CSX
CSX · NasdaqRailroads, Line-Haul Operating · Fiscal year ends Dec 31
CSX reported revenue of $14.1B in the fiscal year ended Dec 2025, down 3.1% from the year before. Operating income was $4.5B, an operating margin of 32.1%, and net income was $2.9B. Operating cash flow of $4.6B less capital expenditure of $2.9B left free cash flow of $1.7B. Net debt was $17.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $12.5B | $14.9B | $14.7B | $14.5B | $14.1B |
| Operating income | $5.6B | $6B | $5.5B | $5.2B | $4.5B |
| Net interest incomeBanks | −$722M | −$742M | −$809M | – | – |
| Interest expense | – | $742M | $809M | $832M | $844M |
| Pre-tax income | $5B | $5.3B | $4.8B | $4.6B | $3.8B |
| Income tax | $1.2B | $1.2B | $1.2B | $1.1B | $880M |
| Net income | $3.8B | $4.1B | $3.7B | $3.5B | $2.9B |
| Diluted EPS | 1.68 | 1.92 | 1.82 | 1.79 | 1.54 |
| Diluted shares | 2,255M | 2,141M | 2,013M | 1,943M | 1,873M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.2B | $2B | $1.4B | $933M | $670M |
| Receivables | $1.1B | $1.3B | $1.4B | $1.3B | $1.3B |
| Current assets | $3.9B | $3.8B | $3.4B | $2.8B | $2.6B |
| Net PP&E | $33B | $34.1B | $34.7B | $35.7B | $36.8B |
| Goodwill | $276M | $319M | $325M | $239M | $80M |
| Total assets | $40.5B | $41.7B | $42.2B | $42.8B | $43.7B |
| Payables | $963M | $1.1B | $1.2B | $1.1B | $1.1B |
| Current liabilities | $2.2B | $2.4B | $3.2B | $3.3B | $3.1B |
| Long-term debt | $16.2B | $17.9B | $18B | $17.9B | $18.2B |
| Total liabilities | $27B | $29.2B | $30.2B | $30.3B | $30.5B |
| Shareholders' equity | $13.5B | $12.5B | $12B | $12.5B | $13.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $5.1B | $5.5B | $5.5B | $5.2B | $4.6B |
| Capital expenditure | $1.8B | $2.1B | $2.3B | $2.5B | $2.9B |
| Free cash flow | $3.3B | $3.4B | $3.3B | $2.7B | $1.7B |
| Depreciation & amortisation | $1.4B | $1.5B | $1.6B | $1.7B | $1.7B |
| Stock-based compensation | $107M | $74M | $60M | $40M | $54M |
| Acquisitions | $541M | $227M | $31M | $70M | $16M |
| Share buybacks | $2.9B | $4.7B | $3.5B | $2.2B | $1.4B |
| Dividends paid | $839M | $852M | $882M | $930M | $972M |
| Dividend per share | 0.37 | 0.40 | 0.44 | 0.48 | 0.52 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 18.6% | −1.3% | −0.8% | −3.1% |
| Operating income growth (YoY) | – | 6.4% | −7.6% | −4.6% | −13.8% |
| EPS growth (YoY) | – | 14.3% | −5.2% | −1.6% | −14.0% |
| Operating margin | 44.7% | 40.1% | 37.5% | 36.1% | 32.1% |
| Net margin | 30.2% | 27.7% | 25.0% | 23.9% | 20.5% |
| Return on equityBlank when equity is negative | 28.1% | 33.0% | 30.6% | 27.7% | 22.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.6% | 15.2% | 14.1% | 13.3% | 11.1% |
| Free cash flow margin | 26.4% | 23.0% | 22.2% | 18.7% | 12.1% |
| Cash conversion (CFO ÷ net income) | 1.35x | 1.34x | 1.50x | 1.51x | 1.60x |
| Receivable days | 33 | 32 | 35 | 33 | 34 |
| Interest cover | – | 8.02x | 6.80x | 6.30x | 5.36x |
| Debt ÷ equity | 1.20x | 1.44x | 1.50x | 1.43x | 1.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $13.9B | $15.9B | $16.6B | $17B | $17.5B |
| Current ratio | 1.73x | 1.56x | 1.04x | 0.86x | 0.81x |
Recent filings
More in Railroads, Line-Haul Operating
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.