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Operating profit rose by more dollars than revenue

Revenue rose to $4.02B from $3.59B, yet operating income gained more, rising to $1.57B from $1.09B, because total expense fell 2.1%.

Q3 FY2026, the quarter to Sep 30, 2026 · 10-Q filed Oct 21, 2026

Q3 FY2026 · revenue
$4.0B+17.4% on the year
Operating margin
39.1%
Net income
$1.1B
Free cash flow, quarter
$1.0B

Largest source of revenue: Chemicals, 19.7% of the total.

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Key insights · Q3 FY2026
  1. 01

    Operating profit rose by more dollars than revenue

    Revenue rose to $4.02B from $3.59B, yet operating income gained more, rising to $1.57B from $1.09B, because total expense fell 2.1%.

    Why it matters

    Revenue grew 12.0% to $4.02B while total expense fell 2.1% to $2.45B, so expense dropped from 69.7% of revenue a year earlier to 60.9%. Operating income rose 44.4% to $1.57B, an operating margin of 39.1% against 30.3%. Net earnings rose 51.6% to $1.05B.1

    Part of the fall in expense is a base effect. The year-earlier quarter carried a $164M goodwill impairment on Quality Carriers, the trucking unit, equal to 15.1% of that quarter's operating income, and this quarter carried none. Without that charge, the remaining cost lines rose rather than fell, but far more slowly than revenue.1

    The operating lines explain the rest. Purchased services and other fell 10.0% to $657M from $730M, and depreciation and amortization fell 2.6% to $413M. Labor and fringe, the largest cost, rose 2.3% to $834M, so its share of revenue fell 1.96 points to 20.8%.1

    Below operating income, interest expense was nearly flat at $207M against $210M, so it took 13.2% of operating income against 19.3% a year earlier. That is one reason net earnings grew faster than operating income.1

    AnalysisIn our reading this is the operating leverage of a fixed network: track, dispatch and much of the crew cost are already paid for, so added revenue lands mostly in operating income. The same arithmetic runs in reverse when volumes fall.

  2. 02

    Fuel cost jumped 60.5%, and the margin still widened

    Fuel rose to $451M, 11.2% of revenue against 7.8%, yet the operating margin gained 8.8 points, which puts weight on surcharge recovery.

    Why it matters

    Fuel expense rose 60.5% to $451M from $281M, the only cost line that grew faster than revenue. A year earlier fuel was well below depreciation and amortization ($281M against $424M); this quarter it was above it ($451M against $413M).1

    The filing states that "Fuel surcharge revenue is included in the individual markets." It does not report how much surcharge revenue the quarter carried, so the 12.0% revenue growth mixes volume, price and fuel recovery in proportions the figures cannot separate.1

    AnalysisSurcharge revenue largely passes a cost through, so it adds revenue with little margin attached. In our reading, a margin that widened while fuel climbed came from the rest of the business, and the reported revenue growth probably overstates growth in the underlying haul.

    AnalysisRail fuel surcharges generally reset from published fuel prices after a delay, so a fast rise in diesel tends to squeeze a quarter and a fall tends to flatter one. Reading the coming margins next to fuel expense separates the network's own gain from the fuel cycle.

  3. 03

    Capital spending eased, and free cash nearly matched earnings

    Capex took 36.7% of operating cash flow against 54.6% a year earlier, so free cash flow of $1.02B reached 97.3% of net earnings.

    Why it matters

    Operating cash flow rose to $1.62B from $1.34B while capital spending fell to $593M from $730M, 14.8% of revenue against 20.4%. Free cash flow rose to $1.02B from $607M, 25.5% of revenue, and reached 97.3% of net earnings against 87.5% a year earlier.1

    The quarter follows a heavy year. In FY2025 capital spending reached $2.90B, 20.6% of revenue and 62.9% of operating cash flow, and free cash flow was $1.71B against $3.41B in FY2022. This quarter's 36.7% share is close to FY2018's 37.6%, when capex was $1.75B.1

    Average diluted shares fell to 1,853M from 1,867M as part of the cash went to share repurchases, and diluted earnings per share rose to $0.57 from $0.37, faster than net earnings.1

    AnalysisWhether this is a new level or a pause matters for cash more than any single margin move. Track, bridges and locomotives wear on a schedule, so spending deferred now tends to return later. Lower depreciation fits either reading; the company's capital plan for next year is what would settle it.

Sources

  1. 1.CSX 10-Q for the period to 2026-09-30 (the filing), Oct 21, 2026, read Nov 2, 2026

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Business performance

Growth, profit and margin

Revenue went from $10.0B in FY2007 to $14.1B in FY2025, the operating margin from 22.5% to 32.1%, over 18 years.

  • Revenue$14.1B
  • Operating income$4.5B
  • Operating margin32.1%
Period
Q3 FY2026
Revenue
$4.0B
Operating income
$1.6B
Operating margin
39.1%
Net income
$1.1B
Free cash flow
$1.0B
Business performance

Does the profit turn into cash?

Q3 FY2026: free cash flow of $1.0B against net income of $1.1B in the quarter.

  • Operating cash flow$4.6B
  • Capital expenditure$2.9B
  • Free cash flow$1.7B
  • Net income$2.9B

Capital expenditure is drawn below the axis as cash out. Cash conversion is operating cash flow over net income, shown in the tooltip for years with a profit.

Financial data and sources

How the revenue mix has shifted

Each breakdown the filing reports, as shares of revenue, for every period it restates.

Revenues - Schedule of Revenues Disaggregated by Lines of Business (Details). The filing restates this breakdown for 1 period.

Click a member to isolate it across the years shown.

The figures

Margins, cash and growth for the period, each with what it was computed from.

Gross margin
Not reported
the company reports expenses by nature: no cost of revenue or gross profit line exists
Operating margin
39.1%
Source10-Q, Derived from Operating Income and Revenue in the 10-Q filed 2026-10-21
Net margin
26.2%
Source10-Q, Derived from Net Earnings and Revenue in the 10-Q filed 2026-10-21
Free cash flow, quarter
$1.0B
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-10-21
Free cash flow margin, quarter
25.5%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-10-21
Cash conversion, quarter
1.54x
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-10-21
Capital spending, quarter
14.8%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-10-21
Revenue growth
+17.4%
From the record's own history, against the prior year.

Not reported, or not derivable

  • gross margin: the company reports expenses by nature: no cost of revenue or gross profit line exists

Where revenue comes from

Every breakdown the filing reports for the period, with each item's share.

Revenue streams

Chemicals$790.0M19.7%
Intermodal$634.0M15.8%
Coal$537.0M13.4%
Agricultural and Food Products$430.0M10.7%
Automotive$325.0M8.1%
Forest Products$277.0M6.9%
Metals and Equipment$267.0M6.6%
Minerals$246.0M6.1%
Trucking$227.0M5.7%
Other$166.0M4.1%
Fertilizers$118.0M2.9%

Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-10-21

Segments

Rail Operations$3.8B94.3%
Trucking Operations$230.0M5.7%

Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-10-21

ConsolidationItems

Operating Segments$3.8B94.3%
Eliminations-$3.0M-0.1%

These items do not sum to total revenue; the filing states them beside it. Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-10-21

What it costs

The cost lines beneath operating income, each as a share of revenue, then the operating result.

Costs are reported by nature: what they are (food, labor, occupancy, personnel, marketing), not what they were for, so there is no cost-of-revenue line and no gross profit.

Cost lineQ3 FY2026Of revenueSource
Total Expense$2.4B60.9%Source10-Q, us-gaap:OperatingCostsAndExpenses, as reported in the 10-Q filed 2026-10-21
Operating Income$1.6B39.1%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-10-21

Operating figures the company states

From the text of the filing rather than its statements, each with the sentence that states it.

Rail network route miles
20,000 route-miles
As of Sep 30, 2026
View source
provides an important link to the transportation supply chain through its approximately 20,000 route-mile rail network and serves major population centers in 26 states east of the Mississippi River
States served
26 states
As of Sep 30, 2026
View source
provides an important link to the transportation supply chain through its approximately 20,000 route-mile rail network and serves major population centers in 26 states east of the Mississippi River

The statements, as filed

The income statement, cash flow statement and balance sheet in the company's own order and words. Every line links to the filing.

Income statement18 lines, as presented in the 10-Q
LineQ3 FY2026A year earlierChangeOf revenueSource
Income Statement
Revenue$4.02B$3.59B+12%100%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-10-21
Expense
Labor and Fringe$834.0M$815.0M+2.3%20.8%Source10-Q, us-gaap:LaborAndRelatedExpense, as reported in the 10-Q filed 2026-10-21
Purchased Services and Other$657.0M$730.0M-10.0%16.4%Source10-Q, us-gaap:OtherCostAndExpenseOperating, as reported in the 10-Q filed 2026-10-21
Depreciation and Amortization$413.0M$424.0M-2.6%10.3%Source10-Q, us-gaap:DepreciationDepletionAndAmortization, as reported in the 10-Q filed 2026-10-21
Fuel$451.0M$281.0M+60%11.2%Source10-Q, us-gaap:FuelCosts, as reported in the 10-Q filed 2026-10-21
Equipment and Other Rents$92.0M$86.0M+7.0%2.3%Source10-Q, csx:EquipmentAndOtherRents, as reported in the 10-Q filed 2026-10-21
Goodwill Impairment$0$164.0M0.0%Source10-Q, us-gaap:GoodwillImpairmentLoss, as reported in the 10-Q filed 2026-10-21
Total Expense$2.45B$2.50B-2.1%60.9%Source10-Q, us-gaap:OperatingCostsAndExpenses, as reported in the 10-Q filed 2026-10-21
Income Statement
Operating Income$1.57B$1.09B+44%39.1%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-10-21
Interest Expense (shown as a deduction)($207.0M)$210.0M-1.4%5.2%Source10-Q, us-gaap:InterestExpenseNonoperating, as reported in the 10-Q filed 2026-10-21
Other Income - Net$21.0M$21.0M0.0%0.5%Source10-Q, us-gaap:NonoperatingIncomeExpense, as reported in the 10-Q filed 2026-10-21
Earnings Before Income Taxes$1.38B$898.0M+54%34.5%Source10-Q, us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest, as reported in the 10-Q filed 2026-10-21
Income Tax Expense (shown as a deduction)($332.0M)$204.0M+63%8.3%Source10-Q, us-gaap:IncomeTaxExpenseBenefit, as reported in the 10-Q filed 2026-10-21
Net Earnings$1.05B$694.0M+52%26.2%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-10-21
Per Common Share (Note 2)
Net Earnings Per Share, Basic (in dollars per share)$1$0+54%0.0%Source10-Q, us-gaap:EarningsPerShareBasic, as reported in the 10-Q filed 2026-10-21
Net Earnings Per Share, Assuming Dilution (in dollars per share)$1$0+54%0.0%Source10-Q, us-gaap:EarningsPerShareDiluted, as reported in the 10-Q filed 2026-10-21
Average Shares Outstanding (in shares)1,849,000,0001,864,000,000-0.8%Source10-Q, us-gaap:WeightedAverageNumberOfSharesOutstandingBasic, as reported in the 10-Q filed 2026-10-21
Average Shares Outstanding, Assuming Dilution (in shares)1,853,000,0001,867,000,000-0.7%Source10-Q, us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding, as reported in the 10-Q filed 2026-10-21
Cash flow statement4 lines, as presented in the 10-Q

Year to date, as a quarterly filing reports it.

LineQ3 FY2026A year earlierChangeSource
Operating activities
Net Earnings$1.05B$694.0M+52%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-10-21
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation and Amortization$413.0M$424.0M-2.6%Source10-Q, us-gaap:DepreciationDepletionAndAmortization, as reported in the 10-Q filed 2026-10-21
Goodwill Impairment$0$164.0MSource10-Q, us-gaap:GoodwillImpairmentLoss, as reported in the 10-Q filed 2026-10-21
Cash and cash equivalents
Cash and Cash Equivalents at End of Period$1.22B$612.0M+100%Source10-Q, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-Q filed 2026-10-21
Balance sheet35 lines, as presented in the 10-Q
LineQ3 FY2026A year earlierChangeSource
Current Assets:
Cash and Cash Equivalents$1.22B$612.0M+100%Source10-Q, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-Q filed 2026-10-21
Short-term Investments (Note 9)$382.0MSource10-Q, us-gaap:ShortTermInvestments, as reported in the 10-Q filed 2026-10-21
Accounts Receivable - Net (Note 8)$1.49BSource10-Q, us-gaap:AccountsReceivableNetCurrent, as reported in the 10-Q filed 2026-10-21
Materials and Supplies$401.0MSource10-Q, us-gaap:MaterialsSuppliesAndOther, as reported in the 10-Q filed 2026-10-21
Other Current Assets$142.0MSource10-Q, us-gaap:OtherAssetsCurrent, as reported in the 10-Q filed 2026-10-21
Total Current Assets$3.63BSource10-Q, us-gaap:AssetsCurrent, as reported in the 10-Q filed 2026-10-21
Assets
Properties$54.91BSource10-Q, us-gaap:PropertyPlantAndEquipmentGross, as reported in the 10-Q filed 2026-10-21
Accumulated Depreciation (shown as a deduction)($17.77B)Source10-Q, us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment, as reported in the 10-Q filed 2026-10-21
Properties - Net$37.14BSource10-Q, us-gaap:PropertyPlantAndEquipmentNet, as reported in the 10-Q filed 2026-10-21
Investment in Affiliates and Other Companies$2.71BSource10-Q, us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures, as reported in the 10-Q filed 2026-10-21
Right-of-Use Lease Asset$477.0MSource10-Q, us-gaap:OperatingLeaseRightOfUseAsset, as reported in the 10-Q filed 2026-10-21
Goodwill and Other Intangible Assets - Net$258.0MSource10-Q, us-gaap:IntangibleAssetsNetIncludingGoodwill, as reported in the 10-Q filed 2026-10-21
Other Long-term Assets$937.0MSource10-Q, us-gaap:OtherAssetsNoncurrent, as reported in the 10-Q filed 2026-10-21
Total Assets$45.15BSource10-Q, us-gaap:Assets, as reported in the 10-Q filed 2026-10-21
Current Liabilities:
Accounts Payable$1.14BSource10-Q, us-gaap:AccountsPayableCurrent, as reported in the 10-Q filed 2026-10-21
Labor and Fringe Benefits Payable$566.0MSource10-Q, us-gaap:EmployeeRelatedLiabilitiesCurrent, as reported in the 10-Q filed 2026-10-21
Casualty, Environmental and Other Reserves (Note 4)$185.0MSource10-Q, us-gaap:LossContingencyAccrualCarryingValueCurrent, as reported in the 10-Q filed 2026-10-21
Current Maturities of Long-term Debt (Note 7)$1.70BSource10-Q, us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent, as reported in the 10-Q filed 2026-10-21
Income and Other Taxes Payable$205.0MSource10-Q, us-gaap:TaxesPayableCurrent, as reported in the 10-Q filed 2026-10-21
Interest Payable$245.0MSource10-Q, us-gaap:InterestPayableCurrent, as reported in the 10-Q filed 2026-10-21
Other Current Liabilities$269.0MSource10-Q, us-gaap:OtherLiabilitiesCurrent, as reported in the 10-Q filed 2026-10-21
Total Current Liabilities$4.31BSource10-Q, us-gaap:LiabilitiesCurrent, as reported in the 10-Q filed 2026-10-21
Liabilities and shareholders' equity
Casualty, Environmental and Other Reserves (Note 4)$294.0MSource10-Q, us-gaap:LossContingencyAccrualCarryingValueNoncurrent, as reported in the 10-Q filed 2026-10-21
Long-term Debt (Note 7)$17.10BSource10-Q, us-gaap:LongTermDebtAndCapitalLeaseObligations, as reported in the 10-Q filed 2026-10-21
Deferred Income Taxes - Net$8.03BSource10-Q, us-gaap:DeferredIncomeTaxLiabilitiesNet, as reported in the 10-Q filed 2026-10-21
Long-term Lease Liability$492.0MSource10-Q, us-gaap:OperatingLeaseLiabilityNoncurrent, as reported in the 10-Q filed 2026-10-21
Other Long-term Liabilities$545.0MSource10-Q, us-gaap:OtherLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-10-21
Total Liabilities$30.77BSource10-Q, us-gaap:Liabilities, as reported in the 10-Q filed 2026-10-21
Shareholders' Equity:
Common Stock, $1 Par Value$1.84BSource10-Q, us-gaap:CommonStockValue, as reported in the 10-Q filed 2026-10-21
Other Capital$1.13BSource10-Q, us-gaap:AdditionalPaidInCapitalCommonStock, as reported in the 10-Q filed 2026-10-21
Retained Earnings$11.61BSource10-Q, us-gaap:RetainedEarningsAccumulatedDeficit, as reported in the 10-Q filed 2026-10-21
Accumulated Other Comprehensive Loss (Note 10)-$208.0MSource10-Q, us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax, as reported in the 10-Q filed 2026-10-21
Non-controlling Minority Interest$6.0MSource10-Q, us-gaap:MinorityInterest, as reported in the 10-Q filed 2026-10-21
Total Shareholders' Equity$14.38B$12.76B+13%Source10-Q, us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest, as reported in the 10-Q filed 2026-10-21
Liabilities and shareholders' equity
Total Liabilities and Shareholders' Equity$45.15BSource10-Q, us-gaap:LiabilitiesAndStockholdersEquity, as reported in the 10-Q filed 2026-10-21

About this data

Source
CSX 10-Q, accession 0000277948-26-000040, filed Oct 21, 2026, read on Nov 2, 2026.
History
From the SEC's XBRL company facts, the value from the latest filing that stated each period.
Reading
Paragraphs marked Analysis are CXProWealth's reading; everything else is the filing's own numbers and words, or a cited source.
Version
methodology business-lens-1.0 · schema 1.2.0 · run business-lens-2026-11-02
Edge and risks

What holds CSX's model up, and what could bend it

Competitive edge

  • A 20,000-mile network that is hard to duplicate

    CSX reaches major population centers in 26 states east of the Mississippi, and that fixed network turned 12.0% revenue growth into 44.4% operating income growth.

    The detail

    The filing describes an "approximately 20,000 route-mile rail network" serving "major population centers in 26 states east of the Mississippi River." Rail operations produced $3.79B, 94.3% of revenue.1

    AnalysisIn our reading, new rail corridors through built-up eastern regions are rarely laid, so the network's competition comes mainly from trucks, which the filing names, rather than from new track. Its cost is largely sunk, which is what lets added freight lift the margin.

  • No single market carries more than 19.7% of revenue

    Chemicals, the largest market, is 19.7% of revenue, intermodal 15.8% and coal 13.4%, so no one customer industry sets the result.

    The detail

    Chemicals brought $790M, intermodal $634M and coal $537M, with agricultural and food products, automotive, forest products, metals and equipment, minerals and fertilizers behind them. Every market grew except fertilizers, down 6.35% to $118M.1

    AnalysisA spread of markets lets one weak industry be offset by others: this quarter fertilizers shrank while metals and equipment rose 19.2% and chemicals 13.3%. In our reading, that spread steadies the volume a fixed network depends on.

  • Feeder services bring shippers without track onto rail

    Terminals, drayage, Transflo and a trucking unit reach shippers off the line, and intermodal, the market closest to trucking, grew 20.3% to $634M.

    The detail

    The filing says Transflo "connects non-rail served customers to the many benefits of rail by transferring products from rail to trucks," and that the intermodal business "links customers to railroads via trucks and terminals." Intermodal revenue rose 20.3% to $634M and gained 1.09 points of revenue share, to 15.8%.1

    AnalysisEach feeder widens the set of customers who can buy the line-haul, which is where the margin sits. The trucking segment itself is small, $230M or 5.7% of revenue, so its value to CSX is mostly the rail traffic it reaches, in our reading.

What to watch

  • Fuel recovery runs behind fuel cost

    Fuel is now 11.2% of revenue against 7.8% a year earlier, and the filing names fuel prices, surcharges and fuel availability as risks.

    The detail

    Among the factors the filing lists: "changes in fuel prices, surcharges for fuel and the availability of fuel." It also names litigation over fuel surcharge practices; the antitrust cases were decided for the railroads and most shippers have appealed.1

    AnalysisWith fuel above depreciation as a cost line, the timing of surcharge resets matters more than it did a year ago. A sharp move in diesel prices could shift a quarter's margin before recovery catches up.

  • Coal revenue rests on prices CSX does not set

    Coal is $537M, 13.4% of revenue, and the filing ties it to natural gas prices and the seaborne coal market, neither within the company's control.

    The detail

    The filing lists "the impact of natural gas prices on coal-fired electricity generation" and "the impact of global supply and price of seaborne coal on CSX's export coal market." Coal revenue rose 9.6% to $537M, yet its share of revenue slipped 0.29 points.1

    AnalysisDomestic coal depends on how power plants weigh coal against gas, and export coal on world prices, so this market can move without any change in CSX's service. It is the largest market whose demand is set mostly outside the shipper's own business.

  • Environmental cleanup costs the filing says could be substantial

    CSX is a potentially responsible party at many contaminated sites and indemnifies Pharmacia on the Lower Passaic River, where allocation and litigation continue.

    The detail

    Superfund law can impose joint and several liability "without regard to fault," and the filing says plainly: "These costs could be substantial." Management states that its share of the Lower Passaic River costs is not expected to be material, while allocation, consent decrees and lawsuits remain open.1

    The filing books environmental remediation costs in purchased services and other, the line that fell 10.0% to $657M and drove much of this quarter's improvement.1

    AnalysisA large remediation accrual would therefore land in the same line that carried the margin gain, which is worth keeping in mind when reading that line's trend.

Sources

  1. 1.CSX 10-Q for the period to 2026-09-30 (the filing), Oct 21, 2026, read Nov 2, 2026
Go deeper

CSX, further in

Member research, then your own questions on ChatGPT.

What could change the outlook

What CSX's numbers depend on from here, read from the filing: the conditions behind this period's margins and growth, and where a change would show first.

  • What the 39.1% operating margin depends on from here

    Which cost lines carried this quarter's gain, which of them can hold as volumes grow, and how fuel, coal and capital spending each bear on the margin.

  • Capital spending: a pause or a new level?

    How CSX's reinvestment cycle shapes free cash flow, and what in the company's own disclosures would tell a lasting level from a deferral.

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Questions to start with
  • How much of CSX's 12.0% revenue growth this quarter came from fuel surcharges rather than more freight?
  • Why did CSX's operating income rise by more dollars than its revenue this quarter, and how much of it was the year-earlier impairment?
  • What would CSX's free cash flow look like if capital spending went back to 20.6% of revenue, as in FY2025?

Business Lens describes CSX from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing, the dates and the version are under the financial data above.