NORFOLK SOUTHERN CORP

EDGAR

Annual consolidated revenue for 2025: about USD 12.18B, using the latest reported figures. The previous period, 2024, was about USD 12.12B.

Watchlist

Latest quarter

Revenue

3.53 billion USD

2026 Q3 · USD

Exact inputs and evidence
  • Revenue: 3526000000 USD Source

Operating margin

32.61%

2026 Q3 · %

Exact inputs and evidence
  • Operating Income: 1150000000 USD Source
  • Revenue: 3526000000 USD Source

Operating cash flow

1.32 billion USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 2720000000 USD Source
  • Operating Cash Flow: 1398000000 USD Source

Free cash flow

736 million USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 2720000000 USD Source
  • Operating Cash Flow: 1398000000 USD Source
  • Capital Expenditure: 1407000000 USD Source
  • Capital Expenditure: 821000000 USD Source
Cash and cash equivalents
1.6 billion USD Source
Exact value

1598000000 USD

Long-term debt including current maturities
10.2 billion USD Source
Exact value

10237000000 USD

Shares outstanding
225 million shares Source
Exact value

224616686 shares

Reported share-count change

0.10% · 230 thousand shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 224386617 shares · 2025-09-30· Source
  • 224616686 shares · 2026-09-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

13 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Revenue: 12180000000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 9206000000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 2998000000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 3465000000 USD · 2026-04-01 – 2026-06-30 Source
  • Revenue: 3526000000 USD · 2026-07-01 – 2026-09-30 Source

Net income

2.68 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Net income: 2873000000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: 2229000000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: 547000000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: 734000000 USD · 2026-04-01 – 2026-06-30 Source
  • Net income: 759000000 USD · 2026-07-01 – 2026-09-30 Source

Operating cash flow

3.78 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: 4361000000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 3298000000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 344000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 1398000000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 344000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 2720000000 USD · 2026-01-01 – 2026-09-30 Source
  • Operating cash flow: 1398000000 USD · 2026-01-01 – 2026-06-30 Source

Capital expenditure

2.14 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Capital expenditure: 2204000000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 1475000000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 382000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 821000000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 382000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 1407000000 USD · 2026-01-01 – 2026-09-30 Source
  • Capital expenditure: 821000000 USD · 2026-01-01 – 2026-06-30 Source

Free cash flow

1.65 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: 4361000000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 3298000000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 344000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 1398000000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 344000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 2720000000 USD · 2026-01-01 – 2026-09-30 Source
  • Operating cash flow: 1398000000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 2204000000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 1475000000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 382000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 821000000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 382000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 1407000000 USD · 2026-01-01 – 2026-09-30 Source
  • Capital expenditure: 821000000 USD · 2026-01-01 – 2026-06-30 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-22.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 11 of 11 periods available· newest 2025-12-31
  • Operating income: 11 of 11 periods available· newest 2025-12-31
  • Net income: 9 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 11 of 11 periods available· newest 2025-12-31
  • Total assets: 11 of 11 periods available· newest 2025-12-31
  • Total liabilities: 11 of 11 periods available· newest 2025-12-31
  • Current assets: 11 of 11 periods available· newest 2025-12-31
  • Current liabilities: 11 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 11 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 3 of 11 periods available· newest 2017-12-31
  • Shares outstanding: 11 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +0.5%

    Prior period

    USD 12.12 billion

    –

    Current period

    USD 12.18 billion

    –

    Exact inputs and evidence

    12180000000 − 12123000000 = 57000000 USD

    12123000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    12180000000 USD · 2025-01-01 – 2025-12-31

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  • Net income

    +9.6%

    Prior period

    USD 2.62 billion

    –

    Current period

    USD 2.87 billion

    –

    Exact inputs and evidence

    2873000000 − 2622000000 = 251000000 USD

    2622000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    2873000000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    +7.6%

    Prior period

    USD 4.05 billion

    –

    Current period

    USD 4.36 billion

    –

    Exact inputs and evidence

    4361000000 − 4052000000 = 309000000 USD

    4052000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    4361000000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    -7.4%

    Prior period

    USD 2.38 billion

    –

    Current period

    USD 2.2 billion

    –

    Exact inputs and evidence

    2204000000 − 2381000000 = -177000000 USD

    2381000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    2204000000 USD · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 12.18 billion 100% of revenue
  • Operating costs Derived USD 7.82 billion 64% of revenue
  • Operating income USD 4.36 billion 36% of revenue
  • Tax, interest and other Derived USD 1.48 billion 12% of revenue
  • Net income USD 2.87 billion 24% of revenue

Cash

  • Operating cash flow USD 4.36 billion 36% of revenue
  • Capital expenditure USD 2.2 billion 18% of revenue
  • Free cash flow Derived USD 2.16 billion 18% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 Not shown: operating income or net income is not reported.
  • 2017 Net income was higher than operating income, so the split is not drawn.
  • 2018 23%11%65%
  • 2019 24%11%65%
  • 2020 21%10%69%
  • 2021 27%13%60%
  • 2022 26%12%62%
  • 2023 15%77%
  • 2024 22%12%66%
  • 2025 24%12%64%
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-319888000000 6879000000 Derived 3009000000 UnavailableUnavailable1147000000 Derived
Source
2017 2017-01-01 – 2017-12-3110551000000 7029000000 Derived 3522000000 -1882000000 Derived 5404000000 1530000000 Derived
Source
2018 2018-01-01 – 2018-12-3111458000000 7499000000 Derived 3959000000 1293000000 Derived 2666000000 1775000000 Derived
Source
2019 2019-01-01 – 2019-12-3111296000000 7307000000 Derived 3989000000 1267000000 Derived 2722000000 1873000000 Derived
Source
2020 2020-01-01 – 2020-12-319789000000 6787000000 Derived 3002000000 989000000 Derived 2013000000 2143000000 Derived
Source
2021 2021-01-01 – 2021-12-3111142000000 6695000000 Derived 4447000000 1442000000 Derived 3005000000 2785000000 Derived
Source
2022 2022-01-01 – 2022-12-3112745000000 7936000000 Derived 4809000000 1539000000 Derived 3270000000 2274000000 Derived
Source
2023 2023-01-01 – 2023-12-3112156000000 9305000000 Derived 2851000000 1024000000 Derived 1827000000 852000000 Derived
Source
2024 2024-01-01 – 2024-12-3112123000000 8052000000 Derived 4071000000 1449000000 Derived 2622000000 1671000000 Derived
Source
2025 2025-01-01 – 2025-12-3112180000000 7824000000 Derived 4356000000 1483000000 Derived 2873000000 2157000000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 12.2B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.13.8B10.3B6.9B3.4B0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue9888000000
2017Revenue10551000000
2018Revenue11458000000
2019Revenue11296000000
2020Revenue9789000000
2021Revenue11142000000
2022Revenue12745000000
2023Revenue12156000000
2024Revenue12123000000
2025Revenue12180000000

Revenue growth

Change in revenue from the same financial period one year earlier.

0.5% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.16.6%8.6%0.5%-7.5%-15.6%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over year-5.9%
2017Year over year6.7%
2018Year over year8.6%
2019Year over year-1.4%
2020Year over year-13.3%
2021Year over year13.8%
2022Year over year14.4%
2023Year over year-4.6%
2024Year over year-0.3%
2025Year over year0.5%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 35.8% 2025
Net margin 23.6% 2025
Free cash flow margin 17.7% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.55%41%28%14%0%201620212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016Operating margin30.4%
2017Operating margin33.4%
2018Operating margin34.6%
2019Operating margin35.3%
2020Operating margin30.7%
2021Operating margin39.9%
2022Operating margin37.7%
2023Operating margin23.5%
2024Operating margin33.6%
2025Operating margin35.8%
2016-12-31Net marginNot reported
2017Net margin51.2%
2018Net margin23.3%
2019Net margin24.1%
2020Net margin20.6%
2021Net margin27%
2022Net margin25.7%
2023Net margin15%
2024Net margin21.6%
2025Net margin23.6%
2016Free cash flow margin11.6%
2017Free cash flow margin14.5%
2018Free cash flow margin15.5%
2019Free cash flow margin16.6%
2020Free cash flow margin21.9%
2021Free cash flow margin25%
2022Free cash flow margin17.8%
2023Free cash flow margin7%
2024Free cash flow margin13.8%
2025Free cash flow margin17.7%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 4.4B 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.4.7B3.5B2.4B1.2B0.0201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow3034000000
2017Operating cash flow3253000000
2018Operating cash flow3726000000
2019Operating cash flow3892000000
2020Operating cash flow3637000000
2021Operating cash flow4255000000
2022Operating cash flow4222000000
2023Operating cash flow3179000000
2024Operating cash flow4052000000
2025Operating cash flow4361000000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 2.2B 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.3.0B2.3B1.5B752.0M0.0201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flow1147000000
2017Free cash flow1530000000
2018Free cash flow1775000000
2019Free cash flow1873000000
2020Free cash flow2143000000
2021Free cash flow2785000000
2022Free cash flow2274000000
2023Free cash flow852000000
2024Free cash flow1671000000
2025Free cash flow2157000000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

65.6% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.75%56%37%19%0%201620212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016Liabilities / assets64.4%
2017Liabilities / assets54.2%
2018Liabilities / assets57.6%
2019Liabilities / assets60%
2020Liabilities / assets61%
2021Liabilities / assets64.6%
2022Liabilities / assets67.3%
2023Liabilities / assets69.3%
2024Liabilities / assets67.2%
2025Liabilities / assets65.6%

Current assets to current liabilities

Current assets divided by current liabilities.

0.85× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1.34×1.01×0.67×0.34×0.00×201620212025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016Current assets / current liabilities0.98×
2017Current assets / current liabilities0.84×
2018Current assets / current liabilities0.72×
2019Current assets / current liabilities0.9×
2020Current assets / current liabilities1.07×
2021Current assets / current liabilities0.86×
2022Current assets / current liabilities0.76×
2023Current assets / current liabilities1.24×
2024Current assets / current liabilities0.9×
2025Current assets / current liabilities0.85×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
Unavailable Not reported for this period.
USD 3.03 billion
Exact value

Exact value: 3034000000 USD

2016-01-01 – 2016-12-31: 3034000000 USD Inspect Operating Cash Flow Open source
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USD 1.89 billion
Exact value

Exact value: 1887000000 USD

2016-01-01 – 2016-12-31: 1887000000 USD Inspect Capital Expenditure Open source
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USD 1.15 billion
Calculation and evidence

3034000000 − 1887000000 USD

Exact free cash flow: 1147000000 USD

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2017 2017-01-01 – 2017-12-31
USD 5.4 billion
Exact value

Exact value: 5404000000 USD

2017-01-01 – 2017-12-31: 5404000000 USD Inspect Net Income Open source
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USD 3.25 billion
Exact value

Exact value: 3253000000 USD

2017-01-01 – 2017-12-31: 3253000000 USD Inspect Operating Cash Flow Open source
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USD 1.72 billion
Exact value

Exact value: 1723000000 USD

2017-01-01 – 2017-12-31: 1723000000 USD Inspect Capital Expenditure Open source
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USD 1.53 billion
Calculation and evidence

3253000000 − 1723000000 USD

Exact free cash flow: 1530000000 USD

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2018 2018-01-01 – 2018-12-31
USD 2.67 billion
Exact value

Exact value: 2666000000 USD

2018-01-01 – 2018-12-31: 2666000000 USD Inspect Net Income Open source
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USD 3.73 billion
Exact value

Exact value: 3726000000 USD

2018-01-01 – 2018-12-31: 3726000000 USD Inspect Operating Cash Flow Open source
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USD 1.95 billion
Exact value

Exact value: 1951000000 USD

2018-01-01 – 2018-12-31: 1951000000 USD Inspect Capital Expenditure Open source
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USD 1.78 billion
Calculation and evidence

3726000000 − 1951000000 USD

Exact free cash flow: 1775000000 USD

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2019 2019-01-01 – 2019-12-31
USD 2.72 billion
Exact value

Exact value: 2722000000 USD

2019-01-01 – 2019-12-31: 2722000000 USD Inspect Net Income Open source
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USD 3.89 billion
Exact value

Exact value: 3892000000 USD

2019-01-01 – 2019-12-31: 3892000000 USD Inspect Operating Cash Flow Open source
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USD 2.02 billion
Exact value

Exact value: 2019000000 USD

2019-01-01 – 2019-12-31: 2019000000 USD Inspect Capital Expenditure Open source
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USD 1.87 billion
Calculation and evidence

3892000000 − 2019000000 USD

Exact free cash flow: 1873000000 USD

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2020 2020-01-01 – 2020-12-31
USD 2.01 billion
Exact value

Exact value: 2013000000 USD

2020-01-01 – 2020-12-31: 2013000000 USD Inspect Net Income Open source
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USD 3.64 billion
Exact value

Exact value: 3637000000 USD

2020-01-01 – 2020-12-31: 3637000000 USD Inspect Operating Cash Flow Open source
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USD 1.49 billion
Exact value

Exact value: 1494000000 USD

2020-01-01 – 2020-12-31: 1494000000 USD Inspect Capital Expenditure Open source
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USD 2.14 billion
Calculation and evidence

3637000000 − 1494000000 USD

Exact free cash flow: 2143000000 USD

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2021 2021-01-01 – 2021-12-31
USD 3.01 billion
Exact value

Exact value: 3005000000 USD

2021-01-01 – 2021-12-31: 3005000000 USD Inspect Net Income Open source
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USD 4.26 billion
Exact value

Exact value: 4255000000 USD

2021-01-01 – 2021-12-31: 4255000000 USD Inspect Operating Cash Flow Open source
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USD 1.47 billion
Exact value

Exact value: 1470000000 USD

2021-01-01 – 2021-12-31: 1470000000 USD Inspect Capital Expenditure Open source
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USD 2.79 billion
Calculation and evidence

4255000000 − 1470000000 USD

Exact free cash flow: 2785000000 USD

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2022 2022-01-01 – 2022-12-31
USD 3.27 billion
Exact value

Exact value: 3270000000 USD

2022-01-01 – 2022-12-31: 3270000000 USD Inspect Net Income Open source
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USD 4.22 billion
Exact value

Exact value: 4222000000 USD

2022-01-01 – 2022-12-31: 4222000000 USD Inspect Operating Cash Flow Open source
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USD 1.95 billion
Exact value

Exact value: 1948000000 USD

2022-01-01 – 2022-12-31: 1948000000 USD Inspect Capital Expenditure Open source
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USD 2.27 billion
Calculation and evidence

4222000000 − 1948000000 USD

Exact free cash flow: 2274000000 USD

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2023 2023-01-01 – 2023-12-31
USD 1.83 billion
Exact value

Exact value: 1827000000 USD

2023-01-01 – 2023-12-31: 1827000000 USD Inspect Net Income Open source
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USD 3.18 billion
Exact value

Exact value: 3179000000 USD

2023-01-01 – 2023-12-31: 3179000000 USD Inspect Operating Cash Flow Open source
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USD 2.33 billion
Exact value

Exact value: 2327000000 USD

2023-01-01 – 2023-12-31: 2327000000 USD Inspect Capital Expenditure Open source
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USD 852 million
Calculation and evidence

3179000000 − 2327000000 USD

Exact free cash flow: 852000000 USD

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2024 2024-01-01 – 2024-12-31
USD 2.62 billion
Exact value

Exact value: 2622000000 USD

2024-01-01 – 2024-12-31: 2622000000 USD Inspect Net Income Open source
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USD 4.05 billion
Exact value

Exact value: 4052000000 USD

2024-01-01 – 2024-12-31: 4052000000 USD Inspect Operating Cash Flow Open source
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USD 2.38 billion
Exact value

Exact value: 2381000000 USD

2024-01-01 – 2024-12-31: 2381000000 USD Inspect Capital Expenditure Open source
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USD 1.67 billion
Calculation and evidence

4052000000 − 2381000000 USD

Exact free cash flow: 1671000000 USD

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2025 2025-01-01 – 2025-12-31
USD 2.87 billion
Exact value

Exact value: 2873000000 USD

2025-01-01 – 2025-12-31: 2873000000 USD Inspect Net Income Open source
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USD 4.36 billion
Exact value

Exact value: 4361000000 USD

2025-01-01 – 2025-12-31: 4361000000 USD Inspect Operating Cash Flow Open source
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USD 2.2 billion
Exact value

Exact value: 2204000000 USD

2025-01-01 – 2025-12-31: 2204000000 USD Inspect Capital Expenditure Open source
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USD 2.16 billion
Calculation and evidence

4361000000 − 2204000000 USD

Exact free cash flow: 2157000000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

266 filings · 7,741 latest values · 7,741 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0000702165, 702165, NSC, edgar:702165

Also known as NORFOLK SOUTHERN CORP, NORFOLK SOUTHERN CORPORATION, Norfolk Southern Corporation