N

NORFOLK SOUTHERN CORP

NSC · CIK 0000702165

19 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$12.18B0.5%
FY2025
Net income (FY)
$2.87B9.6%
FY2025
Free cash flow (FY)
$2.16B29.1%
FY2025
Diluted EPS (FY)
$12.7510.2%
FY2025
The story, charted

The shape of the business

FY2007–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$5B$10BFY2007 · Revenue $9.43B · 0000702165-10-000049 · filed 2010-02-17FY07Revenue $9.43B0000702165-10-000049 · filed 2010-02-17FY2008 · Revenue $10.66B · 0000702165-11-000047 · filed 2011-02-17FY08Revenue $10.66B0000702165-11-000047 · filed 2011-02-17FY2009 · Revenue $7.97B · 0000702165-12-000043 · filed 2012-02-15FY09Revenue $7.97B0000702165-12-000043 · filed 2012-02-15FY2010 · Revenue $9.52B · 0000702165-13-000042 · filed 2013-02-15FY10Revenue $9.52B0000702165-13-000042 · filed 2013-02-15FY2011 · Revenue $11.17B · 0000702165-14-000019 · filed 2014-02-14FY11Revenue $11.17B0000702165-14-000019 · filed 2014-02-14FY2012 · Revenue $11.04B · 0000702165-15-000023 · filed 2015-02-11FY12Revenue $11.04B0000702165-15-000023 · filed 2015-02-11FY2013 · Revenue $11.24B · 0000702165-16-000162 · filed 2016-02-08FY13Revenue $11.24B0000702165-16-000162 · filed 2016-02-08FY2014 · Revenue $11.62B · 0000702165-17-000018 · filed 2017-02-06FY14Revenue $11.62B0000702165-17-000018 · filed 2017-02-06FY2015 · Revenue $10.51B · 0000702165-18-000011 · filed 2018-02-05FY15Revenue $10.51B0000702165-18-000011 · filed 2018-02-05FY2016 · Revenue $9.89B · 0000702165-19-000012 · filed 2019-02-08FY16Revenue $9.89B0000702165-19-000012 · filed 2019-02-08FY2017 · Revenue $10.55B · Net income $5.40B · 0000702165-20-000011 · filed 2020-02-06FY17Revenue $10.55BNet income $5.40B0000702165-20-000011 · filed 2020-02-06FY2018 · Revenue $11.46B · Net income $2.67B · 0000702165-21-000006 · filed 2021-02-04FY18Revenue $11.46BNet income $2.67B0000702165-21-000006 · filed 2021-02-04FY2019 · Revenue $11.30B · Net income $2.72B · 0000702165-22-000007 · filed 2022-02-04FY19Revenue $11.30BNet income $2.72B0000702165-22-000007 · filed 2022-02-04FY2020 · Revenue $9.79B · Net income $2.01B · 0000702165-23-000010 · filed 2023-02-03FY20Revenue $9.79BNet income $2.01B0000702165-23-000010 · filed 2023-02-03FY2021 · Revenue $11.14B · Net income $3.00B · 0000702165-24-000005 · filed 2024-02-05FY21Revenue $11.14BNet income $3.00B0000702165-24-000005 · filed 2024-02-05FY2022 · Revenue $12.74B · Net income $3.27B · 0000702165-25-000008 · filed 2025-02-10FY22Revenue $12.74BNet income $3.27B0000702165-25-000008 · filed 2025-02-10FY2023 · Revenue $12.16B · Net income $1.83B · 0001628280-26-006268 · filed 2026-02-09FY23Revenue $12.16BNet income $1.83B0001628280-26-006268 · filed 2026-02-09FY2024 · Revenue $12.12B · Net income $2.62B · 0001628280-26-006268 · filed 2026-02-09FY24Revenue $12.12BNet income $2.62B0001628280-26-006268 · filed 2026-02-09FY2025 · Revenue $12.18B · Net income $2.87B · 0001628280-26-006268 · filed 2026-02-09FY25Revenue $12.18BNet income $2.87B0001628280-26-006268 · filed 2026-02-09FY25Revenue $12.18BNet income $2.87B0001628280-26-006268 · filed 2026-02-09FY07FY10FY13FY16FY19FY22FY25

revenue 1.3× since FY2007 · net margin 51.2% → 23.6%

MarginsNet marginFCF margin
0%20%40%FY2007 · FCF margin 10.5%FY07FCF margin 10.5%derived: (ocf − capex) ÷ revenueFY2008 · FCF margin 10.9%FY08FCF margin 10.9%derived: (ocf − capex) ÷ revenueFY2009 · FCF margin 7.0%FY09FCF margin 7.0%derived: (ocf − capex) ÷ revenueFY2010 · FCF margin 13.1%FY10FCF margin 13.1%derived: (ocf − capex) ÷ revenueFY2011 · FCF margin 9.6%FY11FCF margin 9.6%derived: (ocf − capex) ÷ revenueFY2012 · FCF margin 7.5%FY12FCF margin 7.5%derived: (ocf − capex) ÷ revenueFY2013 · FCF margin 9.8%FY13FCF margin 9.8%derived: (ocf − capex) ÷ revenueFY2014 · FCF margin 6.3%FY14FCF margin 6.3%derived: (ocf − capex) ÷ revenueFY2015 · FCF margin 5.0%FY15FCF margin 5.0%derived: (ocf − capex) ÷ revenueFY2016 · FCF margin 11.6%FY16FCF margin 11.6%derived: (ocf − capex) ÷ revenueFY2017 · Net margin 51.2% · FCF margin 14.5%FY17Net margin 51.2%FCF margin 14.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 23.3% · FCF margin 15.5%FY18Net margin 23.3%FCF margin 15.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 24.1% · FCF margin 16.6%FY19Net margin 24.1%FCF margin 16.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 20.6% · FCF margin 21.9%FY20Net margin 20.6%FCF margin 21.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 27.0% · FCF margin 25.0%FY21Net margin 27.0%FCF margin 25.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 25.7% · FCF margin 17.8%FY22Net margin 25.7%FCF margin 17.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 15.0% · FCF margin 7.0%FY23Net margin 15.0%FCF margin 7.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 21.6% · FCF margin 13.8%FY24Net margin 21.6%FCF margin 13.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 23.6% · FCF margin 17.7%FY25Net margin 23.6%FCF margin 17.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 23.6%FCF margin 17.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 23.6% · free cash flow 17.7% of revenue

Cash engineOperating cash flowFree cash flow
$0$2B$4BFY2007 · OCF $2.33B · FCF $992.0M · 0000702165-10-000049 · filed 2010-02-17FY07OCF $2.33BFCF $992.0M0000702165-10-000049 · filed 2010-02-17FY2008 · OCF $2.71B · FCF $1.16B · 0000702165-11-000047 · filed 2011-02-17FY08OCF $2.71BFCF $1.16B0000702165-11-000047 · filed 2011-02-17FY2009 · OCF $1.86B · FCF $561.0M · 0000702165-12-000043 · filed 2012-02-15FY09OCF $1.86BFCF $561.0M0000702165-12-000043 · filed 2012-02-15FY2010 · OCF $2.71B · FCF $1.24B · 0000702165-13-000042 · filed 2013-02-15FY10OCF $2.71BFCF $1.24B0000702165-13-000042 · filed 2013-02-15FY2011 · OCF $3.23B · FCF $1.07B · 0000702165-14-000019 · filed 2014-02-14FY11OCF $3.23BFCF $1.07B0000702165-14-000019 · filed 2014-02-14FY2012 · OCF $3.06B · FCF $824.0M · 0000702165-15-000023 · filed 2015-02-11FY12OCF $3.06BFCF $824.0M0000702165-15-000023 · filed 2015-02-11FY2013 · OCF $3.08B · FCF $1.11B · 0000702165-15-000023 · filed 2015-02-11FY13OCF $3.08BFCF $1.11B0000702165-15-000023 · filed 2015-02-11FY2014 · OCF $2.85B · FCF $734.0M · 0000702165-15-000023 · filed 2015-02-11FY14OCF $2.85BFCF $734.0M0000702165-15-000023 · filed 2015-02-11FY2015 · OCF $2.91B · FCF $523.0M · 0000702165-18-000011 · filed 2018-02-05FY15OCF $2.91BFCF $523.0M0000702165-18-000011 · filed 2018-02-05FY2016 · OCF $3.03B · FCF $1.15B · 0000702165-19-000012 · filed 2019-02-08FY16OCF $3.03BFCF $1.15B0000702165-19-000012 · filed 2019-02-08FY2017 · OCF $3.25B · FCF $1.53B · 0000702165-20-000011 · filed 2020-02-06FY17OCF $3.25BFCF $1.53B0000702165-20-000011 · filed 2020-02-06FY2018 · OCF $3.73B · FCF $1.77B · 0000702165-21-000006 · filed 2021-02-04FY18OCF $3.73BFCF $1.77B0000702165-21-000006 · filed 2021-02-04FY2019 · OCF $3.89B · FCF $1.87B · 0000702165-22-000007 · filed 2022-02-04FY19OCF $3.89BFCF $1.87B0000702165-22-000007 · filed 2022-02-04FY2020 · OCF $3.64B · FCF $2.14B · 0000702165-23-000010 · filed 2023-02-03FY20OCF $3.64BFCF $2.14B0000702165-23-000010 · filed 2023-02-03FY2021 · OCF $4.25B · FCF $2.79B · 0000702165-24-000005 · filed 2024-02-05FY21OCF $4.25BFCF $2.79B0000702165-24-000005 · filed 2024-02-05FY2022 · OCF $4.22B · FCF $2.27B · 0000702165-25-000008 · filed 2025-02-10FY22OCF $4.22BFCF $2.27B0000702165-25-000008 · filed 2025-02-10FY2023 · OCF $3.18B · FCF $852.0M · 0001628280-26-006268 · filed 2026-02-09FY23OCF $3.18BFCF $852.0M0001628280-26-006268 · filed 2026-02-09FY2024 · OCF $4.05B · FCF $1.67B · 0001628280-26-006268 · filed 2026-02-09FY24OCF $4.05BFCF $1.67B0001628280-26-006268 · filed 2026-02-09FY2025 · OCF $4.36B · FCF $2.16B · 0001628280-26-006268 · filed 2026-02-09FY25OCF $4.36BFCF $2.16B0001628280-26-006268 · filed 2026-02-09FY25OCF $4.36BFCF $2.16B0001628280-26-006268 · filed 2026-02-09’09’13’17’21’25

FY2025: $4.36B operating cash − $2.20B capex = $2.16B free cash flow

Returns on capitalReturn on equityReturn on assets
0%10%20%30%FY2017 · ROE 33.0% · ROA 15.1%FY17ROE 33.0%ROA 15.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 17.4% · ROA 7.4%FY18ROE 17.4%ROA 7.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 17.9% · ROA 7.2%FY19ROE 17.9%ROA 7.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 13.6% · ROA 5.3%FY20ROE 13.6%ROA 5.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 22.0% · ROA 7.8%FY21ROE 22.0%ROA 7.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 25.7% · ROA 8.4%FY22ROE 25.7%ROA 8.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 14.3% · ROA 4.4%FY23ROE 14.3%ROA 4.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 18.3% · ROA 6.0%FY24ROE 18.3%ROA 6.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 18.5% · ROA 6.4%FY25ROE 18.5%ROA 6.4%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 18.5%ROA 6.4%derived: net income ÷ equity · derived: net income ÷ assets’17’19’21’23’25

return on equity 33% (FY2017) → 18% (FY2025) · on assets 6.4%

Balance sheetLiabilitiesEquity
$0$20B$40BFY2008 · Liabilities $16.69B · Equity $9.61BFY08Liabilities $16.69BEquity $9.61B0000702165-10-000049 · filed 2010-02-17FY2009 · Liabilities $17.02B · Equity $10.35BFY09Liabilities $17.02BEquity $10.35B0000702165-11-000047 · filed 2011-02-17FY2010 · Liabilities $17.53B · Equity $10.67BFY10Liabilities $17.53BEquity $10.67B0000702165-12-000043 · filed 2012-02-15FY2011 · Liabilities $18.63B · Equity $9.91BFY11Liabilities $18.63BEquity $9.91B0000702165-13-000042 · filed 2013-02-15FY2012 · Liabilities $20.58B · Equity $9.76BFY12Liabilities $20.58BEquity $9.76B0000702165-14-000019 · filed 2014-02-14FY2013 · Liabilities $21.19B · Equity $11.29BFY13Liabilities $21.19BEquity $11.29B0000702165-15-000023 · filed 2015-02-11FY2014 · Liabilities $20.79B · Equity $12.41BFY14Liabilities $20.79BEquity $12.41B0000702165-16-000162 · filed 2016-02-08FY2015 · Liabilities $21.95B · Equity $12.19BFY15Liabilities $21.95BEquity $12.19B0000702165-17-000018 · filed 2017-02-06FY2016 · Liabilities $22.48B · Equity $12.41BFY16Liabilities $22.48BEquity $12.41B0000702165-18-000011 · filed 2018-02-05FY2017 · Liabilities $19.35B · Equity $16.36BFY17Liabilities $19.35BEquity $16.36B0000702165-19-000012 · filed 2019-02-08FY2018 · Liabilities $20.88B · Equity $15.36BFY18Liabilities $20.88BEquity $15.36B0000702165-20-000011 · filed 2020-02-06FY2019 · Liabilities $22.74B · Equity $15.18BFY19Liabilities $22.74BEquity $15.18B0000702165-21-000006 · filed 2021-02-04FY2020 · Liabilities $23.17B · Equity $14.79BFY20Liabilities $23.17BEquity $14.79B0000702165-22-000007 · filed 2022-02-04FY2021 · Liabilities $24.85B · Equity $13.64BFY21Liabilities $24.85BEquity $13.64B0000702165-23-000010 · filed 2023-02-03FY2022 · Liabilities $26.15B · Equity $12.73BFY22Liabilities $26.15BEquity $12.73B0000702165-24-000005 · filed 2024-02-05FY2023 · Liabilities $28.87B · Equity $12.78BFY23Liabilities $28.87BEquity $12.78B0000702165-25-000008 · filed 2025-02-10FY2024 · Liabilities $29.38B · Equity $14.31BFY24Liabilities $29.38BEquity $14.31B0001628280-26-006268 · filed 2026-02-09FY2025 · Liabilities $29.69B · Equity $15.55BFY25Liabilities $29.69BEquity $15.55B0001628280-26-006268 · filed 2026-02-09FY25Liabilities $29.69BEquity $15.55B0001628280-26-006268 · filed 2026-02-09’09’13’17’21’25

FY2025: $45.24B assets · $29.69B liabilities · $15.55B equity

The receipts