Name: CSX Corp. (NASDAQ:CSX) | Income Statement
Creator: Stock Analysis on Net

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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CSX Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Revenue	14,853)	12,522)	10,583)	11,937)	12,250)
Labor and fringe	(2,861)	(2,550)	(2,275)	(2,616)	(2,738)
Purchased services and other	(2,685)	(2,135)	(1,719)	(1,900)	(2,085)
Fuel	(1,626)	(913)	(541)	(906)	(1,046)
Depreciation and amortization	(1,500)	(1,420)	(1,383)	(1,349)	(1,331)
Equipment and other rents	(396)	(364)	(338)	(352)	(335)
Gains on property dispositions	238)	454)	35)	151)	154)
Expense	(8,830)	(6,928)	(6,221)	(6,972)	(7,381)
Operating income	6,023)	5,594)	4,362)	4,965)	4,869)
Interest expense	(742)	(722)	(754)	(737)	(639)
Net periodic pension and post-retirement benefit credit	79)	64)	42)	43)	38)
Interest income	42)	7)	17)	48)	32)
Debt repurchase expense	—)	—)	(48)	(10)	—)
Miscellaneous income	12)	8)	8)	7)	4)
Other income, net	133)	79)	19)	88)	74)
Earnings before income taxes	5,414)	4,951)	3,627)	4,316)	4,304)
Income tax expense	(1,248)	(1,170)	(862)	(985)	(995)
Net earnings	4,166)	3,781)	2,765)	3,331)	3,309)

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 exhibited a fluctuating trajectory between 2018 and 2022, characterized by a decline that peaked in 2020 at 10,583 million US dollars, followed by a robust recovery and expansion to 14,853 million US dollars by the end of 2022. This recovery reflects a strong upward momentum in top-line growth during the final two years of the observed period.

Operating Income and Profitability: Operating income followed a similar pattern to revenue, dipping to 4,362 million US dollars in 2020 before climbing steadily to reach a peak of 6,023 million US dollars in 2022. Despite the increase in overall expenses, the growth in operating income indicates an expansion of absolute profitability over the five-year horizon.
Expense Structure and Volatility: Total expenses showed significant volatility, particularly driven by fuel costs, which decreased to a low of 541 million US dollars in 2020 and surged to 1,626 million US dollars in 2022. Purchased services and other costs also demonstrated a marked increase, rising from 1,719 million US dollars in 2020 to 2,685 million US dollars in 2022. Labor and fringe costs remained relatively stable, though they trended slightly upward in the final year.
Fixed and Semi-Fixed Costs: Depreciation and amortization expenses exhibited a consistent, gradual increase from 1,331 million US dollars in 2018 to 1,500 million US dollars in 2022, suggesting steady capital investment. Equipment and other rents followed a similar incremental upward trend, ending at 396 million US dollars in 2022.
Non-Operating Items and Interest: Interest expenses remained relatively constant, fluctuating within a narrow range between 639 million and 754 million US dollars. Other income, net, showed variability but contributed positively, peaking at 133 million US dollars in 2022. Net periodic pension and post-retirement benefit credits showed a steady increase over the period, reaching 79 million US dollars in 2022.
Net Earnings Performance: Net earnings mirrored the operating trend, with a contraction to 2,765 million US dollars in 2020, followed by a strong rebound to 4,166 million US dollars in 2022. This represents a total increase of approximately 26% from 2018 levels, supported by the significant rise in revenue that offset the increase in operating expenditures.

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