Stock Analysis on Net
AI Tokens
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.

Common-Size Income Statement

CSX Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Revenue 100.00 100.00 100.00 100.00 100.00
Labor and fringe -19.26 -20.36 -21.50 -21.92 -22.35
Purchased services and other -18.08 -17.05 -16.24 -15.92 -17.02
Fuel -10.95 -7.29 -5.11 -7.59 -8.54
Depreciation and amortization -10.10 -11.34 -13.07 -11.30 -10.87
Equipment and other rents -2.67 -2.91 -3.19 -2.95 -2.73
Gains on property dispositions 1.60 3.63 0.33 1.26 1.26
Expense -59.45% -55.33% -58.78% -58.41% -60.25%
Operating income 40.55% 44.67% 41.22% 41.59% 39.75%
Interest expense -5.00 -5.77 -7.12 -6.17 -5.22
Net periodic pension and post-retirement benefit credit 0.53 0.51 0.40 0.36 0.31
Interest income 0.28 0.06 0.16 0.40 0.26
Debt repurchase expense 0.00 0.00 -0.45 -0.08 0.00
Miscellaneous income 0.08 0.06 0.08 0.06 0.03
Other income, net 0.90% 0.63% 0.18% 0.74% 0.60%
Earnings before income taxes 36.45% 39.54% 34.27% 36.16% 35.13%
Income tax expense -8.40 -9.34 -8.15 -8.25 -8.12
Net earnings 28.05% 30.19% 26.13% 27.90% 27.01%

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 financial performance over the five-year period indicates a stable operational structure with a notable peak in efficiency during 2021. While revenue remains the constant baseline, the composition of operating expenses and the resulting net margins reveal specific trends in cost management and external price pressures.

Operating Expense Trends
A consistent reduction in labor and fringe costs is observed, declining from 22.35% of revenue in 2018 to 19.26% in 2022. This downward trend suggests a sustained improvement in workforce productivity or operational efficiency. In contrast, fuel expenses exhibited significant volatility, dropping to a period low of 5.11% in 2020 before surging to 10.95% by 2022, reflecting a high sensitivity to external energy market fluctuations.
Operating Income and Margin Analysis
Operating income as a percentage of revenue showed a general upward trajectory, rising from 39.75% in 2018 to a peak of 44.67% in 2021. Although the margin contracted to 40.55% in 2022, it remains above the 2018 level, indicating that the gains made in labor cost reduction have partially offset increases in fuel and purchased services.
Financial and Non-Operating Items
Interest expenses remained a significant cost driver, fluctuating between 5.00% and 7.12% of revenue, with the highest relative cost occurring in 2020. This was partially offset by a gradual increase in net periodic pension and post-retirement benefit credits, which rose from 0.31% in 2018 to 0.53% in 2022. Other income and miscellaneous gains remained relatively marginal and stable throughout the period.
Net Profitability
Net earnings demonstrated strong resilience, maintaining a range between 26.13% and 30.19% of revenue. The peak net margin in 2021 coincides with the peak in operating income, while the 28.05% margin in 2022 suggests that the company has successfully managed its cost structure to keep net profitability stable despite the volatility of operating inputs.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?