NSC · Norfolk Southern Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $12.18B | $12.12B | $12.16B | $12.74B | $11.14B | $9.79B |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | $7.82B | $8.05B | $9.30B | $7.94B | $6.70B | $6.79B |
| D&A | $1.39B | $1.35B | $1.30B | $1.22B | $1.18B | $1.15B |
| Operating Income | $4.36B | $4.07B | $2.85B | $4.81B | $4.45B | $3.00B |
| Interest Expense | $807.00M | $807.00M | $722.00M | $692.00M | $646.00M | $625.00M |
| Income Tax | $792.00M | $707.00M | $493.00M | $860.00M | $873.00M | $517.00M |
| Net Income | $2.87B | $2.62B | $1.83B | $3.27B | $3.00B | $2.01B |
| EPS - Basic | $12.76 | $11.58 | $8.04 | $13.92 | $12.16 | $7.88 |
| EPS - Diluted | $12.75 | $11.57 | $8.02 | $13.88 | $12.11 | $7.84 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.53B | $1.64B | $1.57B | $456.00M | $839.00M | $1.11B |
| Accounts Receivable | $988.00M | $1.07B | $1.15B | $1.15B | $976.00M | $848.00M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $1.86B | $1.70B | $1.64B | $1.29B | $1.35B | $1.02B |
| Current Assets | $3.20B | $3.19B | $3.27B | $2.01B | $2.17B | $2.32B |
| Total Assets | $45.24B | $43.68B | $41.65B | $38.88B | $38.49B | $37.96B |
| Current Liabilities | $3.77B | $3.54B | $2.63B | $2.65B | $2.52B | $2.16B |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $29.69B | $29.38B | $28.87B | $26.15B | $24.85B | $23.17B |
| Stockholders' Equity | $15.55B | $14.31B | $12.78B | $12.73B | $13.64B | $14.79B |
| Retained Earnings | $13.23B | $12.09B | $10.70B | $10.70B | $11.59B | $12.88B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.36B | $4.05B | $3.18B | $4.22B | $4.25B | $3.64B |
| Investing Cash Flow | ($2.56B) | ($2.78B) | ($2.18B) | ($1.60B) | ($1.22B) | ($1.18B) |
| Financing Cash Flow | ($1.91B) | ($1.20B) | $115.00M | ($3.00B) | ($3.31B) | ($1.93B) |
| CapEx | $2.20B | $2.38B | $2.35B | $1.95B | $1.47B | $1.49B |
| Free Cash Flow | $2.16B | $1.67B | $830.00M | $2.27B | $2.79B | $2.14B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 35.8% | 33.6% | 23.5% | 37.7% | 39.9% | 30.7% |
| EBITDA margin | 47.2% | 44.7% | 34.1% | 47.3% | 50.5% | 42.5% |
| Net margin | 23.6% | 21.6% | 15.0% | 25.7% | 27.0% | 20.6% |
| Free cash flow margin | 17.7% | 13.8% | 6.8% | 17.8% | 25.0% | 21.9% |
| FCF / Net income | 0.75 | 0.64 | 0.45 | 0.70 | 0.93 | 1.06 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 21.6% | 21.2% | 21.3% | 20.8% | 22.5% | 20.4% |
| Return on assets | 6.4% | 6.0% | 4.4% | 8.4% | 7.8% | 5.3% |
| Return on equity | 18.5% | 18.3% | 14.3% | 25.7% | 22.0% | 13.6% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 0.85 | 0.90 | 1.24 | 0.76 | 0.86 | 1.07 |
| Quick ratio | 0.85 | 0.90 | 1.24 | 0.76 | 0.86 | 1.07 |
| Cash ratio | 0.41 | 0.46 | 0.60 | 0.17 | 0.33 | 0.52 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | 5.4x | 5.0x | 3.9x | 6.9x | 6.9x | 4.8x |
| Equity multiplier | 2.91 | 3.05 | 3.26 | 3.05 | 2.82 | 2.57 |
| Liabilities / Assets | 0.66 | 0.67 | 0.69 | 0.67 | 0.65 | 0.61 |
| Efficiency | ||||||
| Asset turnover | 0.27 | 0.28 | 0.29 | 0.33 | 0.29 | 0.26 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 30d | 32d | 34d | 33d | 32d | 32d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 22.6x | 20.3x | 29.5x | 17.8x | 24.6x | 30.3x |
| P / B | 4.2x | 3.7x | 4.2x | 4.6x | 5.4x | 4.1x |
| P / S | 5.3x | 4.4x | 4.4x | 4.6x | 6.6x | 6.2x |
| EV / EBITDA | 11.0x | 9.5x | 12.6x | 9.6x | 13.0x | 14.4x |
| Growth | ||||||
| Revenue growth (YoY) | 0.5% | -0.3% | -4.6% | 14.4% | 13.8% | -13.3% |
| Revenue CAGR (3y) | -1.5% | 2.9% | 7.5% | 4.1% | 4.1% | -2.5% |
| Revenue CAGR (5y) | 4.5% | 1.4% | 4.2% | 3.9% | 2.4% | -1.4% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 7.0% | 42.8% | -40.7% | 8.1% | 48.1% | -24.7% |
| Net income growth (YoY) | 9.6% | 43.5% | -44.1% | 8.8% | 49.3% | -24.5% |
| EPS growth (YoY) | 10.2% | 44.3% | -42.2% | 14.6% | 54.5% | -23.5% |
| EPS CAGR (3y) | -2.8% | -1.5% | 0.8% | 10.6% | 8.4% | -25.0% |
| EPS CAGR (5y) | 10.2% | 2.5% | -3.4% | -5.7% | 16.6% | 9.0% |
| FCF growth (YoY) | 29.1% | 101.3% | -63.5% | -18.3% | 30.0% | 14.4% |
| FCF CAGR (5y) | 0.1% | -2.3% | -5.2% | 8.2% | 19.4% | 35.6% |
| Book value growth (YoY) | 8.7% | 11.9% | 0.4% | -6.7% | -7.8% | -2.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$24.36B totalReportable Segment$12.18B · 50.0%
Railway Operating Revenues Market Group Merchandise$7.68B · 31.5%
Railway Operating Revenues Market Group Intermodal$3.01B · 12.4%
Railway Operating Revenues Market Group Coal$1.49B · 6.1%
Product / service
$7.68B totalAgricultural Forest And Consumer$2.54B · 33.0%
Chemicals$2.21B · 28.7%
Metals And Construction$1.72B · 22.4%
Automotive$1.22B · 15.8%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.03
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Railroads, Line-Haul Operating
Comparing NORFOLK SOUTHERN CORP against the 3 most active filers in the same SIC group.
Dividends
$5.40/share trailing 12 months · 0.0% YoY
| Ex-date | Per share |
|---|---|
| May 8, 2026 | $1.3500 |
| Feb 6, 2026 | $1.3500 |
| Nov 7, 2025 | $1.3500 |
| Aug 1, 2025 | $1.3500 |
| May 2, 2025 | $1.3500 |
| Feb 7, 2025 | $1.3500 |
| Nov 1, 2024 | $1.3500 |
| Aug 2, 2024 | $1.3500 |
| May 2, 2024 | $1.3500 |
| Feb 1, 2024 | $1.3500 |
| Nov 2, 2023 | $1.3500 |
| Aug 3, 2023 | $1.3500 |
| May 4, 2023 | $1.3500 |
| Feb 2, 2023 | $1.3500 |
| Nov 3, 2022 | $1.2400 |
| Aug 5, 2022 | $1.2400 |
| May 5, 2022 | $1.2400 |
| Feb 3, 2022 | $1.2400 |
| Nov 4, 2021 | $1.0900 |
| Aug 6, 2021 | $1.0900 |
| May 6, 2021 | $0.9900 |
| Feb 4, 2021 | $0.9900 |
| Nov 5, 2020 | $0.9400 |
| Aug 6, 2020 | $0.9400 |