Norfolk Southern Corp (NSC) Financial Statements
Industry: Railroads, Line-Haul Operating
In fiscal 2025, Norfolk Southern reported revenue of $12.18B, up 0.5% from $12.12B the year before. Net income was $2.87B (a 23.6% net margin), or $12.75 per diluted share. Gross margin was 35.8% and operating margin was 35.8%. Operating activities generated $4.36B of cash, leaving $2.16B of free cash flow. At fiscal year end, Norfolk Southern held $45.24B in total assets against $29.69B in total liabilities, including $1.53B of cash and equivalents.
Open the full interactive Norfolk Southern financials → Quarterly statements, key ratios, valuation history and price charts.
Norfolk Southern Key Stats
| Share Price | $321.14 |
|---|---|
| Market Cap | $72.26B |
| P/E Ratio | 25.2 |
| Revenue YoY Growth | +0.5% |
| 52-Week Range | $274.69 – $352.98 |
| Shares Outstanding | 224.6 million (basic, 2026 Q2) |
Norfolk Southern Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $9.79B | $11.14B | $12.74B | $12.16B | $12.12B | $12.18B |
| Cost of Goods Sold | $6.79B | $6.70B | $7.94B | $9.30B | $8.05B | $7.82B |
| Gross Profit | $3.00B | $4.45B | $4.81B | $2.85B | $4.07B | $4.36B |
| Operating Income | $3.00B | $4.45B | $4.81B | $2.85B | $4.07B | $4.36B |
| Pre-Tax Income | $2.53B | $3.88B | $4.13B | $2.32B | $3.33B | $3.67B |
| Income Tax | $517.0M | $873.0M | $860.0M | $493.0M | $707.0M | $792.0M |
| Net Income | $2.01B | $3.00B | $3.27B | $1.83B | $2.62B | $2.87B |
| Diluted EPS | $7.84 | $12.11 | $13.88 | $8.02 | $11.57 | $12.75 |
Norfolk Southern Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $3.10B | $2.97B | $3.00B | $3.46B |
| Net Income | $711.0M | $644.0M | $547.0M | $734.0M |
| Diluted EPS | $3.16 | $2.86 | $2.43 | $3.26 |
Norfolk Southern Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.11B | $839.0M | $456.0M | $1.57B | $1.64B | $1.53B |
| Current Assets | $2.32B | $2.17B | $2.01B | $3.27B | $3.19B | $3.20B |
| Total Assets | $37.96B | $38.49B | $38.88B | $41.65B | $43.68B | $45.24B |
| Current Liabilities | $2.16B | $2.52B | $2.65B | $2.63B | $3.54B | $3.77B |
| Total Long-Term Debt | $12.68B | $13.84B | $15.08B | $17.18B | $17.21B | $17.09B |
| Total Liabilities | $23.17B | $24.85B | $26.15B | $28.87B | $29.38B | $29.69B |
| Shareholders' Equity | $14.79B | $13.64B | $12.73B | $12.78B | $14.31B | $15.55B |
Norfolk Southern Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $3.64B | $4.25B | $4.22B | $3.18B | $4.05B | $4.36B |
| Cash From Investing | -$1.18B | -$1.22B | -$1.60B | -$2.18B | -$2.78B | -$2.56B |
| Cash From Financing | -$1.93B | -$3.31B | -$3.00B | $115.0M | -$1.20B | -$1.91B |
| Free Cash Flow | $2.14B | $2.79B | $2.27B | $830.0M | $1.67B | $2.16B |
Figures from Norfolk Southern's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Norfolk Southern financials page for every line item.
Norfolk Southern Company Profile
| Ticker | NSC |
|---|---|
| Exchange | NYSE |
| Industry | Railroads, Line-Haul Operating |
| Headquarters | Atlanta, Georgia |
| Incorporated in | Virginia |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000702165 |
Frequently Asked Questions
What was Norfolk Southern's revenue in fiscal 2025?
Norfolk Southern (NSC) reported revenue of $12.18B for fiscal 2025.
What is Norfolk Southern's annual revenue history?
Norfolk Southern's annual revenue by fiscal year: 2020: $9.79B; 2021: $11.14B; 2022: $12.74B; 2023: $12.16B; 2024: $12.12B; 2025: $12.18B.
What was Norfolk Southern's net income in fiscal 2025?
Norfolk Southern reported net income of $2.87B for fiscal 2025.
What was Norfolk Southern's earnings per share (EPS) in fiscal 2025?
Norfolk Southern's diluted EPS was $12.75 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Norfolk Southern generate in fiscal 2025?
Norfolk Southern generated $2.16B of free cash flow in fiscal 2025.
What was Norfolk Southern's revenue last quarter?
In its most recent reported quarter (2026 Q2), Norfolk Southern reported revenue of $3.46B.
How much debt does Norfolk Southern have?
Norfolk Southern reported $17.09B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Norfolk Southern are outstanding?
Norfolk Southern reported a weighted average of 224.6 million basic shares outstanding in 2026 Q2.
What is Norfolk Southern's market cap?
Based on its latest closing price, Norfolk Southern (NSC) has a market capitalization of about $72.26B.
When does Norfolk Southern's fiscal year end?
Norfolk Southern's fiscal year end, as registered with the SEC, is December 31.
Where is Norfolk Southern headquartered?
Norfolk Southern lists its business address in Atlanta, Georgia in its SEC filings.