CSX Corporation (CSX) Cash Flow Statement
Where CSX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.61B −12.1% vs 2024
- Capital expenditures
- $2.90B 20.6% of revenue
- Free cash flow
- $1.71B 12.1% margin
- Returned to shareholders
- $2.37B 138% of free cash flow
- Change in cash
- −$263.0M cash at year-end $670.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CSX operating cash flow, capex and free cash flow
CSX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.04B2016 | $4.61B2025 | +4.7%/yr | |
| Capital expenditures | $2.40B2016 | $2.90B2025 | +2.1%/yr | |
| Free cash flow | $643.0M2016 | $1.71B2025 | +11.5%/yr | |
| Free cash flow margin | 5.8%2016 | 12.1%2025 | +6.3 pts | |
| Operating cash flow / net income | 1.772016 | 1.602025 | −0.18 | |
| Stock-based compensation | $37.0M2016 | $40.0M2024 | +1.0%/yr | |
| Dividends paid | $680.0M2016 | $972.0M2025 | +4.0%/yr | |
| Share buybacks (net) | $1.06B2016 | $1.40B2025 | +3.1%/yr | |
| Capex / revenue | 21.7%2016 | 20.6%2025 | −1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CSX cash flow by activity
CSX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CSX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.89B | $3.47B | $3.67B | $4.17B | $3.78B | $2.77B | $3.33B | $3.31B | $5.47B | $1.71B |
| Depreciation & amortization | $1.68B | $1.66B | $1.61B | $1.50B | $1.42B | $1.38B | $1.35B | $1.33B | $1.31B | $1.30B |
| Stock-based compensation | — | $40.0M | $60.0M | $74.0M | −$627.0M | −$37.0M | −$359.0M | $51.0M | $89.0M | $37.0M |
| Change in working capital | −$244.0M | $74.0M | $154.0M | $91.0M | $173.0M | $2.0M | $117.0M | $8.0M | $35.0M | $69.0M |
| Other non-cash items | $288.0M | $5.0M | $25.0M | −$212.0M | $352.0M | $150.0M | $412.0M | −$58.0M | −$3.44B | −$80.0M |
| Cash from operating activities | $4.61B | $5.25B | $5.51B | $5.62B | $5.10B | $4.26B | $4.85B | $4.64B | $3.47B | $3.04B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.90B | −$2.53B | −$2.26B | −$2.13B | −$1.79B | −$1.63B | −$1.66B | −$1.75B | −$2.04B | −$2.40B |
| Investments (net) | $80.0M | −$2.60B | −$2.04B | −$2.13B | −$70.0M | $998.0M | −$730.0M | −$231.0M | $411.0M | $396.0M |
| Acquisitions & other investing | −$29.0M | $2.53B | $2.07B | $2.13B | −$16.0M | −$21.0M | $285.0M | $292.0M | $134.0M | $204.0M |
| Cash from investing activities | −$2.85B | −$2.60B | −$2.23B | −$2.13B | −$1.88B | −$649.0M | −$2.10B | −$1.68B | −$1.50B | −$1.80B |
| Financing activities | ||||||||||
| Dividends paid | −$972.0M | −$930.0M | −$882.0M | −$852.0M | −$839.0M | −$797.0M | −$763.0M | −$751.0M | −$708.0M | −$680.0M |
| Share repurchases & issuance (net) | −$1.40B | −$2.24B | −$3.48B | −$4.73B | −$2.89B | −$867.0M | −$3.37B | −$4.67B | −$1.97B | −$1.06B |
| Net borrowing (repayment) | $287.0M | −$8.0M | $447.0M | $1.81B | −$426.0M | $255.0M | $1.48B | $2.98B | $517.0M | $781.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $56.0M | $113.0M | $50.0M | $0 | $39.0M | −$34.0M | $6.0M | −$59.0M | −$18.0M | −$313.0M |
| Cash from financing activities | −$2.02B | −$3.06B | −$3.87B | −$3.77B | −$4.11B | −$1.44B | −$2.65B | −$2.50B | −$2.18B | −$1.27B |
| Summary | ||||||||||
| Net change in cash | −$263.0M | −$420.0M | −$580.0M | −$281.0M | −$890.0M | $2.17B | $100.0M | $457.0M | −$202.0M | −$25.0M |
| Cash at end of period | $670.0M | $933.0M | $1.35B | $1.96B | $2.24B | $3.13B | $958.0M | $858.0M | $401.0M | $603.0M |
| Free cash flow | $1.71B | $2.72B | $3.26B | $3.49B | $3.31B | $2.64B | $3.19B | $2.90B | $1.43B | $643.0M |
| Free cash flow margin | 12.1% | 18.7% | 22.2% | 23.5% | 26.4% | 24.9% | 26.7% | 23.6% | 12.6% | 5.8% |
| Capex / revenue | 20.6% | 17.4% | 15.4% | 14.4% | 14.3% | 15.4% | 13.9% | 14.2% | 17.9% | 21.7% |
| Operating cash flow / net income | 1.60 | 1.51 | 1.50 | 1.35 | 1.35 | 1.54 | 1.46 | 1.40 | 0.63 | 1.77 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.00B | $807.0M | $720.0M | $694.0M | $829.0M | $646.0M | $733.0M | $894.0M | $963.0M | $893.0M | $886.0M | $846.0M |
| Depreciation & amortization | $411.0M | $415.0M | $404.0M | $424.0M | $427.0M | $425.0M | $422.0M | $416.0M | $410.0M | $410.0M | $405.0M | $399.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | $13.0M | $16.0M | $15.0M | −$6.0M |
| Change in working capital | −$95.0M | $46.0M | $223.0M | $386.0M | −$561.0M | $175.0M | $164.0M | $395.0M | −$271.0M | −$214.0M | $255.0M | $248.0M |
| Other non-cash items | $9.0M | $4.0M | $39.0M | −$167.0M | −$60.0M | $9.0M | $69.0M | −$19.0M | −$26.0M | −$21.0M | −$72.0M | $79.0M |
| Cash from operating activities | $1.33B | $1.27B | $1.39B | $1.34B | $635.0M | $1.25B | $1.39B | $1.69B | $1.09B | $1.08B | $1.49B | $1.57B |
| Investing activities | ||||||||||||
| Capital expenditures | −$576.0M | −$543.0M | −$677.0M | −$730.0M | −$776.0M | −$719.0M | −$838.0M | −$625.0M | −$542.0M | −$524.0M | −$686.0M | −$575.0M |
| Investments (net) | −$234.0M | −$135.0M | $8.0M | −$691.0M | −$807.0M | −$647.0M | −$883.0M | −$674.0M | −$544.0M | −$504.0M | −$732.0M | −$575.0M |
| Acquisitions & other investing | $56.0M | $111.0M | −$37.0M | $730.0M | $776.0M | $719.0M | $838.0M | $625.0M | $542.0M | $524.0M | $697.0M | $575.0M |
| Cash from investing activities | −$754.0M | −$567.0M | −$706.0M | −$691.0M | −$807.0M | −$647.0M | −$883.0M | −$674.0M | −$544.0M | −$504.0M | −$721.0M | −$575.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$260.0M | −$260.0M | −$242.0M | −$242.0M | −$243.0M | −$245.0M | −$230.0M | −$232.0M | −$233.0M | −$235.0M | −$216.0M | −$218.0M |
| Share repurchases & issuance (net) | −$296.0M | −$222.0M | −$112.0M | −$112.0M | −$421.0M | −$751.0M | −$1.02B | −$402.0M | −$563.0M | −$247.0M | −$581.0M | −$971.0M |
| Net borrowing (repayment) | −$7.0M | −$2.0M | −$301.0M | −$9.0M | −$1.0M | $598.0M | −$2.0M | −$2.0M | — | — | — | $596.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $33.0M | $73.0M | $33.0M | −$58.0M | $85.0M | −$4.0M | $41.0M | $30.0M | $6.0M | $32.0M | $22.0M | $6.0M |
| Cash from financing activities | −$530.0M | −$411.0M | −$622.0M | −$421.0M | −$580.0M | −$402.0M | −$1.22B | −$606.0M | −$790.0M | −$450.0M | −$775.0M | −$587.0M |
| Summary | ||||||||||||
| Net change in cash | $43.0M | $294.0M | $58.0M | $225.0M | −$752.0M | $206.0M | −$711.0M | $406.0M | −$245.0M | $130.0M | −$7.0M | $404.0M |
| Cash at end of period | $1.01B | $964.0M | $670.0M | $612.0M | $387.0M | $1.14B | $933.0M | $1.64B | $1.24B | $1.48B | $1.35B | $1.36B |
| Free cash flow | $751.0M | $729.0M | $709.0M | $607.0M | −$141.0M | $536.0M | $550.0M | $1.06B | $547.0M | $560.0M | $803.0M | $991.0M |
| Free cash flow margin | 19.1% | 20.9% | 20.2% | 16.9% | −3.9% | 15.7% | 15.5% | 29.3% | 14.8% | 15.2% | 21.8% | 27.7% |
| Capex / revenue | 14.6% | 15.6% | 19.3% | 20.4% | 21.7% | 21.0% | 23.7% | 17.3% | 14.6% | 14.2% | 18.6% | 16.1% |
| Operating cash flow / net income | 1.32 | 1.58 | 1.93 | 1.93 | 0.77 | 1.94 | 1.89 | 1.89 | 1.13 | 1.21 | 1.68 | 1.85 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CSX cash generation
In fiscal 2025 (ended December 31, 2025), CSX generated $4.6 billion of cash from operations (down 12.1%) and spent $2.9 billion on capital expenditures, leaving free cash flow of $1.7 billion, 12.1% of revenue. It returned $2.4 billion to shareholders through dividends ($972.0 million) and net share buybacks ($1.4 billion). Cash and equivalents fell by $263.0 million over the year.
Related: CSX income statement, CSX balance sheet, CSX dividend history. See the CSX stock overview for the latest quote and news.
CSX cash flow FAQ
What is CSX's free cash flow?
CSX's free cash flow was $1.7 billion in fiscal 2025: $4.6 billion of operating cash flow minus $2.9 billion of capital expenditures It was $2.7 billion a year earlier..
How much cash does CSX generate from operations?
CSX generated $4.6 billion of cash from operating activities in fiscal 2025, 1.60 times its net income of $2.9 billion.
How much does CSX spend on capital expenditures?
CSX spent $2.9 billion on capital expenditures in fiscal 2025, 20.6% of revenue, compared with $2.5 billion the year before.
How much stock does CSX buy back?
CSX spent $1.4 billion on net share repurchases in fiscal 2025.
How much does CSX pay in dividends?
CSX paid $972.0 million in dividends in fiscal 2025, 56.8% of free cash flow.