Stock Analysis on Net

CSX Corp. (NASDAQ:CSX)

This company has been moved to the archive! The financial data has not been updated since April 20, 2023.

Analysis of Revenues 

Microsoft Excel

Revenues as Reported

CSX Corp., income statement, revenues

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Chemicals 2,584 2,421 2,309 2,343 2,339
Agricultural and food products 1,664 1,461 1,386 1,410 1,306
Automotive 1,054 886 920 1,236 1,267
Forest products 996 918 824 878 850
Metals and equipment 828 796 675 741 769
Minerals 658 587 538 550 518
Fertilizers 455 470 424 431 442
Merchandise business 8,239 7,539 7,076 7,589 7,491
Intermodal business 2,306 2,039 1,702 1,760 1,931
Coal business 2,434 1,790 1,397 2,070 2,246
Trucking business 966 410
Other revenue 908 744 408 518 582
Revenue 14,853 12,522 10,583 11,937 12,250

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.