Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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CSX Corp., consolidated income statement
US$ in millions
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
- Revenue exhibited fluctuations over the period, decreasing from $12,250 million in 2018 to $10,583 million in 2020, followed by a notable recovery reaching $14,853 million in 2022. This trend suggests a dip potentially due to external factors, succeeded by strong growth.
- Labor and Fringe
- Labor and fringe costs decreased from $2,738 million in 2018 to $2,275 million in 2020, then increased steadily to $2,861 million in 2022. This pattern aligns with the changes in revenue, indicating adjustments in labor expenditure in response to operational demands.
- Purchased Services and Other
- Purchased services and other expenses declined from $2,085 million in 2018 to $1,719 million in 2020, followed by a sharp increase to $2,685 million in 2022. This suggests variability in third-party services utilization that may reflect scaling operational activities.
- Fuel
- Fuel expenses showed a significant reduction from $1,046 million in 2018 to $541 million in 2020, then sharply increased to $1,626 million in 2022. The decline and subsequent rise might be attributable to changes in fuel prices or consumption levels, highlighting volatility in this cost component.
- Depreciation and Amortization
- Depreciation and amortization expenses experienced a gradual increase from $1,331 million in 2018 to $1,500 million in 2022, indicating continued capital investments and asset base expansion over the five-year period.
- Equipment and Other Rents
- Costs related to equipment and other rents remained relatively stable, with a slight upward trend from $335 million in 2018 to $396 million in 2022, reflecting consistent expenditures in leased assets or related operational costs.
- Gains on Property Dispositions
- Gains on property dispositions fluctuated notably, with a peak of $454 million in 2021, compared to much lower gains in other years. The exceptional gain in 2021 suggests a significant one-time transaction impacting income positively.
- Expense
- Total expenses mirrored the earlier trends, decreasing from $7,381 million in 2018 to $6,221 million in 2020, then rising sharply to $8,830 million in 2022. The sharp increase in 2022 expenses corresponds with higher operational activity and cost pressures.
- Operating Income
- Operating income showed resilience with fluctuations: increasing slightly from $4,869 million in 2018 to $4,965 million in 2019, dipping to $4,362 million in 2020, and then steadily rising to $6,023 million in 2022. This reflects strong operational recovery and improved profitability post-2020 downturn.
- Interest Expense
- Interest expense rose moderately from $639 million in 2018 to around $742 million in 2022, indicating a stable but slightly increasing cost of debt financing over the period.
- Net Periodic Pension and Post-Retirement Benefit Credit
- The net pension and post-retirement benefit credit increased from $38 million in 2018 to $79 million in 2022, suggesting improvements in pension plan performance or changes in actuarial assumptions benefiting the financial position.
- Interest Income
- Interest income fluctuated over the years, declining sharply in 2021 to $7 million from higher levels in previous years, but recovering to $42 million in 2022, indicating variability in investment returns or cash management efficiency.
- Debt Repurchase Expense
- Debt repurchase expenses were recorded only in 2019 and 2020, amounting to $10 million and $48 million respectively, suggesting specific debt management or restructuring activities during these years.
- Miscellaneous Income
- Miscellaneous income remained relatively stable and low, increasing slightly from $4 million in 2018 to $12 million in 2022, indicating minor ancillary income sources.
- Other Income, Net
- Other income exhibited variability with a notable peak of $133 million in 2022, higher than prior years, which may indicate favorable non-recurring or ancillary financial events impacting net earnings positively.
- Earnings Before Income Taxes (EBIT)
- EBIT rose from $4,304 million in 2018 to $5,414 million in 2022, despite a dip to $3,627 million in 2020, demonstrating overall growth in profitability before tax considerations, with recovery and improvement after the 2020 decline.
- Income Tax Expense
- Income tax expense increased from $995 million in 2018 to $1,248 million in 2022, reflecting higher taxable income consistent with growing earnings, maintaining a relatively stable effective tax rate.
- Net Earnings
- Net earnings followed fluctuations similar to EBIT, decreasing from $3,309 million in 2018 to $2,765 million in 2020, then recovering sharply to $4,166 million in 2022. This trend highlights resilience and improved profitability post-2020 challenges.