Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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CSX Corp., common-size consolidated income statement (quarterly data)
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).
- Revenue
- Revenue remained constant, serving as the basis for all percentage calculations.
- Labor and Fringe Costs
- Labor and fringe costs fluctuated but exhibited a general downward trend as a percentage of revenue, starting near -24.2% in early 2018 and decreasing to around -19.51% by the first quarter of 2023. The largest improvements were observed between 2021 and 2022, indicating better labor cost management or efficiency gains.
- Purchased Services and Other Costs
- These costs showed variability around the mid to high teens percentage range. Notably, costs decreased significantly in mid-2020 but increased again in the subsequent periods, reaching a peak near -19.78% in late 2021 before stabilizing close to -18.56% in early 2023, reflecting some volatility and possible changes in outsourcing or third-party service dependency.
- Depreciation and Amortization
- This cost remained relatively stable around -11%, with a spike to -15.25% in mid-2020, possibly due to asset write-downs or accelerated depreciation during that period. Afterward, it trended back downward, maintaining levels close to -10.6% by early 2023.
- Fuel Costs
- Fuel expenses steadily decreased from about -8.87% in early 2018 to a low near -4.04% in mid-2020, likely reflecting reduced fuel prices or consumption. However, costs then increased sharply through 2021 and 2022, peaking around -11.69% late 2022 before a slight reduction to -9.82% in early 2023, suggestive of volatility in fuel prices or consumption patterns.
- Equipment and Other Rents
- Expenses related to equipment and rents remained fairly stable, fluctuating modestly between approximately -2.64% and -2.21%, indicating consistent rental or lease cost structures.
- Gains on Property Dispositions
- Gains from property dispositions were generally low but spiked significantly to 12.27% of revenue in mid-2021, representing a one-time event with substantial positive impact. The rest of the periods reflected modest positive contributions, usually under 2% of revenue.
- Expense
- Total expenses as a percentage of revenue were variable, trending mostly between -60% to -63%, with an unusual low near -43.44% in mid-2021, likely influenced by the large gain on property dispositions and lower cost structure during that quarter.
- Operating Income
- Operating income fluctuated broadly over the period, with values generally ranging from about 36% to 44% of revenue. A notable peak of 56.56% occurred in mid-2021, coinciding with the gain on property dispositions. The operating margin returned to a normalized range afterward, stabilizing near 39.5% by early 2023.
- Interest Expense
- Interest expenses increased during 2018 and 2019, reaching a high near -8.47% of revenue in mid-2020. After this peak, interest expense normalized closer to the -5% range, reflecting possible refinancing or debt management adjustments.
- Other Income, Net
- Other income remained positive throughout, with minor fluctuations mostly between 0.5% and 1.2%. An unusual decline into negative territory was observed in late 2020 (-1.13%), but values returned to positive by early 2021, supporting overall income stability.
- Earnings Before Income Taxes (EBIT)
- EBIT followed a pattern similar to operating income, with a notable peak in mid-2021 at over 51% of revenue, reflecting strong operational and non-operational gains. It remained within a 30–40% range in most other quarters, indicative of solid profitability before taxes.
- Income Tax Expense
- The tax rate as a percentage of revenue was somewhat volatile but generally stayed between -7% and -9%. An elevated tax expense of nearly -11.94% occurred in mid-2021, which coincided with the period of peak earnings, aligning with expected higher tax liabilities from increased profits.
- Net Earnings
- Net earnings as a percentage of revenue displayed notable variability: a broad range from approximately 22% in mid-2020 to a peak of nearly 39% in mid-2021. The elevated mid-2021 profitability aligns with the significant gains on property dispositions and increased operating margins. Afterward, net earnings normalized but remained strong above 25% through early 2023, demonstrating consistent bottom-line performance.