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

Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

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	3,706)	3,730)	3,895)	3,815)	3,413)	3,427)	3,292)	2,990)	2,813)	2,825)	2,648)	2,255)	2,855)	2,885)	2,978)	3,061)	3,013)	3,143)	3,129)	3,102)	2,876)
Labor and fringe	(723)	(726)	(759)	(684)	(692)	(703)	(631)	(596)	(620)	(588)	(574)	(507)	(606)	(658)	(638)	(648)	(672)	(678)	(695)	(669)	(696)
Purchased services and other	(688)	(699)	(664)	(647)	(675)	(645)	(577)	(441)	(472)	(447)	(382)	(418)	(472)	(448)	(472)	(482)	(498)	(574)	(527)	(506)	(514)
Depreciation and amortization	(393)	(393)	(378)	(369)	(360)	(360)	(367)	(348)	(345)	(347)	(348)	(344)	(344)	(344)	(338)	(337)	(330)	(345)	(334)	(329)	(323)
Fuel	(364)	(411)	(438)	(446)	(331)	(282)	(247)	(194)	(190)	(139)	(119)	(91)	(192)	(216)	(223)	(234)	(233)	(253)	(268)	(270)	(255)
Equipment and other rents	(82)	(97)	(104)	(95)	(100)	(95)	(94)	(87)	(88)	(91)	(88)	(78)	(81)	(87)	(85)	(92)	(88)	(76)	(65)	(82)	(76)
Gains on property dispositions	8)	55)	27)	129)	27)	24)	60)	367)	3)	2)	4)	11)	18)	22)	65)	37)	27)	32)	53)	37)	32)
Expense	(2,242)	(2,271)	(2,316)	(2,112)	(2,131)	(2,061)	(1,856)	(1,299)	(1,712)	(1,610)	(1,507)	(1,427)	(1,677)	(1,731)	(1,691)	(1,756)	(1,794)	(1,894)	(1,836)	(1,819)	(1,832)
Operating income	1,464)	1,459)	1,579)	1,703)	1,282)	1,366)	1,436)	1,691)	1,101)	1,215)	1,141)	828)	1,178)	1,154)	1,287)	1,305)	1,219)	1,249)	1,293)	1,283)	1,044)
Interest expense	(201)	(199)	(193)	(171)	(179)	(180)	(177)	(181)	(184)	(189)	(187)	(191)	(187)	(189)	(186)	(184)	(178)	(171)	(162)	(157)	(149)
Other income, net	41)	44)	37)	26)	26)	19)	20)	20)	20)	(32)	14)	15)	22)	16)	24)	25)	23)	20)	19)	18)	17)
Earnings before income taxes	1,304)	1,304)	1,423)	1,558)	1,129)	1,205)	1,279)	1,530)	937)	994)	968)	652)	1,013)	981)	1,125)	1,146)	1,064)	1,098)	1,150)	1,144)	912)
Income tax expense	(317)	(286)	(312)	(380)	(270)	(271)	(311)	(357)	(231)	(234)	(232)	(153)	(243)	(210)	(269)	(276)	(230)	(255)	(256)	(267)	(217)
Net earnings	987)	1,018)	1,111)	1,178)	859)	934)	968)	1,173)	706)	760)	736)	499)	770)	771)	856)	870)	834)	843)	894)	877)	695)

Financial performance from the first quarter of 2018 through the first quarter of 2023 is characterized by a period of stability, a sharp contraction during the second quarter of 2020, and a subsequent recovery leading to revenue expansion in 2022. Revenue grew from an average of approximately $3 billion per quarter in the 2018-2019 period to a peak of $3.895 billion in the third quarter of 2022, before stabilizing at $3.706 billion by the first quarter of 2023.

Revenue Trends: A significant volatility event is observed in the second quarter of 2020, where revenue declined to $2.255 billion, the lowest point in the recorded period. Following this trough, a consistent upward trajectory was established, with revenue exceeding $3.4 billion per quarter starting in the fourth quarter of 2021 and maintaining higher levels throughout 2022.
Operating Expense Volatility: Fuel costs emerged as the most volatile expense component, plummeting to $91 million in the second quarter of 2020 and subsequently surging to a peak of $446 million by the second quarter of 2022. In contrast, depreciation and amortization expenses exhibited a steady, linear increase, rising from $323 million in the first quarter of 2018 to $393 million by the first quarter of 2023. Labor and fringe costs remained relatively stable for several years but began to trend upward after 2020, reaching $759 million in the third quarter of 2022.
Operating Income and Non-Recurring Gains: Operating income generally tracked revenue growth, though it was periodically influenced by non-recurring items. A notable spike occurred in the second quarter of 2021, where operating income reached $1.691 billion, driven largely by a $367 million gain on property dispositions. Despite this anomaly, structural improvements in operating income are evident, with the second quarter of 2022 recording a peak of $1.703 billion.
Profitability and Net Earnings: Net earnings fluctuated in alignment with operating results, recording a period low of $499 million in the second quarter of 2020 and reaching peaks of $1.178 billion in the second quarter of 2022. Interest expenses remained remarkably consistent, fluctuating within a narrow band between $149 million and $201 million, suggesting a stable debt service profile throughout the five-year period.

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CSX Corp. (NASDAQ:CSX)

Income StatementQuarterly Data

Income Statement
Quarterly Data