Norfolk Southern (NSC) Financials

$313.48 +1.82 (+0.58%)

Closing price 03:59 PM Eastern

Extended Trading

$313.25 -0.23 (-0.07%)

As of 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622	2,873
Consolidated Net Income / (Loss)	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622	2,873
Net Income / (Loss) Continuing Operations	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622	2,873
Total Pre-Tax Income	2,442	2,582	3,128	3,469	3,491	2,530	3,878	4,130	2,320	3,329	3,665
Total Operating Income	2,884	3,009	3,522	3,959	3,989	3,002	4,447	4,809	2,851	4,071	4,356
Total Gross Profit	4,914	4,834	5,318	5,716	5,867	5,194	6,175	6,743	6,097	6,265	6,231
Total Revenue	10,511	9,888	10,551	11,458	11,296	9,789	11,142	12,745	12,156	12,123	12,180
Operating Revenue	10,511	9,888	10,551	11,458	11,296	9,789	11,142	12,745	12,156	12,123	12,180
Total Cost of Revenue	5,597	5,054	5,233	5,742	5,429	4,595	4,967	6,002	6,059	5,858	5,949
Operating Cost of Revenue	5,597	5,054	5,233	5,742	5,429	4,595	4,967	6,002	6,059	5,858	5,949
Total Operating Expenses	2,030	1,825	1,796	1,757	1,878	2,192	1,728	1,934	3,246	2,194	1,875
Depreciation Expense	1,054	1,026	1,055	1,102	1,138	1,154	1,181	1,221	1,298	1,353	1,393
Other Operating Expenses / (Income)	-	-	-	0.00	0.00	385	0.00	713	1,948	658	380
Restructuring Charge	-	-	-	-	-	-	-	0.00	0.00	183	102
Total Other Income / (Expense), net	-442	-427	-394	-490	-498	-472	-569	-679	-531	-742	-691
Interest Expense	545	563	550	557	604	625	646	692	722	807	792
Other Income / (Expense), net	103	136	156	67	106	153	77	13	191	65	101
Income Tax Expense	886	914	-2,276	803	769	517	873	860	493	707	792
Basic Earnings per Share	$5.13	$5.66	$18.76	$9.58	$10.32	$7.88	$12.16	$13.92	$8.04	$11.58	$12.76
Weighted Average Basic Shares Outstanding	301.90M	293.90M	287.90M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M	224.57M
Diluted Earnings per Share	$5.10	$5.62	$18.61	$9.51	$10.25	$7.84	$12.11	$13.88	$8.02	$11.57	$12.75
Weighted Average Diluted Shares Outstanding	301.90M	293.90M	287.90M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M	224.57M
Weighted Average Basic & Diluted Shares Outstanding	301.90M	293.90M	287.90M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M	224.57M
Cash Dividends to Common per Share	$2.36	$2.36	$2.44	$3.04	$3.60	$3.76	$4.16	$4.96	$5.40	$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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	478	527	53	737	1,099	733	750	768	711	644	547
Consolidated Net Income / (Loss)	478	527	53	737	1,099	733	750	768	711	644	547
Net Income / (Loss) Continuing Operations	478	527	53	737	1,099	733	750	768	711	644	547
Total Pre-Tax Income	614	651	30	944	1,427	928	978	998	924	765	715
Total Operating Income	756	808	213	1,131	1,596	1,131	1,146	1,175	1,098	937	877
Total Gross Profit	1,450	1,498	1,456	1,398	1,836	1,590	1,512	1,679	1,462	1,578	1,480
Total Revenue	2,971	3,073	3,004	3,044	3,051	3,024	2,993	3,110	3,103	2,974	2,998
Operating Revenue	2,971	3,073	3,004	3,044	3,051	3,024	2,993	3,110	3,103	2,974	2,998
Total Cost of Revenue	1,521	1,575	1,548	1,646	1,215	1,434	1,481	1,431	1,641	1,396	1,518
Operating Cost of Revenue	1,521	1,575	1,548	1,646	1,215	1,434	1,481	1,431	1,641	1,396	1,518
Total Operating Expenses	694	690	1,243	267	240	459	366	504	364	641	603
Depreciation Expense	326	330	337	335	339	342	346	346	348	353	352
Other Operating Expenses / (Income)	368	777	807	-65	-159	478	20	148	-11	223	199
Restructuring Charge	0.00	-	99	-3.00	60	27	0.00	10	27	65	52
Total Other Income / (Expense), net	-142	-157	-183	-187	-169	-203	-168	-177	-174	-172	-162
Interest Expense	182	195	201	204	203	199	199	201	197	195	197
Other Income / (Expense), net	40	38	18	17	34	-4.00	31	24	23	23	35
Income Tax Expense	136	124	-23	207	328	195	228	230	213	121	168
Basic Earnings per Share	$2.11	$2.33	$0.23	$3.26	$4.86	$3.23	$3.31	$3.41	$3.16	$2.88	$2.43
Weighted Average Basic Shares Outstanding	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M	225.44M	224.61M	224.39M	224.57M	224.59M
Diluted Earnings per Share	$2.10	$2.32	$0.23	$3.25	$4.85	$3.24	$3.31	$3.41	$3.16	$2.87	$2.43
Weighted Average Diluted Shares Outstanding	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M	225.44M	224.61M	224.39M	224.57M	224.59M
Weighted Average Basic & Diluted Shares Outstanding	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M	225.44M	224.61M	224.39M	224.57M	224.59M
Cash Dividends to Common per Share	$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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	128	-145	-266	-244	134	535	-276	-383	1,112	73	-111
Net Cash From Operating Activities	2,908	3,034	3,253	3,726	3,892	3,637	4,255	4,222	3,179	4,052	4,361
Net Cash From Continuing Operating Activities	2,908	3,034	3,253	3,726	3,892	3,637	4,255	4,222	3,179	4,052	4,361
Net Income / (Loss) Continuing Operations	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622	2,873
Consolidated Net Income / (Loss)	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622	2,873
Depreciation Expense	1,059	1,030	1,059	1,104	1,139	1,154	1,181	1,221	1,298	1,353	1,393
Non-Cash Adjustments To Reconcile Net Income	-30	-46	-92	-171	42	445	-86	-82	-49	-490	-253
Changes in Operating Assets and Liabilities, net	323	382	-3,118	127	-19	25	155	-187	103	567	348
Net Cash From Investing Activities	-2,087	-1,832	-1,481	-1,658	-1,764	-1,175	-1,222	-1,603	-2,182	-2,780	-2,562
Net Cash From Continuing Investing Activities	-2,087	-1,832	-1,481	-1,658	-1,764	-1,175	-1,222	-1,603	-2,182	-2,780	-2,562
Purchase of Property, Plant & Equipment	-2,385	-1,887	-1,723	-1,951	-2,019	-1,494	-1,470	-1,948	-2,349	-4,024	-2,204
Purchase of Investments	-5.00	-123	-7.00	-10	-18	-13	-10	-12	-124	-319	-621
Sale of Property, Plant & Equipment	63	130	202	204	377	333	159	263	86	558	164
Other Investing Activities, net	240	48	47	99	-104	-1.00	99	94	205	1,005	99
Net Cash From Financing Activities	-693	-1,347	-2,038	-2,312	-1,994	-1,927	-3,309	-3,002	115	-1,199	-1,910
Net Cash From Continuing Financing Activities	-693	-1,347	-2,038	-2,312	-1,994	-1,927	-3,309	-3,002	115	-1,199	-1,910
Repayment of Debt	-102	-600	-702	-750	-1,188	-381	-584	-553	-1,334	-1,055	-559
Repurchase of Common Equity	-1,075	-803	-1,012	-2,781	-2,099	-1,439	-3,390	-3,110	-622	0.00	-534
Payment of Dividends	-713	-695	-703	-844	-949	-960	-1,028	-1,167	-1,225	-1,221	-1,215
Issuance of Debt	1,185	694	290	2,023	2,215	784	1,676	1,832	3,293	1,051	396
Other Financing Activities, net	12	57	89	40	27	69	17	-4.00	3.00	26	2.00
Cash Interest Paid	518	543	528	496	555	577	579	619	653	764	765
Cash Income Taxes Paid	386	593	705	519	543	311	654	750	681	305	491

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	950	62	-916	7.00	316	666	-635	297	115	112	-189
Net Cash From Operating Activities	660	673	839	1,036	1,226	951	950	1,077	1,271	1,063	344
Net Cash From Continuing Operating Activities	660	673	839	1,036	1,226	951	950	1,077	1,271	1,063	344
Net Income / (Loss) Continuing Operations	478	527	53	737	1,099	733	750	768	711	644	547
Consolidated Net Income / (Loss)	478	527	53	737	1,099	733	750	768	711	644	547
Depreciation Expense	326	330	337	335	339	342	346	346	348	353	352
Non-Cash Adjustments To Reconcile Net Income	-9.00	-15	-1.00	-24	-400	-65	-23	-34	-85	-111	-17
Changes in Operating Assets and Liabilities, net	-135	-169	450	-12	188	-59	-123	-3.00	297	177	-538
Net Cash From Investing Activities	-653	-788	-1,844	-723	-224	11	-1,021	-414	-483	-644	-213
Net Cash From Continuing Investing Activities	-653	-788	-1,844	-723	-224	11	-1,021	-414	-483	-644	-213
Purchase of Property, Plant & Equipment	-548	-853	-2,199	-569	-581	-675	-449	-475	-551	-729	-382
Purchase of Investments	-114	-4.00	-1.00	-205	-112	-1.00	-609	-4.00	-2.00	-6.00	-3.00
Sale of Property, Plant & Equipment	1.00	24	32	38	457	31	18	48	54	44	162
Other Investing Activities, net	8.00	45	324	13	12	656	19	17	16	47	10
Net Cash From Financing Activities	943	177	89	-306	-686	-296	-564	-366	-673	-307	-320
Net Cash From Continuing Financing Activities	943	177	89	-306	-686	-296	-564	-366	-673	-307	-320
Repayment of Debt	-131	-401	0.00	-202	-852	-1.00	-1.00	-252	-301	-5.00	-1.00
Repurchase of Common Equity	-200	-119	0.00	-	-	-	-248	-208	-78	-	-5.00
Payment of Dividends	-305	-305	-305	-305	-305	-306	-306	-303	-303	-303	-303
Other Financing Activities, net	-	12	-6.00	1.00	20	11	-9.00	1.00	9.00	1.00	-11
Cash Interest Paid	133	202	182	191	198	193	192	186	192	195	185
Cash Income Taxes Paid	206	160	-2.00	109	177	21	1.00	413	19	58	138

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	34,139	34,892	35,711	36,239	37,923	37,962	38,493	38,885	41,652	43,682	45,236
Total Current Assets	2,512	2,291	2,149	1,862	2,081	2,318	2,167	2,007	3,271	3,188	3,198
Cash & Equivalents	1,101	956	690	358	580	1,115	839	456	1,568	1,641	1,530
Accounts Receivable	946	945	955	1,009	920	848	976	1,148	1,147	1,069	988
Inventories, net	271	257	222	207	244	221	218	253	264	277	271
Other Current Assets	194	133	282	288	337	134	134	150	292	201	409
Plant, Property, & Equipment, net	28,992	29,751	30,330	31,091	31,614	31,345	31,653	32,156	33,326	35,831	36,479
Total Noncurrent Assets	2,635	2,850	3,232	3,286	4,228	4,299	4,673	4,722	5,055	4,663	5,559
Long-Term Investments	2,572	2,777	2,981	3,109	3,428	3,590	3,707	3,694	3,839	3,370	4,089
Other Noncurrent Operating Assets	63	73	251	177	800	709	966	1,028	1,216	1,293	1,470
Total Liabilities & Shareholders' Equity	34,139	34,892	35,711	36,239	37,923	37,962	38,493	38,885	41,652	43,682	45,236
Total Liabilities	21,951	22,483	19,352	20,877	22,739	23,171	24,852	26,152	28,871	29,376	29,689
Total Current Liabilities	2,231	2,339	2,545	2,591	2,300	2,160	2,521	2,649	2,632	3,545	3,775
Short-Term Debt	700	650	700	585	316	579	553	703	4.00	555	607
Accounts Payable	1,091	1,215	1,401	1,505	1,428	1,016	1,351	1,293	1,638	1,704	1,863
Current Deferred & Payable Income Tax Liabilities	203	245	211	255	229	263	305	312	262	337	340
Other Current Liabilities	237	229	233	246	327	302	312	341	728	949	965
Total Noncurrent Liabilities	19,720	20,144	16,807	18,286	20,439	21,011	22,331	23,503	26,239	25,831	25,914
Long-Term Debt	9,393	9,562	9,136	10,560	11,880	12,102	13,287	14,479	17,175	16,651	16,480
Noncurrent Deferred & Payable Income Tax Liabilities	8,942	9,140	6,324	6,460	6,815	6,922	7,165	7,265	7,225	7,420	7,711
Other Noncurrent Operating Liabilities	1,385	1,442	1,347	1,266	1,744	1,987	1,879	1,759	1,839	1,760	1,723
Total Equity & Noncontrolling Interests	12,188	12,409	16,359	15,362	15,184	14,791	13,641	12,733	12,781	14,306	15,547
Total Preferred & Common Equity	12,188	12,409	16,359	15,362	15,184	14,791	13,641	12,733	12,781	14,306	15,547
Total Common Equity	12,188	12,409	16,359	15,362	15,184	14,791	13,641	12,733	12,781	14,306	15,547
Common Stock	2,442	2,471	2,539	2,485	2,468	2,502	2,457	2,387	2,406	2,475	2,522
Retained Earnings	10,191	10,425	14,176	13,440	13,207	12,883	11,586	10,697	10,695	12,093	13,235
Accumulated Other Comprehensive Income / (Loss)	-445	-487	-356	-563	-491	-594	-402	-351	-320	-262	-210

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	39,261	40,739	41,652	42,128	42,558	43,255	43,682	43,800	44,155	44,580	45,113
Total Current Assets	2,031	3,142	3,271	2,356	2,304	2,690	3,188	2,701	2,907	3,036	3,024
Cash & Equivalents	556	1,506	1,568	652	659	975	1,641	1,006	1,303	1,418	1,341
Accounts Receivable	1,089	1,210	1,147	1,198	1,189	1,302	1,069	1,231	1,123	1,102	1,123
Inventories, net	272	303	264	270	308	288	277	273	313	297	312
Other Current Assets	114	123	292	236	148	125	201	191	168	219	248
Plant, Property, & Equipment, net	32,474	32,668	33,326	35,051	35,280	35,390	35,831	35,803	35,921	36,112	36,442
Total Noncurrent Assets	4,756	4,929	5,055	4,721	4,974	5,175	4,663	5,296	5,327	5,432	5,647
Long-Term Investments	3,673	3,824	3,839	3,570	3,812	3,968	3,370	4,003	4,038	4,081	4,116
Other Noncurrent Operating Assets	1,083	1,105	1,216	1,151	1,162	1,207	1,293	1,293	1,289	1,351	1,531
Total Liabilities & Shareholders' Equity	39,261	40,739	41,652	42,128	42,558	43,255	43,682	43,800	44,155	44,580	45,113
Total Liabilities	26,621	28,124	28,871	29,592	29,579	29,470	29,376	29,289	29,368	29,439	29,309
Total Current Liabilities	2,986	2,914	2,632	3,447	3,667	3,677	3,545	3,450	3,667	3,524	3,335
Short-Term Debt	535	405	4.00	404	655	555	555	555	903	607	609
Accounts Payable	1,416	1,499	1,638	1,506	1,535	1,614	1,704	1,445	1,504	1,657	1,695
Current Deferred & Payable Income Tax Liabilities	243	213	262	222	208	179	337	490	223	227	320
Other Current Liabilities	792	797	728	1,315	1,269	1,329	949	960	1,037	1,033	711
Total Noncurrent Liabilities	23,635	25,210	26,239	26,145	25,912	25,793	25,831	25,839	25,701	25,915	25,974
Long-Term Debt	14,594	16,179	17,175	17,179	16,937	16,644	16,651	16,660	16,464	16,476	16,492
Noncurrent Deferred & Payable Income Tax Liabilities	7,227	7,207	7,225	7,199	7,228	7,363	7,420	7,477	7,529	7,734	7,758
Other Noncurrent Operating Liabilities	1,814	1,824	1,839	1,767	1,747	1,786	1,760	1,702	1,708	1,705	1,724
Total Equity & Noncontrolling Interests	12,640	12,615	12,781	12,536	12,979	13,785	14,306	14,511	14,787	15,141	15,804
Total Preferred & Common Equity	12,640	12,615	12,781	12,536	12,979	13,785	14,306	14,511	14,787	15,141	15,804
Total Common Equity	12,640	12,615	12,781	12,536	12,979	13,785	14,306	14,511	14,787	15,141	15,804
Common Stock	2,388	2,390	2,406	2,415	2,435	2,451	2,475	2,476	2,485	2,509	2,538
Retained Earnings	10,611	10,589	10,695	10,443	10,874	11,666	12,093	12,296	12,563	12,894	13,477
Accumulated Other Comprehensive Income / (Loss)	-359	-364	-320	-322	-330	-332	-262	-261	-261	-262	-211

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.58%	-5.93%	6.71%	8.60%	-1.41%	-13.34%	13.82%	14.39%	-4.62%	-0.27%	0.47%
EBITDA Growth	-12.71%	3.19%	13.46%	8.30%	2.03%	-17.67%	32.40%	5.92%	-28.18%	26.47%	6.58%
EBIT Growth	-18.81%	5.29%	16.95%	9.46%	1.71%	-22.95%	43.39%	6.59%	-36.91%	35.96%	7.76%
NOPAT Growth	-19.45%	5.78%	213.02%	-50.00%	2.23%	-23.21%	44.27%	10.50%	-41.03%	42.81%	6.50%
Net Income Growth	-22.20%	7.20%	223.98%	-50.67%	2.10%	-26.05%	49.28%	8.82%	-44.13%	43.51%	9.57%
EPS Growth	-20.19%	10.20%	231.14%	-48.90%	7.78%	-23.51%	54.46%	14.62%	-42.22%	44.26%	10.20%
Operating Cash Flow Growth	-0.24%	4.33%	7.22%	14.54%	4.46%	-6.55%	16.99%	-0.78%	-24.70%	27.46%	7.63%
Free Cash Flow Firm Growth	-24.02%	71.42%	47.17%	3.18%	9.96%	7.75%	9.50%	-9.16%	-51.06%	-13.64%	130.50%
Invested Capital Growth	4.89%	1.50%	19.25%	2.29%	1.44%	-2.59%	0.74%	3.62%	3.32%	7.93%	1.94%
Revenue Q/Q Growth	-3.24%	-0.28%	1.73%	2.02%	-1.79%	-1.18%	2.57%	3.11%	-1.33%	-0.40%	-0.41%
EBITDA Q/Q Growth	-4.82%	2.15%	5.62%	1.28%	-1.78%	1.15%	2.41%	1.27%	-7.42%	5.64%	-2.60%
EBIT Q/Q Growth	-7.81%	3.86%	7.11%	1.28%	-2.34%	1.51%	2.79%	1.37%	-10.82%	7.29%	-3.61%
NOPAT Q/Q Growth	-6.90%	0.53%	193.45%	-54.62%	-1.29%	-0.57%	3.28%	0.72%	-9.80%	8.07%	-3.01%
Net Income Q/Q Growth	-8.79%	3.41%	191.79%	-55.06%	-1.31%	0.25%	3.05%	0.93%	-12.58%	8.53%	-3.00%
EPS Q/Q Growth	-7.94%	4.07%	192.61%	-53.88%	-0.10%	0.90%	4.22%	2.13%	-11.87%	8.64%	-2.82%
Operating Cash Flow Q/Q Growth	4.72%	0.73%	2.07%	1.47%	1.38%	-0.68%	1.72%	-3.30%	-3.78%	7.37%	2.64%
Free Cash Flow Firm Q/Q Growth	15.59%	0.98%	34.80%	-13.55%	3.59%	2.90%	-6.49%	-5.72%	-19.59%	58.30%	2.26%
Invested Capital Q/Q Growth	0.85%	0.80%	18.58%	1.15%	0.54%	0.12%	1.62%	2.47%	2.87%	1.77%	1.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.75%	48.89%	50.40%	49.89%	51.94%	53.06%	55.42%	52.91%	50.16%	51.68%	51.16%
EBITDA Margin	38.49%	42.22%	44.90%	44.77%	46.34%	44.02%	51.20%	47.41%	35.70%	45.28%	48.03%
Operating Margin	27.44%	30.43%	33.38%	34.55%	35.31%	30.67%	39.91%	37.73%	23.45%	33.58%	35.76%
EBIT Margin	28.42%	31.81%	34.86%	35.14%	36.25%	32.23%	40.60%	37.83%	25.02%	34.12%	36.59%
Profit (Net Income) Margin	14.80%	16.87%	51.22%	23.27%	24.10%	20.56%	26.97%	25.66%	15.03%	21.63%	23.59%
Tax Burden Percent	63.72%	64.60%	172.76%	76.85%	77.97%	79.57%	77.49%	79.18%	78.75%	78.76%	78.39%
Interest Burden Percent	81.75%	82.10%	85.05%	86.16%	85.25%	80.19%	85.72%	85.65%	76.27%	80.49%	82.23%
Effective Tax Rate	36.28%	35.40%	-72.76%	23.15%	22.03%	20.43%	22.51%	20.82%	21.25%	21.24%	21.61%
Return on Invested Capital (ROIC)	10.11%	10.37%	29.39%	13.36%	13.40%	10.35%	15.08%	16.31%	9.29%	12.56%	12.76%
ROIC Less NNEP Spread (ROIC-NNEP)	5.32%	6.09%	18.62%	7.91%	8.51%	5.71%	9.97%	11.02%	5.63%	7.68%	8.18%
Return on Net Nonoperating Assets (RNNOA)	2.54%	3.19%	8.18%	3.45%	4.42%	3.08%	6.06%	8.49%	5.03%	6.80%	6.49%
Return on Equity (ROE)	12.65%	13.56%	37.57%	16.81%	17.82%	13.43%	21.14%	24.80%	14.32%	19.36%	19.25%
Cash Return on Invested Capital (CROIC)	5.34%	8.87%	11.83%	11.09%	11.97%	12.98%	14.34%	12.75%	6.03%	4.93%	10.84%
Operating Return on Assets (OROA)	8.87%	9.11%	10.42%	11.19%	11.04%	8.32%	11.83%	12.46%	7.55%	9.69%	10.03%
Return on Assets (ROA)	4.62%	4.83%	15.31%	7.41%	7.34%	5.31%	7.86%	8.45%	4.54%	6.15%	6.46%
Return on Common Equity (ROCE)	12.65%	13.56%	37.57%	16.81%	17.82%	13.43%	21.14%	24.80%	14.32%	19.36%	19.25%
Return on Equity Simple (ROE_SIMPLE)	12.77%	13.44%	33.03%	17.35%	17.93%	13.61%	22.03%	25.68%	14.29%	18.33%	0.00%
Net Operating Profit after Tax (NOPAT)	1,838	1,944	6,085	3,043	3,110	2,389	3,446	3,808	2,245	3,206	3,415
NOPAT Margin	17.48%	19.66%	57.67%	26.55%	27.53%	24.40%	30.93%	29.88%	18.47%	26.45%	28.04%
Net Nonoperating Expense Percent (NNEP)	4.79%	4.28%	10.77%	5.44%	4.89%	4.65%	5.11%	5.29%	3.67%	4.88%	4.58%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	13.64%	7.49%	10.18%	10.46%
Cost of Revenue to Revenue	53.25%	51.11%	49.60%	50.11%	48.06%	46.94%	44.58%	47.09%	49.84%	48.32%	48.84%
SG&A Expenses to Revenue	9.29%	8.08%	7.02%	5.72%	6.55%	6.67%	4.91%	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	19.31%	18.46%	17.02%	15.33%	16.63%	22.39%	15.51%	15.17%	26.70%	18.10%	15.39%
Earnings before Interest and Taxes (EBIT)	2,987	3,145	3,678	4,026	4,095	3,155	4,524	4,822	3,042	4,136	4,457
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,046	4,175	4,737	5,130	5,234	4,309	5,705	6,043	4,340	5,489	5,850
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.72	2.18	2.21	2.36	3.03	3.78	4.99	4.25	4.07	3.69	4.15
Price to Tangible Book Value (P/TBV)	1.72	2.18	2.21	2.36	3.03	3.78	4.99	4.25	4.07	3.69	4.15
Price to Revenue (P/Rev)	2.00	2.73	3.43	3.16	4.07	5.71	6.11	4.25	4.28	4.36	5.30
Price to Earnings (P/E)	13.49	16.18	6.70	13.60	16.88	27.75	22.66	16.55	28.45	20.14	22.45
Dividend Yield	4.19%	2.55%	1.93%	2.28%	2.04%	1.71%	1.49%	2.12%	2.35%	2.31%	1.88%
Earnings Yield	7.41%	6.18%	14.93%	7.35%	5.92%	3.60%	4.41%	6.04%	3.51%	4.96%	4.45%
Enterprise Value to Invested Capital (EV/IC)	1.47	1.77	1.88	1.91	2.32	2.80	3.37	2.74	2.60	2.45	2.81
Enterprise Value to Revenue (EV/Rev)	2.61	3.39	4.02	3.83	4.79	6.52	6.95	5.11	5.24	5.36	6.24
Enterprise Value to EBITDA (EV/EBITDA)	6.78	8.02	8.94	8.56	10.35	14.81	13.57	10.78	14.69	11.84	12.99
Enterprise Value to EBIT (EV/EBIT)	9.18	10.64	11.52	10.91	13.22	20.23	17.11	13.51	20.96	15.72	17.04
Enterprise Value to NOPAT (EV/NOPAT)	14.92	17.22	6.96	14.44	17.41	26.72	22.46	17.11	28.40	20.27	22.25
Enterprise Value to Operating Cash Flow (EV/OCF)	9.43	11.03	13.03	11.79	13.91	17.55	18.19	15.43	20.06	16.04	17.42
Enterprise Value to Free Cash Flow (EV/FCFF)	28.25	20.12	17.30	17.39	19.49	21.32	23.61	21.88	43.75	51.66	26.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.83	0.82	0.60	0.73	0.80	0.86	1.01	1.19	1.34	1.20	1.10
Long-Term Debt to Equity	0.77	0.77	0.56	0.69	0.78	0.82	0.97	1.14	1.34	1.16	1.06
Financial Leverage	0.48	0.52	0.44	0.44	0.52	0.54	0.61	0.77	0.89	0.88	0.79
Leverage Ratio	2.74	2.81	2.45	2.27	2.43	2.53	2.69	2.93	3.16	3.15	2.98
Compound Leverage Factor	2.24	2.30	2.09	1.95	2.07	2.03	2.31	2.51	2.41	2.54	2.45
Debt to Total Capital	45.30%	45.14%	37.55%	42.05%	44.54%	46.16%	50.36%	54.39%	57.34%	54.60%	52.36%
Short-Term Debt to Total Capital	3.14%	2.87%	2.67%	2.21%	1.15%	2.11%	2.01%	2.52%	0.01%	1.76%	1.86%
Long-Term Debt to Total Capital	42.16%	42.27%	34.88%	39.84%	43.39%	44.05%	48.35%	51.87%	57.33%	52.84%	50.50%
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	54.70%	54.86%	62.45%	57.95%	55.46%	53.84%	49.64%	45.61%	42.66%	45.40%	47.64%
Debt to EBITDA	2.49	2.45	2.08	2.17	2.33	2.94	2.43	2.51	3.96	3.13	2.92
Net Debt to EBITDA	1.59	1.55	1.30	1.50	1.56	1.85	1.63	1.83	2.71	2.22	1.96
Long-Term Debt to EBITDA	2.32	2.29	1.93	2.06	2.27	2.81	2.33	2.40	3.96	3.03	2.82
Debt to NOPAT	5.49	5.25	1.62	3.66	3.92	5.31	4.02	3.99	7.65	5.37	5.00
Net Debt to NOPAT	3.49	3.33	1.01	2.52	2.63	3.34	2.70	2.90	5.24	3.80	3.36
Long-Term Debt to NOPAT	5.11	4.92	1.50	3.47	3.82	5.07	3.86	3.80	7.65	5.19	4.83
Altman Z-Score	1.60	1.72	2.30	2.22	2.35	2.46	2.73	2.34	1.99	2.05	2.29
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	1.13	0.98	0.84	0.72	0.90	1.07	0.86	0.76	1.24	0.90	0.85
Quick Ratio	0.92	0.81	0.65	0.53	0.65	0.91	0.72	0.61	1.03	0.76	0.67
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	971	1,664	2,449	2,527	2,778	2,994	3,278	2,978	1,457	1,258	2,901
Operating Cash Flow to CapEx	125.24%	172.68%	213.87%	213.28%	237.03%	313.26%	324.56%	250.56%	140.48%	116.91%	213.77%
Free Cash Flow to Firm to Interest Expense	1.78	2.96	4.45	4.54	4.60	4.79	5.07	4.30	2.02	1.56	3.66
Operating Cash Flow to Interest Expense	5.34	5.39	5.91	6.69	6.44	5.82	6.59	6.10	4.40	5.02	5.51
Operating Cash Flow Less CapEx to Interest Expense	1.08	2.27	3.15	3.55	3.73	3.96	4.56	3.67	1.27	0.73	2.93
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.29	0.30	0.32	0.30	0.26	0.29	0.33	0.30	0.28	0.27
Accounts Receivable Turnover	10.51	10.46	11.11	11.67	11.71	11.07	12.22	12.00	10.59	10.94	11.84
Inventory Turnover	22.08	19.14	21.85	26.77	24.08	19.76	22.63	25.49	23.44	21.66	21.71
Fixed Asset Turnover	0.37	0.34	0.35	0.37	0.36	0.31	0.35	0.40	0.37	0.35	0.34
Accounts Payable Turnover	4.82	4.38	4.00	3.95	3.70	3.76	4.20	4.54	4.13	3.51	3.34
Days Sales Outstanding (DSO)	34.74	34.90	32.86	31.28	31.17	32.96	29.88	30.41	34.46	33.36	30.82
Days Inventory Outstanding (DIO)	16.53	19.07	16.71	13.64	15.16	18.47	16.13	14.32	15.57	16.85	16.81
Days Payable Outstanding (DPO)	75.78	83.27	91.23	92.36	98.60	97.07	86.97	80.39	88.28	104.12	109.43
Cash Conversion Cycle (CCC)	-24.50	-29.30	-41.66	-47.45	-52.27	-45.64	-40.96	-35.66	-38.26	-53.90	-61.79
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,608	18,888	22,524	23,040	23,372	22,767	22,935	23,765	24,553	26,501	27,015
Invested Capital Turnover	0.58	0.53	0.51	0.50	0.49	0.42	0.49	0.55	0.50	0.47	0.46
Increase / (Decrease) in Invested Capital	867	280	3,636	516	332	-605	168	830	788	1,948	514
Enterprise Value (EV)	27,417	33,472	42,372	43,938	54,147	63,830	77,396	65,135	63,755	65,008	75,968
Market Capitalization	20,997	26,993	36,207	36,260	45,959	55,854	68,102	54,103	51,983	52,813	64,500
Book Value per Share	$40.82	$42.51	$57.17	$56.41	$58.23	$58.24	$56.06	$55.00	$56.52	$63.23	$69.29
Tangible Book Value per Share	$40.82	$42.51	$57.17	$56.41	$58.23	$58.24	$56.06	$55.00	$56.52	$63.23	$69.29
Total Capital	22,281	22,621	26,195	26,507	27,380	27,472	27,481	27,915	29,960	31,512	32,634
Total Debt	10,093	10,212	9,836	11,145	12,196	12,681	13,840	15,182	17,179	17,206	17,087
Total Long-Term Debt	9,393	9,562	9,136	10,560	11,880	12,102	13,287	14,479	17,175	16,651	16,480
Net Debt	6,420	6,479	6,165	7,678	8,188	7,976	9,294	11,032	11,772	12,195	11,468
Capital Expenditures (CapEx)	2,322	1,757	1,521	1,747	1,642	1,161	1,311	1,685	2,263	3,466	2,040
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-120	-354	-386	-502	-483	-378	-640	-395	-925	-1,443	-1,500
Debt-free Net Working Capital (DFNWC)	981	602	304	-144	97	737	199	61	643	198	30
Net Working Capital (NWC)	281	-48	-396	-729	-219	158	-354	-642	639	-357	-577
Net Nonoperating Expense (NNE)	282	276	681	377	388	376	441	538	418	584	542
Net Nonoperating Obligations (NNO)	6,420	6,479	6,165	7,678	8,188	7,976	9,294	11,032	11,772	12,195	11,468
Total Depreciation and Amortization (D&A)	1,059	1,030	1,059	1,104	1,139	1,154	1,181	1,221	1,298	1,353	1,393
Debt-free, Cash-free Net Working Capital to Revenue	-1.14%	-3.58%	-3.66%	-4.38%	-4.28%	-3.86%	-5.74%	-3.10%	-7.61%	-11.90%	-12.32%
Debt-free Net Working Capital to Revenue	9.33%	6.09%	2.88%	-1.26%	0.86%	7.53%	1.79%	0.48%	5.29%	1.63%	0.25%
Net Working Capital to Revenue	2.67%	-0.49%	-3.75%	-6.36%	-1.94%	1.61%	-3.18%	-5.04%	5.26%	-2.94%	-4.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.13	$5.66	$18.76	$9.58	$10.32	$7.88	$12.16	$13.92	$8.04	$11.58	$12.76
Adjusted Weighted Average Basic Shares Outstanding	298.20M	290.55M	284.00M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M	224.57M
Adjusted Diluted Earnings per Share	$5.10	$5.62	$18.61	$9.51	$10.25	$7.84	$12.11	$13.88	$8.02	$11.57	$12.75
Adjusted Weighted Average Diluted Shares Outstanding	298.20M	290.55M	284.00M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M	224.57M
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	298.20M	290.55M	284.00M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M	224.57M
Normalized Net Operating Profit after Tax (NOPAT)	1,838	1,944	2,465	3,043	3,110	2,389	3,446	3,808	2,245	3,351	3,495
Normalized NOPAT Margin	17.48%	19.66%	23.37%	26.55%	27.53%	24.40%	30.93%	29.88%	18.47%	27.64%	28.69%
Pre Tax Income Margin	23.23%	26.11%	29.65%	30.28%	30.90%	25.85%	34.81%	32.40%	19.09%	27.46%	30.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.48	5.59	6.69	7.23	6.78	5.05	7.00	6.97	4.21	5.13	5.63
NOPAT to Interest Expense	3.37	3.45	11.06	5.46	5.15	3.82	5.33	5.50	3.11	3.97	4.31
EBIT Less CapEx to Interest Expense	1.22	2.47	3.92	4.09	4.06	3.19	4.97	4.53	1.08	0.83	3.05
NOPAT Less CapEx to Interest Expense	-0.89	0.33	8.30	2.33	2.43	1.96	3.30	3.07	-0.02	-0.32	1.74
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.82%	41.67%	13.01%	31.66%	34.86%	47.69%	34.21%	35.69%	67.05%	46.57%	42.29%
Augmented Payout Ratio	114.91%	89.81%	31.74%	135.97%	111.98%	119.18%	147.02%	130.80%	101.09%	46.57%	60.88%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	224,594,001.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	224,594,001.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.44
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.13%	-5.07%	-4.09%	2.15%	2.69%	-1.59%	-0.37%	2.17%	1.70%	-1.65%	0.17%
EBITDA Growth	-28.81%	-22.83%	-47.79%	55.45%	75.49%	24.92%	168.13%	4.18%	-25.39%	-10.62%	-17.01%
EBIT Growth	-37.32%	-30.37%	-69.88%	81.36%	104.77%	33.22%	409.52%	4.44%	-31.23%	-14.82%	-22.51%
NOPAT Growth	-47.21%	-27.23%	-32.76%	99.37%	108.85%	36.58%	133.55%	2.40%	-31.26%	-11.70%	-23.66%
Net Income Growth	-50.10%	-33.29%	-88.63%	107.02%	129.92%	39.09%	1,315.09%	4.21%	-35.30%	-12.14%	-27.07%
EPS Growth	-48.78%	-31.76%	-88.73%	108.33%	130.95%	39.66%	1,339.13%	4.92%	-34.85%	-11.42%	-26.59%
Operating Cash Flow Growth	-53.29%	-15.66%	-28.47%	53.94%	85.76%	41.31%	13.23%	3.96%	3.67%	11.78%	-63.79%
Free Cash Flow Firm Growth	-117.95%	-294.53%	-1,320.76%	-1,027.11%	-965.93%	-687.62%	102.81%	111.40%	117.06%	126.06%	-202.09%
Invested Capital Growth	2.92%	3.32%	10.55%	10.88%	9.10%	7.93%	3.17%	2.73%	2.63%	1.94%	2.74%
Revenue Q/Q Growth	-0.30%	3.43%	-2.25%	1.33%	0.23%	-0.89%	-1.03%	3.91%	-0.23%	-4.16%	0.81%
EBITDA Q/Q Growth	17.61%	4.81%	-51.70%	161.09%	32.77%	-25.39%	3.68%	1.44%	-4.92%	-10.62%	-3.73%
EBIT Q/Q Growth	25.75%	6.28%	-72.70%	396.97%	41.99%	-30.86%	4.44%	1.87%	-6.51%	-14.36%	-5.00%
NOPAT Q/Q Growth	32.89%	11.14%	-42.47%	134.65%	39.20%	-27.32%	-1.62%	2.89%	-6.56%	-6.64%	-14.94%
Net Income Q/Q Growth	34.27%	10.25%	-89.94%	1,290.57%	49.12%	-33.30%	2.32%	2.40%	-7.42%	-9.42%	-15.06%
EPS Q/Q Growth	34.62%	10.48%	-90.09%	1,313.04%	49.23%	-33.20%	2.16%	3.02%	-7.33%	-9.18%	-15.33%
Operating Cash Flow Q/Q Growth	-1.93%	1.97%	24.67%	23.48%	18.34%	-22.43%	-0.11%	13.37%	18.01%	-16.37%	-67.64%
Free Cash Flow Firm Q/Q Growth	-148.90%	-51.39%	-1,465.07%	19.98%	43.78%	-11.86%	105.58%	224.99%	-15.86%	70.80%	-121.86%
Invested Capital Q/Q Growth	1.40%	2.87%	5.47%	0.78%	-0.23%	1.77%	0.82%	0.36%	-0.33%	1.09%	1.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.81%	48.75%	48.47%	51.61%	54.02%	52.58%	50.52%	53.99%	47.12%	53.06%	49.37%
EBITDA Margin	37.77%	38.27%	18.91%	48.72%	64.54%	48.58%	50.89%	49.68%	47.34%	44.15%	42.16%
Operating Margin	25.45%	26.29%	7.09%	37.16%	52.31%	37.40%	38.29%	37.78%	35.39%	31.51%	29.25%
EBIT Margin	26.79%	27.53%	7.69%	37.71%	53.43%	37.27%	39.33%	38.55%	36.13%	32.28%	30.42%
Profit (Net Income) Margin	16.09%	17.15%	1.76%	24.21%	36.02%	24.24%	25.06%	24.69%	22.91%	21.65%	18.25%
Tax Burden Percent	77.85%	80.95%	176.67%	78.07%	77.01%	78.99%	76.69%	76.95%	76.95%	84.18%	76.50%
Interest Burden Percent	77.14%	76.95%	12.99%	82.23%	87.55%	82.34%	83.09%	83.24%	82.43%	79.69%	78.40%
Effective Tax Rate	22.15%	19.05%	-76.67%	21.93%	22.99%	21.01%	23.31%	23.05%	23.05%	15.82%	23.50%
Return on Invested Capital (ROIC)	10.37%	10.71%	6.11%	14.13%	19.65%	14.03%	13.52%	13.38%	12.62%	12.07%	10.07%
ROIC Less NNEP Spread (ROIC-NNEP)	9.34%	9.60%	3.42%	12.92%	18.54%	12.69%	12.51%	12.30%	11.50%	10.85%	9.03%
Return on Net Nonoperating Assets (RNNOA)	7.80%	8.58%	3.26%	12.11%	16.51%	11.23%	11.83%	11.14%	9.48%	8.60%	7.10%
Return on Equity (ROE)	18.18%	19.29%	9.37%	26.24%	36.16%	25.26%	25.35%	24.52%	22.10%	20.67%	17.17%
Cash Return on Invested Capital (CROIC)	7.70%	6.03%	-2.35%	-0.92%	3.19%	4.93%	11.64%	12.06%	10.75%	10.84%	9.14%
Operating Return on Assets (OROA)	8.25%	8.31%	2.28%	11.15%	15.48%	10.59%	11.09%	10.83%	10.06%	8.84%	8.34%
Return on Assets (ROA)	4.95%	5.18%	0.52%	7.16%	10.44%	6.89%	7.06%	6.94%	6.38%	5.93%	5.00%
Return on Common Equity (ROCE)	18.18%	19.29%	9.37%	26.24%	36.16%	25.26%	25.35%	24.52%	22.10%	20.67%	17.17%
Return on Equity Simple (ROE_SIMPLE)	16.57%	0.00%	11.28%	13.83%	17.53%	0.00%	22.87%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	589	654	376	883	1,229	893	879	904	845	789	671
NOPAT Margin	19.81%	21.29%	12.53%	29.01%	40.29%	29.54%	29.36%	29.07%	27.23%	26.52%	22.38%
Net Nonoperating Expense Percent (NNEP)	1.03%	1.11%	2.69%	1.22%	1.11%	1.34%	1.01%	1.08%	1.12%	1.22%	1.04%
Return On Investment Capital (ROIC_SIMPLE)	-	2.18%	-	-	-	2.83%	2.77%	2.81%	2.62%	2.42%	2.04%
Cost of Revenue to Revenue	51.19%	51.25%	51.53%	48.39%	45.98%	47.42%	49.48%	46.01%	52.88%	46.94%	50.63%
SG&A Expenses to Revenue	0.00%	0.00%	7.16%	5.68%	0.00%	0.00%	0.00%	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	23.36%	22.45%	41.38%	14.45%	1.70%	15.18%	12.23%	16.21%	11.73%	21.55%	20.11%
Earnings before Interest and Taxes (EBIT)	796	846	231	1,148	1,630	1,127	1,177	1,199	1,121	960	912
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,122	1,176	568	1,483	1,969	1,469	1,523	1,545	1,469	1,313	1,264
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.46	4.07	4.55	3.72	4.08	3.69	3.70	3.90	4.46	4.15	4.08
Price to Tangible Book Value (P/TBV)	3.46	4.07	4.55	3.72	4.08	3.69	3.70	3.90	4.46	4.15	4.08
Price to Revenue (P/Rev)	3.54	4.28	4.74	3.99	4.62	4.36	4.43	4.74	5.52	5.30	5.29
Price to Earnings (P/E)	20.88	28.45	40.30	26.87	23.26	20.14	16.16	17.23	22.78	22.45	24.14
Dividend Yield	2.75%	2.35%	2.14%	2.53%	2.17%	2.31%	2.28%	2.11%	1.80%	1.88%	1.88%
Earnings Yield	4.79%	3.51%	2.48%	3.72%	4.30%	4.96%	6.19%	5.81%	4.39%	4.45%	4.14%
Enterprise Value to Invested Capital (EV/IC)	2.30	2.60	2.72	2.35	2.63	2.45	2.46	2.60	2.96	2.81	2.77
Enterprise Value to Revenue (EV/Rev)	4.46	5.24	5.85	5.07	5.62	5.36	5.44	5.73	6.46	6.24	6.25
Enterprise Value to EBITDA (EV/EBITDA)	11.71	14.69	18.41	14.11	13.17	11.84	10.22	10.72	13.16	12.99	13.61
Enterprise Value to EBIT (EV/EBIT)	16.09	20.96	28.07	20.31	17.75	15.72	12.95	13.59	17.10	17.04	18.15
Enterprise Value to NOPAT (EV/NOPAT)	22.05	28.40	37.17	26.32	23.07	20.27	16.95	17.86	22.46	22.25	23.72
Enterprise Value to Operating Cash Flow (EV/OCF)	16.61	20.06	24.73	19.13	18.13	16.04	15.81	16.59	18.61	17.42	20.27
Enterprise Value to Free Cash Flow (EV/FCFF)	30.29	43.75	0.00	0.00	86.09	51.66	21.49	21.85	27.87	26.19	30.73
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.31	1.34	1.40	1.36	1.25	1.20	1.19	1.17	1.13	1.10	1.08
Long-Term Debt to Equity	1.28	1.34	1.37	1.31	1.21	1.16	1.15	1.11	1.09	1.06	1.04
Financial Leverage	0.84	0.89	0.95	0.94	0.89	0.88	0.95	0.91	0.82	0.79	0.79
Leverage Ratio	3.12	3.16	3.22	3.19	3.18	3.15	3.18	3.12	3.04	2.98	2.93
Compound Leverage Factor	2.41	2.43	0.42	2.63	2.79	2.59	2.64	2.60	2.50	2.37	2.30
Debt to Total Capital	56.80%	57.34%	58.38%	57.54%	55.51%	54.60%	54.26%	54.01%	53.01%	52.36%	51.97%
Short-Term Debt to Total Capital	1.39%	0.01%	1.34%	2.14%	1.79%	1.76%	1.75%	2.81%	1.88%	1.86%	1.85%
Long-Term Debt to Total Capital	55.41%	57.33%	57.04%	55.40%	53.72%	52.84%	52.51%	51.20%	51.13%	50.50%	50.12%
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	43.20%	42.66%	41.62%	42.46%	44.49%	45.40%	45.74%	45.99%	46.99%	47.64%	48.03%
Debt to EBITDA	3.54	3.96	4.60	4.05	3.31	3.13	2.67	2.67	2.84	2.92	3.06
Net Debt to EBITDA	2.40	2.71	3.50	3.02	2.36	2.22	1.89	1.85	1.93	1.96	2.08
Long-Term Debt to EBITDA	3.45	3.96	4.50	3.89	3.20	3.03	2.59	2.53	2.74	2.82	2.95
Debt to NOPAT	6.66	7.65	9.29	7.55	5.80	5.37	4.43	4.45	4.85	5.00	5.33
Net Debt to NOPAT	4.52	5.24	7.06	5.63	4.13	3.80	3.14	3.08	3.29	3.36	3.63
Long-Term Debt to NOPAT	6.50	7.65	9.08	7.26	5.61	5.19	4.29	4.22	4.68	4.83	5.14
Altman Z-Score	1.67	1.82	1.78	1.67	1.90	1.82	1.84	1.92	2.12	2.04	2.07
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	1.08	1.24	0.68	0.63	0.73	0.90	0.78	0.79	0.86	0.85	0.91
Quick Ratio	0.93	1.03	0.54	0.50	0.62	0.76	0.65	0.66	0.72	0.67	0.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-88	-134	-2,096	-1,677	-943	-1,055	59	191	161	275	-60
Operating Cash Flow to CapEx	120.66%	81.18%	38.72%	195.10%	988.71%	147.67%	220.42%	252.22%	255.73%	155.18%	156.36%
Free Cash Flow to Firm to Interest Expense	-0.49	-0.69	-10.43	-8.22	-4.64	-5.30	0.30	0.95	0.82	1.41	-0.30
Operating Cash Flow to Interest Expense	3.63	3.45	4.17	5.08	6.04	4.78	4.77	5.36	6.45	5.45	1.75
Operating Cash Flow Less CapEx to Interest Expense	0.62	-0.80	-6.61	2.48	5.43	1.54	2.61	3.23	3.93	1.94	0.63
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.30	0.30	0.30	0.29	0.28	0.28	0.28	0.28	0.27	0.27
Accounts Receivable Turnover	10.44	10.59	10.16	10.62	9.69	10.94	9.97	10.53	10.17	11.84	10.35
Inventory Turnover	20.81	23.44	22.95	21.09	20.30	21.66	21.33	17.96	20.52	21.71	20.47
Fixed Asset Turnover	0.38	0.37	0.36	0.36	0.36	0.35	0.34	0.34	0.34	0.34	0.34
Accounts Payable Turnover	4.04	4.13	4.33	4.15	3.85	3.51	3.92	3.67	3.67	3.34	3.81
Days Sales Outstanding (DSO)	34.97	34.46	35.93	34.38	37.66	33.36	36.60	34.65	35.87	30.82	35.26
Days Inventory Outstanding (DIO)	17.54	15.57	15.90	17.30	17.98	16.85	17.11	20.33	17.79	16.81	17.84
Days Payable Outstanding (DPO)	90.43	88.28	84.32	88.04	94.70	104.12	93.00	99.47	99.46	109.43	95.73
Cash Conversion Cycle (CCC)	-37.92	-38.26	-32.49	-36.36	-39.06	-53.90	-39.29	-44.49	-45.80	-61.79	-42.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,869	24,553	25,897	26,100	26,041	26,501	26,717	26,813	26,725	27,015	27,448
Invested Capital Turnover	0.52	0.50	0.49	0.49	0.49	0.47	0.46	0.46	0.46	0.46	0.45
Increase / (Decrease) in Invested Capital	677	788	2,472	2,560	2,172	1,948	820	713	684	514	731
Enterprise Value (EV)	54,889	63,755	70,345	61,357	68,441	65,008	65,837	69,733	79,061	75,968	76,096
Market Capitalization	43,635	51,983	56,984	48,236	56,185	52,813	53,631	57,707	67,477	64,500	64,452
Book Value per Share	$55.57	$56.52	$55.49	$57.45	$60.97	$63.23	$64.08	$65.59	$67.41	$69.29	$70.37
Tangible Book Value per Share	$55.57	$56.52	$55.49	$57.45	$60.97	$63.23	$64.08	$65.59	$67.41	$69.29	$70.37
Total Capital	29,199	29,960	30,119	30,571	30,984	31,512	31,726	32,154	32,224	32,634	32,905
Total Debt	16,584	17,179	17,583	17,592	17,199	17,206	17,215	17,367	17,083	17,087	17,101
Total Long-Term Debt	16,179	17,175	17,179	16,937	16,644	16,651	16,660	16,464	16,476	16,480	16,492
Net Debt	11,254	11,772	13,361	13,121	12,256	12,195	12,206	12,026	11,584	11,468	11,644
Capital Expenditures (CapEx)	547	829	2,167	531	124	644	431	427	497	685	220
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-873	-925	-1,339	-1,367	-1,407	-1,443	-1,200	-1,160	-1,299	-1,500	-1,043
Debt-free Net Working Capital (DFNWC)	633	643	-687	-708	-432	198	-194	143	119	30	298
Net Working Capital (NWC)	228	639	-1,091	-1,363	-987	-357	-749	-760	-488	-577	-311
Net Nonoperating Expense (NNE)	111	127	323	146	130	160	129	136	134	145	124
Net Nonoperating Obligations (NNO)	11,254	11,772	13,361	13,121	12,256	12,195	12,206	12,026	11,584	11,468	11,644
Total Depreciation and Amortization (D&A)	326	330	337	335	339	342	346	346	348	353	352
Debt-free, Cash-free Net Working Capital to Revenue	-7.09%	-7.61%	-11.13%	-11.31%	-11.56%	-11.90%	-9.91%	-9.53%	-10.62%	-12.32%	-8.56%
Debt-free Net Working Capital to Revenue	5.14%	5.29%	-5.71%	-5.86%	-3.55%	1.63%	-1.60%	1.17%	0.97%	0.25%	2.45%
Net Working Capital to Revenue	1.85%	5.26%	-9.07%	-11.27%	-8.11%	-2.94%	-6.18%	-6.24%	-3.99%	-4.74%	-2.55%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.11	$2.33	$0.23	$3.26	$4.86	$3.23	$3.31	$3.41	$3.16	$2.88	$2.43
Adjusted Weighted Average Basic Shares Outstanding	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M	225.44M	224.61M	224.39M	224.57M	224.59M
Adjusted Diluted Earnings per Share	$2.10	$2.32	$0.23	$3.25	$4.85	$3.24	$3.31	$3.41	$3.16	$2.87	$2.43
Adjusted Weighted Average Diluted Shares Outstanding	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M	225.44M	224.61M	224.39M	224.57M	224.59M
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	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M	225.44M	224.61M	224.39M	224.57M	224.59M
Normalized Net Operating Profit after Tax (NOPAT)	589	654	218	881	1,275	915	879	912	866	844	711
Normalized NOPAT Margin	19.81%	21.29%	7.27%	28.93%	41.80%	30.25%	29.36%	29.32%	27.90%	28.36%	23.71%
Pre Tax Income Margin	20.67%	21.18%	1.00%	31.01%	46.77%	30.69%	32.68%	32.09%	29.78%	25.72%	23.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.37	4.34	1.15	5.63	8.03	5.66	5.91	5.97	5.69	4.92	4.63
NOPAT to Interest Expense	3.23	3.35	1.87	4.33	6.06	4.49	4.42	4.50	4.29	4.05	3.41
EBIT Less CapEx to Interest Expense	1.37	0.09	-9.63	3.02	7.42	2.43	3.75	3.84	3.17	1.41	3.51
NOPAT Less CapEx to Interest Expense	0.23	-0.90	-8.91	1.73	5.44	1.25	2.25	2.37	1.77	0.53	2.29
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	57.70%	67.05%	86.49%	67.97%	50.50%	46.57%	36.82%	36.42%	41.12%	42.29%	45.39%
Augmented Payout Ratio	121.29%	101.09%	118.95%	85.74%	55.42%	46.57%	44.29%	50.03%	59.15%	60.88%	56.29%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, investor-focused snapshot of Norfolk Southern (NSC) using the latest four years of quarterly data. The focus is on trends in revenue, profitability, cash flow, and balance-sheet positioning to gauge how the business may impact the stock going forward.

Robust operating cash flow: In Q4 2025 NSC generated about $1.063B from continuing operations, underscoring strong cash generation despite normalizing volumes.
Free cash flow support: With roughly $1.063B of cash from operations and about $729M in capital expenditures, projected free cash flow for Q4 2025 is around $334M, aiding debt reduction or shareholder returns.
Steady dividend policy: Dividend per share remained at $1.35 per quarter across recent quarters, indicating a stable payout policy for investors.
Revenue stability: Operating revenue runs near the $3B/quarter mark (e.g., $2.97B in Q4 2025 and approximately $3.10B in recent surrounding quarters), suggesting ongoing demand for NSC’s rail network.
Profitability volatility: Net income per share and EPS show quarterly variation around the $3.00 mark, with Q4 2025 EPS at $2.88 versus higher levels earlier in 2025 (e.g., ~3.16 in Q3 2025 and ~3.31–3.41 in prior quarters).
Stable leverage with a modestly elevated debt load: Long‑term debt around $16.4–$16.6B and total liabilities near $29.4B against roughly $15.1B in equity, indicating a positioned but leveraged balance sheet that’s typical for a major rail company.
Seasonality and cyclicality: Quarterly results are influenced by seasonal rail volumes and macro factors, contributing to fluctuations in revenue, profitability, and cash flow across quarters.
Net income softness vs. prior quarter: Q4 2025 net income ($644M) fell from Q3 2025 ($711M), with EPS down to $2.88 from $3.16, signaling a softer near-term profitability print.
Financing cash outflows: Net cash from financing activities was about -$307M in Q4 2025, reflecting dividends and debt activity that offset strong operating cash flow.
Investing cash outflows persist: Net cash from investing activities in Q4 2025 was about -$644M, driven by ongoing capex and asset investments that pressure the cash balance even amid solid CFO.

05/05/26 07:59 PM ETAI 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 2025 ended on December 31, 2025.

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

Over the last 10 years, Norfolk Southern's net income changed from $1.56 billion in 2015 to $2.87 billion in 2025, a change of 84.6%. See Norfolk Southern's forecast for analyst expectations on whatâ€™s next for the company.

What is Norfolk Southern's operating income?

Norfolk Southern's total operating income in 2025 was $4.36 billion, based on the following breakdown:

Total Gross Profit: $6.23 billion
Total Operating Expenses: $1.88 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 $10.51 billion in 2015 to $12.18 billion in 2025, a change of 15.9%.

How much debt does Norfolk Southern have?

Norfolk Southern's total liabilities were at $29.69 billion at the end of 2025, a 1.1% increase from 2024, and a 35.3% increase since 2015.

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 $1.53 billion as of their latest financial filing in 2025.

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 40.82 in 2015 to 69.29 in 2025, a change of 69.7%.

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Financial statements for NYSE:NSC last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Norfolk Southern (NSC) Financials

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Norfolk Southern (NSC) Financials

Annual Income Statements for Norfolk Southern

Quarterly Income Statements for Norfolk Southern

Annual Cash Flow Statements for Norfolk Southern

Quarterly Cash Flow Statements for Norfolk Southern

Annual Balance Sheets for Norfolk Southern

Quarterly Balance Sheets for Norfolk Southern

Annual Metrics And Ratios for Norfolk Southern

Quarterly Metrics And Ratios for Norfolk Southern

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Key Financial Trends

Frequently Asked Questions About Norfolk Southern's Financials

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