NORFOLK SOUTHERN CORP

Listed Company

NSCCIK 0000702165NYSELarge AcceleratedRailroads, Line-Haul OperatingVirginiaFY ends Dec 31

Period

FY 2025

Revenue

$12.18B

Net Income

$2.87B

Total Assets

$45.24B

Equity

$15.55B

Shares Out

224.59M

Op. Cash Flow

$4.36B

Business

Norfolk Southern Corp operates a freight railroad business providing rail transportation services. It offers rail freight transportation for a broad range of commodities, intermodal services, logistics support, and related maintenance, repair and capital project execution. Its key business components include railway operations, property and infrastructure asset management and additions, and investments and other income-generating activities disclosed in its consolidated statements. The company delivers services primarily via its rail network and complementary channels such as intermodal terminals, logistics service providers, and asset transactions.

Summary from filing dated 2025-02-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Railway operating revenues	12,180	12,123	12,156	12,745	11,142
Compensation and benefits	2,922	2,823	2,819	2,621	2,442
Purchased services and rents	2,095	2,048	2,070	1,922	1,726
Fuel	932	987	1,170	1,459	799
Depreciation	1,393	1,353	1,298	1,221	1,181
Materials and other	634	333	832	713	—
Merger-related expenses	80	0	0	—	—
Restructuring and other charges	22	183	0	0	—
Eastern Ohio incident	−254	—	—	—	—
Eastern Ohio incident	—	325	1,116	0	0
Total railway operating expenses	7,824	8,052	9,305	7,936	6,695
Income from railway operations	4,356	4,071	2,851	4,809	4,447
Other income net	101	65	191	13	77
Interest expense on debt	792	807	722	—	—
Income before income taxes	3,665	3,329	2,320	4,130	3,878
Income taxes	792	707	493	860	873
Net income	2,873	2,622	1,827	3,270	3,005
Basic (in dollars per share)	12.76	11.58	8.04	13.92	12.16
Diluted (in dollars per share)	12.75	11.57	8.02	13.88	12.11

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,530	1,641	1,568	456	839
Accounts receivable net	988	1,069	1,147	1,148	976
Materials and supplies	271	277	264	253	218
Other current assets	409	201	292	150	134
Total current assets	3,198	3,188	3,271	2,007	2,167
Investments	4,089	3,370	3,839	3,694	3,707
Properties less accumulated depreciation	36,479	35,831	33,326	32,156	31,653
Other assets	1,470	1,293	1,216	1,028	966
Total assets	45,236	43,682	41,652	38,885	38,493
Accounts payable	1,863	1,704	1,638	1,293	1,351
Income and other taxes	340	337	262	312	305
Other current liabilities	965	949	728	341	312
Current maturities of long-term debt	607	555	4	603	553
Total current liabilities	3,775	3,545	2,632	2,649	2,521
Long-term debt	16,480	16,651	17,175	14,479	13,287
Other liabilities	1,723	1,760	1,839	1,759	1,879
Deferred income taxes	7,711	7,420	7,225	7,265	7,165
Total liabilities	29,689	29,376	28,871	26,152	24,852
Common stock, net of treasury shares	226	228	227	230	242
Additional paid-in capital	2,296	2,247	2,179	2,157	2,215
Accumulated other comprehensive loss	−210	−262	−320	−351	−402
Retained income	13,235	12,093	10,695	10,697	11,586
Total stockholders equity	15,547	14,306	12,781	12,733	13,641
Total liabilities and stockholders equity	45,236	43,682	41,652	38,885	38,493

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	1,393	1,353	1,298	1,221	1,181
Deferred income taxes	277	176	−49	83	184
Gains and losses on properties	−253	−490	−49	−82	−86
Accounts receivable	59	85	−2	−171	−133
Materials and supplies	6	−13	−11	−35	3
Other current assets	−23	5	−54	−18	−6
Current liabilities other than debt	259	548	435	23	283
Other net	−230	−234	−216	−69	−176
Net cash provided by operating activities	4,361	4,052	3,179	4,222	4,255
Property additions	−2,204	−2,381	−2,327	−1,948	−1,470
Acquisition of assets of CSR	0	−1,643	−22	0	—
Property sales and other transactions	164	558	86	263	159
Investment purchases	−621	−319	−124	−12	−10
Investment sales and other transactions	99	1,005	205	94	99
Net cash used in investing activities	−2,562	−2,780	−2,182	−1,603	−1,222
Dividends	−1,215	−1,221	−1,225	−1,167	−1,028
Common Stock transactions	2	26	3	−4	17
Purchase and retirement of Common Stock	−534	0	−622	−3,110	−3,390
Proceeds from borrowings	396	1,051	3,293	1,832	1,676
Debt repayments	−559	−1,055	−1,334	−553	−584
Net cash provided by (used in) financing activities	−1,910	−1,199	115	−3,002	−3,309
Net increase (decrease) in cash and cash equivalents	−111	73	1,112	−383	−276
Interest (net of amounts capitalized)	765	764	653	619	579
Income taxes (net of refunds)	491	305	681	750	654

Filings

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