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CSX (CSX) Financials

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$45.72 -0.20 (-0.44%)
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 1,968 1,714 5,471 3,309 3,331 2,765 3,781 4,114 3,668 3,470 2,889
Consolidated Net Income / (Loss)		 1,968 1,714 5,471 3,309 3,331 2,765 3,781 4,114 3,668 3,470 2,889
Net Income / (Loss) Continuing Operations		 1,968 1,714 5,471 3,309 3,331 2,765 3,781 4,114 3,668 3,470 2,889
Total Pre-Tax Income 		3,138 2,741 3,142 4,304 4,316 3,627 4,951 5,345 4,829 4,555 3,769
Total Operating Income		 3,584 3,413 3,720 4,869 4,965 4,362 5,594 5,954 5,499 5,245 4,521
Total Gross Profit		 10,398 9,891 7,169 8,131 10,679 9,704 11,245 12,831 12,926 13,017 12,640
Total Revenue		 11,811 11,069 11,408 12,250 11,937 10,583 12,522 14,853 14,657 14,540 14,092
Operating Revenue		 11,811 11,069 11,408 12,250 11,937 10,583 12,522 14,853 14,657 14,540 14,092
Total Cost of Revenue		 1,413 1,178 4,239 4,119 1,258 879 1,277 2,022 1,731 1,523 1,452
Operating Cost of Revenue		 1,413 1,178 4,239 4,119 1,258 879 1,277 2,022 1,731 1,523 1,452
Total Operating Expenses		 6,814 6,478 3,449 3,262 5,714 5,342 5,651 6,877 7,427 7,772 8,119
Selling, General & Admin Expense		 5,646 5,227 2,113 1,931 4,516 3,994 4,685 5,613 5,820 6,006 6,275
Depreciation Expense		 1,208 1,301 1,315 1,331 1,349 1,383 1,420 1,502 1,607 1,658 1,680
Impairment Charge		 - - - - - - - 0.00 0.00 108 164
Total Other Income / (Expense), net		 -446 -672 -578 -565 -649 -735 -643 -609 -670 -690 -752
Interest Expense		 544 694 546 - 737 754 722 742 809 832 844
Other Income / (Expense), net		 98 22 -32 -565 88 19 79 133 139 142 92
Income Tax Expense		 1,170 1,027 -2,329 995 985 862 1,170 1,231 1,161 1,085 880
Basic Earnings per Share		 $2.00 $1.81 $6.01 $3.86 $1.39 $1.20 $1.68 $1.93 $1.83 $1.79 $1.54
Weighted Average Basic Shares Outstanding		 983M 947M 911M 857M 2.39B 2.30B 2.25B 2.14B 2.01B 1.94B 1.87B
Diluted Earnings per Share		 $2.00 $1.81 $5.99 $3.84 $1.39 $1.20 $1.68 $1.92 $1.82 $1.79 $1.54
Weighted Average Diluted Shares Outstanding		 984M 948M 914M 861M 2.40B 2.31B 2.26B 2.14B 2.01B 1.94B 1.87B
Weighted Average Basic & Diluted Shares Outstanding		 984M 85.70B 910.30M 165.45B 773.83M 762.51M 2.19B 2.06B 1.96B 1.89B 1.86B
Cash Dividends to Common per Share		 $0.70 $0.72 $0.78 $0.88 $0.96 $1.04 $0.37 $0.40 $0.44 $0.48 $0.52

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 828 869 880 963 894 720 646 829 694 720 807
Consolidated Net Income / (Loss)		 828 869 880 963 894 720 646 829 694 720 807
Net Income / (Loss) Continuing Operations		 828 869 880 963 894 720 646 829 694 720 807
Total Pre-Tax Income 		1,102 1,127 1,168 1,267 1,184 919 858 1,093 898 920 1,063
Total Operating Income		 1,271 1,298 1,337 1,448 1,354 1,089 1,041 1,283 1,087 1,110 1,253
Total Gross Profit		 2,368 949 3,272 3,315 2,446 3,984 3,061 3,211 3,220 3,969 3,096
Total Revenue		 3,572 3,680 3,681 3,701 3,619 3,539 3,423 3,574 3,587 3,508 3,482
Operating Revenue		 3,572 3,680 3,681 3,701 3,619 3,539 3,423 3,574 3,587 3,508 3,482
Total Cost of Revenue		 1,204 2,731 409 386 1,173 -445 362 363 367 -461 386
Operating Cost of Revenue		 1,204 2,731 409 386 1,173 -445 362 363 367 -461 386
Total Operating Expenses		 1,097 -349 1,935 1,867 1,092 2,895 2,020 1,928 2,133 2,859 1,843
Selling, General & Admin Expense		 700 -748 1,525 1,457 676 2,368 1,595 1,501 1,545 2,455 1,428
Depreciation Expense		 403 407 410 410 416 422 425 427 424 404 415
Total Other Income / (Expense), net		 -169 -171 -169 -181 -170 -170 -183 -190 -189 -190 -190
Interest Expense		 203 204 210 209 206 207 209 212 210 213 213
Other Income / (Expense), net		 34 33 41 28 36 37 26 22 21 23 23
Income Tax Expense		 274 258 288 304 290 199 212 264 204 200 256
Basic Earnings per Share		 $0.42 $0.44 $0.45 $0.50 $0.46 $0.37 $0.34 $0.44 $0.37 $0.39 $0.43
Weighted Average Basic Shares Outstanding		 1.99B 2.01B 1.96B 1.94B 1.94B 1.94B 1.89B 1.87B 1.86B 1.87B 1.86B
Diluted Earnings per Share		 $0.41 $0.44 $0.45 $0.49 $0.46 $0.38 $0.34 $0.44 $0.37 $0.39 $0.43
Weighted Average Diluted Shares Outstanding		 2.00B 2.01B 1.96B 1.95B 1.94B 1.94B 1.89B 1.87B 1.87B 1.87B 1.86B
Weighted Average Basic & Diluted Shares Outstanding		 1.98B 1.96B 1.95B 1.94B 1.93B 1.89B 1.88B 1.86B 1.86B 1.86B 1.86B
Cash Dividends to Common per Share		 $0.11 - $0.12 $0.12 - - $0.13 $0.13 - - $0.14

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 -41 -25 -202 457 100 2,171 -890 -306 -580 -420 -263
Net Cash From Operating Activities		 3,370 3,041 3,472 4,641 4,850 4,263 5,099 5,526 5,514 5,247 4,613
Net Cash From Continuing Operating Activities		 3,370 3,041 3,472 4,641 4,850 4,263 5,099 5,526 5,514 5,247 4,613
Net Income / (Loss) Continuing Operations		 1,968 1,714 5,471 3,309 3,331 2,765 3,781 4,114 3,668 3,470 2,889
Consolidated Net Income / (Loss)		 1,968 1,714 5,471 3,309 3,331 2,765 3,781 4,114 3,668 3,470 2,889
Depreciation Expense		 1,208 1,301 1,315 1,331 1,349 1,383 1,420 1,502 1,607 1,658 1,680
Non-Cash Adjustments To Reconcile Net Income		 -130 -178 88 -154 -151 -35 -454 -238 0.00 108 164
Changes in Operating Assets and Liabilities, net		 324 204 -3,402 155 321 150 352 148 239 11 -120
Net Cash From Investing Activities		 -2,892 -1,798 -1,495 -1,684 -2,102 -649 -1,877 -2,063 -2,227 -2,605 -2,851
Net Cash From Continuing Investing Activities		 -2,892 -1,798 -1,495 -1,684 -2,102 -649 -1,877 -2,063 -2,227 -2,605 -2,851
Purchase of Property, Plant & Equipment		 -2,562 -2,398 -2,040 -1,745 -1,657 -1,626 -1,791 -2,113 -2,257 -2,529 -2,902
Acquisitions		 - - - - - 0.00 -541 -227 -31 -70 -16
Purchase of Investments		 -1,739 -929 -782 -736 -2,838 -426 -75 -59 -104 -66 0.00
Sale of Property, Plant & Equipment		 147 195 97 319 254 56 529 294 88 66 78
Sale and/or Maturity of Investments		 1,225 1,325 1,193 505 2,108 1,424 5.00 9.00 153 91 80
Other Investing Activities, net		 37 9.00 37 -27 31 -77 -4.00 33 -76 -97 -91
Net Cash From Financing Activities		 -519 -1,268 -2,179 -2,500 -2,648 -1,443 -4,112 -3,769 -3,867 -3,062 -2,025
Net Cash From Continuing Financing Activities		 -519 -1,268 -2,179 -2,500 -2,648 -1,443 -4,112 -3,769 -3,867 -3,062 -2,025
Repayment of Debt		 -229 -1,732 -351 -78 -518 -779 -387 -186 -103 -445 -557
Repurchase of Common Equity		 -804 -1,056 -1,970 -4,671 -3,373 -867 -2,886 -4,731 -3,482 -2,237 -1,396
Payment of Dividends		 -686 -680 -708 -751 -763 -797 -839 -852 -882 -930 -972
Issuance of Debt		 1,200 2,200 850 3,000 2,000 1,000 0.00 2,000 600 550 900
Cash Interest Paid		 566 606 555 614 717 750 718 729 806 850 870
Cash Income Taxes Paid		 768 580 911 814 691 664 931 1,167 630 1,076 1,102

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 404 -7.00 130 -245 406 -711 206 -752 225 58 294
Net Cash From Operating Activities		 1,552 1,489 1,066 1,089 1,686 1,388 1,255 635 1,337 1,386 1,272
Net Cash From Continuing Operating Activities		 1,552 1,489 1,066 1,089 1,686 1,388 1,255 635 1,337 1,386 1,272
Net Income / (Loss) Continuing Operations		 828 882 880 950 894 733 646 829 694 720 807
Consolidated Net Income / (Loss)		 828 882 880 950 894 733 646 829 694 720 807
Depreciation Expense		 403 405 410 410 416 422 425 427 424 404 415
Non-Cash Adjustments To Reconcile Net Income		 -6.00 -8.00 7.00 -8.00 1.00 105 13 -14 165 - 51
Changes in Operating Assets and Liabilities, net		 327 210 -231 -263 375 128 171 -607 54 262 -1.00
Net Cash From Investing Activities		 -561 -721 -486 -544 -674 -883 -647 -807 -691 -706 -567
Net Cash From Continuing Investing Activities		 -561 -721 -486 -544 -674 -883 -647 -807 -691 -706 -567
Purchase of Property, Plant & Equipment		 -574 -686 -517 -542 -625 -838 -719 -776 -730 -677 -543
Purchase of Investments		 -1.00 -1.00 - - - -66 0.00 - - - -140
Sale of Property, Plant & Equipment		 13 23 11 43 7.00 16 23 26 15 14 64
Sale and/or Maturity of Investments		 - - 81 - - 10 67 2.00 3.00 8.00 5.00
Other Investing Activities, net		 1.00 -57 -35 -21 -38 -3.00 -18 -45 22 -50 47
Net Cash From Financing Activities		 -587 -775 -450 -790 -606 -1,216 -402 -580 -421 -622 -411
Net Cash From Continuing Financing Activities		 -587 -775 -450 -790 -606 -1,216 -402 -580 -421 -622 -411
Repayment of Debt		 2.00 22 32 6.00 -522 39 -6.00 84 -67 -568 71
Repurchase of Common Equity		 -971 -581 -247 -563 -402 -1,025 -751 -421 -112 -112 -222
Payment of Dividends		 -218 -216 -235 -233 -232 -230 -245 -243 -242 -242 -260
Issuance of Debt		 - - 0.00 - - - 600 - - 300 0.00

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 34,745 35,414 35,739 36,729 38,257 39,793 40,531 37,102 42,212 42,764 43,682
Total Current Assets		 2,840 2,487 1,915 2,565 3,278 4,441 3,873 2,024 3,359 2,820 2,550
Cash & Equivalents		 628 603 401 858 958 3,129 2,239 1,933 1,353 933 670
Short-Term Investments		 810 417 18 253 996 2.00 77 0.00 83 72 5.00
Accounts Receivable		 982 938 970 1,010 986 912 1,148 0.00 1,393 1,326 1,298
Inventories, net		 350 407 372 263 261 302 339 0.00 440 414 390
Other Current Assets		 70 122 154 181 77 96 70 91 90 75 187
Plant, Property, & Equipment, net		 30,174 31,150 31,764 31,998 32,168 32,444 33,015 34,070 34,721 35,658 36,811
Plant, Property & Equipment, gross		 41,574 43,227 44,324 44,805 45,100 45,530 46,505 48,463 50,281 52,191 53,816
Accumulated Depreciation		 11,400 12,077 12,560 12,807 12,932 13,086 13,490 14,393 15,560 16,533 17,005
Total Noncurrent Assets		 1,731 1,777 2,060 2,166 2,811 2,908 3,643 1,008 4,132 4,286 4,321
Long-Term Investments		 1,394 1,459 1,686 1,779 1,879 1,985 2,099 0.00 2,397 2,520 2,634
Goodwill		 - - - - - 63 451 502 506 433 267
Other Noncurrent Operating Assets		 337 318 374 387 932 860 1,093 506 1,229 1,333 1,420
Total Liabilities & Shareholders' Equity		 34,745 35,414 35,739 36,729 38,257 39,793 40,531 18,249 42,212 42,764 43,682
Total Liabilities		 23,077 23,720 21,018 24,149 26,394 26,683 27,031 8,430 30,227 30,257 30,522
Total Current Liabilities		 1,952 2,040 1,894 1,915 2,151 2,019 2,233 2,446 3,223 3,276 3,133
Short-Term Debt		 20 331 19 18 245 401 181 0.00 558 606 708
Accounts Payable		 764 806 847 949 1,043 809 963 0.00 1,237 1,118 1,149
Accrued Expenses		 131 115 108 113 100 90 118 0.00 144 149 184
Current Deferred & Payable Income Tax Liabilities		 108 129 157 106 69 73 134 0.00 524 508 118
Current Employee Benefit Liabilities		 490 545 602 550 489 482 630 682 517 480 532
Other Current Liabilities		 439 114 161 179 205 164 207 228 243 243 272
Other Current Nonoperating Liabilities		 - - - - - - - - - 172 170
Total Noncurrent Liabilities		 21,125 21,680 19,124 22,234 24,243 24,664 24,798 7,520 27,004 26,981 27,389
Long-Term Debt		 10,515 10,962 11,790 14,739 15,993 16,304 16,185 0.00 17,975 17,897 18,165
Noncurrent Deferred & Payable Income Tax Liabilities		 9,179 9,596 6,418 6,690 6,961 7,168 7,383 7,520 7,699 7,725 7,914
Other Noncurrent Operating Liabilities		 1,431 1,122 916 805 1,289 1,192 1,230 0.00 1,330 1,359 1,310
Total Equity & Noncontrolling Interests		 11,668 11,694 14,721 12,580 11,863 13,110 13,500 12,469 11,985 12,507 13,160
Total Preferred & Common Equity		 11,652 11,679 14,705 12,563 11,848 13,101 13,490 9,819 11,980 12,502 13,155
Total Common Equity		 11,652 11,679 14,705 12,563 11,848 13,101 13,490 9,819 11,980 12,502 13,155
Common Stock		 1,079 1,066 1,107 1,067 1,119 2,440 2,268 0.00 2,650 2,746 2,808
Retained Earnings		 11,238 11,253 14,084 12,157 11,404 11,259 11,630 10,229 9,609 9,988 10,560
Accumulated Other Comprehensive Income / (Loss)		 -665 -640 -486 -661 -675 -598 -408 -410 -279 -232 -213
Noncontrolling Interest		 16 15 16 17 15 9.00 10 0.00 5.00 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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 35,803 36,742 42,212 42,695 42,362 43,069 42,764 43,199 42,929 43,279 44,232
Total Current Assets		 1,063 1,862 3,359 3,472 3,180 3,577 2,820 3,020 2,305 2,511 3,111
Cash & Equivalents		 956 1,360 1,353 1,483 1,238 1,644 933 1,139 387 612 964
Short-Term Investments		 0.00 0.00 83 2.00 4.00 12 72 8.00 6.00 6.00 145
Accounts Receivable		 0.00 0.00 1,393 1,400 1,430 1,413 1,326 1,348 1,409 1,370 1,387
Inventories, net		 0.00 427 440 451 417 415 414 438 420 414 439
Other Current Assets		 107 75 90 136 91 93 75 87 83 109 176
Plant, Property, & Equipment, net		 34,267 34,441 34,721 35,056 34,949 35,170 35,658 35,858 36,248 36,534 36,816
Plant, Property & Equipment, gross		 49,241 49,691 50,281 50,661 51,065 51,503 52,191 52,674 53,331 53,864 54,078
Accumulated Depreciation		 14,974 15,250 15,560 15,605 16,116 16,333 16,533 16,816 17,083 17,330 17,262
Total Noncurrent Assets		 473 439 4,132 4,167 4,233 4,322 4,286 4,321 4,376 4,234 4,305
Long-Term Investments		 0.00 0.00 2,397 2,424 2,455 2,485 2,520 2,537 2,574 2,598 2,653
Goodwill		 0.00 0.00 506 520 535 544 433 430 437 270 264
Other Noncurrent Operating Assets		 473 439 1,229 1,223 1,243 1,293 1,333 1,354 1,365 1,366 1,388
Total Liabilities & Shareholders' Equity		 17,715 17,117 42,212 42,695 42,362 43,069 42,764 43,199 42,929 43,279 44,232
Total Liabilities		 8,275 7,998 30,227 30,093 29,742 30,133 30,257 31,024 30,552 30,521 30,651
Total Current Liabilities		 2,074 2,934 3,223 3,024 2,739 2,569 3,276 3,421 2,983 2,966 3,221
Short-Term Debt		 0.00 0.00 558 557 557 6.00 606 605 616 608 710
Accounts Payable		 0.00 0.00 1,237 1,306 1,192 1,301 1,290 1,315 1,273 1,344 1,115
Accrued Expenses		 0.00 0.00 144 140 148 147 149 146 158 159 179
Current Deferred & Payable Income Tax Liabilities		 0.00 361 524 382 122 379 508 685 156 164 294
Current Employee Benefit Liabilities		 444 0.00 517 387 469 470 480 391 453 439 414
Other Current Liabilities		 226 0.00 243 252 251 266 243 279 327 252 266
Other Current Nonoperating Liabilities		 - - - - - - - - - - 243
Total Noncurrent Liabilities		 7,605 7,637 27,004 27,069 27,003 27,564 26,981 27,603 27,569 27,555 27,430
Long-Term Debt		 0.00 0.00 17,975 17,944 17,951 18,535 17,897 18,521 18,550 18,554 18,158
Noncurrent Deferred & Payable Income Tax Liabilities		 7,605 7,637 7,699 7,759 7,716 7,721 7,725 7,739 7,718 7,709 7,965
Other Noncurrent Operating Liabilities		 0.00 0.00 1,330 1,366 1,336 1,308 1,359 1,343 1,301 1,292 1,307
Total Equity & Noncontrolling Interests		 12,074 11,756 11,985 12,602 12,620 12,936 12,507 12,175 12,377 12,758 13,581
Total Preferred & Common Equity		 9,440 9,119 11,980 12,597 12,616 12,931 12,502 12,170 12,372 12,753 13,575
Total Common Equity		 9,440 9,119 11,980 12,597 12,616 12,931 12,502 12,170 12,372 12,753 13,575
Common Stock		 0.00 0.00 2,650 2,698 2,697 2,743 2,746 2,742 2,746 2,782 2,896
Retained Earnings		 9,852 9,513 9,609 10,205 10,189 10,457 9,988 9,655 9,850 10,191 10,891
Accumulated Other Comprehensive Income / (Loss)		 -412 -394 -279 -306 -270 -269 -232 -227 -224 -220 -212
Noncontrolling Interest		 0.00 0.00 5.00 5.00 4.00 5.00 5.00 5.00 5.00 5.00 6.00

Annual Metrics And Ratios for CSX

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -6.77% -6.28% 3.06% 7.38% -2.56% -11.34% 18.32% 18.62% -1.32% -0.80% -3.08%
EBITDA Growth		 2.82% -3.15% 5.64% 12.63% 13.61% -9.97% 23.06% 6.99% -4.53% -2.76% -10.67%
EBIT Growth		 2.14% -6.71% 7.37% 16.70% 17.40% -13.30% 29.49% 7.30% -7.38% -4.45% -14.37%
NOPAT Growth		 -1.73% -5.05% 203.50% -42.21% 2.36% -13.22% 28.47% 7.27% -8.86% -4.34% -13.27%
Net Income Growth		 2.13% -12.91% 219.19% -39.52% 0.66% -16.99% 36.75% 8.81% -10.84% -5.40% -16.74%
EPS Growth		 4.17% -9.50% 230.94% -35.89% 0.66% -16.99% 40.00% 14.29% -5.21% -1.65% -13.97%
Operating Cash Flow Growth		 0.81% -9.76% 14.17% 33.67% 4.50% -12.10% 19.61% 8.37% -0.22% -4.84% -12.08%
Free Cash Flow Firm Growth		 8.00% -32.52% 156.76% 45.34% 7.78% -27.84% 21.62% -6.40% 28.41% -24.47% -26.30%
Invested Capital Growth		 4.14% 5.87% 19.10% 0.09% -0.73% 1.78% 3.04% 5.06% -0.20% 3.00% 4.47%
Revenue Q/Q Growth		 -3.36% 2.37% -1.50% 2.34% -2.12% -0.56% 5.05% 2.08% -0.34% -0.96% -0.22%
EBITDA Q/Q Growth		 -0.43% 3.88% 1.83% -7.92% 9.19% 0.28% 3.13% 1.12% -2.16% -3.48% -0.44%
EBIT Q/Q Growth		 -1.15% 4.28% 2.82% -10.28% 11.97% 0.30% 3.69% 0.81% -2.96% -4.72% -0.22%
NOPAT Q/Q Growth		 -3.16% 6.57% 190.90% -49.98% -1.35% 0.65% 3.14% 0.62% -3.22% -4.66% 0.06%
Net Income Q/Q Growth		 -1.25% -0.46% 205.81% -49.91% -2.12% -0.40% 4.82% 0.78% -3.90% -5.35% -0.45%
EPS Q/Q Growth		 -0.50% 1.12% 208.76% -50.58% -2.12% -0.40% 4.35% 0.00% -4.71% -4.79% 0.00%
Operating Cash Flow Q/Q Growth		 -5.15% -9.12% 1.70% 15.53% -2.45% 0.52% 2.93% -0.16% 2.32% -2.53% -0.04%
Free Cash Flow Firm Q/Q Growth		 17.56% -30.05% 48.11% 5.77% -3.13% -7.87% 10.49% -9.39% 33.19% -24.61% 6.36%
Invested Capital Q/Q Growth		 -0.27% 2.53% 19.15% -0.07% 0.24% 1.35% 0.49% 1.88% -2.55% 0.55% 0.66%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 88.04% 89.36% 62.84% 66.38% 89.46% 91.69% 89.80% 86.39% 67.37% 89.53% 89.70%
EBITDA Margin		 41.40% 42.79% 43.86% 46.00% 53.63% 54.46% 56.64% 51.09% 49.43% 48.45% 44.66%
Operating Margin		 30.34% 30.83% 32.61% 39.75% 41.59% 41.22% 44.67% 40.09% 37.52% 36.07% 32.08%
EBIT Margin		 31.17% 31.03% 32.33% 35.13% 42.33% 41.40% 45.30% 40.98% 38.47% 37.05% 32.73%
Profit (Net Income) Margin		 16.66% 15.48% 47.96% 27.01% 27.90% 26.13% 30.19% 27.70% 25.03% 23.87% 20.50%
Tax Burden Percent		 62.72% 62.53% 174.12% 76.88% 77.18% 76.23% 76.37% 76.97% 75.96% 76.18% 76.65%
Interest Burden Percent		 85.23% 79.80% 85.20% 100.00% 85.41% 82.79% 87.27% 87.81% 85.65% 84.56% 81.70%
Effective Tax Rate		 37.28% 37.47% -74.12% 23.12% 22.82% 23.77% 23.63% 23.03% 24.04% 23.82% 23.35%
Return on Invested Capital (ROIC)		 11.84% 10.70% 28.83% 15.32% 15.73% 13.58% 17.04% 17.56% 15.64% 14.75% 12.26%
ROIC Less NNEP Spread (ROIC-NNEP)		 8.14% 5.62% 17.96% 11.29% 11.60% 8.91% 12.87% 13.99% 12.12% 11.21% 8.52%
Return on Net Nonoperating Assets (RNNOA)		 5.39% 3.97% 12.59% 8.92% 11.52% 8.56% 11.38% 14.12% 14.36% 13.58% 10.26%
Return on Equity (ROE)		 17.23% 14.67% 41.42% 24.24% 27.26% 22.14% 28.42% 31.68% 30.00% 28.34% 22.51%
Cash Return on Invested Capital (CROIC)		 7.78% 5.00% 11.40% 15.23% 16.47% 11.82% 14.04% 12.63% 15.84% 11.80% 7.88%
Operating Return on Assets (OROA)		 10.86% 9.79% 10.37% 11.88% 13.48% 11.23% 14.13% 15.68% 14.22% 12.68% 10.67%
Return on Assets (ROA)		 5.81% 4.89% 15.38% 9.13% 8.88% 7.09% 9.41% 10.60% 9.25% 8.17% 6.68%
Return on Common Equity (ROCE)		 17.20% 14.65% 41.37% 24.21% 27.22% 22.12% 28.40% 28.44% 26.74% 28.32% 22.50%
Return on Equity Simple (ROE_SIMPLE)		 16.89% 14.68% 37.21% 26.34% 28.11% 21.11% 28.03% 41.90% 30.62% 27.76% 0.00%
Net Operating Profit after Tax (NOPAT)		 2,248 2,134 6,477 3,743 3,832 3,325 4,272 4,583 4,177 3,996 3,465
NOPAT Margin		 19.03% 19.28% 56.78% 30.56% 32.10% 31.42% 34.12% 30.85% 28.50% 27.48% 24.59%
Net Nonoperating Expense Percent (NNEP)		 3.70% 5.09% 10.87% 4.03% 4.13% 4.67% 4.17% 3.58% 3.51% 3.54% 3.73%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 36.75% 13.69% 12.89% 10.82%
Cost of Revenue to Revenue		 11.96% 10.64% 37.16% 33.62% 10.54% 8.31% 10.20% 13.61% 32.63% 10.47% 10.30%
SG&A Expenses to Revenue		 47.80% 47.22% 18.52% 15.76% 37.83% 37.74% 37.41% 37.79% 19.12% 41.38% 44.53%
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		 57.69% 58.52% 30.23% 26.63% 47.87% 50.48% 45.13% 46.30% 29.85% 53.45% 57.61%
Earnings before Interest and Taxes (EBIT)		 3,682 3,435 3,688 4,304 5,053 4,381 5,673 6,087 5,638 5,387 4,613
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 4,890 4,736 5,003 5,635 6,402 5,764 7,093 7,589 7,245 7,045 6,293
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.93 2.61 3.07 3.89 4.51 5.07 5.98 6.45 5.64 4.98 5.13
Price to Tangible Book Value (P/TBV)		 1.93 2.61 3.07 3.89 4.51 5.09 6.19 6.80 5.89 5.16 5.24
Price to Revenue (P/Rev)		 1.90 2.75 3.96 3.99 4.48 6.27 6.44 4.27 4.61 4.28 4.79
Price to Earnings (P/E)		 11.41 17.76 8.26 14.76 16.04 24.01 21.33 15.40 18.43 17.93 23.37
Dividend Yield		 3.04% 2.22% 1.54% 1.52% 1.41% 1.20% 1.03% 1.33% 1.29% 1.49% 1.43%
Earnings Yield		 8.76% 5.63% 12.11% 6.77% 6.23% 4.17% 4.69% 6.49% 5.43% 5.58% 4.28%
Enterprise Value to Invested Capital (EV/IC)		 1.56 1.92 2.25 2.48 2.71 3.16 3.64 2.30 3.08 2.81 2.88
Enterprise Value to Revenue (EV/Rev)		 2.56 3.55 4.81 4.96 5.52 7.37 7.40 4.13 5.61 5.31 5.89
Enterprise Value to EBITDA (EV/EBITDA)		 6.17 8.29 10.97 10.78 10.29 13.53 13.06 8.09 11.36 10.96 13.20
Enterprise Value to EBIT (EV/EBIT)		 8.20 11.43 14.88 14.11 13.03 17.80 16.33 10.09 14.60 14.33 18.01
Enterprise Value to NOPAT (EV/NOPAT)		 13.43 18.40 8.47 16.22 17.19 23.45 21.68 13.40 19.70 19.32 23.97
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.95 12.92 15.81 13.09 13.58 18.29 18.17 11.11 14.92 14.72 18.01
Enterprise Value to Free Cash Flow (EV/FCFF)		 20.42 39.39 21.44 16.32 16.42 26.94 26.31 18.64 19.45 24.16 37.28
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.90 0.97 0.80 1.17 1.37 1.27 1.21 0.00 1.55 1.48 1.43
Long-Term Debt to Equity		 0.90 0.94 0.80 1.17 1.35 1.24 1.20 0.00 1.50 1.43 1.38
Financial Leverage		 0.66 0.71 0.70 0.79 0.99 0.96 0.88 1.01 1.18 1.21 1.20
Leverage Ratio		 2.97 3.00 2.69 2.65 3.07 3.13 3.02 2.99 3.24 3.47 3.37
Compound Leverage Factor		 2.53 2.40 2.29 2.65 2.62 2.59 2.63 2.63 2.78 2.93 2.75
Debt to Total Capital		 47.45% 49.13% 44.51% 53.98% 57.78% 56.03% 54.80% 0.00% 60.73% 59.67% 58.92%
Short-Term Debt to Total Capital		 0.09% 1.44% 0.07% 0.07% 0.87% 1.35% 0.61% 0.00% 1.83% 1.95% 2.21%
Long-Term Debt to Total Capital		 47.36% 47.69% 44.44% 53.92% 56.91% 54.68% 54.19% 0.00% 58.90% 57.71% 56.71%
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		 0.07% 0.07% 0.06% 0.06% 0.05% 0.03% 0.03% 0.00% 0.02% 0.02% 0.02%
Common Equity to Total Capital		 52.48% 50.81% 55.43% 45.96% 42.16% 43.94% 45.17% 78.75% 39.26% 40.32% 41.07%
Debt to EBITDA		 2.15 2.38 2.36 2.62 2.54 2.90 2.31 0.00 2.56 2.63 3.00
Net Debt to EBITDA		 1.58 1.86 1.94 2.11 1.94 2.01 1.68 0.00 2.03 2.13 2.47
Long-Term Debt to EBITDA		 2.15 2.31 2.36 2.62 2.50 2.83 2.28 0.00 2.48 2.54 2.89
Debt to NOPAT		 4.69 5.29 1.82 3.94 4.24 5.02 3.83 0.00 4.44 4.63 5.45
Net Debt to NOPAT		 3.43 4.13 1.50 3.17 3.24 3.49 2.80 0.00 3.52 3.75 4.49
Long-Term Debt to NOPAT		 4.68 5.14 1.82 3.94 4.17 4.90 3.79 0.00 4.30 4.48 5.24
Altman Z-Score		 1.76 1.86 2.50 2.42 2.42 2.59 3.01 5.82 2.45 2.30 2.32
Noncontrolling Interest Sharing Ratio		 0.18% 0.13% 0.12% 0.12% 0.13% 0.10% 0.07% 10.24% 10.86% 0.04% 0.04%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.45 1.22 1.01 1.34 1.52 2.20 1.73 0.83 1.04 0.86 0.81
Quick Ratio		 1.24 0.96 0.73 1.11 1.37 2.00 1.55 0.79 0.88 0.71 0.63
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,478 997 2,560 3,721 4,011 2,894 3,520 3,295 4,231 3,196 2,228
Operating Cash Flow to CapEx		 139.54% 138.04% 178.69% 325.46% 345.69% 271.53% 404.04% 303.79% 254.22% 213.03% 163.35%
Free Cash Flow to Firm to Interest Expense		 2.72 1.44 4.69 0.00 5.44 3.84 4.88 4.44 5.23 3.84 2.64
Operating Cash Flow to Interest Expense		 6.19 4.38 6.36 0.00 6.58 5.65 7.06 7.45 6.82 6.31 5.47
Operating Cash Flow Less CapEx to Interest Expense		 1.76 1.21 2.80 0.00 4.68 3.57 5.31 5.00 4.13 3.35 2.12
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.35 0.32 0.32 0.34 0.32 0.27 0.31 0.38 0.37 0.34 0.33
Accounts Receivable Turnover		 11.19 11.53 11.96 12.37 11.96 11.15 12.16 0.00 0.00 10.70 10.74
Inventory Turnover		 4.54 3.11 10.88 12.97 4.80 3.12 3.98 0.00 0.00 3.57 3.61
Fixed Asset Turnover		 0.40 0.36 0.36 0.38 0.37 0.33 0.38 0.44 0.43 0.41 0.39
Accounts Payable Turnover		 1.76 1.50 5.13 4.59 1.26 0.95 1.44 0.00 0.00 1.21 1.28
Days Sales Outstanding (DSO)		 32.62 31.66 30.52 29.50 30.52 32.73 30.02 0.00 0.00 34.13 33.98
Days Inventory Outstanding (DIO)		 80.47 117.28 33.54 28.13 76.02 116.89 91.61 0.00 0.00 102.33 101.05
Days Payable Outstanding (DPO)		 207.81 243.23 71.17 79.58 288.98 384.52 253.24 0.00 0.00 302.81 284.94
Cash Conversion Cycle (CCC)		 -94.73 -94.30 -7.10 -21.94 -182.45 -234.89 -131.61 0.00 0.00 -166.35 -149.90
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 19,371 20,508 24,425 24,447 24,268 24,699 25,451 26,739 26,685 27,485 28,894
Invested Capital Turnover		 0.62 0.56 0.51 0.50 0.49 0.43 0.50 0.57 0.55 0.54 0.50
Increase / (Decrease) in Invested Capital		 770 1,137 3,917 22 -179 431 752 1,288 -54 800 1,237
Enterprise Value (EV)		 30,177 39,276 54,888 60,735 65,851 77,977 92,623 61,415 82,292 77,213 83,071
Market Capitalization		 22,458 30,447 45,168 48,851 53,431 66,379 80,662 63,348 67,587 62,230 67,502
Book Value per Share		 $11.95 $12.47 $16.45 $14.88 $15.14 $17.13 $6.08 $4.67 $6.06 $6.48 $7.06
Tangible Book Value per Share		 $11.95 $12.47 $16.45 $14.88 $15.14 $17.05 $5.88 $4.43 $5.81 $6.26 $6.92
Total Capital		 22,203 22,987 26,530 27,337 28,101 29,815 29,866 12,469 30,518 31,010 32,033
Total Debt		 10,535 11,293 11,809 14,757 16,238 16,705 16,366 0.00 18,533 18,503 18,873
Total Long-Term Debt		 10,515 10,962 11,790 14,739 15,993 16,304 16,185 0.00 17,975 17,897 18,165
Net Debt		 7,703 8,814 9,704 11,867 12,405 11,589 11,951 -1,933 14,700 14,978 15,564
Capital Expenditures (CapEx)		 2,415 2,203 1,943 1,426 1,403 1,570 1,262 1,819 2,169 2,463 2,824
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -530 -242 -379 -443 -582 -308 -495 -2,355 -742 -855 -550
Debt-free Net Working Capital (DFNWC)		 908 778 40 668 1,372 2,823 1,821 -422 694 150 125
Net Working Capital (NWC)		 888 447 21 650 1,127 2,422 1,640 -422 136 -456 -583
Net Nonoperating Expense (NNE)		 280 420 1,006 434 501 560 491 469 509 526 576
Net Nonoperating Obligations (NNO)		 7,703 8,814 9,704 11,867 12,405 11,589 11,951 14,270 14,700 14,978 15,734
Total Depreciation and Amortization (D&A)		 1,208 1,301 1,315 1,331 1,349 1,383 1,420 1,502 1,607 1,658 1,680
Debt-free, Cash-free Net Working Capital to Revenue		 -4.49% -2.19% -3.32% -3.62% -4.88% -2.91% -3.95% -15.86% -5.06% -5.88% -3.90%
Debt-free Net Working Capital to Revenue		 7.69% 7.03% 0.35% 5.45% 11.49% 26.67% 14.54% -2.84% 4.73% 1.03% 0.89%
Net Working Capital to Revenue		 7.52% 4.04% 0.18% 5.31% 9.44% 22.89% 13.10% -2.84% 0.93% -3.14% -4.14%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.67 $0.60 $2.00 $1.29 $1.39 $1.20 $1.68 $1.95 $1.85 $1.79 $1.54
Adjusted Weighted Average Basic Shares Outstanding		 2.95B 2.84B 2.73B 2.57B 2.39B 2.30B 2.25B 2.14B 2.01B 1.94B 1.87B
Adjusted Diluted Earnings per Share		 $0.67 $0.60 $2.00 $1.28 $1.39 $1.20 $1.68 $1.95 $1.85 $1.79 $1.54
Adjusted Weighted Average Diluted Shares Outstanding		 2.95B 2.84B 2.74B 2.58B 2.39B 2.30B 2.26B 2.14B 2.01B 1.94B 1.87B
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		 2.89B 2.78B 2.66B 2.45B 2.32B 2.29B 2.19B 2.06B 1.96B 1.89B 1.86B
Normalized Net Operating Profit after Tax (NOPAT)		 2,248 2,134 2,772 3,743 3,715 3,299 3,925 4,400 4,151 4,070 3,591
Normalized NOPAT Margin		 19.03% 19.28% 24.30% 30.56% 31.12% 31.17% 31.35% 29.62% 28.32% 27.99% 25.48%
Pre Tax Income Margin		 26.57% 24.76% 27.54% 35.13% 36.16% 34.27% 39.54% 35.99% 32.95% 31.33% 26.75%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 6.77 4.95 6.75 0.00 6.86 5.81 7.86 8.20 6.97 6.47 5.47
NOPAT to Interest Expense		 4.13 3.08 11.86 0.00 5.20 4.41 5.92 6.18 5.16 4.80 4.11
EBIT Less CapEx to Interest Expense		 2.33 1.78 3.20 0.00 4.95 3.73 6.11 5.75 4.29 3.51 2.12
NOPAT Less CapEx to Interest Expense		 -0.31 -0.10 8.30 0.00 3.30 2.33 4.17 3.72 2.48 1.84 0.76
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 34.86% 39.67% 12.94% 22.70% 22.91% 28.82% 22.19% 20.71% 24.05% 26.80% 33.64%
Augmented Payout Ratio		 75.71% 101.28% 48.95% 163.86% 124.17% 60.18% 98.52% 135.71% 118.97% 91.27% 81.97%

Quarterly Metrics And Ratios for CSX

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 1,858,138,856.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 1,858,138,856.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.43
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -8.29% -1.34% -0.67% 0.05% 1.32% -3.83% -7.01% -3.43% -0.88% -0.88% 1.72%
EBITDA Growth		 -14.34% -5.08% -4.90% -0.89% 5.74% -10.83% -16.55% -8.17% -15.17% -1.79% 13.34%
EBIT Growth		 -19.25% -7.18% -7.31% -1.40% 6.51% -15.40% -22.57% -11.59% -20.29% -0.87% 19.59%
NOPAT Growth		 -22.54% -7.95% -7.92% -1.12% 7.06% -14.75% -22.19% -11.58% -17.83% 0.30% 21.37%
Net Income Growth		 -25.47% -10.04% -9.52% -2.13% 7.97% -17.15% -26.59% -13.91% -22.37% -1.77% 24.92%
EPS Growth		 -21.15% -2.22% -4.17% 0.00% 12.20% -13.64% -24.44% -10.20% -19.57% 0.00% 26.47%
Operating Cash Flow Growth		 -10.03% 17.15% -13.35% -10.88% 8.63% -6.78% 17.73% -42.64% -20.70% -0.14% 1.35%
Free Cash Flow Firm Growth		 -158.46% 625.43% 3,135.22% -70.83% 681.66% -94.96% 25.56% -171.16% -149.32% -247.88% -200.27%
Invested Capital Growth		 4.34% -0.20% 2.72% 3.23% -0.18% 3.00% 1.56% 4.17% 5.00% 4.47% 4.75%
Revenue Q/Q Growth		 -3.43% 3.02% 0.03% 0.54% -2.22% -2.21% -3.28% 4.41% 0.36% -2.20% -0.74%
EBITDA Q/Q Growth		 -10.25% 1.64% 1.06% 4.49% -4.24% -14.29% -3.62% 16.09% -11.55% 0.33% 10.02%
EBIT Q/Q Growth		 -12.83% 1.99% 1.90% 5.81% -5.83% -18.99% -5.24% 22.31% -15.10% 2.26% 12.62%
NOPAT Q/Q Growth		 -14.20% 4.80% -0.92% 7.86% -7.11% -16.55% -8.13% 24.16% -13.67% 3.41% 9.50%
Net Income Q/Q Growth		 -15.85% 4.95% -0.56% 7.84% -7.17% -19.46% -10.28% 28.33% -16.28% 3.75% 12.08%
EPS Q/Q Growth		 -16.33% 7.32% 0.00% 6.52% -6.12% -17.39% -10.53% 29.41% -15.91% 5.41% 10.26%
Operating Cash Flow Q/Q Growth		 27.00% -4.06% -27.73% 0.46% 54.82% -17.68% -9.58% -49.40% 110.55% 3.66% -8.23%
Free Cash Flow Firm Q/Q Growth		 -122.22% 673.23% -48.38% -19.57% 343.08% -95.03% 578.31% -147.64% -207.13% 30.24% 1.78%
Invested Capital Q/Q Growth		 3.06% -2.55% 1.91% 0.87% -0.35% 0.55% 0.48% 3.47% 0.45% 0.66% 0.12%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 66.29% 25.79% 88.89% 89.57% 67.59% 112.57% 65.44% 89.84% 89.77% 113.14% 88.91%
EBITDA Margin		 47.82% 47.17% 49.04% 50.96% 49.90% 43.74% 43.59% 48.46% 42.71% 43.81% 48.56%
Operating Margin		 35.58% 35.27% 36.78% 39.12% 37.41% 30.77% 30.41% 35.90% 30.30% 31.64% 35.99%
EBIT Margin		 36.53% 36.17% 37.90% 39.88% 38.41% 31.82% 31.17% 36.51% 30.89% 32.30% 36.65%
Profit (Net Income) Margin		 23.18% 23.61% 24.26% 26.02% 24.70% 20.34% 18.87% 23.20% 19.35% 20.52% 23.18%
Tax Burden Percent		 75.14% 77.11% 75.36% 76.01% 75.51% 78.35% 75.29% 75.85% 77.28% 78.26% 75.92%
Interest Burden Percent		 84.44% 84.67% 84.95% 85.84% 85.18% 81.62% 80.41% 83.75% 81.05% 81.20% 83.31%
Effective Tax Rate		 24.86% 22.89% 24.64% 23.99% 24.49% 21.65% 24.71% 24.15% 22.72% 21.74% 24.08%
Return on Invested Capital (ROIC)		 14.66% 14.92% 15.11% 16.12% 15.16% 12.94% 11.93% 13.76% 11.80% 12.34% 13.67%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.79% 14.01% 14.23% 15.18% 14.30% 12.04% 11.02% 12.83% 10.84% 11.38% 12.74%
Return on Net Nonoperating Assets (RNNOA)		 16.22% 16.60% 16.39% 18.01% 17.39% 14.59% 13.35% 15.92% 12.80% 13.69% 15.23%
Return on Equity (ROE)		 30.89% 31.52% 31.51% 34.13% 32.55% 27.54% 25.29% 29.68% 24.61% 26.03% 28.90%
Cash Return on Invested Capital (CROIC)		 11.85% 15.84% 12.73% 12.09% 15.49% 11.80% 12.22% 8.93% 7.48% 7.88% 8.20%
Operating Return on Assets (OROA)		 13.61% 13.37% 13.18% 14.93% 14.13% 10.89% 10.37% 12.12% 10.10% 10.53% 11.86%
Return on Assets (ROA)		 8.63% 8.73% 8.43% 9.74% 9.09% 6.96% 6.28% 7.70% 6.33% 6.69% 7.50%
Return on Common Equity (ROCE)		 27.57% 28.10% 31.49% 30.48% 29.07% 27.53% 25.27% 29.67% 24.60% 26.02% 28.89%
Return on Equity Simple (ROE_SIMPLE)		 41.86% 0.00% 28.74% 28.54% 28.35% 0.00% 26.59% 25.07% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 955 1,001 1,020 1,101 1,022 853 784 973 840 869 951
NOPAT Margin		 26.74% 27.20% 27.72% 29.74% 28.25% 24.11% 22.90% 27.23% 23.42% 24.76% 27.32%
Net Nonoperating Expense Percent (NNEP)		 0.88% 0.91% 0.89% 0.94% 0.85% 0.90% 0.92% 0.93% 0.96% 0.96% 0.94%
Return On Investment Capital (ROIC_SIMPLE)		 - 3.28% - - - 2.75% 2.50% 3.09% 2.63% 2.71% 2.93%
Cost of Revenue to Revenue		 33.71% 74.21% 11.11% 10.43% 32.41% -12.57% 34.56% 10.16% 10.23% -13.14% 11.09%
SG&A Expenses to Revenue		 19.60% -20.33% 40.99% 39.58% 18.65% 66.91% 22.61% 42.00% 43.07% 69.98% 41.01%
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		 30.71% -9.48% 52.11% 50.45% 30.17% 81.80% 35.03% 53.95% 59.46% 81.50% 52.93%
Earnings before Interest and Taxes (EBIT)		 1,305 1,331 1,395 1,476 1,390 1,126 1,067 1,305 1,108 1,133 1,276
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,708 1,736 1,805 1,886 1,806 1,548 1,492 1,732 1,532 1,537 1,691
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.67 5.64 5.79 5.18 5.18 4.98 4.58 4.95 5.19 5.13 5.62
Price to Tangible Book Value (P/TBV)		 6.67 5.89 6.04 5.41 5.40 5.16 4.75 5.14 5.30 5.24 5.73
Price to Revenue (P/Rev)		 4.14 4.61 4.99 4.47 4.56 4.28 3.90 4.33 4.69 4.79 5.39
Price to Earnings (P/E)		 15.94 18.43 20.16 18.16 18.26 17.93 17.23 19.76 22.81 23.37 25.03
Dividend Yield		 1.42% 1.29% 1.22% 1.38% 1.36% 1.49% 1.67% 1.53% 1.44% 1.43% 1.29%
Earnings Yield		 6.27% 5.43% 4.96% 5.51% 5.48% 5.58% 5.80% 5.06% 4.38% 4.28% 4.00%
Enterprise Value to Invested Capital (EV/IC)		 2.17 3.08 3.22 2.92 2.98 2.81 2.58 2.71 2.86 2.88 3.16
Enterprise Value to Revenue (EV/Rev)		 4.05 5.61 5.99 5.48 5.54 5.31 4.99 5.48 5.82 5.89 6.46
Enterprise Value to EBITDA (EV/EBITDA)		 8.03 11.36 12.13 11.14 11.15 10.96 10.55 11.75 13.00 13.20 14.09
Enterprise Value to EBIT (EV/EBIT)		 10.24 14.60 15.67 14.40 14.39 14.33 14.03 15.80 17.77 18.01 18.96
Enterprise Value to NOPAT (EV/NOPAT)		 13.79 19.70 21.18 19.45 19.41 19.32 18.87 21.26 23.72 23.97 25.17
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.04 14.92 16.27 15.28 15.11 14.72 13.10 15.61 17.80 18.01 19.75
Enterprise Value to Free Cash Flow (EV/FCFF)		 18.73 19.45 25.64 24.57 19.19 24.16 21.26 31.00 39.21 37.28 39.42
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 1.55 1.47 1.47 1.43 1.48 1.57 1.55 1.50 1.43 1.39
Long-Term Debt to Equity		 0.00 1.50 1.42 1.42 1.43 1.43 1.52 1.50 1.45 1.38 1.34
Financial Leverage		 1.18 1.18 1.15 1.19 1.22 1.21 1.21 1.24 1.18 1.20 1.20
Leverage Ratio		 3.21 3.24 3.38 3.17 3.23 3.47 3.47 3.41 3.36 3.37 3.39
Compound Leverage Factor		 2.71 2.75 2.87 2.72 2.75 2.83 2.79 2.86 2.72 2.73 2.83
Debt to Total Capital		 0.00% 60.73% 59.48% 59.46% 58.90% 59.67% 61.10% 60.76% 60.03% 58.92% 58.15%
Short-Term Debt to Total Capital		 0.00% 1.83% 1.79% 1.79% 0.02% 1.95% 1.93% 1.95% 1.90% 2.21% 2.19%
Long-Term Debt to Total Capital		 0.00% 58.90% 57.69% 57.67% 58.88% 57.71% 59.17% 58.81% 58.13% 56.71% 55.96%
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% 0.02% 0.02% 0.01% 0.02% 0.02% 0.02% 0.02% 0.02% 0.02% 0.02%
Common Equity to Total Capital		 77.57% 39.26% 40.50% 40.53% 41.08% 40.32% 38.88% 39.22% 39.95% 41.07% 41.83%
Debt to EBITDA		 0.00 2.56 2.56 2.57 2.54 2.63 2.83 2.91 3.03 3.00 2.91
Net Debt to EBITDA		 0.00 2.03 2.02 2.06 1.97 2.13 2.29 2.46 2.52 2.47 2.33
Long-Term Debt to EBITDA		 0.00 2.48 2.49 2.49 2.54 2.54 2.74 2.81 2.94 2.89 2.80
Debt to NOPAT		 0.00 4.44 4.47 4.49 4.42 4.63 5.07 5.26 5.53 5.45 5.19
Net Debt to NOPAT		 0.00 3.52 3.53 3.59 3.44 3.75 4.09 4.44 4.60 4.49 4.16
Long-Term Debt to NOPAT		 0.00 4.30 4.34 4.35 4.42 4.48 4.91 5.09 5.36 5.24 5.00
Altman Z-Score		 5.41 2.12 2.25 2.13 2.15 1.98 1.79 1.94 2.03 2.06 2.25
Noncontrolling Interest Sharing Ratio		 10.74% 10.86% 0.05% 10.68% 10.70% 0.04% 0.04% 0.04% 0.04% 0.04% 0.04%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.63 1.04 1.15 1.16 1.39 0.86 0.88 0.77 0.85 0.81 0.97
Quick Ratio		 0.46 0.88 0.95 0.98 1.19 0.71 0.73 0.60 0.67 0.63 0.77
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -184 1,055 300 242 1,070 53 361 -172 -528 -368 -362
Operating Cash Flow to CapEx		 276.65% 224.59% 206.87% 218.24% 272.82% 168.86% 180.32% 84.67% 186.99% 209.05% 265.55%
Free Cash Flow to Firm to Interest Expense		 -0.91 5.17 1.43 1.16 5.20 0.26 1.73 -0.81 -2.51 -1.73 -1.70
Operating Cash Flow to Interest Expense		 7.65 7.30 5.16 5.21 8.18 6.71 6.00 3.00 6.37 6.51 5.97
Operating Cash Flow Less CapEx to Interest Expense		 4.88 4.05 2.67 2.82 5.18 2.73 2.67 -0.54 2.96 3.39 3.72
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.37 0.37 0.35 0.37 0.37 0.34 0.33 0.33 0.33 0.33 0.32
Accounts Receivable Turnover		 0.00 0.00 10.54 0.00 0.00 10.70 10.39 9.97 10.15 10.74 10.35
Inventory Turnover		 4.55 0.00 4.01 0.00 3.91 3.57 5.17 5.43 3.54 3.61 3.37
Fixed Asset Turnover		 0.43 0.43 0.42 0.42 0.42 0.41 0.40 0.40 0.39 0.39 0.39
Accounts Payable Turnover		 0.00 0.00 1.35 0.00 0.00 1.21 1.75 1.85 1.11 1.28 1.21
Days Sales Outstanding (DSO)		 0.00 0.00 34.64 0.00 0.00 34.13 35.11 36.60 35.96 33.98 35.27
Days Inventory Outstanding (DIO)		 80.26 0.00 91.03 0.00 93.30 102.33 70.63 67.17 103.06 101.05 108.44
Days Payable Outstanding (DPO)		 0.00 0.00 270.30 0.00 0.00 302.81 208.24 197.83 328.82 284.94 300.46
Cash Conversion Cycle (CCC)		 80.26 0.00 -144.63 0.00 93.30 -166.35 -102.50 -94.05 -189.80 -149.90 -156.75
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 27,384 26,685 27,194 27,431 27,336 27,485 27,617 28,576 28,704 28,894 28,930
Invested Capital Turnover		 0.55 0.55 0.55 0.54 0.54 0.54 0.52 0.51 0.50 0.50 0.50
Increase / (Decrease) in Invested Capital		 1,139 -54 720 859 -48 800 423 1,145 1,368 1,237 1,313
Enterprise Value (EV)		 59,492 82,292 87,588 80,207 81,350 77,213 71,206 77,501 82,151 83,071 91,447
Market Capitalization		 60,852 67,587 72,991 65,392 66,945 62,230 55,759 61,297 66,200 67,502 76,335
Book Value per Share		 $4.55 $6.06 $6.43 $6.45 $6.67 $6.48 $6.42 $6.59 $6.84 $7.06 $7.30
Tangible Book Value per Share		 $4.55 $5.81 $6.17 $6.18 $6.39 $6.26 $6.20 $6.35 $6.70 $6.92 $7.16
Total Capital		 11,756 30,518 31,103 31,128 31,477 31,010 31,301 31,543 31,920 32,033 32,449
Total Debt		 0.00 18,533 18,501 18,508 18,541 18,503 19,126 19,166 19,162 18,873 18,868
Total Long-Term Debt		 0.00 17,975 17,944 17,951 18,535 17,897 18,521 18,550 18,554 18,165 18,158
Net Debt		 -1,360 14,700 14,592 14,811 14,400 14,978 15,442 16,199 15,946 15,564 15,106
Capital Expenditures (CapEx)		 561 663 524 499 618 822 696 750 715 663 479
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2,432 -742 -480 -244 -642 -855 -943 -455 -465 -550 -509
Debt-free Net Working Capital (DFNWC)		 -1,072 694 1,005 998 1,014 150 204 -62 153 125 600
Net Working Capital (NWC)		 -1,072 136 448 441 1,008 -456 -401 -678 -455 -583 -110
Net Nonoperating Expense (NNE)		 127 132 127 138 128 133 138 144 146 149 144
Net Nonoperating Obligations (NNO)		 15,628 14,700 14,592 14,811 14,400 14,978 15,442 16,199 15,946 15,734 15,349
Total Depreciation and Amortization (D&A)		 403 405 410 410 416 422 425 427 424 404 415
Debt-free, Cash-free Net Working Capital to Revenue		 -16.54% -5.06% -3.28% -1.67% -4.37% -5.88% -6.60% -3.21% -3.29% -3.90% -3.60%
Debt-free Net Working Capital to Revenue		 -7.29% 4.73% 6.87% 6.82% 6.91% 1.03% 1.43% -0.44% 1.08% 0.89% 4.24%
Net Working Capital to Revenue		 -7.29% 0.93% 3.06% 3.01% 6.87% -3.14% -2.81% -4.79% -3.22% -4.14% -0.78%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.42 $0.44 $0.46 $0.50 $0.46 $0.37 $0.34 $0.44 $0.37 $0.39 $0.43
Adjusted Weighted Average Basic Shares Outstanding		 1.99B 2.01B 1.96B 1.94B 1.94B 1.94B 1.89B 1.87B 1.86B 1.87B 1.86B
Adjusted Diluted Earnings per Share		 $0.42 $0.44 $0.46 $0.49 $0.46 $0.38 $0.34 $0.44 $0.37 $0.39 $0.43
Adjusted Weighted Average Diluted Shares Outstanding		 2.00B 2.01B 1.96B 1.95B 1.94B 1.94B 1.89B 1.87B 1.87B 1.87B 1.86B
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		 1.98B 1.96B 1.95B 1.94B 1.93B 1.89B 1.88B 1.86B 1.86B 1.86B 1.86B
Normalized Net Operating Profit after Tax (NOPAT)		 950 995 1,020 1,094 1,023 851 784 973 967 869 951
Normalized NOPAT Margin		 26.61% 27.03% 27.70% 29.57% 28.27% 24.04% 22.90% 27.23% 26.95% 24.76% 27.32%
Pre Tax Income Margin		 30.85% 30.63% 32.19% 34.23% 32.72% 25.97% 25.07% 30.58% 25.03% 26.23% 30.53%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 6.43 6.52 6.64 7.06 6.75 5.44 5.11 6.16 5.28 5.32 5.99
NOPAT to Interest Expense		 4.70 4.91 4.86 5.27 4.96 4.12 3.75 4.59 4.00 4.08 4.47
EBIT Less CapEx to Interest Expense		 3.67 3.27 4.15 4.67 3.75 1.47 1.78 2.62 1.87 2.21 3.74
NOPAT Less CapEx to Interest Expense		 1.94 1.66 2.36 2.88 1.96 0.15 0.42 1.05 0.60 0.97 2.22
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 22.87% 24.05% 24.61% 25.06% 24.99% 26.80% 29.05% 30.63% 33.08% 33.64% 32.36%
Augmented Payout Ratio		 125.62% 118.97% 98.12% 90.67% 73.90% 91.27% 113.75% 114.41% 112.65% 81.97% 60.79%

Financials Breakdown Chart

Key Financial Trends

CSX Corp (NASDAQ: CSX) has delivered a pattern of solid cash generation and stable shareholder returns over the last four years, with earnings fluctuating quarter to quarter and a consistently high asset base. Below are the top trends drawn from the quarterly statements, focused on the latest four years of data you provided (2022–2025).

  • Strong operating cash flow remains a core strength. Net cash from continuing operating activities was about $1.39B in Q4 2025, $1.34B in Q3 2025, $0.64B in Q2 2025, and $1.26B in Q1 2025, signaling robust cash generation to fund capex and dividends.
  • Dividend policy shows stability. Quarterly cash dividends per share were $0.13 in early 2025 (Q1 and Q2 2025), with a longer track record of steady payouts, supporting income-oriented investors.
  • Earnings per share remain broadly positive across 2025 quarters (diluted EPS ~0.37–0.44). Q4 2025 diluted EPS was $0.39, with Q2 2025 at $0.44, Q3 2025 at $0.37, and Q1 2025 at $0.34, indicating ongoing profitability on a per-share basis.
  • Ongoing capital investment reflects capacity maintenance and expansion. Purchases of property, plant & equipment ran around $0.68B–$0.78B per quarter in 2025 (Q4 2025: $677M; Q3 2025: $730M; Q2 2025: $776M; Q1 2025: $719M), suggesting continued network maintenance and growth initiatives.
  • Top-line level remains broadly stable. Operating revenues in 2025 hover in the $3.4B–$3.6B range per quarter, indicating a mature rail market with modest quarterly fluctuations rather than clear, sustained growth or contraction.
  • Healthy balance sheet with sizable asset base. As of the latest 2025 balance sheets (e.g., Q3 2025), total assets were about $43.3B, with total liabilities around $30.6B and equity near $12.8B, implying solid liquidity and equity support for modest leverage.
  • Cash position and cash-flow timing show seasonality. Net change in cash ranges from modest positives to some quarterly negatives (e.g., Q2 2025 was a larger cash outflow while Q4 2025 was a small net inflow), reflecting investing and financing timing and working capital cycles.
  • Near-term profit pressure vs. prior year. Q4 2025 net income declined to about $0.72B, down from $0.966B in Q4 2024, with diluted EPS dropping from $0.45 to $0.39 year over year, indicating softer near-term profitability.
  • One-time impairment noted in 2025. An impairment expense of about $164M in Q3 2025 weighed on operating results and margins, a non-recurring headwind to profitability.
  • Debt burden and financing activity remain meaningful. Long-term debt sits around $18.55B (Q3 2025), with total liabilities about $30.6B and roughly flat or negative financing cash flows in several quarters, highlighting ongoing reliance on debt and equity actions to fund capital needs and payouts.
05/15/26 10:45 AM ETAI Generated. May Contain Errors.

CSX Financials - Frequently Asked Questions

According to the most recent income statement we have on file, CSX's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

CSX's net income appears to be on an upward trend, with a most recent value of $2.89 billion in 2025, rising from $1.97 billion in 2015. The previous period was $3.47 billion in 2024. Find out what analysts predict for CSX in the coming months.

CSX's total operating income in 2025 was $4.52 billion, based on the following breakdown:
  • Total Gross Profit: $12.64 billion
  • Total Operating Expenses: $8.12 billion

Over the last 10 years, CSX's total revenue changed from $11.81 billion in 2015 to $14.09 billion in 2025, a change of 19.3%.

CSX's total liabilities were at $30.52 billion at the end of 2025, a 0.9% increase from 2024, and a 32.3% increase since 2015.

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 $670 million as of their latest financial filing in 2025.

Over the last 10 years, CSX's book value per share changed from 11.95 in 2015 to 7.06 in 2025, a change of -40.9%.


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Financial statements for NASDAQ:CSX last updated on 4/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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