NORFOLK SOUTHERN CORP NSC

Industrials SIC 4011 - Railroads, Line-Haul Operating NAICS Transportation and Warehousing › Rail Transportation › Line-Haul Railroads derived NYSE

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.

Last close 329.99 2026-10-23
Market cap $74.12B 2026-06-30 share count
52-week range 277.80 - 358.60

Valuation FY2025 figures against the last close

P/S6.1x
P/E25.9x
P/FCF34.4x
EV/EBITDA12.7x
Dividend yield1.6%
Diluted EPS12.75

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 12.7611.588.0413.9212.167.8810.329.5818.765.66
EPS, diluted 12.7511.578.0213.8812.117.8410.259.5118.615.62
Shares, diluted (wtd. avg.) 225.3M226.4M227.4M235.6M248.1M256.6M265.6M280.2M290.3M296.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 5B 10B 15B Revenue, FY2016: 9.9B Net income, FY2016: 1.7B Revenue, FY2017: 10.6B Net income, FY2017: 5.4B Revenue, FY2018: 11.5B Net income, FY2018: 2.7B Revenue, FY2019: 11.3B Net income, FY2019: 2.7B Revenue, FY2020: 9.8B Net income, FY2020: 2B Revenue, FY2021: 11.1B Net income, FY2021: 3B Revenue, FY2022: 12.7B Net income, FY2022: 3.3B Revenue, FY2023: 12.2B Net income, FY2023: 1.8B Revenue, FY2024: 12.1B Net income, FY2024: 2.6B Revenue, FY2025: 12.2B Net income, FY2025: 2.9B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $9.89B $10.55B $11.46B $11.30B $9.79B $11.14B $12.74B $12.16B $12.12B $12.18B
Gross profit — — — — — — — — — —
Net income $1.67B $5.40B $2.67B $2.72B $2.01B $3.00B $3.27B $1.83B $2.62B $2.87B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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