Income StatementBalance SheetCash FlowSegments
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Norfolk Southern Business Segments

Business, geographic, and product segment breakdowns

Norfolk Southern generates $12.2B in annual revenue across 4 key segments: Agriculture, Forest And Consumer Products (0.2), Automotive (0.1), Chemicals (0.2), and Coal (0.1). The company-wide operating margin is 33.54%. Based on the Q1 2026 filing.

Agriculture, Forest And Consumer Products (TTM)21.0%Automotive (TTM)10.0%Chemicals (TTM)18.0%Coal (TTM)12.0%Intermodal (TTM)25.0%Metals/construction (TTM)14.0%
Latest FilingQ1 2026
Report Date2026-04-24
Market Cap$71.9B
P/E Ratio26.94
ROE17.62%

Products & Services

Market groups percent of total railway operating revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agriculture, Forest And Consumer Products5.3%5.3%5.3%5.3%5.3%—
Automotive2.3%2.5%2.5%2.5%2.5%—
Chemicals4.5%4.5%4.5%4.5%4.5%—
Coal3.3%3.0%3.0%3.0%3.0%—
Intermodal6.3%6.3%6.3%6.3%6.3%—
Metals/construction3.5%3.5%3.5%3.5%3.5%—

Ancillary services percent of total railway operating revenues (as a percent)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accessorial Services—5.0%5.0%5.0%—6.0%

Business Segments

Total

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Railway Operating Revenues Market Group Merchandise$1.8B$1.9B$2.0B$2.0B$1.9B$1.9B
Railway Operating Revenues Market Group Intermodal$792.0M$760.0M$743.0M$759.0M$747.0M$749.0M
Railway Operating Revenues Market Group Coal$390.0M$370.0M$395.0M$375.0M$347.0M$364.0M

Claims

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$73.0M$66.0M$59.0M$75.0M$81.0M$53.0M

Compensation and benefits

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$697.0M$739.0M$692.0M$738.0M$753.0M$740.0M

Costs and Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$1.9B$1.8B$1.9B$2.0B$2.0B$2.1B

Depreciation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$342.0M$346.0M$346.0M$348.0M$353.0M$352.0M

Eastern Ohio incident

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$81.3M————$10.0M

Equipment rents

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$96.0M$97.0M$111.0M$105.0M$107.0M$104.0M

Fuel

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$230.0M$244.0M$219.0M$237.0M$232.0M$256.0M

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$928.0M$978.0M$998.0M$924.0M$765.0M$715.0M

Income taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$195.0M$228.0M$230.0M$213.0M$121.0M$168.0M

Interest on Debt

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$199.0M$199.0M$201.0M$197.0M$195.0M$197.0M

Materials

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$83.0M$100.0M$98.0M$104.0M$109.0M$94.0M

Merger-related expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$0.0$0.0$0.0$15.0M$65.0M$52.0M

Net Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$733.0M$750.0M$768.0M$711.0M$644.0M$547.0M

Operating Income (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$1.1B$1.1B$1.2B$1.1B$937.0M$877.0M

Other income – net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment—$31.0M$24.0M$23.0M$23.0M$35.0M

Other Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$523.0M-$39.0M$116.0M-$32.0M$13.0M-$42.0M

Purchased services

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$413.8M$401.0M———$418.0M