Detailed financial statements for CSX Corporation (CSX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
CSX Corporation, operating through its subsidiaries, stands as a leading provider of rail-based cargo transportation services. The company offers a wide range of services, including general rail freight, the movement of intermodal containers and trailers, and specialized transport solutions such as efficient rail-to-truck transfers and the handling of bulk commodities.
Analysis Summary
CSX Corporation reported revenue of $14.09B in the most recent fiscal year, growing at a 5-year CAGR of 5.9%. Net income reached $2.89B, with a 0.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 36.4%, operating margin 36.4%, net margin 24.0%. Free cash flow grew at -8.3% CAGR over 5 years.
At $51.99 (closing price, October 30, 2026), CSX trades at a P/E of 26.94 and an ROE of 25.95%. Market capitalisation stands at $96.3B, placing it among large-cap names.
Balance sheet quality for CSX: current ratio of 0.8, net debt of $18.68B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $1.71B represents 59% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.07B | $11.41B | $12.25B | $11.94B | $10.58B | $12.52B | $14.85B | $14.66B | $14.54B | $14.09B |
| Cost of Revenue | $7.70B | $7.55B | $7.51B | $7.08B | $6.14B | $7.23B | $9.14B | $9.05B | $9.03B | $9.41B |
| Gross Profit | $3.37B | $3.86B | $4.74B | $4.85B | $4.44B | $5.29B | $5.72B | $5.60B | $5.51B | $4.68B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $24.0M | -$32.0M | -$38.0M | -$43.0M | -$42.0M | -$64.0M | -$79.0M | -$29.0M | -$50.0M | 0 |
| Operating Expenses | $100.0M | $114.0M | $98.0M | $107.0M | $107.0M | $130.0M | -$238.0M | $136.0M | $140.0M | $164.0M |
| Operating Income | $3.27B | $3.75B | $4.64B | $4.75B | $4.33B | $5.16B | $5.95B | $5.47B | $5.37B | $4.52B |
| EBITDA | $4.62B | $5.00B | $6.27B | $6.40B | $5.76B | $7.09B | $7.59B | $7.27B | $7.07B | $5.87B |
| Interest Expense | $579.0M | $546.0M | $639.0M | $737.0M | $754.0M | $722.0M | $742.0M | $809.0M | $832.0M | $844.0M |
| Pre-tax Income | $2.74B | $3.14B | $4.30B | $4.32B | $3.63B | $4.95B | $5.34B | $4.83B | $4.55B | $3.77B |
| Income Tax | $1.03B | -$2.33B | $995.0M | $985.0M | $862.0M | $1.17B | $1.23B | $1.16B | $1.08B | $880.0M |
| Net Income | $1.71B | $5.47B | $3.31B | $3.33B | $2.77B | $3.78B | $4.11B | $3.67B | $3.47B | $2.89B |
| EPS | $0.60 | $2.00 | $1.29 | $1.39 | $1.20 | $1.68 | $1.95 | $1.83 | $1.79 | $1.54 |
| EPS (Diluted) | $0.60 | $2.00 | $1.28 | $1.39 | $1.20 | $1.68 | $1.95 | $1.82 | $1.79 | $1.54 |
| Shares Outstanding (Diluted) | 2,844.0 M | 2,742.0 M | 2,583.0 M | 2,394.0 M | 2,304.0 M | 2,255.0 M | 2,141.0 M | 2,013.0 M | 1,943.0 M | 1,864.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $3.51B | $3.48B | $3.94B | $4.02B |
| Gross Profit | $1.11B | $1.25B | $1.51B | $1.57B |
| Operating Income | $1.11B | $1.25B | $1.51B | $1.57B |
| EBITDA | $1.54B | $1.69B | $1.94B | $2.00B |
| Net Income | $720.0M | $807.0M | $1.00B | $1.05B |
| EPS | $0.39 | $0.43 | $0.54 | $0.57 |
| EPS (Diluted) | $0.39 | $0.43 | $0.54 | $0.57 |
Balance Sheet (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $137.0M | $264.0M | $368.0M | $859.0M | $309.0M | $461.0M | $368.0M | $669.0M | $1.03B | $1.29B | $783.0M | $784.0M | $592.0M | $669.0M | $628.0M | $603.0M | $401.0M | $858.0M | $958.0M | $3.13B | $2.24B | $1.96B | $1.35B | $933.0M | $670.0M |
| Short-term Investments | $481.0M | 0 | 0 | 0 | $293.0M | $439.0M | $346.0M | $76.0M | $61.0M | $54.0M | $523.0M | $587.0M | $487.0M | $292.0M | $810.0M | $417.0M | $18.0M | $253.0M | $996.0M | $2.0M | $77.0M | $129.0M | $83.0M | $72.0M | $5.0M |
| Receivables | $878.0M | $799.0M | $1.16B | $1.14B | $1.20B | $1.17B | $1.17B | $1.11B | $995.0M | $993.0M | $1.13B | $962.0M | $1.05B | $1.13B | $982.0M | $938.0M | $970.0M | $1.01B | $986.0M | $912.0M | $1.15B | $1.31B | $1.39B | $1.33B | $1.30B |
| Inventory | $206.0M | $180.0M | $170.0M | $165.0M | $199.0M | $204.0M | $240.0M | $217.0M | $203.0M | $218.0M | $240.0M | $274.0M | $252.0M | $273.0M | $350.0M | $407.0M | $372.0M | $263.0M | $261.0M | $302.0M | $339.0M | $341.0M | $440.0M | $414.0M | $390.0M |
| Total Current Assets | $2.07B | $1.79B | $1.90B | $2.99B | $2.37B | $2.67B | $2.49B | $2.39B | $2.57B | $2.85B | $2.94B | $2.80B | $2.60B | $2.57B | $2.97B | $2.49B | $1.92B | $2.56B | $3.28B | $4.44B | $3.87B | $3.85B | $3.36B | $2.82B | $2.55B |
| Property, Plant & Equipment | $12.97B | $13.29B | $13.73B | $19.95B | $20.16B | $20.92B | $21.78B | $22.69B | $23.06B | $23.80B | $24.97B | $26.05B | $27.29B | $28.58B | $30.17B | $31.15B | $31.76B | $32.00B | $32.70B | $32.92B | $33.52B | $34.75B | $35.22B | $36.15B | $37.27B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | $64.0M | $64.0M | $64.0M | $70.0M | $64.0M | $64.0M | $64.0M | $63.0M | $63.0M | $63.0M | $63.0M | 0 | 0 | $63.0M | $276.0M | $319.0M | $325.0M | $239.0M | $80.0M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $73.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $175.0M | $183.0M | $181.0M | $194.0M | $187.0M |
| Total Assets | $20.80B | $20.95B | $21.76B | $24.58B | $24.23B | $25.13B | $25.53B | $26.29B | $27.04B | $28.14B | $29.47B | $30.57B | $31.78B | $33.05B | $35.04B | $35.41B | $35.74B | $36.73B | $38.26B | $39.79B | $40.53B | $41.91B | $42.21B | $42.76B | $43.68B |
| Accounts Payable | $966.0M | $802.0M | $827.0M | $870.0M | $954.0M | $974.0M | $976.0M | $973.0M | $967.0M | $1.05B | $1.15B | $1.01B | $957.0M | $845.0M | $764.0M | $806.0M | $847.0M | $949.0M | $1.04B | $809.0M | $963.0M | $1.13B | $1.24B | $1.29B | $1.15B |
| Short-term Debt | $1.27B | $534.0M | $428.0M | $1.08B | $937.0M | $600.0M | $787.0M | $320.0M | $113.0M | $613.0M | $507.0M | $780.0M | $533.0M | $228.0M | $20.0M | $331.0M | $19.0M | $18.0M | $245.0M | $401.0M | $181.0M | $151.0M | $558.0M | $606.0M | $708.0M |
| Total Current Liabilities | $3.30B | $2.45B | $2.21B | $3.32B | $2.98B | $2.52B | $2.67B | $2.40B | $1.86B | $2.54B | $2.56B | $2.65B | $2.42B | $2.11B | $1.95B | $2.04B | $1.89B | $1.92B | $2.15B | $2.02B | $2.23B | $2.47B | $3.22B | $3.28B | $3.13B |
| Long-term Debt | $5.84B | $6.52B | $6.89B | $6.23B | $5.09B | $5.36B | $6.47B | $7.51B | $7.89B | $8.05B | $8.73B | $9.05B | $9.02B | $9.51B | $10.52B | $10.96B | $11.79B | $14.74B | $15.99B | $16.30B | $16.18B | $17.90B | $17.98B | $17.90B | $18.16B |
| Total Liabilities | $14.68B | $14.71B | $15.31B | $17.77B | $16.28B | $16.10B | $16.85B | $18.24B | $18.18B | $19.44B | $21.00B | $21.57B | $21.28B | $21.88B | $23.37B | $23.72B | $21.02B | $24.15B | $26.39B | $26.68B | $27.03B | $29.29B | $30.23B | $30.26B | $30.52B |
| Retained Earnings | $4.46B | $4.80B | $4.96B | $5.21B | $6.26B | $7.43B | $8.56B | $8.40B | $9.18B | $9.09B | $8.28B | $8.88B | $9.94B | $10.73B | $11.24B | $11.25B | $14.08B | $12.16B | $11.40B | $11.26B | $11.63B | $10.36B | $9.61B | $9.99B | $10.56B |
| Total Equity | $6.12B | $6.24B | $6.45B | $6.81B | $7.95B | $8.94B | $8.69B | $8.05B | $8.85B | $8.69B | $8.47B | $9.00B | $10.50B | $11.18B | $11.67B | $11.69B | $14.72B | $12.58B | $11.86B | $13.10B | $13.50B | $12.62B | $11.98B | $12.50B | $13.16B |
| Total Debt | $7.11B | $7.05B | $7.31B | $7.33B | $6.03B | $5.96B | $7.26B | $7.83B | $8.01B | $8.66B | $9.24B | $9.83B | $9.55B | $9.74B | $10.54B | $11.29B | $11.81B | $14.76B | $16.73B | $17.16B | $16.84B | $18.54B | $19.02B | $18.99B | $19.35B |
| Net Debt | $6.49B | $6.79B | $6.95B | $6.47B | $5.43B | $5.06B | $6.54B | $7.09B | $6.92B | $7.32B | $7.93B | $8.46B | $8.48B | $8.78B | $9.10B | $10.27B | $11.39B | $13.65B | $14.78B | $14.03B | $14.53B | $16.45B | $17.59B | $17.98B | $18.68B |
| Working Capital | -$1.23B | -$665.0M | -$307.0M | -$330.0M | -$607.0M | $150.0M | -$180.0M | -$13.0M | $705.0M | $318.0M | $377.0M | $156.0M | $178.0M | $465.0M | $1.01B | $447.0M | $21.0M | $650.0M | $1.13B | $2.42B | $1.64B | $1.38B | $136.0M | -$456.0M | -$583.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $670.0M | $964.0M | $1.01B | $1.22B |
| Total Assets | $43.68B | $44.23B | $44.73B | $45.15B |
| Total Liabilities | $30.52B | $30.65B | $30.64B | $30.77B |
| Total Equity | $13.16B | $13.57B | $14.08B | $14.38B |
| Total Debt | $19.35B | $19.34B | $19.36B | $19.30B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.71B | $5.47B | $3.31B | $3.33B | $2.77B | $3.78B | $4.17B | $3.67B | $3.47B | $2.89B |
| Depreciation & Amortization | $1.30B | $1.31B | $1.33B | $1.35B | $1.38B | $1.42B | $1.50B | $1.61B | $1.66B | $1.68B |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | $74.0M | 0 | $40.0M | 0 |
| Change in Working Capital | $69.0M | $35.0M | $8.0M | $117.0M | $2.0M | $173.0M | $91.0M | $154.0M | $74.0M | -$244.0M |
| Operating Cash Flow | $3.04B | $3.47B | $4.64B | $4.85B | $4.26B | $5.10B | $5.62B | $5.51B | $5.25B | $4.61B |
| Capital Expenditure | -$2.40B | -$2.04B | -$1.75B | -$1.66B | -$1.63B | -$1.79B | -$2.13B | -$2.26B | -$2.53B | -$2.90B |
| Acquisitions | $195.0M | $97.0M | $319.0M | $254.0M | $56.0M | -$541.0M | -$227.0M | -$31.0M | -$70.0M | -$16.0M |
| Stock Repurchased | -$1.06B | -$1.97B | -$4.67B | -$3.37B | -$867.0M | -$2.89B | -$4.73B | -$3.48B | -$2.24B | -$1.40B |
| Dividends Paid | -$680.0M | -$708.0M | -$751.0M | -$763.0M | -$797.0M | -$839.0M | -$852.0M | -$882.0M | -$930.0M | -$972.0M |
| Free Cash Flow | $643.0M | $1.43B | $2.90B | $3.19B | $2.64B | $3.31B | $3.49B | $3.26B | $2.72B | $1.71B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $1.39B | $1.27B | $1.33B | $1.62B |
| Capital Expenditure | -$677.0M | -$543.0M | -$576.0M | -$593.0M |
| Free Cash Flow | $709.0M | $729.0M | $751.0M | $1.02B |
| Dividends Paid | -$242.0M | -$260.0M | -$260.0M | -$259.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +3.1% | +7.4% | -2.6% | -11.3% | +18.3% | +18.6% | -1.3% | -0.8% | -3.1% | |
| Net Income Growth (YoY) | +219.3% | -39.5% | +0.7% | -17.0% | +36.7% | +8.8% | -10.8% | -5.4% | -16.7% | |
| EPS Growth (YoY) | +233.3% | -35.5% | +7.8% | -13.7% | +40.0% | +16.1% | -6.2% | -2.2% | -14.0% | |
| Shares Change (YoY) | -3.6% | -5.8% | -7.3% | -3.8% | -2.1% | -5.1% | -6.0% | -3.5% | -4.1% | |
| FCF Growth (YoY) | +122.7% | +102.2% | +10.3% | -17.4% | +25.4% | +5.4% | -6.6% | -16.5% | -37.0% | |
| Gross Margin | 30.5% | 33.9% | 38.7% | 40.6% | 42.0% | 42.2% | 38.5% | 38.2% | 37.9% | 33.2% |
| Operating Margin | 29.6% | 32.9% | 37.9% | 39.8% | 41.0% | 41.2% | 40.1% | 37.3% | 36.9% | 32.1% |
| EBITDA Margin | 41.7% | 43.9% | 51.2% | 53.6% | 54.5% | 56.6% | 51.1% | 49.6% | 48.6% | 41.6% |
| Net Margin | 15.5% | 47.9% | 27.0% | 27.9% | 26.1% | 30.2% | 27.7% | 25.0% | 23.9% | 20.5% |
| FCF Margin | 5.8% | 12.6% | 23.6% | 26.7% | 24.9% | 26.4% | 23.5% | 22.2% | 18.7% | 12.1% |
| Effective Tax Rate | 37.5% | -74.1% | 23.1% | 22.8% | 23.8% | 23.6% | 23.0% | 24.0% | 23.8% | 23.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.23 | $0.52 | $1.12 | $1.33 | $1.14 | $1.47 | $1.63 | $1.62 | $1.40 | $0.92 |
| Dividends Per Share | $0.24 | $0.26 | $0.29 | $0.32 | $0.35 | $0.37 | $0.40 | $0.44 | $0.48 | $0.52 |
| Shares Outstanding (Basic) | 2,841.0 M | 2,733.0 M | 2,571.0 M | 2,388.0 M | 2,298.0 M | 2,250.0 M | 2,136.0 M | 2,008.0 M | 1,936.0 M | 1,864.0 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 25.95% |
| Return on Invested Capital | 9.77% |
| Return on Assets | 7.93% |
| Gross Margin | 36.40% |
| Operating Margin | 36.40% |
| Net Margin | 23.97% |
Financial Health
| Debt / Equity | 1.34 |
| Current Ratio | 0.84 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.31 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.97 | 9.17 | 16.05 | 17.35 | 25.21 | 22.38 | 15.89 | 18.95 | 18.03 | 23.54 |
| P/B | 2.91 | 3.40 | 4.23 | 4.86 | 5.31 | 6.27 | 5.24 | 5.81 | 5.00 | 5.13 |
| P/S | 3.07 | 4.39 | 4.35 | 4.83 | 6.57 | 6.76 | 4.46 | 4.75 | 4.30 | 4.79 |
| Gross Margin | 30.5% | 33.9% | 38.7% | 40.6% | 42.0% | 42.2% | 38.5% | 38.2% | 37.9% | 33.2% |
| Operating Margin | 29.6% | 32.9% | 37.9% | 39.8% | 41.0% | 41.2% | 40.1% | 37.3% | 36.9% | 32.1% |
| Net Margin | 15.5% | 47.9% | 27.0% | 27.9% | 26.1% | 30.2% | 27.7% | 25.0% | 23.9% | 20.5% |
Related companies: UNP · CP · CNI · NSC
Explore sector: Industrials · Railroads
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