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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
Quarterly Data

CSX Corp., common-size consolidated income statement (quarterly data)

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3 months ended: Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Labor and fringe -19.51 -19.46 -19.49 -17.93 -20.28 -20.51 -19.17 -19.93 -22.04 -20.81 -21.68 -22.48 -21.23 -22.81 -21.42 -21.17 -22.30 -21.57 -22.21 -21.57 -24.20
Purchased services and other -18.56 -18.74 -17.05 -16.96 -19.78 -18.82 -17.53 -14.75 -16.78 -15.82 -14.43 -18.54 -16.53 -15.53 -15.85 -15.75 -16.53 -18.26 -16.84 -16.31 -17.87
Depreciation and amortization -10.60 -10.54 -9.70 -9.67 -10.55 -10.50 -11.15 -11.64 -12.26 -12.28 -13.14 -15.25 -12.05 -11.92 -11.35 -11.01 -10.95 -10.98 -10.67 -10.61 -11.23
Fuel -9.82 -11.02 -11.25 -11.69 -9.70 -8.23 -7.50 -6.49 -6.75 -4.92 -4.49 -4.04 -6.73 -7.49 -7.49 -7.64 -7.73 -8.05 -8.57 -8.70 -8.87
Equipment and other rents -2.21 -2.60 -2.67 -2.49 -2.93 -2.77 -2.86 -2.91 -3.13 -3.22 -3.32 -3.46 -2.84 -3.02 -2.85 -3.01 -2.92 -2.42 -2.08 -2.64 -2.64
Gains on property dispositions 0.22 1.47 0.69 3.38 0.79 0.70 1.82 12.27 0.11 0.07 0.15 0.49 0.63 0.76 2.18 1.21 0.90 1.02 1.69 1.19 1.11
Expense -60.50% -60.88% -59.46% -55.36% -62.44% -60.14% -56.38% -43.44% -60.86% -56.99% -56.91% -63.28% -58.74% -60.00% -56.78% -57.37% -59.54% -60.26% -58.68% -58.64% -63.70%
Operating income 39.50% 39.12% 40.54% 44.64% 37.56% 39.86% 43.62% 56.56% 39.14% 43.01% 43.09% 36.72% 41.26% 40.00% 43.22% 42.63% 40.46% 39.74% 41.32% 41.36% 36.30%
Interest expense -5.42 -5.34 -4.96 -4.48 -5.24 -5.25 -5.38 -6.05 -6.54 -6.69 -7.06 -8.47 -6.55 -6.55 -6.25 -6.01 -5.91 -5.44 -5.18 -5.06 -5.18
Other income, net 1.11 1.18 0.95 0.68 0.76 0.55 0.61 0.67 0.71 -1.13 0.53 0.67 0.77 0.55 0.81 0.82 0.76 0.64 0.61 0.58 0.59
Earnings before income taxes 35.19% 34.96% 36.53% 40.84% 33.08% 35.16% 38.85% 51.17% 33.31% 35.19% 36.56% 28.91% 35.48% 34.00% 37.78% 37.44% 35.31% 34.93% 36.75% 36.88% 31.71%
Income tax expense -8.55 -7.67 -8.01 -9.96 -7.91 -7.91 -9.45 -11.94 -8.21 -8.28 -8.76 -6.78 -8.51 -7.28 -9.03 -9.02 -7.63 -8.11 -8.18 -8.61 -7.55
Net earnings 26.63% 27.29% 28.52% 30.88% 25.17% 27.25% 29.40% 39.23% 25.10% 26.90% 27.79% 22.13% 26.97% 26.72% 28.74% 28.42% 27.68% 26.82% 28.57% 28.27% 24.17%

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The financial performance over the analyzed period demonstrates a high degree of stability in profitability margins, with net earnings consistently ranging between 22% and 31% of revenue, excluding a single anomalous outlier. Operating income typically maintains a corridor between 36% and 44%, indicating a resilient core business model capable of maintaining steady margins despite fluctuations in underlying cost components.

Operating Expense Trends
Labor and fringe costs exhibit a gradual long-term improvement in efficiency, declining from a high of 24.20% of revenue in March 2018 to 19.51% by March 2023. Fuel expenses demonstrate the highest volatility among operating costs, fluctuating from a low of 4.04% in June 2020 to a peak of 11.69% in June 2022, suggesting a significant sensitivity to commodity price swings. Depreciation and amortization remained relatively stable, generally hovering around 10% to 12% of revenue, with a temporary spike to 15.25% in mid-2020.
Non-Operating and Tax Impact
Interest expenses as a percentage of revenue remained fairly constant, typically fluctuating between 4.48% and 8.47%. Other income, net, generally provides a marginal positive contribution, usually below 1.2% of revenue. Income tax expense has consistently tracked between 6.78% and 9.96% of revenue, maintaining a stable effective tax rate relative to total revenue throughout the observed timeframe.
Significant Anomalies
A notable divergence occurred in the second quarter of 2021, where gains on property dispositions surged to 12.27% of revenue. This non-recurring event significantly inflated the operating income to 56.56% and pushed net earnings to a peak of 39.23% for that quarter. Outside of this event, the company's margin profile remains remarkably consistent across multiple years.

In summary, the operational trajectory is characterized by a steady reduction in the relative cost of labor and a vulnerability to fuel price volatility. However, the overall impact on the bottom line has been mitigated, resulting in a stable net profit margin that typically aligns with the 26% to 28% range.

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