NSC
Norfolk Southern CorporationStock · IndustrialsS&P 500 Equal Weight 0.2% · S&P 500 0.1% · Russell 1000 0.1% · Russell 3000 0.10% · US Stock Market 0.10% · MSCI World 0.07% · MSCI ACWI 0.07%$320.27-0.94%
as of market close, Sep 11, 2026
☾ AH — —
NSC 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.
Shares outstanding (point-in-time)
2024-06 226.1M2024-09 226.2M2024-12 226.4M2025-03 225.4M2025-06 224.6M2025-09 224.4M2025-12 224.6M2026-03 224.6M2026-06 224.6M-0.7% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | 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+0.5% | 12.1B-0.3% | 12.2B-4.6% | 12.7B+14.4% | 11.1B+13.8% | |
| Operating income | 4.36B+7.0% | 4.07B+42.8% | 2.85B-40.7% | 4.81B+8.1% | 4.45B+48.1% | |
| Interest expense | 792M-1.9% | 807M+11.8% | 722M+4.3% | 692M+7.1% | 646M+3.4% | |
| Other non-operating income | 101M+55.4% | 65.0M-66.0% | 191M+1369.2% | 13.0M-83.1% | 77.0M-49.7% | |
| Pre-tax income | 3.67B+10.1% | 3.33B+43.5% | 2.32B-43.8% | 4.13B+6.5% | 3.88B+53.3% | |
| Income tax | 792M+12.0% | 707M+43.4% | 493M-42.7% | 860M-1.5% | 873M+68.9% | |
| 2.87B+9.6% | 2.62B+43.5% | 1.83B-44.1% | 3.27B+8.8% | 3.00B+49.3% | ||
| Net income to common | 2.87B+9.6% | 2.62B+43.6% | 1.82B-44.2% | 3.27B+8.8% | 3.00B+49.4% | |
| $12.75+10.2% | $11.57+44.3% | $8.02-42.2% | $13.88+14.6% | $12.11+54.5% | ||
| EPS (basic) | $12.76+10.2% | $11.58+44.0% | $8.04-42.2% | $13.92+14.5% | $12.16+54.3% | |
| Weighted-avg shares (basic) | 225M-0.5% | 226M-0.4% | 227M-3.4% | 235M-4.9% | 247M-3.2% | |
| Weighted-avg shares (diluted) | 225M-0.5% | 226M-0.4% | 227M-3.5% | 236M-5.0% | 248M-3.3% | |
| Dividends per share | $5.40+0.0% | $5.40+0.0% | $5.40+8.9% | $4.96+19.2% | $4.16+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+0.3% | 3.19B-2.5% | 3.27B+63.0% | 2.01B-7.4% | 2.17B-6.5% | ||
| Cash & equivalents | 1.53B-6.8% | 1.64B+4.7% | 1.57B+243.9% | 456M-45.6% | 839M-24.8% | |
| Accounts receivable | 988M-7.6% | 1.07B-6.8% | 1.15B-0.1% | 1.15B+17.6% | 976M+15.1% | |
| Other current assets | 409M+103.5% | 201M-31.2% | 292M+94.7% | 150M+11.9% | 134M+0.0% | |
| 45.2B+3.6% | 43.7B+4.9% | 41.7B+7.1% | 38.9B+1.0% | 38.5B+1.4% | ||
| Property, plant & equipment | 36.5B+1.8% | 35.8B+7.5% | 33.3B+3.6% | 32.2B+1.6% | 31.7B+1.0% | |
| Operating lease right-of-use | 218M-19.6% | 271M-30.5% | 390M-4.2% | 407M-1.0% | 411M-5.1% | |
| Long-term investments | 4.09B+21.3% | 3.37B-12.2% | 3.84B+3.9% | 3.69B-0.4% | 3.71B+3.3% | |
| Other non-current assets | 1.47B+13.7% | 1.29B+6.3% | 1.22B+18.3% | 1.03B+6.4% | 966M+36.2% | |
| 3.77B+6.5% | 3.54B+34.7% | 2.63B-0.6% | 2.65B+5.1% | 2.52B+16.7% | ||
| Accounts payable | 1.86B+9.3% | 1.70B+4.0% | 1.64B+26.7% | 1.29B-4.3% | 1.35B+33.0% | |
| Short-term & current debt | 607M+9.4% | 555M+13775.0% | 4.00M-99.4% | 703M+27.1% | 553M-4.5% | |
| Current lease liability | 70.0M-13.6% | 81.0M-22.9% | 105M+11.7% | 94.0M+14.6% | 82.0M-7.9% | |
| Other current liabilities | 965M+1.7% | 949M+30.4% | 728M+113.5% | 341M+9.3% | 312M+3.3% | |
| 29.7B+1.1% | 29.4B+1.7% | 28.9B+10.4% | 26.2B+5.2% | 24.9B+7.3% | ||
| Long-term debt | 16.5B-1.0% | 16.7B-3.1% | 17.2B+18.6% | 14.5B+9.0% | 13.3B+9.8% | |
| Non-current lease liability | 148M-22.5% | 191M-33.4% | 287M-9.2% | 316M-4.5% | 331M-3.8% | |
| Operating lease liability (total) | 218M-19.9% | 272M-30.6% | 392M-4.4% | 410M-0.7% | 413M-4.6% | |
| Finance lease liability (total) | 18.0M+38.5% | 13.0M-23.5% | 17.0M | — | 22.0M-12.0% | |
| Deferred tax liabilities | 7.71B+3.9% | 7.42B+2.7% | 7.22B-0.6% | 7.26B+1.4% | 7.17B+3.5% | |
| Other non-current liabilities | 1.72B-2.1% | 1.76B-4.3% | 1.84B+4.5% | 1.76B-6.4% | 1.88B-5.4% | |
| 15.5B+8.7% | 14.3B+11.9% | 12.8B+0.4% | 12.7B-6.7% | 13.6B-7.8% | ||
| Additional paid-in capital | 2.30B+2.2% | 2.25B+3.1% | 2.18B+1.0% | 2.16B-2.6% | 2.21B-1.5% | |
| Retained earnings | 13.2B+9.4% | 12.1B+13.1% | 10.7B-0.0% | 10.7B-7.7% | 11.6B-10.1% | |
| Treasury stock | 19.0M+0.0% | 19.0M+0.0% | 19.0M+0.0% | 19.0M+0.0% | 19.0M+0.0% | |
| Accumulated other comprehensive income | -210M+19.8% | -262M+18.1% | -320M+8.8% | -351M+12.7% | -402M+32.3% | |
| Total liabilities & equity | 45.2B+3.6% | 43.7B+4.9% | 41.7B+7.1% | 38.9B+1.0% | 38.5B+1.4% | |
| Common shares issued | 224M-0.8% | 226M | — | — | — | |
| Common shares outstanding | 224M-0.8% | 226M+0.3% | 226M-1.1% | 228M-5.0% | 240M-4.7% | |
| Shares outstanding (cover) | 225M-0.8% | 226M+0.2% | 226M-0.8% | 228M-5.0% | 240M-4.8% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 4.36B+7.6% | 4.05B+27.5% | 3.18B-24.7% | 4.22B-0.8% | 4.25B+17.0% | ||
| Depreciation & amortization | 1.39B+3.0% | 1.35B+4.2% | 1.30B+6.3% | 1.22B+3.4% | 1.18B+2.3% | |
| Deferred income taxes | 277M+57.4% | 176M+459.2% | -49.0M-159.0% | 83.0M-54.9% | 184M+29.6% | |
| Change in receivables | -59.0M+30.6% | -85.0M-4350.0% | 2.00M-98.8% | 171M+28.6% | 133M+287.3% | |
| Other operating activities | -230M+1.7% | -234M-8.3% | -216M-213.0% | -69.0M+60.8% | -176M+29.0% | |
| -2.56B+7.8% | -2.78B-27.4% | -2.18B-36.1% | -1.60B-31.2% | -1.22B-4.0% | ||
| Capital expenditure | 2.20B-7.4% | 2.38B+2.3% | 2.33B+19.5% | 1.95B+32.5% | 1.47B-1.6% | |
| Free cash flow | 2.16B+29.1% | 1.67B+96.1% | 852M-62.5% | 2.27B-18.3% | 2.79B+30.0% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Purchases of investments | 621M+94.7% | 319M+157.3% | 124M+933.3% | 12.0M+20.0% | 10.0M-23.1% | |
| Proceeds from sale of PP&E | 164M-70.6% | 558M+548.8% | 86.0M-67.3% | 263M+65.4% | 159M-52.3% | |
| Other investing activities | -99.0M+90.1% | -1.00B-390.2% | -205M-118.1% | -94.0M+5.1% | -99.0M-10000.0% | |
| -1.91B-59.3% | -1.20B-1142.6% | 115M+103.8% | -3.00B+9.3% | -3.31B-71.7% | ||
| Long-term debt issued | 396M-62.3% | 1.05B-68.1% | 3.29B+79.7% | 1.83B+9.3% | 1.68B+113.8% | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 534M | 0.00-100.0% | 622M-80.0% | 3.11B-8.3% | 3.39B+135.6% | |
| Dividends paid | 1.22B-0.5% | 1.22B-0.3% | 1.23B+5.0% | 1.17B+13.5% | 1.03B+7.1% | |
| Other financing activities | — | — | — | — | 0.00 | |
| Net change in cash | -111M-252.1% | 73.0M-93.4% | 1.11B+390.3% | -383M-38.8% | -276M-151.6% | |
| Interest paid | 765M+0.1% | 764M+17.0% | 653M+5.5% | 619M+6.9% | 579M+0.3% | |
| Income taxes paid | 491M+61.0% | 305M-55.2% | 681M-9.2% | 750M+14.7% | 654M+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+22.0% | 53.1B-0.6% | 53.5B-6.3% | 57.0B-20.1% | 71.4B+19.3% | |
| P/E | 22.6×+11.3% | 20.3×-20.8% | 25.6×+45.3% | 17.6×-25.9% | 23.8×-20.1% | |
| P/S | 5.3×+21.4% | 4.4×+1.0% | 4.3×-6.0% | 4.6×-28.0% | 6.4×+4.8% | |
| P/B | 4.2×+12.3% | 3.7×-12.3% | 4.2×-3.3% | 4.4×-16.3% | 5.2×+29.3% | |
| P/FCF | 30.1×-5.5% | 31.8×-31.8% | 46.6×+115.6% | 21.6×-15.7% | 25.6×-8.2% | |
| Earnings yield | 4.4%-10.2% | 4.9%+26.2% | 3.9%-31.2% | 5.7%+34.9% | 4.2%+25.2% | |
| FCF yield | 3.3%+5.8% | 3.1%+46.5% | 2.1%-53.6% | 4.6%+18.6% | 3.9%+9.0% | |
| Dividend yield | 1.9%-18.7% | 2.3%+0.7% | 2.3%+13.5% | 2.0%+44.0% | 1.4%-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.