Analysis of Revenues
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Analysis of Debt
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Revenues as Reported
CSX Corp., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The annual revenue data reveals several notable trends across the diversified business segments over the five-year period ending December 31, 2022.
- Chemicals
- The revenue in the Chemicals segment remained relatively stable from 2018 to 2020, oscillating slightly around the 2,300 million USD mark. A gradual increase is observed from 2020 onward, culminating in 2,584 million USD in 2022, indicating steady growth in this area.
- Agricultural and Food Products
- This segment exhibits a consistent upward trend, increasing from 1,306 million USD in 2018 to 1,664 million USD in 2022. The growth appears steady, reflecting increased demand or effective market penetration in agricultural and food-related products.
- Automotive
- The automotive segment shows a declining trend from 2018 to 2021, with revenues dropping from 1,267 million USD to 886 million USD. However, there is a partial recovery in 2022, reaching 1,054 million USD, which may suggest a market rebound or strategic adjustments within this sector.
- Forest Products
- Forest products revenues exhibit fluctuations but generally maintain an upward trajectory, rising from 850 million USD in 2018 to 996 million USD in 2022, indicating moderate growth despite intermittent variability.
- Metals and Equipment
- This segment experiences a decline from 769 million USD in 2018 to 675 million USD in 2020, followed by a rebound to 828 million USD by 2022. This pattern suggests challenges in the earlier years with subsequent recovery and growth.
- Minerals
- Minerals revenues steadily increase from 518 million USD in 2018 to 658 million USD in 2022, signaling persistent growth in mineral-related businesses over the period.
- Fertilizers
- The fertilizer segment depicts relative stability with minor declines, dropping slightly from 442 million USD in 2018 to 455 million USD in 2022, with small year-to-year fluctuations but no definitive upward or downward trend.
- Merchandise Business
- The merchandise business shows variability with a dip in 2020 to 7,076 million USD from 7,589 million USD in 2019. However, recovery is evident in subsequent years, rising to 8,239 million USD in 2022, indicating resilience and growth following an interruption.
- Intermodal Business
- This segment declined from 1,931 million USD in 2018 to 1,702 million USD in 2020 but then increased sharply to 2,306 million USD in 2022. The strong rebound after 2020 reflects an expansion or improved performance in intermodal logistics operations.
- Coal Business
- Coal business revenues contracted notably from 2,246 million USD in 2018 to 1,397 million USD in 2020. Nonetheless, a significant recovery occurred from 2020 onwards, reaching 2,434 million USD in 2022, surpassing the 2018 level, indicating renewed strength and possibly favorable market conditions in the coal sector.
- Trucking Business
- Data for this segment is available only from 2021, showing revenue of 410 million USD that more than doubled to 966 million USD in 2022. This rapid growth suggests either a new operational focus or significant expansion in trucking activities.
- Other Revenue
- Other revenue experienced a decline from 582 million USD in 2018 to 408 million USD in 2020 but subsequently showed an upward trend to 908 million USD by 2022, highlighting a turnaround and growth in ancillary revenue streams.
- Total Revenue
- Overall revenue decreased from 12,250 million USD in 2018 to 10,583 million USD in 2020, primarily due to declines in automotive, coal, and merchandise businesses during this period. This was followed by a strong recovery in 2021 and 2022, with the total reaching 14,853 million USD in 2022, reflecting widespread gains across most segments and a robust post-2020 growth phase.