Norfolk Southern Corporation (NSC)

Norfolk Southern Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	12,230	12,123	12,156	12,745	11,142	9,789
Revenue Growth (YoY)	0.48%	-0.27%	-4.62%	14.39%	13.82%	-13.34%
Cost of Revenue	6,552	6,191	6,891	6,715	5,412	5,157
Gross Profit	5,678	5,932	5,265	6,030	5,730	4,632
Operating Expenses	1,382	1,353	1,298	1,221	1,181	1,154
Operating Income	4,296	4,579	3,967	4,809	4,549	3,478
Interest Expense	-796	-807	-722	-692	-646	-625
Other Non Operating Income (Expenses)	226	185	308	139	-25	23
EBT Excluding Unusual Items	3,726	3,957	3,553	4,256	3,878	2,876
Merger & Restructuring Charges	-184	-303	-117	-126	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-	-346
Other Unusual Items	-126	-975	-1,217	-	-	-
Pretax Income	3,828	3,329	2,320	4,130	3,878	2,530
Income Tax Expense	866	707	493	860	873	517
Net Income	2,962	2,622	1,827	3,270	3,005	2,013
Preferred Dividends & Other Adjustments	3	3	3	2	2	3
Net Income to Common	2,959	2,619	1,824	3,268	3,003	2,010
Net Income Growth	22.60%	43.51%	-44.13%	8.82%	49.28%	-26.05%
Shares Outstanding (Basic)	226	226	227	235	247	255
Shares Outstanding (Diluted)	226	226	227	236	248	257
Shares Change (YoY)	-0.21%	-0.44%	-3.48%	-5.04%	-3.31%	-3.39%
EPS (Basic)	13.12	11.58	8.04	13.92	12.16	7.88
EPS (Diluted)	13.11	11.57	8.02	13.88	12.11	7.84
EPS Growth	22.97%	44.30%	-42.20%	14.56%	54.55%	-23.53%
Free Cash Flow	2,099	28	830	2,274	2,785	2,143
Free Cash Flow Per Share	9.30	0.12	3.65	9.65	11.22	8.35
Dividend Per Share	5.400	5.400	5.400	4.960	4.160	3.760
Dividend Growth	-	-	8.87%	19.23%	10.64%	4.44%
Gross Margin	46.43%	48.93%	43.31%	47.31%	51.43%	47.32%
Operating Margin	35.13%	37.77%	32.63%	37.73%	40.83%	35.53%
Profit Margin	24.20%	21.60%	15.00%	25.64%	26.95%	20.53%
Free Cash Flow Margin	17.16%	0.23%	6.83%	17.84%	25.00%	21.89%
EBITDA	5,678	5,932	5,265	6,030	5,730	4,632
EBITDA Margin	46.43%	48.93%	43.31%	47.31%	51.43%	47.32%
D&A For EBITDA	1,382	1,353	1,298	1,221	1,181	1,154
EBIT	4,296	4,579	3,967	4,809	4,549	3,478
EBIT Margin	35.13%	37.77%	32.63%	37.73%	40.83%	35.53%
Effective Tax Rate	22.62%	21.24%	21.25%	20.82%	22.51%	20.43%

Updated Oct 23, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q