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▼ FY 2025 Summary Analysis
Annual report ending Dec 31, 2025Overview and Growth
CSX CORP generated $14.09B of revenue in fiscal 2025, with net income of $2.89B and an operating cash inflow of $4.61B. Revenue of $14.09B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 3.1% below fiscal 2024 revenue of $14.54B, marking a top-line contraction. Diluted earnings per share were $1.54, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $1.79 in fiscal 2024, the current result was 14.0% lower. At period end, total assets were $43.68B, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.32x, relating the company’s annual revenue directly to the total assets reported at the period end.Profitability
Operations produced $4.52B of income after the reported operating expense base, before the remaining non-operating and tax effects. Operating margin measured 32.1%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $2.89B, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 20.5%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $3.77B of earnings, providing a bridge between the operating result and final net income. Pretax income represented 26.7% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $880.00M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 23.3%, without assuming a statutory-rate comparison. The relationship between net income and period-end equity was 22.0%, indicating the profitability achieved on book capital. Return on period-end assets was 6.6%, connecting net income with the company’s total asset base.Liquidity and Capital Structure
The company held $43.68B of assets against $30.52B of liabilities and $13.16B of equity, revealing how the asset base was financed. At period end, current assets of $2.55B compared with current liabilities of $3.13B, defining the company’s short-term resource position. At 0.81x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. Cash and equivalents totaled $670.00M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 21.4% of current liabilities, showing how much near-term coverage came from cash alone. The liabilities-to-assets relationship was 69.9%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 1.5%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 2.1% from $42.76B in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 5.2% from $12.51B in fiscal 2024, placing the current capital base higher year over year.Cash Flow and Earnings Quality
The company reported $4.61B of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 1.6x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $2.90B, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 62.9%, connecting investment intensity with the company’s cash-generation base. After capital spending, free cash flow was $1.71B, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 12.1%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 3.9%, comparing post-investment cash with the balance-sheet asset base.
Based on the annual report for the fiscal year ending Dec 31, 2025.
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