NORFOLK SOUTHERN CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NORFOLK SOUTHERN CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9,888	10,551	11,458	11,296	9,789	11,142	12,745	12,156	12,123	12,180
Operating expenses	6,879	7,029	7,499
Operating income	3,009	3,522	3,959	3,989	3,002	4,447	4,809	2,851	4,071	4,356
Interest expense	563	550	557	604	625	646	692	722	807	792
Interest income	10	13
Other non-operating income	136	156	67	106	153	77	13	191	65	101
Pre-tax income	2,582	3,128	3,469	3,491	2,530	3,878	4,130	2,320	3,329	3,665
Income tax	914	-2,276	803	769	517	873	860	493	707	792
Net income	1,663	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622	2,873
EBITDA	4,039	4,581	5,063	5,128	4,156	5,628	6,030	4,149	5,424	5,749
EPS, basic	5.66	18.76	9.58	10.32	7.88	12.16	13.92	8.04	11.58	12.76
EPS, diluted	5.62	18.61	9.51	10.25	7.84	12.11	13.88	8.02	11.57	12.75
Shares, basic (weighted)	294	288	278	263	255	247	235	227	226	225
Shares, diluted (weighted)	296	290	280	266	257	248	236	227	226	225
Dividend per share	2.36	2.44	3.04	3.60	3.76	4.16	4.96	5.40	5.40	5.40

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	956	690	358	580	1,115	839	456	1,568	1,641	1,530
Receivables	945	955	1,009	920	848	976	1,148	1,147	1,069	988
Other current assets	133	282	288	337	134	134	150	292	201	409
Total current assets	2,291	2,149	1,862	2,081	2,318	2,167	2,007	3,271	3,188	3,198
Property, plant and equipment	29,751	30,330	31,091	31,614	31,345	31,653	32,156	33,326	35,831	36,479
Lease right-of-use assets				539	433	411	407	390	271	218
Long-term investments	2,777	2,981	3,109	3,428	3,590	3,707	3,694	3,839	3,370	4,089
Other non-current assets	73	251	177	800	709	966	1,028	1,216	1,293	1,470
Total assets	34,892	35,711	36,239	37,923	37,962	38,493	38,885	41,652	43,682	45,236
Accounts payable	1,215	1,401	1,505	1,428	1,016	1,351	1,293	1,638	1,704	1,863
Short-term debt	550	600	585	316	579	553	703	4	555	607
Total current liabilities	2,339	2,545	2,591	2,300	2,160	2,521	2,649	2,632	3,545	3,775
Long-term debt	9,562	9,136	10,560	11,880	12,102	13,287	14,479	17,175	16,651	16,480
Lease liabilities			0	441	344	331	316	287	191	148
Other non-current liabilities	1,442	1,347	1,266	1,744	1,987	1,879	1,759	1,839	1,760	1,723
Total liabilities	22,483	19,352	20,877	22,739	23,171	24,852	26,152	28,871	29,376	29,689
Total debt	10,112	9,736	11,145	12,196	12,681	13,840	15,182	17,179	17,206	17,087
Paid-in capital	2,179	2,254	2,216	2,209	2,248	2,215	2,157	2,179	2,247	2,296
Retained earnings	10,425	14,176	13,440	13,207	12,883	11,586	10,697	10,695	12,093	13,235
Treasury stock	-19	-19	-19	-19	-19	-19	-19	-19	-19	-19
Other comprehensive income	-487	-356	-563	-491	-594	-402	-351	-320	-262	-210
Shareholders' equity	12,409	16,359	15,362	15,184	14,791	13,641	12,733	12,781	14,306	15,547
Total equity	12,409	16,359	15,362	15,184	14,791	13,641	12,733	12,781	14,306	15,547
Total liabilities and equity	34,892	35,711	36,239	37,923	37,962	38,493	38,885	41,652	43,682	45,236
Shares outstanding	290	284	268	258	252	240	228	226	226	224

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622	2,873
Depreciation and amortization	1,030	1,059	1,104	1,139	1,154	1,181	1,221	1,298	1,353	1,393
Stock-based compensation	42	45	47	53	28	54	53	40	40	63
Deferred income tax	227	-2,859	173	330	142	184	83	-49	176	277
Change in receivables	23	-41	-70	87	71	-133	-171	-2	85	59
Cash from operations	3,034	3,253	3,726	3,892	3,637	4,255	4,222	3,179	4,052	4,361
Capital expenditures	-1,887	-1,723	-1,951	-2,019	-1,494	-1,470	-1,948	-2,327	-2,381	-2,204
Purchases of investments	-123	-7	-10	-18	-13	-10	-12	-124	-319	-621
Cash from investing	-1,832	-1,481	-1,658	-1,764	-1,175	-1,222	-1,603	-2,182	-2,780	-2,562
Stock issued	74	104	58	53	98	42	25	19	41	17
Share buybacks	-803	-1,012	-2,781	-2,099	-1,439	-3,390	-3,110	-622	0	-534
Dividends paid	-695	-703	-844	-949	-960	-1,028	-1,167	-1,225	-1,221	-1,215
Cash from financing	-1,347	-2,038	-2,312	-1,994	-1,927	-3,309	-3,002	115	-1,199	-1,910
Net change in cash	-145	-266	-244	134	535	-276	-383	1,112	73	-111
Free cash flow	1,147	1,530	1,775	1,873	2,143	2,785	2,274	852	1,671	2,157
Interest paid	543	528	496	555	577	579	619	653	764	765
Income taxes paid	593	705	519	543	311	654	750	681	305	491

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $313.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	32.2%	Operating income / revenue.
EBITDA margin	43.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	26.8%	Pre-tax income / revenue.
Net margin	21.0%	Net income / revenue.
FCF margin	13.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.8%	Cash from operations / revenue.
Effective tax rate	21.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.8%	Net income / average total assets.
Return on invested capital (ROIC)	9.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	16.8%	Capital expenditures / revenue.
D&A / revenue	11.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	7.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-3.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	9.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	10.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-2.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	7.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	29.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-1.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	0.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.83x	Current assets / current liabilities.
Quick ratio	0.67x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.32x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.8%	Total debt / total assets.
Liabilities / assets	64.0%	Total liabilities / total assets.
Net debt	$15.55B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.85x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.13x	Operating income / interest expense.
Working capital	-$569.0M	Current assets - current liabilities.
Tangible book value	$16.25B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.28x	Revenue / average total assets.
Fixed asset turnover	0.34x	Revenue / average property, plant and equipment.
Receivables turnover	10.7x	Revenue / average receivables.
Days sales outstanding	34 days	365 x average receivables / revenue.
FCF conversion	61.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	56.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$11.72	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$55.73	Revenue / diluted weighted shares.
FCF per share	$7.25	Free cash flow / diluted weighted shares.
Operating cash flow per share	$16.59	Cash from operations / diluted weighted shares.
Book value per share	$72.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$72.36	Tangible book value / shares outstanding.
Cash per share	$4.76	(Cash + short-term investments) / shares outstanding.
Payout ratio	46.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	74.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	5.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$70.30B	Share price x shares outstanding.
Enterprise value	$85.85B	Market cap + total debt - cash - short-term investments.
P/E	26.7x	Market cap / net income. Only when net income is positive.
P/S	5.61x	Market cap / revenue.
P/B	4.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.33x	Market cap / tangible book value, when positive.
P/FCF	43.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.8x	Market cap / cash from operations, when positive.
EV/Sales	6.85x	Enterprise value / revenue.
EV/EBIT	21.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	52.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.3%	Free cash flow / market cap.
Earnings yield	3.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.7%	Dividends paid over the period / market cap.
Shareholder yield	1.8%	(Dividends paid + share buybacks) / market cap.

What was NORFOLK SOUTHERN CORP's revenue in fiscal 2025?

NORFOLK SOUTHERN CORP reported revenue of $12.18B for fiscal 2025, 0.5% higher than the year before.

Was NORFOLK SOUTHERN CORP profitable in fiscal 2025?

Yes. Net income was $2.87B, a net margin of 23.6%.

How much free cash flow did NORFOLK SOUTHERN CORP generate in fiscal 2025?

Cash from operations of $4.36B minus capital expenditures of $2.20B left free cash flow of $2.16B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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