Stock Analysis on Net
Stock Analysis on Net

CSX Corp. (NASDAQ:CSX)

Analysis of Profitability Ratios
Quarterly Data

Beginner level

Profitability Ratios (Summary)

CSX Corp., profitability ratios (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 30, 2016 Sep 23, 2016 Jun 24, 2016 Mar 25, 2016
Return on Sales
Gross profit margin 78.77% 78.98% 78.55% 77.98% 77.95% 77.76% 76.97% 76.35% 75.94% 75.40% 75.01% 74.36% 74.38% 73.90% 74.84% 75.11% 74.64% 74.87%
Operating profit margin 40.65% 41.22% 40.41% 40.53% 41.80% 41.59% 41.49% 41.03% 40.72% 39.75% 39.61% 37.33% 35.03% 32.14% 30.65% 30.44% 30.01% 30.62%
Net profit margin 25.62% 26.13% 26.08% 26.39% 27.74% 27.90% 27.90% 27.87% 27.84% 27.01% 55.19% 53.27% 50.85% 47.96% 15.45% 15.46% 15.19% 15.48%
Return on Investment
Return on equity (ROE) 20.54% 21.11% 21.84% 23.84% 27.52% 28.11% 28.68% 28.03% 27.74% 26.34% 48.15% 44.05% 40.37% 37.21% 16.43% 15.41% 14.76% 14.68%
Return on assets (ROA) 6.80% 6.95% 7.04% 7.44% 8.41% 8.71% 8.77% 9.07% 9.04% 9.01% 17.92% 16.71% 15.50% 15.31% 5.03% 4.98% 4.82% 4.84%

Based on: 10-Q (filing date: 2021-04-21), 10-K (filing date: 2021-02-10), 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-K (filing date: 2020-02-12), 10-Q (filing date: 2019-10-17), 10-Q (filing date: 2019-07-17), 10-Q (filing date: 2019-04-17), 10-K (filing date: 2019-02-06), 10-Q (filing date: 2018-10-17), 10-Q (filing date: 2018-07-18), 10-Q (filing date: 2018-04-18), 10-K (filing date: 2018-02-07), 10-Q (filing date: 2017-10-18), 10-Q (filing date: 2017-07-19), 10-Q (filing date: 2017-04-20), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-12), 10-Q (filing date: 2016-07-14), 10-Q (filing date: 2016-04-13).

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. CSX Corp.’s gross profit margin ratio improved from Q3 2020 to Q4 2020 but then slightly deteriorated from Q4 2020 to Q1 2021.
Operating profit margin A profitability ratio calculated as operating income divided by revenue. CSX Corp.’s operating profit margin ratio improved from Q3 2020 to Q4 2020 but then slightly deteriorated from Q4 2020 to Q1 2021 not reaching Q3 2020 level.
Net profit margin An indicator of profitability, calculated as net income divided by revenue. CSX Corp.’s net profit margin ratio improved from Q3 2020 to Q4 2020 but then deteriorated significantly from Q4 2020 to Q1 2021.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. CSX Corp.’s ROE deteriorated from Q3 2020 to Q4 2020 and from Q4 2020 to Q1 2021.
ROA A profitability ratio calculated as net income divided by total assets. CSX Corp.’s ROA deteriorated from Q3 2020 to Q4 2020 and from Q4 2020 to Q1 2021.

Gross Profit Margin

CSX Corp., gross profit margin calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 30, 2016 Sep 23, 2016 Jun 24, 2016 Mar 25, 2016
Selected Financial Data (US$ in millions)
Gross profit 2,154  2,241  2,151  1,757  2,209  2,243  2,348  2,382  2,309  2,348  2,387  2,363  2,139  2,090  2,022  2,239  2,080  2,327  2,029  2,013  1,918 
Revenue 2,813  2,825  2,648  2,255  2,855  2,885  2,978  3,061  3,013  3,143  3,129  3,102  2,876  2,863  2,743  2,933  2,869  3,037  2,710  2,704  2,618 
Profitability Ratio
Gross profit margin1 78.77% 78.98% 78.55% 77.98% 77.95% 77.76% 76.97% 76.35% 75.94% 75.40% 75.01% 74.36% 74.38% 73.90% 74.84% 75.11% 74.64% 74.87%
Benchmarks
Gross Profit Margin, Competitors2
FedEx Corp. 60.94% 60.66% 61.05% 61.35% 61.53% 61.64% 61.71% 61.94% 62.31% 62.63% 62.79% 62.99% 63.28% 63.50% 64.11% 64.85% 65.30% 65.60% 65.54% 65.38% 64.84%
Norfolk Southern Corp. 77.56% 77.30% 76.35% 76.76% 76.57% 76.29% 76.36% 75.93% 75.62% 75.41% 76.85% 77.62% 78.20% 78.64% 77.44% 77.20% 77.02% 77.29%
Union Pacific Corp. 83.31% 83.23% 82.17% 81.37% 80.47% 79.91% 79.60% 79.03% 78.48% 78.21% 78.32% 78.83% 79.54% 79.97% 80.41% 80.70% 80.81% 81.21%
United Parcel Service Inc. 73.62% 73.87% 74.41% 74.57% 74.38% 74.21% 73.52% 72.93% 72.49% 72.27% 72.60% 73.28% 74.22% 75.05% 75.80% 76.32% 76.72% 77.31%

Based on: 10-Q (filing date: 2021-04-21), 10-K (filing date: 2021-02-10), 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-K (filing date: 2020-02-12), 10-Q (filing date: 2019-10-17), 10-Q (filing date: 2019-07-17), 10-Q (filing date: 2019-04-17), 10-K (filing date: 2019-02-06), 10-Q (filing date: 2018-10-17), 10-Q (filing date: 2018-07-18), 10-Q (filing date: 2018-04-18), 10-K (filing date: 2018-02-07), 10-Q (filing date: 2017-10-18), 10-Q (filing date: 2017-07-19), 10-Q (filing date: 2017-04-20), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-12), 10-Q (filing date: 2016-07-14), 10-Q (filing date: 2016-04-13).

1 Q1 2021 Calculation
Gross profit margin = 100 × (Gross profitQ1 2021 + Gross profitQ4 2020 + Gross profitQ3 2020 + Gross profitQ2 2020) ÷ (RevenueQ1 2021 + RevenueQ4 2020 + RevenueQ3 2020 + RevenueQ2 2020)
= 100 × (2,154 + 2,241 + 2,151 + 1,757) ÷ (2,813 + 2,825 + 2,648 + 2,255) = 78.77%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. CSX Corp.’s gross profit margin ratio improved from Q3 2020 to Q4 2020 but then slightly deteriorated from Q4 2020 to Q1 2021.

Operating Profit Margin

CSX Corp., operating profit margin calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 30, 2016 Sep 23, 2016 Jun 24, 2016 Mar 25, 2016
Selected Financial Data (US$ in millions)
Operating income 1,101  1,215  1,141  828  1,178  1,154  1,287  1,305  1,219  1,249  1,293  1,283  1,044  1,121  876  958  712  1,004  841  840  704 
Revenue 2,813  2,825  2,648  2,255  2,855  2,885  2,978  3,061  3,013  3,143  3,129  3,102  2,876  2,863  2,743  2,933  2,869  3,037  2,710  2,704  2,618 
Profitability Ratio
Operating profit margin1 40.65% 41.22% 40.41% 40.53% 41.80% 41.59% 41.49% 41.03% 40.72% 39.75% 39.61% 37.33% 35.03% 32.14% 30.65% 30.44% 30.01% 30.62%
Benchmarks
Operating Profit Margin, Competitors2
FedEx Corp. 4.24% 3.49% 4.68% 5.43% 6.27% 6.41% 6.71% 6.88% 7.18% 7.44% 7.77% 8.00% 8.02% 8.35% 5.89% 5.84% 6.06% 6.11% 3.68% 4.11% 4.06%
Norfolk Southern Corp. 35.18% 30.67% 30.08% 30.62% 32.41% 35.31% 35.69% 35.57% 35.32% 34.55% 34.68% 34.56% 34.12% 33.99% 32.13% 31.70% 31.11% 31.09%
Union Pacific Corp. 39.80% 40.11% 40.44% 40.25% 40.54% 39.40% 38.93% 38.38% 37.54% 37.30% 37.99% 37.72% 38.03% 37.95% 37.10% 37.27% 36.45% 36.47%
United Parcel Service Inc. 10.48% 9.08% 9.69% 9.75% 9.97% 10.52% 10.45% 10.02% 9.59% 9.77% 9.20% 9.83% 10.74% 11.43% 8.76% 8.91% 8.78% 8.98%

Based on: 10-Q (filing date: 2021-04-21), 10-K (filing date: 2021-02-10), 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-K (filing date: 2020-02-12), 10-Q (filing date: 2019-10-17), 10-Q (filing date: 2019-07-17), 10-Q (filing date: 2019-04-17), 10-K (filing date: 2019-02-06), 10-Q (filing date: 2018-10-17), 10-Q (filing date: 2018-07-18), 10-Q (filing date: 2018-04-18), 10-K (filing date: 2018-02-07), 10-Q (filing date: 2017-10-18), 10-Q (filing date: 2017-07-19), 10-Q (filing date: 2017-04-20), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-12), 10-Q (filing date: 2016-07-14), 10-Q (filing date: 2016-04-13).

1 Q1 2021 Calculation
Operating profit margin = 100 × (Operating incomeQ1 2021 + Operating incomeQ4 2020 + Operating incomeQ3 2020 + Operating incomeQ2 2020) ÷ (RevenueQ1 2021 + RevenueQ4 2020 + RevenueQ3 2020 + RevenueQ2 2020)
= 100 × (1,101 + 1,215 + 1,141 + 828) ÷ (2,813 + 2,825 + 2,648 + 2,255) = 40.65%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Operating profit margin A profitability ratio calculated as operating income divided by revenue. CSX Corp.’s operating profit margin ratio improved from Q3 2020 to Q4 2020 but then slightly deteriorated from Q4 2020 to Q1 2021 not reaching Q3 2020 level.

Net Profit Margin

CSX Corp., net profit margin calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 30, 2016 Sep 23, 2016 Jun 24, 2016 Mar 25, 2016
Selected Financial Data (US$ in millions)
Net earnings 706  760  736  499  770  771  856  870  834  843  894  877  695  4,140  459  510  362  458  455  445  356 
Revenue 2,813  2,825  2,648  2,255  2,855  2,885  2,978  3,061  3,013  3,143  3,129  3,102  2,876  2,863  2,743  2,933  2,869  3,037  2,710  2,704  2,618 
Profitability Ratio
Net profit margin1 25.62% 26.13% 26.08% 26.39% 27.74% 27.90% 27.90% 27.87% 27.84% 27.01% 55.19% 53.27% 50.85% 47.96% 15.45% 15.46% 15.19% 15.48%
Benchmarks
Net Profit Margin, Competitors2
FedEx Corp. 2.50% 1.86% -0.50% 0.11% 0.65% 0.77% 5.25% 7.23% 7.16% 6.99% 6.99% 4.74% 4.72% 4.97% 3.31% 3.35% 3.49% 3.61% 2.01% 2.30% 2.27%
Norfolk Southern Corp. 23.51% 20.56% 20.27% 20.47% 21.89% 24.10% 23.98% 24.15% 24.10% 23.27% 52.82% 52.36% 51.65% 51.22% 17.86% 17.66% 17.07% 16.87%
Union Pacific Corp. 27.02% 27.38% 27.40% 27.54% 27.85% 27.27% 27.28% 26.95% 26.59% 26.13% 51.90% 51.31% 50.73% 50.43% 21.84% 21.79% 21.37% 21.23%
United Parcel Service Inc. 5.78% 1.59% 5.71% 5.66% 5.73% 5.99% 6.81% 6.56% 6.34% 6.67% 7.68% 7.49% 7.53% 7.45% 5.58% 5.68% 5.60% 5.63%

Based on: 10-Q (filing date: 2021-04-21), 10-K (filing date: 2021-02-10), 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-K (filing date: 2020-02-12), 10-Q (filing date: 2019-10-17), 10-Q (filing date: 2019-07-17), 10-Q (filing date: 2019-04-17), 10-K (filing date: 2019-02-06), 10-Q (filing date: 2018-10-17), 10-Q (filing date: 2018-07-18), 10-Q (filing date: 2018-04-18), 10-K (filing date: 2018-02-07), 10-Q (filing date: 2017-10-18), 10-Q (filing date: 2017-07-19), 10-Q (filing date: 2017-04-20), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-12), 10-Q (filing date: 2016-07-14), 10-Q (filing date: 2016-04-13).

1 Q1 2021 Calculation
Net profit margin = 100 × (Net earningsQ1 2021 + Net earningsQ4 2020 + Net earningsQ3 2020 + Net earningsQ2 2020) ÷ (RevenueQ1 2021 + RevenueQ4 2020 + RevenueQ3 2020 + RevenueQ2 2020)
= 100 × (706 + 760 + 736 + 499) ÷ (2,813 + 2,825 + 2,648 + 2,255) = 25.62%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Net profit margin An indicator of profitability, calculated as net income divided by revenue. CSX Corp.’s net profit margin ratio improved from Q3 2020 to Q4 2020 but then deteriorated significantly from Q4 2020 to Q1 2021.

Return on Equity (ROE)

CSX Corp., ROE calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 30, 2016 Sep 23, 2016 Jun 24, 2016 Mar 25, 2016
Selected Financial Data (US$ in millions)
Net earnings 706  760  736  499  770  771  856  870  834  843  894  877  695  4,140  459  510  362  458  455  445  356 
Shareholders’ equity, attributable to CSX 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  14,705  10,887  11,587  11,656  11,679  11,656  11,612  11,593 
Profitability Ratio
ROE1 20.54% 21.11% 21.84% 23.84% 27.52% 28.11% 28.68% 28.03% 27.74% 26.34% 48.15% 44.05% 40.37% 37.21% 16.43% 15.41% 14.76% 14.68%
Benchmarks
ROE, Competitors2
FedEx Corp. 9.18% 7.03% -1.85% 0.40% 2.48% 3.04% 18.28% 25.76% 25.09% 23.55% 23.63% 17.31% 17.32% 18.65% 12.56% 12.75% 13.03% 13.20% 6.95% 7.45% 7.13%
Norfolk Southern Corp. 15.74% 13.61% 13.44% 14.10% 16.30% 17.93% 18.10% 18.31% 18.20% 17.35% 38.32% 34.64% 33.64% 33.03% 14.55% 14.26% 13.68% 13.44%
Union Pacific Corp. 32.09% 31.54% 31.23% 33.82% 37.53% 32.65% 33.69% 33.61% 34.08% 29.21% 56.62% 56.71% 44.90% 43.10% 23.90% 23.02% 21.93% 21.24%
United Parcel Service Inc. 72.34% 204.41% 81.97% 100.32% 130.16% 135.90% 89.94% 107.99% 131.44% 158.59% 175.66% 223.28% 379.24% 491.00% 236.38% 287.22% 646.36% 847.16%

Based on: 10-Q (filing date: 2021-04-21), 10-K (filing date: 2021-02-10), 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-K (filing date: 2020-02-12), 10-Q (filing date: 2019-10-17), 10-Q (filing date: 2019-07-17), 10-Q (filing date: 2019-04-17), 10-K (filing date: 2019-02-06), 10-Q (filing date: 2018-10-17), 10-Q (filing date: 2018-07-18), 10-Q (filing date: 2018-04-18), 10-K (filing date: 2018-02-07), 10-Q (filing date: 2017-10-18), 10-Q (filing date: 2017-07-19), 10-Q (filing date: 2017-04-20), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-12), 10-Q (filing date: 2016-07-14), 10-Q (filing date: 2016-04-13).

1 Q1 2021 Calculation
ROE = 100 × (Net earningsQ1 2021 + Net earningsQ4 2020 + Net earningsQ3 2020 + Net earningsQ2 2020) ÷ Shareholders’ equity, attributable to CSX
= 100 × (706 + 760 + 736 + 499) ÷ 13,151 = 20.54%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. CSX Corp.’s ROE deteriorated from Q3 2020 to Q4 2020 and from Q4 2020 to Q1 2021.

Return on Assets (ROA)

CSX Corp., ROA calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 30, 2016 Sep 23, 2016 Jun 24, 2016 Mar 25, 2016
Selected Financial Data (US$ in millions)
Net earnings 706  760  736  499  770  771  856  870  834  843  894  877  695  4,140  459  510  362  458  455  445  356 
Total assets 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  35,739  35,573  35,861  35,712  35,414  34,681  34,550  34,610 
Profitability Ratio
ROA1 6.80% 6.95% 7.04% 7.44% 8.41% 8.71% 8.77% 9.07% 9.04% 9.01% 17.92% 16.71% 15.50% 15.31% 5.03% 4.98% 4.82% 4.84%
Benchmarks
ROA, Competitors2
FedEx Corp. 2.30% 1.75% -0.50% 0.11% 0.66% 0.99% 6.68% 9.33% 9.27% 8.74% 8.61% 5.87% 5.83% 6.17% 4.08% 4.00% 4.04% 3.95% 2.63% 2.91% 2.92%
Norfolk Southern Corp. 6.08% 5.30% 5.26% 5.52% 6.48% 7.18% 7.35% 7.54% 7.53% 7.36% 16.33% 16.03% 15.27% 15.13% 5.27% 5.17% 4.88% 4.78%
Union Pacific Corp. 8.44% 8.57% 8.43% 8.75% 9.65% 9.60% 9.79% 9.90% 9.86% 10.09% 19.71% 19.24% 18.95% 18.53% 7.98% 7.99% 7.74% 7.60%
United Parcel Service Inc. 8.17% 2.15% 7.35% 7.05% 7.05% 7.67% 9.38% 9.01% 8.75% 9.58% 11.66% 11.49% 11.46% 10.81% 8.63% 8.99% 9.01% 8.50%

Based on: 10-Q (filing date: 2021-04-21), 10-K (filing date: 2021-02-10), 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-K (filing date: 2020-02-12), 10-Q (filing date: 2019-10-17), 10-Q (filing date: 2019-07-17), 10-Q (filing date: 2019-04-17), 10-K (filing date: 2019-02-06), 10-Q (filing date: 2018-10-17), 10-Q (filing date: 2018-07-18), 10-Q (filing date: 2018-04-18), 10-K (filing date: 2018-02-07), 10-Q (filing date: 2017-10-18), 10-Q (filing date: 2017-07-19), 10-Q (filing date: 2017-04-20), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-12), 10-Q (filing date: 2016-07-14), 10-Q (filing date: 2016-04-13).

1 Q1 2021 Calculation
ROA = 100 × (Net earningsQ1 2021 + Net earningsQ4 2020 + Net earningsQ3 2020 + Net earningsQ2 2020) ÷ Total assets
= 100 × (706 + 760 + 736 + 499) ÷ 39,692 = 6.80%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. CSX Corp.’s ROA deteriorated from Q3 2020 to Q4 2020 and from Q4 2020 to Q1 2021.