Norfolk Southern Corporation (NSC) financial statements: income statement, balance sheet and cash flow

Norfolk Southern Corporation's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Norfolk Southern Corporation reported net income of $2.9B (+9.6% year on year).

Income statement

Norfolk Southern Corporation income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Railway operating revenues	$12.2B	$12.1B	$12.2B	$12.7B
Compensation and benefits	$2.9B	$2.8B	$2.8B	$2.6B
Purchased services and rents	$2.1B	$2.0B	$2.1B	$1.9B
Fuel	$932.0M	$987.0M	$1.2B	$1.5B
Depreciation	$1.4B	$1.4B	$1.3B	$1.2B
Materials and other	$634.0M	$333.0M	$832.0M	$713.0M
Merger-related expenses	$80.0M	—	—	—
Restructuring and other charges	$22.0M	$183.0M	—	—
Eastern Ohio incident	($254.0M)	$325.0M	$1.1B	—
Total railway operating expenses	$7.8B	$8.1B	$9.3B	$7.9B
Income from railway operations	$4.4B	$4.1B	$2.9B	$4.8B
Other income – net	$101.0M	$65.0M	$191.0M	$13.0M
Interest expense on debt	$792.0M	$807.0M	$722.0M	$692.0M
Income before income taxes	$3.7B	$3.3B	$2.3B	$4.1B
Income taxes	$792.0M	$707.0M	$493.0M	$860.0M
Net income	$2.9B	$2.6B	$1.8B	$3.3B
Basic (in dollars per share)	$12.76	$11.58	$8.04	$13.92
Diluted (in dollars per share)	$12.75	$11.57	$8.02	$13.88

Norfolk Southern Corporation income statement, quarters

Line item	Sep 30, 2026 · Q3	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3
Railway operating revenues	$3.5B	$3.5B	$3.0B	$3.1B
Compensation and benefits	$753.0M	$744.0M	$740.0M	$738.0M
Purchased services and rents	$546.0M	$550.0M	$522.0M	$519.0M
Fuel	$420.0M	$405.0M	$256.0M	$237.0M
Depreciation	$363.0M	$358.0M	$352.0M	$348.0M
Materials and other	$224.0M	$212.0M	$189.0M	$147.0M
Merger-related expenses	$42.0M	$51.0M	$52.0M	$15.0M
Restructuring and other charges	$0	$6.0M	—	$12.0M
Eastern Ohio incident	$28.0M	$15.0M	$10.0M	($11.0M)
Total railway operating expenses	$2.4B	$2.3B	$2.1B	$2.0B
Income from railway operations	$1.1B	$1.1B	$877.0M	$1.1B
Other income – net	$30.0M	$32.0M	$35.0M	$23.0M
Interest expense on debt	$193.0M	$197.0M	$197.0M	$197.0M
Income before income taxes	$987.0M	$959.0M	$715.0M	$924.0M
Income taxes	$228.0M	$225.0M	$168.0M	$213.0M
Net income	$759.0M	$734.0M	$547.0M	$711.0M
Basic (in dollars per share)	$3.38	$3.26	$2.43	$3.16
Diluted (in dollars per share)	$3.37	$3.26	$2.43	$3.16

Balance sheet

Norfolk Southern Corporation balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$1.5B	$1.6B	$1.6B	$456.0M
Accounts receivable – net	$988.0M	$1.1B	$1.1B	$1.1B
Materials and supplies	$271.0M	$277.0M	$264.0M	$253.0M
Other current assets	$409.0M	$201.0M	$292.0M	$150.0M
Total current assets	$3.2B	$3.2B	$3.3B	$2.0B
Investments	$4.1B	$3.4B	$3.8B	$3.7B
Properties less accumulated depreciation	$36.5B	$35.8B	$33.3B	$32.2B
Other assets	$1.5B	$1.3B	$1.2B	$1.0B
Total assets	$45.2B	$43.7B	$41.7B	$38.9B
Accounts payable	$1.9B	$1.7B	$1.6B	$1.3B
Income and other taxes	$340.0M	$337.0M	$262.0M	$312.0M
Other current liabilities	$965.0M	$949.0M	$728.0M	$341.0M
Current maturities of long-term debt	$607.0M	$555.0M	$4.0M	$603.0M
Total current liabilities	$3.8B	$3.5B	$2.6B	$2.6B
Long-term debt	$16.5B	$16.7B	$17.2B	$14.5B
Other liabilities	$1.7B	$1.8B	$1.8B	$1.8B
Deferred income taxes	$7.7B	$7.4B	$7.2B	$7.3B
Total liabilities	$29.7B	$29.4B	$28.9B	$26.2B
Common stock, net of treasury shares	226.0M	228.0M	227.0M	230.0M
Additional paid-in capital	$2.3B	$2.2B	$2.2B	$2.2B
Accumulated other comprehensive loss	($210.0M)	($262.0M)	($320.0M)	($351.0M)
Retained income	$13.2B	$12.1B	$10.7B	$10.7B
Total stockholders’ equity	$15.5B	$14.3B	$12.8B	$12.7B
Total liabilities and stockholders’ equity	$45.2B	$43.7B	$41.7B	$38.9B

Norfolk Southern Corporation balance sheet, quarters

Line item	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025
Cash and cash equivalents	$1.6B	$1.1B	$1.3B	$1.4B
Accounts receivable – net	$1.2B	$1.2B	$1.1B	$1.1B
Materials and supplies	$353.0M	$327.0M	$312.0M	$297.0M
Other current assets	$145.0M	$228.0M	$248.0M	$219.0M
Total current assets	$3.3B	$2.8B	$3.0B	$3.0B
Investments	$4.2B	$4.2B	$4.1B	$4.1B
Properties less accumulated depreciation	$36.9B	$36.6B	$36.4B	$36.1B
Other assets	$1.6B	$1.5B	$1.5B	$1.4B
Total assets	$45.9B	$45.1B	$45.1B	$44.6B
Accounts payable	$2.1B	$1.8B	$1.7B	$1.7B
Income and other taxes	$236.0M	$218.0M	$320.0M	$227.0M
Other current liabilities	$732.0M	$720.0M	$711.0M	$1.0B
Current maturities of long-term debt	$649.0M	$649.0M	$609.0M	$607.0M
Total current liabilities	$3.7B	$3.4B	$3.3B	$3.5B
Long-term debt	$16.0B	$16.0B	$16.5B	$16.5B
Other liabilities	$1.7B	$1.7B	$1.7B	$1.7B
Deferred income taxes	$7.9B	$7.8B	$7.8B	$7.7B
Total liabilities	$29.2B	$28.9B	$29.3B	$29.4B
Common stock, net of treasury shares	226.0M	226.0M	226.0M	226.0M
Additional paid-in capital	$2.4B	$2.3B	$2.3B	$2.3B
Accumulated other comprehensive loss	($213.0M)	($212.0M)	($211.0M)	($262.0M)
Retained income	$14.4B	$13.9B	$13.5B	$12.9B
Total stockholders’ equity	$16.7B	$16.3B	$15.8B	$15.1B
Total liabilities and stockholders’ equity	$45.9B	$45.1B	$45.1B	$44.6B

Cash flow statement

Norfolk Southern Corporation cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$2.9B	$2.6B	$1.8B	$3.3B
Depreciation	$1.4B	$1.4B	$1.3B	$1.2B
Deferred income taxes	$277.0M	$176.0M	($49.0M)	$83.0M
Gains and losses on properties	($253.0M)	($490.0M)	($49.0M)	($82.0M)
Accounts receivable	$59.0M	$85.0M	($2.0M)	($171.0M)
Materials and supplies	$6.0M	($13.0M)	($11.0M)	($35.0M)
Other current assets	($23.0M)	$5.0M	($54.0M)	($18.0M)
Current liabilities other than debt	$259.0M	$548.0M	$435.0M	$23.0M
Other – net	($230.0M)	($234.0M)	($216.0M)	($69.0M)
Net cash provided by operating activities	$4.4B	$4.1B	$3.2B	$4.2B
Property additions	($2.2B)	($2.4B)	($2.3B)	($1.9B)
Acquisition of assets of CSR	$0	($1.6B)	—	—
Property sales and other transactions	$164.0M	$558.0M	$86.0M	$263.0M
Investment purchases	($621.0M)	($319.0M)	($124.0M)	($12.0M)
Investment sales and other transactions	$99.0M	$1.0B	$205.0M	$94.0M
Net cash used in investing activities	($2.6B)	($2.8B)	($2.2B)	($1.6B)
Dividends	($1.2B)	($1.2B)	($1.2B)	($1.2B)
Common Stock transactions	$2.0M	$26.0M	$3.0M	($4.0M)
Purchase and retirement of Common Stock	($534.0M)	$0	($622.0M)	($3.1B)
Proceeds from borrowings	$396.0M	$1.1B	$3.3B	$1.8B
Debt repayments	($559.0M)	($1.1B)	($1.3B)	($553.0M)
Net cash provided by (used in) financing activities	($1.9B)	($1.2B)	$115.0M	($3.0B)
Net increase (decrease) in cash and cash equivalents	($111.0M)	$73.0M	$1.1B	($383.0M)
At beginning of year	$1.6B	$1.6B	$456.0M	$839.0M
At end of year	$1.5B	$1.6B	$1.6B	$456.0M
Interest (net of amounts capitalized)	$765.0M	$764.0M	$653.0M	$619.0M
Income taxes (net of refunds)	$491.0M	$305.0M	$681.0M	$750.0M

Norfolk Southern Corporation cash flow statement, quarters

Line item	Sep 30, 2026 · YTD	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD
Net income	$2.0B	$1.3B	$547.0M	$2.2B
Depreciation	$1.1B	$710.0M	$352.0M	$1.0B
Deferred income taxes	$162.0M	$108.0M	$48.0M	$315.0M
Gains and losses on properties	($19.0M)	($18.0M)	($17.0M)	($142.0M)
Accounts receivable	($243.0M)	($190.0M)	($135.0M)	($53.0M)
Materials and supplies	($82.0M)	($56.0M)	($41.0M)	($20.0M)
Other current assets	$79.0M	$62.0M	$45.0M	$68.0M
Current liabilities other than debt	($108.0M)	($386.0M)	($388.0M)	$25.0M
Other – net	($182.0M)	($113.0M)	($67.0M)	($164.0M)
Net cash provided by operating activities	$2.7B	$1.4B	$344.0M	$3.3B
Property additions	($1.4B)	($821.0M)	($382.0M)	($1.5B)
Property sales and other transactions	$273.0M	$177.0M	$162.0M	$120.0M
Investment purchases	($6.0M)	($5.0M)	($3.0M)	($615.0M)
Investment sales and other transactions	$32.0M	$20.0M	$10.0M	$52.0M
Net cash used in investing activities	($1.1B)	($629.0M)	($213.0M)	($1.9B)
Dividends	($910.0M)	($606.0M)	($303.0M)	($912.0M)
Common stock transactions	($11.0M)	($12.0M)	($11.0M)	$1.0M
Purchase and retirement of common stock	($5.0M)	($5.0M)	($5.0M)	($534.0M)
Proceeds from borrowings	$0	$0	—	$396.0M
Debt repayments	($618.0M)	($607.0M)	($1.0M)	($554.0M)
Net cash used in financing activities	($1.5B)	($1.2B)	($320.0M)	($1.6B)
Net increase (decrease) in cash and cash equivalents	$68.0M	($461.0M)	($189.0M)	($223.0M)
At beginning of year	$1.5B	$1.5B	$1.5B	$1.6B
At end of period	$1.6B	$1.1B	$1.3B	$1.4B
Interest (net of amounts capitalized)	$564.0M	$377.0M	$185.0M	$570.0M
Income taxes (net of refunds)	$556.0M	$386.0M	$138.0M	$433.0M

Norfolk Southern Corporation score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.