Norfolk Southern
NSC · NYSERailroads, Line-Haul Operating · Fiscal year ends Dec 31
Norfolk Southern reported revenue of $12.2B in the fiscal year ended Dec 2025, up 0.5% from the year before. Operating income was $4.4B, an operating margin of 35.8%, and net income was $2.9B. Operating cash flow of $4.4B less capital expenditure of $2.2B left free cash flow of $2.2B. Net debt was $15.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $11.1B | $12.7B | $12.2B | $12.1B | $12.2B |
| Operating income | $4.4B | $4.8B | $2.9B | $4.1B | $4.4B |
| Interest expense | $646M | $692M | $722M | $807M | $792M |
| Pre-tax income | $3.9B | $4.1B | $2.3B | $3.3B | $3.7B |
| Income tax | $873M | $860M | $493M | $707M | $792M |
| Net income | $3B | $3.3B | $1.8B | $2.6B | $2.9B |
| Diluted EPS | 12.11 | 13.88 | 8.02 | 11.57 | 12.75 |
| Diluted shares | 248M | 236M | 227M | 226M | 225M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $839M | $456M | $1.6B | $1.6B | $1.5B |
| Receivables | $976M | $1.1B | $1.1B | $1.1B | $988M |
| Current assets | $2.2B | $2B | $3.3B | $3.2B | $3.2B |
| Net PP&E | $31.7B | $32.2B | $33.3B | $35.8B | $36.5B |
| Total assets | $38.5B | $38.9B | $41.7B | $43.7B | $45.2B |
| Payables | $1.4B | $1.3B | $1.6B | $1.7B | $1.9B |
| Deferred revenue | $0 | $0 | $0 | $0 | $0 |
| Current liabilities | $2.5B | $2.6B | $2.6B | $3.5B | $3.8B |
| Short-term debt | $553M | $703M | $4M | $555M | $607M |
| Long-term debt | $13.3B | $14.5B | $17.2B | $16.7B | $16.5B |
| Total liabilities | $24.9B | $26.2B | $28.9B | $29.4B | $29.7B |
| Shareholders' equity | $13.6B | $12.7B | $12.8B | $14.3B | $15.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4.3B | $4.2B | $3.2B | $4.1B | $4.4B |
| Capital expenditure | $1.5B | $1.9B | $2.3B | $2.4B | $2.2B |
| Free cash flow | $2.8B | $2.3B | $852M | $1.7B | $2.2B |
| Depreciation & amortisation | $1.2B | $1.2B | $1.3B | $1.4B | $1.4B |
| Stock-based compensation | $54M | $53M | $40M | $40M | $63M |
| Share buybacks | $3.4B | $3.1B | $622M | $0 | $534M |
| Dividends paid | $1B | $1.2B | $1.2B | $1.2B | $1.2B |
| Dividend per share | 4.16 | 4.96 | 5.40 | 5.40 | 5.40 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.4% | −4.6% | −0.3% | 0.5% |
| Operating income growth (YoY) | – | 8.1% | −40.7% | 42.8% | 7.0% |
| EPS growth (YoY) | – | 14.6% | −42.2% | 44.3% | 10.2% |
| Operating margin | 39.9% | 37.7% | 23.5% | 33.6% | 35.8% |
| Net margin | 27.0% | 25.7% | 15.0% | 21.6% | 23.6% |
| Return on equityBlank when equity is negative | 22.0% | 25.7% | 14.3% | 18.3% | 18.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.4% | 13.3% | 7.3% | 10.1% | 10.5% |
| Free cash flow margin | 25.0% | 17.8% | 7.0% | 13.8% | 17.7% |
| Cash conversion (CFO ÷ net income) | 1.42x | 1.29x | 1.74x | 1.55x | 1.52x |
| Receivable days | 32 | 33 | 34 | 32 | 30 |
| Interest cover | 6.88x | 6.95x | 3.95x | 5.04x | 5.50x |
| Debt ÷ equity | 1.01x | 1.19x | 1.34x | 1.20x | 1.10x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $13B | $14.7B | $15.6B | $15.6B | $15.6B |
| Current ratio | 0.86x | 0.76x | 1.24x | 0.90x | 0.85x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.