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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 |
| Operating 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 |
| Selling General And Administration | - | -126 | -117 | -61 | -86 |
| Total Expenses | - | 7,540 | 7,830 | 7,246 | 7,609 |
| Operating Income | - | 5,205 | 4,326 | 4,877 | 4,571 |
| Total Operating Income As Reported | - | 4,809 | 2,851 | 4,071 | 4,356 |
| EBITDA | - | 6,043 | 4,340 | 5,489 | 5,850 |
| Normalized EBITDA | - | 6,390 | 5,633 | 6,217 | 5,959 |
| EBIT | - | 4,822 | 3,042 | 4,136 | 4,457 |
| Interest Expense | - | 692 | 722 | 807 | 792 |
| Net Interest Income | - | -692 | -722 | -807 | -792 |
| Other Non Operating Income Expenses | - | -36 | 9 | -13 | -5 |
| Other Income Expense | - | -383 | -1,284 | -741 | -114 |
| Interest Expense Non Operating | - | 692 | 722 | 807 | 792 |
| Net Non Operating Interest Income Expense | - | -692 | -722 | -807 | -792 |
| Pretax Income | - | 4,130 | 2,320 | 3,329 | 3,665 |
| Tax Provision | - | 860 | 493 | 707 | 792 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -72.18 | -275.41 | -154.34 | -23.54 |
| Net Income Continuous Operations | - | 3,270 | 1,827 | 2,622 | 2,873 |
| Net Income From Continuing And Discontinued Operation | - | 3,270 | 1,827 | 2,622 | 2,873 |
| Net Income From Continuing Operation Net Minority Interest | - | 3,270 | 1,827 | 2,622 | 2,873 |
| Net Income | - | 3,270 | 1,827 | 2,622 | 2,873 |
| Net Income Common Stockholders | - | 3,267 | 1,824 | 2,619 | 2,870 |
| Net Income Including Noncontrolling Interests | - | 3,270 | 1,827 | 2,622 | 2,873 |
| Normalized Income | - | 3,544.82 | 2,844.59 | 3,195.66 | 2,958.46 |
| Diluted NI Availto Com Stockholders | - | 3,268 | 1,824 | 2,619 | 2,870 |
| Basic Average Shares | - | 228.08 | 225.68 | 226.32 | 224.42 |
| Diluted Average Shares | - | 235.60 | 227.40 | 226.40 | 225.30 |
| Reconciled Depreciation | - | 1,221 | 1,298 | 1,353 | 1,393 |
| Reconciled Cost Of Revenue | - | 7,506 | 7,721 | 7,580 | 7,753 |
| Total Unusual Items | - | -347 | -1,293 | -728 | -109 |
| Total Unusual Items Excluding Goodwill | - | -347 | -1,293 | -728 | -109 |
| Preferred Stock Dividends | 2 | 2 | - | - | - |
| Special Income Charges | - | -347 | -1,293 | -728 | -109 |
| Other Special Charges | - | 347 | 1,293 | 545 | 7 |
| Restructuring And Mergern Acquisition | - | 0 | 0 | 183 | 102 |
| General And Administrative Expense | - | -126 | -117 | -61 | -86 |
| Other Gand A | - | - | - | 59 | - |
| Salaries And Wages | - | -126 | -117 | -120 | -86 |
| Gain On Sale Of Ppe | 0 | 0 | - | - | - |
| Other Operating Expenses | - | 160 | 226 | -273 | -58 |
| Otherunder Preferred Stock Dividend | - | 3 | 3 | 3 | 3 |
| Average Dilution Earnings | 2 | 2 | - | - | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Norfolk Southern Corporationthis co. | NSC | $69.0B | 24.01↓ discount | 4.44 | 18.5% | 14.49 |
| Illinois Tool Works Inc. | ITW | $72.2B | 23.56 | 22.40 | 95.1% | 17.32 |
| Cintas Corporation | CTAS | $72.0B | 39.73 | 15.37 | 38.7% | 26.02 |
| TransDigm Group Incorporated | TDG | $68.7B | 33.12 | -7.09 | -21.4% | 21.00 |
| United Rentals, Inc. | URI |
| - |
| - |
| - |
| - |
| - |
| - |
| $67.9B |
| 27.24 |
| 7.58 |
| 27.8% |
| 11.61 |
| Comfort Systems USA, Inc. | FIX | $67.4B | 65.88 | 27.51 | 41.8% | 46.36 |
| Republic Services, Inc. | RSG | $64.0B | 29.90 | 5.34 | 17.9% | 15.25 |
| PACCAR Inc | PCAR | $62.1B | 26.15 | 3.23 | 12.3% | 18.86 |
| W.W. Grainger, Inc. | GWW | $60.9B | 35.68 | 16.29 | 45.7% | 22.84 |
| Peer Median | - | 31.51 | 11.47 | 33.2% | 19.93 | |