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Norfolk Southern Corporation

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Norfolk Southern Corporation • NYSE
$292.09 ▲ 0.71% (+2.06)
Market Cap $65.54 B
52w High $302.24
52w Low $201.63
Dividend Yield 5.40%
P/E 22.28
Volume 453.45K
Outstanding Shares 224.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.103B ▼ $0 $711M ▼ 22.913% ▼ $3.16 ▼ $1.469B ▼
Q2-2025 $3.11B ▲ $0 $768M ▲ 24.695% ▼ $3.41 ▲ $1.545B ▲
Q1-2025 $2.993B ▼ $0 $750M ▲ 25.058% ▲ $3.31 ▲ $1.523B ▲
Q4-2024 $3.024B ▼ $0 $733M ▼ 24.239% ▼ $3.24 ▼ $1.469B ▼
Q3-2024 $3.051B $0 $1.099B 36.021% $4.86 $1.969B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.418B ▲ $44.58B ▲ $29.439B ▲ $15.141B ▲
Q2-2025 $1.303B ▲ $44.155B ▲ $29.368B ▲ $14.787B ▲
Q1-2025 $1.006B ▼ $43.8B ▲ $29.289B ▼ $14.511B ▲
Q4-2024 $1.641B ▲ $43.682B ▲ $29.376B ▼ $14.306B ▲
Q3-2024 $975M $43.255B $29.47B $13.785B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $711M ▼ $1.271B ▲ $-483M ▼ $-673M ▼ $115M ▼ $720M ▲
Q2-2025 $768M ▲ $1.077B ▲ $-414M ▲ $-366M ▲ $297M ▲ $602M ▲
Q1-2025 $750M ▲ $950M ▼ $-1.021B ▼ $-564M ▼ $-635M ▼ $501M ▲
Q4-2024 $735M ▼ $951M ▼ $11M ▲ $-296M ▲ $666M ▲ $276M ▼
Q3-2024 $1.099B $1.226B $-224M $-686M $316M $645M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Railway Operating Revenues Market Group Coal
Railway Operating Revenues Market Group Coal
 $790.00M ▲$370.00M ▼$400.00M ▲$380.00M ▼
Railway Operating Revenues Market Group Intermodal
Railway Operating Revenues Market Group Intermodal
 $1.54Bn ▲$760.00M ▼$740.00M ▼$760.00M ▲
Railway Operating Revenues Market Group Merchandise
Railway Operating Revenues Market Group Merchandise
 $3.71Bn ▲$1.86Bn ▼$1.97Bn ▲$1.97Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the past five years and then leveled off more recently, suggesting the business has reached a more mature, steady phase rather than a fast‑growth phase. Profitability was very strong leading into 2022, took a noticeable step down in 2023, and then improved again in 2024, though not fully back to prior peak levels. That pattern points to a fundamentally profitable franchise that was hit by one difficult year, likely driven by unusual costs and softer freight conditions, rather than a broken business model. Earnings per share follow the same story: strong over time, temporarily damaged, then recovering, which shows resilience but also reminds you that railroads are not immune to shocks or economic cycles.

Balance Sheet

Balance Sheet Norfolk Southern’s asset base has steadily expanded, reflecting continued investment in its rail network and equipment. Debt has also climbed over the period, at a faster pace than equity, which means the company is now more leveraged than it was a few years ago. Equity dipped earlier in the period but has begun to rebuild, suggesting that retained profits are once again strengthening the balance sheet. Cash on hand is modest but has improved compared with the low point a few years ago, indicating reasonable financial flexibility, though the company still relies heavily on consistent cash generation and access to debt markets.

Cash Flow

Cash Flow The company consistently generates solid cash flow from its operations, which is a key strength for a capital‑intensive railroad. Investment spending on the network and equipment has been rising, which reduces free cash flow in the short term but should support service quality and long‑term competitiveness. Free cash flow remained positive throughout the period, though it dipped noticeably in the weaker year and has not fully rebounded to earlier highs, mainly because capital spending is running higher. Overall, cash generation looks dependable, but the business does not have much room to completely pause investment if conditions get tough, as maintaining the network is essential.

Competitive Edge

Competitive Edge Norfolk Southern operates in a structurally favorable position: it is one of only two major freight railroads dominating the eastern United States. Its dense, hard‑to‑replicate rail network, long‑standing relationships with major shippers, and cost advantages over trucking give it meaningful pricing power and high barriers to entry. The company’s large intermodal footprint and specialty services, such as bulk transfer and door‑to‑door offerings, deepen customer stickiness and make it harder for rivals to displace it. Key risks come from regulation, safety expectations, and the cyclical nature of freight volumes, but within its region, Norfolk Southern remains a core piece of critical infrastructure rather than just another transport option.

Innovation and R&D

Innovation and R&D Norfolk Southern is leaning into technology more than many would expect for a railroad. It is using advanced analytics and AI to route trains more efficiently, inspect tracks and railcars with machine vision, and predict maintenance needs before failures occur. Its “Digital | NS” program aims to connect operations, safety, and customer service into a more automated, data‑driven platform, while customer APIs make it easier for shippers to plug NS data directly into their own logistics systems. The company is also exploring longer‑term “moonshot” projects and has a large pipeline of industrial development deals that could add future freight. Together, these efforts show a clear intent to modernize the railroad and extract more value from its existing network, though the payoffs will be gradual and depend on sustained execution.

Summary

Norfolk Southern combines a structurally strong rail network and entrenched market position with healthy, though recently volatile, profitability. The income statement shows a durable, high‑margin business that hit a rough patch but is recovering, supported by steady cash generation. The balance sheet carries more debt than in the past but is still supported by a large asset base and improving equity. Ongoing capital spending weighs on free cash flow in the short term but underpins the long‑term health of the network. Competitively, the company benefits from a de facto duopoly in the eastern U.S., deep customer relationships, and scale advantages that are difficult to challenge. Its push into digital tools, automation, and customer‑facing technology suggests it is not standing still, but its fortunes will remain tied to freight cycles, safety performance, and regulatory scrutiny. Overall, this is a mature, infrastructure‑like business with meaningful strengths, some leverage and operational risk, and a clear focus on modernizing its operations.

NEWS

November 14, 2025 · 9:20 AM UTC

Norfolk Southern Shareholders Approve Transaction with Union Pacific

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November 11, 2025 · 9:01 AM UTC

Norfolk Southern Reaches Collective Bargaining Agreement with Brotherhood of Railroad Signalmen

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October 23, 2025 · 4:05 PM UTC

Norfolk Southern reports third quarter 2025 results

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October 23, 2025 · 10:40 AM UTC

Halper Sadeh LLC Encourages Norfolk Southern Corporation Shareholders to Contact the Firm to Discuss Their Rights

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October 22, 2025 · 1:26 PM UTC

Norfolk Southern Declares Quarterly Dividend

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