CSX (CSX) financial statements
CSX reported revenue of $14.1B in fiscal 2025, up 2.7% a year over 9 years.
Net income was $2.9B and the operating margin 32.1%, against 30.8% in 2016.
Free cash flow was $1.7B, and the company returned $972M in dividends and $1.4B in net buybacks.
The diluted share count fell 34% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CSX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.1B | $11.4B | $12.2B | $11.9B | $10.6B | $12.5B | $14.9B | $14.7B | $14.5B | $14.1B |
| Operating income | $3.4B | $3.7B | $4.9B | $5.0B | $4.4B | $5.6B | $6.0B | $5.5B | $5.2B | $4.5B |
| Interest expense | $579M | $546M | — | — | — | — | $742M | $809M | $832M | $844M |
| Pre-tax income | $2.7B | $3.1B | $4.3B | $4.3B | $3.6B | $5.0B | $5.3B | $4.8B | $4.6B | $3.8B |
| Income tax | $1.0B | -$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 | $4.1B | $3.7B | $3.5B | $2.9B |
| EPS (diluted) | $0.60 | $2.00 | $1.28 | $1.39 | $1.20 | $1.68 | $1.92 | $1.82 | $1.79 | $1.54 |
| Diluted shares | 2.84B | 2.74B | 2.58B | 2.40B | 2.31B | 2.25B | 2.14B | 2.01B | 1.94B | 1.87B |
| Operating margin | 30.8% | 32.6% | 39.7% | 41.6% | 41.2% | 44.7% | 40.1% | 37.5% | 36.1% | 32.1% |
| Net margin | 15.5% | 48.0% | 27.0% | 27.9% | 26.1% | 30.2% | 27.7% | 25.0% | 23.9% | 20.5% |
Balance sheet
Fiscal years, from CSX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.0B | $419M | $1.1B | $2.0B | $3.1B | $2.3B | $2.1B | $1.4B | $1.0B | $675M |
| Receivables | $938M | $970M | $1.0B | $986M | $912M | $1.1B | $1.3B | $1.4B | $1.3B | $1.3B |
| 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 and equipment | $31.1B | $31.8B | $32.0B | $32.2B | $32.4B | $33.0B | $34.1B | $34.7B | $35.7B | $36.8B |
| Goodwill | $63M | $63M | — | $63M | $63M | $276M | $319M | $325M | $239M | $80M |
| Total assets | $35.4B | $35.7B | $36.7B | $38.3B | $39.8B | $40.5B | $41.7B | $42.2B | $42.8B | $43.7B |
| Total current liabilities | $2.0B | $1.9B | $1.9B | $2.2B | $2.0B | $2.2B | $2.4B | $3.2B | $3.3B | $3.1B |
| Long-term debt | $11.0B | $11.8B | $14.7B | $16.0B | $16.3B | $16.2B | $17.9B | $18.0B | $17.9B | $18.2B |
| Total liabilities | $23.7B | $21.0B | $24.1B | $26.4B | $26.7B | $27.0B | $29.2B | $30.2B | $30.3B | $30.5B |
| Shareholders' equity | $11.7B | $14.7B | $12.6B | $11.9B | $13.1B | $13.5B | $12.5B | $12.0B | $12.5B | $13.2B |
| Net debt | $10.4B | $11.4B | $13.9B | $15.0B | $13.2B | $13.9B | $15.9B | $16.6B | $17.0B | $17.5B |
Cash flow
Fiscal years, from CSX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.0B | $3.5B | $4.6B | $4.8B | $4.3B | $5.1B | $5.5B | $5.5B | $5.2B | $4.6B |
| Capital spending | $2.4B | $2.0B | $1.7B | $1.7B | $1.6B | $1.8B | $2.1B | $2.3B | $2.5B | $2.9B |
| Free cash flow | $643M | $1.4B | $2.9B | $3.2B | $2.6B | $3.3B | $3.4B | $3.3B | $2.7B | $1.7B |
| Stock-based compensation | $37M | $89M | $51M | $74M | $29M | $107M | $74M | $60M | $40M | $54M |
| Dividends paid | $680M | $708M | $751M | $763M | $797M | $839M | $852M | $882M | $930M | $972M |
| Share buybacks (net) | -$1.1B | -$2.0B | -$4.7B | -$3.4B | -$867M | -$2.9B | -$4.7B | -$3.5B | -$2.2B | -$1.4B |
| Net borrowing | $781M | $517M | $3.0B | $1.5B | $255M | -$426M | $1.8B | $447M | -$8M | $287M |
| Free cash flow margin | 5.8% | 12.6% | 23.6% | 26.7% | 24.9% | 26.4% | 23.0% | 22.2% | 18.7% | 12.1% |
| Dividends per share | $0.24 | $0.26 | $0.29 | $0.32 | $0.35 | $0.37 | $0.40 | $0.44 | $0.48 | $0.52 |
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Open CSX in InvestinglyQuestions
What was CSX's revenue in 2025?
$14.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does CSX generate?
$1.7B in fiscal 2025 (operating cash flow minus capital spending).
From CSX's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.