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Norfolk Southern Corporation (NSC) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

INDUSTRIALS · Rail Transportation · DATA UPDATED 2026-08-30

Norfolk Southern Corporation (NSC) operates in the Rail Transportation industry and is headquartered in Atlanta, United States with about 19,300 employees. Its market capitalization is roughly $71 billion. In the fiscal year ended 2025-12-31, NSC reported $12.2B in revenue and $2.9B in net income.

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States.

Interactive charts & full statements → Open the NSC valuation workbench →

NSC Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$12.5B	$12.2B	$12.1B	$12.2B	$12.7B	$11.1B	$9.8B	$11.3B	$11.5B	$10.6B	$9.9B	$10.5B	$11.6B	$11.2B	$11.0B	$11.2B	$9.5B	$8.0B	$10.7B	$9.4B	$9.4B
Gross Profit	$6.7B	$5.2B	$3.8B	$6.1B	$4.7B	$4.4B	$3.4B	$3.9B	$4.0B	$3.5B	$3.1B	$2.9B	$3.6B	$3.3B	$3.1B	$3.2B	$2.7B	$2.0B	$3.1B	$2.6B	$2.6B
Gross Margin %	53.7%	42.4%	31.1%	50.2%	37.1%	39.2%	34.7%	34.5%	34.5%	33.4%	31.1%	27.4%	30.7%	28.9%	28.2%	28.7%	28.1%	24.6%	28.9%	27.3%	27.2%
Operating Income (EBIT)	$4.0B	$4.0B	$3.8B	$2.9B	$4.7B	$4.4B	$3.4B	$3.9B	$4.0B	$3.5B	$3.1B	$2.9B	$3.6B	$3.3B	$3.1B	$3.2B	$2.7B	$2.0B	$3.1B	$2.6B	$2.6B
Operating Margin %	31.6%	32.9%	31.1%	23.4%	37.1%	39.2%	34.7%	34.5%	34.5%	33.4%	31.1%	27.4%	30.7%	28.9%	28.2%	28.7%	28.1%	24.6%	28.9%	27.3%	27.2%
Net Income	$2.6B	$2.9B	$2.6B	$1.8B	$3.3B	$3.0B	$2.0B	$2.7B	$2.7B	$5.4B	$1.7B	$1.6B	$2.0B	$1.9B	$1.7B	$1.9B	$1.5B	$1.0B	$1.7B	$1.5B	$1.5B
Net Margin %	21.0%	23.6%	21.6%	15.0%	25.7%	27.0%	20.6%	24.1%	23.3%	51.2%	16.9%	14.8%	17.2%	17.0%	15.8%	17.2%	15.7%	13.0%	16.1%	15.5%	15.7%
EBITDA	$5.4B	$5.8B	$5.5B	$2.9B	$6.0B	$5.7B	$4.3B	$5.2B	$5.1B	$4.7B	$4.2B	$4.1B	$4.6B	$4.4B	$4.2B	$4.2B	$3.7B	$2.9B	$4.0B	$3.5B	$3.5B
Earnings Per Share (EPS)	$11.72	$12.78	$11.58	$8.03	$13.88	$12.11	$7.84	$10.25	$9.51	$18.62	$5.64	$5.11	$6.40	$6.05	$5.38	$5.45	$4.02	$2.78	$4.52	$3.68	$3.57
Shares Outstanding (M)	225M	225M	226M	227M	236M	248M	257M	266M	280M	290M	296M	304M	312M	316M	325M	351M	372M	372M	380M	398M	415M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NSC Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$3.5B	$3.0B	$3.0B	$3.1B	$3.1B	$3.0B	$3.0B	$3.1B
Gross Profit	$2.3B	$1.3B	$2.1B	$1.0B	$1.1B	$938M	$1.1B	$1.3B
Gross Margin %	66.8%	43.1%	70.5%	33.2%	35.5%	31.3%	36.1%	41.2%
Operating Income (EBIT)	$1.1B	$877M	$937M	$1.0B	$1.1B	$938M	$1.1B	$1.3B
Operating Margin %	32.4%	29.2%	31.5%	33.2%	35.5%	31.3%	36.1%	41.2%
Net Income	$734M	$547M	$644M	$711M	$768M	$750M	$733M	$1.1B
Net Margin %	21.2%	18.2%	21.6%	22.9%	24.7%	25.1%	24.2%	36.0%
EBITDA	$1.4B	$1.2B	$1.3B	$1.5B	$1.5B	$1.5B	$1.5B	$2.0B
Earnings Per Share (EPS)	$3.26	$2.43	$2.86	$3.16	$3.41	$3.31	$3.24	$4.85
Shares Outstanding (M)	225M	225M	225M	225M	225M	226M	226M	226M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NSC Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$3.7B	$4.4B	$4.1B	$3.2B	$4.2B	$4.3B	$3.6B	$3.9B	$3.7B	$3.3B	$3.0B	$2.9B	$2.9B	$3.1B	$3.1B	$3.2B	$2.7B	$1.9B	$2.7B	$2.3B	$2.2B
Capital Expenditures (CapEx)	$2.8B	$2.2B	$2.4B	$2.3B	$1.9B	$1.5B	$1.5B	$2.0B	$2.0B	$1.7B	$1.9B	$2.4B	$2.1B	$2.0B	$2.2B	$2.2B	$1.5B	$1.3B	$1.6B	$1.3B	$1.2B
Free Cash Flow (FCF)	$885M	$2.2B	$1.7B	$830M	$2.3B	$2.8B	$2.1B	$1.9B	$1.8B	$1.5B	$1.1B	$492M	$734M	$1.1B	$824M	$1.1B	$1.2B	$561M	$1.2B	$992M	$1.0B
FCF Margin %	7.1%	17.7%	13.8%	6.8%	17.8%	25.0%	21.9%	16.6%	15.5%	14.5%	11.6%	4.7%	6.3%	9.8%	7.5%	9.6%	13.1%	7.0%	10.8%	10.5%	10.9%
Dividends Paid	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.0B	$960M	$949M	$844M	$703M	$695M	$713M	$687M	$637M	$624M	$576M	$514M	$500M	$456M	$377M	$278M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NSC Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$1.1B	$344M	$1.1B	$1.3B	$1.1B	$950M	$951M	$1.2B
Capital Expenditures (CapEx)	$439M	$382M	$1.5B	$551M	$475M	$449M	$675M	$581M
Free Cash Flow (FCF)	$615M	($38M)	($412M)	$720M	$602M	$501M	$276M	$645M
FCF Margin %	17.8%	-1.3%	-13.9%	23.2%	19.4%	16.7%	9.1%	21.1%
Dividends Paid	$303M	$303M	$303M	$303M	$303M	$306M	$306M	$305M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NSC Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$45.1B	$45.2B	$43.7B	$41.7B	$38.9B	$38.5B	$38.0B	$37.9B	$36.2B	$35.7B	$34.9B	$34.3B	$33.2B	$32.5B	$30.3B	$28.5B	$28.2B	$27.4B	$26.3B	$26.1B	$26.0B
Cash & Cash Equivalents	$1.1B	$1.5B	$1.6B	$1.6B	$456M	$839M	$1.1B	$580M	$358M	$690M	$956M	$1.1B	$973M	$1.4B	$653M	$276M	$827M	$996M	$618M	$206M	$527M
Total Liabilities	$28.9B	$29.7B	$29.4B	$28.9B	$26.2B	$24.9B	$23.2B	$22.7B	$20.9B	$19.4B	$22.5B	$22.1B	$20.8B	$21.2B	$20.6B	$18.6B	$17.5B	$17.0B	$16.7B	$16.4B	$16.4B
Total Debt (Short + Long-Term)	$16.6B	$17.1B	$17.3B	$17.3B	$15.3B	$13.9B	$12.8B	$12.3B	$11.1B	$9.8B	$10.2B	$10.1B	$9.3B	$9.6B	$8.8B	$7.7B	$7.2B	$7.3B	$6.8B	$6.5B	$6.7B
Total Shareholders' Equity	$16.3B	$15.5B	$14.3B	$12.8B	$12.7B	$13.6B	$14.8B	$15.2B	$15.4B	$16.4B	$12.4B	$12.2B	$12.4B	$11.3B	$9.8B	$9.9B	$10.7B	$10.4B	$9.6B	$9.7B	$9.6B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive NSC viewer.

NSC Metric Deep Dives

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