Debt to Equity
since 2005
Calculation
CSX Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity, attributable to CSX1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 1.43 | = | 18,047) | ÷ | 12,615) |
| Dec 31, 2021 | 1.21 | = | 16,366) | ÷ | 13,490) |
| Dec 31, 2020 | 1.28 | = | 16,705) | ÷ | 13,101) |
| Dec 31, 2019 | 1.37 | = | 16,238) | ÷ | 11,848) |
| Dec 31, 2018 | 1.17 | = | 14,757) | ÷ | 12,563) |
| Dec 31, 2017 | 0.80 | = | 11,809) | ÷ | 14,705) |
| Dec 30, 2016 | 0.97 | = | 11,293) | ÷ | 11,679) |
| Dec 25, 2015 | 0.92 | = | 10,703) | ÷ | 11,652) |
| Dec 26, 2014 | 0.87 | = | 9,742) | ÷ | 11,152) |
| Dec 27, 2013 | 0.91 | = | 9,555) | ÷ | 10,483) |
| Dec 28, 2012 | 1.09 | = | 9,832) | ÷ | 8,988) |
| Dec 30, 2011 | 1.09 | = | 9,241) | ÷ | 8,455) |
| Dec 31, 2010 | 1.00 | = | 8,664) | ÷ | 8,686) |
| Dec 25, 2009 | 0.91 | = | 8,008) | ÷ | 8,846) |
| Dec 26, 2008 | 0.97 | = | 7,832) | ÷ | 8,048) |
| Dec 28, 2007 | 0.84 | = | 7,257) | ÷ | 8,685) |
| Dec 29, 2006 | 0.67 | = | 5,962) | ÷ | 8,942) |
| Dec 30, 2005 | 0.76 | = | 6,030) | ÷ | 7,954) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-30), 10-K (reporting date: 2015-12-25), 10-K (reporting date: 2014-12-26), 10-K (reporting date: 2013-12-27), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-25), 10-K (reporting date: 2008-12-26), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
1 US$ in millions
The financial trajectory between 2005 and 2022 is characterized by a significant expansion in total debt coupled with a more moderate and volatile growth pattern in shareholders' equity. Total debt increased from 6,030 million US dollars in 2005 to 18,047 million US dollars by 2022, representing a substantial accumulation of liabilities over the seventeen-year period.
- Total Debt Trends
- A consistent upward trajectory in total debt is observed throughout the analyzed period. While debt growth was relatively steady between 2005 and 2016, the rate of increase accelerated after 2017. Specifically, total debt rose from 11,809 million US dollars in 2016 to 18,047 million US dollars in 2022, indicating an aggressive expansion of the debt load in the latter part of the timeframe.
- Shareholders' Equity Dynamics
- Shareholders' equity attributable to the company exhibited non-linear growth. Equity levels remained relatively stable between 2005 and 2016, fluctuating between approximately 8 billion and 11 billion US dollars. A peak was reached in 2017 at 14,705 million US dollars, followed by a period of volatility and a subsequent decline to 12,615 million US dollars by 2022.
- Debt to Equity Ratio Interpretation
- The debt to equity ratio shifted from a low of 0.67 in 2006 to a peak of 1.43 in 2022. For the first decade of the period, the ratio generally oscillated around 1.00, suggesting a balanced capital structure between debt and equity. However, a structural shift occurred after 2017; the ratio climbed from 0.80 in 2017 to consistently exceed 1.20 between 2019 and 2022. This trend indicates an increasing reliance on leverage to fund operations or growth, resulting in a higher risk profile relative to equity holdings by the end of the period.
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Comparison to Competitors
CSX Corp., debt to equity, long-term trends, comparison to competitors
| CSX Corp. | FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2022 | 1.43 | 0.81 | 1.26 | 2.74 | 4.68 | 0.99 |
| Dec 31, 2021 | 1.21 | 0.86 | 0.64 | 2.10 | 7.03 | 1.54 |
| Dec 31, 2020 | 1.28 | 1.20 | 0.62 | 1.58 | 4.75 | 37.53 |
| Dec 31, 2019 | 1.37 | 0.99 | 0.40 | 1.39 | 1.29 | 7.73 |
| Dec 31, 2018 | 1.17 | 0.85 | — | 1.10 | 1.47 | 7.53 |
| Dec 31, 2017 | 0.80 | 0.93 | — | 0.68 | 1.63 | 24.29 |
| Dec 30, 2016 | 0.97 | 1.01 | — | 0.75 | 1.35 | 39.69 |
| Dec 25, 2015 | 0.92 | 0.48 | — | 0.69 | 1.31 | 5.80 |
| Dec 26, 2014 | 0.87 | 0.31 | — | 0.54 | 5.06 | 5.04 |
| Dec 27, 2013 | 0.91 | 0.17 | — | 0.45 | 4.16 | 1.68 |
| Dec 28, 2012 | 1.09 | 0.11 | — | 0.45 | 27.37 | 2.77 |
| Dec 30, 2011 | 1.09 | 0.11 | — | 0.48 | 7.05 | 1.58 |
| Dec 31, 2010 | 1.00 | 0.14 | — | 0.52 | 8.76 | 1.36 |
| Dec 25, 2009 | 0.91 | 0.19 | — | 0.58 | — | 1.25 |
| Dec 26, 2008 | 0.97 | 0.14 | — | 0.58 | — | 1.46 |
| Dec 28, 2007 | 0.84 | 0.21 | — | 0.49 | 3.49 | 0.90 |
| Dec 29, 2006 | 0.67 | 0.21 | — | 0.44 | 4.93 | 0.27 |
| Dec 30, 2005 | 0.76 | 0.29 | — | 0.54 | — | 0.24 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-30), 10-K (reporting date: 2015-12-25), 10-K (reporting date: 2014-12-26), 10-K (reporting date: 2013-12-27), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-25), 10-K (reporting date: 2008-12-26), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
Comparison to Sector (Transportation)
CSX Corp., debt to equity, long-term trends, comparison to sector (transportation)
| CSX Corp. | Transportation | |
|---|---|---|
| Dec 31, 2022 | 1.43 | 1.61 |
| Dec 31, 2021 | 1.21 | 1.63 |
| Dec 31, 2020 | 1.28 | 2.02 |
| Dec 31, 2019 | 1.37 | 1.36 |
| Dec 31, 2018 | 1.17 | 1.45 |
| Dec 31, 2017 | 0.80 | 1.39 |
| Dec 30, 2016 | 0.97 | 1.32 |
| Dec 25, 2015 | 0.92 | 1.01 |
| Dec 26, 2014 | 0.87 | 0.95 |
| Dec 27, 2013 | 0.91 | 0.75 |
| Dec 28, 2012 | 1.09 | 0.92 |
| Dec 30, 2011 | 1.09 | 0.81 |
| Dec 31, 2010 | 1.00 | 0.90 |
| Dec 25, 2009 | 0.91 | 0.86 |
| Dec 26, 2008 | 0.97 | 0.84 |
| Dec 28, 2007 | 0.84 | 0.70 |
| Dec 29, 2006 | 0.67 | 0.54 |
| Dec 30, 2005 | 0.76 | 1.07 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-30), 10-K (reporting date: 2015-12-25), 10-K (reporting date: 2014-12-26), 10-K (reporting date: 2013-12-27), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-25), 10-K (reporting date: 2008-12-26), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
Comparison to Industry (Industrials)
CSX Corp., debt to equity, long-term trends, comparison to industry (industrials)
| CSX Corp. | Industrials | |
|---|---|---|
| Dec 31, 2022 | 1.43 | 1.42 |
| Dec 31, 2021 | 1.21 | 1.37 |
| Dec 31, 2020 | 1.28 | 1.82 |
| Dec 31, 2019 | 1.37 | 1.82 |
| Dec 31, 2018 | 1.17 | 1.85 |
| Dec 31, 2017 | 0.80 | 1.65 |
| Dec 30, 2016 | 0.97 | 1.54 |
| Dec 25, 2015 | 0.92 | 1.51 |
| Dec 26, 2014 | 0.87 | 1.89 |
| Dec 27, 2013 | 0.91 | 1.79 |
| Dec 28, 2012 | 1.09 | 2.29 |
| Dec 30, 2011 | 1.09 | 2.60 |
| Dec 31, 2010 | 1.00 | 2.68 |
| Dec 25, 2009 | 0.91 | 3.01 |
| Dec 26, 2008 | 0.97 | 3.54 |
| Dec 28, 2007 | 0.84 | 2.73 |
| Dec 29, 2006 | 0.67 | 2.49 |
| Dec 30, 2005 | 0.76 | 2.42 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-30), 10-K (reporting date: 2015-12-25), 10-K (reporting date: 2014-12-26), 10-K (reporting date: 2013-12-27), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-25), 10-K (reporting date: 2008-12-26), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).