Cash flow Norfolk Southern Corporation

Equities

NSC

US6558441084

Ground Freight & Logistics

Market Closed - Nyse Other stock markets 21:00:02 10/04/2026 BST			5-day change	1st Jan Change
296.29 ^USD	+0.34%		+2.88%	+2.62%

04-07	Citigroup Adjusts Norfolk Southern PT to $313 From $300, Maintains Neutral Rating	MT
04-07	TD Cowen Adjusts Norfolk Southern PT to $313 From $314, Maintains Buy Rating	MT

44d5202.xqgI1lPcY23jjOrgT5fDGd70LIAI7u8fKBV04AxatuM.k9Jrr2u1FSKJ-KCILKf6KeiSHOR8nJhLGmImuUkSzqT-73-aMYYIHYbImQ

Published financial data: NORFOLK SOUTHERN CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	11.14B	12.74B	12.16B	12.12B	12.18B
Total Revenues	11.14B	12.74B	12.16B	12.12B	12.18B
Cost of Goods Sold, Total	5.41B	6.59B	6.77B	6.19B	6.58B
Gross Profit	5.73B	6.16B	5.38B	5.93B	5.6B
Depreciation & Amortization - (IS)	1.18B	1.22B	1.3B	1.35B	1.39B
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	1.18B	1.22B	1.3B	1.35B	1.39B
Operating Income	4.55B	4.94B	4.08B	4.58B	4.2B
Interest Expense, Total	-646M	-692M	-722M	-807M	-792M
Interest And Investment Income	-	-	-	-	-
Net Interest Expenses	-646M	-692M	-722M	-807M	-792M
Other Non Operating Income (Expenses)	-111M	-195M	74M	185M	187M
EBT, Excl. Unusual Items	3.79B	4.05B	3.44B	3.96B	3.6B
Restructuring Charges	-	-	-	-303M	-108M
Merger & Related Restructuring Charges	-	-	-	-	-80M
Gain (Loss) On Sale Of Assets	86M	82M	-	-	-
Asset Writedown	-	-	-	-	-
Insurance Settlements	-	-	101M	650M	338M
Other Unusual Items	-	-	-1.22B	-975M	-84M
EBT, Incl. Unusual Items	3.88B	4.13B	2.32B	3.33B	3.66B
Income Tax Expense	873M	860M	493M	707M	792M
Earnings From Continuing Operations	3B	3.27B	1.83B	2.62B	2.87B
Net Income to Company	3B	3.27B	1.83B	2.62B	2.87B
Net Income - (IS)	3B	3.27B	1.83B	2.62B	2.87B
Preferred Dividend and Other Adjustments	2M	2M	3M	3M	3M
Net Income to Common Incl Extra Items	3B	3.27B	1.82B	2.62B	2.87B
Net Income to Common Excl. Extra Items	3B	3.27B	1.82B	2.62B	2.87B
Per Share Items
Net EPS - Basic	12.16	13.92	8.04	11.58	12.76
Basic EPS - Continuing Operations	12.16	13.92	8.04	11.58	12.76
Basic Weighted Average Shares Outstanding	247M	235M	227M	226M	225M
Net EPS - Diluted	12.11	13.88	8.02	11.57	12.75
Diluted EPS - Continuing Operations	12.11	13.88	8.02	11.57	12.75
Diluted Weighted Average Shares Outstanding	248M	236M	227M	226M	225M
Normalized Basic EPS	9.6	10.78	9.46	10.94	10
Normalized Diluted EPS	9.55	10.74	9.44	10.92	9.98
Dividend Per Share	4.16	4.96	5.4	5.4	5.4
Payout Ratio	34.21	35.69	67.05	46.57	42.29
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	5.73B	6.16B	5.38B	5.93B	5.6B
EBITA	4.55B	4.94B	4.08B	4.58B	4.2B
EBIT	4.55B	4.94B	4.08B	4.58B	4.2B
EBITDAR	6.05B	6.51B	5.77B	6.32B	6.02B
Effective Tax Rate - (Ratio)	22.51	20.82	21.25	21.24	21.61
Current Domestic Taxes	689M	777M	542M	531M	515M
Total Current Taxes	689M	777M	542M	531M	515M
Deferred Domestic Taxes	184M	83M	-49M	176M	277M
Total Deferred Taxes	184M	83M	-49M	176M	277M
Normalized Net Income	2.37B	2.53B	2.15B	2.47B	2.25B
Interest Capitalized	11M	16M	21M	26M	29M
Non-Cash Pension Expense	-72M	-97M	-97M	-80M	-67M
Supplemental Operating Expense Items
Net Rental Expense, Total	317M	357M	387M	393M	420M
Imputed Operating Lease Interest Expense	117M	131M	134M	145M	154M
Imputed Operating Lease Depreciation	200M	226M	253M	248M	266M
Stock-Based Comp., COGS (Total)	54M	53M	40M	40M	63M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	54M	53M	40M	40M	63M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	839M	456M	1.57B	1.64B	1.53B
Total Cash And Short Term Investments	839M	456M	1.57B	1.64B	1.53B
Accounts Receivable, Total	741M	895M	882M	787M	715M
Other Receivables	235M	253M	265M	282M	273M
Total Receivables	976M	1.15B	1.15B	1.07B	988M
Inventory	218M	253M	264M	277M	271M
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	134M	150M	292M	201M	409M
Total Current Assets	2.17B	2.01B	3.27B	3.19B	3.2B
Gross Property Plant And Equipment	44.1B	45.16B	46.98B	50.06B	51.31B
Accumulated Depreciation	-12.03B	-12.59B	-13.26B	-13.96B	-14.62B
Net Property Plant And Equipment	32.06B	32.56B	33.72B	36.1B	36.7B
Long-term Investments	2.82B	2.94B	3.06B	3.21B	3.34B
Accounts Receivable Long-Term	23M	-	-	-	-
Other Long-Term Assets, Total	1.42B	1.37B	1.6B	1.18B	2B
Total Assets	38.49B	38.88B	41.65B	43.68B	45.24B
Liabilities
Accounts Payable, Total	1.35B	1.29B	1.64B	1.7B	1.86B
Accrued Expenses, Total	170M	177M	214M	225M	221M
Short-term Borrowings	-	100M	-	-	-
Current Portion of Long-Term Debt	553M	603M	4M	555M	607M
Current Portion of Leases	82M	94M	105M	81M	70M
Current Income Taxes Payable	305M	312M	262M	337M	340M
Other Current Liabilities	60M	70M	409M	643M	674M
Total Current Liabilities	2.52B	2.65B	2.63B	3.54B	3.78B
Long-Term Debt	13.8B	14.9B	17.69B	17.17B	17B
Long-Term Leases	353M	432M	304M	204M	166M
Pension & Other Post Retirement Benefits	582M	459M	451M	385M	380M
Deferred Tax Liability Non Current	7.16B	7.26B	7.22B	7.42B	7.71B
Other Non Current Liabilities	432M	450M	567M	650M	661M
Total Liabilities	24.85B	26.15B	28.87B	29.38B	29.69B
Common Stock, Total	242M	230M	227M	228M	226M
Additional Paid In Capital	2.22B	2.16B	2.18B	2.25B	2.3B
Retained Earnings	11.59B	10.7B	10.7B	12.09B	13.24B
Comprehensive Income and Other	-402M	-351M	-320M	-262M	-210M
Total Common Equity	13.64B	12.73B	12.78B	14.31B	15.55B
Total Equity	13.64B	12.73B	12.78B	14.31B	15.55B
Total Liabilities And Equity	38.49B	38.88B	41.65B	43.68B	45.24B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	240M	228M	226M	226M	225M
ECS Total Common Shares Outstanding	240M	228M	226M	226M	224M
Book Value / Share	56.8	55.83	56.63	63.21	69.28
Tangible Book Value	13.64B	12.73B	12.78B	14.31B	15.55B
Tangible Book Value Per Share	56.8	55.83	56.63	63.21	69.28
Total Debt	14.79B	16.13B	18.1B	18.01B	17.84B
Net Debt	13.95B	15.67B	16.54B	16.37B	16.31B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-84M	-209M	-352M	-513M	-672M
Debt Equivalent Oper. Leases	2.54B	2.86B	3.1B	3.14B	3.36B
Equity Method Investments, Total	2.8B	2.92B	3.05B	3.18B	3.32B
Account Code - Inventory Valuation	6	6	6	6	6
Land - (BS)	2.45B	2.4B	2.44B	4.12B	4.17B
Machinery, Total	10.38B	10.65B	11.17B	11.43B	11.48B
Full Time Employees	18.1K	19.3K	20.7K	19.6K	19.3K
Accumulated Allowance for Doubtful Accounts (Supple)	8M	9M	7M	8M	7M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	3B	3.27B	1.83B	2.62B	2.87B
Depreciation & Amortization - CF	1.18B	1.22B	1.3B	1.35B	1.39B
Depreciation & Amortization, Total	1.18B	1.22B	1.3B	1.35B	1.39B
(Gain) Loss From Sale Of Asset	-86M	-82M	-49M	-490M	-253M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Other Operating Activities, Total	8M	14M	-265M	-58M	47M
Change In Accounts Receivable	-133M	-171M	-2M	85M	59M
Change In Inventories	3M	-35M	-11M	-13M	6M
Change in Other Net Operating Assets	277M	5M	381M	553M	236M
Cash from Operations	4.26B	4.22B	3.18B	4.05B	4.36B
Capital Expenditure	-1.47B	-1.95B	-2.35B	-4.02B	-2.2B
Sale of Property, Plant, and Equipment	159M	263M	86M	558M	164M
Investment in Marketable and Equity Securities, Total	89M	82M	81M	686M	-522M
Cash from Investing	-1.22B	-1.6B	-2.18B	-2.78B	-2.56B
Long-Term Debt Issued, Total	1.68B	1.83B	3.29B	1.05B	396M
Total Debt Issued	1.68B	1.83B	3.29B	1.05B	396M
Long-Term Debt Repaid, Total	-584M	-553M	-1.33B	-1.06B	-559M
Total Debt Repaid	-584M	-553M	-1.33B	-1.06B	-559M
Issuance of Common Stock	17M	-	3M	26M	2M
Repurchase of Common Stock	-3.39B	-3.11B	-622M	-	-534M
Common Dividends Paid	-1.03B	-1.17B	-1.22B	-1.22B	-1.22B
Common & Preferred Stock Dividends Paid	-1.03B	-1.17B	-1.22B	-1.22B	-1.22B
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	-3.31B	-3B	115M	-1.2B	-1.91B
Net Change in Cash	-276M	-383M	1.11B	73M	-111M
Supplemental Items
Cash Interest Paid	579M	619M	653M	764M	765M
Cash Income Tax Paid (Refund)	654M	750M	681M	305M	491M
Levered Free Cash Flow	2.47B	1.72B	1.61B	268M	1.45B
Unlevered Free Cash Flow	2.88B	2.15B	2.06B	773M	1.95B
Change In Net Working Capital	-269M	257M	-519M	-542M	-68M
Net Debt Issued / Repaid	1.09B	1.28B	1.96B	-4M	-163M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	7.44	7.97	6.34	6.71	5.91
Return on Total Capital	10	10.77	8.54	9.06	8
Return On Equity %	21.14	24.8	14.32	19.36	19.25
Return on Common Equity	21.12	24.78	14.3	19.34	19.23
Margin Analysis
Gross Profit Margin %	51.43	48.3	44.27	48.93	45.95
EBITDA Margin %	51.43	48.3	44.27	48.93	45.95
EBITA Margin %	40.83	38.72	33.6	37.77	34.52
EBIT Margin %	40.83	38.72	33.6	37.77	34.52
Income From Continuing Operations Margin %	26.97	25.66	15.03	21.63	23.59
Net Income Margin %	26.97	25.66	15.03	21.63	23.59
Net Avail. For Common Margin %	26.95	25.64	15	21.6	23.56
Normalized Net Income Margin	21.27	19.85	17.67	20.4	18.47
Levered Free Cash Flow Margin	22.2	13.5	13.24	2.21	11.93
Unlevered Free Cash Flow Margin	25.82	16.9	16.95	6.38	15.99
Asset Turnover
Asset Turnover	0.29	0.33	0.3	0.28	0.27
Fixed Assets Turnover	0.35	0.39	0.37	0.35	0.33
Receivables Turnover (Average Receivables)	16.27	15.58	13.68	14.53	16.22
Inventory Turnover (Average Inventory)	24.66	27.98	26.21	22.89	24.03
Short Term Liquidity
Current Ratio	0.86	0.76	1.24	0.9	0.85
Quick Ratio	0.72	0.61	1.03	0.76	0.67
Operating Cash Flow to Current Liabilities	1.69	1.59	1.21	1.14	1.16
Days Sales Outstanding (Average Receivables)	22.44	23.43	26.68	25.19	22.51
Days Outstanding Inventory (Average Inventory)	14.8	13.05	13.93	15.99	15.19
Average Days Payable Outstanding	79.86	72.85	78.84	98.58	98.98
Cash Conversion Cycle (Average Days)	-42.62	-36.37	-38.23	-57.39	-61.28
Long Term Solvency
Total Debt/Equity	108.4	126.65	141.66	125.91	114.74
Total Debt / Total Capital	52.02	55.88	58.62	55.73	53.43
LT Debt/Equity	103.75	120.39	140.8	121.46	110.39
Long-Term Debt / Total Capital	49.78	53.12	58.27	53.77	51.4
Total Liabilities / Total Assets	64.56	67.25	69.31	67.25	65.63
EBIT / Interest Expense	7.04	7.13	5.66	5.67	5.31
EBITDA / Interest Expense	9.36	9.41	7.99	7.84	7.6
(EBITDA - Capex) / Interest Expense	7.09	6.6	4.74	2.85	4.81
Total Debt / EBITDA	2.45	2.48	3.14	2.85	2.96
Net Debt / EBITDA	2.31	2.41	2.87	2.59	2.71
Total Debt / (EBITDA - Capex)	3.23	3.53	5.29	7.83	4.68
Net Debt / (EBITDA - Capex)	3.05	3.43	4.84	7.11	4.28
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	13.82	14.39	-4.62	-0.27	0.47
Gross Profit, 1 Yr. Growth %	23.7	7.43	-12.57	12.67	-5.65
EBITDA, 1 Yr. Growth %	23.7	7.43	-12.57	12.67	-5.65
EBITA, 1 Yr. Growth %	30.79	8.49	-17.24	15.43	-8.19
EBIT, 1 Yr. Growth %	30.79	8.49	-17.24	15.43	-8.19
Earnings From Cont. Operations, 1 Yr. Growth %	49.28	8.82	-44.13	43.51	9.57
Net Income, 1 Yr. Growth %	49.28	8.82	-44.13	43.51	9.57
Normalized Net Income, 1 Yr. Growth %	31.85	6.75	-16.8	11.37	-9.05
Diluted EPS Before Extra, 1 Yr. Growth %	54.55	14.56	-42.2	44.29	10.15
Accounts Receivable, 1 Yr. Growth %	17.81	20.78	-1.45	-10.77	-9.15
Inventory, 1 Yr. Growth %	-1.36	16.06	4.35	4.92	-2.17
Net Property, Plant and Equip., 1 Yr. Growth %	0.9	1.56	3.54	7.08	1.65
Total Assets, 1 Yr. Growth %	1.4	1.02	7.12	4.87	3.56
Tangible Book Value, 1 Yr. Growth %	-7.78	-6.66	0.38	11.93	8.67
Common Equity, 1 Yr. Growth %	-7.78	-6.66	0.38	11.93	8.67
Cash From Operations, 1 Yr. Growth %	16.99	-0.78	-24.7	27.46	7.63
Capital Expenditures, 1 Yr. Growth %	-1.61	32.52	20.59	71.31	-45.23
Levered Free Cash Flow, 1 Yr. Growth %	80	-30.42	-6.49	-82.52	440.97
Unlevered Free Cash Flow, 1 Yr. Growth %	63.03	-25.16	-4.31	-61.11	151.98
Dividend Per Share, 1 Yr. Growth %	10.64	19.23	8.87	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-0.68	14.1	4.45	-2.47	0.1
Gross Profit, 2 Yr. CAGR %	5.07	15.28	-3.08	-0.82	3.1
EBITDA, 2 Yr. CAGR %	5.06	15.28	-3.08	-0.82	3.1
EBITA, 2 Yr. CAGR %	5.96	19.12	-5.25	-2.42	2.94
EBIT, 2 Yr. CAGR %	5.96	19.12	-5.25	-2.42	2.94
Earnings From Cont. Operations, 2 Yr. CAGR %	5.07	27.45	-22.03	-10.45	25.4
Net Income, 2 Yr. CAGR %	5.07	27.45	-22.03	-10.45	25.4
Normalized Net Income, 2 Yr. CAGR %	4.12	18.64	-5.87	-3.58	0.65
Diluted EPS Before Extra, 2 Yr. CAGR %	8.71	33.06	-18.63	-8.67	26.07
Accounts Receivable, 2 Yr. CAGR %	4.24	19.29	9.1	-6.23	-9.96
Inventory, 2 Yr. CAGR %	-5.48	7	10.05	4.64	1.32
Net Property, Plant and Equip., 2 Yr. CAGR %	-0.14	1.23	2.54	5.29	4.33
Total Assets, 2 Yr. CAGR %	0.75	1.21	4.02	5.99	4.21
Tangible Book Value, 2 Yr. CAGR %	-5.22	-7.22	-3.2	6	10.29
Common Equity, 2 Yr. CAGR %	-5.22	-7.22	-3.2	6	10.29
Cash From Operations, 2 Yr. CAGR %	4.56	7.74	-13.56	-2.03	17.12
Capital Expenditures, 2 Yr. CAGR %	-14.67	14.19	26.41	43.73	-3.14
Levered Free Cash Flow, 2 Yr. CAGR %	42.85	11.91	-19.34	-59.56	-2.76
Unlevered Free Cash Flow, 2 Yr. CAGR %	34.54	10.46	-15.37	-38.96	-1.01
Dividend Per Share, 2 Yr. CAGR %	7.5	14.85	13.93	4.34	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-0.93	4.1	7.49	2.85	-1.5
Gross Profit, 3 Yr. CAGR %	3.81	5.85	5.13	1.16	-2.45
EBITDA, 3 Yr. CAGR %	3.8	5.85	5.13	1.16	-2.45
EBITA, 3 Yr. CAGR %	4.21	6.79	5.5	0.22	-4.38
EBIT, 3 Yr. CAGR %	4.21	6.79	5.5	0.22	-4.38
Earnings From Cont. Operations, 3 Yr. CAGR %	4.07	6.3	-3.18	-4.44	-4.22
Net Income, 3 Yr. CAGR %	4.07	6.3	-3.18	-4.44	-4.22
Normalized Net Income, 3 Yr. CAGR %	4.76	4.99	6.11	0.67	-5.44
Diluted EPS Before Extra, 3 Yr. CAGR %	8.39	10.63	0.77	-1.51	-2.79
Accounts Receivable, 3 Yr. CAGR %	0.04	9.48	11.93	2.03	-7.21
Inventory, 3 Yr. CAGR %	1.74	1.21	6.11	8.31	2.32
Net Property, Plant and Equip., 3 Yr. CAGR %	1.03	0.42	1.99	4.03	4.06
Total Assets, 3 Yr. CAGR %	2.03	0.84	3.14	4.31	5.17
Tangible Book Value, 3 Yr. CAGR %	-3.88	-5.7	-4.75	1.6	6.88
Common Equity, 3 Yr. CAGR %	-3.88	-5.7	-4.75	1.6	6.88
Cash From Operations, 3 Yr. CAGR %	4.52	2.75	-4.39	-1.62	1.09
Capital Expenditures, 3 Yr. CAGR %	-9	-1.19	16.28	39.89	4.2
Levered Free Cash Flow, 3 Yr. CAGR %	18.66	12.4	5.41	-52.3	-4.01
Unlevered Free Cash Flow, 3 Yr. CAGR %	16.31	10.65	5.3	-35.48	-2.09
Dividend Per Share, 3 Yr. CAGR %	11.02	11.27	12.82	9.09	2.87
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	2.42	3.85	1.19	1.42	4.47
Gross Profit, 5 Yr. CAGR %	6.92	5.81	1	2.71	3.86
EBITDA, 5 Yr. CAGR %	6.9	5.79	0.99	2.7	3.86
EBITA, 5 Yr. CAGR %	8.15	6.59	0.32	2.48	3.86
EBIT, 5 Yr. CAGR %	8.15	6.59	0.32	2.48	3.86
Earnings From Cont. Operations, 5 Yr. CAGR %	12.49	-9.56	-7.28	-0.75	7.37
Net Income, 5 Yr. CAGR %	12.49	-9.56	-7.28	-0.75	7.37
Normalized Net Income, 5 Yr. CAGR %	7.99	5.92	0.82	2.5	4.59
Diluted EPS Before Extra, 5 Yr. CAGR %	16.59	-5.7	-3.35	2.46	10.22
Accounts Receivable, 5 Yr. CAGR %	-4.75	4.95	3.57	2.91	2.6
Inventory, 5 Yr. CAGR %	-3.24	2.65	4.98	2.57	4.16
Net Property, Plant and Equip., 5 Yr. CAGR %	1.51	1.43	1.63	2.34	2.92
Total Assets, 5 Yr. CAGR %	1.98	1.72	2.82	2.87	3.57
Tangible Book Value, 5 Yr. CAGR %	1.91	-4.89	-3.61	-1.18	1
Common Equity, 5 Yr. CAGR %	1.91	-4.89	-3.61	-1.18	1
Cash From Operations, 5 Yr. CAGR %	7	5.35	-3.13	0.81	3.7
Capital Expenditures, 5 Yr. CAGR %	-4.87	2.49	3.78	14.79	8.09
Levered Free Cash Flow, 5 Yr. CAGR %	20.14	5.6	1.68	-26.02	1.12
Unlevered Free Cash Flow, 5 Yr. CAGR %	16.51	5.42	2.42	-13.43	1.99
Dividend Per Share, 5 Yr. CAGR %	12	15.24	12.18	8.45	7.51