Norfolk Southern (NSC) financial statements
Norfolk Southern reported revenue of $12.2B in fiscal 2025, up 2.3% a year over 9 years.
Net income was $2.9B and the operating margin 35.8%, against 30.4% in 2016.
Free cash flow was $2.2B, and the company returned $1.2B in dividends and $534M in net buybacks.
The diluted share count fell 24% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Norfolk Southern's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.9B | $10.6B | $11.5B | $11.3B | $9.8B | $11.1B | $12.7B | $12.2B | $12.1B | $12.2B |
| Operating income | $3.0B | $3.5B | $4.0B | $4.0B | $3.0B | $4.4B | $4.8B | $2.9B | $4.1B | $4.4B |
| Interest expense | $563M | $550M | $557M | $604M | $625M | $646M | $692M | $722M | $807M | $792M |
| Pre-tax income | $2.6B | $3.1B | $3.5B | $3.5B | $2.5B | $3.9B | $4.1B | $2.3B | $3.3B | $3.7B |
| Income tax | $914M | -$2.3B | $803M | $769M | $517M | $873M | $860M | $493M | $707M | $792M |
| Net income | $1.7B | $5.4B | $2.7B | $2.7B | $2.0B | $3.0B | $3.3B | $1.8B | $2.6B | $2.9B |
| EPS (diluted) | $5.62 | $18.61 | $9.51 | $10.25 | $7.84 | $12.11 | $13.88 | $8.02 | $11.57 | $12.75 |
| Diluted shares | 296M | 290M | 280M | 266M | 257M | 248M | 236M | 227M | 226M | 225M |
| Operating margin | 30.4% | 33.4% | 34.6% | 35.3% | 30.7% | 39.9% | 37.7% | 23.5% | 33.6% | 35.8% |
| Net margin | 16.9% | 51.2% | 23.3% | 24.1% | 20.6% | 27.0% | 25.7% | 15.0% | 21.6% | 23.6% |
Balance sheet
Fiscal years, from Norfolk Southern's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $956M | $690M | $358M | $580M | $1.1B | $839M | $456M | $1.6B | $1.6B | $1.5B |
| Receivables | $945M | $955M | $1.0B | $920M | $848M | $976M | $1.1B | $1.1B | $1.1B | $988M |
| Total current assets | $2.3B | $2.1B | $1.9B | $2.1B | $2.3B | $2.2B | $2.0B | $3.3B | $3.2B | $3.2B |
| Property, plant and equipment | $29.8B | $30.3B | $31.1B | $31.6B | $31.3B | $31.7B | $32.2B | $33.3B | $35.8B | $36.5B |
| Total assets | $34.9B | $35.7B | $36.2B | $37.9B | $38.0B | $38.5B | $38.9B | $41.7B | $43.7B | $45.2B |
| Total current liabilities | $2.3B | $2.5B | $2.6B | $2.3B | $2.2B | $2.5B | $2.6B | $2.6B | $3.5B | $3.8B |
| Long-term debt | $9.6B | $9.1B | $10.6B | $11.9B | $12.1B | $13.3B | $14.5B | $17.2B | $16.7B | $16.5B |
| Total liabilities | $22.5B | $19.4B | $20.9B | $22.7B | $23.2B | $24.9B | $26.2B | $28.9B | $29.4B | $29.7B |
| Shareholders' equity | $12.4B | $16.4B | $15.4B | $15.2B | $14.8B | $13.6B | $12.7B | $12.8B | $14.3B | $15.5B |
| Net debt | $8.6B | $8.4B | $10.2B | $11.3B | $11.0B | $13.0B | $14.7B | $15.6B | $15.6B | $15.6B |
Cash flow
Fiscal years, from Norfolk Southern's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.0B | $3.3B | $3.7B | $3.9B | $3.6B | $4.3B | $4.2B | $3.2B | $4.1B | $4.4B |
| Capital spending | $1.9B | $1.7B | $2.0B | $2.0B | $1.5B | $1.5B | $1.9B | $2.3B | $2.4B | $2.2B |
| Free cash flow | $1.1B | $1.5B | $1.8B | $1.9B | $2.1B | $2.8B | $2.3B | $852M | $1.7B | $2.2B |
| Stock-based compensation | $42M | $45M | $47M | $53M | $28M | $54M | $53M | $40M | $40M | $63M |
| Dividends paid | $695M | $703M | $844M | $949M | $960M | $1.0B | $1.2B | $1.2B | $1.2B | $1.2B |
| Share buybacks (net) | -$803M | -$1.0B | -$2.8B | -$2.1B | -$1.4B | -$3.4B | -$3.1B | -$622M | $0 | -$534M |
| Free cash flow margin | 11.6% | 14.5% | 15.5% | 16.6% | 21.9% | 25.0% | 17.8% | 7.0% | 13.8% | 17.7% |
| Dividends per share | $2.35 | $2.42 | $3.01 | $3.57 | $3.74 | $4.14 | $4.95 | $5.39 | $5.39 | $5.39 |
Questions
What was Norfolk Southern's revenue in 2025?
$12.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Norfolk Southern generate?
$2.2B in fiscal 2025 (operating cash flow minus capital spending).
From Norfolk Southern's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.