Norfolk Southern Corp
NSC- Exchange
- NYSE
- Industry
- Railroads, Line-Haul Operating
- SEC CIK
- 0000702165
No open-market purchases or sales by Norfolk Southern Corp insiders were filed in the last 90 days; 1,878 institutions reported holding it in 13F filings for Q2 2026, worth $53.6B in total; superinvestors Third Point and Markel Group hold it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Oct 23, 2026, 1:07 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 29, 2026 | Jan 29, 2025 | Jan 26, 2024 | Jan 25, 2023 | Jan 26, 2022 |
| Revenue | $12.2B | $12.1B | $12.2B | $12.7B | $11.1B |
| Operating income | $4.36B | $4.07B | $2.85B | $4.81B | $4.45B |
| Interest expense | – | $807.0M | $722.0M | $692.0M | $646.0M |
| Income tax | $792.0M | $707.0M | $493.0M | $860.0M | $873.0M |
| Net income | $2.87B | $2.62B | $1.83B | $3.27B | $3.00B |
| EPS, basic | $12.76 | $11.58 | $8.04 | $13.92 | $12.16 |
| EPS, diluted | $12.75 | $11.57 | $8.02 | $13.88 | $12.11 |
| Weighted shares, basic | 225.0M | 226.1M | 226.9M | 234.8M | 246.9M |
| Weighted shares, diluted | 225.3M | 226.4M | 227.4M | 235.6M | 248.1M |
| Margins and growth | |||||
| Operating margin | 35.8% | 33.6% | 23.5% | 37.7% | 39.9% |
| Net margin | 23.6% | 21.6% | 15.0% | 25.7% | 27.0% |
| Revenue growth, year over year | +0.5% | −0.3% | −4.6% | +14.4% | +13.8% |
| Net income growth, year over year | +9.6% | +43.5% | −44.1% | +8.8% | +49.3% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 29, 2026 | Jan 29, 2025 | Jan 26, 2024 | Jan 25, 2023 | Jan 26, 2022 |
| Cash and equivalents | $1.53B | $1.64B | $1.57B | $456.0M | $839.0M |
| Accounts receivable | $988.0M | $1.07B | $1.15B | $1.15B | $976.0M |
| Total current assets | $3.20B | $3.19B | $3.27B | $2.01B | $2.17B |
| Property, plant and equipment | $36.5B | $35.8B | $33.3B | $32.2B | $31.7B |
| Total assets | $45.2B | $43.7B | $41.7B | $38.9B | $38.5B |
| Accounts payable | $1.86B | $1.70B | $1.64B | $1.29B | $1.35B |
| Short-term debt | $607.0M | $555.0M | $0 | $100.0M | – |
| Total current liabilities | $3.77B | $3.54B | $2.63B | $2.65B | $2.52B |
| Total liabilities | $29.7B | $29.4B | $28.9B | $26.2B | $24.9B |
| Shareholders' equity | $15.5B | $14.3B | $12.8B | $12.7B | $13.6B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 29, 2026 | Jan 29, 2025 | Jan 26, 2024 | Jan 25, 2023 | Jan 26, 2022 |
| Operating cash flow | $4.36B | $4.05B | $3.18B | $4.22B | $4.25B |
| Capital expenditures | $2.20B | $2.38B | $2.35B | $1.95B | $1.47B |
| Free cash flow | $2.16B | $1.67B | $830.0M | $2.27B | $2.79B |
| Depreciation and amortization | $1.39B | $1.35B | $1.30B | $1.22B | $1.18B |
| Stock-based compensation | $63.0M | $40.0M | $40.0M | $53.0M | $54.0M |
| Dividends paid | $1.22B | $1.22B | $1.23B | $1.17B | $1.03B |
| Share buybacks | $534.0M | $0 | $622.0M | $3.11B | $3.39B |
| Investing cash flow | -$2.56B | -$2.78B | -$2.18B | -$1.60B | -$1.22B |
| Financing cash flow | -$1.91B | -$1.20B | $115.0M | -$3.00B | -$3.31B |
| Net change in cash | -$111.0M | $73.0M | $1.11B | -$383.0M | -$276.0M |
| Ratio | |||||
| Stock-based compensation, % of revenue | 0.5% | 0.3% | 0.3% | 0.4% | 0.5% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Sep 30, 2026 | 224.6M | +0.1% | SEC |
| Jun 30, 2026 | 224.6M | 0.0% | SEC |
| Mar 31, 2026 | 224.6M | −0.4% | SEC |
| Jan 31, 2026 | 224.6M | −0.8% | SEC |
| Sep 30, 2025 | 224.4M | −0.8% | SEC |
| Jun 30, 2025 | 224.6M | −0.7% | SEC |
| Mar 31, 2025 | 225.4M | −0.2% | SEC |
| Jan 31, 2025 | 226.4M | +0.2% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.