Operating Profit Margin
since 2005
Calculation
CSX Corp., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income1 | ÷ | Revenue1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 40.55% | = | 100 | × | 6,023) | ÷ | 14,853) |
| Dec 31, 2021 | 44.67% | = | 100 | × | 5,594) | ÷ | 12,522) |
| Dec 31, 2020 | 41.22% | = | 100 | × | 4,362) | ÷ | 10,583) |
| Dec 31, 2019 | 41.59% | = | 100 | × | 4,965) | ÷ | 11,937) |
| Dec 31, 2018 | 39.75% | = | 100 | × | 4,869) | ÷ | 12,250) |
| Dec 31, 2017 | 32.14% | = | 100 | × | 3,667) | ÷ | 11,408) |
| Dec 30, 2016 | 30.62% | = | 100 | × | 3,389) | ÷ | 11,069) |
| Dec 25, 2015 | 30.34% | = | 100 | × | 3,584) | ÷ | 11,811) |
| Dec 26, 2014 | 28.52% | = | 100 | × | 3,613) | ÷ | 12,669) |
| Dec 27, 2013 | 28.88% | = | 100 | × | 3,473) | ÷ | 12,026) |
| Dec 28, 2012 | 29.41% | = | 100 | × | 3,457) | ÷ | 11,756) |
| Dec 30, 2011 | 29.11% | = | 100 | × | 3,418) | ÷ | 11,743) |
| Dec 31, 2010 | 28.87% | = | 100 | × | 3,071) | ÷ | 10,636) |
| Dec 25, 2009 | 25.27% | = | 100 | × | 2,285) | ÷ | 9,041) |
| Dec 26, 2008 | 24.59% | = | 100 | × | 2,768) | ÷ | 11,255) |
| Dec 28, 2007 | 22.49% | = | 100 | × | 2,256) | ÷ | 10,030) |
| Dec 29, 2006 | 22.35% | = | 100 | × | 2,138) | ÷ | 9,566) |
| Dec 30, 2005 | 17.99% | = | 100 | × | 1,550) | ÷ | 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
An analysis of the financial performance from 2005 to 2022 reveals a consistent and substantial expansion in operating efficiency. The operating profit margin grew from 17.99% in 2005 to a peak of 44.67% in 2021, indicating a long-term trend of increasing profitability relative to revenue generation.
- Long-term Margin Expansion (2005–2017)
- During this period, the operating profit margin rose steadily from 17.99% to 32.14%. This growth was characterized by a series of incremental gains, with a notable acceleration between 2009 and 2010, where the margin increased from 25.27% to 28.87%.
- Accelerated Profitability Phase (2018–2021)
- A significant shift in profitability occurred in 2018, with the operating profit margin jumping to 39.75%. This upward trajectory continued through 2021, reaching a historical high of 44.67%. This phase represents the most rapid period of margin expansion in the analyzed timeframe, occurring even as revenue experienced volatility.
- Revenue and Operating Income Correlation
- Revenue trends exhibited periodic volatility, with notable declines in 2009 and 2020. However, operating income generally maintained an upward trajectory. In 2009, despite a decrease in revenue to 9,041 million, the operating profit margin improved to 25.27%, suggesting successful cost containment measures during periods of revenue contraction.
- Recent Margin Compression (2022)
- The trend of margin expansion reversed in 2022, with the operating profit margin declining to 40.55%. This contraction occurred despite the achievement of record-high revenue of 14,853 million and record operating income of 6,023 million, indicating that operating expenses grew at a faster pace than revenue during the final year of the period.
AI Ask an analyst for more
Comparison to Competitors
CSX Corp., operating 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 | 40.55% | 6.68% | -5.75% | 39.87% | 5.20% | 13.05% |
| Dec 31, 2021 | 44.67% | 6.98% | -21.97% | 42.83% | -4.15% | 13.17% |
| Dec 31, 2020 | 41.22% | 3.49% | -43.66% | 40.11% | -41.41% | 9.08% |
| Dec 31, 2019 | 41.59% | 6.41% | -60.76% | 39.40% | 9.94% | 10.52% |
| Dec 31, 2018 | 39.75% | 7.44% | — | 37.30% | 7.97% | 9.77% |
| Dec 31, 2017 | 32.14% | 8.35% | — | 37.95% | 9.27% | 11.43% |
| Dec 30, 2016 | 30.62% | 6.11% | — | 36.47% | 11.87% | 8.98% |
| Dec 25, 2015 | 30.34% | 3.93% | — | 36.91% | 13.64% | 13.14% |
| Dec 26, 2014 | 28.52% | 7.56% | — | 36.49% | 6.10% | 8.53% |
| Dec 27, 2013 | 28.88% | 5.76% | — | 33.90% | 3.26% | 12.69% |
| Dec 28, 2012 | 29.41% | 7.46% | — | 32.23% | 0.10% | 2.48% |
| Dec 30, 2011 | 29.11% | 6.05% | — | 29.27% | 4.91% | 11.45% |
| Dec 31, 2010 | 28.87% | 5.75% | — | 29.36% | 4.20% | 11.86% |
| Dec 25, 2009 | 25.27% | 2.10% | — | 23.98% | -0.99% | 8.39% |
| Dec 26, 2008 | 24.59% | 5.47% | — | 22.68% | -21.98% | 10.45% |
| Dec 28, 2007 | 22.49% | 9.30% | — | 20.73% | 5.15% | 1.16% |
| Dec 29, 2006 | 22.35% | 9.33% | — | 18.51% | 2.31% | 13.95% |
| Dec 30, 2005 | 17.99% | 8.42% | — | 13.22% | -1.26% | 14.43% |
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).