Norfolk Southern (NSC) Financials

$217.72 -3.68 (-1.66%)

As of 03:04 PM Eastern

Annual Income Statements for Norfolk Southern

This table shows Norfolk Southern's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622
Consolidated Net Income / (Loss)	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622
Net Income / (Loss) Continuing Operations	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622
Total Pre-Tax Income	2,442	2,582	3,128	3,469	3,491	2,530	3,878	4,130	2,320	3,329
Total Operating Income	2,884	3,009	3,522	3,959	3,989	3,002	4,447	4,809	2,851	4,071
Total Gross Profit	4,914	4,834	5,318	5,716	5,867	5,194	6,175	6,743	6,097	6,265
Total Revenue	10,511	9,888	10,551	11,458	11,296	9,789	11,142	12,745	12,156	12,123
Operating Revenue	10,511	9,888	10,551	11,458	11,296	9,789	11,142	12,745	12,156	12,123
Total Cost of Revenue	5,597	5,054	5,233	5,742	5,429	4,595	4,967	6,002	6,059	5,858
Operating Cost of Revenue	5,597	5,054	5,233	5,742	5,429	4,595	4,967	6,002	6,059	5,858
Total Operating Expenses	2,030	1,825	1,796	1,757	1,878	2,192	1,728	1,934	3,246	2,194
Depreciation Expense	1,054	1,026	1,055	1,102	1,138	1,154	1,181	1,221	1,298	1,353
Other Operating Expenses / (Income)	-	-	-	0.00	0.00	385	0.00	713	1,948	658
Restructuring Charge	-	-	-	-	-	-	-	0.00	0.00	183
Total Other Income / (Expense), net	-442	-427	-394	-490	-498	-472	-569	-679	-531	-742
Interest Expense	545	563	550	557	604	625	646	692	722	807
Other Income / (Expense), net	103	136	156	67	106	153	77	13	191	65
Income Tax Expense	886	914	-2,276	803	769	517	873	860	493	707
Basic Earnings per Share	$5.13	$5.66	$18.76	$9.58	$10.32	$7.88	$12.16	$13.92	$8.04	$11.58
Weighted Average Basic Shares Outstanding	301.90M	293.90M	287.90M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M
Diluted Earnings per Share	$5.10	$5.62	$18.61	$9.51	$10.25	$7.84	$12.11	$13.88	$8.02	$11.57
Weighted Average Diluted Shares Outstanding	301.90M	293.90M	287.90M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M
Weighted Average Basic & Diluted Shares Outstanding	301.90M	293.90M	287.90M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M
Cash Dividends to Common per Share	$2.36	$2.36	$2.44	$3.04	$3.60	$3.76	$4.16	$4.96	$5.40	$5.40

This table shows Norfolk Southern's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	958	790	466	356	478	527	53	737	1,099	733
Consolidated Net Income / (Loss)	958	790	466	356	478	527	53	737	1,099	733
Net Income / (Loss) Continuing Operations	958	790	466	356	478	527	53	737	1,099	733
Total Pre-Tax Income	1,093	1,038	592	463	614	651	30	944	1,427	928
Total Operating Income	1,272	1,181	711	576	756	808	213	1,131	1,596	1,131
Total Gross Profit	1,741	1,697	1,631	1,518	1,450	1,498	1,456	1,571	1,648	1,590
Total Revenue	3,343	3,237	3,132	2,980	2,971	3,073	3,004	3,044	3,051	3,024
Operating Revenue	3,343	3,237	3,132	2,980	2,971	3,073	3,004	3,044	3,051	3,024
Total Cost of Revenue	1,602	1,540	1,501	1,462	1,521	1,575	1,548	1,473	1,403	1,434
Operating Cost of Revenue	1,602	1,540	1,501	1,462	1,521	1,575	1,548	1,473	1,403	1,434
Total Operating Expenses	469	516	920	942	694	690	1,243	440	52	459
Depreciation Expense	306	309	321	321	326	330	337	335	339	342
Other Operating Expenses / (Income)	0.00	713	387	416	368	777	592	-65	-347	478
Restructuring Charge	-	-	0.00	0.00	0.00	-	99	-3.00	60	27
Total Other Income / (Expense), net	-179	-143	-119	-113	-142	-157	-183	-187	-169	-203
Interest Expense	177	177	175	170	182	195	201	204	203	199
Other Income / (Expense), net	-2.00	34	56	57	40	38	18	17	34	-4.00
Income Tax Expense	135	248	126	107	136	124	-23	207	328	195
Basic Earnings per Share	$4.11	$3.41	$2.04	$1.56	$2.11	$2.33	$0.23	$3.26	$4.86	$3.23
Weighted Average Basic Shares Outstanding	231.51M	227.78M	227.64M	227.02M	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M
Diluted Earnings per Share	$4.10	$3.40	$2.04	$1.56	$2.10	$2.32	$0.23	$3.25	$4.85	$3.24
Weighted Average Diluted Shares Outstanding	231.51M	227.78M	227.64M	227.02M	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M
Weighted Average Basic & Diluted Shares Outstanding	231.51M	227.78M	227.64M	227.02M	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M

This table details how cash moves in and out of Norfolk Southern's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	128	-145	-266	-244	134	535	-276	-383	1,112	73
Net Cash From Operating Activities	2,908	3,034	3,253	3,726	3,892	3,637	4,255	4,222	3,179	4,052
Net Cash From Continuing Operating Activities	2,908	3,034	3,253	3,726	3,892	3,637	4,255	4,222	3,179	4,052
Net Income / (Loss) Continuing Operations	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622
Consolidated Net Income / (Loss)	1,556	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622
Depreciation Expense	1,059	1,030	1,059	1,104	1,139	1,154	1,181	1,221	1,298	1,353
Non-Cash Adjustments To Reconcile Net Income	-30	-46	-92	-171	42	445	-86	-82	-49	-490
Changes in Operating Assets and Liabilities, net	323	382	-3,118	127	-19	25	155	-187	103	567
Net Cash From Investing Activities	-2,087	-1,832	-1,481	-1,658	-1,764	-1,175	-1,222	-1,603	-2,182	-2,780
Net Cash From Continuing Investing Activities	-2,087	-1,832	-1,481	-1,658	-1,764	-1,175	-1,222	-1,603	-2,182	-2,780
Purchase of Property, Plant & Equipment	-2,385	-1,887	-1,723	-1,951	-2,019	-1,494	-1,470	-1,948	-2,349	-4,024
Purchase of Investments	-5.00	-123	-7.00	-10	-18	-13	-10	-12	-124	-319
Sale of Property, Plant & Equipment	63	130	202	204	377	333	159	263	86	558
Other Investing Activities, net	240	48	47	99	-104	-1.00	99	94	205	1,005
Net Cash From Financing Activities	-693	-1,347	-2,038	-2,312	-1,994	-1,927	-3,309	-3,002	115	-1,199
Net Cash From Continuing Financing Activities	-693	-1,347	-2,038	-2,312	-1,994	-1,927	-3,309	-3,002	115	-1,199
Repayment of Debt	-102	-600	-702	-750	-1,188	-381	-584	-553	-1,334	-1,055
Repurchase of Common Equity	-1,075	-803	-1,012	-2,781	-2,099	-1,439	-3,390	-3,110	-622	0.00
Payment of Dividends	-713	-695	-703	-844	-949	-960	-1,028	-1,167	-1,225	-1,221
Issuance of Debt	1,185	694	290	2,023	2,215	784	1,676	1,832	3,293	1,051
Other Financing Activities, net	12	57	89	40	27	69	17	-4.00	3.00	26
Cash Interest Paid	518	543	528	496	555	577	579	619	653	764
Cash Income Taxes Paid	386	593	705	519	543	311	654	750	681	305

This table details how cash moves in and out of Norfolk Southern's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-45	-758	96	4.00	950	62	-916	7.00	316	666
Net Cash From Operating Activities	1,413	798	1,173	673	660	673	839	1,036	1,226	951
Net Cash From Continuing Operating Activities	1,413	798	1,173	673	660	673	839	1,036	1,226	951
Net Income / (Loss) Continuing Operations	958	790	466	356	478	527	53	737	1,099	733
Consolidated Net Income / (Loss)	958	790	466	356	478	527	53	737	1,099	733
Depreciation Expense	306	309	321	321	326	330	337	335	339	342
Non-Cash Adjustments To Reconcile Net Income	-17	-28	-4.00	-21	-9.00	-15	-1.00	-24	-400	-65
Changes in Operating Assets and Liabilities, net	166	-273	390	17	-135	-169	450	-12	188	-59
Net Cash From Investing Activities	-346	-543	-391	-350	-653	-788	-1,844	-723	-224	11
Net Cash From Continuing Investing Activities	-346	-543	-391	-350	-653	-788	-1,844	-723	-224	11
Purchase of Property, Plant & Equipment	-445	-666	-428	-520	-548	-853	-2,199	-569	-581	-675
Purchase of Investments	-1.00	-4.00	0.00	-6.00	-114	-4.00	-1.00	-205	-112	-1.00
Sale of Property, Plant & Equipment	93	70	20	41	1.00	24	32	38	457	31
Other Investing Activities, net	7.00	57	17	135	8.00	45	324	13	12	656
Net Cash From Financing Activities	-1,112	-1,013	-686	-319	943	177	89	-306	-686	-296
Net Cash From Continuing Financing Activities	-1,112	-1,013	-686	-319	943	177	89	-306	-686	-296
Repayment of Debt	-1.00	-2.00	-800	-2.00	-131	-401	0.00	-202	-852	-1.00
Payment of Dividends	-290	-286	-307	-308	-305	-305	-305	-305	-305	-306
Other Financing Activities, net	9.00	1.00	-10	1.00	-	12	-6.00	1.00	20	11
Cash Interest Paid	131	194	129	189	133	202	182	191	198	193
Cash Income Taxes Paid	257	172	-1.00	316	206	160	-2.00	109	177	21

This table presents Norfolk Southern's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	34,139	34,892	35,711	36,239	37,923	37,962	38,493	38,885	41,652	43,682
Total Current Assets	2,512	2,291	2,149	1,862	2,081	2,318	2,167	2,007	3,271	3,188
Cash & Equivalents	1,101	956	690	358	580	1,115	839	456	1,568	1,641
Accounts Receivable	946	945	955	1,009	920	848	976	1,148	1,147	1,069
Inventories, net	271	257	222	207	244	221	218	253	264	277
Other Current Assets	194	133	282	288	337	134	134	150	292	201
Plant, Property, & Equipment, net	28,992	29,751	30,330	31,091	31,614	31,345	31,653	32,156	33,326	35,831
Total Noncurrent Assets	2,635	2,850	3,232	3,286	4,228	4,299	4,673	4,722	5,055	4,663
Long-Term Investments	2,572	2,777	2,981	3,109	3,428	3,590	3,707	3,694	3,839	3,370
Other Noncurrent Operating Assets	63	73	251	177	800	709	966	1,028	1,216	1,293
Total Liabilities & Shareholders' Equity	34,139	34,892	35,711	36,239	37,923	37,962	38,493	38,885	41,652	43,682
Total Liabilities	21,951	22,483	19,352	20,877	22,739	23,171	24,852	26,152	28,871	29,376
Total Current Liabilities	2,231	2,339	2,545	2,591	2,300	2,160	2,521	2,649	2,632	3,545
Short-Term Debt	700	650	700	585	316	579	553	703	4.00	555
Accounts Payable	1,091	1,215	1,401	1,505	1,428	1,016	1,351	1,293	1,638	1,704
Current Deferred & Payable Income Tax Liabilities	203	245	211	255	229	263	305	312	262	337
Other Current Liabilities	237	229	233	246	327	302	312	341	728	949
Total Noncurrent Liabilities	19,720	20,144	16,807	18,286	20,439	21,011	22,331	23,503	26,239	25,831
Long-Term Debt	9,393	9,562	9,136	10,560	11,880	12,102	13,287	14,479	17,175	16,651
Noncurrent Deferred & Payable Income Tax Liabilities	8,942	9,140	6,324	6,460	6,815	6,922	7,165	7,265	7,225	7,420
Other Noncurrent Operating Liabilities	1,385	1,442	1,347	1,266	1,744	1,987	1,879	1,759	1,839	1,760
Total Equity & Noncontrolling Interests	12,188	12,409	16,359	15,362	15,184	14,791	13,641	12,733	12,781	14,306
Total Preferred & Common Equity	12,188	12,409	16,359	15,362	15,184	14,791	13,641	12,733	12,781	14,306
Total Common Equity	12,188	12,409	16,359	15,362	15,184	14,791	13,641	12,733	12,781	14,306
Common Stock	2,442	2,471	2,539	2,485	2,468	2,502	2,457	2,387	2,406	2,475
Retained Earnings	10,191	10,425	14,176	13,440	13,207	12,883	11,586	10,697	10,695	12,093
Accumulated Other Comprehensive Income / (Loss)	-445	-487	-356	-563	-491	-594	-402	-351	-320	-262

This table presents Norfolk Southern's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	39,306	38,885	39,169	39,261	40,739	41,652	42,128	42,558	43,255	43,682
Total Current Assets	2,715	2,007	2,122	2,031	3,142	3,271	2,356	2,304	2,690	3,188
Cash & Equivalents	1,214	456	552	556	1,506	1,568	652	659	975	1,641
Accounts Receivable	1,151	1,148	1,170	1,089	1,210	1,147	1,198	1,189	1,302	1,069
Inventories, net	276	253	262	272	303	264	270	308	288	277
Other Current Assets	74	150	138	114	123	292	236	148	125	201
Plant, Property, & Equipment, net	31,838	32,156	32,240	32,474	32,668	33,326	35,051	35,280	35,390	35,831
Total Noncurrent Assets	4,753	4,722	4,807	4,756	4,929	5,055	4,721	4,974	5,175	4,663
Long-Term Investments	3,686	3,694	3,738	3,673	3,824	3,839	3,570	3,812	3,968	3,370
Other Noncurrent Operating Assets	1,067	1,028	1,069	1,083	1,105	1,216	1,151	1,162	1,207	1,293
Total Liabilities & Shareholders' Equity	39,306	38,885	39,169	39,261	40,739	41,652	42,128	42,558	43,255	43,682
Total Liabilities	26,282	26,152	26,442	26,621	28,124	28,871	29,592	29,579	29,470	29,376
Total Current Liabilities	2,798	2,649	2,824	2,986	2,914	2,632	3,447	3,667	3,677	3,545
Short-Term Debt	605	703	403	535	405	4.00	404	655	555	555
Accounts Payable	1,486	1,293	1,315	1,416	1,499	1,638	1,506	1,535	1,614	1,704
Current Deferred & Payable Income Tax Liabilities	299	312	438	243	213	262	222	208	179	337
Other Current Liabilities	408	341	668	792	797	728	1,315	1,269	1,329	949
Total Noncurrent Liabilities	23,484	23,503	23,618	23,635	25,210	26,239	26,145	25,912	25,793	25,831
Long-Term Debt	14,463	14,479	14,585	14,594	16,179	17,175	17,179	16,937	16,644	16,651
Noncurrent Deferred & Payable Income Tax Liabilities	7,193	7,265	7,248	7,227	7,207	7,225	7,199	7,228	7,363	7,420
Other Noncurrent Operating Liabilities	1,828	1,759	1,785	1,814	1,824	1,839	1,767	1,747	1,786	1,760
Total Equity & Noncontrolling Interests	13,024	12,733	12,727	12,640	12,615	12,781	12,536	12,979	13,785	14,306
Total Preferred & Common Equity	13,024	12,733	12,727	12,640	12,615	12,781	12,536	12,979	13,785	14,306
Total Common Equity	13,024	12,733	12,727	12,640	12,615	12,781	12,536	12,979	13,785	14,306
Common Stock	2,414	2,387	2,384	2,388	2,390	2,406	2,415	2,435	2,451	2,475
Retained Earnings	10,987	10,697	10,698	10,611	10,589	10,695	10,443	10,874	11,666	12,093
Accumulated Other Comprehensive Income / (Loss)	-377	-351	-355	-359	-364	-320	-322	-330	-332	-262

This table displays calculated financial ratios and metrics derived from Norfolk Southern's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.58%	-5.93%	6.71%	8.60%	-1.41%	-13.34%	13.82%	14.39%	-4.62%	-0.27%
EBITDA Growth	-12.71%	3.19%	13.46%	8.30%	2.03%	-17.67%	32.40%	5.92%	-28.18%	26.47%
EBIT Growth	-18.81%	5.29%	16.95%	9.46%	1.71%	-22.95%	43.39%	6.59%	-36.91%	35.96%
NOPAT Growth	-19.45%	5.78%	213.02%	-50.00%	2.23%	-23.21%	44.27%	10.50%	-41.03%	42.81%
Net Income Growth	-22.20%	7.20%	223.98%	-50.67%	2.10%	-26.05%	49.28%	8.82%	-44.13%	43.51%
EPS Growth	-20.19%	10.20%	231.14%	-48.90%	7.78%	-23.51%	54.46%	14.62%	-42.22%	44.26%
Operating Cash Flow Growth	-0.24%	4.33%	7.22%	14.54%	4.46%	-6.55%	16.99%	-0.78%	-24.70%	27.46%
Free Cash Flow Firm Growth	-24.02%	71.42%	47.17%	3.18%	9.96%	7.75%	9.50%	-9.16%	-51.06%	-13.64%
Invested Capital Growth	4.89%	1.50%	19.25%	2.29%	1.44%	-2.59%	0.74%	3.62%	3.32%	7.93%
Revenue Q/Q Growth	-3.24%	-0.28%	1.73%	2.02%	-1.79%	-1.18%	2.57%	3.11%	-1.33%	-0.40%
EBITDA Q/Q Growth	-4.82%	2.15%	5.62%	1.28%	-1.78%	1.15%	2.41%	1.27%	-7.42%	5.64%
EBIT Q/Q Growth	-7.81%	3.86%	7.11%	1.28%	-2.34%	1.51%	2.79%	1.37%	-10.82%	7.29%
NOPAT Q/Q Growth	-6.90%	0.53%	193.45%	-54.62%	-1.29%	-0.57%	3.28%	0.72%	-9.80%	8.07%
Net Income Q/Q Growth	-8.79%	3.41%	191.79%	-55.06%	-1.31%	0.25%	3.05%	0.93%	-12.58%	8.53%
EPS Q/Q Growth	-7.94%	4.07%	192.61%	-53.88%	-0.10%	0.90%	4.22%	2.13%	-11.87%	8.64%
Operating Cash Flow Q/Q Growth	4.72%	0.73%	2.07%	1.47%	1.38%	-0.68%	1.72%	-3.30%	-3.78%	7.37%
Free Cash Flow Firm Q/Q Growth	15.59%	0.98%	34.80%	-13.55%	3.59%	2.90%	-6.49%	-5.72%	-19.59%	58.30%
Invested Capital Q/Q Growth	0.85%	0.80%	18.58%	1.15%	0.54%	0.12%	1.62%	2.47%	2.87%	1.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.75%	48.89%	50.40%	49.89%	51.94%	53.06%	55.42%	52.91%	50.16%	51.68%
EBITDA Margin	38.49%	42.22%	44.90%	44.77%	46.34%	44.02%	51.20%	47.41%	35.70%	45.28%
Operating Margin	27.44%	30.43%	33.38%	34.55%	35.31%	30.67%	39.91%	37.73%	23.45%	33.58%
EBIT Margin	28.42%	31.81%	34.86%	35.14%	36.25%	32.23%	40.60%	37.83%	25.02%	34.12%
Profit (Net Income) Margin	14.80%	16.87%	51.22%	23.27%	24.10%	20.56%	26.97%	25.66%	15.03%	21.63%
Tax Burden Percent	63.72%	64.60%	172.76%	76.85%	77.97%	79.57%	77.49%	79.18%	78.75%	78.76%
Interest Burden Percent	81.75%	82.10%	85.05%	86.16%	85.25%	80.19%	85.72%	85.65%	76.27%	80.49%
Effective Tax Rate	36.28%	35.40%	-72.76%	23.15%	22.03%	20.43%	22.51%	20.82%	21.25%	21.24%
Return on Invested Capital (ROIC)	10.11%	10.37%	29.39%	13.36%	13.40%	10.35%	15.08%	16.31%	9.29%	12.56%
ROIC Less NNEP Spread (ROIC-NNEP)	5.32%	6.09%	18.62%	7.91%	8.51%	5.71%	9.97%	11.02%	5.63%	7.68%
Return on Net Nonoperating Assets (RNNOA)	2.54%	3.19%	8.18%	3.45%	4.42%	3.08%	6.06%	8.49%	5.03%	6.80%
Return on Equity (ROE)	12.65%	13.56%	37.57%	16.81%	17.82%	13.43%	21.14%	24.80%	14.32%	19.36%
Cash Return on Invested Capital (CROIC)	5.34%	8.87%	11.83%	11.09%	11.97%	12.98%	14.34%	12.75%	6.03%	4.93%
Operating Return on Assets (OROA)	8.87%	9.11%	10.42%	11.19%	11.04%	8.32%	11.83%	12.46%	7.55%	9.69%
Return on Assets (ROA)	4.62%	4.83%	15.31%	7.41%	7.34%	5.31%	7.86%	8.45%	4.54%	6.15%
Return on Common Equity (ROCE)	12.65%	13.56%	37.57%	16.81%	17.82%	13.43%	21.14%	24.80%	14.32%	19.36%
Return on Equity Simple (ROE_SIMPLE)	12.77%	13.44%	33.03%	17.35%	17.93%	13.61%	22.03%	25.68%	14.29%	18.33%
Net Operating Profit after Tax (NOPAT)	1,838	1,944	6,085	3,043	3,110	2,389	3,446	3,808	2,245	3,206
NOPAT Margin	17.48%	19.66%	57.67%	26.55%	27.53%	24.40%	30.93%	29.88%	18.47%	26.45%
Net Nonoperating Expense Percent (NNEP)	4.79%	4.28%	10.77%	5.44%	4.89%	4.65%	5.11%	5.29%	3.67%	4.88%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	13.64%	7.49%	10.18%
Cost of Revenue to Revenue	53.25%	51.11%	49.60%	50.11%	48.06%	46.94%	44.58%	47.09%	49.84%	48.32%
SG&A Expenses to Revenue	9.29%	8.08%	7.02%	5.72%	6.55%	6.67%	4.91%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.31%	18.46%	17.02%	15.33%	16.63%	22.39%	15.51%	15.17%	26.70%	18.10%
Earnings before Interest and Taxes (EBIT)	2,987	3,145	3,678	4,026	4,095	3,155	4,524	4,822	3,042	4,136
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,046	4,175	4,737	5,130	5,234	4,309	5,705	6,043	4,340	5,489
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.72	2.18	2.21	2.36	3.03	3.78	4.99	4.25	4.07	3.69
Price to Tangible Book Value (P/TBV)	1.72	2.18	2.21	2.36	3.03	3.78	4.99	4.25	4.07	3.69
Price to Revenue (P/Rev)	2.00	2.73	3.43	3.16	4.07	5.71	6.11	4.25	4.28	4.36
Price to Earnings (P/E)	13.49	16.18	6.70	13.60	16.88	27.75	22.66	16.55	28.45	20.14
Dividend Yield	4.19%	2.55%	1.93%	2.28%	2.04%	1.71%	1.49%	2.12%	2.35%	2.31%
Earnings Yield	7.41%	6.18%	14.93%	7.35%	5.92%	3.60%	4.41%	6.04%	3.51%	4.96%
Enterprise Value to Invested Capital (EV/IC)	1.47	1.77	1.88	1.91	2.32	2.80	3.37	2.74	2.60	2.45
Enterprise Value to Revenue (EV/Rev)	2.61	3.39	4.02	3.83	4.79	6.52	6.95	5.11	5.24	5.36
Enterprise Value to EBITDA (EV/EBITDA)	6.78	8.02	8.94	8.56	10.35	14.81	13.57	10.78	14.69	11.84
Enterprise Value to EBIT (EV/EBIT)	9.18	10.64	11.52	10.91	13.22	20.23	17.11	13.51	20.96	15.72
Enterprise Value to NOPAT (EV/NOPAT)	14.92	17.22	6.96	14.44	17.41	26.72	22.46	17.11	28.40	20.27
Enterprise Value to Operating Cash Flow (EV/OCF)	9.43	11.03	13.03	11.79	13.91	17.55	18.19	15.43	20.06	16.04
Enterprise Value to Free Cash Flow (EV/FCFF)	28.25	20.12	17.30	17.39	19.49	21.32	23.61	21.88	43.75	51.66
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.83	0.82	0.60	0.73	0.80	0.86	1.01	1.19	1.34	1.20
Long-Term Debt to Equity	0.77	0.77	0.56	0.69	0.78	0.82	0.97	1.14	1.34	1.16
Financial Leverage	0.48	0.52	0.44	0.44	0.52	0.54	0.61	0.77	0.89	0.88
Leverage Ratio	2.74	2.81	2.45	2.27	2.43	2.53	2.69	2.93	3.16	3.15
Compound Leverage Factor	2.24	2.30	2.09	1.95	2.07	2.03	2.31	2.51	2.41	2.54
Debt to Total Capital	45.30%	45.14%	37.55%	42.05%	44.54%	46.16%	50.36%	54.39%	57.34%	54.60%
Short-Term Debt to Total Capital	3.14%	2.87%	2.67%	2.21%	1.15%	2.11%	2.01%	2.52%	0.01%	1.76%
Long-Term Debt to Total Capital	42.16%	42.27%	34.88%	39.84%	43.39%	44.05%	48.35%	51.87%	57.33%	52.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	54.70%	54.86%	62.45%	57.95%	55.46%	53.84%	49.64%	45.61%	42.66%	45.40%
Debt to EBITDA	2.49	2.45	2.08	2.17	2.33	2.94	2.43	2.51	3.96	3.13
Net Debt to EBITDA	1.59	1.55	1.30	1.50	1.56	1.85	1.63	1.83	2.71	2.22
Long-Term Debt to EBITDA	2.32	2.29	1.93	2.06	2.27	2.81	2.33	2.40	3.96	3.03
Debt to NOPAT	5.49	5.25	1.62	3.66	3.92	5.31	4.02	3.99	7.65	5.37
Net Debt to NOPAT	3.49	3.33	1.01	2.52	2.63	3.34	2.70	2.90	5.24	3.80
Long-Term Debt to NOPAT	5.11	4.92	1.50	3.47	3.82	5.07	3.86	3.80	7.65	5.19
Altman Z-Score	1.60	1.72	2.30	2.22	2.35	2.46	2.73	2.34	1.99	2.05
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.13	0.98	0.84	0.72	0.90	1.07	0.86	0.76	1.24	0.90
Quick Ratio	0.92	0.81	0.65	0.53	0.65	0.91	0.72	0.61	1.03	0.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	971	1,664	2,449	2,527	2,778	2,994	3,278	2,978	1,457	1,258
Operating Cash Flow to CapEx	125.24%	172.68%	213.87%	213.28%	237.03%	313.26%	324.56%	250.56%	140.48%	116.91%
Free Cash Flow to Firm to Interest Expense	1.78	2.96	4.45	4.54	4.60	4.79	5.07	4.30	2.02	1.56
Operating Cash Flow to Interest Expense	5.34	5.39	5.91	6.69	6.44	5.82	6.59	6.10	4.40	5.02
Operating Cash Flow Less CapEx to Interest Expense	1.08	2.27	3.15	3.55	3.73	3.96	4.56	3.67	1.27	0.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.29	0.30	0.32	0.30	0.26	0.29	0.33	0.30	0.28
Accounts Receivable Turnover	10.51	10.46	11.11	11.67	11.71	11.07	12.22	12.00	10.59	10.94
Inventory Turnover	22.08	19.14	21.85	26.77	24.08	19.76	22.63	25.49	23.44	21.66
Fixed Asset Turnover	0.37	0.34	0.35	0.37	0.36	0.31	0.35	0.40	0.37	0.35
Accounts Payable Turnover	4.82	4.38	4.00	3.95	3.70	3.76	4.20	4.54	4.13	3.51
Days Sales Outstanding (DSO)	34.74	34.90	32.86	31.28	31.17	32.96	29.88	30.41	34.46	33.36
Days Inventory Outstanding (DIO)	16.53	19.07	16.71	13.64	15.16	18.47	16.13	14.32	15.57	16.85
Days Payable Outstanding (DPO)	75.78	83.27	91.23	92.36	98.60	97.07	86.97	80.39	88.28	104.12
Cash Conversion Cycle (CCC)	-24.50	-29.30	-41.66	-47.45	-52.27	-45.64	-40.96	-35.66	-38.26	-53.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,608	18,888	22,524	23,040	23,372	22,767	22,935	23,765	24,553	26,501
Invested Capital Turnover	0.58	0.53	0.51	0.50	0.49	0.42	0.49	0.55	0.50	0.47
Increase / (Decrease) in Invested Capital	867	280	3,636	516	332	-605	168	830	788	1,948
Enterprise Value (EV)	27,417	33,472	42,372	43,938	54,147	63,830	77,396	65,135	63,755	65,008
Market Capitalization	20,997	26,993	36,207	36,260	45,959	55,854	68,102	54,103	51,983	52,813
Book Value per Share	$40.82	$42.51	$57.17	$56.41	$58.23	$58.24	$56.06	$55.00	$56.52	$63.23
Tangible Book Value per Share	$40.82	$42.51	$57.17	$56.41	$58.23	$58.24	$56.06	$55.00	$56.52	$63.23
Total Capital	22,281	22,621	26,195	26,507	27,380	27,472	27,481	27,915	29,960	31,512
Total Debt	10,093	10,212	9,836	11,145	12,196	12,681	13,840	15,182	17,179	17,206
Total Long-Term Debt	9,393	9,562	9,136	10,560	11,880	12,102	13,287	14,479	17,175	16,651
Net Debt	6,420	6,479	6,165	7,678	8,188	7,976	9,294	11,032	11,772	12,195
Capital Expenditures (CapEx)	2,322	1,757	1,521	1,747	1,642	1,161	1,311	1,685	2,263	3,466
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-120	-354	-386	-502	-483	-378	-640	-395	-925	-1,443
Debt-free Net Working Capital (DFNWC)	981	602	304	-144	97	737	199	61	643	198
Net Working Capital (NWC)	281	-48	-396	-729	-219	158	-354	-642	639	-357
Net Nonoperating Expense (NNE)	282	276	681	377	388	376	441	538	418	584
Net Nonoperating Obligations (NNO)	6,420	6,479	6,165	7,678	8,188	7,976	9,294	11,032	11,772	12,195
Total Depreciation and Amortization (D&A)	1,059	1,030	1,059	1,104	1,139	1,154	1,181	1,221	1,298	1,353
Debt-free, Cash-free Net Working Capital to Revenue	-1.14%	-3.58%	-3.66%	-4.38%	-4.28%	-3.86%	-5.74%	-3.10%	-7.61%	-11.90%
Debt-free Net Working Capital to Revenue	9.33%	6.09%	2.88%	-1.26%	0.86%	7.53%	1.79%	0.48%	5.29%	1.63%
Net Working Capital to Revenue	2.67%	-0.49%	-3.75%	-6.36%	-1.94%	1.61%	-3.18%	-5.04%	5.26%	-2.94%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.13	$5.66	$18.76	$9.58	$10.32	$7.88	$12.16	$13.92	$8.04	$11.58
Adjusted Weighted Average Basic Shares Outstanding	298.20M	290.55M	284.00M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M
Adjusted Diluted Earnings per Share	$5.10	$5.62	$18.61	$9.51	$10.25	$7.84	$12.11	$13.88	$8.02	$11.57
Adjusted Weighted Average Diluted Shares Outstanding	298.20M	290.55M	284.00M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	298.20M	290.55M	284.00M	267.46M	257.84M	251.91M	239.78M	227.78M	225.88M	226.43M
Normalized Net Operating Profit after Tax (NOPAT)	1,838	1,944	2,465	3,043	3,110	2,389	3,446	3,808	2,245	3,351
Normalized NOPAT Margin	17.48%	19.66%	23.37%	26.55%	27.53%	24.40%	30.93%	29.88%	18.47%	27.64%
Pre Tax Income Margin	23.23%	26.11%	29.65%	30.28%	30.90%	25.85%	34.81%	32.40%	19.09%	27.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.48	5.59	6.69	7.23	6.78	5.05	7.00	6.97	4.21	5.13
NOPAT to Interest Expense	3.37	3.45	11.06	5.46	5.15	3.82	5.33	5.50	3.11	3.97
EBIT Less CapEx to Interest Expense	1.22	2.47	3.92	4.09	4.06	3.19	4.97	4.53	1.08	0.83
NOPAT Less CapEx to Interest Expense	-0.89	0.33	8.30	2.33	2.43	1.96	3.30	3.07	-0.02	-0.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.82%	41.67%	13.01%	31.66%	34.86%	47.69%	34.21%	35.69%	67.05%	46.57%
Augmented Payout Ratio	114.91%	89.81%	31.74%	135.97%	111.98%	119.18%	147.02%	130.80%	101.09%	46.57%

This table displays calculated financial ratios and metrics derived from Norfolk Southern's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.22%	13.50%	7.44%	-8.31%	-11.13%	-5.07%	-4.09%	2.15%	2.69%	-1.59%
EBITDA Growth	8.92%	5.25%	-21.27%	-38.89%	-28.81%	-22.83%	-47.79%	55.45%	75.49%	24.92%
EBIT Growth	10.43%	5.65%	-28.98%	-49.64%	-37.32%	-30.37%	-69.88%	81.36%	104.77%	33.22%
NOPAT Growth	28.51%	3.18%	-33.08%	-53.75%	-47.21%	-27.23%	-32.76%	99.37%	108.85%	36.58%
Net Income Growth	27.22%	3.95%	-33.71%	-56.53%	-50.10%	-33.29%	-88.63%	107.02%	129.92%	39.09%
EPS Growth	33.99%	9.32%	-30.38%	-54.78%	-48.78%	-31.76%	-88.73%	108.33%	130.95%	39.66%
Operating Cash Flow Growth	16.20%	-15.29%	18.01%	-33.83%	-53.29%	-15.66%	-28.47%	53.94%	85.76%	41.31%
Free Cash Flow Firm Growth	-52.45%	-90.21%	-62.46%	-53.09%	-117.95%	-294.53%	-1,320.76%	-1,027.11%	-965.93%	-687.62%
Invested Capital Growth	2.76%	3.62%	1.68%	1.13%	2.92%	3.32%	10.55%	10.88%	9.10%	7.93%
Revenue Q/Q Growth	2.86%	-3.17%	-3.24%	-4.85%	-0.30%	3.43%	-2.25%	1.33%	0.23%	-0.89%
EBITDA Q/Q Growth	0.96%	-3.30%	-28.61%	-12.32%	17.61%	4.81%	-51.70%	161.09%	32.77%	-25.39%
EBIT Q/Q Growth	1.03%	-4.33%	-36.87%	-17.47%	25.75%	6.28%	-72.70%	396.97%	41.99%	-30.86%
NOPAT Q/Q Growth	16.42%	-19.38%	-37.73%	-20.87%	32.89%	11.14%	-42.47%	134.65%	39.20%	-27.32%
Net Income Q/Q Growth	16.97%	-17.54%	-41.01%	-23.61%	34.27%	10.25%	-89.94%	1,290.57%	49.12%	-33.30%
EPS Q/Q Growth	18.84%	-17.07%	-40.00%	-23.53%	34.62%	10.48%	-90.09%	1,313.04%	49.23%	-33.20%
Operating Cash Flow Q/Q Growth	38.94%	-43.52%	46.99%	-42.63%	-1.93%	1.97%	24.67%	23.48%	18.34%	-22.43%
Free Cash Flow Firm Q/Q Growth	27.81%	-86.03%	149.40%	5.37%	-148.90%	-51.39%	-1,465.07%	19.98%	43.78%	-11.86%
Invested Capital Q/Q Growth	-0.37%	2.47%	-1.43%	0.49%	1.40%	2.87%	5.47%	0.78%	-0.23%	1.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.08%	52.43%	52.08%	50.94%	48.81%	48.75%	48.47%	51.61%	54.02%	52.58%
EBITDA Margin	47.14%	47.08%	34.74%	32.01%	37.77%	38.27%	18.91%	48.72%	64.54%	48.58%
Operating Margin	38.05%	36.48%	22.70%	19.33%	25.45%	26.29%	7.09%	37.16%	52.31%	37.40%
EBIT Margin	37.99%	37.53%	24.49%	21.24%	26.79%	27.53%	7.69%	37.71%	53.43%	37.27%
Profit (Net Income) Margin	28.66%	24.41%	14.88%	11.95%	16.09%	17.15%	1.76%	24.21%	36.02%	24.24%
Tax Burden Percent	87.65%	76.11%	78.72%	76.89%	77.85%	80.95%	176.67%	78.07%	77.01%	78.99%
Interest Burden Percent	86.06%	85.43%	77.18%	73.14%	77.14%	76.95%	12.99%	82.23%	87.55%	82.34%
Effective Tax Rate	12.35%	23.89%	21.28%	23.11%	22.15%	19.05%	-76.67%	21.93%	22.99%	21.01%
Return on Invested Capital (ROIC)	18.02%	15.16%	9.97%	8.06%	10.37%	10.71%	6.11%	14.13%	19.65%	14.03%
ROIC Less NNEP Spread (ROIC-NNEP)	16.35%	14.09%	9.05%	7.23%	9.34%	9.60%	3.42%	12.92%	18.54%	12.69%
Return on Net Nonoperating Assets (RNNOA)	11.45%	10.86%	7.00%	5.89%	7.80%	8.58%	3.26%	12.11%	16.51%	11.23%
Return on Equity (ROE)	29.47%	26.01%	16.97%	13.95%	18.18%	19.29%	9.37%	26.24%	36.16%	25.26%
Cash Return on Invested Capital (CROIC)	13.80%	12.75%	13.53%	11.77%	7.70%	6.03%	-2.35%	-0.92%	3.19%	4.93%
Operating Return on Assets (OROA)	12.05%	12.36%	8.08%	6.86%	8.25%	8.31%	2.28%	11.15%	15.48%	10.59%
Return on Assets (ROA)	9.09%	8.04%	4.91%	3.86%	4.95%	5.18%	0.52%	7.16%	10.44%	6.89%
Return on Common Equity (ROCE)	29.47%	26.01%	16.97%	13.95%	18.18%	19.29%	9.37%	26.24%	36.16%	25.26%
Return on Equity Simple (ROE_SIMPLE)	24.88%	0.00%	23.83%	20.33%	16.57%	0.00%	11.28%	13.83%	17.53%	0.00%
Net Operating Profit after Tax (NOPAT)	1,115	899	560	443	589	654	376	883	1,229	893
NOPAT Margin	33.35%	27.77%	17.87%	14.86%	19.81%	21.29%	12.53%	29.01%	40.29%	29.54%
Net Nonoperating Expense Percent (NNEP)	1.66%	1.07%	0.92%	0.83%	1.03%	1.11%	2.69%	1.22%	1.11%	1.34%
Return On Investment Capital (ROIC_SIMPLE)	-	3.22%	-	-	-	2.18%	-	-	-	2.83%
Cost of Revenue to Revenue	47.92%	47.57%	47.92%	49.06%	51.19%	51.25%	51.53%	48.39%	45.98%	47.42%
SG&A Expenses to Revenue	4.88%	0.00%	6.77%	6.88%	0.00%	0.00%	7.16%	5.68%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.03%	15.94%	29.37%	31.61%	23.36%	22.45%	41.38%	14.45%	1.70%	15.18%
Earnings before Interest and Taxes (EBIT)	1,270	1,215	767	633	796	846	231	1,148	1,630	1,127
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,576	1,524	1,088	954	1,122	1,176	568	1,483	1,969	1,469
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.60	4.25	3.66	3.96	3.46	4.07	4.55	3.72	4.08	3.69
Price to Tangible Book Value (P/TBV)	3.60	4.25	3.66	3.96	3.46	4.07	4.55	3.72	4.08	3.69
Price to Revenue (P/Rev)	3.80	4.25	3.59	3.95	3.54	4.28	4.74	3.99	4.62	4.36
Price to Earnings (P/E)	14.49	16.55	15.35	19.49	20.88	28.45	40.30	26.87	23.26	20.14
Dividend Yield	2.41%	2.12%	2.48%	2.35%	2.75%	2.35%	2.14%	2.53%	2.17%	2.31%
Earnings Yield	6.90%	6.04%	6.52%	5.13%	4.79%	3.51%	2.48%	3.72%	4.30%	4.96%
Enterprise Value to Invested Capital (EV/IC)	2.46	2.74	2.44	2.59	2.30	2.60	2.72	2.35	2.63	2.45
Enterprise Value to Revenue (EV/Rev)	4.62	5.11	4.42	4.81	4.46	5.24	5.85	5.07	5.62	5.36
Enterprise Value to EBITDA (EV/EBITDA)	9.57	10.78	9.96	11.86	11.71	14.69	18.41	14.11	13.17	11.84
Enterprise Value to EBIT (EV/EBIT)	12.01	13.51	12.70	15.70	16.09	20.96	28.07	20.31	17.75	15.72
Enterprise Value to NOPAT (EV/NOPAT)	15.11	17.11	16.21	20.22	22.05	28.40	37.17	26.32	23.07	20.27
Enterprise Value to Operating Cash Flow (EV/OCF)	13.08	15.43	13.01	15.03	16.61	20.06	24.73	19.13	18.13	16.04
Enterprise Value to Free Cash Flow (EV/FCFF)	18.08	21.88	18.22	22.14	30.29	43.75	0.00	0.00	86.09	51.66
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.16	1.19	1.18	1.20	1.31	1.34	1.40	1.36	1.25	1.20
Long-Term Debt to Equity	1.11	1.14	1.15	1.15	1.28	1.34	1.37	1.31	1.21	1.16
Financial Leverage	0.70	0.77	0.77	0.82	0.84	0.89	0.95	0.94	0.89	0.88
Leverage Ratio	2.90	2.93	3.00	3.05	3.12	3.16	3.22	3.19	3.18	3.15
Compound Leverage Factor	2.49	2.51	2.31	2.23	2.41	2.43	0.42	2.63	2.79	2.59
Debt to Total Capital	53.64%	54.39%	54.08%	54.48%	56.80%	57.34%	58.38%	57.54%	55.51%	54.60%
Short-Term Debt to Total Capital	2.15%	2.52%	1.45%	1.93%	1.39%	0.01%	1.34%	2.14%	1.79%	1.76%
Long-Term Debt to Total Capital	51.48%	51.87%	52.62%	52.56%	55.41%	57.33%	57.04%	55.40%	53.72%	52.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	46.36%	45.61%	45.92%	45.52%	43.20%	42.66%	41.62%	42.46%	44.49%	45.40%
Debt to EBITDA	2.53	2.51	2.61	2.94	3.54	3.96	4.60	4.05	3.31	3.13
Net Debt to EBITDA	1.70	1.83	1.86	2.12	2.40	2.71	3.50	3.02	2.36	2.22
Long-Term Debt to EBITDA	2.42	2.40	2.54	2.84	3.45	3.96	4.50	3.89	3.20	3.03
Debt to NOPAT	3.99	3.99	4.25	5.01	6.66	7.65	9.29	7.55	5.80	5.37
Net Debt to NOPAT	2.69	2.90	3.03	3.61	4.52	5.24	7.06	5.63	4.13	3.80
Long-Term Debt to NOPAT	3.83	3.80	4.13	4.84	6.50	7.65	9.08	7.26	5.61	5.19
Altman Z-Score	1.88	2.04	1.81	1.85	1.67	1.82	1.78	1.67	1.90	1.82
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.97	0.76	0.75	0.68	1.08	1.24	0.68	0.63	0.73	0.90
Quick Ratio	0.85	0.61	0.61	0.55	0.93	1.03	0.54	0.50	0.62	0.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	493	69	172	181	-88	-134	-2,096	-1,677	-943	-1,055
Operating Cash Flow to CapEx	401.42%	133.89%	287.50%	140.50%	120.66%	81.18%	38.72%	195.10%	988.71%	147.67%
Free Cash Flow to Firm to Interest Expense	2.78	0.39	0.98	1.06	-0.49	-0.69	-10.43	-8.22	-4.64	-5.30
Operating Cash Flow to Interest Expense	7.98	4.51	6.70	3.96	3.63	3.45	4.17	5.08	6.04	4.78
Operating Cash Flow Less CapEx to Interest Expense	5.99	1.14	4.37	1.14	0.62	-0.80	-6.61	2.48	5.43	1.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.33	0.33	0.32	0.31	0.30	0.30	0.30	0.29	0.28
Accounts Receivable Turnover	11.79	12.00	11.57	11.05	10.44	10.59	10.16	10.62	9.69	10.94
Inventory Turnover	22.54	25.49	23.37	21.76	20.81	23.44	22.95	21.09	20.30	21.66
Fixed Asset Turnover	0.39	0.40	0.41	0.40	0.38	0.37	0.36	0.36	0.36	0.35
Accounts Payable Turnover	4.29	4.54	4.92	4.48	4.04	4.13	4.33	4.15	3.85	3.51
Days Sales Outstanding (DSO)	30.95	30.41	31.54	33.03	34.97	34.46	35.93	34.38	37.66	33.36
Days Inventory Outstanding (DIO)	16.20	14.32	15.62	16.77	17.54	15.57	15.90	17.30	17.98	16.85
Days Payable Outstanding (DPO)	85.01	80.39	74.12	81.43	90.43	88.28	84.32	88.04	94.70	104.12
Cash Conversion Cycle (CCC)	-37.86	-35.66	-26.96	-31.63	-37.92	-38.26	-32.49	-36.36	-39.06	-53.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,192	23,765	23,425	23,540	23,869	24,553	25,897	26,100	26,041	26,501
Invested Capital Turnover	0.54	0.55	0.56	0.54	0.52	0.50	0.49	0.49	0.49	0.47
Increase / (Decrease) in Invested Capital	622	830	388	262	677	788	2,472	2,560	2,172	1,948
Enterprise Value (EV)	57,113	65,135	57,243	60,988	54,889	63,755	70,345	61,357	68,441	65,008
Market Capitalization	46,945	54,103	46,545	50,088	43,635	51,983	56,984	48,236	56,185	52,813
Book Value per Share	$55.45	$55.00	$55.87	$55.53	$55.57	$56.52	$55.49	$57.45	$60.97	$63.23
Tangible Book Value per Share	$55.45	$55.00	$55.87	$55.53	$55.57	$56.52	$55.49	$57.45	$60.97	$63.23
Total Capital	28,092	27,915	27,715	27,769	29,199	29,960	30,119	30,571	30,984	31,512
Total Debt	15,068	15,182	14,988	15,129	16,584	17,179	17,583	17,592	17,199	17,206
Total Long-Term Debt	14,463	14,479	14,585	14,594	16,179	17,175	17,179	16,937	16,644	16,651
Net Debt	10,168	11,032	10,698	10,900	11,254	11,772	13,361	13,121	12,256	12,195
Capital Expenditures (CapEx)	352	596	408	479	547	829	2,167	531	124	644
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-692	-395	-851	-976	-873	-925	-1,339	-1,367	-1,407	-1,443
Debt-free Net Working Capital (DFNWC)	522	61	-299	-420	633	643	-687	-708	-432	198
Net Working Capital (NWC)	-83	-642	-702	-955	228	639	-1,091	-1,363	-987	-357
Net Nonoperating Expense (NNE)	157	109	94	87	111	127	323	146	130	160
Net Nonoperating Obligations (NNO)	10,168	11,032	10,698	10,900	11,254	11,772	13,361	13,121	12,256	12,195
Total Depreciation and Amortization (D&A)	306	309	321	321	326	330	337	335	339	342
Debt-free, Cash-free Net Working Capital to Revenue	-5.60%	-3.10%	-6.57%	-7.69%	-7.09%	-7.61%	-11.13%	-11.31%	-11.56%	-11.90%
Debt-free Net Working Capital to Revenue	4.22%	0.48%	-2.31%	-3.31%	5.14%	5.29%	-5.71%	-5.86%	-3.55%	1.63%
Net Working Capital to Revenue	-0.67%	-5.04%	-5.42%	-7.52%	1.85%	5.26%	-9.07%	-11.27%	-8.11%	-2.94%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.11	$3.41	$2.04	$1.56	$2.11	$2.33	$0.23	$3.26	$4.86	$3.23
Adjusted Weighted Average Basic Shares Outstanding	231.51M	227.78M	227.64M	227.02M	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M
Adjusted Diluted Earnings per Share	$4.10	$3.40	$2.04	$1.56	$2.10	$2.32	$0.23	$3.25	$4.85	$3.24
Adjusted Weighted Average Diluted Shares Outstanding	231.51M	227.78M	227.64M	227.02M	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	231.51M	227.78M	227.64M	227.02M	226.14M	225.88M	225.91M	226.10M	226.24M	226.43M
Normalized Net Operating Profit after Tax (NOPAT)	1,115	899	560	443	589	654	218	881	1,275	915
Normalized NOPAT Margin	33.35%	27.77%	17.87%	14.86%	19.81%	21.29%	7.27%	28.93%	41.80%	30.25%
Pre Tax Income Margin	32.70%	32.07%	18.90%	15.54%	20.67%	21.18%	1.00%	31.01%	46.77%	30.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.18	6.86	4.38	3.72	4.37	4.34	1.15	5.63	8.03	5.66
NOPAT to Interest Expense	6.30	5.08	3.20	2.61	3.23	3.35	1.87	4.33	6.06	4.49
EBIT Less CapEx to Interest Expense	5.19	3.50	2.05	0.91	1.37	0.09	-9.63	3.02	7.42	2.43
NOPAT Less CapEx to Interest Expense	4.31	1.71	0.87	-0.21	0.23	-0.90	-8.91	1.73	5.44	1.25
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	35.34%	35.69%	38.81%	46.34%	57.70%	67.05%	86.49%	67.97%	50.50%	46.57%
Augmented Payout Ratio	134.54%	130.80%	126.94%	122.57%	121.29%	101.09%	118.95%	85.74%	55.42%	46.57%

Frequently Asked Questions About Norfolk Southern's Financials

When does Norfolk Southern's fiscal year end?

According to the most recent income statement we have on file, Norfolk Southern's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Norfolk Southern's net income changed over the last 9 years?

Norfolk Southern's net income were at $2.62 billion at the end of 2024, a 43.5% increase from 2023, and a 68.5% increase since 2015.

What is Norfolk Southern's operating income?

Norfolk Southern's total operating income in 2024 was $4.07 billion, based on the following breakdown:

Total Gross Profit: $6.27 billion
Total Operating Expenses: $2.19 billion

How has Norfolk Southern revenue changed over the last 9 years?

Over the last 9 years, Norfolk Southern's total revenue changed from $10.51 billion in 2015 to $12.12 billion in 2024, a change of 15.3%.

How much debt does Norfolk Southern have?

Norfolk Southern's total liabilities were at $29.38 billion at the end of 2024, a 1.7% increase from 2023, and a 33.8% increase since 2015.

How much cash does Norfolk Southern have?

In the past 9 years, Norfolk Southern's cash and equivalents has ranged from $358 million in 2018 to $1.64 billion in 2024, and is currently $1.64 billion as of their latest financial filing in 2024.

How has Norfolk Southern's book value per share changed over the last 9 years?

Over the last 9 years, Norfolk Southern's book value per share changed from 40.82 in 2015 to 63.23 in 2024, a change of 54.9%.

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This page (NYSE:NSC) was last updated on 4/15/2025 by MarketBeat.com Staff

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Norfolk Southern (NSC) Financials

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Norfolk Southern (NSC) Financials

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