03% 19.28% 24.30% 30.56% 31.12% 31.17% 31.35% 29.62% 28.32% 27.99%
Pre Tax Income Margin		 24.03% 26.57% 24.76% 27.54% 35.13% 36.16% 34.27% 39.54% 35.99% 32.95% 31.33%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 6.43 6.77 4.95 6.75 0.00 6.86 5.81 7.86 8.20 6.97 6.47
NOPAT to Interest Expense		 4.08 4.13 3.08 11.86 0.00 5.20 4.41 5.92 6.18 5.16 4.80
EBIT Less CapEx to Interest Expense		 2.17 2.33 1.78 3.20 0.00 4.95 3.73 6.11 5.75 4.29 3.51
NOPAT Less CapEx to Interest Expense		 -0.18 -0.31 -0.10 8.30 0.00 3.30 2.33 4.17 3.72 2.48 1.84
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 32.64% 34.86% 39.67% 12.94% 22.70% 22.91% 28.82% 22.19% 20.71% 24.05% 26.80%
Augmented Payout Ratio		 59.47% 75.71% 101.28% 48.95% 163.86% 124.17% 60.18% 98.52% 135.71% 118.97% 91.27%

Quarterly Metrics And Ratios for CSX

This table displays calculated financial ratios and metrics derived from CSX's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 8.84% 8.58% -3.04% -8.29% -1.34% -0.67% 0.05% 1.32% -3.83% -7.01% -3.43%
EBITDA Growth		 4.81% 13.79% -9.29% -14.34% -5.08% -4.90% -0.89% 5.74% -10.83% -16.55% -8.17%
EBIT Growth		 3.54% 15.06% -13.42% -19.25% -7.18% -7.31% -1.40% 6.51% -15.40% -22.57% -11.59%
NOPAT Growth		 2.69% 13.60% -13.56% -22.54% -7.95% -7.92% -1.12% 7.06% -14.75% -22.19% -11.58%
Net Income Growth		 3.43% 14.90% -16.47% -25.47% -10.04% -9.52% -2.13% 7.97% -17.15% -26.59% -13.91%
EPS Growth		 7.14% 23.08% -9.26% -21.15% -2.22% -4.17% 0.00% 12.20% -13.64% -24.44% -10.20%
Operating Cash Flow Growth		 -0.70% -3.70% -0.73% -10.03% 17.15% -13.35% -10.88% 8.63% -6.78% 17.73% -42.64%
Free Cash Flow Firm Growth		 -165.44% -106.09% 448.86% -158.46% 625.43% 3,135.22% -70.83% 681.66% -94.96% 25.56% -171.16%
Invested Capital Growth		 5.06% 4.41% 1.08% 4.34% -0.20% 2.72% 3.23% -0.18% 3.00% 1.56% 4.17%
Revenue Q/Q Growth		 -4.24% -0.64% -0.19% -3.43% 3.02% 0.03% 0.54% -2.22% -2.21% -3.28% 4.41%
EBITDA Q/Q Growth		 -8.27% 0.11% 0.26% -10.25% 1.64% 1.06% 4.49% -4.24% -14.29% -3.62% 16.09%
EBIT Q/Q Growth		 -11.26% 0.13% -0.53% -12.83% 1.99% 1.90% 5.81% -5.83% -18.99% -5.24% 22.31%
NOPAT Q/Q Growth		 -11.81% -2.71% 0.45% -14.20% 4.80% -0.92% 7.86% -7.11% -16.55% -8.13% 24.16%
Net Income Q/Q Growth		 -13.05% -3.05% -0.30% -15.85% 4.95% -0.56% 7.84% -7.17% -19.46% -10.28% 28.33%
EPS Q/Q Growth		 -13.46% 0.00% 2.08% -16.33% 7.32% 0.00% 6.52% -6.12% -17.39% -10.53% 29.41%
Operating Cash Flow Q/Q Growth		 -26.32% -8.28% -2.32% 27.00% -4.06% -27.73% 0.46% 54.82% -17.68% -9.58% -49.40%
Free Cash Flow Firm Q/Q Growth		 -163.78% -102.80% 8,468.01% -122.22% 673.23% -48.38% -19.57% 343.08% -95.03% 578.31% -147.64%
Invested Capital Q/Q Growth		 1.88% 0.90% 0.37% 3.06% -2.55% 1.91% 0.87% -0.35% 0.55% 0.48% 3.47%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 106.73% 87.97% 89.13% 66.29% 25.79% 88.89% 89.57% 67.59% 112.57% 65.44% 89.84%
EBITDA Margin		 49.03% 51.21% 51.45% 47.82% 47.17% 49.04% 50.96% 49.90% 43.74% 43.59% 48.46%
Operating Margin		 37.27% 39.50% 39.63% 35.58% 35.27% 36.78% 39.12% 37.41% 30.77% 30.41% 35.90%
EBIT Margin		 38.45% 40.61% 40.47% 36.53% 36.17% 37.90% 39.88% 38.41% 31.82% 31.17% 36.51%
Profit (Net Income) Margin		 25.90% 26.63% 26.60% 23.18% 23.61% 24.26% 26.02% 24.70% 20.34% 18.87% 23.20%
Tax Burden Percent		 78.22% 75.69% 75.93% 75.14% 77.11% 75.36% 76.01% 75.51% 78.35% 75.29% 75.85%
Interest Burden Percent		 86.12% 86.64% 86.57% 84.44% 84.67% 84.95% 85.84% 85.18% 81.62% 80.41% 83.75%
Effective Tax Rate		 21.78% 24.31% 24.07% 24.86% 22.89% 24.64% 23.99% 24.49% 21.65% 24.71% 24.15%
Return on Invested Capital (ROIC)		 16.59% 17.48% 17.11% 14.66% 14.92% 15.11% 16.12% 15.16% 12.94% 11.93% 13.76%
ROIC Less NNEP Spread (ROIC-NNEP)		 15.67% 16.55% 16.18% 13.79% 14.01% 14.23% 15.18% 14.30% 12.04% 11.02% 12.83%
Return on Net Nonoperating Assets (RNNOA)		 15.82% 17.05% 17.74% 16.22% 16.60% 16.39% 18.01% 17.39% 14.59% 13.35% 15.92%
Return on Equity (ROE)		 32.41% 34.53% 34.85% 30.89% 31.52% 31.51% 34.13% 32.55% 27.54% 25.29% 29.68%
Cash Return on Invested Capital (CROIC)		 12.63% 14.08% 16.30% 11.85% 15.84% 12.73% 12.09% 15.49% 11.80% 12.22% 8.93%
Operating Return on Assets (OROA)		 14.71% 15.01% 15.97% 13.61% 13.37% 13.18% 14.93% 14.13% 10.89% 10.37% 12.12%
Return on Assets (ROA)		 9.91% 9.85% 10.50% 8.63% 8.73% 8.43% 9.74% 9.09% 6.96% 6.28% 7.70%
Return on Common Equity (ROCE)		 29.09% 34.50% 31.20% 27.57% 28.10% 31.49% 30.48% 29.07% 27.53% 25.27% 29.67%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 34.84% 43.43% 41.86% 0.00% 28.74% 28.54% 28.35% 0.00% 26.59% 25.07%
Net Operating Profit after Tax (NOPAT)		 1,087 1,108 1,113 955 1,001 1,020 1,101 1,022 853 784 973
NOPAT Margin		 29.15% 29.90% 30.09% 26.74% 27.20% 27.72% 29.74% 28.25% 24.11% 22.90% 27.23%
Net Nonoperating Expense Percent (NNEP)		 0.92% 0.92% 0.93% 0.88% 0.91% 0.89% 0.94% 0.85% 0.90% 0.92% 0.93%
Return On Investment Capital (ROIC_SIMPLE)		 8.72% - - - 3.28% - - - 2.75% 2.50% 3.09%
Cost of Revenue to Revenue		 -6.73% 12.03% 10.87% 33.71% 74.21% 11.11% 10.43% 32.41% -12.57% 34.56% 10.16%
SG&A Expenses to Revenue		 60.35% 38.07% 38.90% 19.60% -20.33% 40.99% 39.58% 18.65% 66.91% 22.61% 42.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 69.46% 48.46% 49.50% 30.71% -9.48% 52.11% 50.45% 30.17% 81.80% 35.03% 53.95%
Earnings before Interest and Taxes (EBIT)		 1,434 1,505 1,497 1,305 1,331 1,395 1,476 1,390 1,126 1,067 1,305
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,829 1,898 1,903 1,708 1,736 1,805 1,886 1,806 1,548 1,492 1,732
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.45 4.92 7.24 6.67 5.64 5.79 5.18 5.18 4.98 4.58 4.95
Price to Tangible Book Value (P/TBV)		 6.80 5.13 7.24 6.67 5.89 6.04 5.41 5.40 5.16 4.75 5.14
Price to Revenue (P/Rev)		 4.27 4.01 4.55 4.14 4.61 4.99 4.47 4.56 4.28 3.90 4.33
Price to Earnings (P/E)		 15.40 14.13 16.68 15.94 18.43 20.16 18.16 18.26 17.93 17.23 19.76
Dividend Yield		 1.33% 1.39% 1.25% 1.42% 1.29% 1.22% 1.38% 1.36% 1.49% 1.67% 1.53%
Earnings Yield		 6.49% 7.08% 6.00% 6.27% 5.43% 4.96% 5.51% 5.48% 5.58% 5.80% 5.06%
Enterprise Value to Invested Capital (EV/IC)		 2.30 2.83 2.54 2.17 3.08 3.22 2.92 2.98 2.81 2.58 2.71
Enterprise Value to Revenue (EV/Rev)		 4.13 4.94 4.49 4.05 5.61 5.99 5.48 5.54 5.31 4.99 5.48
Enterprise Value to EBITDA (EV/EBITDA)		 8.09 9.49 8.77 8.03 11.36 12.13 11.14 11.15 10.96 10.55 11.75
Enterprise Value to EBIT (EV/EBIT)		 10.09 11.78 11.01 10.24 14.60 15.67 14.40 14.39 14.33 14.03 15.80
Enterprise Value to NOPAT (EV/NOPAT)		 13.40 15.70 14.68 13.79 19.70 21.18 19.45 19.41 19.32 18.87 21.26
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.11 13.43 12.12 11.04 14.92 16.27 15.28 15.11 14.72 13.10 15.61
Enterprise Value to Free Cash Flow (EV/FCFF)		 18.64 20.51 15.65 18.73 19.45 25.64 24.57 19.19 24.16 21.26 31.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 1.45 0.00 0.00 1.55 1.47 1.47 1.43 1.48 1.57 1.55
Long-Term Debt to Equity		 0.00 1.45 0.00 0.00 1.50 1.42 1.42 1.43 1.43 1.52 1.50
Financial Leverage		 1.01 1.03 1.10 1.18 1.18 1.15 1.19 1.22 1.21 1.21 1.24
Leverage Ratio		 2.99 3.21 3.02 3.21 3.24 3.38 3.17 3.23 3.47 3.47 3.41
Compound Leverage Factor		 2.57 2.78 2.62 2.71 2.75 2.87 2.72 2.75 2.83 2.79 2.86
Debt to Total Capital		 0.00% 59.23% 0.00% 0.00% 60.73% 59.48% 59.46% 58.90% 59.67% 61.10% 60.76%
Short-Term Debt to Total Capital		 0.00% 0.04% 0.00% 0.00% 1.83% 1.79% 1.79% 0.02% 1.95% 1.93% 1.95%
Long-Term Debt to Total Capital		 0.00% 59.20% 0.00% 0.00% 58.90% 57.69% 57.67% 58.88% 57.71% 59.17% 58.81%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.03% 0.00% 0.00% 0.02% 0.02% 0.01% 0.02% 0.02% 0.02% 0.02%
Common Equity to Total Capital		 78.75% 40.74% 78.18% 77.57% 39.26% 40.50% 40.53% 41.08% 40.32% 38.88% 39.22%
Debt to EBITDA		 0.00 2.27 0.00 0.00 2.56 2.56 2.57 2.54 2.63 2.83 2.91
Net Debt to EBITDA		 0.00 1.79 0.00 0.00 2.03 2.02 2.06 1.97 2.13 2.29 2.46
Long-Term Debt to EBITDA		 0.00 2.27 0.00 0.00 2.48 2.49 2.49 2.54 2.54 2.74 2.81
Debt to NOPAT		 0.00 3.76 0.00 0.00 4.44 4.47 4.49 4.42 4.63 5.07 5.26
Net Debt to NOPAT		 0.00 2.97 0.00 0.00 3.52 3.53 3.59 3.44 3.75 4.09 4.44
Long-Term Debt to NOPAT		 0.00 3.76 0.00 0.00 4.30 4.34 4.35 4.42 4.48 4.91 5.09
Altman Z-Score		 5.41 2.10 5.87 5.41 2.12 2.25 2.13 2.15 1.98 1.79 1.94
Noncontrolling Interest Sharing Ratio		 10.24% 0.07% 10.49% 10.74% 10.86% 0.05% 10.68% 10.70% 0.04% 0.04% 0.04%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.83 1.45 0.51 0.63 1.04 1.15 1.16 1.39 0.86 0.88 0.77
Quick Ratio		 0.79 1.23 0.46 0.46 0.88 0.95 0.98 1.19 0.71 0.73 0.60
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -201 -9.90 828 -184 1,055 300 242 1,070 53 361 -172
Operating Cash Flow to CapEx		 293.53% 287.59% 239.61% 276.65% 224.59% 206.87% 218.24% 272.82% 168.86% 180.32% 84.67%
Free Cash Flow to Firm to Interest Expense		 -1.01 -0.05 4.12 -0.91 5.17 1.43 1.16 5.20 0.26 1.73 -0.81
Operating Cash Flow to Interest Expense		 6.39 6.22 6.08 7.65 7.30 5.16 5.21 8.18 6.71 6.00 3.00
Operating Cash Flow Less CapEx to Interest Expense		 4.21 4.06 3.54 4.88 4.05 2.67 2.82 5.18 2.73 2.67 -0.54
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.38 0.37 0.39 0.37 0.37 0.35 0.37 0.37 0.34 0.33 0.33
Accounts Receivable Turnover		 0.00 11.41 0.00 0.00 0.00 10.54 0.00 0.00 10.70 10.39 9.97
Inventory Turnover		 0.00 5.47 0.00 4.55 0.00 4.01 0.00 3.91 3.57 5.17 5.43
Fixed Asset Turnover		 0.44 0.45 0.44 0.43 0.43 0.42 0.42 0.42 0.41 0.40 0.40
Accounts Payable Turnover		 0.00 1.81 0.00 0.00 0.00 1.35 0.00 0.00 1.21 1.75 1.85
Days Sales Outstanding (DSO)		 0.00 31.98 0.00 0.00 0.00 34.64 0.00 0.00 34.13 35.11 36.60
Days Inventory Outstanding (DIO)		 0.00 66.75 0.00 80.26 0.00 91.03 0.00 93.30 102.33 70.63 67.17
Days Payable Outstanding (DPO)		 0.00 201.85 0.00 0.00 0.00 270.30 0.00 0.00 302.81 208.24 197.83
Cash Conversion Cycle (CCC)		 0.00 -103.13 0.00 80.26 0.00 -144.63 0.00 93.30 -166.35 -102.50 -94.05
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 26,739 26,474 26,572 27,384 26,685 27,194 27,431 27,336 27,485 27,617 28,576
Invested Capital Turnover		 0.57 0.58 0.57 0.55 0.55 0.55 0.54 0.54 0.54 0.52 0.51
Increase / (Decrease) in Invested Capital		 1,288 1,118 285 1,139 -54 720 859 -48 800 423 1,145
Enterprise Value (EV)		 61,415 74,839 67,421 59,492 82,292 87,588 80,207 81,350 77,213 71,206 77,501
Market Capitalization		 63,348 60,691 68,377 60,852 67,587 72,991 65,392 66,945 62,230 55,759 61,297
Book Value per Share		 $4.67 $5.98 $4.64 $4.55 $6.06 $6.43 $6.45 $6.67 $6.48 $6.42 $6.59
Tangible Book Value per Share		 $4.43 $5.73 $4.64 $4.55 $5.81 $6.17 $6.18 $6.39 $6.26 $6.20 $6.35
Total Capital		 12,469 30,256 12,074 11,756 30,518 31,103 31,128 31,477 31,010 31,301 31,543
Total Debt		 0.00 17,922 0.00 0.00 18,533 18,501 18,508 18,541 18,503 19,126 19,166
Total Long-Term Debt		 0.00 17,911 0.00 0.00 17,975 17,944 17,951 18,535 17,897 18,521 18,550
Net Debt		 -1,933 14,140 -956 -1,360 14,700 14,592 14,811 14,400 14,978 15,442 16,199
Capital Expenditures (CapEx)		 433 435 510 561 663 524 499 618 822 696 750
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2,355 -424 -1,967 -2,432 -742 -480 -244 -642 -855 -943 -455
Debt-free Net Working Capital (DFNWC)		 -422 1,045 -1,011 -1,072 694 1,005 998 1,014 150 204 -62
Net Working Capital (NWC)		 -422 1,034 -1,011 -1,072 136 448 441 1,008 -456 -401 -678
Net Nonoperating Expense (NNE)		 121 121 129 127 132 127 138 128 133 138 144
Net Nonoperating Obligations (NNO)		 14,270 14,140 14,498 15,628 14,700 14,592 14,811 14,400 14,978 15,442 16,199
Total Depreciation and Amortization (D&A)		 395 393 406 403 405 410 410 416 422 425 427
Debt-free, Cash-free Net Working Capital to Revenue		 -15.86% -2.80% -13.09% -16.54% -5.06% -3.28% -1.67% -4.37% -5.88% -6.60% -3.21%
Debt-free Net Working Capital to Revenue		 -2.84% 6.90% -6.73% -7.29% 4.73% 6.87% 6.82% 6.91% 1.03% 1.43% -0.44%
Net Working Capital to Revenue		 -2.84% 6.83% -6.73% -7.29% 0.93% 3.06% 3.01% 6.87% -3.14% -2.81% -4.79%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.45 $0.48 $0.49 $0.42 $0.44 $0.46 $0.50 $0.46 $0.37 $0.34 $0.44
Adjusted Weighted Average Basic Shares Outstanding		 2.14B 2.05B 2.02B 1.99B 2.01B 1.96B 1.94B 1.94B 1.94B 1.89B 1.87B
Adjusted Diluted Earnings per Share		 $0.45 $0.48 $0.49 $0.42 $0.44 $0.46 $0.49 $0.46 $0.38 $0.34 $0.44
Adjusted Weighted Average Diluted Shares Outstanding		 2.14B 2.06B 2.03B 2.00B 2.01B 1.96B 1.95B 1.94B 1.94B 1.89B 1.87B
Adjusted Basic & Diluted Earnings per Share		 $0.45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 2.06B 2.03B 2.01B 1.98B 1.96B 1.95B 1.94B 1.93B 1.89B 1.88B 1.86B
Normalized Net Operating Profit after Tax (NOPAT)		 1,044 1,102 1,104 950 995 1,020 1,094 1,023 851 784 973
Normalized NOPAT Margin		 28.00% 29.74% 29.84% 26.61% 27.03% 27.70% 29.57% 28.27% 24.04% 22.90% 27.23%
Pre Tax Income Margin		 33.11% 35.19% 35.04% 30.85% 30.63% 32.19% 34.23% 32.72% 25.97% 25.07% 30.58%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 7.21 7.49 7.45 6.43 6.52 6.64 7.06 6.75 5.44 5.11 6.16
NOPAT to Interest Expense		 5.46 5.51 5.54 4.70 4.91 4.86 5.27 4.96 4.12 3.75 4.59
EBIT Less CapEx to Interest Expense		 5.03 5.32 4.91 3.67 3.27 4.15 4.67 3.75 1.47 1.78 2.62
NOPAT Less CapEx to Interest Expense		 3.29 3.35 3.00 1.94 1.66 2.36 2.88 1.96 0.15 0.42 1.05
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 20.71% 20.03% 21.15% 22.87% 24.05% 24.61% 25.06% 24.99% 26.80% 29.05% 30.63%
Augmented Payout Ratio		 135.71% 131.39% 122.27% 125.62% 118.97% 98.12% 90.67% 73.90% 91.27% 113.75% 114.41%

Key Financial Trends

CSX Corp (NASDAQ: CSX) has demonstrated steady financial performance over the past four years, with some fluctuations in revenue, earnings, and cash flow. Below is an analysis of key financial trends based on the company's quarterly income statements, balance sheets, and cash flow statements from Q3 2022 through Q2 2025.

  • Revenue Growth & Profitability: Operating revenues have generally grown from around $3.57 billion in Q3 2022 to $3.57 billion in Q2 2025, with total revenue peaking at $3.7 billion in Q2 2024 and maintaining strength thereafter. Gross profit remains strong, around $3.21 billion in Q2 2025, supporting net income growth to $829 million in Q2 2025.
  • Consistent Net Income Growth: Net income rose from about $828 million in Q3 2022 to $829 million in Q2 2025, showing a consistent ability to generate earnings despite economic cycles.
  • Operating Cash Flow Strength: CSX’s net cash provided by operating activities remains strong, fluctuating between approximately $1.55 billion (Q3 2023) and $635 million (Q2 2025), indicating efficient operating cash generation supporting business needs.
  • Capital Expenditures & Asset Base: The company continues significant investment in property, plant, and equipment (PPE), with gross PPE increasing from about $47.7 billion in Q3 2022 to $53.3 billion in Q2 2025. This ongoing capex suggests commitment to maintaining and upgrading infrastructure critical for long-term operations.
  • Dividend Consistency: CSX maintains steady dividend payments, with cash dividends per share increasing modestly from $0.10 in 2022 to $0.13 by Q2 2025, signaling shareholder value distribution.
  • Share Repurchases: The company repurchased common equity regularly, with large outflows in financing activities reflecting a capital return strategy. While this supports share price and EPS, it also reduces cash reserves.
  • Debt Levels: Long-term debt remains stable around $17.9 billion to $18.5 billion in recent quarters, representing moderate leverage but steady financial structure.
  • Declining Cash & Equivalents: Cash and cash equivalents have declined from over $2.3 billion in Q3 2022 to around $387 million by Q2 2025, raising concerns about liquidity and cash management amid share repurchases and capital expenditures.
  • Decreasing Operating Cash Flow in Q2 2025: Operating cash flow dropped considerably in Q2 2025 to $635 million compared to previous quarters above $1 billion, impacted by significant negative changes in operating assets and liabilities (-$607 million), which could signal operational challenges or working capital management issues.
  • Rising Investment Outflows: Net cash used in investing activities increased, with capex and acquisitions totaling around $807 million net outflow in Q2 2025, pressuring free cash flow and requiring careful capital allocation.

Summary: CSX has enjoyed steady revenue and earnings growth over the last four years, supported by solid operating cash flow and continual investment in its rail infrastructure. While profitability and capital allocation through dividends and share repurchases remain positive factors, the recent decline in cash balances and a sharp dip in operating cash flow during Q2 2025 warrants close monitoring. Investors should watch for improvements in working capital management and liquidity in upcoming quarters to ensure sustained financial health.

08/22/25 11:55 PMAI Generated. May Contain Errors.

Frequently Asked Questions About CSX's Financials

When does CSX's fiscal year end?

According to the most recent income statement we have on file, CSX's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has CSX's net income changed over the last 10 years?

CSX's net income appears to be on an upward trend, with a most recent value of $3.47 billion in 2024, rising from $1.93 billion in 2014. The previous period was $3.67 billion in 2023. See CSX's forecast for analyst expectations on what’s next for the company.

What is CSX's operating income?
CSX's total operating income in 2024 was $5.25 billion, based on the following breakdown:
  • Total Gross Profit: $13.02 billion
  • Total Operating Expenses: $7.77 billion
How has CSX's revenue changed over the last 10 years?

Over the last 10 years, CSX's total revenue changed from $12.67 billion in 2014 to $14.54 billion in 2024, a change of 14.8%.

How much debt does CSX have?

CSX's total liabilities were at $30.26 billion at the end of 2024, a 0.1% increase from 2023, and a 38.3% increase since 2014.

How much cash does CSX have?

In the past 10 years, CSX's cash and equivalents has ranged from $401 million in 2017 to $3.13 billion in 2020, and is currently $933 million as of their latest financial filing in 2024.

How has CSX's book value per share changed over the last 10 years?

Over the last 10 years, CSX's book value per share changed from 11.20 in 2014 to 6.48 in 2024, a change of -42.1%.


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This page (NASDAQ:CSX) was last updated on 8/23/2025 by MarketBeat.com Staff
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