NORFOLK SOUTHERN CORP NSC
GENERAL – Norfolk Southern Corporation (Norfolk Southern) is an Atlanta, Georgia-based company that owns a major freight railroad, Norfolk Southern Railway Company (NSR). We were incorporated on July 23, 1980, under the laws of the Commonwealth of Virginia. Our common stock (Common Stock) is listed on the New York Stock Exchange (NYSE) under the symbol "NSC."
Unless indicated otherwise, Norfolk Southern Corporation and its subsidiaries, including NSR, are referred to collectively as NS, we, us, and our.
We are primarily engaged in the rail transportation of raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States (U.S.). We also transport overseas freight through several Atlantic and Gulf Coast ports. We offer the most extensive intermodal network in the eastern half of the U.S.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.18B | $12.12B | $12.16B | $12.74B | $11.14B | $9.79B | $11.30B | $11.46B | $10.55B | $9.89B |
| Total operating expenses | $7.82B | $8.05B | $9.30B | $7.94B | $6.70B | $6.79B | $7.31B | $7.50B | $7.03B | $6.88B |
| Operating income | $4.36B | $4.07B | $2.85B | $4.81B | $4.45B | $3.00B | $3.99B | $3.96B | $3.52B | $3.01B |
| Interest expense | $792.0M | $807.0M | $722.0M | $692.0M | $646.0M | $625.0M | $604.0M | $557.0M | $550.0M | $563.0M |
| Pre-tax income | $3.67B | $3.33B | $2.32B | $4.13B | $3.88B | $2.53B | $3.49B | $3.47B | $3.13B | $2.58B |
| Income tax | $792.0M | $707.0M | $493.0M | $860.0M | $873.0M | $517.0M | $769.0M | $803.0M | $2.28B | $914.0M |
| Net income | $2.87B | $2.62B | $1.83B | $3.27B | $3.00B | $2.01B | $2.72B | $2.67B | $5.40B | $1.67B |
| EPS, basic | 12.76 | 11.58 | 8.04 | 13.92 | 12.16 | 7.88 | 10.32 | 9.58 | 18.76 | 5.66 |
| EPS, diluted | 12.75 | 11.57 | 8.02 | 13.88 | 12.11 | 7.84 | 10.25 | 9.51 | 18.61 | 5.62 |
| Shares, diluted (wtd. avg.) | $225.3M | $226.4M | $227.4M | $235.6M | $248.1M | $256.6M | $265.6M | $280.2M | $290.3M | $296.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.53B | $1.64B | $1.57B | $456.0M | $839.0M | $1.11B | $580.0M | $446.0M | $690.0M | $956.0M |
| Receivables | $988.0M | $1.07B | $1.15B | $1.15B | $976.0M | $848.0M | $920.0M | $1.01B | $955.0M | $945.0M |
| Total current assets | $3.20B | $3.19B | $3.27B | $2.01B | $2.17B | $2.32B | $2.08B | $1.86B | $2.15B | $2.29B |
| Property, plant and equipment | $36.48B | $35.83B | $33.33B | $32.16B | $31.65B | $31.34B | $31.61B | $31.09B | $30.33B | $29.75B |
| Total assets | $45.24B | $43.68B | $41.65B | $38.88B | $38.49B | $37.96B | $37.92B | $36.24B | $35.71B | $34.89B |
| Accounts payable | $1.86B | $1.70B | $1.64B | $1.29B | $1.35B | $1.02B | $1.43B | $1.50B | $1.40B | $1.22B |
| Short-term debt | $607.0M | $555.0M | $4.0M | $703.0M | $553.0M | — | — | $0 | $100.0M | $100.0M |
| Total current liabilities | $3.77B | $3.54B | $2.63B | $2.65B | $2.52B | $2.16B | $2.30B | $2.59B | $2.54B | $2.34B |
| Long-term debt | — | — | — | — | — | — | — | — | $9.74B | $10.11B |
| Total liabilities | $29.69B | $29.38B | $28.87B | $26.15B | $24.85B | $23.17B | $22.74B | $20.88B | $19.35B | $22.48B |
| Retained earnings | $13.23B | $12.09B | $10.70B | $10.70B | $11.59B | $12.88B | $13.21B | $13.44B | $14.18B | $10.43B |
| Total equity | $15.55B | $14.31B | $12.78B | $12.73B | $13.64B | $14.79B | $15.18B | $15.36B | $16.36B | $12.41B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.36B | $4.05B | $3.18B | $4.22B | $4.25B | $3.64B | $3.89B | $3.73B | $3.25B | $3.03B |
| Depreciation and amortisation | $1.39B | $1.35B | $1.30B | $1.22B | $1.18B | $1.15B | $1.14B | $1.10B | $1.06B | $1.03B |
| Capital expenditure | $2.20B | $2.38B | $2.33B | $1.95B | $1.47B | $1.49B | $2.02B | $1.95B | $1.72B | $1.89B |
| Investing cash flow | -$2.56B | -$2.78B | -$2.18B | -$1.60B | -$1.22B | -$1.18B | -$1.76B | -$1.66B | -$1.48B | -$1.83B |
| Financing cash flow | -$1.91B | -$1.20B | $115.0M | -$3.00B | -$3.31B | -$1.93B | -$1.99B | -$2.31B | -$2.04B | -$1.35B |
| Dividends paid | $1.22B | $1.22B | $1.23B | $1.17B | $1.03B | $960.0M | $949.0M | $844.0M | $703.0M | $695.0M |
| Buybacks | $534.0M | $0 | $622.0M | $3.11B | $3.39B | $1.44B | $2.10B | $2.78B | $1.01B | $803.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-006268.
Others in SIC 4011
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| UNP | UNION PACIFIC CORP | $172.06B | 24.2x | 1.1% |
| CSX | CSX CORP | $91.53B | 32.1x | -3.1% |
| CP | CANADIAN PACIFIC KANSAS CITY LTD/CN | $80.52B | — | — |
| FIP | FTAI Infrastructure Inc. | $403.0M | — | 51.6% |
| CNI | CANADIAN NATIONAL RAILWAY CO | — | — | — |