Norfolk Southern Corp.
NSCNYSECIK 702165Industrials / Railroads & Rail Equipmentfiscal year ends December73 quarters since 2008
Latest quarter Q3 FY2026, filed October 22, 2026. Trailing figures sum the latest four quarters. Market values at the latest close, from a market data vendor.
The last 16 quarters
Q4 FY2022 to Q3 FY2026, through the filing of October 22, 2026.
Net income losses drawn in red.
Operating cash flow less capital expenditures; negative quarters in red.
Positions at each quarter end, as filed; short-term investments are not included.
Income statement
Last eight quarters, newest first, through Q3 FY2026 filed October 22, 2026.
| Millions of dollars | Q3 FY2026ended Sep 30, 2026filed Oct 22, 2026 | Q2 FY2026ended Jun 30, 2026filed Jul 23, 2026 | Q1 FY2026ended Mar 31, 2026filed Apr 24, 2026 | Q4 FY2025ended Dec 31, 2025filed Feb 9, 2026 | Q3 FY2025ended Sep 30, 2025filed Oct 23, 2025 | Q2 FY2025ended Jun 30, 2025filed Jul 29, 2025 | Q1 FY2025ended Mar 31, 2025filed Apr 23, 2025 | Q4 FY2024ended Dec 31, 2024filed Feb 10, 2025 | YoYQ3 FY2026vs Q3 FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,526 | 3,465 | 2,998 | 2,974 | 3,103 | 3,110 | 2,993 | 3,024 | +13.6% |
| Cost of revenue | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — | — | — |
| Selling, general and administrative | — | — | — | — | — | — | — | — | — |
| Operating income | 1,150 | 1,124 | 877 | 937 | 1,098 | 1,175 | 1,146 | 1,131 | +4.7% |
| Other income (expense) | 30 | 32 | 35 | 23 | 23 | 24 | 31 | (4) | +30.4% |
| Pretax income | 987 | 959 | 715 | 765 | 924 | 998 | 978 | 928 | +6.8% |
| Income tax | 228 | 225 | 168 | 121 | 213 | 230 | 228 | 195 | +7.0% |
| Net income | 759 | 733 | 546 | 643 | 711 | 767 | 749 | 732 | +6.8% |
| Diluted EPS ($) | 3.37 | 3.26 | 2.43 | — | 3.16 | 3.41 | 3.31 | — | +6.6% |
| Diluted shares (millions) | 225 | 225 | 225 | — | 225 | 225 | 227 | — | — |
Fourth quarters are the fiscal year less the first nine months when the filer reports no discrete fourth quarter, and are marked. Diluted EPS is never derived, so a derived quarter shows none. Italic figures are derived.
Balance sheet
Last eight quarters, newest first, through Q3 FY2026 filed October 22, 2026.
| Millions of dollars | Q3 FY2026ended Sep 30, 2026filed Oct 22, 2026 | Q2 FY2026ended Jun 30, 2026filed Jul 23, 2026 | Q1 FY2026ended Mar 31, 2026filed Apr 24, 2026 | Q4 FY2025ended Dec 31, 2025filed Feb 9, 2026 | Q3 FY2025ended Sep 30, 2025filed Oct 23, 2025 | Q2 FY2025ended Jun 30, 2025filed Jul 29, 2025 | Q1 FY2025ended Mar 31, 2025filed Apr 23, 2025 | Q4 FY2024ended Dec 31, 2024filed Feb 10, 2025 | YoYQ3 FY2026vs Q3 FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 1,598 | 1,069 | 1,341 | 1,530 | 1,418 | 1,303 | 1,006 | 1,641 | +12.7% |
| Short-term investments | — | — | — | — | — | — | — | — | — |
| Total current assets | 3,325 | 2,801 | 3,024 | 3,198 | 3,036 | 2,907 | 2,701 | 3,188 | +9.5% |
| Total assets | 45,949 | 45,122 | 45,113 | 45,236 | 44,580 | 44,155 | 43,800 | 43,682 | +3.1% |
| Total current liabilities | 3,681 | 3,370 | 3,335 | 3,775 | 3,524 | 3,667 | 3,450 | 3,545 | +4.5% |
| Long-term debt | — | — | — | — | — | — | — | — | — |
| Total liabilities | 29,219 | 28,869 | 29,309 | 29,689 | 29,439 | 29,368 | 29,289 | 29,376 | −0.7% |
| Stockholders’ equity | 16,730 | 16,253 | 15,804 | 15,547 | 15,141 | 14,787 | 14,511 | 14,306 | +10.5% |
| Shares outstanding (millions) | 225 | 225 | 225 | 225 | 224 | 225 | 225 | 226 | — |
Positions at each period end. Nothing on this statement is derived. Long-term debt is the filed noncurrent line only; no total-debt composite is constructed across filers. Italic figures are derived.
Cash flow statement
Last eight quarters, newest first, through Q3 FY2026 filed October 22, 2026.
| Millions of dollars | Q3 FY2026ended Sep 30, 2026filed Oct 22, 2026 | Q2 FY2026ended Jun 30, 2026filed Jul 23, 2026 | Q1 FY2026ended Mar 31, 2026filed Apr 24, 2026 | Q4 FY2025ended Dec 31, 2025filed Feb 9, 2026 | Q3 FY2025ended Sep 30, 2025filed Oct 23, 2025 | Q2 FY2025ended Jun 30, 2025filed Jul 29, 2025 | Q1 FY2025ended Mar 31, 2025filed Apr 23, 2025 | Q4 FY2024ended Dec 31, 2024filed Feb 10, 2025 | YoYQ3 FY2026vs Q3 FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 1,322 | 1,054 | 344 | 1,063 | 1,271 | 1,077 | 950 | 951 | +4.0% |
| Capital expenditures | 586 | 439 | 382 | 729 | 551 | 475 | 449 | 675 | +6.4% |
| Free cash flow (CFO − capex) | 736 | 615 | (38) | 334 | 720 | 602 | 501 | 276 | +2.2% |
| Depreciation and amortization | 363 | 358 | 352 | 353 | 348 | 346 | 346 | 342 | +4.3% |
| Share repurchases | 0 | 0 | 5 | 0 | 78 | 208 | 248 | 0 | −100.0% |
| Dividends paid | 304 | 303 | 303 | 303 | 303 | 303 | 306 | 306 | +0.3% |
10-Qs file cash flows as year-to-date totals, so quarterly figures are differenced from consecutive filings and marked. Free cash flow is operating cash flow less capital expenditures, computed from the two filed lines. Italic figures are derived.
Annual statements
Every fiscal year filed, newest first, through FY2025 filed February 9, 2026.
Income statement
| Millions of dollars | FY2025ended Dec 31, 2025filed Feb 9, 2026 | FY2024ended Dec 31, 2024filed Feb 10, 2025 | FY2023ended Dec 31, 2023filed Feb 5, 2024 | FY2022ended Dec 31, 2022filed Feb 3, 2023 | FY2021ended Dec 31, 2021filed Feb 4, 2022 | FY2020ended Dec 31, 2020filed Feb 4, 2021 | FY2019ended Dec 31, 2019filed Feb 6, 2020 | FY2018ended Dec 31, 2018filed Feb 8, 2019 | FY2017ended Dec 31, 2017filed Feb 5, 2018 | FY2016ended Dec 31, 2016filed Feb 6, 2017 | FY2015ended Dec 31, 2015filed Feb 8, 2016 | FY2014ended Dec 31, 2014filed Feb 11, 2015 | FY2013ended Dec 31, 2013filed Feb 14, 2014 | FY2012ended Dec 31, 2012filed Feb 15, 2013 | FY2011ended Dec 31, 2011filed Feb 15, 2012 | FY2010ended Dec 31, 2010filed Feb 17, 2011 | FY2009ended Dec 31, 2009filed Feb 17, 2010 | FY2008ended Dec 31, 2008filed Oct 30, 2009 | FY2007ended Dec 31, 2007filed Oct 30, 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 12,180 | 12,123 | 12,156 | 12,745 | 11,142 | 9,789 | 11,296 | 11,458 | 10,551 | 9,888 | 10,511 | 11,624 | 11,245 | 11,040 | 11,172 | 9,516 | 7,969 | 10,661 | 9,432 |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Selling, general and administrative | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Operating income | 4,356 | 4,071 | 2,851 | 4,809 | 4,447 | 3,002 | 3,989 | 3,959 | 3,522 | 3,009 | 2,884 | 3,575 | 3,257 | 3,124 | 3,213 | 2,676 | 1,962 | 3,084 | 2,585 |
| Other income (expense) | 101 | 65 | 191 | 13 | 77 | 153 | 106 | 67 | 156 | 136 | 103 | 104 | 233 | 129 | 160 | 153 | 127 | 110 | 93 |
| Pretax income | 3,665 | 3,329 | 2,320 | 4,130 | 3,878 | 2,530 | 3,491 | 3,469 | 3,128 | 2,582 | 2,442 | 3,134 | 2,965 | 2,758 | 2,918 | — | — | — | — |
| Income tax | 792 | 707 | 493 | 860 | 873 | 517 | 769 | 803 | (2,276) | 914 | 886 | 1,134 | 1,055 | 1,009 | 1,002 | 871 | 588 | 1,034 | 773 |
| Net income | 2,870 | 2,619 | 1,824 | 3,268 | 3,003 | 2,010 | 2,717 | 2,660 | 5,400 | 1,663 | 1,550 | 1,994 | — | — | — | 1,488 | 1,026 | 1,707 | — |
| Diluted EPS ($) | 12.75 | 11.57 | 8.02 | 13.88 | 12.11 | 7.84 | 10.25 | 9.51 | 18.61 | 5.62 | 5.10 | 6.39 | 6.04 | 5.37 | 5.45 | 4.00 | 2.76 | 4.52 | 3.68 |
| Diluted shares (millions) | 225 | 226 | 227 | 236 | 248 | 257 | 266 | 280 | 290 | 296 | 304 | 313 | — | — | — | 372 | 372 | 380 | — |
Balance sheet
| Millions of dollars | FY2025ended Dec 31, 2025filed Feb 9, 2026 | FY2024ended Dec 31, 2024filed Feb 10, 2025 | FY2023ended Dec 31, 2023filed Feb 5, 2024 | FY2022ended Dec 31, 2022filed Feb 3, 2023 | FY2021ended Dec 31, 2021filed Feb 4, 2022 | FY2020ended Dec 31, 2020filed Feb 4, 2021 | FY2019ended Dec 31, 2019filed Feb 6, 2020 | FY2018ended Dec 31, 2018filed Feb 8, 2019 | FY2017ended Dec 31, 2017filed Feb 5, 2018 | FY2016ended Dec 31, 2016filed Feb 6, 2017 | FY2015ended Dec 31, 2015filed Feb 8, 2016 | FY2014ended Dec 31, 2014filed Feb 11, 2015 | FY2013ended Dec 31, 2013filed Feb 14, 2014 | FY2012ended Dec 31, 2012filed Feb 15, 2013 | FY2011ended Dec 31, 2011filed Feb 15, 2012 | FY2010ended Dec 31, 2010filed Feb 17, 2011 | FY2009ended Dec 31, 2009filed Feb 17, 2010 | FY2008ended Dec 31, 2008filed Oct 30, 2009 | FY2007ended Dec 31, 2007filed Oct 30, 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 1,530 | 1,641 | 1,568 | 456 | 839 | 1,115 | 580 | 358 | 690 | 956 | 1,101 | 973 | 1,443 | 653 | 276 | 827 | 996 | 618 | 206 |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | — | 0 | 118 | 15 | 25 | 283 | 90 | 0 | — |
| Total current assets | 3,198 | 3,188 | 3,271 | 2,007 | 2,167 | 2,318 | 2,081 | 1,862 | 2,149 | 2,291 | 2,512 | 2,778 | 3,075 | 2,242 | 1,751 | 2,471 | 2,246 | 1,999 | — |
| Total assets | 45,236 | 43,682 | 41,652 | 38,885 | 38,493 | 37,962 | 37,923 | 36,239 | 35,711 | 34,892 | 34,139 | 33,200 | 32,483 | 30,342 | 28,538 | 28,199 | 27,369 | 26,297 | — |
| Total current liabilities | 3,775 | 3,545 | 2,632 | 2,649 | 2,521 | 2,160 | 2,300 | 2,591 | 2,545 | 2,339 | 2,231 | 1,780 | 2,305 | 2,081 | 1,701 | 2,082 | 1,789 | 2,105 | — |
| Long-term debt | — | — | — | — | — | — | — | — | 9,736 | 10,112 | 9,893 | 8,885 | 9,348 | 8,482 | 7,440 | 6,925 | 7,053 | — | — |
| Total liabilities | 29,689 | 29,376 | 28,871 | 26,152 | 24,852 | 23,171 | 22,739 | 20,877 | 19,352 | 22,483 | 21,951 | 20,792 | 21,194 | 20,582 | 18,627 | 17,530 | 17,016 | 16,690 | — |
| Stockholders’ equity | 15,547 | 14,306 | 12,781 | 12,733 | 13,641 | 14,791 | 15,184 | 15,362 | 16,359 | 12,409 | — | — | — | — | — | — | — | — | — |
| Shares outstanding (millions) | 225 | 226 | 226 | 228 | 240 | 252 | 258 | 267 | 284 | 291 | 298 | 307 | 310 | 315 | 330 | 356 | 370 | — | — |
Cash flow statement
| Millions of dollars | FY2025ended Dec 31, 2025filed Feb 9, 2026 | FY2024ended Dec 31, 2024filed Feb 10, 2025 | FY2023ended Dec 31, 2023filed Feb 5, 2024 | FY2022ended Dec 31, 2022filed Feb 3, 2023 | FY2021ended Dec 31, 2021filed Feb 4, 2022 | FY2020ended Dec 31, 2020filed Feb 4, 2021 | FY2019ended Dec 31, 2019filed Feb 6, 2020 | FY2018ended Dec 31, 2018filed Feb 8, 2019 | FY2017ended Dec 31, 2017filed Feb 5, 2018 | FY2016ended Dec 31, 2016filed Feb 6, 2017 | FY2015ended Dec 31, 2015filed Feb 8, 2016 | FY2014ended Dec 31, 2014filed Feb 11, 2015 | FY2013ended Dec 31, 2013filed Feb 14, 2014 | FY2012ended Dec 31, 2012filed Feb 15, 2013 | FY2011ended Dec 31, 2011filed Feb 15, 2012 | FY2010ended Dec 31, 2010filed Feb 17, 2011 | FY2009ended Dec 31, 2009filed Feb 17, 2010 | FY2008ended Dec 31, 2008filed Oct 30, 2009 | FY2007ended Dec 31, 2007filed Oct 30, 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 4,361 | 4,052 | 3,179 | 4,222 | 4,255 | 3,637 | 3,892 | 3,726 | 3,253 | 3,034 | — | 2,852 | 3,078 | 3,065 | 3,227 | 2,714 | 1,860 | 2,715 | 2,333 |
| Capital expenditures | 2,204 | 2,381 | 2,327 | 1,948 | 1,470 | 1,494 | 2,019 | 1,951 | 1,723 | 1,887 | 2,385 | 2,118 | 1,971 | 2,241 | 2,160 | 1,470 | 1,299 | 1,558 | 1,341 |
| Free cash flow (CFO − capex) | 2,157 | 1,671 | 852 | 2,274 | 2,785 | 2,143 | 1,873 | 1,775 | 1,530 | 1,147 | — | 734 | 1,107 | 824 | 1,067 | 1,244 | 561 | 1,157 | 992 |
| Depreciation and amortization | 1,393 | 1,353 | 1,298 | 1,221 | 1,181 | 1,154 | 1,139 | 1,104 | 1,059 | 1,030 | — | — | — | — | — | — | — | — | — |
| Share repurchases | 534 | 0 | 622 | 3,110 | 3,390 | 1,439 | 2,099 | 2,781 | 1,012 | 803 | 1,075 | 318 | 627 | 1,288 | 2,051 | 863 | 0 | 1,128 | — |
| Dividends paid | 1,215 | 1,221 | 1,225 | 1,167 | 1,028 | 960 | 949 | 844 | 703 | 695 | 713 | 687 | 637 | 624 | 576 | 514 | 500 | 456 | 377 |
Insider activity
Form 4 filings by officers, directors and 10% owners, November 1, 2024 to November 1, 2026. Only open-market purchases and sales count as buys and sells; awards, exercises, tax withholding and gifts are listed in grey and never counted.
The last 25 transactions
| Traded | Insider | Role | Transaction | Shares | Price | Value | Held after | Filed |
|---|---|---|---|---|---|---|---|---|
| Oct 24, 2026 | Bhatt Anil | EVP & CIDO | option exercise | 3,259 | $0.00 | — | 5,298 | Oct 26, 2026 |
| Oct 24, 2026 | Bhatt Anil | EVP & CIDO | tax withholding | 1,338 | $332.09 | $444K | 3,960 | Oct 26, 2026 |
| Oct 24, 2026 | Barr Brian | Chief Operating Officer | option exercise | 653 | $0.00 | — | 1,471 | Oct 26, 2026 |
| Oct 24, 2026 | Barr Brian | Chief Operating Officer | tax withholding | 117 | $332.09 | $39K | 1,354 | Oct 26, 2026 |
| Oct 8, 2026 | Huffard John C Jr | Director | inheritanceindirect | 333 | $0.00 | — | 333 | Oct 9, 2026 |
| Sep 13, 2026 | George Mark R | President & CEO, Director | option exercise | 2,653 | $0.00 | — | 23,818 | Sep 15, 2026 |
| Sep 13, 2026 | George Mark R | President & CEO, Director | tax withholding | 1,035 | $323.30 | $335K | 22,783 | Sep 15, 2026 |
| Apr 26, 2026 | Orr John F | EVP & Chief Operating Officer | option exercise | 8,319 | $0.00 | — | 14,610 | Apr 28, 2026 |
| Apr 26, 2026 | Orr John F | EVP & Chief Operating Officer | tax withholding | 3,247 | $320.81 | $1M | 11,363 | Apr 28, 2026 |
| Jan 30, 2026 | Lamphere Gilbert H | Director | option exercise | 700 | $0.00 | — | 3,647 | Feb 3, 2026 |
| Jan 30, 2026 | Moore Claiborne L | Vice President & Controller | tax withholding | 69 | $289.24 | $20K | 5,085 | Feb 3, 2026 |
| Jan 30, 2026 | Moore Claiborne L | Vice President & Controller | option exercise | 252 | $0.00 | — | 5,154 | Feb 3, 2026 |
| Jan 30, 2026 | Moore Claiborne L | Vice President & Controller | option exercise | 421 | $0.00 | — | 4,902 | Feb 3, 2026 |
| Jan 30, 2026 | Moore Claiborne L | Vice President & Controller | tax withholding | 115 | $289.24 | $33K | 4,970 | Feb 3, 2026 |
| Jan 30, 2026 | Orr John F | EVP & Chief Operating Officer | option exercise | 702 | $0.00 | — | 6,701 | Feb 3, 2026 |
| Jan 30, 2026 | Orr John F | EVP & Chief Operating Officer | tax withholding | 191 | $289.24 | $55K | 6,510 | Feb 3, 2026 |
| Jan 30, 2026 | Orr John F | EVP & Chief Operating Officer | tax withholding | 219 | $289.24 | $63K | 6,291 | Feb 3, 2026 |
| Jan 30, 2026 | Orr John F | EVP & Chief Operating Officer | option exercise | 803 | $0.00 | — | 5,999 | Feb 3, 2026 |
| Jan 30, 2026 | George Mark R | President & CEO, Director | tax withholding | 1,165 | $289.24 | $337K | 21,165 | Feb 3, 2026 |
| Jan 30, 2026 | George Mark R | President & CEO, Director | tax withholding | 279 | $289.24 | $81K | 22,330 | Feb 3, 2026 |
| Jan 30, 2026 | George Mark R | President & CEO, Director | option exercise | 712 | $0.00 | — | 22,609 | Feb 3, 2026 |
| Jan 30, 2026 | George Mark R | President & CEO, Director | option exercise | 2,979 | $0.00 | — | 21,897 | Feb 3, 2026 |
| Jan 30, 2026 | Zampi Jason Andrew | EVP & CFO | tax withholding | 69 | $289.24 | $20K | 4,328 | Feb 3, 2026 |
| Jan 30, 2026 | Zampi Jason Andrew | EVP & CFO | tax withholding | 183 | $289.24 | $53K | 4,145 | Feb 3, 2026 |
| Jan 30, 2026 | Zampi Jason Andrew | EVP & CFO | tax withholding | 37 | $289.24 | $11K | 4,397 | Feb 3, 2026 |
Full insider history for Norfolk Southern Corp., or insider activity across all companies. A record of filings, not a recommendation.
Tracked funds holding it
1 of the tracked managers held NSC in their latest 13F filing, through August 14, 2026. Weight is the share of the fund’s reported portfolio. How the funds have traded NSC by quarter.
| Fund | Manager | Quarter | Value | Shares | Weight | Move |
|---|---|---|---|---|---|---|
| Third Point | Daniel Loeb | Q2 2026 | $189M | 600,000 | 4.03% | added +500.0% |
Sources
Fiscal year ends in month 12; periods are labeled with the issuer's own fiscal calendar. Values are as most recently filed (restatements apply; per-share values are on current split basis per the connector's split table, flagged in adjusted). Flow items flagged in `derived` were computed (Q4 = FY − nine months; quarterly cash flow differenced from year-to-date filings) rather than read from a filing. `reconciliation.repaired` lists periods where a full-year figure was filed in a quarter slot: that row was dropped and the quarter rebuilt from the annual figure. `reconciliation.quarantined` lists periods where four filed quarters do not sum to the filed year — those quarterly values are withheld, so a blank there is a withholding rather than an absence of reporting.
- Filer
- NORFOLK SOUTHERN CORP, CIK 702165 on EDGAR
- Extract generated
- October 23, 2026
- Withheld
- 1 line-years whose four quarters do not sum to the filed year: operating income FY2016
- Repaired
- none
XBRL concepts behind each line
Income statement
RevenueFromContractWithCustomerExcludingAssessedTax, RevenuesOperatingIncomeLossOtherNonoperatingIncomeExpenseIncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestIncomeTaxExpenseBenefitNetIncomeLossAvailableToCommonStockholdersBasicEarningsPerShareDilutedWeightedAverageNumberOfDilutedSharesOutstandingBalance sheet
CashAndCashEquivalentsAtCarryingValueShortTermInvestmentsAssetsCurrentAssetsLiabilitiesCurrentLongTermDebtLiabilitiesStockholdersEquitydei:EntityCommonStockSharesOutstandingCash flow statement
NetCashProvidedByUsedInOperatingActivitiesPaymentsToAcquirePropertyPlantAndEquipmentDepreciationDepletionAndAmortizationPaymentsForRepurchaseOfCommonStockPaymentsOfDividends, PaymentsOfDividendsCommonStockThe data
The statements on this page as files, generated October 23, 2026.
- JSON file
/data/financials/NSC.json