NASDAQ : CSX
CSX Corporation — Financial statements
Industrials · Railroads · United States
Last price 52.24 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 96.23B
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Financial statements
CSX Corporation (CSX) reported revenue of 14.94B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 14.94B | 14.09B | 14.54B | 14.66B | 14.85B | 12.52B |
| Cost of Revenue | 7.80B | 7.67B | 7.46B | 7.52B | 7.53B | 5.87B |
| Gross Profit | 7.14B | 6.42B | 7.08B | 7.14B | 7.32B | 6.65B |
| Operating Expenses | 1.64B | 1.68B | 1.66B | 1.61B | 1.50B | 1.42B |
| Operating Income | 5.50B | 4.74B | 5.43B | 5.53B | 5.82B | 5.23B |
| Interest Expense | -844.00M | -844.00M | -832.00M | -809.00M | -742.00M | -722.00M |
| Interest & Investment Income | 45.00M | 45.00M | 85.00M | 79.00M | 42.00M | 7.00M |
| Other Non Operating Income (Expenses) | 16.00M | 14.00M | 7.00M | 31.00M | 12.00M | 8.00M |
| EBT Excluding Unusual Items | 4.71B | 3.96B | 4.69B | 4.83B | 5.13B | 4.53B |
| Merger & Restructuring Charges | -22.00M | -27.00M | ||||
| Impairment of Goodwill | -164.00M | -108.00M | ||||
| Gain (Loss) on Sale of Assets | 238.00M | 454.00M | ||||
| Asset Writedown | -26.00M | -26.00M | -24.00M | -2.00M | -4.00M | -2.00M |
| Pretax Income | 4.69B | 3.77B | 4.55B | 4.83B | 5.34B | 4.95B |
| Income Tax Expense | 1.11B | 880.00M | 1.08B | 1.16B | 1.23B | 1.17B |
| Net Income | 3.58B | 2.89B | 3.47B | 3.67B | 4.11B | 3.78B |
| Net Income to Common | 3.58B | 2.89B | 3.47B | 3.67B | 4.11B | 3.78B |
| Shares Outstanding (Basic) | 1.86B | 1.87B | 1.94B | 2.01B | 2.14B | 2.25B |
| Shares Outstanding (Diluted) | 1.86B | 1.87B | 1.94B | 2.01B | 2.14B | 2.25B |
| EPS (Basic) | 1.93 | 1.54 | 1.79 | 1.83 | 1.93 | 1.68 |
| EPS (Diluted) | 1.92 | 1.54 | 1.79 | 1.82 | 1.92 | 1.68 |
| Free Cash Flow | 3.21B | 1.71B | 2.72B | 3.26B | 3.41B | 3.31B |
| Free Cash Flow Per Share | 1.73 | 0.91 | 1.40 | 1.62 | 1.59 | 1.47 |
| Dividend Per Share | 0.55 | 0.52 | 0.48 | 0.44 | 0.40 | 0.37 |
| Gross Margin | 47.78% | 45.59% | 48.73% | 48.69% | 49.30% | 53.13% |
| Operating Margin | 36.78% | 33.66% | 37.33% | 37.73% | 39.19% | 41.79% |
| Profit Margin | 23.97% | 20.50% | 23.86% | 25.03% | 27.70% | 30.20% |
| Free Cash Flow Margin | 21.50% | 12.14% | 18.69% | 22.22% | 22.98% | 26.42% |
| EBITDA | 7.14B | 6.42B | 7.08B | 7.14B | 7.32B | 6.65B |
| EBITDA Margin | 47.78% | 45.59% | 48.73% | 48.69% | 49.30% | 53.13% |
| D&A For EBITDA | 1.64B | 1.68B | 1.66B | 1.61B | 1.50B | 1.42B |
| EBIT | 5.50B | 4.74B | 5.43B | 5.53B | 5.82B | 5.23B |
| EBIT Margin | 36.78% | 33.66% | 37.33% | 37.73% | 39.19% | 41.79% |
| Effective Tax Rate | 23.60% | 23.35% | 23.82% | 24.04% | 23.03% | 23.63% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.22B | 670.00M | 933.00M | 1.35B | 1.96B | 2.24B |
| Short-Term Investments | 382.00M | 5.00M | 72.00M | 83.00M | 129.00M | 77.00M |
| Cash & Short-Term Investments | 1.60B | 675.00M | 1.00B | 1.44B | 2.09B | 2.32B |
| Receivables | 1.49B | 1.30B | 1.33B | 1.39B | 1.31B | 1.15B |
| Inventory | 401.00M | 390.00M | 414.00M | 440.00M | 341.00M | 339.00M |
| Other Current Assets | 142.00M | 187.00M | 75.00M | 90.00M | 108.00M | 70.00M |
| Total Current Assets | 3.63B | 2.55B | 2.82B | 3.36B | 3.85B | 3.87B |
| Property, Plant & Equipment | 37.62B | 37.27B | 36.15B | 35.22B | 34.75B | 33.52B |
| Long-Term Investments | 2.85B | 2.83B | 2.67B | 2.56B | 2.49B | 2.28B |
| Goodwill | 80.00M | 239.00M | 325.00M | 319.00M | 276.00M | |
| Other Intangible Assets | 258.00M | 187.00M | 194.00M | 181.00M | 183.00M | 175.00M |
| Other Long-Term Assets | 791.00M | 765.00M | 697.00M | 566.00M | 328.00M | 414.00M |
| Total Assets | 45.15B | 43.68B | 42.76B | 42.21B | 41.91B | 40.53B |
| Accounts Payable | 1.14B | 1.15B | 1.12B | 1.24B | 1.13B | 963.00M |
| Accrued Expenses | 682.00M | 647.00M | 575.00M | 610.00M | 810.00M | 711.00M |
| Current Portion of Long-Term Debt | 1.70B | 708.00M | 606.00M | 558.00M | 151.00M | 181.00M |
| Current Portion of Leases | 67.00M | 73.00M | 68.00M | 69.00M | 64.00M | |
| Current Income Taxes Payable | 205.00M | 118.00M | 508.00M | 524.00M | 111.00M | 134.00M |
| Other Current Liabilities | 583.00M | 444.00M | 396.00M | 226.00M | 200.00M | 180.00M |
| Total Current Liabilities | 4.31B | 3.13B | 3.28B | 3.22B | 2.47B | 2.23B |
| Long-Term Debt | 17.25B | 18.24B | 18.01B | 18.07B | 17.98B | 16.14B |
| Long-Term Leases | 492.00M | 494.00M | 496.00M | 508.00M | 517.00M | 525.00M |
| Pension & Post-Retirement Benefits | 169.00M | 169.00M | 182.00M | 188.00M | 244.00M | |
| Long-Term Deferred Tax Liabilities | 8.03B | 7.91B | 7.72B | 7.70B | 7.57B | 7.38B |
| Other Long-Term Liabilities | 695.00M | 575.00M | 581.00M | 550.00M | 557.00M | 508.00M |
| Total Liabilities | 30.77B | 30.52B | 30.26B | 30.23B | 29.29B | 27.03B |
| Common Stock | 1.84B | 1.86B | 1.90B | 1.96B | 2.07B | 2.20B |
| Retained Earnings | 11.61B | 10.56B | 9.99B | 9.61B | 10.36B | 11.63B |
| Comprehensive Income & Other | 926.00M | 735.00M | 614.00M | 412.00M | 186.00M | -342.00M |
| Total Common Equity | 14.38B | 13.15B | 12.50B | 11.98B | 12.62B | 13.49B |
| Minority Interest | 6.00M | 5.00M | 5.00M | 5.00M | 10.00M | 10.00M |
| Shareholders' Equity | 14.38B | 13.16B | 12.51B | 11.98B | 12.62B | 13.50B |
| Total Liabilities & Equity | 45.15B | 43.68B | 42.76B | 42.21B | 41.91B | 40.53B |
| Total Debt | 19.44B | 19.51B | 19.18B | 19.20B | 18.72B | 16.91B |
| Net Cash (Debt) | -17.84B | -18.83B | -18.18B | -17.76B | -16.64B | -14.59B |
| Net Cash Per Share | -9.59 | -10.05 | -9.36 | -8.82 | -7.77 | -6.47 |
| Filing Date Shares Outstanding | 1.84B | 1.86B | 1.89B | 1.96B | 2.06B | 2.19B |
| Total Common Shares Outstanding | 1.84B | 1.86B | 1.90B | 1.96B | 2.07B | 2.20B |
| Working Capital | -676.00M | -583.00M | -456.00M | 136.00M | 1.38B | 1.64B |
| Book Value Per Share | 7.80 | 7.07 | 6.58 | 6.12 | 6.10 | 6.13 |
| Tangible Book Value | 14.12B | 12.89B | 12.07B | 11.47B | 12.11B | 13.04B |
| Tangible Book Value Per Share | 7.66 | 6.93 | 6.35 | 5.86 | 5.86 | 5.92 |
| Land | 2.29B | 2.28B | 2.27B | 2.27B | 1.89B | |
| Buildings | 1.58B | 1.50B | 1.53B | 1.42B | 1.39B | |
| Machinery | 11.26B | 11.16B | 10.30B | 10.12B | ||
| Construction In Progress | 998.00M | 1.07B | 815.00M | 745.00M | 419.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.58B | 2.89B | 3.47B | 3.67B | 4.11B | 3.78B |
| Depreciation & Amortization | 1.64B | 1.68B | 1.66B | 1.61B | 1.50B | 1.42B |
| Loss (Gain) From Sale of Assets | -238.00M | -454.00M | ||||
| Asset Writedown & Restructuring Costs | 164.00M | 108.00M | ||||
| Other Operating Activities | 26.00M | 124.00M | -63.00M | 85.00M | 84.00M | 179.00M |
| Change in Accounts Receivable | -78.00M | 88.00M | 82.00M | -51.00M | -101.00M | -141.00M |
| Change in Accounts Payable | 71.00M | 40.00M | 3.00M | 74.00M | 140.00M | 128.00M |
| Change in Income Taxes | 195.00M | -399.00M | -19.00M | 430.00M | -39.00M | 72.00M |
| Change in Other Net Operating Assets | 164.00M | 27.00M | 8.00M | -299.00M | 64.00M | 114.00M |
| Operating Cash Flow | 5.60B | 4.61B | 5.25B | 5.51B | 5.53B | 5.10B |
| Capital Expenditures | -2.39B | -2.90B | -2.53B | -2.26B | -2.11B | -1.79B |
| Sale of Property, Plant & Equipment | 158.00M | 78.00M | 66.00M | 88.00M | 294.00M | 529.00M |
| Cash Acquisitions | -1.00M | -16.00M | -70.00M | -31.00M | -227.00M | -541.00M |
| Investment in Securities | -354.00M | 80.00M | 25.00M | 49.00M | -50.00M | -70.00M |
| Other Investing Activities | -27.00M | -91.00M | -97.00M | -76.00M | 33.00M | -4.00M |
| Investing Cash Flow | -2.61B | -2.85B | -2.60B | -2.23B | -2.06B | -1.88B |
| Long-Term Debt Issued | 900.00M | 550.00M | 600.00M | 2.00B | ||
| Long-Term Debt Repaid | -613.00M | -558.00M | -153.00M | -186.00M | -426.00M | |
| Net Debt Issued (Repaid) | -311.00M | 287.00M | -8.00M | 447.00M | 1.81B | -426.00M |
| Repurchase of Common Stock | -1.17B | -1.40B | -2.24B | -3.48B | -4.73B | -2.89B |
| Common Dividends Paid | -1.02B | -972.00M | -930.00M | -882.00M | -852.00M | -839.00M |
| Other Financing Activities | 127.00M | 56.00M | 113.00M | 50.00M | 39.00M | |
| Financing Cash Flow | -2.38B | -2.02B | -3.06B | -3.87B | -3.77B | -4.11B |
| Net Cash Flow | 611.00M | -263.00M | -420.00M | -580.00M | -306.00M | -890.00M |
| Free Cash Flow | 3.21B | 1.71B | 2.72B | 3.26B | 3.41B | 3.31B |
| Free Cash Flow Margin | 21.50% | 12.14% | 18.69% | 22.22% | 22.98% | 26.42% |
| Free Cash Flow Per Share | 1.73 | 0.91 | 1.40 | 1.62 | 1.59 | 1.47 |
| Levered Free Cash Flow | 2.42B | 970.50M | 2.15B | 2.55B | 2.70B | 2.72B |
| Unlevered Free Cash Flow | 2.95B | 1.50B | 2.67B | 3.05B | 3.16B | 3.17B |
| Cash Interest Paid | 870.00M | 870.00M | 850.00M | 806.00M | 729.00M | 718.00M |
| Cash Income Tax Paid | 1.10B | 1.10B | 1.08B | 630.00M | 1.17B | 931.00M |
| Change in Working Capital | 352.00M | -244.00M | 74.00M | 154.00M | 64.00M | 173.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 95.09B | 67.50B | 62.23B | 68.51B | 65.11B | 83.40B |
| Enterprise Value | 112.92B | 86.70B | 79.71B | 86.19B | 81.38B | 98.10B |
| Last Close Price | 51.99 | 35.92 | 31.47 | 33.36 | 29.39 | 35.23 |
| PE Ratio | 26.89 | 23.36 | 17.93 | 18.68 | 15.83 | 22.06 |
| Forward PE | 22.57 | 19.73 | 16.67 | 18.06 | 16.23 | 21.48 |
| PS Ratio | 6.37 | 4.79 | 4.28 | 4.67 | 4.38 | 6.66 |
| PB Ratio | 6.66 | 5.13 | 4.98 | 5.72 | 5.16 | 6.18 |
| P/TBV Ratio | 6.74 | 5.24 | 5.16 | 5.97 | 5.38 | 6.40 |
| P/FCF Ratio | 29.61 | 39.45 | 22.90 | 21.04 | 19.08 | 25.21 |
| P/OCF Ratio | 16.98 | 14.63 | 11.86 | 12.43 | 11.78 | 16.36 |
| PEG Ratio | 1.80 | 2.38 | 2.08 | 2.51 | 1.36 | 1.26 |
| EV/Sales Ratio | 7.56 | 6.15 | 5.48 | 5.88 | 5.48 | 7.83 |
| EV/EBITDA Ratio | 15.82 | 13.50 | 11.25 | 12.08 | 11.11 | 14.74 |
| EV/EBIT Ratio | 20.55 | 18.27 | 14.69 | 15.59 | 13.98 | 18.75 |
| EV/FCF Ratio | 35.16 | 50.67 | 29.33 | 26.46 | 23.84 | 29.66 |
| Debt / Equity Ratio | 1.35 | 1.48 | 1.53 | 1.60 | 1.48 | 1.25 |
| Debt / EBITDA Ratio | 2.68 | 2.98 | 2.66 | 2.65 | 2.52 | 2.51 |
| Debt / FCF Ratio | 6.05 | 11.40 | 7.06 | 5.89 | 5.49 | 5.11 |
| Net Debt / Equity Ratio | 1.24 | 1.43 | 1.45 | 1.48 | 1.32 | 1.08 |
| Net Debt / EBITDA Ratio | 2.50 | 2.93 | 2.57 | 2.49 | 2.27 | 2.19 |
| Net Debt / FCF Ratio | 5.55 | 11.01 | 6.69 | 5.45 | 4.87 | 4.41 |
| Asset Turnover | 0.34 | 0.33 | 0.34 | 0.35 | 0.36 | 0.31 |
| Inventory Turnover | 19.15 | 19.07 | 17.46 | 19.26 | 22.15 | 18.31 |
| Quick Ratio | 0.72 | 0.63 | 0.71 | 0.88 | 1.38 | 1.55 |
| Current Ratio | 0.84 | 0.81 | 0.86 | 1.04 | 1.56 | 1.73 |
| Return on Equity (ROE) | 26.39% | 22.51% | 28.34% | 29.81% | 31.50% | 28.42% |
| Return on Assets (ROA) | 7.77% | 6.86% | 7.98% | 8.22% | 8.83% | 8.14% |
| Return on Invested Capital (ROIC) | 13.05% | 11.60% | 13.68% | 14.24% | 15.62% | 14.46% |
| Return on Capital Employed (ROCE) | 13.50% | 11.70% | 13.70% | 14.20% | 14.80% | 13.70% |
| Earnings Yield | 3.72% | 4.28% | 5.58% | 5.35% | 6.32% | 4.53% |
| FCF Yield | 3.38% | 2.54% | 4.37% | 4.75% | 5.24% | 3.97% |
| Dividend Yield | 1.08% | 1.43% | 1.47% | 1.26% | 1.27% | 0.98% |
| Payout Ratio | 29.17% | 33.65% | 26.80% | 24.05% | 20.71% | 22.19% |
| Buyback Yield / Dilution | 1.48% | 3.60% | 3.48% | 5.98% | 5.05% | 2.17% |
| Total Shareholder Return | 2.57% | 5.04% | 4.94% | 7.24% | 6.32% | 3.15% |