Common-Size Income Statement
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Aggregate Accruals
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CSX Corp., common-size consolidated income statement
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).
- Revenue and Expense Trends
- Revenue remained constant as the baseline at 100% throughout the analyzed periods, enabling a clear view into the relative changes of expense and income components as a percentage of revenue.
- Total expenses as a proportion of revenue showed some fluctuation, decreasing from 60.25% in 2018 to a low of 55.33% in 2021, before rising again to 59.45% in 2022. This indicates some variability in cost management efficiency over the years.
- Labor and Fringe Costs
- Labor and fringe expenses exhibited a consistent downward trend, declining steadily from 22.35% of revenue in 2018 to 19.26% in 2022. This points to improvements in labor cost control or shifts in workforce structure.
- Purchased Services and Other Costs
- Purchased services and other expenses initially declined from 17.02% in 2018 to 15.92% in 2019, but then generally increased in subsequent years, reaching 18.08% in 2022, exceeding the initial value. This suggests increased reliance or rising costs in outsourced services or other purchasing categories.
- Fuel Expenses
- Fuel costs showed notable volatility. They decreased significantly from 8.54% in 2018 to a low of 5.11% in 2020, then rose to 10.95% in 2022, the highest level in the period. This reflects fluctuations in fuel prices or consumption patterns impacting operating expenses.
- Depreciation and Amortization
- Depreciation and amortization expenses increased from 10.87% in 2018 to a peak of 13.07% in 2020, then declined to 10.1% by 2022. The initial increase may indicate asset additions or revaluations, followed by stabilization or disposals affecting the expense.
- Equipment and Other Rents
- Equipment and other rent expenses remained relatively stable, fluctuating between 2.67% and 3.19% of revenue with a slight decreasing trend toward 2022.
- Gains on Property Dispositions
- Gains on property dispositions varied considerably, showing a low of 0.33% in 2020 and a high of 3.63% in 2021, suggesting occasional non-recurring property sales contributing to income.
- Operating Income
- Operating income as a percentage of revenue improved from 39.75% in 2018 to a peak of 44.67% in 2021 before declining to 40.55% in 2022. This indicates overall operational efficiency gains through 2021, followed by some margin compression.
- Interest and Other Income/Expenses
- Interest expense fluctuated, rising from 5.22% in 2018 to a peak of 7.12% in 2020, then decreasing to 5% in 2022, suggesting changes in debt levels or interest rates. Net periodic pension and post-retirement benefit credit steadily increased, improving income by up to 0.53% of revenue in 2022. Interest income was generally low and variable. Debt repurchase expense was present only in 2019 and 2020. Miscellaneous and other income items were minor but slightly increasing, contributing positively to income before taxes.
- Earnings Before Income Taxes and Net Earnings
- Earnings before income taxes showed improvement from 35.13% in 2018 to 39.54% in 2021 before declining to 36.45% in 2022. Income tax expense as a percentage of revenue stayed fairly stable, around 8-9%. Net earnings followed a similar pattern to earnings before tax, increasing to 30.19% in 2021 and dropping to 28.05% in 2022, reflecting overall profitability trends consistent with operating income and expense dynamics.