financial statements

The full income statement, balance sheet, and cash-flow statement for Norfolk Southern Corporation (NSC), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	12.2B YoY+0.5%	12.1B YoY-0.3%	12.2B YoY-4.6%	12.7B YoY+14.4%	11.1B YoY+13.8%
Operating income	4.36B YoY+7.0%	4.07B YoY+42.8%	2.85B YoY-40.7%	4.81B YoY+8.1%	4.45B YoY+48.1%
Interest expense	792M YoY-1.9%	807M YoY+11.8%	722M YoY+4.3%	692M YoY+7.1%	646M YoY+3.4%
Other non-operating income	101M YoY+55.4%	65.0M YoY-66.0%	191M YoY+1369.2%	13.0M YoY-83.1%	77.0M YoY-49.7%
Pre-tax income	3.67B YoY+10.1%	3.33B YoY+43.5%	2.32B YoY-43.8%	4.13B YoY+6.5%	3.88B YoY+53.3%
Income tax	792M YoY+12.0%	707M YoY+43.4%	493M YoY-42.7%	860M YoY-1.5%	873M YoY+68.9%
	2.87B YoY+9.6%	2.62B YoY+43.5%	1.83B YoY-44.1%	3.27B YoY+8.8%	3.00B YoY+49.3%
Net income to common	2.87B YoY+9.6%	2.62B YoY+43.6%	1.82B YoY-44.2%	3.27B YoY+8.8%	3.00B YoY+49.4%
	$12.75 YoY+10.2%	$11.57 YoY+44.3%	$8.02 YoY-42.2%	$13.88 YoY+14.6%	$12.11 YoY+54.5%
EPS (basic)	$12.76 YoY+10.2%	$11.58 YoY+44.0%	$8.04 YoY-42.2%	$13.92 YoY+14.5%	$12.16 YoY+54.3%
Weighted-avg shares (basic)	225M YoY-0.5%	226M YoY-0.4%	227M YoY-3.4%	235M YoY-4.9%	247M YoY-3.2%
Weighted-avg shares (diluted)	225M YoY-0.5%	226M YoY-0.4%	227M YoY-3.5%	236M YoY-5.0%	248M YoY-3.3%
Dividends per share	$5.40 YoY+0.0%	$5.40 YoY+0.0%	$5.40 YoY+8.9%	$4.96 YoY+19.2%	$4.16 YoY+10.6%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.20B YoY+0.3%	3.19B YoY-2.5%	3.27B YoY+63.0%	2.01B YoY-7.4%	2.17B YoY-6.5%
Cash & equivalents	1.53B YoY-6.8%	1.64B YoY+4.7%	1.57B YoY+243.9%	456M YoY-45.6%	839M YoY-24.8%
Short-term investments	0.00	0.00	0.00	0.00	0.00
Accounts receivable	988M YoY-7.6%	1.07B YoY-6.8%	1.15B YoY-0.1%	1.15B YoY+17.6%	976M YoY+15.1%
Other current assets	409M YoY+103.5%	201M YoY-31.2%	292M YoY+94.7%	150M YoY+11.9%	134M YoY+0.0%
	45.2B YoY+3.6%	43.7B YoY+4.9%	41.7B YoY+7.1%	38.9B YoY+1.0%	38.5B YoY+1.4%
Property, plant & equipment	36.5B YoY+1.8%	35.8B YoY+7.5%	33.3B YoY+3.6%	32.2B YoY+1.6%	31.7B YoY+1.0%
Operating lease right-of-use	218M YoY-19.6%	271M YoY-30.5%	390M YoY-4.2%	407M YoY-1.0%	411M YoY-5.1%
Long-term investments	4.09B YoY+21.3%	3.37B YoY-12.2%	3.84B YoY+3.9%	3.69B YoY-0.4%	3.71B YoY+3.3%
Deferred tax assets	322M YoY+0.0%	322M YoY+0.0%	322M YoY+0.0%	322M YoY+0.0%	322M YoY+0.0%
Other non-current assets	1.47B YoY+13.7%	1.29B YoY+6.3%	1.22B YoY+18.3%	1.03B YoY+6.4%	966M YoY+36.2%
	3.77B YoY+6.5%	3.54B YoY+34.7%	2.63B YoY-0.6%	2.65B YoY+5.1%	2.52B YoY+16.7%
Accounts payable	1.86B YoY+9.3%	1.70B YoY+4.0%	1.64B YoY+26.7%	1.29B YoY-4.3%	1.35B YoY+33.0%
Accrued liabilities	650M YoY+0.0%	650M YoY+0.0%	650M YoY+0.0%	650M YoY+0.0%	650M YoY+0.0%
Short-term & current debt	607M YoY+9.4%	555M YoY+13775.0%	4.00M YoY-99.4%	703M YoY+27.1%	553M YoY+58.0%
Current lease liability	70.0M YoY-13.6%	81.0M YoY-22.9%	105M YoY+11.7%	94.0M YoY+14.6%	82.0M YoY-7.9%
Other current liabilities	965M YoY+1.7%	949M YoY+30.4%	728M YoY+113.5%	341M YoY+9.3%	312M YoY+3.3%
	29.7B YoY+1.1%	29.4B YoY+1.7%	28.9B YoY+10.4%	26.2B YoY+5.2%	24.9B YoY+7.3%
Long-term debt	10.2B YoY+0.0%	10.2B YoY+0.0%	10.2B YoY+0.0%	10.2B YoY+0.0%	10.2B YoY+0.0%
Non-current lease liability	148M YoY-22.5%	191M YoY-33.4%	287M YoY-9.2%	316M YoY-4.5%	331M YoY-3.8%
Deferred tax liabilities	7.71B YoY+3.9%	7.42B YoY+2.7%	7.22B YoY-0.6%	7.26B YoY+1.4%	7.17B YoY+3.5%
Other non-current liabilities	1.72B YoY-2.1%	1.76B YoY-4.3%	1.84B YoY+4.5%	1.76B YoY-6.4%	1.88B YoY-5.4%
	15.5B YoY+8.7%	14.3B YoY+11.9%	12.8B YoY+0.4%	12.7B YoY-6.7%	13.6B YoY-7.8%
Additional paid-in capital	2.30B YoY+2.2%	2.25B YoY+3.1%	2.18B YoY+1.0%	2.16B YoY-2.6%	2.21B YoY-1.5%
Retained earnings	13.2B YoY+9.4%	12.1B YoY+13.1%	10.7B YoY-0.0%	10.7B YoY-7.7%	11.6B YoY-10.1%
Treasury stock	19.0M YoY+0.0%	19.0M YoY+0.0%	19.0M YoY+0.0%	19.0M YoY+0.0%	19.0M YoY+0.0%
Accumulated other comprehensive income	-210M YoY+19.8%	-262M YoY+18.1%	-320M YoY+8.8%	-351M YoY+12.7%	-402M YoY+32.3%
Total equity incl. non-controlling	15.3B YoY+0.0%	15.3B YoY+0.0%	15.3B YoY+0.0%	15.3B YoY+0.0%	15.3B YoY+0.0%
Total liabilities & equity	45.2B YoY+3.6%	43.7B YoY+4.9%	41.7B YoY+7.1%	38.9B YoY+1.0%	38.5B YoY+1.4%
Common shares issued	224M YoY-0.8%	226M	—	—	—
Common shares outstanding	224M YoY-0.8%	226M YoY+0.3%	226M YoY-1.1%	228M YoY-5.0%	240M YoY-4.7%
Shares outstanding (cover)	224M YoY-0.8%	226M YoY+0.0%	226M YoY-2.3%	232M YoY-4.9%	243M YoY-4.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.36B YoY+7.6%	4.05B YoY+27.5%	3.18B YoY-24.7%	4.22B YoY-0.8%	4.25B YoY+17.0%
Depreciation & amortization	1.39B YoY+3.0%	1.35B YoY+4.2%	1.30B YoY+6.3%	1.22B YoY+3.4%	1.18B YoY+2.3%
Deferred income taxes	277M YoY+57.4%	176M YoY+459.2%	-49.0M YoY-159.0%	83.0M YoY-54.9%	184M YoY+29.6%
Change in receivables	-59.0M YoY+30.6%	-85.0M YoY-4350.0%	2.00M YoY-98.8%	171M YoY+28.6%	133M YoY+287.3%
Other operating activities	-230M YoY+1.7%	-234M YoY-8.3%	-216M YoY-213.0%	-69.0M YoY+60.8%	-176M YoY+29.0%
	-2.56B YoY+7.8%	-2.78B YoY-27.4%	-2.18B YoY-36.1%	-1.60B YoY-31.2%	-1.22B YoY-4.0%
Capital expenditure	2.20B YoY-7.4%	2.38B YoY+2.3%	2.33B YoY+19.5%	1.95B YoY+32.5%	1.47B YoY-1.6%
Purchases of investments	621M YoY+94.7%	319M YoY+157.3%	124M YoY+933.3%	12.0M YoY+20.0%	10.0M YoY-23.1%
Proceeds from sale of PP&E	164M YoY-70.6%	558M YoY+548.8%	86.0M YoY-67.3%	263M YoY+65.4%	159M YoY-52.3%
Other investing activities	-99.0M YoY+90.1%	-1.00B YoY-390.2%	-205M YoY-118.1%	-94.0M YoY+5.1%	-99.0M YoY-10000.0%
	-1.91B YoY-59.3%	-1.20B YoY-1142.6%	115M YoY+103.8%	-3.00B YoY+9.3%	-3.31B YoY-71.7%
Common stock repurchased	534M	0.00 YoY-100.0%	622M YoY-80.0%	3.11B YoY-8.3%	3.39B YoY+135.6%
Dividends paid	1.22B YoY-0.5%	1.22B YoY-0.3%	1.23B YoY+5.0%	1.17B YoY+13.5%	1.03B YoY+7.1%
Other financing activities	—	—	—	—	0.00
Net change in cash	-111M YoY-252.1%	73.0M YoY-93.4%	1.11B YoY+390.3%	-383M YoY-38.8%	-276M YoY-151.6%
Interest paid	765M YoY+0.1%	764M YoY+17.0%	653M YoY+5.5%	619M YoY+6.9%	579M YoY+0.3%
Income taxes paid	491M YoY+61.0%	305M YoY-55.2%	681M YoY-9.2%	750M YoY+14.7%	654M YoY+110.3%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	64.8B YoY+22.0%	53.1B YoY-0.7%	53.5B YoY-6.3%	57.0B YoY-21.3%	72.4B YoY+20.0%
P/E	22.5× YoY+11.3%	20.3× YoY-20.8%	25.6× YoY+45.3%	17.6× YoY-27.0%	24.1× YoY-19.6%
P/S	5.3× YoY+21.4%	4.4× YoY+0.9%	4.3× YoY-6.0%	4.6× YoY-29.0%	6.5× YoY+5.5%
P/B	4.2× YoY+12.3%	3.7× YoY-12.4%	4.2× YoY-3.3%	4.4× YoY-17.5%	5.3× YoY+30.2%
P/FCF	30.0× YoY-5.5%	31.8× YoY-31.8%	46.6× YoY+115.6%	21.6× YoY-16.9%	26.0× YoY-7.6%
Earnings yield	4.4% YoY-10.2%	4.9% YoY+26.3%	3.9% YoY-31.2%	5.7% YoY+36.9%	4.1% YoY+24.4%
FCF yield	3.3% YoY+5.8%	3.1% YoY+46.7%	2.1% YoY-53.6%	4.6% YoY+20.3%	3.8% YoY+8.3%
Dividend yield	1.9% YoY-18.7%	2.3% YoY+0.7%	2.3% YoY+13.5%	2.0% YoY+44.0%	1.4% YoY-11.7%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: NSC's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NSC filings on SEC EDGAR → Not investment advice.

NSC▼ financial statements

About this data

financial statements