CSX CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CSX CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	11,069	11,408	12,250	11,937	10,583	12,522	14,853	14,657	14,540	14,092
Operating expenses	7,656	7,688	7,381
Operating income	3,413	3,720	4,869	4,965	4,362	5,594	5,954	5,499	5,245	4,521
Interest expense	579	546					742	809	832	844
Other non-operating income	22	53	74	88	19	79	133	139	142	92
Pre-tax income	2,741	3,142	4,304	4,316	3,627	4,951	5,345	4,829	4,555	3,769
Income tax	1,027	-2,329	995	985	862	1,170	1,231	1,161	1,085	880
Net income	1,714	5,471	3,309	3,331	2,765	3,781	4,114	3,668	3,470	2,889
EBITDA	4,714	5,035	6,200	6,314	5,745	7,014	7,456	7,106	6,903	6,201
EPS, basic	0.60	2.00	1.29	1.39	1.20	1.68	1.93	1.83	1.79	1.54
EPS, diluted	0.60	2.00	1.28	1.39	1.20	1.68	1.92	1.82	1.79	1.54
Shares, basic (weighted)	2,841	2,733	2,571	2,389	2,300	2,250	2,136	2,008	1,939	1,870
Shares, diluted (weighted)	2,844	2,742	2,583	2,395	2,305	2,255	2,141	2,013	1,943	1,873
Dividend per share	0.24	0.26	0.29	0.29	0.35	0.37	0.40	0.44	0.48	0.52

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	603	401	858	958	3,129	2,239	1,958	1,353	933	670
Short-term investments	417	18	253	996	2	77	129	83	72	5
Receivables	938	970	1,010	986	912	1,148	1,313	1,393	1,326	1,298
Other current assets	122	154	181	77	96	70	91	90	75	187
Total current assets	2,487	1,915	2,565	3,278	4,441	3,873	3,807	3,359	2,820	2,550
Property, plant and equipment	31,150	31,764	31,998	32,168	32,444	33,015	34,070	34,721	35,658	36,811
Lease right-of-use assets			0	532	472	501	505	498	487	464
Goodwill	63	63		63	63	276	319	325	239	80
Intangible assets				0	0	175	183	181	194	187
Other non-current assets	318	374	387	400	388	592	506	731	846	956
Total assets	35,414	35,739	36,729	38,257	39,793	40,531	41,682	42,200	42,764	43,682
Accounts payable	806	847	949	1,043	809	963	1,130	1,237	1,118	1,149
Accrued liabilities	545	602	550	489	482	630	682	517	480	532
Short-term debt	331	19	18	245	401	181	151	558	606	708
Total current liabilities	2,040	1,894	1,915	2,151	2,019	2,233	2,446	3,223	3,276	3,133
Long-term debt	10,962	11,790	14,739	15,993	16,304	16,185	17,896	17,975	17,897	18,165
Lease liabilities			0	493	455	478	488	491	486	479
Other non-current liabilities	863	650	594	591	513	502	571	543	560	536
Total liabilities	23,720	21,018	24,149	26,394	26,683	27,031	29,213	30,227	30,257	30,522
Total debt	11,293	11,809	14,757	16,238	16,705	16,366	18,047	18,533	18,503	18,873
Paid-in capital	138	217	249	346	152	66	574	691	846	948
Retained earnings	11,253	14,084	12,157	11,404	11,259	11,630	10,229	9,609	9,988	10,560
Other comprehensive income	-640	-486	-661	-675	-598	-408	-410	-279	-232	-213
Minority interests	15	16	17	15	9	10	10	5	5	5
Total equity	11,694	14,721	12,580	11,863	13,110	13,451	12,469	11,985	12,507	13,160
Total liabilities and equity	35,414	35,739	36,729	38,257	39,793	40,531	41,682	42,212	42,764	43,682
Shares outstanding					763	2,202	2,066	1,958	1,900	1,860

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,714	5,471	3,309	3,331	2,765	3,781	4,114	3,668	3,470	2,889
Depreciation and amortization	1,301	1,315	1,331	1,349	1,383	1,420	1,502	1,607	1,658	1,680
Stock-based compensation	37	89	51	74	29	107	74	60	40	54
Deferred income tax	405	-3,233	279	273	180	167	100	126	12	194
Change in receivables	84	-70	-46	45	83	-141	-101	-51	82	88
Change in payables	40	41	104	98	-20	128	140	74	3	40
Cash from operations	3,041	3,472	4,641	4,850	4,263	5,099	5,526	5,514	5,247	4,613
Capital expenditures	-2,398	-2,040	-1,745	-1,657	-1,626	-1,791	-2,113	-2,257	-2,529	-2,902
Acquisitions				0	0	-541	-227	-31	-70	-16
Purchases of investments	-929	-782	-736	-2,838	-426	-75	-59	-104	-66	0
Cash from investing	-1,798	-1,495	-1,684	-2,102	-649	-1,877	-2,063	-2,227	-2,605	-2,851
Debt issued	2,200	850	3,000	2,000	1,000	0	2,000	600	550	900
Debt repaid	-1,419	-333	-19	-518	-745	-426	-186	-153	-558	-613
Stock issued				45	29	31	15	52	79	21
Share buybacks	-1,056	-1,970	-4,671	-3,373	-867	-2,886	-4,731	-3,482	-2,237	-1,396
Dividends paid	-680	-708	-751	-763	-797	-839	-852	-882	-930	-972
Cash from financing	-1,268	-2,179	-2,500	-2,648	-1,443	-4,112	-3,769	-3,867	-3,062	-2,025
Net change in cash	-25	-202	457	100	2,171	-890	-306	-580	-420	-263
Free cash flow	643	1,432	2,896	3,193	2,637	3,308	3,413	3,257	2,718	1,711
Interest paid	606	555	614	717	750	718	729	806	850	870
Income taxes paid	580	911	814	691	664	931	1,167	630	1,076	1,102

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $46.78 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	34.2%	Operating income / revenue.
EBITDA margin	45.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	28.9%	Pre-tax income / revenue.
Net margin	22.2%	Net income / revenue.
FCF margin	19.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	36.7%	Cash from operations / revenue.
Effective tax rate	23.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	7.2%	Net income / average total assets.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	17.4%	Capital expenditures / revenue.
D&A / revenue	11.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-13.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-8.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	0.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-10.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-6.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	1.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-16.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-11.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	0.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-14.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-7.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-12.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-37.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-20.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-8.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	8.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	9.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.82x	Current assets / current liabilities.
Quick ratio	0.69x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.33x	(Cash + short-term investments) / current liabilities.
Debt / assets	42.2%	Total debt / total assets.
Liabilities / assets	68.5%	Total liabilities / total assets.
Net debt	$17.47B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.64x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.85x	Operating income / interest expense.
Working capital	-$746.0M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Fixed asset turnover	0.39x	Revenue / average property, plant and equipment.
Receivables turnover	9.97x	Revenue / average receivables.
Days sales outstanding	37 days	365 x average receivables / revenue.
FCF conversion	86.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	47.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.73	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$7.81	Revenue / diluted weighted shares.
FCF per share	$1.50	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.86	Cash from operations / diluted weighted shares.
Cash per share	$0.75	(Cash + short-term investments) / shares outstanding.
Payout ratio	31.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	35.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	26.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$86.66B	Share price x shares outstanding.
Enterprise value	$104.13B	Market cap + total debt - cash - short-term investments.
P/E	26.9x	Market cap / net income. Only when net income is positive.
P/S	5.97x	Market cap / revenue.
P/FCF	31.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.3x	Market cap / cash from operations, when positive.
EV/Sales	7.18x	Enterprise value / revenue.
EV/EBIT	21.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	37.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.2%	Free cash flow / market cap.
Earnings yield	3.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	2.0%	(Dividends paid + share buybacks) / market cap.

What was CSX CORP's revenue in fiscal 2025?

CSX CORP reported revenue of $14.09B for fiscal 2025, 3.1% lower than the year before.

Was CSX CORP profitable in fiscal 2025?

Yes. Net income was $2.89B, a net margin of 20.5%.

How much free cash flow did CSX CORP generate in fiscal 2025?

Cash from operations of $4.61B minus capital expenditures of $2.90B left free cash flow of $1.71B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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