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

Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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CSX Corp., consolidated cash flow 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
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)
Depreciation and amortization	393)	393)	378)	369)	360)	360)	367)	348)	345)	347)	348)	344)	344)	344)	338)	337)	330)	345)	334)	329)	323)
Deferred income taxes	35)	(8)	19)	69)	37)	58)	43)	26)	40)	63)	56)	33)	28)	87)	89)	46)	51)	131)	50)	44)	54)
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)
Cash payments for restructuring charge	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1)	(1)	(1)	(12)
Other operating activities	(31)	35)	(38)	(18)	4)	2)	(18)	—)	28)	(2)	(5)	(25)	—)	12)	(20)	(28)	(33)	(25)	(22)	(51)	(19)
Accounts receivable	(63)	42)	55)	(67)	(131)	12)	(26)	(63)	(64)	71)	(108)	147)	(27)	84)	22)	(5)	(56)	51)	(50)	3)	(50)
Other current assets	(72)	10)	39)	(31)	(40)	(21)	—)	1)	(5)	(38)	(13)	(4)	(20)	(16)	43)	19)	22)	31)	56)	33)	(19)
Accounts payable	70)	(26)	105)	(21)	82)	(4)	59)	20)	53)	(14)	79)	(99)	14)	(54)	113)	(35)	74)	(36)	129)	(53)	64)
Income and other taxes payable	266)	(61)	(21)	(182)	225)	(102)	(7)	(11)	192)	(59)	(240)	111)	227)	(112)	25)	(61)	150)	(123)	43)	(151)	127)
Other current liabilities	(326)	16)	104)	63)	(70)	65)	94)	40)	(60)	9)	95)	11)	(140)	19)	69)	(12)	(172)	51)	17)	50)	(165)
Changes in operating assets and liabilities	(125)	(19)	282)	(238)	66)	(50)	120)	(13)	116)	(31)	(187)	166)	54)	(79)	272)	(94)	18)	(26)	195)	(118)	(43)
Adjustments to reconcile net earnings to net cash provided by operating activities	264)	346)	614)	53)	440)	346)	452)	(6)	526)	375)	208)	507)	408)	342)	614)	224)	339)	392)	503)	166)	271)
Net cash provided by operating activities	1,251)	1,364)	1,725)	1,231)	1,299)	1,280)	1,420)	1,167)	1,232)	1,135)	944)	1,006)	1,178)	1,113)	1,470)	1,094)	1,173)	1,235)	1,397)	1,043)	966)
Property additions	(443)	(696)	(626)	(480)	(331)	(571)	(466)	(448)	(306)	(417)	(408)	(420)	(381)	(466)	(422)	(416)	(353)	(505)	(417)	(455)	(368)
Purchase of short-term investments	(101)	(40)	—)	—)	(19)	(75)	—)	—)	—)	—)	—)	—)	(426)	(583)	(828)	(614)	(813)	(125)	(534)	(77)	—)
Proceeds from sales of short-term investments	53)	—)	—)	9)	—)	2)	2)	—)	1)	1)	202)	285)	936)	628)	670)	560)	250)	490)	3)	4)	8)
Proceeds and advances from property dispositions	8)	195)	22)	21)	8)	232)	70)	227)	—)	5)	6)	10)	35)	36)	72)	98)	48)	62)	116)	89)	52)
Business acquisition, net of cash acquired	(2)	(4)	(15)	(199)	(9)	2)	(543)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities	5)	58)	(6)	(2)	(17)	(4)	1)	(9)	8)	(45)	10)	(22)	(20)	12)	35)	(14)	(2)	(19)	—)	—)	(8)
Net cash (used in) provided by investing activities	(480)	(487)	(625)	(651)	(368)	(414)	(936)	(230)	(297)	(456)	(190)	(147)	144)	(373)	(473)	(386)	(870)	(97)	(832)	(439)	(316)
Long-term debt issued	—)	—)	2,000)	—)	—)	—)	—)	—)	—)	500)	—)	—)	500)	—)	1,000)	—)	1,000)	1,000)	—)	—)	2,000)
Long-term debt repaid	(142)	(8)	(85)	(87)	(6)	(36)	(30)	—)	(360)	(500)	(18)	(227)	—)	(500)	(18)	—)	—)	—)	(19)	—)	—)
Dividends paid	(226)	(207)	(212)	(215)	(218)	(206)	(208)	(212)	(213)	(198)	(199)	(199)	(201)	(186)	(189)	(193)	(195)	(181)	(186)	(190)	(194)
Shares repurchased	(1,067)	(1,021)	(1,195)	(1,499)	(1,016)	(570)	(1,064)	(701)	(551)	(203)	(48)	(39)	(577)	(606)	(1,111)	(860)	(796)	(1,855)	(1,006)	(974)	(836)
Accelerated share repurchase pending final settlement	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	100)	(10)	(90)	—)
Other financing activities	(3)	6)	(21)	9)	6)	6)	11)	7)	15)	(47)	18)	2)	(7)	(11)	(11)	10)	18)	(7)	(1)	(10)	(41)
Net cash provided by (used in) financing activities	(1,438)	(1,230)	487)	(1,792)	(1,234)	(806)	(1,291)	(906)	(1,109)	(448)	(247)	(463)	(285)	(1,303)	(329)	(1,043)	27)	(943)	(1,222)	(1,264)	929)
Net increase (decrease) in cash and cash equivalents	(667)	(353)	1,587)	(1,212)	(303)	60)	(807)	31)	(174)	231)	507)	396)	1,037)	(563)	668)	(335)	330)	195)	(657)	(660)	1,579)

Operational cash flow remains consistently strong and generally exceeds net earnings, indicating high quality of earnings. Net earnings exhibited stability between 2018 and 2019, experienced a notable dip in the second quarter of 2020, and subsequently trended upward, peaking in mid-2022. The reconciliation of net earnings to net cash provided by operating activities is primarily driven by steady depreciation and amortization charges, which typically range between 320 million and 390 million dollars per quarter.

Operating Cash Flow Trends: Net cash provided by operating activities has maintained a robust trajectory, typically fluctuating between 944 million and 1.725 billion dollars. A significant peak was observed in September 2022, coinciding with a period of high net earnings. Working capital adjustments, particularly changes in income and other taxes payable and other current liabilities, introduce quarterly volatility but do not undermine the overall positive cash generation trend.
Investing Activities and Capital Expenditure: Investing activities are characterized by consistent capital reinvestment in property. Property additions have trended upward over the analyzed period, increasing from a range of 300 million to 500 million dollars in 2018 to peaks of nearly 700 million dollars by late 2022. Strategic investment behavior is further evidenced by the periodic purchase and sale of short-term investments, particularly in 2019, and a significant business acquisition of 543 million dollars in September 2021.
Financing and Shareholder Returns: The financing strategy is heavily oriented toward shareholder returns. Dividend payments have remained stable with a slight upward trend, growing from approximately 190 million dollars per quarter in 2018 to 226 million dollars by March 2023. Share repurchases represent the most aggressive component of capital allocation, frequently exceeding 1 billion dollars per quarter, such as in December 2018 and June 2022. This aggressive buyback program is periodically supported by the issuance of long-term debt, as seen in several tranches of 500 million to 2 billion dollars.
Liquidity and Cash Position: The net change in cash and cash equivalents exhibits high volatility due to the timing of debt issuance and large-scale share repurchases. While operating activities provide a steady surplus, the net cash position is often reduced by the combination of capital expenditures and financing outflows, reflecting a policy of distributing excess cash to shareholders rather than accumulating large cash balances.

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CSX Corp. (NASDAQ:CSX)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data