Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Profitability Ratios (Summary)
CSX Corp., profitability ratios (quarterly data)
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).
- Operating Profit Margin
- The operating profit margin showed a stable and strong performance from March 2019 through March 2023. Starting at approximately 39.75% in the first report, it increased slightly to reach a peak of 45.66% by mid-2021. Following this peak, the margin experienced a gradual decline toward early 2023, settling in the range of 40.55% to 40.97%. Despite this dip, the margin remained consistently above 39%, indicating sustainable profitability levels over the observed period.
- Net Profit Margin
- The net profit margin tracked closely with the operating margin trends, beginning at 27.01% in early 2019. It experienced a modest rise to 30.26% by the middle of 2021, representing a significant improvement in net profitability. After this peak, the net margin exhibited a mild downward correction but maintained its level well above 25%, finishing at approximately 28.35% in the first quarter of 2023. This indicates effective cost management and stable bottom-line profitability over time.
- Return on Equity (ROE)
- Return on equity displayed notable fluctuations with an overall upward trajectory. Initially recorded at 26.34% in early 2019, the ROE declined to a low point near 20.54% at the end of 2020, suggesting some challenges or increased equity base during that period. However, it rebounded strongly in subsequent quarters, reaching a new high of 34.84% by March 2023. This trend points to improving efficiency in utilizing shareholder equity and growing profitability for investors.
- Return on Assets (ROA)
- The return on assets showed a more moderate but consistent pattern. Starting close to 9.01% in early 2019, ROA experienced a decline to just below 7% by late 2020, which could reflect asset base growth or temporary operational inefficiencies. Nevertheless, it recovered gradually, reaching 10.35% by the first quarter of 2023. This progression suggests improved asset utilization and operational effectiveness over the measured period.
Return on Sales
Return on Investment
Operating Profit Margin
CSX Corp., operating profit margin calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||||
| Operating income | ||||||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||||
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
Operating profit margin = 100
× (Operating incomeQ1 2023
+ Operating incomeQ4 2022
+ Operating incomeQ3 2022
+ Operating incomeQ2 2022)
÷ (RevenueQ1 2023
+ RevenueQ4 2022
+ RevenueQ3 2022
+ RevenueQ2 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Operating Income
- The operating income exhibits a generally cyclical pattern with fluctuations observed across quarters. From 2018 to early 2020, there is a stable range between approximately 1,150 million and 1,300 million USD, with a noticeable dip in the second quarter of 2020 to 828 million USD, likely indicating an abnormal disruption during that period. Subsequently, operating income recovers and even exceeds previous levels during 2021 and 2022, reaching peaks above 1,600 million USD in mid-2021 and mid-2022. By the first quarter of 2023, operating income stabilizes around 1,460 million USD, showing a slight decrease from recent highs but remaining above pre-2020 levels.
- Revenue
- Revenue trends demonstrate moderate growth over the observed periods with some volatility. From early 2018 through the end of 2019, revenue remains relatively stable, fluctuating around 2,850 to 3,150 million USD. A sharp decline is observed in the second quarter of 2020, dropping to 2,255 million USD, commensurate with the dip in operating income and likely reflecting external market impacts during that quarter. Following this, a recovery phase is evident, with revenue increasing steadily to peak at 3,895 million USD in the third quarter of 2022. In the latest reported quarter, revenue slightly declines to 3,706 million USD, suggesting a small contraction but maintaining an overall upward trajectory compared to earlier years.
- Operating Profit Margin
- Operating profit margin data is not available for the earlier years but becomes reported starting in the first quarter of 2019. Margins remain consistently strong and stable, situated mostly between 40% and 46%, indicating efficient cost management and profitability relative to revenue. The highest margins are observed in 2021, peaking near 45.66%, while in 2022 and early 2023, margins show a mild decreasing trend towards approximately 41%, although still reflecting solid operational performance. This suggests that despite some revenue and income fluctuations, the company maintains relatively high profitability ratios.
- Overall Observations
- The financial data reflects resilience in both revenue and operating income after a notable mid-2020 decline, consistent with broader economic challenges during that period. Revenue growth resumes strongly post-2020, and profitability margins remain robust throughout the periods with available data. The operating income recovery is somewhat lagged but reaches higher levels than those prior to the downturn. Margins demonstrate operational efficiency is maintained despite varying market conditions. The most recent data show a slight easing in revenue and income, but overall, financial performance remains strong relative to the historical baseline.
Net Profit Margin
CSX Corp., net profit margin calculation (quarterly data)
| 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 | ||||||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||||
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
Net profit margin = 100
× (Net earningsQ1 2023
+ Net earningsQ4 2022
+ Net earningsQ3 2022
+ Net earningsQ2 2022)
÷ (RevenueQ1 2023
+ RevenueQ4 2022
+ RevenueQ3 2022
+ RevenueQ2 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Net Earnings
- The net earnings exhibit fluctuations over the reported quarters, with an overall positive trend in recent periods. Initial values in early 2018 hover between approximately 695 to 894 million US dollars, followed by some variability through 2019. A noticeable dip occurs around mid-2020, which likely correlates with external economic conditions, before recovering significantly by late 2021 and peaking at 1178 million US dollars in the first quarter of 2022. The subsequent quarters show a controlled decline but remain elevated relative to earlier years, maintaining values above 950 million US dollars by the end of the series.
- Revenue
- Revenue trends indicate a generally stable pattern with periods of modest growth and contraction. Revenue figures start near 2876 million US dollars in early 2018 and increase slightly toward mid-2018, then experience minor declines in late 2018 and throughout 2019. A sharp decrease is evident in the first half of 2020, with revenue dropping to as low as 2255 million US dollars during the second quarter, likely reflecting challenging market conditions. The recovery trend resumes in the latter half of 2020 with a steady increase into 2021 and 2022, reaching a peak around 3895 million US dollars in the second quarter of 2022 before a slight decline toward the first quarter of 2023.
- Net Profit Margin
- The net profit margin remains relatively stable and consistently strong during the periods for which data is available. From late 2018 onward, it consistently oscillates in a narrow range around 25% to 30%, reaching peak margins near 30% during 2021. The trend suggests effective cost control and profitability management, even during periods of revenue volatility. Margins dip slightly below 26% during the mid-2020 downturn but quickly normalize and improve into 2021 before stabilizing around 28% to 29% in the most recent quarters.
- Overall Insights
- Overall, the financial data portrays a company exhibiting resilience and adaptive performance amid variable market conditions. The dip in both revenue and net earnings during early 2020 aligns with global economic disruptions, but subsequent quarters show a strong recovery trajectory with earnings surpassing prior peaks. The consistency in net profit margin highlights efficient operational management. The slight decline in revenue and earnings toward the end of the reported period may warrant monitoring but does not significantly offset the general positive trend observed across multiple quarters.
Return on Equity (ROE)
CSX Corp., ROE calculation (quarterly data)
| 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 | ||||||||||||||||||||||||||||
| Shareholders’ equity, attributable to CSX | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||||
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
ROE = 100
× (Net earningsQ1 2023
+ Net earningsQ4 2022
+ Net earningsQ3 2022
+ Net earningsQ2 2022)
÷ Shareholders’ equity, attributable to CSX
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The net earnings exhibit a fluctuating pattern over the reported quarters. Initially, there is a general increase from March 31, 2018, reaching a peak around the third quarter of 2018. Following this peak, net earnings trend downward through much of 2019 and the early part of 2020, coinciding with a significant dip in the second quarter of 2020. Subsequently, net earnings recover and show a marked increase from the latter half of 2020 through 2021, with another peak occurring near mid-2021. In the most recent quarters from 2022 into the first quarter of 2023, net earnings remain relatively robust but display a slight declining tendency after reaching a high in early 2022.
Shareholders' equity attributable to the company demonstrates a gradual decline from the first quarter of 2018 through 2019, stabilizing somewhat around late 2019 and early 2020. Starting from the second quarter of 2020, equity shows a recovery trend, climbing steadily until mid-2021, after which it fluctuates slightly but generally maintains a level above the lows observed in 2019. However, from the end of 2021 through the first quarter of 2023, shareholder equity again exhibits a gradual downward trend.
The return on equity (ROE) data available from the first quarter of 2019 onward reveals a generally increasing trend with some short-term variability. ROE starts near 26% early in 2019, rising progressively and reaching levels above 30% by 2022 and 2023. This upward trajectory suggests improving efficiency in generating earnings from shareholders’ equity despite fluctuations in net earnings and equity levels.
- Net Earnings
- Initial growth followed by a decline through 2019 and early 2020; a notable dip in mid-2020; recovery and growth through 2021; strong performance in 2022 with slight decline early 2023.
- Shareholders’ Equity
- Steady decline from 2018 through 2019; stabilization and recovery starting mid-2020; fluctuations but overall stability in 2021; trending downwards again in late 2021 through early 2023.
- Return on Equity (ROE)
- Increasing trend from approximately 26% in early 2019 to nearly 35% in early 2023, indicating enhanced profitability relative to equity despite varying earnings and equity values.
Return on Assets (ROA)
CSX Corp., ROA calculation (quarterly data)
| 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 | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||||
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
ROA = 100
× (Net earningsQ1 2023
+ Net earningsQ4 2022
+ Net earningsQ3 2022
+ Net earningsQ2 2022)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable patterns in earnings, asset levels, and profitability as measured by return on assets (ROA) over the observed periods.
- Net Earnings
- Net earnings demonstrate some variability but generally maintain a consistent range across the quarters. Starting from $695 million in March 2018, earnings showed growth to a peak near $894 million by September 2018, followed by a mild fluctuation through 2019. In 2020, the earnings dipped notably in the second quarter to $499 million, likely reflecting external pressures, but recovered fairly quickly to about $736 million in the third quarter of 2020 and stabilized thereafter. The earnings reached a significant peak of $1173 million in June 2021, before entering a period of moderate decline and fluctuation. By March 2023, earnings stood at $987 million, higher than the initial values but below the peak observed in mid-2021. This suggests resilience with episodic pressures affecting quarterly profitability.
- Total Assets
- Total assets remained relatively stable over the period, fluctuating within a range from approximately $36.7 billion in late 2018 to just above $42 billion in early 2023. The asset base showed a gradual increase overall, with minor quarter-to-quarter variations likely reflecting routine operational adjustments or capital expenditures. This stability reflects a consistent asset management approach without large-scale acquisitions or divestitures impacting the asset base substantially.
- Return on Assets (ROA)
- The ROA data, available from the first quarter of 2019, show a generally steady and improving trend across the reported quarters. Starting slightly above 9% in early 2019, ROA experienced a downward drift through late 2019 and 2020, falling to a low near 6.8% in early 2021. This period likely aligns with the earnings pressure observed in 2020. Afterward, a marked recovery in ROA occurred, climbing steadily to exceed 10% by early 2023. This positive trend indicates improved asset utilization and operational efficiency, enhancing overall profitability despite some earnings volatility.
In summary, the data illustrate a company successfully managing its asset base with moderate earnings fluctuations influenced by external and internal factors. Profitability metrics reflect a temporary dip related to economic challenges around 2020 but a subsequent steady recovery and improvement in asset efficiency through early 2023.