Return on Assets (ROA)
since 2005
Calculation
CSX Corp., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net earnings1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 9.94% | = | 100 | × | 4,166) | ÷ | 41,912) |
| Dec 31, 2021 | 9.33% | = | 100 | × | 3,781) | ÷ | 40,531) |
| Dec 31, 2020 | 6.95% | = | 100 | × | 2,765) | ÷ | 39,793) |
| Dec 31, 2019 | 8.71% | = | 100 | × | 3,331) | ÷ | 38,257) |
| Dec 31, 2018 | 9.01% | = | 100 | × | 3,309) | ÷ | 36,729) |
| Dec 31, 2017 | 15.31% | = | 100 | × | 5,471) | ÷ | 35,739) |
| Dec 30, 2016 | 4.84% | = | 100 | × | 1,714) | ÷ | 35,414) |
| Dec 25, 2015 | 5.62% | = | 100 | × | 1,968) | ÷ | 35,039) |
| Dec 26, 2014 | 5.83% | = | 100 | × | 1,927) | ÷ | 33,053) |
| Dec 27, 2013 | 5.86% | = | 100 | × | 1,864) | ÷ | 31,782) |
| Dec 28, 2012 | 6.08% | = | 100 | × | 1,859) | ÷ | 30,571) |
| Dec 30, 2011 | 6.18% | = | 100 | × | 1,822) | ÷ | 29,473) |
| Dec 31, 2010 | 5.55% | = | 100 | × | 1,563) | ÷ | 28,141) |
| Dec 25, 2009 | 4.26% | = | 100 | × | 1,152) | ÷ | 27,036) |
| Dec 26, 2008 | 5.19% | = | 100 | × | 1,365) | ÷ | 26,288) |
| Dec 28, 2007 | 5.23% | = | 100 | × | 1,336) | ÷ | 25,534) |
| Dec 29, 2006 | 5.21% | = | 100 | × | 1,310) | ÷ | 25,129) |
| Dec 30, 2005 | 4.73% | = | 100 | × | 1,145) | ÷ | 24,232) |
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 performance from 2005 to 2022 is characterized by a consistent expansion of the asset base and a general upward trajectory in profitability, leading to an overall improvement in the efficiency of asset utilization.
- Asset Base Expansion
- Total assets exhibited a steady and uninterrupted growth pattern, increasing from 24,232 million USD in 2005 to 41,912 million USD by 2022. This represents a linear increase in the company's resource footprint over the 17-year period.
- Net Earnings Volatility and Growth
- Net earnings showed moderate growth between 2005 and 2016, remaining within a range of 1,145 million USD to 1,968 million USD. A substantial anomaly is observed in 2017, with earnings peaking at 5,471 million USD. Post-2017, earnings stabilized at a significantly higher level than the pre-2017 average, concluding the period at 4,166 million USD in 2022.
- Return on Assets (ROA) Trends
- The ROA remained relatively stable between 4.26% and 6.18% for the first eleven years of the period. The spike in 2017 resulted in a peak ROA of 15.31%, the highest in the recorded history. Following this event, the ROA established a higher operating baseline, fluctuating between 6.95% and 9.94% from 2018 to 2022, suggesting a fundamental shift toward higher asset productivity compared to the 2005-2016 era.
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Comparison to Competitors
CSX Corp., ROA, 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 | 9.94% | 4.45% | -28.47% | 10.69% | 1.09% | 16.24% |
| Dec 31, 2021 | 9.33% | 6.32% | -1.28% | 10.27% | -2.88% | 18.57% |
| Dec 31, 2020 | 6.95% | 1.75% | -20.35% | 8.57% | -11.87% | 2.15% |
| Dec 31, 2019 | 8.71% | 0.99% | -26.78% | 9.60% | 5.72% | 7.67% |
| Dec 31, 2018 | 9.01% | 8.74% | — | 10.09% | 4.75% | 9.58% |
| Dec 31, 2017 | 15.31% | 6.17% | — | 18.53% | 5.03% | 10.81% |
| Dec 30, 2016 | 4.84% | 3.95% | — | 7.60% | 5.64% | 8.50% |
| Dec 25, 2015 | 5.62% | 2.83% | — | 8.74% | 17.96% | 12.64% |
| Dec 26, 2014 | 5.83% | 6.34% | — | 9.83% | 3.03% | 8.55% |
| Dec 27, 2013 | 5.86% | 4.65% | — | 8.82% | 1.55% | 12.07% |
| Dec 28, 2012 | 6.08% | 6.80% | — | 8.36% | -1.92% | 2.08% |
| Dec 30, 2011 | 6.18% | 5.30% | — | 7.30% | 2.21% | 10.96% |
| Dec 31, 2010 | 5.55% | 4.75% | — | 6.45% | 0.64% | 10.38% |
| Dec 25, 2009 | 4.26% | 0.40% | — | 4.48% | -3.48% | 6.75% |
| Dec 26, 2008 | 5.19% | 4.39% | — | 5.89% | -27.48% | 9.42% |
| Dec 28, 2007 | 5.23% | 8.40% | — | 4.88% | 1.66% | 0.98% |
| Dec 29, 2006 | 5.21% | 7.96% | — | 4.40% | 90.17% | 12.65% |
| Dec 30, 2005 | 4.73% | 7.10% | — | 2.88% | -109.48% | 10.99% |
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., ROA, long-term trends, comparison to sector (transportation)
| CSX Corp. | Transportation | |
|---|---|---|
| Dec 31, 2022 | 9.94% | 4.34% |
| Dec 31, 2021 | 9.33% | 6.88% |
| Dec 31, 2020 | 6.95% | -2.01% |
| Dec 31, 2019 | 8.71% | 2.09% |
| Dec 31, 2018 | 9.01% | 8.46% |
| Dec 31, 2017 | 15.31% | 10.69% |
| Dec 30, 2016 | 4.84% | 6.44% |
| Dec 25, 2015 | 5.62% | 10.54% |
| Dec 26, 2014 | 5.83% | 7.21% |
| Dec 27, 2013 | 5.86% | 6.97% |
| Dec 28, 2012 | 6.08% | 3.95% |
| Dec 30, 2011 | 6.18% | 6.47% |
| Dec 31, 2010 | 5.55% | 5.46% |
| Dec 25, 2009 | 4.26% | 2.98% |
| Dec 26, 2008 | 5.19% | 0.96% |
| Dec 28, 2007 | 5.23% | 3.72% |
| Dec 29, 2006 | 5.21% | 25.89% |
| Dec 30, 2005 | 4.73% | -13.41% |
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., ROA, long-term trends, comparison to industry (industrials)
| CSX Corp. | Industrials | |
|---|---|---|
| Dec 31, 2022 | 9.94% | 3.31% |
| Dec 31, 2021 | 9.33% | 3.40% |
| Dec 31, 2020 | 6.95% | 0.04% |
| Dec 31, 2019 | 8.71% | 2.56% |
| Dec 31, 2018 | 9.01% | 3.16% |
| Dec 31, 2017 | 15.31% | 3.59% |
| Dec 30, 2016 | 4.84% | 4.55% |
| Dec 25, 2015 | 5.62% | 3.52% |
| Dec 26, 2014 | 5.83% | 4.31% |
| Dec 27, 2013 | 5.86% | 3.91% |
| Dec 28, 2012 | 6.08% | 3.38% |
| Dec 30, 2011 | 6.18% | 3.69% |
| Dec 31, 2010 | 5.55% | 3.03% |
| Dec 25, 2009 | 4.26% | 2.24% |
| Dec 26, 2008 | 5.19% | 3.10% |
| Dec 28, 2007 | 5.23% | 3.87% |
| Dec 29, 2006 | 5.21% | 6.41% |
| Dec 30, 2005 | 4.73% | 1.42% |
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).