Norfolk Southern Corp. income statement & cash flow
In the fiscal year ended Dec 31, 2025, Norfolk Southern Corp. reported net income of $2.87B on revenue of $12.18B. Operating cash flow was $4.36B and capital expenditures were $2.20B, leaving $2.16B of free cash flow (operating cash flow minus capital expenditures).
Income statement and cash flow summary
| Fiscal year ended | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.89B | $10.55B | $11.46B | $11.30B | $9.79B | $11.14B | $12.74B | $12.16B | $12.12B | $12.18B |
| Operating income | $3.01B | $3.52B | $3.96B | $3.99B | $3.00B | $4.45B | $4.81B | $2.85B | $4.07B | $4.36B |
| Net income | $1.67B | $5.40B | $2.67B | $2.72B | $2.01B | $3.00B | $3.27B | $1.83B | $2.62B | $2.87B |
| Diluted EPS | $5.62 | $18.61 | $9.51 | $10.25 | $7.84 | $12.11 | $13.88 | $8.02 | $11.57 | $12.75 |
| Operating cash flow | $3.03B | $3.25B | $3.73B | $3.89B | $3.64B | $4.25B | $4.22B | $3.18B | $4.05B | $4.36B |
| Capital expenditures | $1.89B | $1.72B | $1.95B | $2.02B | $1.49B | $1.47B | $1.95B | $2.33B | $2.38B | $2.20B |
| Reported in | 10-K 2019 | 10-K 2020 | 10-K 2021 | 10-K 2022 | 10-K 2023 | 10-K 2024 | 10-K 2025 | 10-K 2026 | 10-K 2026 | 10-K 2026 |
Margins
Each figure divided by revenue for the same fiscal year.
| Fiscal year ended | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| Dec 2025 | — | 35.8% | 23.6% |
| Dec 2024 | — | 33.6% | 21.6% |
| Dec 2023 | — | 23.5% | 15.0% |
| Dec 2022 | — | 37.7% | 25.7% |
| Dec 2021 | — | 39.9% | 27.0% |
Source: SEC EDGAR XBRL company facts for CIK 702165 (raw data). Most recent filing in this dataset: 10-Q filed Oct 22, 2026. SEC data file dated Nov 3, 2026; page built Nov 5, 2026. Figures are as most recently reported, including restatements. How we select figures.