Norfolk Southern Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	12,180	12,123	12,156	12,745	11,142
Revenue Growth (YoY)	0.47%	-0.27%	-4.62%	14.39%	13.82%
Cost of Revenue	6,583	6,191	6,891	6,715	5,412
Gross Profit	5,597	5,932	5,265	6,030	5,730
Operating Expenses	1,393	1,353	1,298	1,221	1,181
Operating Income	4,204	4,579	3,967	4,809	4,549
Interest Expense	-792	-807	-722	-692	-646
Other Non Operating Income (Expenses)	187	185	308	139	-25
EBT Excluding Unusual Items	3,599	3,957	3,553	4,256	3,878
Merger & Restructuring Charges	-188	-303	-117	-126	-
Other Unusual Items	-84	-975	-1,217	-	-
Pretax Income	3,665	3,329	2,320	4,130	3,878
Income Tax Expense	792	707	493	860	873
Net Income	2,873	2,622	1,827	3,270	3,005
Preferred Dividends & Other Adjustments	3	3	3	2	2
Net Income to Common	2,870	2,619	1,824	3,268	3,003
Net Income Growth	9.57%	43.51%	-44.13%	8.82%	49.28%
Shares Outstanding (Basic)	225	226	227	235	247
Shares Outstanding (Diluted)	225	226	227	236	248
Shares Change (YoY)	-0.49%	-0.44%	-3.48%	-5.04%	-3.31%
EPS (Basic)	12.76	11.58	8.04	13.92	12.16
EPS (Diluted)	12.75	11.57	8.02	13.88	12.11
EPS Growth	10.15%	44.30%	-42.20%	14.56%	54.55%
Free Cash Flow	2,157	28	830	2,274	2,785
Free Cash Flow Per Share	9.57	0.12	3.65	9.65	11.22
Dividend Per Share	5.400	5.400	5.400	4.960	4.160
Dividend Growth	-	-	8.87%	19.23%	10.64%
Gross Margin	45.95%	48.93%	43.31%	47.31%	51.43%
Operating Margin	34.52%	37.77%	32.63%	37.73%	40.83%
Profit Margin	23.56%	21.60%	15.00%	25.64%	26.95%
Free Cash Flow Margin	17.71%	0.23%	6.83%	17.84%	25.00%
EBITDA	5,597	5,932	5,265	6,030	5,730
EBITDA Margin	45.95%	48.93%	43.31%	47.31%	51.43%
D&A For EBITDA	1,393	1,353	1,298	1,221	1,181
EBIT	4,204	4,579	3,967	4,809	4,549
EBIT Margin	34.52%	37.77%	32.63%	37.73%	40.83%
Effective Tax Rate	21.61%	21.24%	21.25%	20.82%	22.51%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.