Norfolk Southern › Financials
Norfolk Southern financials
NSCTen years from Norfolk Southern’s own SEC filings. Fiscal years end in December.
Income statement
| Dec 2016fiscal year | Dec 2017fiscal year | Dec 2018fiscal year | Dec 2019fiscal year | Dec 2020fiscal year | Dec 2021fiscal year | Dec 2022fiscal year | Dec 2023fiscal year | Dec 2024fiscal year | Dec 2025fiscal year | Last 12 monthsto Jun 2026 | Latest quarterJun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.89B | $10.55B | $11.46B | $11.30B | $9.79B | $11.14B | $12.74B | $12.16B | $12.12B | $12.18B | $12.54B | — |
| Operating income | $3.01B | $3.52B | $3.96B | $3.99B | $3.00B | $4.45B | $4.81B | $2.85B | $4.07B | $4.36B | $4.04B | — |
| Net income | $1.66B | $5.40B | $2.67B | $2.72B | $2.01B | $3.00B | $3.27B | $1.83B | $2.62B | $2.87B | $2.64B | — |
| Earnings per share, diluted | $5.62 | $18.61 | $9.51 | $10.25 | $7.84 | $12.11 | $13.88 | $8.02 | $11.57 | $12.75 | — | — |
Balance sheet
| Dec 2016fiscal year | Dec 2017fiscal year | Dec 2018fiscal year | Dec 2019fiscal year | Dec 2020fiscal year | Dec 2021fiscal year | Dec 2022fiscal year | Dec 2023fiscal year | Dec 2024fiscal year | Dec 2025fiscal year | Last 12 monthsto Jun 2026 | Latest quarterJun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $956.0M | $690.0M | $358.0M | $580.0M | $1.11B | $839.0M | $456.0M | $1.57B | $1.64B | $1.53B | — | $1.07B |
| Total assets | $34.89B | $35.71B | $36.24B | $37.92B | $37.96B | $38.49B | $38.88B | $41.65B | $43.68B | $45.24B | — | $45.12B |
| Debt | $10.11B | $9.74B | $11.14B | $12.20B | $12.68B | $13.84B | $15.18B | $17.18B | $17.21B | $17.09B | — | $16.62B |
| Total liabilities | $22.48B | $19.35B | $20.88B | $22.74B | $23.17B | $24.85B | $26.15B | $28.87B | $29.38B | $29.69B | — | $28.87B |
| Shareholders' equity | $12.41B | $16.36B | $15.36B | $15.18B | $14.79B | $13.64B | $12.73B | $12.78B | $14.31B | $15.55B | — | $16.25B |
Cash flow
| Dec 2016fiscal year | Dec 2017fiscal year | Dec 2018fiscal year | Dec 2019fiscal year | Dec 2020fiscal year | Dec 2021fiscal year | Dec 2022fiscal year | Dec 2023fiscal year | Dec 2024fiscal year | Dec 2025fiscal year | Last 12 monthsto Jun 2026 | Latest quarterJun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.03B | $3.25B | $3.73B | $3.89B | $3.64B | $4.25B | $4.22B | $3.18B | $4.05B | $4.36B | $3.73B | — |
| Capital spending | $1.89B | $1.72B | $1.95B | $2.02B | $1.49B | $1.47B | $1.95B | $2.33B | $2.38B | $2.20B | $2.10B | — |
| Free cash flow | $1.15B | $1.53B | $1.77B | $1.87B | $2.14B | $2.79B | $2.27B | $852.0M | $1.67B | $2.16B | $1.63B | — |
| Buybacks | $803.0M | $1.01B | $2.78B | $2.10B | $1.44B | $3.39B | $3.11B | $622.0M | $0 | $534.0M | $83.0M | — |
| Dividends | $695.0M | $703.0M | $844.0M | $949.0M | $960.0M | $1.03B | $1.17B | $1.23B | $1.22B | $1.22B | $1.21B | — |
| Returned to shareholders | $1.50B | $1.72B | $3.62B | $3.05B | $2.40B | $4.42B | $4.28B | $1.85B | $1.22B | $1.75B | $1.29B | — |
| Stock-based pay | $42.0M | $45.0M | $47.0M | $53.0M | $28.0M | $54.0M | $53.0M | $40.0M | $40.0M | $63.0M | $77.0M | — |
Where these numbers come from
Every column links to the filing it comes from on EDGAR. Last 12 months adds the latest year to date to the last 10-K and takes away the same months a year earlier. Debt is long-term debt including the part due within a year. A dash means the company did not report that line in a form we can read, never a zero. Market cap uses the latest closing price and the share count from the cover of the latest filing. How we count
Norfolk Southern financials, answered
What is Norfolk Southern's market cap?
$73.43B at $326.92 a share, with 224,608,373 shares outstanding as of Jun 30, 2026, from the cover of its latest SEC filing.
How much does Norfolk Southern earn?
Revenue of $12.54B and net income of $2.64B in the last 12 months to Jun 2026.
How much debt does Norfolk Southern have?
Norfolk Southern reported $16.62B of debt and $1.07B of cash and equivalents on its balance sheet in Jun 2026.
Does Norfolk Southern make free cash flow?
Yes. Operating cash flow minus capital spending was $1.63B in the last 12 months to Jun 2026.
How much cash does Norfolk Southern return to shareholders?
$1.75B in buybacks and dividends in fiscal 2025, from the cash flow statement.