NYSE : NSC
Norfolk Southern Corporation — Financial statements
Industrials · Railroads · United States
Last price 342.19 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 76.86B
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Financial statements
Norfolk Southern Corporation (NSC) reported revenue of 12.96B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 12.96B | 12.18B | 12.12B | 12.16B | 12.74B | 11.14B |
| Cost of Revenue | 7.17B | 6.58B | 6.19B | 6.89B | 6.71B | 5.41B |
| Gross Profit | 5.79B | 5.60B | 5.93B | 5.26B | 6.03B | 5.73B |
| Operating Expenses | 1.43B | 1.39B | 1.35B | 1.30B | 1.22B | 1.18B |
| Operating Income | 4.37B | 4.20B | 4.58B | 3.97B | 4.81B | 4.55B |
| Interest Expense | -782.00M | -792.00M | -807.00M | -722.00M | -692.00M | -646.00M |
| Other Non Operating Income (Expenses) | 186.00M | 187.00M | 185.00M | 308.00M | 139.00M | -25.00M |
| EBT Excluding Unusual Items | 3.77B | 3.60B | 3.96B | 3.55B | 4.26B | 3.88B |
| Merger & Restructuring Charges | -302.00M | -188.00M | -303.00M | -117.00M | -126.00M | |
| Other Unusual Items | -73.00M | -84.00M | -975.00M | -1.22B | ||
| Pretax Income | 3.43B | 3.67B | 3.33B | 2.32B | 4.13B | 3.88B |
| Income Tax Expense | 742.00M | 792.00M | 707.00M | 493.00M | 860.00M | 873.00M |
| Net Income | 2.68B | 2.87B | 2.62B | 1.83B | 3.27B | 3.00B |
| Preferred Dividends & Other Adjustments | 3.00M | 3.00M | 3.00M | 3.00M | 2.00M | 2.00M |
| Net Income to Common | 2.68B | 2.87B | 2.62B | 1.82B | 3.27B | 3.00B |
| Shares Outstanding (Basic) | 224.55M | 225.00M | 226.10M | 226.90M | 234.80M | 246.90M |
| Shares Outstanding (Diluted) | 225.00M | 225.30M | 226.40M | 227.40M | 235.60M | 248.10M |
| EPS (Basic) | 11.94 | 12.76 | 11.58 | 8.04 | 13.92 | 12.16 |
| EPS (Diluted) | 11.92 | 12.75 | 11.57 | 8.02 | 13.88 | 12.11 |
| Free Cash Flow | 1.65B | 2.16B | 28.00M | 830.00M | 2.27B | 2.79B |
| Free Cash Flow Per Share | 7.32 | 9.57 | 0.12 | 3.65 | 9.65 | 11.22 |
| Dividend Per Share | 5.40 | 5.40 | 5.40 | 5.40 | 4.96 | 4.16 |
| Gross Margin | 44.68% | 45.95% | 48.93% | 43.31% | 47.31% | 51.43% |
| Operating Margin | 33.68% | 34.52% | 37.77% | 32.63% | 37.73% | 40.83% |
| Profit Margin | 20.68% | 23.56% | 21.60% | 15.00% | 25.64% | 26.95% |
| Free Cash Flow Margin | 12.71% | 17.71% | 0.23% | 6.83% | 17.84% | 25.00% |
| EBITDA | 5.79B | 5.60B | 5.93B | 5.26B | 6.03B | 5.73B |
| EBITDA Margin | 44.68% | 45.95% | 48.93% | 43.31% | 47.31% | 51.43% |
| D&A For EBITDA | 1.43B | 1.39B | 1.35B | 1.30B | 1.22B | 1.18B |
| EBIT | 4.37B | 4.20B | 4.58B | 3.97B | 4.81B | 4.55B |
| EBIT Margin | 33.68% | 34.52% | 37.77% | 32.63% | 37.73% | 40.83% |
| Effective Tax Rate | 21.66% | 21.61% | 21.24% | 21.25% | 20.82% | 22.51% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.60B | 1.53B | 1.64B | 1.57B | 456.00M | 839.00M |
| Cash & Short-Term Investments | 1.60B | 1.53B | 1.64B | 1.57B | 456.00M | 839.00M |
| Accounts Receivable | 896.00M | 715.00M | 787.00M | 882.00M | 895.00M | 741.00M |
| Other Receivables | 333.00M | 273.00M | 282.00M | 265.00M | 253.00M | 235.00M |
| Receivables | 1.23B | 988.00M | 1.07B | 1.15B | 1.15B | 976.00M |
| Inventory | 353.00M | 271.00M | 277.00M | 264.00M | 253.00M | 218.00M |
| Other Current Assets | 145.00M | 409.00M | 201.00M | 292.00M | 150.00M | 134.00M |
| Total Current Assets | 3.33B | 3.20B | 3.19B | 3.27B | 2.01B | 2.17B |
| Property, Plant & Equipment | 36.86B | 36.70B | 36.10B | 33.72B | 32.56B | 32.06B |
| Long-Term Investments | 4.19B | 3.34B | 3.21B | 3.06B | 2.94B | 2.82B |
| Long-Term Accounts Receivable | 23.00M | |||||
| Other Long-Term Assets | 1.58B | 2.00B | 1.18B | 1.60B | 1.37B | 1.42B |
| Total Assets | 45.95B | 45.24B | 43.68B | 41.65B | 38.88B | 38.49B |
| Accounts Payable | 2.06B | 1.86B | 1.70B | 1.64B | 1.29B | 1.35B |
| Accrued Expenses | 221.00M | 225.00M | 214.00M | 177.00M | 170.00M | |
| Short-Term Debt | 100.00M | |||||
| Current Portion of Long-Term Debt | 649.00M | 607.00M | 555.00M | 4.00M | 603.00M | 553.00M |
| Current Portion of Leases | 70.00M | 81.00M | 105.00M | 94.00M | 82.00M | |
| Current Income Taxes Payable | 236.00M | 340.00M | 337.00M | 262.00M | 312.00M | 305.00M |
| Other Current Liabilities | 732.00M | 674.00M | 643.00M | 409.00M | 70.00M | 60.00M |
| Total Current Liabilities | 3.68B | 3.77B | 3.54B | 2.63B | 2.65B | 2.52B |
| Long-Term Debt | 16.50B | 17.00B | 17.17B | 17.69B | 14.90B | 13.80B |
| Long-Term Leases | 166.00M | 204.00M | 304.00M | 432.00M | 353.00M | |
| Pension & Post-Retirement Benefits | 380.00M | 385.00M | 451.00M | 459.00M | 582.00M | |
| Long-Term Deferred Tax Liabilities | 7.87B | 7.71B | 7.42B | 7.22B | 7.26B | 7.17B |
| Other Long-Term Liabilities | 1.17B | 661.00M | 650.00M | 567.00M | 450.00M | 432.00M |
| Total Liabilities | 29.22B | 29.69B | 29.38B | 28.87B | 26.15B | 24.85B |
| Common Stock | 226.00M | 226.00M | 228.00M | 227.00M | 230.00M | 242.00M |
| Additional Paid-In Capital | 2.36B | 2.30B | 2.25B | 2.18B | 2.16B | 2.21B |
| Retained Earnings | 14.36B | 13.23B | 12.09B | 10.70B | 10.70B | 11.59B |
| Comprehensive Income & Other | -213.00M | -210.00M | -262.00M | -320.00M | -351.00M | -402.00M |
| Shareholders' Equity | 16.73B | 15.55B | 14.31B | 12.78B | 12.73B | 13.64B |
| Total Liabilities & Equity | 45.95B | 45.24B | 43.68B | 41.65B | 38.88B | 38.49B |
| Total Debt | 17.15B | 17.84B | 18.01B | 18.11B | 16.13B | 14.79B |
| Net Cash (Debt) | -15.55B | -16.31B | -16.37B | -16.54B | -15.67B | -13.95B |
| Net Cash Per Share | -69.11 | -72.39 | -72.31 | -72.72 | -66.51 | -56.22 |
| Filing Date Shares Outstanding | 224.62M | 224.57M | 226.43M | 225.88M | 227.78M | 239.78M |
| Total Common Shares Outstanding | 224.62M | 224.42M | 226.32M | 225.68M | 228.08M | 240.16M |
| Working Capital | -356.00M | -577.00M | -357.00M | 639.00M | -642.00M | -354.00M |
| Book Value Per Share | 74.48 | 69.28 | 63.21 | 56.63 | 55.83 | 56.80 |
| Tangible Book Value | 16.73B | 15.55B | 14.31B | 12.78B | 12.73B | 13.64B |
| Tangible Book Value Per Share | 74.48 | 69.28 | 63.21 | 56.63 | 55.83 | 56.80 |
| Land | 4.17B | 4.12B | 2.44B | 2.40B | 2.45B | |
| Machinery | 11.48B | 11.43B | 11.17B | 10.65B | 10.38B | |
| Construction In Progress | 981.00M | 916.00M | 793.00M | 637.00M | 503.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.68B | 2.87B | 2.62B | 1.83B | 3.27B | 3.00B |
| Depreciation & Amortization | 1.43B | 1.39B | 1.35B | 1.30B | 1.22B | 1.18B |
| Loss (Gain) From Sale of Assets | -130.00M | -253.00M | -490.00M | -49.00M | -82.00M | -86.00M |
| Other Operating Activities | -124.00M | 47.00M | -58.00M | -265.00M | 14.00M | 8.00M |
| Change in Accounts Receivable | -131.00M | 59.00M | 85.00M | -2.00M | -171.00M | -133.00M |
| Change in Inventory | -56.00M | 6.00M | -13.00M | -11.00M | -35.00M | 3.00M |
| Change in Other Net Operating Assets | 114.00M | 236.00M | 553.00M | 381.00M | 5.00M | 277.00M |
| Operating Cash Flow | 3.78B | 4.36B | 4.05B | 3.18B | 4.22B | 4.25B |
| Capital Expenditures | -2.14B | -2.20B | -4.02B | -2.35B | -1.95B | -1.47B |
| Sale of Property, Plant & Equipment | 317.00M | 164.00M | 558.00M | 86.00M | 263.00M | 159.00M |
| Investment in Securities | 67.00M | -522.00M | 686.00M | 81.00M | 82.00M | 89.00M |
| Investing Cash Flow | -1.75B | -2.56B | -2.78B | -2.18B | -1.60B | -1.22B |
| Long-Term Debt Issued | 396.00M | 1.05B | 3.29B | 1.83B | 1.68B | |
| Long-Term Debt Repaid | -559.00M | -1.05B | -1.33B | -553.00M | -584.00M | |
| Net Debt Issued (Repaid) | -623.00M | -163.00M | -4.00M | 1.96B | 1.28B | 1.09B |
| Issuance of Common Stock | 1.00M | 2.00M | 26.00M | 3.00M | 17.00M | |
| Repurchase of Common Stock | -16.00M | -534.00M | -622.00M | -3.11B | -3.39B | |
| Common Dividends Paid | -1.21B | -1.22B | -1.22B | -1.23B | -1.17B | -1.03B |
| Financing Cash Flow | -1.85B | -1.91B | -1.20B | 115.00M | -3.00B | -3.31B |
| Net Cash Flow | 180.00M | -111.00M | 73.00M | 1.11B | -383.00M | -276.00M |
| Free Cash Flow | 1.65B | 2.16B | 28.00M | 830.00M | 2.27B | 2.79B |
| Free Cash Flow Margin | 12.71% | 17.71% | 0.23% | 6.83% | 17.84% | 25.00% |
| Free Cash Flow Per Share | 7.32 | 9.57 | 0.12 | 3.65 | 9.65 | 11.22 |
| Levered Free Cash Flow | 1.62B | 1.45B | 268.50M | 1.54B | 1.64B | 2.47B |
| Unlevered Free Cash Flow | 2.11B | 1.95B | 772.88M | 1.99B | 2.07B | 2.88B |
| Cash Interest Paid | 759.00M | 765.00M | 764.00M | 653.00M | 619.00M | 579.00M |
| Cash Income Tax Paid | 614.00M | 491.00M | 305.00M | 681.00M | 750.00M | 654.00M |
| Change in Working Capital | -73.00M | 301.00M | 625.00M | 368.00M | -201.00M | 147.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 77.65B | 64.78B | 53.10B | 53.36B | 59.96B | 72.45B |
| Enterprise Value | 93.19B | 80.98B | 69.86B | 68.97B | 74.35B | 85.35B |
| Last Close Price | 345.68 | 285.08 | 226.89 | 223.43 | 227.14 | 269.09 |
| PE Ratio | 28.99 | 22.57 | 20.27 | 29.25 | 18.35 | 24.12 |
| Forward PE | 24.35 | 22.95 | 17.97 | 19.00 | 17.49 | 22.29 |
| PS Ratio | 5.99 | 5.32 | 4.38 | 4.39 | 4.71 | 6.50 |
| PB Ratio | 4.64 | 4.17 | 3.71 | 4.17 | 4.71 | 5.31 |
| P/TBV Ratio | 4.64 | 4.17 | 3.71 | 4.17 | 4.71 | 5.31 |
| P/FCF Ratio | 47.14 | 30.04 | 1,896.37 | 64.29 | 26.37 | 26.01 |
| P/OCF Ratio | 20.52 | 14.86 | 13.10 | 16.79 | 14.20 | 17.03 |
| PEG Ratio | 3.76 | 3.36 | 1.97 | 7.48 | 1.99 | 1.23 |
| EV/Sales Ratio | 7.19 | 6.65 | 5.76 | 5.67 | 5.83 | 7.66 |
| EV/EBITDA Ratio | 16.09 | 14.47 | 11.78 | 13.10 | 12.33 | 14.89 |
| EV/EBIT Ratio | 21.35 | 19.26 | 15.26 | 17.39 | 15.46 | 18.76 |
| EV/FCF Ratio | 56.58 | 37.55 | 2,494.87 | 83.10 | 32.70 | 30.64 |
| Debt / Equity Ratio | 1.02 | 1.15 | 1.26 | 1.42 | 1.27 | 1.08 |
| Debt / EBITDA Ratio | 2.76 | 2.96 | 2.85 | 3.20 | 2.52 | 2.45 |
| Debt / FCF Ratio | 10.41 | 8.27 | 643.29 | 21.81 | 7.09 | 5.31 |
| Net Debt / Equity Ratio | 0.93 | 1.05 | 1.14 | 1.29 | 1.23 | 1.02 |
| Net Debt / EBITDA Ratio | 2.69 | 2.91 | 2.76 | 3.14 | 2.60 | 2.43 |
| Net Debt / FCF Ratio | 9.44 | 7.56 | 584.68 | 19.92 | 6.89 | 5.01 |
| Asset Turnover | 0.29 | 0.27 | 0.28 | 0.30 | 0.33 | 0.29 |
| Inventory Turnover | 22.07 | 24.03 | 22.89 | 26.66 | 28.51 | 24.66 |
| Quick Ratio | 0.77 | 0.67 | 0.76 | 1.03 | 0.61 | 0.72 |
| Current Ratio | 0.90 | 0.85 | 0.90 | 1.24 | 0.76 | 0.86 |
| Return on Equity (ROE) | 16.84% | 19.25% | 19.36% | 14.32% | 24.80% | 21.14% |
| Return on Assets (ROA) | 6.03% | 5.91% | 6.71% | 6.16% | 7.77% | 7.44% |
| Return on Invested Capital (ROIC) | 10.59% | 10.54% | 12.02% | 10.82% | 13.60% | 12.84% |
| Return on Capital Employed (ROCE) | 10.30% | 10.10% | 11.40% | 10.20% | 13.30% | 12.60% |
| Earnings Yield | 3.45% | 4.44% | 4.94% | 3.42% | 5.45% | 4.15% |
| FCF Yield | 2.12% | 3.33% | 0.05% | 1.55% | 3.79% | 3.84% |
| Dividend Yield | 1.56% | 1.87% | 2.30% | 2.28% | 1.89% | 1.38% |
| Payout Ratio | 45.28% | 42.29% | 46.57% | 67.05% | 35.69% | 34.21% |
| Buyback Yield / Dilution | 0.35% | 0.49% | 0.44% | 3.48% | 5.04% | 3.31% |
| Total Shareholder Return | 1.92% | 2.36% | 2.74% | 5.76% | 6.93% | 4.69% |