Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals, including sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal. It also transports overseas freight through various Atlantic and Gulf Coast ports; and operates an intermodal network. Norfolk Southern Corporation was incorporated in 1980 and is headquartered in Atlanta, Georgia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $12.2B | $5.8B | $2.9B | $2.2B | 18.5% | 0.5% | 9.6% |
| 2024 | $12.1B | $5.5B | $2.6B | $1.7B | 18.3% | -0.3% | 43.5% |
| 2023 | $12.2B | $4.3B | $1.8B | $852M | 14.3% | -4.6% | -44.1% |
| 2022 | $12.7B | $6.0B | $3.3B | $2.3B | 25.7% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 12,745 | 12,156 | 12,123 | 12,180 |
| Cost Of Revenue | - | 7,506 | 7,721 | 7,580 | 7,753 |
| Gross Profit | - | 5,239 | 4,435 | 4,543 | 4,427 |
| Operating Expense | - | 34 | 109 | -334 | -144 |
| Operating Income | - | 5,205 | 4,326 | 4,877 | 4,571 |
| EBITDA | - | 6,043 | 4,340 | 5,489 | 5,850 |
| EBIT | - | 4,822 | 3,042 | 4,136 | 4,457 |
| Pretax Income | - | 4,130 | 2,320 | 3,329 | 3,665 |
| Tax Provision | - | 860 | 493 | 707 | 792 |
| Net Income | - | 3,270 | 1,827 | 2,622 | 2,873 |
| Net Income Common Stockholders | - | 3,267 | 1,824 | 2,619 | 2,870 |
| Total Expenses | - | 7,540 | 7,830 | 7,246 | 7,609 |
| Interest Expense | - | 692 | 722 | 807 | 792 |
| Selling General And Administration | - | -126 | -117 | -61 | -86 |
| Normalized EBITDA | - | 6,390 | 5,633 | 6,217 | 5,959 |
| Normalized Income | - | 3,544.82 | 2,844.59 | 3,195.66 | 2,958.46 |
| Market Cap | 71,797.92 | 71,797.92 | 71,797.92 | 71,797.92 | 71,797.92 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Norfolk Southern Corporationthis co. | NSC | $71.7B | 24.99β discount | 4.62 | 18.5% | 14.97 |
| Emerson Electric Co. | EMR | $79.5B | 34.64 | 3.92 | 11.3% | 18.94 |
| Illinois Tool Works Inc. | ITW | $78.5B | 25.31 | 24.06 | 95.1% | 18.47 |
| 3M Company | MMM | $78.4B | 23.43 | 16.19 | 69.1% | 12.91 |
| TransDigm Group Incorporated | TDG | $74.2B |
| - |
| - |
| - |
| - |
| - |
| - |
| 31.26 |
| -6.69 |
| -21.4% |
| 20.15 |
| Cintas Corporation | CTAS | $71.1B | 38.83 | 15.02 | 38.7% | 25.45 |
| PACCAR Inc | PCAR | $66.7B | 28.11 | 3.47 | 12.3% | 20.09 |
| Republic Services, Inc. | RSG | $65.4B | 30.30 | 5.42 | 17.9% | 15.41 |
| United Rentals, Inc. | URI | $62.8B | 24.48 | 6.81 | 27.8% | 10.65 |
| Peer Median | - | 29.21 | 6.11 | 22.8% | 18.70 | |