CSX Corporation (CSX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.52	$0.54	+3.8%	—	—	—
Q4 26	$0.39	$0.43	+10.3%	—	—	—
Q3 26	$0.41	$0.39	-4.9%	—	—	—
Q2 26	$0.42	$0.44	+4.8%	—	—	—
Q1 26	$0.42	$0.44	+4.8%	—	—	—
Q4 25	$0.37	$0.34	-8.1%	—	—	—
Q3 25	$0.42	$0.42	0.0%	—	—	—
Q2 25	$0.48	$0.46	-4.2%	—	—	—
Q1 25	$0.48	$0.49	+2.1%	—	—	—
Q4 24	$0.45	$0.46	+2.2%	—	—	—
Q3 24	$0.44	$0.45	+2.3%	—	—	—
Q2 24	$0.43	$0.42	-2.3%	—	—	—
Q1 24	$0.49	$0.49	0.0%	—	—	—
Q4 23	$0.43	$0.48	+11.6%	—	—	—
Q3 23	$0.46	$0.47	+2.2%	—	—	—
Q2 23	$0.49	$0.51	+4.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.55	—	—	$14.1B	—
FY24	—	$1.83	—	—	$14.5B	—
FY23	—	$1.85	—	—	$14.7B	—
FY22	—	$2.02	—	—	$14.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$11.1B	$11.4B	$12.3B	$11.9B	$10.6B	$12.5B	$14.9B	$14.7B	$14.5B	$14.1B
YoY change	-6.28%	+3.06%	+7.38%	-2.56%	-11.3%	+18.3%	+18.6%	-1.32%	-0.8%	-3.08%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	11.1B	11.4B	12.3B	11.9B	10.6B	12.5B	14.9B	14.7B	14.5B	14.1B
Cost of revenue	7.7B	7.7B	7.4B	7.1B	6.3B	7.4B	9.1B	9.1B	9.2B	9.4B
Gross profit	3.4B	3.7B	4.9B	4.8B	4.3B	5.1B	5.8B	5.5B	5.3B	4.7B
Gross margin	30.4%	32.8%	39.7%	40.3%	40.9%	41%	38.9%	37.7%	36.7%	33.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	24M	-32M	-38M	-43M	-42M	-64M	-79M	-29M	-50M	-33M
Operating expenses	24M	-32M	-38M	-43M	-42M	-64M	-79M	-29M	-50M	-33M
Operating income	3.3B	3.8B	4.9B	4.9B	4.4B	5.2B	5.9B	5.6B	5.4B	4.7B
Operating margin	30.2%	33.1%	40.1%	40.7%	41.3%	41.6%	39.5%	37.9%	37.1%	33.5%
Non-operating income, net	-29M	-98M	4M	148M	-5M	462M	250M	65M	-90M	-150M
Pretax income	2.7B	3.1B	4.3B	4.3B	3.6B	5B	5.4B	4.9B	4.6B	3.8B
Income tax	1B	-2.3B	995M	985M	862M	1.2B	1.2B	1.2B	1.1B	880M
Net income	1.7B	5.5B	3.3B	3.3B	2.8B	3.8B	4.2B	3.7B	3.5B	2.9B
Net margin	15.5%	48%	27%	27.9%	26.1%	30.2%	28%	25.3%	23.9%	20.5%
EBITDA	4.7B	5.3B	6.3B	6.3B	5.8B	6.6B	7.4B	7.3B	7.1B	6.5B
EPS	0.62	2.05	1.35	1.44	1.21	1.72	2.02	1.85	1.83	1.55
Diluted EPS	0.6	2	1.28	1.39	1.2	1.68	1.95	1.85	1.79	1.54

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.6B	3.7B	3.7B	3.7B	3.6B	3.5B	3.4B	3.6B	3.6B	3.5B	3.5B	3.9B
Cost of revenue	2.3B	2.4B	2.3B	2.3B	2.3B	2.3B	2.4B	2.3B	2.3B	2.4B	2.2B	2.4B
Gross profit	1.3B	1.3B	1.4B	1.4B	1.4B	1.2B	1B	1.3B	1.3B	1.1B	1.3B	1.5B
Gross margin	35.4%	35.7%	36.8%	38.9%	37.4%	34.2%	30.4%	35.9%	34.9%	31.6%	36%	38.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	1.3B	1.3B	1.4B	1.4B	1.4B	1.3B	1B	1.3B	1.3B	1.1B	1.3B	1.5B
Operating margin	35.4%	36.4%	36.8%	38.9%	37.4%	35.6%	30.4%	35.9%	34.9%	32.6%	36%	38.3%
Non-operating income, net	40M	-67M	42M	36M	35M	-203M	26M	22M	-143M	-55M	23M	25M
Pretax income	1.1B	1.1B	1.2B	1.3B	1.2B	936M	858M	1.1B	898M	920M	1.1B	1.3B
Income tax	274M	263M	292M	304M	290M	203M	212M	264M	204M	200M	256M	318M
Net income	828M	886M	893M	963M	894M	733M	646M	829M	694M	720M	807M	1B
Net margin	23.2%	24.1%	24.3%	26%	24.7%	20.7%	18.9%	23.2%	19.3%	20.5%	23.2%	25.5%
EBITDA	1.7B	1.8B	1.8B	1.9B	1.8B	1.7B	1.5B	1.7B	1.7B	1.5B	1.7B	1.9B
EPS	0.42	0.45	0.46	0.5	0.46	0.39	0.34	0.44	0.37	0.39	0.43	0.54
Diluted EPS	0.41	0.45	0.46	0.49	0.46	0.38	0.34	0.44	0.37	0.39	0.43	0.54

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	33.3B	49B	50.8B	55.9B	69.2B	82.8B	64B	69.6B	61.3B	67.4B	86.6B
Enterprise value	43.6B	60.3B	64.5B	70.7B	83.3B	97.3B	80.5B	87.2B	79.3B	86.1B	104.7B
Shares outstanding	2.8B	2.7B	2.5B	2.3B	2.3B	2.2B	2.1B	2B	1.9B	1.9B	1.9B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	19.5	8.95	15.4	16.8	25	21.9	15.4	18.7	17.7	23.3	27.2
P/S	3.01	4.29	4.15	4.69	6.54	6.61	4.31	4.75	4.22	4.78	5.98
P/B	2.85	3.33	4.04	4.72	5.28	6.13	5.07	5.74	4.9	5.12	6.17
EV/EBITDA	9.26	11.3	10.3	11.3	14.4	14.7	10.8	12	11.1	13.3	15.3
EV/Sales	3.94	5.29	5.26	5.92	7.87	7.77	5.42	5.95	5.45	6.11	7.22
Earnings yield	5.14%	11.2%	6.51%	5.96%	3.99%	4.57%	6.51%	5.34%	5.66%	4.29%	3.67%
FCF yield	1.93%	2.92%	5.7%	5.71%	3.81%	4%	5.45%	4.69%	4.43%	2.54%	2.25%
PEG	—	—	—	—	—	—	—	—	—	—	1.27

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	30.4%	32.8%	39.7%	40.3%	40.9%	41%	38.9%	37.7%	36.7%	33.2%	38.3%
Operating margin	30.2%	33.1%	40.1%	40.7%	41.3%	41.6%	39.5%	37.9%	37.1%	33.5%	38.4%
Net margin	15.5%	48%	27%	27.9%	26.1%	30.2%	28%	25.3%	23.9%	20.5%	22.2%
ROE	14.7%	37.2%	26.3%	28.1%	21.1%	28%	33%	30.6%	27.7%	22%	24.4%
ROA	4.84%	15.3%	9.01%	8.71%	6.95%	9.33%	9.94%	8.76%	8.11%	6.61%	7.38%
ROIC	9.5%	14.4%	14.4%	14.1%	12.3%	14.2%	15.5%	14.2%	13.5%	11.4%	12.3%
Return on tangible assets	4.86%	15.4%	9.01%	8.71%	6.97%	9.54%	10.2%	8.97%	8.28%	6.7%	7.25%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.22	1.01	1.34	1.52	2.2	1.73	1.56	1.05	0.86	0.81	0.82
Quick ratio	1.02	0.81	1.2	1.4	2.05	1.58	1.42	0.91	0.73	0.69	0.72
Debt / equity	0.97	0.8	1.17	1.41	1.31	1.25	1.47	1.57	1.52	1.47	1.38
Debt / assets	0.32	0.33	0.4	0.44	0.43	0.42	0.44	0.45	0.44	0.44	0.43
Net debt / EBITDA	2.18	2.14	2.18	2.36	2.43	2.19	2.22	2.42	2.52	2.89	2.62
Interest coverage	5.73	6.75	7.74	6.86	5.81	7.86	8.3	7.05	6.47	5.47	5.96
Effective tax rate	37.5%	0%	23.1%	22.8%	23.8%	23.6%	23.1%	24%	23.8%	23.3%	23.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.98	4.27	4.99	5.15	4.62	5.69	7.19	7.3	7.65	7.58	7.8
EPS (basic)	0.62	2.05	1.35	1.44	1.21	1.72	2.02	1.85	1.83	1.55	1.55
EPS (diluted)	0.6	2	1.28	1.39	1.2	1.68	1.95	1.85	1.79	1.54	1.72
Book value per share	4.2	5.51	5.13	5.12	5.73	6.13	6.11	6.04	6.58	7.08	7.6
FCF per share	0.23	0.54	1.18	1.38	1.15	1.5	1.69	1.63	1.43	0.92	1.5
Cash per share	0.37	0.16	0.45	0.84	1.37	1.05	1.01	0.72	0.53	0.36	0.75
Capex per share	0.79	0.73	0.58	0.61	0.69	0.57	0.91	1.11	1.3	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	19.9%	17%	11.6%	11.8%	14.8%	10.1%	12.7%	15.2%	16.9%	—	—
Capex / operating cash flow	68.9%	52.7%	29.1%	28.1%	36.9%	23%	32%	43.3%	47.6%	—	—
Payout ratio	39.7%	12.9%	22.7%	22.9%	28.8%	22.2%	20.5%	23.7%	26.8%	33.6%	31.4%
Dividend yield	2.04%	1.45%	1.48%	1.36%	1.15%	1.01%	1.33%	1.27%	1.52%	1.44%	1.2%

Yield

1.2%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.14

ex-dividend Aug 31, 2026

Payout ratio

31%

of earnings

Dividend growth

21 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 31, 2026	$0.14
May 29, 2026	$0.14
Feb 27, 2026	$0.14

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.6B	$3.7B	$3.7B	$3.7B	$3.6B	$3.5B	$3.4B	$3.6B	$3.6B	$3.5B	$3.5B	$3.9B
YoY change	-8.29%	-1.34%	-0.67%	+0.05%	+1.32%	-3.83%	-7.01%	-3.43%	-0.88%	-0.88%	+1.72%	+10.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1B	419M	1.1B	2B	3.1B	2.3B	2.1B	1.4B	1B	675M
Receivables	938M	793M	828M	769M	700M	937M	1.1B	1B	996M	909M
Inventory	407M	372M	263M	261M	302M	339M	341M	446M	414M	390M
Total current assets	2.5B	1.9B	2.6B	3.3B	4.4B	3.9B	3.8B	3.4B	2.8B	2.5B
Property, plant & equipment	60B	61.9B	63.4B	67.2B	12.8B	13.3B	14.5B	14B	14B	14.4B
Goodwill & intangibles	126M	126M	—	—	126M	902M	1B	1B	866M	534M
Total assets	35.4B	35.7B	36.7B	38.3B	39.8B	40.5B	41.9B	42.4B	42.8B	43.7B
Accounts payable	806M	847M	949M	1B	809M	963M	1.1B	1.2B	1.3B	1.1B
Short-term debt	331M	19M	18M	245M	401M	181M	151M	558M	606M	708M
Total current liabilities	2B	1.9B	1.9B	2.2B	2B	2.2B	2.5B	3.2B	3.3B	3.1B
Long-term debt	11B	11.8B	14.7B	16.5B	16.8B	16.7B	18.4B	18.5B	18.4B	18.6B
Total liabilities	23.7B	21B	24.1B	26.4B	26.7B	27B	29.3B	30.3B	30.3B	30.5B
Shareholders' equity	11.7B	14.7B	12.6B	11.9B	13.1B	13.5B	12.6B	12.1B	12.5B	13.2B
Total debt	11.3B	11.8B	14.8B	16.7B	17.2B	16.8B	18.5B	19B	19B	19.4B
Net debt	10.7B	11.4B	13.9B	15.8B	14B	14.6B	16.6B	17.7B	18.1B	18.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.4B	1.4B	1.5B	1.2B	1.7B	1B	1.1B	393M	618M	675M	1.1B	1.4B
Receivables	1B	1B	1B	1.1B	1B	996M	1B	1B	1B	909M	1B	1.1B
Inventory	427M	446M	451M	417M	415M	414M	438M	420M	414M	390M	439M	406M
Total current assets	3.4B	3.4B	3.5B	3.2B	3.6B	2.8B	3B	2.3B	2.5B	2.5B	3.1B	3.4B
Property, plant & equipment	35.2B	14B	35.6B	35.5B	35.7B	14B	36.3B	36.7B	37B	14.4B	37.3B	37.4B
Goodwill & intangibles	509M	1B	520M	535M	544M	866M	430M	437M	540M	534M	264M	261M
Total assets	41.9B	42.4B	42.7B	42.4B	43.1B	42.8B	43.2B	42.9B	43.3B	43.7B	44.2B	44.7B
Accounts payable	1.2B	1.2B	1.3B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B	1.1B	1.1B	1.1B
Short-term debt	559M	558M	557M	557M	6M	606M	605M	616M	608M	708M	710M	1.7B
Total current liabilities	2.9B	3.2B	3B	2.7B	2.6B	3.3B	3.4B	3B	3B	3.1B	3.2B	4.2B
Long-term debt	18.4B	18.5B	18.4B	18.5B	19B	18.4B	19B	19B	19B	18.6B	18.6B	17.7B
Total liabilities	29.9B	30.3B	30.1B	29.7B	30.1B	30.3B	31B	30.6B	30.5B	30.5B	30.7B	30.6B
Shareholders' equity	12B	12.1B	12.6B	12.6B	12.9B	12.5B	12.2B	12.4B	12.8B	13.2B	13.6B	14.1B
Total debt	18.9B	19B	19B	19B	19B	19B	19.6B	19.6B	19.6B	19.4B	19.3B	19.4B
Net debt	17.6B	17.7B	17.5B	17.8B	17.4B	18.1B	18.5B	19.3B	19B	18.7B	18.4B	18.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.7B	5.5B	3.3B	3.3B	2.8B	3.8B	4.2B	3.7B	3.5B	2.9B
Depreciation & amortization	1.3B	1.3B	1.3B	1.3B	1.4B	1.4B	1.5B	1.6B	1.7B	1.7B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	46M	15M	112M	115M	-37M	101M	130M	-309M	93M	155M
Operating cash flow	3.2B	3.7B	4.9B	5B	4.3B	5.5B	5.9B	5.2B	5.2B	4.6B
Capital expenditure	-2.2B	-1.9B	-1.4B	-1.4B	-1.6B	-1.3B	-1.9B	-2.2B	-2.5B	—
Investing cash flow	-1.8B	-1.5B	-1.7B	-2.1B	-649M	-1.9B	-2.1B	-2.3B	-2.6B	-27M
Dividends paid	-680M	-708M	-751M	-763M	-797M	-839M	-852M	-882M	-930M	-972M
Share repurchases	-1.1B	-2B	-4.7B	-3.4B	-867M	-2.9B	-4.7B	-3.5B	-2.2B	-1.4B
Financing cash flow	-1.3B	-2.2B	-2.5B	-2.6B	-1.4B	-4.1B	-3.8B	-3.9B	-3.1B	-2B
Net change in cash	130M	15M	715M	249M	2.2B	-508M	-4M	-1B	-498M	2.6B
Free cash flow	643M	1.4B	2.9B	3.2B	2.6B	3.3B	3.5B	3.3B	2.7B	1.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	828M	886M	893M	963M	894M	733M	646M	829M	694M	720M	807M	1B
Depreciation & amortization	403M	417M	410M	410M	416M	422M	425M	427M	424M	404M	415M	411M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	17M	86M	-71M	-11M	140M	35M	0	-24M	65M	114M	-130M	11M
Operating cash flow	1.3B	1.3B	1.2B	1.4B	1.4B	1.2B	1.1B	1.2B	1.3B	1.4B	1.3B	1.3B
Capital expenditure	-561M	-674M	-524M	-517M	-618M	-822M	-696M	-750M	—	—	—	—
Investing cash flow	-561M	-732M	-504M	-562M	-674M	-883M	-647M	-807M	24M	-43M	-88M	-251M
Dividends paid	-218M	-216M	-235M	-233M	-232M	-230M	-245M	-243M	-242M	-242M	-260M	-260M
Share repurchases	-971M	-581M	-247M	-563M	-402M	-1B	-751M	-421M	-112M	-112M	-222M	-296M
Financing cash flow	-1.2B	-775M	-450M	-790M	-606M	-1.2B	-402M	-580M	-421M	-622M	-411M	-530M
Net change in cash	-424M	-163M	274M	24M	159M	-945M	31M	-215M	940M	721M	773M	546M
Free cash flow	978M	809M	560M	558M	1.1B	550M	536M	-141M	607M	709M	729M	751M

Date	Ratio
Jun 29, 2021	3:1
Jun 16, 2011	3:1
Aug 16, 2006	2:1
Dec 22, 1995	2:1
Oct 26, 1983	3:1

CSX Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history