Norfolk Southern Corporation (NSC) Income Statement
NSC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNSC revenue and net income
Where NSC's revenue goes
2025Each bar shows an amount and its share of revenue. NSC kept 23.6% of revenue as net income.
NSC profit margins
NSC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +0.5% | −1.5% | +4.5% | +1.5% |
| Gross profit | +37.3% | +3.0% | +8.8% | +6.0% |
| Operating income | +6.5% | −5.4% | +3.4% | +3.4% |
| Net income | +9.6% | −4.2% | +7.4% | +6.3% |
| EPS (diluted) | −1.1% | −2.7% | +6.2% | +9.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NSC quarterly EPS vs estimates
Norfolk Southern beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 22, 2026 (estimate $3.51).
NSC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.18B | $12.12B | $12.16B | $12.74B | $11.14B | $9.79B | $11.30B | $11.46B | $10.55B | $9.89B |
| Cost of revenue | $7.01B | $8.36B | $6.06B | $8.01B | $6.78B | $6.39B | $7.40B | $7.50B | $7.03B | $6.82B |
| Gross profit | $5.17B | $3.76B | $6.10B | $4.73B | $4.37B | $3.40B | $3.89B | $3.96B | $3.52B | $3.07B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $753.0M | $120.0M | $65.0M | $126.0M | $102.0M | $91.0M | $63.0M | $61.0M | $112.0M | $20.0M |
| Total operating expenses | $1.16B | $472.0M | $9.30B | $713.0M | $547.0M | $653.0M | $740.0M | $655.0M | $741.0M | $799.0M |
| Operating income | $4.01B | $3.76B | $2.85B | $4.73B | $4.37B | $3.40B | $3.89B | $3.96B | $3.52B | $3.07B |
| Interest income | $772.0M | $790.0M | $657.0M | $692.0M | $646.0M | $625.0M | $604.0M | $557.0M | $13.0M | $10.0M |
| Interest expense | $792.0M | $807.0M | $722.0M | $692.0M | $646.0M | $625.0M | $604.0M | $557.0M | $550.0M | $569.0M |
| Income before taxes | $3.67B | $3.33B | $2.32B | $4.13B | $3.88B | $2.53B | $3.49B | $3.47B | $3.13B | $2.58B |
| Income taxes | $792.0M | $707.0M | $493.0M | $860.0M | $873.0M | $517.0M | $769.0M | $803.0M | −$2.28B | $914.0M |
| Net income | $2.87B | $2.62B | $1.83B | $3.27B | $3.00B | $2.01B | $2.72B | $2.67B | $5.40B | $1.67B |
| EBITDA | $5.85B | $5.49B | $2.85B | $6.04B | $5.71B | $4.31B | $5.23B | $5.13B | $4.73B | $4.21B |
| EPS (diluted) | $12.50 | $12.64 | $11.75 | $13.55 | $12.12 | $9.26 | $10.34 | $9.52 | $6.63 | $5.62 |
| Gross margin | 42.4% | 31.0% | 50.2% | 37.1% | 39.2% | 34.7% | 34.5% | 34.6% | 33.4% | 31.0% |
| Operating margin | 32.9% | 31.0% | 23.5% | 37.1% | 39.2% | 34.7% | 34.5% | 34.6% | 33.4% | 31.0% |
| Net margin | 23.6% | 21.6% | 15.0% | 25.7% | 27.0% | 20.6% | 24.1% | 23.3% | 51.2% | 16.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.46B | $3.00B | $2.97B | $3.10B | $3.11B | $2.99B | $3.02B | $3.05B | $3.04B | $3.00B | $3.07B | $2.97B |
| Cost of revenue | $1.15B | $1.71B | $877.0M | $2.07B | $2.01B | $2.06B | $1.93B | $1.79B | $1.94B | $2.69B | $2.28B | $2.22B |
| Gross profit | $2.32B | $1.29B | $2.10B | $1.03B | $1.10B | $938.0M | $1.09B | $1.26B | $1.10B | $312.0M | $795.0M | $748.0M |
| Sales, general & admin | — | — | $753.0M | $105.0M | $111.0M | $97.0M | $96.0M | $92.0M | — | — | — | $91.0M |
| Total operating expenses | $1.19B | $414.0M | $1.16B | $1.91B | $1.94B | $105.0M | $50.0M | −$383.0M | $13.0M | $808.0M | $6.67B | $2.21B |
| Operating income | $1.12B | $877.0M | $937.0M | $1.03B | $1.10B | $938.0M | $1.09B | $1.26B | $1.10B | $312.0M | $795.0M | $748.0M |
| Interest income | — | — | $175.0M | $197.0M | $201.0M | $199.0M | $182.0M | $203.0M | — | — | — | $182.0M |
| Interest expense | $197.0M | $197.0M | $195.0M | $197.0M | $201.0M | $199.0M | $199.0M | $203.0M | $204.0M | $201.0M | $195.0M | $182.0M |
| Income before taxes | $959.0M | $715.0M | $765.0M | $924.0M | $998.0M | $978.0M | $928.0M | $1.43B | $944.0M | $30.0M | $651.0M | $614.0M |
| Income taxes | $225.0M | $168.0M | $121.0M | $213.0M | $230.0M | $228.0M | $195.0M | $328.0M | $207.0M | −$23.0M | $124.0M | $136.0M |
| Net income | $734.0M | $547.0M | $644.0M | $711.0M | $768.0M | $750.0M | $733.0M | $1.10B | $737.0M | $53.0M | $527.0M | $478.0M |
| EBITDA | $1.44B | $1.19B | $1.31B | $1.47B | $1.54B | $1.52B | $1.47B | $1.97B | $1.48B | $568.0M | $1.18B | $1.12B |
| EPS (diluted) | $3.52 | $2.65 | $3.22 | $3.30 | $3.29 | $2.69 | $3.04 | $3.25 | $3.06 | $3.29 | $2.83 | $2.65 |
| Gross margin | 66.8% | 43.1% | 70.5% | 33.2% | 35.5% | 31.3% | 36.1% | 41.2% | 36.2% | 10.4% | 25.9% | 25.2% |
| Operating margin | 32.4% | 29.3% | 31.5% | 33.2% | 35.5% | 31.3% | 36.1% | 41.2% | 36.2% | 10.4% | 25.9% | 25.2% |
| Net margin | 21.2% | 18.2% | 21.7% | 22.9% | 24.7% | 25.1% | 24.2% | 36.0% | 24.2% | 1.8% | 17.1% | 16.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NSC's financial statements (latest annual report filed February 9, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NSC financial results
In fiscal year 2025 (ended December 31, 2025), Norfolk Southern reported revenue of $12.2 billion, up 0.5% from the year before. It had net income of $2.9 billion (up 9.6%), a net profit margin of 23.6%. Diluted earnings per share came to $12.50. Over five years revenue grew at an average rate of 4.5% a year.
See the NSC stock overview for the latest quote and news, or the NSC chart for price history and technical indicators.
NSC income statement FAQ
What is Norfolk Southern's annual revenue?
Norfolk Southern reported total revenue of $12.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 0.5% from $12.1 billion the previous year.
Is Norfolk Southern profitable?
Yes. Norfolk Southern reported net income of $2.9 billion in fiscal 2025, a net profit margin of 23.6%; its operating margin was 32.9%.
What is Norfolk Southern's gross margin?
Norfolk Southern's gross margin was 42.4% in fiscal 2025: for every $100 of revenue, Norfolk Southern kept $42 after the direct cost of its products and services.
How fast is Norfolk Southern growing?
Revenue grew 4.5% a year on average over the last five fiscal years, from $9.8 billion to $12.2 billion.
What are Norfolk Southern's earnings per share?
Norfolk Southern earned $12.50 per diluted share in fiscal 2025, compared with $12.64 a year earlier.
When will Norfolk Southern report its next earnings?
Norfolk Southern is expected to report results for the quarter ending September 30, 2026 on October 22, 2026 before the market opens.
When does Norfolk Southern's fiscal year end?
Norfolk Southern's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 9, 2026.