CSX Corporation (CSX) 10-Year Financial Performance & Capital Metrics

CSX • • Industrial / General

IndustrialsRailroadsClass I RailroadsNorth American Class I Railroads

AboutCSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It transports chemicals, agricultural and food products, automotive, minerals, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities. The company also offers intermodal transportation services through a network of approximately 30 terminals transporting manufactured consumer goods in containers; and drayage services, including the pickup and delivery of intermodal shipments. It serves the automotive industry with distribution centers and storage locations, as well as connects non-rail served customers through transferring products, such as plastics and ethanol from rail to trucks. The company operates approximately 19,500 route mile rail network, which serves various population centers in 23 states east of the Mississippi River, the District of Columbia, and the Canadian provinces of Ontario and Quebec, as well as owns and leases approximately 3,500 locomotives. It also serves production and distribution facilities through track connections. CSX Corporation was incorporated in 1978 and is headquartered in Jacksonville, Florida.Show more

Revenue $14.54B -0.8%
EBITDA $7.05B -0.7%
Net Income $3.47B -5.4%
EPS (Diluted) 1.79 -3.2%
Gross Margin 37.87% -0.9%
EBITDA Margin 48.5%
Operating Margin 36.91% -1.1%
Net Margin 23.87% -4.6%
ROE 28.34% -4.9%
ROIC 13.37% -4.0%
Debt/Equity 1.52 -4.3%
Interest Coverage 6.45 -4.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 30.0%
✓FCF machine: 18.7% free cash flow margin
✓20 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 3.5% through buybacks
✓Healthy 5Y average net margin of 26.7%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.39%

5Y4.02%

3Y5.11%

TTM2.15%

Profit (Net Income) CAGR

10Y6.06%

5Y0.82%

3Y-2.82%

TTM-20.39%

EPS CAGR

10Y10.83%

5Y5.19%

3Y2.14%

TTM-17.74%

ROCE

10Y Avg12.69%

5Y Avg13.56%

3Y Avg14.17%

Latest13.68%

Peer Comparison

North American Class I Railroads

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NSCNorfolk Southern Corporation	65.24B	290.77	25.13	-0.27%	24.22%	19.56%	2.56%	1.22
UNPUnion Pacific Corporation	136.73B	230.51	20.79	0.54%	28.73%	40.75%	4.31%	1.92
CSXCSX Corporation	67.6B	36.30	20.28	-0.8%	19.21%	22.57%	4.02%	1.52
CPCanadian Pacific Kansas City Ltd.	65.21B	72.39	18.19	15.86%	28.38%	12.73%	3.69%	0.47
CNICanadian National Railway Company	61.08B	99.23	14.16	1.3%	26.62%	21.19%	5.16%	1.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	11.81B	11.07B	11.41B	12.25B	11.94B	10.58B	12.52B	14.85B	14.66B	14.54B
Revenue Growth %	-0.07%	-0.06%	0.03%	0.07%	-0.03%	-0.11%	0.18%	0.19%	-0.01%	-0.01%
Cost of Goods Sold+	8.09B	7.7B	7.55B	7.51B	7.08B	6.14B	7.23B	8.93B	9.05B	9.03B
COGS % of Revenue	0.68%	0.7%	0.66%	0.61%	0.59%	0.58%	0.58%	0.6%	0.62%	0.62%
Gross Profit+	3.73B	3.37B	3.86B	4.74B	4.85B	4.44B	5.29B	5.93B	5.6B	5.51B
Gross Margin %	0.32%	0.3%	0.34%	0.39%	0.41%	0.42%	0.42%	0.4%	0.38%	0.38%
Gross Profit Growth %	-0.02%	-0.09%	0.14%	0.23%	0.02%	-0.08%	0.19%	0.12%	-0.05%	-0.02%
Operating Expenses+	142M	100M	114M	98M	107M	107M	130M	143M	136M	140M
OpEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Selling, General & Admin	0	24M	-32M	-38M	-43M	-42M	-64M	-79M	-29M	-50M
SG&A % of Revenue	-	0%	-0%	-0%	-0%	-0%	-0.01%	-0.01%	-0%	-0%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	142M	76M	146M	136M	150M	149M	194M	222M	165M	190M
Operating Income+	3.58B	3.27B	3.75B	4.64B	4.75B	4.33B	5.16B	5.79B	5.47B	5.37B
Operating Margin %	0.3%	0.3%	0.33%	0.38%	0.4%	0.41%	0.41%	0.39%	0.37%	0.37%
Operating Income Growth %	-0.01%	-0.09%	0.14%	0.24%	0.02%	-0.09%	0.19%	0.12%	-0.05%	-0.02%
EBITDA+	4.79B	4.58B	5.06B	5.97B	6.09B	5.72B	6.58B	7.29B	7.1B	7.05B
EBITDA Margin %	0.41%	0.41%	0.44%	0.49%	0.51%	0.54%	0.53%	0.49%	0.48%	0.49%
EBITDA Growth %	0.01%	-0.05%	0.11%	0.18%	0.02%	-0.06%	0.15%	0.11%	-0.02%	-0.01%
D&A (Non-Cash Add-back)	1.21B	1.3B	1.31B	1.33B	1.35B	1.38B	1.42B	1.5B	1.64B	1.69B
EBIT	3.68B	3.32B	3.69B	4.94B	5.05B	4.38B	5.67B	6.16B	5.64B	5.39B
Net Interest Income+	-538M	-569M	-533M	-607M	-689M	-737M	-715M	-700M	-730M	-747M
Interest Income	6M	10M	13M	32M	48M	17M	7M	42M	79M	85M
Interest Expense	544M	579M	546M	639M	737M	754M	722M	742M	809M	832M
Other Income/Expense	-446M	-533M	-606M	-339M	-429M	-708M	-208M	-371M	-638M	-811M
Pretax Income+	3.14B	2.74B	3.14B	4.3B	4.32B	3.63B	4.95B	5.41B	4.83B	4.55B
Pretax Margin %	0.27%	0.25%	0.28%	0.35%	0.36%	0.34%	0.4%	0.36%	0.33%	0.31%
Income Tax+	1.17B	1.03B	-2.33B	995M	985M	862M	1.17B	1.25B	1.16B	1.08B
Effective Tax Rate %	0.63%	0.62%	1.74%	0.77%	0.77%	0.76%	0.76%	0.77%	0.76%	0.76%
Net Income+	1.97B	1.71B	5.47B	3.31B	3.33B	2.77B	3.78B	4.17B	3.67B	3.47B
Net Margin %	0.17%	0.15%	0.48%	0.27%	0.28%	0.26%	0.3%	0.28%	0.25%	0.24%
Net Income Growth %	0.02%	-0.13%	2.19%	-0.4%	0.01%	-0.17%	0.37%	0.1%	-0.12%	-0.05%
Net Income (Continuing)	1.97B	1.71B	5.47B	3.31B	3.33B	2.77B	3.78B	4.17B	3.67B	3.47B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	16M	15M	16M	17M	15M	9M	10M	10M	5M	5M
EPS (Diluted)+	0.67	0.60	2.00	1.28	1.39	1.20	1.68	1.95	1.85	1.79
EPS Growth %	0.05%	-0.1%	2.33%	-0.36%	0.09%	-0.14%	0.4%	0.16%	-0.05%	-0.03%
EPS (Basic)	0.67	0.60	2.00	1.29	1.39	1.20	1.68	1.95	1.85	1.79
Diluted Shares Outstanding	2.95B	2.84B	2.74B	2.58B	2.39B	2.3B	2.25B	2.14B	2.01B	1.94B
Basic Shares Outstanding	2.95B	2.84B	2.73B	2.57B	2.39B	2.3B	2.25B	2.14B	2.01B	1.94B
Dividend Payout Ratio	0.35%	0.4%	0.13%	0.23%	0.23%	0.29%	0.22%	0.2%	0.24%	0.27%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.97B	2.49B	1.92B	2.56B	3.28B	4.44B	3.87B	3.85B	3.36B	2.82B
Cash & Short-Term Investments	1.44B	1.02B	419M	1.11B	1.95B	3.13B	2.32B	2.09B	1.44B	1B
Cash Only	628M	603M	401M	858M	958M	3.13B	2.24B	1.96B	1.35B	933M
Short-Term Investments	810M	417M	18M	253M	996M	2M	77M	129M	83M	72M
Accounts Receivable	982M	938M	970M	1.01B	986M	912M	1.15B	1.31B	1.39B	1.33B
Days Sales Outstanding	30.35	30.93	31.04	30.09	30.15	31.45	33.46	32.27	34.69	33.29
Inventory	350M	407M	372M	263M	261M	302M	339M	341M	440M	414M
Days Inventory Outstanding	15.8	19.31	17.99	12.78	13.45	17.95	17.11	13.95	17.74	16.73
Other Current Assets	70M	122M	154M	181M	77M	96M	70M	108M	90M	75M
Total Non-Current Assets+	32.07B	32.93B	33.82B	34.16B	34.98B	35.35B	36.66B	38.06B	38.85B	39.94B
Property, Plant & Equipment	30.17B	31.15B	31.76B	32B	32.7B	32.92B	33.52B	34.75B	35.22B	36.15B
Fixed Asset Turnover	0.39x	0.36x	0.36x	0.38x	0.37x	0.32x	0.37x	0.43x	0.42x	0.40x
Goodwill	63M	63M	63M	0	0	63M	276M	319M	325M	239M
Intangible Assets	0	0	0	0	0	0	175M	183M	181M	194M
Long-Term Investments	1.39B	1.46B	1.69B	1.78B	1.88B	1.99B	2.1B	2.29B	2.4B	2.52B
Other Non-Current Assets	274M	255M	311M	387M	400M	388M	592M	522M	731M	846M
Total Assets+	35.04B	35.41B	35.74B	36.73B	38.26B	39.79B	40.53B	41.91B	42.21B	42.76B
Asset Turnover	0.34x	0.31x	0.32x	0.33x	0.31x	0.27x	0.31x	0.35x	0.35x	0.34x
Asset Growth %	0.06%	0.01%	0.01%	0.03%	0.04%	0.04%	0.02%	0.03%	0.01%	0.01%
Total Current Liabilities+	1.95B	2.04B	1.89B	1.92B	2.15B	2.02B	2.23B	2.47B	3.22B	3.28B
Accounts Payable	764M	806M	847M	949M	1.04B	809M	963M	1.13B	1.24B	1.29B
Days Payables Outstanding	34.49	38.23	40.97	46.13	53.73	48.08	48.6	46.21	49.87	52.12
Short-Term Debt	20M	331M	19M	18M	245M	401M	181M	151M	558M	606M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	570M	229M	269M	292M	305M	254M	325M	372M	387M	392M
Current Ratio	1.52x	1.22x	1.01x	1.34x	1.52x	2.20x	1.73x	1.56x	1.04x	0.86x
Quick Ratio	1.34x	1.02x	0.81x	1.20x	1.40x	2.05x	1.58x	1.42x	0.91x	0.73x
Cash Conversion Cycle	11.66	12	8.06	-3.25	-10.14	1.32	1.97	-0	2.56	-2.11
Total Non-Current Liabilities+	21.42B	21.68B	19.12B	22.23B	24.24B	24.66B	24.8B	26.82B	27B	26.98B
Long-Term Debt	10.52B	10.96B	11.79B	14.74B	15.99B	16.3B	16.18B	17.9B	17.98B	17.9B
Capital Lease Obligations	0	0	5M	4M	493M	455M	478M	488M	491M	486M
Deferred Tax Liabilities	9.3B	9.6B	6.42B	6.69B	6.96B	7.17B	7.38B	7.57B	7.7B	7.72B
Other Non-Current Liabilities	1.73B	1.12B	911M	801M	796M	737M	752M	863M	839M	873M
Total Liabilities	23.37B	23.72B	21.02B	24.15B	26.39B	26.68B	27.03B	29.29B	30.23B	30.26B
Total Debt+	10.54B	11.29B	11.81B	14.76B	16.73B	17.16B	16.84B	18.54B	19.02B	18.99B
Net Debt	9.91B	10.69B	11.41B	13.9B	15.77B	14.03B	14.61B	16.58B	17.67B	18.06B
Debt / Equity	0.90x	0.96x	0.80x	1.17x	1.41x	1.31x	1.25x	1.47x	1.59x	1.52x
Debt / EBITDA	2.20x	2.47x	2.33x	2.47x	2.75x	3.00x	2.56x	2.54x	2.68x	2.69x
Net Debt / EBITDA	2.07x	2.34x	2.25x	2.33x	2.59x	2.45x	2.22x	2.28x	2.49x	2.56x
Interest Coverage	6.59x	5.65x	6.86x	7.27x	6.44x	5.75x	7.15x	7.80x	6.76x	6.45x
Total Equity+	11.68B	11.71B	14.74B	12.6B	11.88B	13.11B	13.51B	12.63B	11.98B	12.51B
Equity Growth %	0.04%	0%	0.26%	-0.15%	-0.06%	0.1%	0.03%	-0.06%	-0.05%	0.04%
Book Value per Share	3.96	4.12	5.37	4.88	4.96	5.69	5.99	5.90	5.95	6.44
Total Shareholders' Equity	11.67B	11.69B	14.72B	12.58B	11.86B	13.1B	13.5B	12.63B	11.98B	12.5B
Common Stock	966M	928M	890M	818M	773M	2.29B	2.2B	2.07B	1.96B	1.9B
Retained Earnings	11.24B	11.25B	14.08B	12.16B	11.4B	11.26B	11.63B	10.36B	9.61B	9.99B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-665M	-640M	-486M	-661M	-675M	-598M	-408M	-388M	-279M	-232M
Minority Interest	16M	15M	16M	17M	15M	9M	10M	10M	5M	5M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.37B	3.04B	3.47B	4.64B	4.85B	4.26B	5.1B	5.62B	5.55B	5.25B
Operating CF Margin %	0.29%	0.27%	0.3%	0.38%	0.41%	0.4%	0.41%	0.38%	0.38%	0.36%
Operating CF Growth %	0.01%	-0.1%	0.14%	0.34%	0.05%	-0.12%	0.2%	0.1%	-0.01%	-0.05%
Net Income	1.97B	1.71B	5.47B	3.31B	3.33B	2.77B	3.78B	4.17B	3.71B	3.47B
Depreciation & Amortization	1.21B	1.3B	1.31B	1.33B	1.35B	1.38B	1.42B	1.5B	1.61B	1.66B
Stock-Based Compensation	0	0	0	0	0	0	0	74M	0	40M
Deferred Taxes	456M	405M	-3.23B	279M	273M	180M	167M	117M	140M	12M
Other Non-Cash Items	-68M	-448M	-116M	-286M	-220M	-67M	-442M	-329M	-39M	-7M
Working Capital Changes	-194M	69M	35M	8M	117M	2M	173M	91M	122M	74M
Change in Receivables	149M	84M	-70M	-46M	45M	83M	-141M	-101M	-51M	82M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-79M	40M	41M	104M	98M	-20M	128M	140M	83M	-5M
Cash from Investing+	-2.89B	-1.8B	-1.5B	-1.68B	-2.1B	-649M	-1.88B	-2.13B	-2.29B	-2.6B
Capital Expenditures	-2.56B	-2.4B	-2.04B	-1.75B	-1.66B	-1.63B	-1.79B	-2.13B	-2.28B	0
CapEx % of Revenue	0.22%	0.22%	0.18%	0.14%	0.14%	0.15%	0.14%	0.14%	0.16%	0.17%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	37M	9M	37M	-27M	31M	-77M	525M	279M	-24M	-2.6B
Cash from Financing+	-519M	-1.27B	-2.18B	-2.5B	-2.65B	-1.44B	-4.11B	-3.77B	-3.87B	-3.06B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-686M	-680M	-708M	-751M	-763M	-797M	-839M	-852M	-882M	-930M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-313M	-18M	-59M	6M	-34M	39M	0	50M	113M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	808M	643M	1.43B	2.9B	3.19B	2.64B	3.31B	3.49B	3.27B	2.72B
FCF Margin %	0.07%	0.06%	0.13%	0.24%	0.27%	0.25%	0.26%	0.23%	0.22%	0.19%
FCF Growth %	-0.1%	-0.2%	1.23%	1.02%	0.1%	-0.17%	0.25%	0.05%	-0.06%	-0.17%
FCF per Share	0.27	0.23	0.52	1.12	1.33	1.14	1.47	1.63	1.62	1.40
FCF Conversion (FCF/Net Income)	1.71x	1.78x	0.63x	1.40x	1.46x	1.54x	1.35x	1.35x	1.51x	1.51x
Interest Paid	566M	606M	555M	614M	717M	750M	718M	729M	806M	850M
Taxes Paid	768M	580M	911M	814M	691M	664M	931M	1.17B	630M	1.08B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	17.19%	14.65%	41.37%	24.2%	27.22%	22.13%	28.41%	31.87%	29.8%	28.34%
Return on Invested Capital (ROIC)	12.84%	11.16%	11.58%	13.23%	13.14%	11.87%	14%	15.14%	13.93%	13.37%
Gross Margin	31.55%	30.48%	33.85%	38.7%	40.65%	41.97%	42.24%	39.91%	38.23%	37.87%
Net Margin	16.65%	15.48%	47.95%	27%	27.9%	26.13%	30.19%	28.05%	25.03%	23.87%
Debt / Equity	0.90x	0.96x	0.80x	1.17x	1.41x	1.31x	1.25x	1.47x	1.59x	1.52x
Interest Coverage	6.59x	5.65x	6.86x	7.27x	6.44x	5.75x	7.15x	7.80x	6.76x	6.45x
FCF Conversion	1.71x	1.78x	0.63x	1.40x	1.46x	1.54x	1.35x	1.35x	1.51x	1.51x
Revenue Growth	-6.77%	-6.28%	3.06%	7.38%	-2.56%	-11.34%	18.32%	18.62%	-1.32%	-0.8%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Total Merchandise	7.49B	7.59B	7.08B	7.54B	8.2B	8.7B	8.9B
Total Merchandise Growth	-	1.31%	-6.76%	6.54%	8.77%	6.10%	2.30%
Coal Services	2.25B	2.07B	1.4B	1.79B	2.4B	2.5B	2.2B
Coal Services Growth	-	-7.84%	-32.51%	28.13%	34.08%	4.17%	-12.00%
Intermodal	1.93B	1.76B	1.7B	2.04B	2.3B	2.1B	2B
Intermodal Growth	-	-8.86%	-3.30%	19.80%	12.80%	-8.70%	-4.76%
Trucking	-	-	-	410M	966M	882M	844M
Trucking Growth	-	-	-	-	135.61%	-8.70%	-4.31%
Chemicals	2.34B	2.34B	2.31B	2.42B	2.58B	2.6B	-
Chemicals Growth	-	0.17%	-1.45%	4.85%	6.73%	0.58%	-
Agricultural and Food Products	1.31B	1.41B	1.39B	1.46B	1.66B	1.66B	-
Agricultural and Food Products Growth	-	7.96%	-1.70%	5.41%	13.89%	-0.42%	-
Automotive	1.27B	1.24B	920M	886M	1.05B	1.22B	-
Automotive Growth	-	-2.45%	-25.57%	-3.70%	18.96%	15.65%	-
Forest Products	850M	878M	824M	918M	996M	1.01B	-
Forest Products Growth	-	3.29%	-6.15%	11.41%	8.50%	1.61%	-
Metals and Equipment	769M	741M	675M	796M	828M	917M	-
Metals and Equipment Growth	-	-3.64%	-8.91%	17.93%	4.02%	10.75%	-
Minerals	518M	550M	538M	587M	658M	733M	-
Minerals Growth	-	6.18%	-2.18%	9.11%	12.10%	11.40%	-
Other Services	582M	518M	408M	744M	908M	578M	-
Other Services Growth	-	-11.00%	-21.24%	82.35%	22.04%	-36.34%	-
Fertilizers	442M	431M	424M	470M	455M	516M	-
Fertilizers Growth	-	-2.49%	-1.62%	10.85%	-3.19%	13.41%	-

Frequently Asked Questions

Valuation & Price

CSX Corporation (CSX) has a price-to-earnings (P/E) ratio of 20.3x. This is roughly in line with market averages.

Growth & Financials

CSX Corporation (CSX) reported $15.00B in revenue for fiscal year 2024. This represents a 28% increase from $11.74B in 2011.

CSX Corporation (CSX) saw revenue decline by 0.8% over the past year.

Yes, CSX Corporation (CSX) is profitable, generating $2.88B in net income for fiscal year 2024 (23.9% net margin).

Dividend & Returns

Yes, CSX Corporation (CSX) pays a dividend with a yield of 1.32%. This makes it attractive for income-focused investors.

CSX Corporation (CSX) has a return on equity (ROE) of 28.3%. This is excellent, indicating efficient use of shareholder capital.

CSX Corporation (CSX) generated $3.78B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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