Income StatementBalance SheetCash FlowSegments
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Norfolk Southern Income Statement

Revenue, expenses, and profitability over time

Norfolk Southern generated $12.2B in trailing twelve-month revenue, up 0.0% year-over-year. Net income was $2.7B with a 21.91% net margin. Diluted EPS is $11.87, which declined 0.2% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$12.2BOperating Income (TTM)$4.1BNet Income (TTM)$2.7BEps Diluted (TTM)$11.87
Latest FilingQ1 2026
Report Date2026-04-24
Market Cap$71.9B
P/E Ratio26.94
ROE17.62%

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Capital Expenditures$675.0M$449.0M$475.0M$551.0M$729.0M$382.0M
Change in Accounts Receivable-$241.0M$165.0M——-$112.0M$135.0M
Change in Other Current Assets—-$31.0M-$23.0M-$14.0M$91.0M-$45.0M
Change in Other Liabilities—$22.0M-$128.0M$131.0M$234.0M-$388.0M
Common Stock Dividends Per Share—$1.4$1.4$1.4—$1.4
Other Comprehensive Income (Loss), Net of Tax—$1.0M$0.0-$1.0M—-$1.0M
Dividends per share declared—$1.4$1.4$1.4—$1.4
Reclassifications Net of Tax—$749.0M$767.0M$711.0M—$546.0M
OCI Attributable to Parent—$1.0M$0.0-$1.0M—-$1.0M
Other Comprehensive Income (Loss), Before Tax—$1.0M$0.0-$1.0M—-$2.0M
Dividends per share declared—$1.4$1.4$1.4—$1.4
Common Stock Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Income Taxes Paid, Net$21.0M$1.0M$413.0M$19.0M$58.0M$138.0M
Interest Paid, Net$193.0M$192.0M$186.0M$192.0M$195.0M$185.0M
Pre-tax stock-based compensation cost—$18.0M$17.0M$17.0M—$25.0M
Stock options excluded as their inclusion would be anti-dilutive (in shares)—100K100K0—0
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—-$635.0M———-$189.0M
Dividends declared (in dollars per share)—$1.4$1.4$1.4—$1.4
Common stock transactions$11.0M-$9.0M$1.0M$9.0M$1.0M-$11.0M
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$751.0M$768.0M$710.0M—$546.0M
Deferred taxes$35.0M$57.0M$52.0M$206.0M—$48.0M
Dividends, Common Stock, Cash—$306.0M$303.0M$303.0M—$303.0M
Share-Based Payment Arrangement, Expense, Tax Benefit—$5.0M$3.0M$5.0M—$7.0M
Income tax benefit realized from option exercises—$1.0M$1.0M$1.0M—$1.0M
Employees covered by collective bargaining agreements—$0.8———$0.8
Fuel$230.0M$244.0M$219.0M$237.0M$232.0M$256.0M
Gain (Loss) on Disposition of Assets$65.0M$23.0M$34.0M$85.0M$111.0M$17.0M
Income Taxes Paid, Net$21.0M$1.0M$413.0M$19.0M$58.0M$138.0M
Increase (Decrease) in Accounts Receivable-$241.0M$165.0M——-$112.0M$135.0M
Increase (Decrease) in Materials and Supplies—-$4.0M$40.0M-$16.0M-$26.0M$41.0M
Increase (Decrease) in Other Current Assets—-$31.0M-$23.0M-$14.0M$91.0M-$45.0M
Other liabilities—$22.0M-$128.0M$131.0M$234.0M-$388.0M
Interest Paid, Excluding Capitalized Interest, Operating Activity$193.0M$192.0M$186.0M$192.0M$195.0M$185.0M
Materials and other$133.0M$205.0M$195.0M$147.0M$87.0M$189.0M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$296.0M-$564.0M-$366.0M-$673.0M-$307.0M-$320.0M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation$0.0-$1.0B-$414.0M-$483.0M-$644.0M-$213.0M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$951.0M$950.0M$1.1B$1.3B$1.1B$344.0M
Number of operating segments—1.00———1.00
Number of railroads—6.00———6.00
Number of reportable segments—1.00———1.00
Other comprehensive income of equity investees—$1.0M$0.0-$1.0M—$0.0
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent—$0.0$0.0$0.0—$2.0M
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent—$1.0M$0.0-$1.0M—-$2.0M
Other comprehensive income/(loss)—$1.0M$0.0-$1.0M—-$1.0M
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent—$0.0$0.0$0.0—-$1.0M
Other income, net (Note 6)$0.0$31.0M$24.0M$23.0M$23.0M$35.0M
All other operating activities-$45.0M-$72.0M-$18.0M-$74.0M-$66.0M-$67.0M
Earnings allocated to participating share awards—$1.0M$1.0M$0.0—$1.0M
Participating Securities Distributed And Undistributed Earnings Loss Diluted—$1.0M$0.0$1.0M—$0.0
Payment for (Proceeds from) Other Investing Activity-$656.0M-$19.0M-$17.0M-$16.0M-$47.0M-$10.0M
Payments for Repurchase of Common Stock$0.0$248.0M$208.0M$78.0M$0.0$5.0M
Payments of Ordinary Dividends, Common Stock$306.0M$306.0M$303.0M$303.0M$303.0M$303.0M
Payments to Acquire Investments$1.0M$609.0M$4.0M$2.0M$6.0M$3.0M
Payments to Acquire Property, Plant, and Equipment$675.0M$449.0M$475.0M$551.0M$729.0M$382.0M
Dispositions of property, plant, and equipment$31.0M$18.0M$48.0M$54.0M$44.0M$162.0M
Cash received from option exercises—$4.0M$2.0M$10.0M—$4.0M
Purchased services and rents$507.0M$498.0M$520.0M$519.0M$558.0M$522.0M
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent—$0.0$0.0$0.0—$1.0M
Repayments of Debt and Lease Obligation$1.0M$1.0M$252.0M$301.0M$5.0M$1.0M
Revenue From Contract With Customer Excluding Assessed Tax$3.0B$3.0B$3.1B$3.1B$3.0B$3.0B
Stock-based compensation—$10.0M———$14.0M
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period—42.6K26.4K57K—39.7K
Value of shares repurchased—$250.0M$205.0M$78.0M——
Stock Repurchased During Period Shares—1M900K300K—0
Unusual or Infrequent Item, or Both, Gain, Gross—$185.0M$47.0M$11.0M$11.0M—
Eastern Ohio incident—————$10.0M
Add: dilutive effect of potential common shares (in shares)—$400.0K$200.0K$300.0K—$500.0K
Cash Dividends, Common Stock$306.0M$306.0M$303.0M$303.0M$303.0M$303.0M
Reclassification from AOCI, Net of Tax—$0.0$0.0$0.0—$1.0M
Other Comprehensive Income (Loss)—$751.0M$768.0M$710.0M—$546.0M
Common Stock Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Other Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$1.0M$0.0-$1.0M—-$1.0M
Common Stock Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
OCI Net of Tax, Parent—$1.0M$0.0-$1.0M—-$1.0M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Weighted Average Diluted Shares Adjustment—$400.0K$200.0K$300.0K—$500.0K
Common Stock Dividends Per Share (Declared)—$1.4$1.4$1.4—$1.4
Earnings Allocated to Participating Securities—$1.0M$1.0M$0.0—$1.0M
Common Stock Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Basic earnings per share$3.23$3.31$3.41$3.16$2.87$2.43
Diluted earnings per share$3.23$3.31$3.41$3.16$2.87$2.43
Common Stock Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Common Stock Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Common Stock Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Common stock dividends per share declared—$1.4$1.4$1.4—$1.4
Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Dividends per share declared—$1.4$1.4$1.4—$1.4
Weighted Average Diluted Shares Adjustment—$400.0K$200.0K$300.0K—$500.0K
Common Stock Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Dividends per share declared—$1.4$1.4$1.4—$1.4
Dividends per share declared—$1.4$1.4$1.4—$1.4
Dividends per Share Declared—$1.4$1.4$1.4—$1.4
Common Stock Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Common Stock Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Common stock dividends per share declared—$1.4$1.4$1.4—$1.4
Common Stock Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Common Stock Dividends Per Share Declared—$1.4$1.4$1.4—$1.4
Common stock dividends per share declared—$1.4$1.4$1.4—$1.4
Weighted average number diluted shares outstanding adjustment—$400.0K$200.0K$300.0K—$500.0K
Weighted-average shares, basic—226.1M225M224.4M—224.5M
Weighted-average shares, diluted—226.5M225.2M224.7M—225M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisition and integration costs$0.0$0.0$0.0$15.0M$65.0M$52.0M
Total stock-based compensation—$18.0M$17.0M$17.0M—$25.0M
Stock-Based Compensation Expense (Pre-tax)—$18.0M$17.0M$17.0M—$25.0M
Compensation and benefits$697.0M$739.0M$692.0M$738.0M$753.0M$740.0M
Depreciation and amortization$342.0M$346.0M$346.0M$348.0M$353.0M$352.0M
Allocated Share-Based Compensation Expense—$18.0M$17.0M$17.0M—$25.0M
Share-Based Compensation (Operating)—$18.0M$17.0M$17.0M—$25.0M
Share-Based Compensation Expense Before Income Taxes—$18.0M$17.0M$17.0M—$25.0M
Stock-based compensation expense—$18.0M$17.0M$17.0M—$25.0M
Total operating expenses$1.9B$1.8B$1.9B$2.0B$2.0B$2.1B
Stock-Based Compensation (Before Tax)—$18.0M$17.0M$17.0M—$25.0M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Earnings Allocated to Participating Share Awards—$1.0M$1.0M$0.0—$1.0M
Net income applicable to common shareholders—$749.0M$767.0M$711.0M—$546.0M
Common Dividends Declared (Per Share)—$1.4$1.4$1.4—$1.4
Net Income Allocated to Common (Diluted)—$749.0M$768.0M$710.0M—$547.0M
Common Stock Dividends$306.0M$306.0M$303.0M$303.0M$303.0M$303.0M
Net earnings to common—$749.0M$767.0M$711.0M—$546.0M
Net Income Available to Common Stockholders (Diluted)—$749.0M$768.0M$710.0M—$547.0M
Net Income Available to Common Shareholders—$749.0M$767.0M$711.0M—$546.0M
OCI Attributable to Parent—$1.0M$0.0-$1.0M—-$1.0M
Net income$733.0M$750.0M$768.0M$711.0M$644.0M$547.0M
Net income attributable to common stock—$749.0M$767.0M$711.0M—$546.0M
Common Stock Dividends$306.0M$306.0M$303.0M$303.0M$303.0M$303.0M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cash Paid for Income Taxes$21.0M$1.0M$413.0M$19.0M$58.0M$138.0M
Stock-Based Compensation Tax Benefit—$5.0M$3.0M$5.0M—$7.0M
Income Taxes Paid, Net$21.0M$1.0M$413.0M$19.0M$58.0M$138.0M
Share-Based Compensation Tax Benefit—$5.0M$3.0M$5.0M—$7.0M
Income tax expense$195.0M$228.0M$230.0M$213.0M$121.0M$168.0M
Share-Based Compensation Tax Benefit—$5.0M$3.0M$5.0M—$7.0M
Income Taxes Paid, Net$21.0M$1.0M$413.0M$19.0M$58.0M$138.0M
Income and Other Taxes$21.0M$1.0M$413.0M$19.0M$58.0M$138.0M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cash Paid for Interest$193.0M$192.0M$186.0M$192.0M$195.0M$185.0M
Other Charges$0.0$31.0M$24.0M$23.0M$23.0M$35.0M
Interest expense$199.0M$199.0M$201.0M$197.0M$195.0M$197.0M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$928.0M$978.0M$998.0M$924.0M$765.0M$715.0M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating income$1.1B$1.1B$1.2B$1.1B$937.0M$877.0M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$3.0B$3.0B$3.1B$3.1B$3.0B$3.0B