Selected Financial Data
since 2005
Income Statement
CSX Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenue | Operating income | Net earnings |
|---|---|---|---|
| Dec 31, 2022 | 14,853) | 6,023) | 4,166) |
| Dec 31, 2021 | 12,522) | 5,594) | 3,781) |
| Dec 31, 2020 | 10,583) | 4,362) | 2,765) |
| Dec 31, 2019 | 11,937) | 4,965) | 3,331) |
| Dec 31, 2018 | 12,250) | 4,869) | 3,309) |
| Dec 31, 2017 | 11,408) | 3,667) | 5,471) |
| Dec 30, 2016 | 11,069) | 3,389) | 1,714) |
| Dec 25, 2015 | 11,811) | 3,584) | 1,968) |
| Dec 26, 2014 | 12,669) | 3,613) | 1,927) |
| Dec 27, 2013 | 12,026) | 3,473) | 1,864) |
| Dec 28, 2012 | 11,756) | 3,457) | 1,859) |
| Dec 30, 2011 | 11,743) | 3,418) | 1,822) |
| Dec 31, 2010 | 10,636) | 3,071) | 1,563) |
| Dec 25, 2009 | 9,041) | 2,285) | 1,152) |
| Dec 26, 2008 | 11,255) | 2,768) | 1,365) |
| Dec 28, 2007 | 10,030) | 2,256) | 1,336) |
| Dec 29, 2006 | 9,566) | 2,138) | 1,310) |
| Dec 30, 2005 | 8,618) | 1,550) | 1,145) |
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).
Financial performance from 2005 to 2022 demonstrates a long-term trajectory of growth in revenue, operating income, and net earnings, characterized by a marked increase in operational efficiency and periodic volatility tied to macroeconomic cycles.
- Revenue Analysis
- Total revenue increased from 8,618 million USD in 2005 to 14,853 million USD by 2022. While the overall trend is positive, the growth path was interrupted by significant declines in 2009 and 2020. A notable period of stagnation occurred between 2012 and 2016, followed by a substantial surge in the final year of the period, where revenue reached its historical peak.
- Operating Income and Efficiency
- Operating income exhibited the most consistent and aggressive growth, rising from 1,550 million USD in 2005 to 6,023 million USD in 2022. This growth significantly outpaced the growth rate of revenue, indicating a substantial expansion in operating margins. The operating income remained resilient during the 2009 downturn and showed strong recovery and acceleration from 2017 onward, reflecting improved cost management or pricing power.
- Net Earnings and Profitability
- Net earnings grew from 1,145 million USD in 2005 to 4,166 million USD in 2022. The bottom line was characterized by high volatility, most notably a significant spike in 2017 to 5,471 million USD, which represents the highest net earning in the period despite not being the year of highest revenue. This suggests the impact of non-operating gains or one-time tax adjustments. Following this peak, earnings stabilized and trended upward from 2,765 million USD in 2020 to the final 2022 value.
- Comparative Growth Patterns
- A divergence is observed between revenue and profitability trends; while revenue experienced fluctuations, operating income and net earnings showed a stronger long-term upward slope. The margin expansion is evident as operating income increased by approximately 288% over the period, while revenue increased by approximately 72%, signaling a shift toward a more profitable operational model.
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Balance Sheet: Assets
CSX Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 3,849) | 41,912) |
| Dec 31, 2021 | 3,873) | 40,531) |
| Dec 31, 2020 | 4,441) | 39,793) |
| Dec 31, 2019 | 3,278) | 38,257) |
| Dec 31, 2018 | 2,565) | 36,729) |
| Dec 31, 2017 | 1,915) | 35,739) |
| Dec 30, 2016 | 2,487) | 35,414) |
| Dec 25, 2015 | 2,966) | 35,039) |
| Dec 26, 2014 | 2,572) | 33,053) |
| Dec 27, 2013 | 2,602) | 31,782) |
| Dec 28, 2012 | 2,801) | 30,571) |
| Dec 30, 2011 | 2,935) | 29,473) |
| Dec 31, 2010 | 2,855) | 28,141) |
| Dec 25, 2009 | 2,570) | 27,036) |
| Dec 26, 2008 | 2,391) | 26,288) |
| Dec 28, 2007 | 2,491) | 25,534) |
| Dec 29, 2006 | 2,672) | 25,129) |
| Dec 30, 2005 | 2,372) | 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).
Total assets exhibited a consistent and sustained growth trajectory over the 17-year period from 2005 to 2022. Starting at 24,232 million US dollars, the asset base expanded to 41,912 million US dollars, representing a total increase of approximately 73%.
- Asset Growth Patterns
- A steady upward trend in total assets is observed, with year-over-year increases recorded in every single period. This indicates a long-term commitment to capital expansion and the accumulation of resources over nearly two decades.
- Current Asset Volatility
- Current assets demonstrated significantly higher volatility compared to the total asset base. While current assets remained relatively stable between 2005 and 2011, a contraction occurred leading up to 2017, where they reached a period low of 1,915 million US dollars. This was followed by a sharp recovery and surge, peaking at 4,441 million US dollars in 2020, before stabilizing near 3,849 million US dollars in 2022.
- Liquidity Ratio Dynamics
- The relationship between current assets and total assets reveals fluctuating liquidity levels. The current asset ratio of the total balance sheet was approximately 9.8% in 2005, dipped to a low of roughly 5.4% in 2017, and reached a peak of approximately 11.2% in 2020. This suggests a significant shift in short-term financial positioning, particularly the rapid accumulation of liquid assets between 2017 and 2020.
The contrast between the linear growth of total assets and the cyclical nature of current assets indicates that while the overall scale of the organization expanded predictably, the management of short-term liquidity was subject to more frequent adjustments or reactions to macroeconomic conditions.
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Balance Sheet: Liabilities and Stockholders’ Equity
CSX Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Shareholders’ equity, attributable to CSX | |
|---|---|---|---|---|
| Dec 31, 2022 | 2,471) | 29,287) | 18,047) | 12,615) |
| Dec 31, 2021 | 2,233) | 27,031) | 16,366) | 13,490) |
| Dec 31, 2020 | 2,019) | 26,683) | 16,705) | 13,101) |
| Dec 31, 2019 | 2,151) | 26,394) | 16,238) | 11,848) |
| Dec 31, 2018 | 1,915) | 24,149) | 14,757) | 12,563) |
| Dec 31, 2017 | 1,894) | 21,018) | 11,809) | 14,705) |
| Dec 30, 2016 | 2,040) | 23,720) | 11,293) | 11,679) |
| Dec 25, 2015 | 1,952) | 23,371) | 10,703) | 11,652) |
| Dec 26, 2014 | 2,107) | 21,877) | 9,742) | 11,152) |
| Dec 27, 2013 | 2,424) | 21,278) | 9,555) | 10,483) |
| Dec 28, 2012 | 2,627) | 21,569) | 9,832) | 8,988) |
| Dec 30, 2011 | 2,687) | 21,005) | 9,241) | 8,455) |
| Dec 31, 2010 | 2,537) | 19,441) | 8,664) | 8,686) |
| Dec 25, 2009 | 1,865) | 18,176) | 8,008) | 8,846) |
| Dec 26, 2008 | 2,404) | 18,240) | 7,832) | 8,048) |
| Dec 28, 2007 | 2,671) | 16,849) | 7,257) | 8,685) |
| Dec 29, 2006 | 2,522) | 16,187) | 5,962) | 8,942) |
| Dec 30, 2005 | 2,979) | 16,278) | 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).
The financial position between 2005 and 2022 is characterized by a significant expansion of the liability base, primarily driven by an increase in long-term debt, contrasted with more volatile growth in shareholders' equity. While current liabilities remained relatively stable over the seventeen-year period, total liabilities nearly doubled, indicating a structural shift toward higher leverage.
- Liability Trends
- Total liabilities grew from 16,278 million USD in 2005 to 29,287 million USD in 2022. This upward trajectory was most pronounced after 2017, with total liabilities rising from 21,018 million USD to over 29 billion USD within five years. In contrast, current liabilities exhibited a non-linear pattern, peaking early in the period and fluctuating between approximately 1.8 billion USD and 2.9 billion USD, suggesting that the growth in total liabilities was driven by non-current obligations.
- Debt Accumulation
- Total debt increased substantially from 6,030 million USD in 2005 to 18,047 million USD in 2022. A period of accelerated borrowing is evident starting in 2018, where debt rose from 11,809 million USD in 2017 to 14,757 million USD in 2018, continuing a steep ascent through 2022. By the end of the analyzed period, total debt represented a significantly larger portion of the total liability structure than it did at the start.
- Equity Dynamics
- Shareholders' equity attributable to CSX showed a general increase from 7,954 million USD in 2005, reaching a peak of 14,705 million USD in 2017. However, a subsequent decline occurred, with equity dropping to 12,563 million USD in 2018 and remaining relatively unstable, ending at 12,615 million USD in 2022. This indicates that while the company grew its equity base for the first decade, recent years have seen a contraction or stagnation in retained value relative to the increase in debt.
- Solvency and Leverage Observations
- The relationship between debt and equity shifted markedly over the period. In 2005, total debt was lower than shareholders' equity. By 2022, total debt exceeded shareholders' equity by more than 5 billion USD. This divergence highlights an increasing reliance on debt financing to support operations or capital expenditures, resulting in a higher debt-to-equity profile by the conclusion of the period.
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Cash Flow Statement
CSX Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities |
|---|---|---|---|
| Dec 31, 2022 | 5,619) | (2,131) | (3,769) |
| Dec 31, 2021 | 5,099) | (1,877) | (4,112) |
| Dec 31, 2020 | 4,263) | (649) | (1,443) |
| Dec 31, 2019 | 4,850) | (2,102) | (2,648) |
| Dec 31, 2018 | 4,641) | (1,684) | (2,500) |
| Dec 31, 2017 | 3,472) | (1,495) | (2,179) |
| Dec 30, 2016 | 3,041) | (1,798) | (1,268) |
| Dec 25, 2015 | 3,370) | (2,892) | (519) |
| Dec 26, 2014 | 3,343) | (2,183) | (1,083) |
| Dec 27, 2013 | 3,267) | (2,227) | (1,232) |
| Dec 28, 2012 | 2,946) | (2,277) | (668) |
| Dec 30, 2011 | 3,491) | (2,587) | (1,413) |
| Dec 31, 2010 | 3,246) | (1,756) | (1,227) |
| Dec 25, 2009 | 2,060) | (1,393) | (307) |
| Dec 26, 2008 | 2,914) | (1,449) | (1,164) |
| Dec 28, 2007 | 2,184) | (1,693) | (584) |
| Dec 29, 2006 | 2,058) | (1,610) | (296) |
| Dec 30, 2005 | 1,110) | (36) | (1,287) |
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).
Over the period from 2005 to 2022, a consistent growth trajectory in operational cash generation is evident, supporting sustained capital expenditures and increasing returns to providers of capital.
- Operating Cash Flow Trends
- Net cash provided by operating activities grew from 1,110 million in 2005 to 5,619 million in 2022. A significant long-term upward trend is observed, with a notable acceleration in cash generation occurring between 2017 and 2019. The consistent increase in these inflows indicates a robust and expanding ability to generate liquidity from core business operations.
- Investing Activity Patterns
- Cash outflows for investing activities remained persistent throughout the analyzed period, typically ranging between 1.4 billion and 2.9 billion annually. This suggests a steady commitment to capital expenditures. A significant anomaly occurred in 2020, when net cash used in investing activities dropped to 649 million, before returning to historical levels exceeding 2 billion by 2022.
- Financing Activity Dynamics
- Financing activities resulted in consistent net cash outflows, which scaled upward in tandem with operating cash flow growth. Outflows increased from 1,287 million in 2005 to a peak of 4,112 million in 2021. This pattern indicates an intensifying strategic focus on debt repayment or the return of capital to shareholders through dividends and share buybacks.
- Integrated Cash Flow Analysis
- The relationship between the three cash flow components reveals a sustainable financial structure. Operating cash flows have consistently exceeded the combined requirements of investing and financing activities since 2006. This demonstrates that the entity is self-funding its capital investments and financing obligations entirely through its own operational success.
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Per Share Data
CSX Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 1.95 | 1.95 | 0.40 |
| Dec 31, 2021 | 1.68 | 1.68 | 0.37 |
| Dec 31, 2020 | 1.20 | 1.20 | 0.35 |
| Dec 31, 2019 | 1.39 | 1.39 | 0.32 |
| Dec 31, 2018 | 1.29 | 1.28 | 0.29 |
| Dec 31, 2017 | 2.00 | 2.00 | 0.26 |
| Dec 30, 2016 | 0.60 | 0.60 | 0.24 |
| Dec 25, 2015 | 0.67 | 0.67 | 0.23 |
| Dec 26, 2014 | 0.64 | 0.64 | 0.21 |
| Dec 27, 2013 | 0.61 | 0.61 | 0.20 |
| Dec 28, 2012 | 0.60 | 0.60 | 0.18 |
| Dec 30, 2011 | 0.56 | 0.56 | 0.15 |
| Dec 31, 2010 | 0.46 | 0.45 | 0.11 |
| Dec 25, 2009 | 0.33 | 0.32 | 0.10 |
| Dec 26, 2008 | 0.38 | 0.37 | 0.09 |
| Dec 28, 2007 | 0.35 | 0.33 | 0.06 |
| Dec 29, 2006 | 0.33 | 0.31 | 0.04 |
| Dec 30, 2005 | 0.29 | 0.28 | 0.02 |
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, 2, 3 Data adjusted for splits and stock dividends.
The per share financial performance from 2005 to 2022 is characterized by a long-term upward trajectory in both profitability and shareholder distributions, with a notable acceleration in earnings starting in the latter third of the period.
- Earnings Per Share (EPS) Performance
- Basic and diluted earnings per share remained closely aligned throughout the entire period, indicating a negligible impact from dilutive securities. From 2005 to 2015, EPS exhibited a steady, incremental rise, moving from $0.29 to $0.67. A significant inflection point occurred in 2017, where earnings spiked to $2.00, representing a substantial increase over previous years. Following this peak, earnings experienced a period of volatility, dipping to $1.29 in 2018 and $1.20 in 2020, before recovering strongly to reach $1.95 by the end of 2022.
- Dividend Growth and Stability
- Dividend per share demonstrates a consistent and uninterrupted annual increase over the 17-year period. Starting at $0.02 in 2005, the dividend grew every consecutive year to reach $0.40 in 2022. This linear growth pattern persists regardless of the volatility observed in annual earnings, suggesting a disciplined and stable capital return policy.
- Earnings-to-Dividend Relationship
- The relationship between earnings and dividends indicates a conservative payout strategy. While earnings grew by approximately 572% between 2005 and 2022, dividends grew by 1,900% from a very low base. However, in absolute terms, the dividend payout remains a small fraction of the diluted earnings per share, particularly in the post-2017 era where EPS consistently exceeded $1.20 while dividends remained below $0.40.
The overall financial profile suggests a transition from a period of slow, stable growth to a period of higher earnings volatility coupled with significantly higher absolute profitability, all while maintaining a strict policy of increasing shareholder dividends annually.
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