Norfolk Southern (NSC) Financials

$279.82 -0.65 (-0.23%)

Closing price 08/8/2025 03:59 PM Eastern

Extended Trading

$280.17 +0.35 (+0.12%)

As of 08/8/2025 07:55 PM Eastern

Annual Income Statements for Norfolk Southern

This table shows Norfolk Southern's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	2,000	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622
Consolidated Net Income / (Loss)	2,000	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622
Net Income / (Loss) Continuing Operations	2,000	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622
Total Pre-Tax Income	3,134	2,442	2,582	3,128	3,469	3,491	2,530	3,878	4,130	2,320	3,329
Total Operating Income	3,575	2,884	3,009	3,522	3,959	3,989	3,002	4,447	4,809	2,851	4,071
Total Gross Profit	5,466	4,914	4,834	5,318	5,716	5,867	5,194	6,175	6,743	6,097	6,265
Total Revenue	11,624	10,511	9,888	10,551	11,458	11,296	9,789	11,142	12,745	12,156	12,123
Operating Revenue	11,624	10,511	9,888	10,551	11,458	11,296	9,789	11,142	12,745	12,156	12,123
Total Cost of Revenue	6,158	5,597	5,054	5,233	5,742	5,429	4,595	4,967	6,002	6,059	5,858
Operating Cost of Revenue	6,158	5,597	5,054	5,233	5,742	5,429	4,595	4,967	6,002	6,059	5,858
Total Operating Expenses	1,891	2,030	1,825	1,796	1,757	1,878	2,192	1,728	1,934	3,246	2,194
Depreciation Expense	951	1,054	1,026	1,055	1,102	1,138	1,154	1,181	1,221	1,298	1,353
Other Operating Expenses / (Income)	-	-	-	-	0.00	0.00	385	0.00	713	1,948	658
Restructuring Charge	-	-	-	-	-	-	-	-	0.00	0.00	183
Total Other Income / (Expense), net	-441	-442	-427	-394	-490	-498	-472	-569	-679	-531	-742
Interest Expense	545	545	563	550	557	604	625	646	692	722	807
Other Income / (Expense), net	104	103	136	156	67	106	153	77	13	191	65
Income Tax Expense	1,134	886	914	-2,276	803	769	517	873	860	493	707
Basic Earnings per Share	$6.44	$5.13	$5.66	$18.76	$9.58	$10.32	$7.88	$12.16	$13.92	$8.04	$11.58
Weighted Average Basic Shares Outstanding	309.40M	301.90M	293.90M	287.90M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M
Diluted Earnings per Share	$6.39	$5.10	$5.62	$18.61	$9.51	$10.25	$7.84	$12.11	$13.88	$8.02	$11.57
Weighted Average Diluted Shares Outstanding	309.40M	301.90M	293.90M	287.90M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M
Weighted Average Basic & Diluted Shares Outstanding	309.40M	301.90M	293.90M	287.90M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M
Cash Dividends to Common per Share	$2.22	$2.36	$2.36	$2.44	$3.04	$3.60	$3.76	$4.16	$4.96	$5.40	$5.40

This table shows Norfolk Southern's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	790	466	356	478	527	53	737	1,099	733	750	768
Consolidated Net Income / (Loss)	790	466	356	478	527	53	737	1,099	733	750	768
Net Income / (Loss) Continuing Operations	790	466	356	478	527	53	737	1,099	733	750	768
Total Pre-Tax Income	1,038	592	463	614	651	30	944	1,427	928	978	998
Total Operating Income	1,181	711	576	756	808	213	1,131	1,596	1,131	1,146	1,175
Total Gross Profit	1,697	1,631	1,518	1,450	1,498	1,456	1,398	1,648	1,590	1,512	1,679
Total Revenue	3,237	3,132	2,980	2,971	3,073	3,004	3,044	3,051	3,024	2,993	3,110
Operating Revenue	3,237	3,132	2,980	2,971	3,073	3,004	3,044	3,051	3,024	2,993	3,110
Total Cost of Revenue	1,540	1,501	1,462	1,521	1,575	1,548	1,646	1,403	1,434	1,481	1,431
Operating Cost of Revenue	1,540	1,501	1,462	1,521	1,575	1,548	1,646	1,403	1,434	1,481	1,431
Total Operating Expenses	516	920	942	694	690	1,243	267	52	459	366	504
Depreciation Expense	309	321	321	326	330	337	335	339	342	346	346
Other Operating Expenses / (Income)	713	387	416	368	777	807	-65	-347	478	20	148
Restructuring Charge	-	0.00	0.00	0.00	-	99	-3.00	60	27	0.00	10
Total Other Income / (Expense), net	-143	-119	-113	-142	-157	-183	-187	-169	-203	-168	-177
Interest Expense	177	175	170	182	195	201	204	203	199	199	201
Other Income / (Expense), net	34	56	57	40	38	18	17	34	-4.00	31	24
Income Tax Expense	248	126	107	136	124	-23	207	328	195	228	230
Basic Earnings per Share	$3.41	$2.04	$1.56	$2.11	$2.33	$0.23	$3.26	$4.86	$3.23	$3.31	$3.41
Weighted Average Basic Shares Outstanding	227.78M	227.64M	227.02M	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M	225.44M	224.61M
Diluted Earnings per Share	$3.40	$2.04	$1.56	$2.10	$2.32	$0.23	$3.25	$4.85	$3.24	$3.31	$3.41
Weighted Average Diluted Shares Outstanding	227.78M	227.64M	227.02M	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M	225.44M	224.61M
Weighted Average Basic & Diluted Shares Outstanding	227.78M	227.64M	227.02M	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M	225.44M	224.61M
Cash Dividends to Common per Share	-	$1.35	$1.35	$1.35	-	$1.35	$1.35	$1.35	-	$1.35	$1.35

This table details how cash moves in and out of Norfolk Southern's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-470	128	-145	-266	-244	134	535	-276	-383	1,112	73
Net Cash From Operating Activities	2,915	2,908	3,034	3,253	3,726	3,892	3,637	4,255	4,222	3,179	4,052
Net Cash From Continuing Operating Activities	2,915	2,908	3,034	3,253	3,726	3,892	3,637	4,255	4,222	3,179	4,052
Net Income / (Loss) Continuing Operations	2,000	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622
Consolidated Net Income / (Loss)	2,000	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622
Depreciation Expense	956	1,059	1,030	1,059	1,104	1,139	1,154	1,181	1,221	1,298	1,353
Non-Cash Adjustments To Reconcile Net Income	-13	-30	-46	-92	-171	42	445	-86	-82	-49	-490
Changes in Operating Assets and Liabilities, net	-28	323	382	-3,118	127	-19	25	155	-187	103	567
Net Cash From Investing Activities	-2,002	-2,087	-1,832	-1,481	-1,658	-1,764	-1,175	-1,222	-1,603	-2,182	-2,780
Net Cash From Continuing Investing Activities	-2,002	-2,087	-1,832	-1,481	-1,658	-1,764	-1,175	-1,222	-1,603	-2,182	-2,780
Purchase of Property, Plant & Equipment	-2,118	-2,385	-1,887	-1,723	-1,951	-2,019	-1,494	-1,470	-1,948	-2,349	-4,024
Purchase of Investments	-104	-5.00	-123	-7.00	-10	-18	-13	-10	-12	-124	-319
Sale of Property, Plant & Equipment	114	63	130	202	204	377	333	159	263	86	558
Other Investing Activities, net	106	240	48	47	99	-104	-1.00	99	94	205	1,005
Net Cash From Financing Activities	-1,383	-693	-1,347	-2,038	-2,312	-1,994	-1,927	-3,309	-3,002	115	-1,199
Net Cash From Continuing Financing Activities	-1,383	-693	-1,347	-2,038	-2,312	-1,994	-1,927	-3,309	-3,002	115	-1,199
Repayment of Debt	-645	-102	-600	-702	-750	-1,188	-381	-584	-553	-1,334	-1,055
Repurchase of Common Equity	-318	-1,075	-803	-1,012	-2,781	-2,099	-1,439	-3,390	-3,110	-622	0.00
Payment of Dividends	-687	-713	-695	-703	-844	-949	-960	-1,028	-1,167	-1,225	-1,221
Issuance of Debt	200	1,185	694	290	2,023	2,215	784	1,676	1,832	3,293	1,051
Other Financing Activities, net	67	12	57	89	40	27	69	17	-4.00	3.00	26
Cash Interest Paid	522	518	543	528	496	555	577	579	619	653	764
Cash Income Taxes Paid	1,102	386	593	705	519	543	311	654	750	681	305

This table details how cash moves in and out of Norfolk Southern's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-758	96	4.00	950	62	-916	7.00	316	666	-635	297
Net Cash From Operating Activities	798	1,173	673	660	673	839	1,036	1,226	951	950	1,077
Net Cash From Continuing Operating Activities	798	1,173	673	660	673	839	1,036	1,226	951	950	1,077
Net Income / (Loss) Continuing Operations	790	466	356	478	527	53	737	1,099	733	750	768
Consolidated Net Income / (Loss)	790	466	356	478	527	53	737	1,099	733	750	768
Depreciation Expense	309	321	321	326	330	337	335	339	342	346	346
Non-Cash Adjustments To Reconcile Net Income	-28	-4.00	-21	-9.00	-15	-1.00	-24	-400	-65	-23	-34
Changes in Operating Assets and Liabilities, net	-273	390	17	-135	-169	450	-12	188	-59	-123	-3.00
Net Cash From Investing Activities	-543	-391	-350	-653	-788	-1,844	-723	-224	11	-1,021	-414
Net Cash From Continuing Investing Activities	-543	-391	-350	-653	-788	-1,844	-723	-224	11	-1,021	-414
Purchase of Property, Plant & Equipment	-666	-428	-520	-548	-853	-2,199	-569	-581	-675	-449	-475
Purchase of Investments	-4.00	0.00	-6.00	-114	-4.00	-1.00	-205	-112	-1.00	-609	-4.00
Sale of Property, Plant & Equipment	70	20	41	1.00	24	32	38	457	31	18	48
Other Investing Activities, net	57	17	135	8.00	45	324	13	12	656	19	17
Net Cash From Financing Activities	-1,013	-686	-319	943	177	89	-306	-686	-296	-564	-366
Net Cash From Continuing Financing Activities	-1,013	-686	-319	943	177	89	-306	-686	-296	-564	-366
Repayment of Debt	-2.00	-800	-2.00	-131	-401	0.00	-202	-852	-1.00	-1.00	-252
Repurchase of Common Equity	-826	-163	-140	-200	-119	0.00	-	-	-	-248	-208
Payment of Dividends	-286	-307	-308	-305	-305	-305	-305	-305	-306	-306	-303
Issuance of Debt	100	594	130	1,579	990	400	200	451	-	0.00	396
Other Financing Activities, net	1.00	-10	1.00	-	12	-6.00	1.00	20	11	-9.00	1.00
Cash Interest Paid	194	129	189	133	202	182	191	198	193	192	186
Cash Income Taxes Paid	172	-1.00	316	206	160	-2.00	109	177	21	1.00	413

This table presents Norfolk Southern's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	33,200	34,139	34,892	35,711	36,239	37,923	37,962	38,493	38,885	41,652	43,682
Total Current Assets	2,778	2,512	2,291	2,149	1,862	2,081	2,318	2,167	2,007	3,271	3,188
Cash & Equivalents	973	1,101	956	690	358	580	1,115	839	456	1,568	1,641
Accounts Receivable	1,055	946	945	955	1,009	920	848	976	1,148	1,147	1,069
Inventories, net	236	271	257	222	207	244	221	218	253	264	277
Other Current Assets	347	194	133	282	288	337	134	134	150	292	201
Plant, Property, & Equipment, net	27,694	28,992	29,751	30,330	31,091	31,614	31,345	31,653	32,156	33,326	35,831
Total Noncurrent Assets	2,728	2,635	2,850	3,232	3,286	4,228	4,299	4,673	4,722	5,055	4,663
Long-Term Investments	2,679	2,572	2,777	2,981	3,109	3,428	3,590	3,707	3,694	3,839	3,370
Other Noncurrent Operating Assets	49	63	73	251	177	800	709	966	1,028	1,216	1,293
Total Liabilities & Shareholders' Equity	33,200	34,139	34,892	35,711	36,239	37,923	37,962	38,493	38,885	41,652	43,682
Total Liabilities	20,792	21,951	22,483	19,352	20,877	22,739	23,171	24,852	26,152	28,871	29,376
Total Current Liabilities	1,780	2,231	2,339	2,545	2,591	2,300	2,160	2,521	2,649	2,632	3,545
Short-Term Debt	102	700	650	700	585	316	579	553	703	4.00	555
Accounts Payable	1,233	1,091	1,215	1,401	1,505	1,428	1,016	1,351	1,293	1,638	1,704
Current Deferred & Payable Income Tax Liabilities	217	203	245	211	255	229	263	305	312	262	337
Other Current Liabilities	228	237	229	233	246	327	302	312	341	728	949
Total Noncurrent Liabilities	19,012	19,720	20,144	16,807	18,286	20,439	21,011	22,331	23,503	26,239	25,831
Long-Term Debt	8,883	9,393	9,562	9,136	10,560	11,880	12,102	13,287	14,479	17,175	16,651
Noncurrent Deferred & Payable Income Tax Liabilities	8,817	8,942	9,140	6,324	6,460	6,815	6,922	7,165	7,265	7,225	7,420
Other Noncurrent Operating Liabilities	1,312	1,385	1,442	1,347	1,266	1,744	1,987	1,879	1,759	1,839	1,760
Total Equity & Noncontrolling Interests	12,408	12,188	12,409	16,359	15,362	15,184	14,791	13,641	12,733	12,781	14,306
Total Preferred & Common Equity	12,408	12,188	12,409	16,359	15,362	15,184	14,791	13,641	12,733	12,781	14,306
Total Common Equity	12,408	12,188	12,409	16,359	15,362	15,184	14,791	13,641	12,733	12,781	14,306
Common Stock	2,458	2,442	2,471	2,539	2,485	2,468	2,502	2,457	2,387	2,406	2,475
Retained Earnings	10,348	10,191	10,425	14,176	13,440	13,207	12,883	11,586	10,697	10,695	12,093
Accumulated Other Comprehensive Income / (Loss)	-398	-445	-487	-356	-563	-491	-594	-402	-351	-320	-262

This table presents Norfolk Southern's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	38,885	39,169	39,261	40,739	41,652	42,128	42,558	43,255	43,682	43,800	44,155
Total Current Assets	2,007	2,122	2,031	3,142	3,271	2,356	2,304	2,690	3,188	2,701	2,907
Cash & Equivalents	456	552	556	1,506	1,568	652	659	975	1,641	1,006	1,303
Accounts Receivable	1,148	1,170	1,089	1,210	1,147	1,198	1,189	1,302	1,069	1,231	1,123
Inventories, net	253	262	272	303	264	270	308	288	277	273	313
Other Current Assets	150	138	114	123	292	236	148	125	201	191	168
Plant, Property, & Equipment, net	32,156	32,240	32,474	32,668	33,326	35,051	35,280	35,390	35,831	35,803	35,921
Total Noncurrent Assets	4,722	4,807	4,756	4,929	5,055	4,721	4,974	5,175	4,663	5,296	5,327
Long-Term Investments	3,694	3,738	3,673	3,824	3,839	3,570	3,812	3,968	3,370	4,003	4,038
Other Noncurrent Operating Assets	1,028	1,069	1,083	1,105	1,216	1,151	1,162	1,207	1,293	1,293	1,289
Total Liabilities & Shareholders' Equity	38,885	39,169	39,261	40,739	41,652	42,128	42,558	43,255	43,682	43,800	44,155
Total Liabilities	26,152	26,442	26,621	28,124	28,871	29,592	29,579	29,470	29,376	29,289	29,368
Total Current Liabilities	2,649	2,824	2,986	2,914	2,632	3,447	3,667	3,677	3,545	3,450	3,667
Short-Term Debt	703	403	535	405	4.00	404	655	555	555	555	903
Accounts Payable	1,293	1,315	1,416	1,499	1,638	1,506	1,535	1,614	1,704	1,445	1,504
Current Deferred & Payable Income Tax Liabilities	312	438	243	213	262	222	208	179	337	490	223
Other Current Liabilities	341	668	792	797	728	1,315	1,269	1,329	949	960	1,037
Total Noncurrent Liabilities	23,503	23,618	23,635	25,210	26,239	26,145	25,912	25,793	25,831	25,839	25,701
Long-Term Debt	14,479	14,585	14,594	16,179	17,175	17,179	16,937	16,644	16,651	16,660	16,464
Noncurrent Deferred & Payable Income Tax Liabilities	7,265	7,248	7,227	7,207	7,225	7,199	7,228	7,363	7,420	7,477	7,529
Other Noncurrent Operating Liabilities	1,759	1,785	1,814	1,824	1,839	1,767	1,747	1,786	1,760	1,702	1,708
Total Equity & Noncontrolling Interests	12,733	12,727	12,640	12,615	12,781	12,536	12,979	13,785	14,306	14,511	14,787
Total Preferred & Common Equity	12,733	12,727	12,640	12,615	12,781	12,536	12,979	13,785	14,306	14,511	14,787
Total Common Equity	12,733	12,727	12,640	12,615	12,781	12,536	12,979	13,785	14,306	14,511	14,787
Common Stock	2,387	2,384	2,388	2,390	2,406	2,415	2,435	2,451	2,475	2,476	2,485
Retained Earnings	10,697	10,698	10,611	10,589	10,695	10,443	10,874	11,666	12,093	12,296	12,563
Accumulated Other Comprehensive Income / (Loss)	-351	-355	-359	-364	-320	-322	-330	-332	-262	-261	-261

This table displays calculated financial ratios and metrics derived from Norfolk Southern's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.37%	-9.58%	-5.93%	6.71%	8.60%	-1.41%	-13.34%	13.82%	14.39%	-4.62%	-0.27%
EBITDA Growth	5.05%	-12.71%	3.19%	13.46%	8.30%	2.03%	-17.67%	32.40%	5.92%	-28.18%	26.47%
EBIT Growth	5.42%	-18.81%	5.29%	16.95%	9.46%	1.71%	-22.95%	43.39%	6.59%	-36.91%	35.96%
NOPAT Growth	8.74%	-19.45%	5.78%	213.02%	-50.00%	2.23%	-23.21%	44.27%	10.50%	-41.03%	42.81%
Net Income Growth	4.71%	-22.20%	7.20%	223.98%	-50.67%	2.10%	-26.05%	49.28%	8.82%	-44.13%	43.51%
EPS Growth	5.79%	-20.19%	10.20%	231.14%	-48.90%	7.78%	-23.51%	54.46%	14.62%	-42.22%	44.26%
Operating Cash Flow Growth	-5.30%	-0.24%	4.33%	7.22%	14.54%	4.46%	-6.55%	16.99%	-0.78%	-24.70%	27.46%
Free Cash Flow Firm Growth	52.97%	-24.02%	71.42%	47.17%	3.18%	9.96%	7.75%	9.50%	-9.16%	-51.06%	-13.64%
Invested Capital Growth	6.00%	4.89%	1.50%	19.25%	2.29%	1.44%	-2.59%	0.74%	3.62%	3.32%	7.93%
Revenue Q/Q Growth	-0.09%	-3.24%	-0.28%	1.73%	2.02%	-1.79%	-1.18%	2.57%	3.11%	-1.33%	-0.40%
EBITDA Q/Q Growth	0.11%	-4.82%	2.15%	5.62%	1.28%	-1.78%	1.15%	2.41%	1.27%	-7.42%	5.64%
EBIT Q/Q Growth	-0.03%	-7.81%	3.86%	7.11%	1.28%	-2.34%	1.51%	2.79%	1.37%	-10.82%	7.29%
NOPAT Q/Q Growth	-0.04%	-6.90%	0.53%	193.45%	-54.62%	-1.29%	-0.57%	3.28%	0.72%	-9.80%	8.07%
Net Income Q/Q Growth	-0.10%	-8.79%	3.41%	191.79%	-55.06%	-1.31%	0.25%	3.05%	0.93%	-12.58%	8.53%
EPS Q/Q Growth	0.00%	-7.94%	4.07%	192.61%	-53.88%	-0.10%	0.90%	4.22%	2.13%	-11.87%	8.64%
Operating Cash Flow Q/Q Growth	-3.48%	4.72%	0.73%	2.07%	1.47%	1.38%	-0.68%	1.72%	-3.30%	-3.78%	7.37%
Free Cash Flow Firm Q/Q Growth	58.60%	15.59%	0.98%	34.80%	-13.55%	3.59%	2.90%	-6.49%	-5.72%	-19.59%	58.30%
Invested Capital Q/Q Growth	2.44%	0.85%	0.80%	18.58%	1.15%	0.54%	0.12%	1.62%	2.47%	2.87%	1.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.02%	46.75%	48.89%	50.40%	49.89%	51.94%	53.06%	55.42%	52.91%	50.16%	51.68%
EBITDA Margin	39.87%	38.49%	42.22%	44.90%	44.77%	46.34%	44.02%	51.20%	47.41%	35.70%	45.28%
Operating Margin	30.76%	27.44%	30.43%	33.38%	34.55%	35.31%	30.67%	39.91%	37.73%	23.45%	33.58%
EBIT Margin	31.65%	28.42%	31.81%	34.86%	35.14%	36.25%	32.23%	40.60%	37.83%	25.02%	34.12%
Profit (Net Income) Margin	17.21%	14.80%	16.87%	51.22%	23.27%	24.10%	20.56%	26.97%	25.66%	15.03%	21.63%
Tax Burden Percent	63.82%	63.72%	64.60%	172.76%	76.85%	77.97%	79.57%	77.49%	79.18%	78.75%	78.76%
Interest Burden Percent	85.19%	81.75%	82.10%	85.05%	86.16%	85.25%	80.19%	85.72%	85.65%	76.27%	80.49%
Effective Tax Rate	36.18%	36.28%	35.40%	-72.76%	23.15%	22.03%	20.43%	22.51%	20.82%	21.25%	21.24%
Return on Invested Capital (ROIC)	13.23%	10.11%	10.37%	29.39%	13.36%	13.40%	10.35%	15.08%	16.31%	9.29%	12.56%
ROIC Less NNEP Spread (ROIC-NNEP)	8.01%	5.32%	6.09%	18.62%	7.91%	8.51%	5.71%	9.97%	11.02%	5.63%	7.68%
Return on Net Nonoperating Assets (RNNOA)	3.65%	2.54%	3.19%	8.18%	3.45%	4.42%	3.08%	6.06%	8.49%	5.03%	6.80%
Return on Equity (ROE)	16.88%	12.65%	13.56%	37.57%	16.81%	17.82%	13.43%	21.14%	24.80%	14.32%	19.36%
Cash Return on Invested Capital (CROIC)	7.41%	5.34%	8.87%	11.83%	11.09%	11.97%	12.98%	14.34%	12.75%	6.03%	4.93%
Operating Return on Assets (OROA)	11.20%	8.87%	9.11%	10.42%	11.19%	11.04%	8.32%	11.83%	12.46%	7.55%	9.69%
Return on Assets (ROA)	6.09%	4.62%	4.83%	15.31%	7.41%	7.34%	5.31%	7.86%	8.45%	4.54%	6.15%
Return on Common Equity (ROCE)	16.88%	12.65%	13.56%	37.57%	16.81%	17.82%	13.43%	21.14%	24.80%	14.32%	19.36%
Return on Equity Simple (ROE_SIMPLE)	16.12%	12.77%	13.44%	33.03%	17.35%	17.93%	13.61%	22.03%	25.68%	14.29%	18.33%
Net Operating Profit after Tax (NOPAT)	2,281	1,838	1,944	6,085	3,043	3,110	2,389	3,446	3,808	2,245	3,206
NOPAT Margin	19.63%	17.48%	19.66%	57.67%	26.55%	27.53%	24.40%	30.93%	29.88%	18.47%	26.45%
Net Nonoperating Expense Percent (NNEP)	5.22%	4.79%	4.28%	10.77%	5.44%	4.89%	4.65%	5.11%	5.29%	3.67%	4.88%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	13.64%	7.49%	10.18%
Cost of Revenue to Revenue	52.98%	53.25%	51.11%	49.60%	50.11%	48.06%	46.94%	44.58%	47.09%	49.84%	48.32%
SG&A Expenses to Revenue	8.09%	9.29%	8.08%	7.02%	5.72%	6.55%	6.67%	4.91%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.27%	19.31%	18.46%	17.02%	15.33%	16.63%	22.39%	15.51%	15.17%	26.70%	18.10%
Earnings before Interest and Taxes (EBIT)	3,679	2,987	3,145	3,678	4,026	4,095	3,155	4,524	4,822	3,042	4,136
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,635	4,046	4,175	4,737	5,130	5,234	4,309	5,705	6,043	4,340	5,489
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.20	1.72	2.18	2.21	2.36	3.03	3.78	4.99	4.25	4.07	3.69
Price to Tangible Book Value (P/TBV)	2.20	1.72	2.18	2.21	2.36	3.03	3.78	4.99	4.25	4.07	3.69
Price to Revenue (P/Rev)	2.35	2.00	2.73	3.43	3.16	4.07	5.71	6.11	4.25	4.28	4.36
Price to Earnings (P/E)	13.66	13.49	16.18	6.70	13.60	16.88	27.75	22.66	16.55	28.45	20.14
Dividend Yield	2.51%	4.19%	2.55%	1.93%	2.28%	2.04%	1.71%	1.49%	2.12%	2.35%	2.31%
Earnings Yield	7.32%	7.41%	6.18%	14.93%	7.35%	5.92%	3.60%	4.41%	6.04%	3.51%	4.96%
Enterprise Value to Invested Capital (EV/IC)	1.84	1.47	1.77	1.88	1.91	2.32	2.80	3.37	2.74	2.60	2.45
Enterprise Value to Revenue (EV/Rev)	2.81	2.61	3.39	4.02	3.83	4.79	6.52	6.95	5.11	5.24	5.36
Enterprise Value to EBITDA (EV/EBITDA)	7.05	6.78	8.02	8.94	8.56	10.35	14.81	13.57	10.78	14.69	11.84
Enterprise Value to EBIT (EV/EBIT)	8.88	9.18	10.64	11.52	10.91	13.22	20.23	17.11	13.51	20.96	15.72
Enterprise Value to NOPAT (EV/NOPAT)	14.31	14.92	17.22	6.96	14.44	17.41	26.72	22.46	17.11	28.40	20.27
Enterprise Value to Operating Cash Flow (EV/OCF)	11.20	9.43	11.03	13.03	11.79	13.91	17.55	18.19	15.43	20.06	16.04
Enterprise Value to Free Cash Flow (EV/FCFF)	25.56	28.25	20.12	17.30	17.39	19.49	21.32	23.61	21.88	43.75	51.66
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.72	0.83	0.82	0.60	0.73	0.80	0.86	1.01	1.19	1.34	1.20
Long-Term Debt to Equity	0.72	0.77	0.77	0.56	0.69	0.78	0.82	0.97	1.14	1.34	1.16
Financial Leverage	0.46	0.48	0.52	0.44	0.44	0.52	0.54	0.61	0.77	0.89	0.88
Leverage Ratio	2.77	2.74	2.81	2.45	2.27	2.43	2.53	2.69	2.93	3.16	3.15
Compound Leverage Factor	2.36	2.24	2.30	2.09	1.95	2.07	2.03	2.31	2.51	2.41	2.54
Debt to Total Capital	42.00%	45.30%	45.14%	37.55%	42.05%	44.54%	46.16%	50.36%	54.39%	57.34%	54.60%
Short-Term Debt to Total Capital	0.48%	3.14%	2.87%	2.67%	2.21%	1.15%	2.11%	2.01%	2.52%	0.01%	1.76%
Long-Term Debt to Total Capital	41.52%	42.16%	42.27%	34.88%	39.84%	43.39%	44.05%	48.35%	51.87%	57.33%	52.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	58.00%	54.70%	54.86%	62.45%	57.95%	55.46%	53.84%	49.64%	45.61%	42.66%	45.40%
Debt to EBITDA	1.94	2.49	2.45	2.08	2.17	2.33	2.94	2.43	2.51	3.96	3.13
Net Debt to EBITDA	1.15	1.59	1.55	1.30	1.50	1.56	1.85	1.63	1.83	2.71	2.22
Long-Term Debt to EBITDA	1.92	2.32	2.29	1.93	2.06	2.27	2.81	2.33	2.40	3.96	3.03
Debt to NOPAT	3.94	5.49	5.25	1.62	3.66	3.92	5.31	4.02	3.99	7.65	5.37
Net Debt to NOPAT	2.34	3.49	3.33	1.01	2.52	2.63	3.34	2.70	2.90	5.24	3.80
Long-Term Debt to NOPAT	3.89	5.11	4.92	1.50	3.47	3.82	5.07	3.86	3.80	7.65	5.19
Altman Z-Score	1.98	1.60	1.72	2.30	2.22	2.35	2.46	2.73	2.34	1.99	2.05
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.56	1.13	0.98	0.84	0.72	0.90	1.07	0.86	0.76	1.24	0.90
Quick Ratio	1.14	0.92	0.81	0.65	0.53	0.65	0.91	0.72	0.61	1.03	0.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,277	971	1,664	2,449	2,527	2,778	2,994	3,278	2,978	1,457	1,258
Operating Cash Flow to CapEx	145.46%	125.24%	172.68%	213.87%	213.28%	237.03%	313.26%	324.56%	250.56%	140.48%	116.91%
Free Cash Flow to Firm to Interest Expense	2.34	1.78	2.96	4.45	4.54	4.60	4.79	5.07	4.30	2.02	1.56
Operating Cash Flow to Interest Expense	5.35	5.34	5.39	5.91	6.69	6.44	5.82	6.59	6.10	4.40	5.02
Operating Cash Flow Less CapEx to Interest Expense	1.67	1.08	2.27	3.15	3.55	3.73	3.96	4.56	3.67	1.27	0.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.31	0.29	0.30	0.32	0.30	0.26	0.29	0.33	0.30	0.28
Accounts Receivable Turnover	11.18	10.51	10.46	11.11	11.67	11.71	11.07	12.22	12.00	10.59	10.94
Inventory Turnover	26.83	22.08	19.14	21.85	26.77	24.08	19.76	22.63	25.49	23.44	21.66
Fixed Asset Turnover	0.43	0.37	0.34	0.35	0.37	0.36	0.31	0.35	0.40	0.37	0.35
Accounts Payable Turnover	4.93	4.82	4.38	4.00	3.95	3.70	3.76	4.20	4.54	4.13	3.51
Days Sales Outstanding (DSO)	32.64	34.74	34.90	32.86	31.28	31.17	32.96	29.88	30.41	34.46	33.36
Days Inventory Outstanding (DIO)	13.60	16.53	19.07	16.71	13.64	15.16	18.47	16.13	14.32	15.57	16.85
Days Payable Outstanding (DPO)	74.03	75.78	83.27	91.23	92.36	98.60	97.07	86.97	80.39	88.28	104.12
Cash Conversion Cycle (CCC)	-27.79	-24.50	-29.30	-41.66	-47.45	-52.27	-45.64	-40.96	-35.66	-38.26	-53.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	17,741	18,608	18,888	22,524	23,040	23,372	22,767	22,935	23,765	24,553	26,501
Invested Capital Turnover	0.67	0.58	0.53	0.51	0.50	0.49	0.42	0.49	0.55	0.50	0.47
Increase / (Decrease) in Invested Capital	1,004	867	280	3,636	516	332	-605	168	830	788	1,948
Enterprise Value (EV)	32,656	27,417	33,472	42,372	43,938	54,147	63,830	77,396	65,135	63,755	65,008
Market Capitalization	27,323	20,997	26,993	36,207	36,260	45,959	55,854	68,102	54,103	51,983	52,813
Book Value per Share	$40.10	$40.82	$42.51	$57.17	$56.41	$58.23	$58.24	$56.06	$55.00	$56.52	$63.23
Tangible Book Value per Share	$40.10	$40.82	$42.51	$57.17	$56.41	$58.23	$58.24	$56.06	$55.00	$56.52	$63.23
Total Capital	21,393	22,281	22,621	26,195	26,507	27,380	27,472	27,481	27,915	29,960	31,512
Total Debt	8,985	10,093	10,212	9,836	11,145	12,196	12,681	13,840	15,182	17,179	17,206
Total Long-Term Debt	8,883	9,393	9,562	9,136	10,560	11,880	12,102	13,287	14,479	17,175	16,651
Net Debt	5,333	6,420	6,479	6,165	7,678	8,188	7,976	9,294	11,032	11,772	12,195
Capital Expenditures (CapEx)	2,004	2,322	1,757	1,521	1,747	1,642	1,161	1,311	1,685	2,263	3,466
Debt-free, Cash-free Net Working Capital (DFCFNWC)	127	-120	-354	-386	-502	-483	-378	-640	-395	-925	-1,443
Debt-free Net Working Capital (DFNWC)	1,100	981	602	304	-144	97	737	199	61	643	198
Net Working Capital (NWC)	998	281	-48	-396	-729	-219	158	-354	-642	639	-357
Net Nonoperating Expense (NNE)	281	282	276	681	377	388	376	441	538	418	584
Net Nonoperating Obligations (NNO)	5,333	6,420	6,479	6,165	7,678	8,188	7,976	9,294	11,032	11,772	12,195
Total Depreciation and Amortization (D&A)	956	1,059	1,030	1,059	1,104	1,139	1,154	1,181	1,221	1,298	1,353
Debt-free, Cash-free Net Working Capital to Revenue	1.09%	-1.14%	-3.58%	-3.66%	-4.38%	-4.28%	-3.86%	-5.74%	-3.10%	-7.61%	-11.90%
Debt-free Net Working Capital to Revenue	9.46%	9.33%	6.09%	2.88%	-1.26%	0.86%	7.53%	1.79%	0.48%	5.29%	1.63%
Net Working Capital to Revenue	8.59%	2.67%	-0.49%	-3.75%	-6.36%	-1.94%	1.61%	-3.18%	-5.04%	5.26%	-2.94%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.44	$5.13	$5.66	$18.76	$9.58	$10.32	$7.88	$12.16	$13.92	$8.04	$11.58
Adjusted Weighted Average Basic Shares Outstanding	307.41M	298.20M	290.55M	284.00M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M
Adjusted Diluted Earnings per Share	$6.39	$5.10	$5.62	$18.61	$9.51	$10.25	$7.84	$12.11	$13.88	$8.02	$11.57
Adjusted Weighted Average Diluted Shares Outstanding	307.41M	298.20M	290.55M	284.00M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	307.41M	298.20M	290.55M	284.00M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M
Normalized Net Operating Profit after Tax (NOPAT)	2,281	1,838	1,944	2,465	3,043	3,110	2,389	3,446	3,808	2,245	3,351
Normalized NOPAT Margin	19.63%	17.48%	19.66%	23.37%	26.55%	27.53%	24.40%	30.93%	29.88%	18.47%	27.64%
Pre Tax Income Margin	26.96%	23.23%	26.11%	29.65%	30.28%	30.90%	25.85%	34.81%	32.40%	19.09%	27.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.75	5.48	5.59	6.69	7.23	6.78	5.05	7.00	6.97	4.21	5.13
NOPAT to Interest Expense	4.19	3.37	3.45	11.06	5.46	5.15	3.82	5.33	5.50	3.11	3.97
EBIT Less CapEx to Interest Expense	3.07	1.22	2.47	3.92	4.09	4.06	3.19	4.97	4.53	1.08	0.83
NOPAT Less CapEx to Interest Expense	0.51	-0.89	0.33	8.30	2.33	2.43	1.96	3.30	3.07	-0.02	-0.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	34.35%	45.82%	41.67%	13.01%	31.66%	34.86%	47.69%	34.21%	35.69%	67.05%	46.57%
Augmented Payout Ratio	50.25%	114.91%	89.81%	31.74%	135.97%	111.98%	119.18%	147.02%	130.80%	101.09%	46.57%

This table displays calculated financial ratios and metrics derived from Norfolk Southern's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.50%	7.44%	-8.31%	-11.13%	-5.07%	-4.09%	2.15%	2.69%	-1.59%	-0.37%	2.17%
EBITDA Growth	5.25%	-21.27%	-38.89%	-28.81%	-22.83%	-47.79%	55.45%	75.49%	24.92%	168.13%	4.18%
EBIT Growth	5.65%	-28.98%	-49.64%	-37.32%	-30.37%	-69.88%	81.36%	104.77%	33.22%	409.52%	4.44%
NOPAT Growth	3.18%	-33.08%	-53.75%	-47.21%	-27.23%	-32.76%	99.37%	108.85%	36.58%	133.55%	2.40%
Net Income Growth	3.95%	-33.71%	-56.53%	-50.10%	-33.29%	-88.63%	107.02%	129.92%	39.09%	1,315.09%	4.21%
EPS Growth	9.32%	-30.38%	-54.78%	-48.78%	-31.76%	-88.73%	108.33%	130.95%	39.66%	1,339.13%	4.92%
Operating Cash Flow Growth	-15.29%	18.01%	-33.83%	-53.29%	-15.66%	-28.47%	53.94%	85.76%	41.31%	13.23%	3.96%
Free Cash Flow Firm Growth	-90.21%	-62.46%	-53.09%	-117.95%	-294.53%	-1,320.76%	-1,027.11%	-965.93%	-687.62%	102.81%	111.40%
Invested Capital Growth	3.62%	1.68%	1.13%	2.92%	3.32%	10.55%	10.88%	9.10%	7.93%	3.17%	2.73%
Revenue Q/Q Growth	-3.17%	-3.24%	-4.85%	-0.30%	3.43%	-2.25%	1.33%	0.23%	-0.89%	-1.03%	3.91%
EBITDA Q/Q Growth	-3.30%	-28.61%	-12.32%	17.61%	4.81%	-51.70%	161.09%	32.77%	-25.39%	3.68%	1.44%
EBIT Q/Q Growth	-4.33%	-36.87%	-17.47%	25.75%	6.28%	-72.70%	396.97%	41.99%	-30.86%	4.44%	1.87%
NOPAT Q/Q Growth	-19.38%	-37.73%	-20.87%	32.89%	11.14%	-42.47%	134.65%	39.20%	-27.32%	-1.62%	2.89%
Net Income Q/Q Growth	-17.54%	-41.01%	-23.61%	34.27%	10.25%	-89.94%	1,290.57%	49.12%	-33.30%	2.32%	2.40%
EPS Q/Q Growth	-17.07%	-40.00%	-23.53%	34.62%	10.48%	-90.09%	1,313.04%	49.23%	-33.20%	2.16%	3.02%
Operating Cash Flow Q/Q Growth	-43.52%	46.99%	-42.63%	-1.93%	1.97%	24.67%	23.48%	18.34%	-22.43%	-0.11%	13.37%
Free Cash Flow Firm Q/Q Growth	-86.03%	149.40%	5.37%	-148.90%	-51.39%	-1,465.07%	19.98%	43.78%	-11.86%	105.58%	224.99%
Invested Capital Q/Q Growth	2.47%	-1.43%	0.49%	1.40%	2.87%	5.47%	0.78%	-0.23%	1.77%	0.82%	0.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.43%	52.08%	50.94%	48.81%	48.75%	48.47%	51.61%	54.02%	52.58%	50.52%	53.99%
EBITDA Margin	47.08%	34.74%	32.01%	37.77%	38.27%	18.91%	48.72%	64.54%	48.58%	50.89%	49.68%
Operating Margin	36.48%	22.70%	19.33%	25.45%	26.29%	7.09%	37.16%	52.31%	37.40%	38.29%	37.78%
EBIT Margin	37.53%	24.49%	21.24%	26.79%	27.53%	7.69%	37.71%	53.43%	37.27%	39.33%	38.55%
Profit (Net Income) Margin	24.41%	14.88%	11.95%	16.09%	17.15%	1.76%	24.21%	36.02%	24.24%	25.06%	24.69%
Tax Burden Percent	76.11%	78.72%	76.89%	77.85%	80.95%	176.67%	78.07%	77.01%	78.99%	76.69%	76.95%
Interest Burden Percent	85.43%	77.18%	73.14%	77.14%	76.95%	12.99%	82.23%	87.55%	82.34%	83.09%	83.24%
Effective Tax Rate	23.89%	21.28%	23.11%	22.15%	19.05%	-76.67%	21.93%	22.99%	21.01%	23.31%	23.05%
Return on Invested Capital (ROIC)	15.16%	9.97%	8.06%	10.37%	10.71%	6.11%	14.13%	19.65%	14.03%	13.52%	13.38%
ROIC Less NNEP Spread (ROIC-NNEP)	14.09%	9.05%	7.23%	9.34%	9.60%	3.42%	12.92%	18.54%	12.69%	12.51%	12.30%
Return on Net Nonoperating Assets (RNNOA)	10.86%	7.00%	5.89%	7.80%	8.58%	3.26%	12.11%	16.51%	11.23%	11.83%	11.14%
Return on Equity (ROE)	26.01%	16.97%	13.95%	18.18%	19.29%	9.37%	26.24%	36.16%	25.26%	25.35%	24.52%
Cash Return on Invested Capital (CROIC)	12.75%	13.53%	11.77%	7.70%	6.03%	-2.35%	-0.92%	3.19%	4.93%	11.64%	12.06%
Operating Return on Assets (OROA)	12.36%	8.08%	6.86%	8.25%	8.31%	2.28%	11.15%	15.48%	10.59%	11.09%	10.83%
Return on Assets (ROA)	8.04%	4.91%	3.86%	4.95%	5.18%	0.52%	7.16%	10.44%	6.89%	7.06%	6.94%
Return on Common Equity (ROCE)	26.01%	16.97%	13.95%	18.18%	19.29%	9.37%	26.24%	36.16%	25.26%	25.35%	24.52%
Return on Equity Simple (ROE_SIMPLE)	0.00%	23.83%	20.33%	16.57%	0.00%	11.28%	13.83%	17.53%	0.00%	22.87%	0.00%
Net Operating Profit after Tax (NOPAT)	899	560	443	589	654	376	883	1,229	893	879	904
NOPAT Margin	27.77%	17.87%	14.86%	19.81%	21.29%	12.53%	29.01%	40.29%	29.54%	29.36%	29.07%
Net Nonoperating Expense Percent (NNEP)	1.07%	0.92%	0.83%	1.03%	1.11%	2.69%	1.22%	1.11%	1.34%	1.01%	1.08%
Return On Investment Capital (ROIC_SIMPLE)	3.22%	-	-	-	2.18%	-	-	-	2.83%	2.77%	2.81%
Cost of Revenue to Revenue	47.57%	47.92%	49.06%	51.19%	51.25%	51.53%	48.39%	45.98%	47.42%	49.48%	46.01%
SG&A Expenses to Revenue	0.00%	6.77%	6.88%	0.00%	0.00%	7.16%	5.68%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.94%	29.37%	31.61%	23.36%	22.45%	41.38%	14.45%	1.70%	15.18%	12.23%	16.21%
Earnings before Interest and Taxes (EBIT)	1,215	767	633	796	846	231	1,148	1,630	1,127	1,177	1,199
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,524	1,088	954	1,122	1,176	568	1,483	1,969	1,469	1,523	1,545
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.25	3.66	3.96	3.46	4.07	4.55	3.72	4.08	3.69	3.70	3.90
Price to Tangible Book Value (P/TBV)	4.25	3.66	3.96	3.46	4.07	4.55	3.72	4.08	3.69	3.70	3.90
Price to Revenue (P/Rev)	4.25	3.59	3.95	3.54	4.28	4.74	3.99	4.62	4.36	4.43	4.74
Price to Earnings (P/E)	16.55	15.35	19.49	20.88	28.45	40.30	26.87	23.26	20.14	16.16	17.23
Dividend Yield	2.12%	2.48%	2.35%	2.75%	2.35%	2.14%	2.53%	2.17%	2.31%	2.28%	2.11%
Earnings Yield	6.04%	6.52%	5.13%	4.79%	3.51%	2.48%	3.72%	4.30%	4.96%	6.19%	5.81%
Enterprise Value to Invested Capital (EV/IC)	2.74	2.44	2.59	2.30	2.60	2.72	2.35	2.63	2.45	2.46	2.60
Enterprise Value to Revenue (EV/Rev)	5.11	4.42	4.81	4.46	5.24	5.85	5.07	5.62	5.36	5.44	5.73
Enterprise Value to EBITDA (EV/EBITDA)	10.78	9.96	11.86	11.71	14.69	18.41	14.11	13.17	11.84	10.22	10.72
Enterprise Value to EBIT (EV/EBIT)	13.51	12.70	15.70	16.09	20.96	28.07	20.31	17.75	15.72	12.95	13.59
Enterprise Value to NOPAT (EV/NOPAT)	17.11	16.21	20.22	22.05	28.40	37.17	26.32	23.07	20.27	16.95	17.86
Enterprise Value to Operating Cash Flow (EV/OCF)	15.43	13.01	15.03	16.61	20.06	24.73	19.13	18.13	16.04	15.81	16.59
Enterprise Value to Free Cash Flow (EV/FCFF)	21.88	18.22	22.14	30.29	43.75	0.00	0.00	86.09	51.66	21.49	21.85
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.19	1.18	1.20	1.31	1.34	1.40	1.36	1.25	1.20	1.19	1.17
Long-Term Debt to Equity	1.14	1.15	1.15	1.28	1.34	1.37	1.31	1.21	1.16	1.15	1.11
Financial Leverage	0.77	0.77	0.82	0.84	0.89	0.95	0.94	0.89	0.88	0.95	0.91
Leverage Ratio	2.93	3.00	3.05	3.12	3.16	3.22	3.19	3.18	3.15	3.18	3.12
Compound Leverage Factor	2.51	2.31	2.23	2.41	2.43	0.42	2.63	2.79	2.59	2.64	2.60
Debt to Total Capital	54.39%	54.08%	54.48%	56.80%	57.34%	58.38%	57.54%	55.51%	54.60%	54.26%	54.01%
Short-Term Debt to Total Capital	2.52%	1.45%	1.93%	1.39%	0.01%	1.34%	2.14%	1.79%	1.76%	1.75%	2.81%
Long-Term Debt to Total Capital	51.87%	52.62%	52.56%	55.41%	57.33%	57.04%	55.40%	53.72%	52.84%	52.51%	51.20%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	45.61%	45.92%	45.52%	43.20%	42.66%	41.62%	42.46%	44.49%	45.40%	45.74%	45.99%
Debt to EBITDA	2.51	2.61	2.94	3.54	3.96	4.60	4.05	3.31	3.13	2.67	2.67
Net Debt to EBITDA	1.83	1.86	2.12	2.40	2.71	3.50	3.02	2.36	2.22	1.89	1.85
Long-Term Debt to EBITDA	2.40	2.54	2.84	3.45	3.96	4.50	3.89	3.20	3.03	2.59	2.53
Debt to NOPAT	3.99	4.25	5.01	6.66	7.65	9.29	7.55	5.80	5.37	4.43	4.45
Net Debt to NOPAT	2.90	3.03	3.61	4.52	5.24	7.06	5.63	4.13	3.80	3.14	3.08
Long-Term Debt to NOPAT	3.80	4.13	4.84	6.50	7.65	9.08	7.26	5.61	5.19	4.29	4.22
Altman Z-Score	2.04	1.81	1.85	1.67	1.82	1.78	1.67	1.90	1.82	1.84	1.92
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.76	0.75	0.68	1.08	1.24	0.68	0.63	0.73	0.90	0.78	0.79
Quick Ratio	0.61	0.61	0.55	0.93	1.03	0.54	0.50	0.62	0.76	0.65	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	69	172	181	-88	-134	-2,096	-1,677	-943	-1,055	59	191
Operating Cash Flow to CapEx	133.89%	287.50%	140.50%	120.66%	81.18%	38.72%	195.10%	988.71%	147.67%	220.42%	252.22%
Free Cash Flow to Firm to Interest Expense	0.39	0.98	1.06	-0.49	-0.69	-10.43	-8.22	-4.64	-5.30	0.30	0.95
Operating Cash Flow to Interest Expense	4.51	6.70	3.96	3.63	3.45	4.17	5.08	6.04	4.78	4.77	5.36
Operating Cash Flow Less CapEx to Interest Expense	1.14	4.37	1.14	0.62	-0.80	-6.61	2.48	5.43	1.54	2.61	3.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.33	0.32	0.31	0.30	0.30	0.30	0.29	0.28	0.28	0.28
Accounts Receivable Turnover	12.00	11.57	11.05	10.44	10.59	10.16	10.62	9.69	10.94	9.97	10.53
Inventory Turnover	25.49	23.37	21.76	20.81	23.44	22.95	21.09	20.30	21.66	21.33	17.96
Fixed Asset Turnover	0.40	0.41	0.40	0.38	0.37	0.36	0.36	0.36	0.35	0.34	0.34
Accounts Payable Turnover	4.54	4.92	4.48	4.04	4.13	4.33	4.15	3.85	3.51	3.92	3.67
Days Sales Outstanding (DSO)	30.41	31.54	33.03	34.97	34.46	35.93	34.38	37.66	33.36	36.60	34.65
Days Inventory Outstanding (DIO)	14.32	15.62	16.77	17.54	15.57	15.90	17.30	17.98	16.85	17.11	20.33
Days Payable Outstanding (DPO)	80.39	74.12	81.43	90.43	88.28	84.32	88.04	94.70	104.12	93.00	99.47
Cash Conversion Cycle (CCC)	-35.66	-26.96	-31.63	-37.92	-38.26	-32.49	-36.36	-39.06	-53.90	-39.29	-44.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,765	23,425	23,540	23,869	24,553	25,897	26,100	26,041	26,501	26,717	26,813
Invested Capital Turnover	0.55	0.56	0.54	0.52	0.50	0.49	0.49	0.49	0.47	0.46	0.46
Increase / (Decrease) in Invested Capital	830	388	262	677	788	2,472	2,560	2,172	1,948	820	713
Enterprise Value (EV)	65,135	57,243	60,988	54,889	63,755	70,345	61,357	68,441	65,008	65,837	69,733
Market Capitalization	54,103	46,545	50,088	43,635	51,983	56,984	48,236	56,185	52,813	53,631	57,707
Book Value per Share	$55.00	$55.87	$55.53	$55.57	$56.52	$55.49	$57.45	$60.97	$63.23	$64.08	$65.59
Tangible Book Value per Share	$55.00	$55.87	$55.53	$55.57	$56.52	$55.49	$57.45	$60.97	$63.23	$64.08	$65.59
Total Capital	27,915	27,715	27,769	29,199	29,960	30,119	30,571	30,984	31,512	31,726	32,154
Total Debt	15,182	14,988	15,129	16,584	17,179	17,583	17,592	17,199	17,206	17,215	17,367
Total Long-Term Debt	14,479	14,585	14,594	16,179	17,175	17,179	16,937	16,644	16,651	16,660	16,464
Net Debt	11,032	10,698	10,900	11,254	11,772	13,361	13,121	12,256	12,195	12,206	12,026
Capital Expenditures (CapEx)	596	408	479	547	829	2,167	531	124	644	431	427
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-395	-851	-976	-873	-925	-1,339	-1,367	-1,407	-1,443	-1,200	-1,160
Debt-free Net Working Capital (DFNWC)	61	-299	-420	633	643	-687	-708	-432	198	-194	143
Net Working Capital (NWC)	-642	-702	-955	228	639	-1,091	-1,363	-987	-357	-749	-760
Net Nonoperating Expense (NNE)	109	94	87	111	127	323	146	130	160	129	136
Net Nonoperating Obligations (NNO)	11,032	10,698	10,900	11,254	11,772	13,361	13,121	12,256	12,195	12,206	12,026
Total Depreciation and Amortization (D&A)	309	321	321	326	330	337	335	339	342	346	346
Debt-free, Cash-free Net Working Capital to Revenue	-3.10%	-6.57%	-7.69%	-7.09%	-7.61%	-11.13%	-11.31%	-11.56%	-11.90%	-9.91%	-9.53%
Debt-free Net Working Capital to Revenue	0.48%	-2.31%	-3.31%	5.14%	5.29%	-5.71%	-5.86%	-3.55%	1.63%	-1.60%	1.17%
Net Working Capital to Revenue	-5.04%	-5.42%	-7.52%	1.85%	5.26%	-9.07%	-11.27%	-8.11%	-2.94%	-6.18%	-6.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.41	$2.04	$1.56	$2.11	$2.33	$0.23	$3.26	$4.86	$3.23	$3.31	$3.41
Adjusted Weighted Average Basic Shares Outstanding	227.78M	227.64M	227.02M	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M	225.44M	224.61M
Adjusted Diluted Earnings per Share	$3.40	$2.04	$1.56	$2.10	$2.32	$0.23	$3.25	$4.85	$3.24	$3.31	$3.41
Adjusted Weighted Average Diluted Shares Outstanding	227.78M	227.64M	227.02M	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M	225.44M	224.61M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	227.78M	227.64M	227.02M	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M	225.44M	224.61M
Normalized Net Operating Profit after Tax (NOPAT)	899	560	443	589	654	218	881	1,275	915	879	912
Normalized NOPAT Margin	27.77%	17.87%	14.86%	19.81%	21.29%	7.27%	28.93%	41.80%	30.25%	29.36%	29.32%
Pre Tax Income Margin	32.07%	18.90%	15.54%	20.67%	21.18%	1.00%	31.01%	46.77%	30.69%	32.68%	32.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.86	4.38	3.72	4.37	4.34	1.15	5.63	8.03	5.66	5.91	5.97
NOPAT to Interest Expense	5.08	3.20	2.61	3.23	3.35	1.87	4.33	6.06	4.49	4.42	4.50
EBIT Less CapEx to Interest Expense	3.50	2.05	0.91	1.37	0.09	-9.63	3.02	7.42	2.43	3.75	3.84
NOPAT Less CapEx to Interest Expense	1.71	0.87	-0.21	0.23	-0.90	-8.91	1.73	5.44	1.25	2.25	2.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	35.69%	38.81%	46.34%	57.70%	67.05%	86.49%	67.97%	50.50%	46.57%	36.82%	36.42%
Augmented Payout Ratio	130.80%	126.94%	122.57%	121.29%	101.09%	118.95%	85.74%	55.42%	46.57%	44.29%	50.03%

Key Financial Trends

Norfolk Southern (NYSE:NSC) has demonstrated solid financial performance over the past four years, with consistent revenue growth, improving net income, and steady cash flow from operations.

Income Statement Highlights:

Operating revenue increased from approximately $2.98 billion in Q2 2023 to $3.11 billion in Q2 2025, showing steady growth.
Net income grew from $356 million in Q2 2023 to $768 million in Q2 2025, more than doubling and indicating improved profitability.
Earnings per share rose from $1.56 in Q2 2023 to $3.41 in Q2 2025, reflecting enhanced shareholder value.
Operating costs fluctuated but remained generally stable relative to revenue, supporting consistent gross profit margins around $1.4 to $1.7 billion quarterly.
Interest expenses hovered near $200 million per quarter, reflecting a consistent debt service burden.

Balance Sheet Trends:

Total assets increased from approximately $39.3 billion at Q2 2023 to $44.2 billion at Q2 2025, boosted by plant, property, and equipment investments growing to $35.9 billion.
Cash and equivalents increased significantly from $556 million to $1.3 billion over the same period, enhancing liquidity.
Long-term debt increased from $14.6 billion in Q2 2023 to $16.5 billion by Q2 2025, showing incremental leverage.
Total equity improved moderately from $12.7 billion to $14.8 billion, reflecting retained earnings growth but offset partially by accumulated other comprehensive losses.

Cash Flow Analysis:

Net cash from operating activities rose from about $673 million in Q2 2023 to $1.08 billion in Q2 2025, indicating strong operational cash generation.
Investment in property, plant, and equipment remains high, with quarterly purchases around $475 million in Q2 2025, reflecting significant capital expenditures.
Repayments of debt and repurchases of common stock consistently drain cash, with repayments of $252 million and repurchases of $208 million in Q2 2025, putting pressure on free cash flow.
Dividends remain steady at approximately $305 million per quarter, indicating a stable dividend policy.
The company had a net increase in cash and equivalents of $297 million in Q2 2025, signaling robust cash flow management despite investment and financing activities.

Summary: Norfolk Southern has shown consistent revenue and earnings growth with strong operational cash flow over the last four years. The company continues to invest heavily in its infrastructure while maintaining dividend payments and shareholder returns through share repurchases. Leverage has increased modestly, and cash balances have improved, bolstering financial flexibility. Overall, the financial trends suggest a healthy growth trajectory with prudent capital management, making Norfolk Southern an attractive consideration for investors seeking exposure to the railroad transportation sector.

08/08/25 10:41 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Norfolk Southern's Financials

When does Norfolk Southern's fiscal year end?

According to the most recent income statement we have on file, Norfolk Southern's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Norfolk Southern's net income changed over the last 10 years?

Norfolk Southern's net income were at $2.62 billion at the end of 2024, a 43.5% increase from 2023, and a 31.1% increase since 2014. View Norfolk Southern's forecast to see where analysts expect Norfolk Southern to go next.

What is Norfolk Southern's operating income?

Norfolk Southern's total operating income in 2024 was $4.07 billion, based on the following breakdown:

Total Gross Profit: $6.27 billion
Total Operating Expenses: $2.19 billion

How has Norfolk Southern's revenue changed over the last 10 years?

Over the last 10 years, Norfolk Southern's total revenue changed from $11.62 billion in 2014 to $12.12 billion in 2024, a change of 4.3%.

How much debt does Norfolk Southern have?

Norfolk Southern's total liabilities were at $29.38 billion at the end of 2024, a 1.7% increase from 2023, and a 41.3% increase since 2014.

How much cash does Norfolk Southern have?

In the past 10 years, Norfolk Southern's cash and equivalents has ranged from $358 million in 2018 to $1.64 billion in 2024, and is currently $1.64 billion as of their latest financial filing in 2024.

How has Norfolk Southern's book value per share changed over the last 10 years?

Over the last 10 years, Norfolk Southern's book value per share changed from 40.10 in 2014 to 63.23 in 2024, a change of 57.7%.

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This page (NYSE:NSC) was last updated on 8/9/2025 by MarketBeat.com Staff

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Norfolk Southern (NSC) Financials

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