Norfolk Southern

Industrials Rail Transportation Atlanta, Georgia Last filing Feb 9, 2026 · FY2025

                    Revenue
                    FY2025
                
$12.2B
                    3y CAGR -1.5%
                    
                    P18
                    
                    +0.5%
                    
                    Net income
                    FY2025
                
$2.9B
                    Net margin +23.6%
                    
                    P93
                    
                    +9.6%
                    
                    Total assets
                    FY2025
                
$45.2B
                    ROA +6.4%
                    
                    P35
                    
                    +3.6%
                    
                    Operating cash flow
                    FY2025
                
$4.4B
                    FCF margin +17.7%
                    
                    P78
                    
                    +7.6%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

24 accounts · 5 years

Total assets $45.2B

Total liabilities $29.7B

Shareholders equity $15.5B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	12.6%	13.5%	12.9%	3.6%	7.5%
Accounts Receivable	8.1%	8.8%	9.4%	9.0%	8.8%
Prepaid Expenses	3.4%	1.7%	2.4%	1.2%	1.2%
Other Current Assets	3.4%	1.7%	2.4%	1.2%	1.2%
Total Current Assets	26.3%	26.3%	26.9%	15.7%	19.4%
Property,Plant and Equipment	299.5%	295.6%	274.2%	252.3%	284.1%
Long Term Investments	33.6%	27.8%	31.6%	29.0%	33.3%
Other Noncurrent Assets	12.1%	10.7%	10.0%	8.1%	8.7%
Total Assets	371.4%	360.3%	342.6%	305.1%	345.5%
Liabilities
Accounts Payable	15.3%	14.1%	13.5%	10.1%	12.1%
Accrued Liabilities	0.0%	0.5%	0.5%	0.5%	0.5%
Other Current Liabilities	7.9%	7.8%	6.0%	2.7%	2.8%
Total Current Liabilities	31.0%	29.2%	21.7%	20.8%	22.6%
Long Term Debt	135.3%	137.4%	141.3%	113.6%	119.3%
Deferred Tax Liabilities	63.3%	61.2%	59.4%	57.0%	64.3%
Other Noncurrent Liabilities	14.1%	14.5%	15.1%	13.8%	16.9%
Total Liabilities	243.8%	242.3%	237.5%	205.2%	223.0%
Equity
Common Stock	1.9%	1.9%	1.9%	1.8%	2.2%
Additional Paid In Capital	18.9%	18.5%	17.9%	16.9%	19.9%
Retained Earnings	108.7%	99.8%	88.0%	83.9%	104.0%
Treasury Stock	0.0%	0.2%	0.2%	0.1%	0.0%
Accumulated Other Comprehensive Income	-1.7%	-2.2%	-2.6%	-2.8%	-3.6%
Total Stockholders Equity	127.6%	118.0%	105.1%	99.9%	122.4%
Total Liabilitiesand Equity	371.4%	360.3%	342.6%	305.1%	345.5%

Income Statement

Revenue, expense, and profitability

16 accounts · 5 years

Revenue $12.2B

Operating income $4.4B

Net income $2.9B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	64.2%	66.4%	76.5%	62.3%	60.1%
Expenses Depreciation and Amortization	11.4%	11.2%	10.7%	9.6%	10.6%
Expenses Share Based Compensation	0.5%	0.3%	0.3%	0.4%	0.5%
Expenses Operating Expenses	64.2%	66.4%	76.5%	62.3%	60.1%
Other Income Expense Operating Income	35.8%	33.6%	23.5%	37.7%	39.9%
Other Income Expense Interest Expense	6.5%	6.7%	5.9%	5.4%	5.8%
Other Income Expense Other Income/expense	0.8%	0.5%	1.6%	0.1%	0.7%
Other Income Expense Income Before Tax	30.1%	27.5%	19.1%	32.4%	34.8%
Income Tax Income Tax Expense	6.5%	5.8%	4.1%	6.7%	7.8%
net Income net Income	23.6%	21.6%	15.0%	25.7%	27.0%
net Income Comprehensive Income	24.0%	22.1%	15.3%	26.1%	28.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.8%	1.9%	1.9%	1.8%	2.2%
Earnings Per Share Weighted Average Shares Diluted	1.8%	1.9%	1.9%	1.8%	2.2%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $4.4B

Investing cash flow $-2.6B

Financing cash flow $-1.9B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	23.6%	21.6%	15.0%	25.7%	27.0%
Operating Activities Depreciation and Amortization	11.4%	11.2%	10.7%	9.6%	10.6%
Operating Activities Stock Based Compensation	0.5%	0.3%	0.3%	0.4%	0.5%
Operating Activities Deferred Income Taxes	2.3%	1.5%	-0.4%	0.7%	1.7%
Operating Activities Changes In Operating Assets and Liabilities	-0.5%	-0.7%	0.0%	1.3%	1.2%
Operating Activities Other Non Cash Items	-1.9%	-1.9%	-1.8%	-0.5%	-1.6%
Operating Activities net Cash From Operating Activities	35.8%	33.4%	26.2%	33.1%	38.2%
Investing Activities Capital Expenditures	18.1%	19.6%	19.1%	15.3%	13.2%
Investing Activities Purchases of Investments	5.1%	2.6%	1.0%	0.1%	0.1%
Investing Activities Other Investing Activities	-0.8%	-8.3%	-1.7%	-0.7%	-0.9%
Investing Activities net Cash From Investing Activities	-21.0%	-22.9%	-17.9%	-12.6%	-11.0%
Financing Activities Proceeds From Debt	3.3%	8.7%	27.1%	14.4%	15.0%
Financing Activities Repurchase of Common Stock	4.4%	0.0%	5.1%	24.4%	30.4%
Financing Activities Dividends Paid	10.0%	10.1%	10.1%	9.2%	9.2%
Financing Activities Proceeds From Stock Issuance	0.1%	0.3%	0.2%	0.2%	0.4%
Financing Activities net Cash From Financing Activities	-15.7%	-9.9%	0.9%	-23.6%	-29.7%
Cash Reconciliation Effect of Exchange Rate On Cash	12.6%	13.5%	12.9%	3.6%	7.5%
Cash Reconciliation net Change In Cash	-0.9%	0.6%	9.1%	-3.0%	-2.5%
Cash Reconciliation Cash At Beginning of Period	12.6%	13.5%	12.9%	3.6%	7.5%
Cash Reconciliation Cash At End of Period	12.6%	13.5%	12.9%	3.6%	7.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+35.8%	+33.6%	+23.5%	+37.7%	+39.9%
Operating margin	+35.8%	+33.6%	+23.5%	+37.7%	+39.9%
Net margin	+23.6%	+21.6%	+15.0%	+25.7%	+27.0%
FCF margin	+17.7%	+13.8%	+7.0%	+17.8%	+25.0%
Growth
Revenue CAGR (3y)	-1.5%	+2.9%	+7.5%	+4.1%	-0.9%
Returns
ROE	+18.5%	+18.3%	+14.3%	+25.7%	+22.0%
ROA	+6.4%	+6.0%	+4.4%	+8.4%	+7.8%
ROIC	+11.2%	+10.7%	+7.9%	+13.9%	+13.2%
Liquidity
Current ratio	0.85x	0.90x	1.24x	0.76x	0.86x
Quick ratio	0.67x	0.76x	1.03x	0.61x	0.72x
Leverage
D/E	1.91x	2.05x	2.26x	2.05x	1.82x
Interest coverage	5.50x	5.04x	3.95x	6.95x	6.88x
Efficiency
Asset turnover	0.27x	0.28x	0.29x	0.33x	0.29x
Cash conversion cycle	—	—	—	—	—

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FY2025 fundamentals · no price

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Norfolk Southern

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