Norfolk Southern (NSC) financials
Norfolk Southern revenue and earnings by year
Norfolk Southern's revenue was $12.2 billion in the fiscal year to December 31, 2025, up 0.5% from the year before. Net income was $2.87 billion, 23.6% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 2.3% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 12.2 | 12.1 | 12.2 | 12.7 | 11.1 | 9.8 | 11.3 | 11.5 | 10.6 | 9.9 |
| Revenue growth | 0.5% | -0.3% | -4.6% | 14.4% | 13.8% | -13.3% | -1.4% | 8.6% | 6.7% | — |
| Gross profit | 8.5 | 8.8 | 8.1 | 8.7 | 8.1 | 6.9 | 7.9 | 8.0 | 7.6 | 6.8 |
| Gross margin | 69.9% | 72.2% | 66.5% | 67.9% | 72.4% | 70.6% | 69.7% | 69.7% | 71.6% | 69.2% |
| Operating income | 4.4 | 4.1 | 2.9 | 4.8 | 4.4 | 3.0 | 4.0 | 4.0 | 3.5 | 3.0 |
| Operating margin | 35.8% | 33.6% | 23.5% | 37.7% | 39.9% | 30.7% | 35.3% | 34.6% | 33.4% | 30.4% |
| Net income | 2.9 | 2.6 | 1.8 | 3.3 | 3.0 | 2.0 | 2.7 | 2.7 | 5.4 | 1.7 |
| Net margin | 23.6% | 21.6% | 15.0% | 25.7% | 27.0% | 20.6% | 24.1% | 23.3% | 51.2% | 16.9% |
| Diluted EPS | $12.75 | $11.57 | $8.02 | $13.88 | $12.11 | $7.86 | $10.25 | $9.52 | $18.73 | $5.62 |
| Free cash flow | 2.3 | 2.2 | 0.9 | 2.5 | 2.9 | 2.5 | 2.3 | 2.0 | 1.7 | 1.3 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open NSC in Markets.
How Norfolk Southern makes money
Revenue by segment in the quarter to September 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Railway Operating Revenues Market Group Merchandise | $2.19B | 62.1% |
| Railway Operating Revenues Market Group Intermodal | $919M | 26.1% |
| Railway Operating Revenues Market Group Coal | $419M | 11.9% |
See also: NSC valuation and P/E history · NSC returns
No forecast, no recommendation. This page describes Norfolk Southern from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.