Stock Analysis on Net

CSX Corp. (NASDAQ:CSX)

This company has been moved to the archive! The financial data has not been updated since April 20, 2023.

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

CSX Corp., solvency ratios (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Debt Ratios
Debt to equity 1.45 1.43 1.40 1.23 1.24 1.21 1.25 1.22 1.24 1.28 1.30 1.36 1.41 1.37 1.41 1.28 1.27 1.17 1.00 0.98 0.96
Debt to equity (including operating lease liability) 1.49 1.47 1.44 1.27 1.28 1.25 1.28 1.25 1.28 1.31 1.33 1.40 1.45 1.41 1.45 1.33 1.31 1.17 1.00 0.98 0.96
Debt to capital 0.59 0.59 0.58 0.55 0.55 0.55 0.55 0.55 0.55 0.56 0.56 0.58 0.58 0.58 0.59 0.56 0.56 0.54 0.50 0.50 0.49
Debt to capital (including operating lease liability) 0.60 0.60 0.59 0.56 0.56 0.56 0.56 0.56 0.56 0.57 0.57 0.58 0.59 0.59 0.59 0.57 0.57 0.54 0.50 0.50 0.49
Debt to assets 0.43 0.43 0.43 0.40 0.40 0.40 0.41 0.41 0.41 0.42 0.42 0.42 0.43 0.42 0.43 0.42 0.41 0.40 0.37 0.37 0.37
Debt to assets (including operating lease liability) 0.44 0.44 0.44 0.41 0.42 0.42 0.42 0.42 0.42 0.43 0.43 0.44 0.44 0.44 0.44 0.43 0.43 0.40 0.37 0.37 0.37
Financial leverage 3.37 3.32 3.28 3.07 3.07 3.00 3.05 2.98 3.02 3.04 3.10 3.20 3.27 3.23 3.27 3.09 3.07 2.92 2.69 2.64 2.60
Coverage Ratios
Interest coverage 8.32 8.30 8.35 8.31 8.17 7.86 7.48 6.98 5.73 5.81 5.79 6.01 6.72 6.86 7.17 7.41 7.67 7.74

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. CSX Corp. debt to equity ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. CSX Corp. debt to equity ratio (including operating lease liability) deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. CSX Corp. debt to capital ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. CSX Corp. debt to capital ratio (including operating lease liability) deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. CSX Corp. debt to assets ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. CSX Corp. debt to assets ratio (including operating lease liability) deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. CSX Corp. financial leverage ratio increased from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. CSX Corp. interest coverage ratio deteriorated from Q3 2022 to Q4 2022 but then slightly improved from Q4 2022 to Q1 2023.

Debt to Equity

CSX Corp., debt to equity calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 11 151 155 236 317 181 211 122 41 401 371 378 255 245 745 245 18 18 18 19 19
Long-term debt, excluding current portion 17,911 17,896 17,895 15,974 16,019 16,185 16,182 16,229 16,306 16,304 16,121 16,128 16,477 15,993 15,992 15,522 15,748 14,739 13,754 13,769 13,768
Total debt 17,922 18,047 18,050 16,210 16,336 16,366 16,393 16,351 16,347 16,705 16,492 16,506 16,732 16,238 16,737 15,767 15,766 14,757 13,772 13,788 13,787
 
Shareholders’ equity, attributable to CSX 12,326 12,615 12,874 13,131 13,184 13,490 13,163 13,426 13,151 13,101 12,713 12,150 11,871 11,848 11,864 12,276 12,428 12,563 13,719 14,009 14,378
Solvency Ratio
Debt to equity1 1.45 1.43 1.40 1.23 1.24 1.21 1.25 1.22 1.24 1.28 1.30 1.36 1.41 1.37 1.41 1.28 1.27 1.17 1.00 0.98 0.96
Benchmarks
Debt to Equity, Competitors2
FedEx Corp. 0.80 0.81 0.84 0.82 0.85 0.86 1.07 1.11 1.20 1.20 1.03 1.01 1.03 0.99 0.93 0.90 0.88 0.85 0.93 0.91 0.91
Uber Technologies Inc. 1.23 1.26 1.48 1.39 1.04 0.64 0.67 0.55 0.57 0.62 0.75 0.70 0.50 0.40 0.38 0.28
Union Pacific Corp. 2.71 2.74 2.85 2.52 2.71 2.10 2.11 2.01 1.64 1.58 1.63 1.73 1.74 1.39 1.43 1.39 1.42
United Parcel Service Inc. 1.11 0.99 1.20 1.26 1.42 1.54 1.84 2.09 3.32 37.53 4.60 6.18 8.67 7.73 4.30 5.31 6.68

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity, attributable to CSX
= 17,922 ÷ 12,326 = 1.45

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. CSX Corp. debt to equity ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Debt to Equity (including Operating Lease Liability)

CSX Corp., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 11 151 155 236 317 181 211 122 41 401 371 378 255 245 745 245 18 18 18 19 19
Long-term debt, excluding current portion 17,911 17,896 17,895 15,974 16,019 16,185 16,182 16,229 16,306 16,304 16,121 16,128 16,477 15,993 15,992 15,522 15,748 14,739 13,754 13,769 13,768
Total debt 17,922 18,047 18,050 16,210 16,336 16,366 16,393 16,351 16,347 16,705 16,492 16,506 16,732 16,238 16,737 15,767 15,766 14,757 13,772 13,788 13,787
Long-term operating lease liability 478 488 487 473 476 478 482 450 453 455 475 481 489 493 494 501 502
Total debt (including operating lease liability) 18,400 18,535 18,537 16,683 16,812 16,844 16,875 16,801 16,800 17,160 16,967 16,987 17,221 16,731 17,231 16,268 16,268 14,757 13,772 13,788 13,787
 
Shareholders’ equity, attributable to CSX 12,326 12,615 12,874 13,131 13,184 13,490 13,163 13,426 13,151 13,101 12,713 12,150 11,871 11,848 11,864 12,276 12,428 12,563 13,719 14,009 14,378
Solvency Ratio
Debt to equity (including operating lease liability)1 1.49 1.47 1.44 1.27 1.28 1.25 1.28 1.25 1.28 1.31 1.33 1.40 1.45 1.41 1.45 1.33 1.31 1.17 1.00 0.98 0.96
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
FedEx Corp. 1.50 1.49 1.52 1.48 1.49 1.51 1.75 1.83 1.95 1.97 1.78 1.78 1.81 0.99 0.93 0.90 0.88 0.85 0.93 0.91 0.91
Uber Technologies Inc. 1.48 1.52 1.77 1.68 1.25 0.77 0.78 0.67 0.70 0.76 0.94 0.88 0.65 0.52 0.49 0.38
Union Pacific Corp. 2.81 2.85 2.96 2.62 2.82 2.20 2.20 2.10 1.71 1.65 1.71 1.81 1.83 1.47 1.51 1.48 1.51
United Parcel Service Inc. 1.32 1.19 1.41 1.48 1.65 1.79 2.13 2.42 3.75 42.24 5.14 6.86 9.58 8.62 4.76 5.88 7.43

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity, attributable to CSX
= 18,400 ÷ 12,326 = 1.49

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. CSX Corp. debt to equity ratio (including operating lease liability) deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Debt to Capital

CSX Corp., debt to capital calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 11 151 155 236 317 181 211 122 41 401 371 378 255 245 745 245 18 18 18 19 19
Long-term debt, excluding current portion 17,911 17,896 17,895 15,974 16,019 16,185 16,182 16,229 16,306 16,304 16,121 16,128 16,477 15,993 15,992 15,522 15,748 14,739 13,754 13,769 13,768
Total debt 17,922 18,047 18,050 16,210 16,336 16,366 16,393 16,351 16,347 16,705 16,492 16,506 16,732 16,238 16,737 15,767 15,766 14,757 13,772 13,788 13,787
Shareholders’ equity, attributable to CSX 12,326 12,615 12,874 13,131 13,184 13,490 13,163 13,426 13,151 13,101 12,713 12,150 11,871 11,848 11,864 12,276 12,428 12,563 13,719 14,009 14,378
Total capital 30,248 30,662 30,924 29,341 29,520 29,856 29,556 29,777 29,498 29,806 29,205 28,656 28,603 28,086 28,601 28,043 28,194 27,320 27,491 27,797 28,165
Solvency Ratio
Debt to capital1 0.59 0.59 0.58 0.55 0.55 0.55 0.55 0.55 0.55 0.56 0.56 0.58 0.58 0.58 0.59 0.56 0.56 0.54 0.50 0.50 0.49
Benchmarks
Debt to Capital, Competitors2
FedEx Corp. 0.44 0.45 0.46 0.45 0.46 0.46 0.52 0.53 0.54 0.55 0.51 0.50 0.51 0.50 0.48 0.47 0.47 0.46 0.48 0.48 0.48
Uber Technologies Inc. 0.55 0.56 0.60 0.58 0.51 0.39 0.40 0.35 0.36 0.38 0.43 0.41 0.33 0.29 0.27 0.22
Union Pacific Corp. 0.73 0.73 0.74 0.72 0.73 0.68 0.68 0.67 0.62 0.61 0.62 0.63 0.64 0.58 0.59 0.58 0.59
United Parcel Service Inc. 0.53 0.50 0.55 0.56 0.59 0.61 0.65 0.68 0.77 0.97 0.82 0.86 0.90 0.89 0.81 0.84 0.87

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 17,922 ÷ 30,248 = 0.59

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. CSX Corp. debt to capital ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Debt to Capital (including Operating Lease Liability)

CSX Corp., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 11 151 155 236 317 181 211 122 41 401 371 378 255 245 745 245 18 18 18 19 19
Long-term debt, excluding current portion 17,911 17,896 17,895 15,974 16,019 16,185 16,182 16,229 16,306 16,304 16,121 16,128 16,477 15,993 15,992 15,522 15,748 14,739 13,754 13,769 13,768
Total debt 17,922 18,047 18,050 16,210 16,336 16,366 16,393 16,351 16,347 16,705 16,492 16,506 16,732 16,238 16,737 15,767 15,766 14,757 13,772 13,788 13,787
Long-term operating lease liability 478 488 487 473 476 478 482 450 453 455 475 481 489 493 494 501 502
Total debt (including operating lease liability) 18,400 18,535 18,537 16,683 16,812 16,844 16,875 16,801 16,800 17,160 16,967 16,987 17,221 16,731 17,231 16,268 16,268 14,757 13,772 13,788 13,787
Shareholders’ equity, attributable to CSX 12,326 12,615 12,874 13,131 13,184 13,490 13,163 13,426 13,151 13,101 12,713 12,150 11,871 11,848 11,864 12,276 12,428 12,563 13,719 14,009 14,378
Total capital (including operating lease liability) 30,726 31,150 31,411 29,814 29,996 30,334 30,038 30,227 29,951 30,261 29,680 29,137 29,092 28,579 29,095 28,544 28,696 27,320 27,491 27,797 28,165
Solvency Ratio
Debt to capital (including operating lease liability)1 0.60 0.60 0.59 0.56 0.56 0.56 0.56 0.56 0.56 0.57 0.57 0.58 0.59 0.59 0.59 0.57 0.57 0.54 0.50 0.50 0.49
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
FedEx Corp. 0.60 0.60 0.60 0.60 0.60 0.60 0.64 0.65 0.66 0.66 0.64 0.64 0.64 0.50 0.48 0.47 0.47 0.46 0.48 0.48 0.48
Uber Technologies Inc. 0.60 0.60 0.64 0.63 0.56 0.43 0.44 0.40 0.41 0.43 0.48 0.47 0.40 0.34 0.33 0.27
Union Pacific Corp. 0.74 0.74 0.75 0.72 0.74 0.69 0.69 0.68 0.63 0.62 0.63 0.64 0.65 0.60 0.60 0.60 0.60
United Parcel Service Inc. 0.57 0.54 0.58 0.60 0.62 0.64 0.68 0.71 0.79 0.98 0.84 0.87 0.91 0.90 0.83 0.85 0.88

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 18,400 ÷ 30,726 = 0.60

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. CSX Corp. debt to capital ratio (including operating lease liability) deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Debt to Assets

CSX Corp., debt to assets calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 11 151 155 236 317 181 211 122 41 401 371 378 255 245 745 245 18 18 18 19 19
Long-term debt, excluding current portion 17,911 17,896 17,895 15,974 16,019 16,185 16,182 16,229 16,306 16,304 16,121 16,128 16,477 15,993 15,992 15,522 15,748 14,739 13,754 13,769 13,768
Total debt 17,922 18,047 18,050 16,210 16,336 16,366 16,393 16,351 16,347 16,705 16,492 16,506 16,732 16,238 16,737 15,767 15,766 14,757 13,772 13,788 13,787
 
Total assets 41,478 41,912 42,242 40,366 40,452 40,531 40,129 40,015 39,692 39,793 39,443 38,904 38,834 38,257 38,795 37,924 38,154 36,729 36,861 36,924 37,439
Solvency Ratio
Debt to assets1 0.43 0.43 0.43 0.40 0.40 0.40 0.41 0.41 0.41 0.42 0.42 0.42 0.43 0.42 0.43 0.42 0.41 0.40 0.37 0.37 0.37
Benchmarks
Debt to Assets, Competitors2
FedEx Corp. 0.23 0.24 0.24 0.24 0.25 0.25 0.28 0.29 0.30 0.30 0.28 0.27 0.27 0.32 0.34 0.32 0.33 0.32 0.34 0.31 0.31
Uber Technologies Inc. 0.29 0.29 0.30 0.30 0.28 0.24 0.25 0.22 0.23 0.23 0.23 0.24 0.19 0.18 0.18 0.15 0.28
Union Pacific Corp. 0.51 0.51 0.51 0.50 0.50 0.47 0.47 0.46 0.43 0.43 0.44 0.45 0.45 0.41 0.42 0.41 0.41
United Parcel Service Inc. 0.31 0.28 0.29 0.29 0.31 0.32 0.34 0.35 0.37 0.40 0.41 0.43 0.47 0.44 0.45 0.44 0.44

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 17,922 ÷ 41,478 = 0.43

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. CSX Corp. debt to assets ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Debt to Assets (including Operating Lease Liability)

CSX Corp., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 11 151 155 236 317 181 211 122 41 401 371 378 255 245 745 245 18 18 18 19 19
Long-term debt, excluding current portion 17,911 17,896 17,895 15,974 16,019 16,185 16,182 16,229 16,306 16,304 16,121 16,128 16,477 15,993 15,992 15,522 15,748 14,739 13,754 13,769 13,768
Total debt 17,922 18,047 18,050 16,210 16,336 16,366 16,393 16,351 16,347 16,705 16,492 16,506 16,732 16,238 16,737 15,767 15,766 14,757 13,772 13,788 13,787
Long-term operating lease liability 478 488 487 473 476 478 482 450 453 455 475 481 489 493 494 501 502
Total debt (including operating lease liability) 18,400 18,535 18,537 16,683 16,812 16,844 16,875 16,801 16,800 17,160 16,967 16,987 17,221 16,731 17,231 16,268 16,268 14,757 13,772 13,788 13,787
 
Total assets 41,478 41,912 42,242 40,366 40,452 40,531 40,129 40,015 39,692 39,793 39,443 38,904 38,834 38,257 38,795 37,924 38,154 36,729 36,861 36,924 37,439
Solvency Ratio
Debt to assets (including operating lease liability)1 0.44 0.44 0.44 0.41 0.42 0.42 0.42 0.42 0.42 0.43 0.43 0.44 0.44 0.44 0.44 0.43 0.43 0.40 0.37 0.37 0.37
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
FedEx Corp. 0.44 0.43 0.44 0.44 0.44 0.44 0.47 0.47 0.49 0.49 0.48 0.47 0.48 0.32 0.34 0.32 0.33 0.32 0.34 0.31 0.31
Uber Technologies Inc. 0.34 0.35 0.36 0.36 0.34 0.29 0.30 0.26 0.27 0.28 0.29 0.30 0.25 0.23 0.23 0.19 0.34
Union Pacific Corp. 0.53 0.53 0.53 0.52 0.52 0.49 0.49 0.48 0.45 0.45 0.46 0.47 0.47 0.43 0.44 0.44 0.44
United Parcel Service Inc. 0.37 0.33 0.34 0.34 0.36 0.37 0.39 0.40 0.42 0.44 0.46 0.48 0.52 0.49 0.50 0.49 0.49

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 18,400 ÷ 41,478 = 0.44

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. CSX Corp. debt to assets ratio (including operating lease liability) deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Financial Leverage

CSX Corp., financial leverage calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Total assets 41,478 41,912 42,242 40,366 40,452 40,531 40,129 40,015 39,692 39,793 39,443 38,904 38,834 38,257 38,795 37,924 38,154 36,729 36,861 36,924 37,439
Shareholders’ equity, attributable to CSX 12,326 12,615 12,874 13,131 13,184 13,490 13,163 13,426 13,151 13,101 12,713 12,150 11,871 11,848 11,864 12,276 12,428 12,563 13,719 14,009 14,378
Solvency Ratio
Financial leverage1 3.37 3.32 3.28 3.07 3.07 3.00 3.05 2.98 3.02 3.04 3.10 3.20 3.27 3.23 3.27 3.09 3.07 2.92 2.69 2.64 2.60
Benchmarks
Financial Leverage, Competitors2
FedEx Corp. 3.41 3.45 3.43 3.38 3.37 3.43 3.77 3.86 3.99 4.02 3.72 3.75 3.77 3.06 2.74 2.76 2.71 2.70 2.74 2.95 2.97
Uber Technologies Inc. 4.32 4.37 4.98 4.66 3.68 2.68 2.65 2.56 2.55 2.71 3.23 2.96 2.65 2.24 2.14 1.95
Union Pacific Corp. 5.30 5.38 5.56 5.07 5.38 4.49 4.48 4.34 3.80 3.68 3.70 3.86 3.89 3.40 3.44 3.40 3.46
United Parcel Service Inc. 3.60 3.59 4.10 4.30 4.55 4.87 5.46 6.00 8.86 94.99 11.16 14.22 18.46 17.71 9.59 11.98 15.02

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity, attributable to CSX
= 41,478 ÷ 12,326 = 3.37

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. CSX Corp. financial leverage ratio increased from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Interest Coverage

CSX Corp., interest coverage calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Net earnings 987 1,018 1,111 1,178 859 934 968 1,173 706 760 736 499 770 771 856 870 834 843 894 877 695
Add: Income tax expense 317 286 312 380 270 271 311 357 231 234 232 153 243 210 269 276 230 255 256 267 217
Add: Interest expense 201 199 193 171 179 180 177 181 184 189 187 191 187 189 186 184 178 171 162 157 149
Earnings before interest and tax (EBIT) 1,505 1,503 1,616 1,729 1,308 1,385 1,456 1,711 1,121 1,183 1,155 843 1,200 1,170 1,311 1,330 1,242 1,269 1,312 1,301 1,061
Solvency Ratio
Interest coverage1 8.32 8.30 8.35 8.31 8.17 7.86 7.48 6.98 5.73 5.81 5.79 6.01 6.72 6.86 7.17 7.41 7.67 7.74
Benchmarks
Interest Coverage, Competitors2
Uber Technologies Inc. -4.42 -15.49 -15.64 -19.05 -13.64 -1.20 -4.91 -1.89 -7.20 -14.24 -15.12 -16.13 -22.17 -14.15
Union Pacific Corp. 8.00 8.14 8.40 8.34 8.53 8.33 8.05 7.66 6.91 7.12 7.20 7.58 8.28 8.38
United Parcel Service Inc. 20.44 22.06 21.60 21.21 20.95 24.91 12.99 12.33 10.56 3.63 9.58 9.32 9.39 9.66

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Interest coverage = (EBITQ1 2023 + EBITQ4 2022 + EBITQ3 2022 + EBITQ2 2022) ÷ (Interest expenseQ1 2023 + Interest expenseQ4 2022 + Interest expenseQ3 2022 + Interest expenseQ2 2022)
= (1,505 + 1,503 + 1,616 + 1,729) ÷ (201 + 199 + 193 + 171) = 8.32

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. CSX Corp. interest coverage ratio deteriorated from Q3 2022 to Q4 2022 but then slightly improved from Q4 2022 to Q1 2023.