Net Profit Margin
since 2005
Calculation
CSX Corp., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net earnings1 | ÷ | Revenue1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 28.05% | = | 100 | × | 4,166) | ÷ | 14,853) |
| Dec 31, 2021 | 30.19% | = | 100 | × | 3,781) | ÷ | 12,522) |
| Dec 31, 2020 | 26.13% | = | 100 | × | 2,765) | ÷ | 10,583) |
| Dec 31, 2019 | 27.90% | = | 100 | × | 3,331) | ÷ | 11,937) |
| Dec 31, 2018 | 27.01% | = | 100 | × | 3,309) | ÷ | 12,250) |
| Dec 31, 2017 | 47.96% | = | 100 | × | 5,471) | ÷ | 11,408) |
| Dec 30, 2016 | 15.48% | = | 100 | × | 1,714) | ÷ | 11,069) |
| Dec 25, 2015 | 16.66% | = | 100 | × | 1,968) | ÷ | 11,811) |
| Dec 26, 2014 | 15.21% | = | 100 | × | 1,927) | ÷ | 12,669) |
| Dec 27, 2013 | 15.50% | = | 100 | × | 1,864) | ÷ | 12,026) |
| Dec 28, 2012 | 15.81% | = | 100 | × | 1,859) | ÷ | 11,756) |
| Dec 30, 2011 | 15.52% | = | 100 | × | 1,822) | ÷ | 11,743) |
| Dec 31, 2010 | 14.70% | = | 100 | × | 1,563) | ÷ | 10,636) |
| Dec 25, 2009 | 12.74% | = | 100 | × | 1,152) | ÷ | 9,041) |
| Dec 26, 2008 | 12.13% | = | 100 | × | 1,365) | ÷ | 11,255) |
| Dec 28, 2007 | 13.32% | = | 100 | × | 1,336) | ÷ | 10,030) |
| Dec 29, 2006 | 13.69% | = | 100 | × | 1,310) | ÷ | 9,566) |
| Dec 30, 2005 | 13.29% | = | 100 | × | 1,145) | ÷ | 8,618) |
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 net profit margin exhibits two distinct eras of profitability between 2005 and 2022, characterized by a prolonged period of stability followed by a significant structural shift to a higher baseline of earnings efficiency.
- Baseline Profitability (2005–2016)
- For the first eleven years of the observed period, the net profit margin remained relatively stable, fluctuating within a narrow range between 12.13% in 2008 and 16.66% in 2015. During this phase, net earnings generally scaled in proportion to revenue, indicating a consistent operational cost structure.
- The 2017 Profitability Anomaly
- A sharp and atypical increase in profitability occurred in 2017, with the net profit margin peaking at 47.96%. This spike was driven by a substantial increase in net earnings to 5.471 billion, despite revenue remaining relatively flat at 11.408 billion. The magnitude of this increase suggests the impact of a one-time non-operating gain rather than a sustainable shift in core operational performance.
- Post-2017 Elevated Margin Plateau (2018–2022)
- Following the 2017 peak, the net profit margin settled into a new, higher equilibrium, consistently remaining above 26%. Between 2018 and 2022, the margin fluctuated between 26.13% and 30.19%. This represents a significant permanent increase in the conversion of revenue to net profit compared to the 2005–2016 period, coinciding with a general upward trend in total revenue reaching 14.853 billion by 2022.
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Comparison to Competitors
CSX Corp., net profit margin, 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 | 28.05% | 4.09% | -28.68% | 28.13% | 1.64% | 11.51% |
| Dec 31, 2021 | 30.19% | 6.23% | -2.84% | 29.92% | -7.97% | 13.25% |
| Dec 31, 2020 | 26.13% | 1.86% | -60.76% | 27.38% | -46.04% | 1.59% |
| Dec 31, 2019 | 27.90% | 0.77% | -60.13% | 27.27% | 6.96% | 5.99% |
| Dec 31, 2018 | 27.01% | 6.99% | — | 26.13% | 5.15% | 6.67% |
| Dec 31, 2017 | 47.96% | 4.97% | — | 50.43% | 5.65% | 7.45% |
| Dec 30, 2016 | 15.48% | 3.61% | — | 21.23% | 6.19% | 5.63% |
| Dec 25, 2015 | 16.66% | 2.21% | — | 21.88% | 19.39% | 8.30% |
| Dec 26, 2014 | 15.21% | 4.60% | — | 21.59% | 2.91% | 5.21% |
| Dec 27, 2013 | 15.50% | 3.52% | — | 19.98% | 1.49% | 7.89% |
| Dec 28, 2012 | 15.81% | 4.76% | — | 18.84% | -1.95% | 1.49% |
| Dec 30, 2011 | 15.52% | 3.69% | — | 16.83% | 2.26% | 7.16% |
| Dec 31, 2010 | 14.70% | 3.41% | — | 16.39% | 1.09% | 7.04% |
| Dec 25, 2009 | 12.74% | 0.28% | — | 13.42% | -3.99% | 4.75% |
| Dec 26, 2008 | 12.13% | 2.96% | — | 13.01% | -26.48% | 5.83% |
| Dec 28, 2007 | 13.32% | 5.72% | — | 11.39% | 2.00% | 0.77% |
| Dec 29, 2006 | 13.69% | 5.59% | — | 10.31% | 118.28% | 8.84% |
| Dec 30, 2005 | 13.29% | 4.93% | — | 7.56% | -121.85% | 9.09% |
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., net profit margin, long-term trends, comparison to sector (transportation)
| CSX Corp. | Transportation | |
|---|---|---|
| Dec 31, 2022 | 28.05% | 4.73% |
| Dec 31, 2021 | 30.19% | 9.05% |
| Dec 31, 2020 | 26.13% | -2.93% |
| Dec 31, 2019 | 27.90% | 2.42% |
| Dec 31, 2018 | 27.01% | 8.67% |
| Dec 31, 2017 | 47.96% | 11.21% |
| Dec 30, 2016 | 15.48% | 7.00% |
| Dec 25, 2015 | 16.66% | 10.88% |
| Dec 26, 2014 | 15.21% | 6.86% |
| Dec 27, 2013 | 15.50% | 6.81% |
| Dec 28, 2012 | 15.81% | 3.91% |
| Dec 30, 2011 | 15.52% | 6.30% |
| Dec 31, 2010 | 14.70% | 6.19% |
| Dec 25, 2009 | 12.74% | 3.14% |
| Dec 26, 2008 | 12.13% | 0.88% |
| Dec 28, 2007 | 13.32% | 3.84% |
| Dec 29, 2006 | 13.69% | 26.57% |
| Dec 30, 2005 | 13.29% | -14.41% |
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., net profit margin, long-term trends, comparison to industry (industrials)
| CSX Corp. | Industrials | |
|---|---|---|
| Dec 31, 2022 | 28.05% | 5.04% |
| Dec 31, 2021 | 30.19% | 5.85% |
| Dec 31, 2020 | 26.13% | 0.09% |
| Dec 31, 2019 | 27.90% | 4.11% |
| Dec 31, 2018 | 27.01% | 4.75% |
| Dec 31, 2017 | 47.96% | 5.79% |
| Dec 30, 2016 | 15.48% | 7.43% |
| Dec 25, 2015 | 16.66% | 6.48% |
| Dec 26, 2014 | 15.21% | 8.76% |
| Dec 27, 2013 | 15.50% | 8.23% |
| Dec 28, 2012 | 15.81% | 7.39% |
| Dec 30, 2011 | 15.52% | 8.26% |
| Dec 31, 2010 | 14.70% | 7.48% |
| Dec 25, 2009 | 12.74% | 5.76% |
| Dec 26, 2008 | 12.13% | 7.27% |
| Dec 28, 2007 | 13.32% | 9.56% |
| Dec 29, 2006 | 13.69% | 14.87% |
| Dec 30, 2005 | 13.29% | 3.55% |
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).