Norfolk Southern balance sheet

At the end of fiscal 2025, Norfolk Southern had total assets of $45.24bn, total liabilities of $29.69bn and shareholders' equity of $15.55bn. It held $1.53bn in cash against $17.09bn of debt: net debt of $15.56bn.

Balance sheet

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Norfolk Southern: balance sheet, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash and equivalents	1.0	0.8	0.3	0.7	1.4	1.0	1.1	1.0	0.7	0.4	0.6	1.1	0.8	0.5	1.6	1.6	1.5	1.6
Receivables	0.8	0.8	1.0	1.1	1.0	1.1	0.9	0.9	1.0	1.0	0.9	0.8	1.0	1.1	1.1	1.1	1.0	1.2
Total current assets	2.2	2.5	1.8	2.2	3.1	2.8	2.5	2.3	2.1	1.9	2.1	2.3	2.2	2.0	3.3	3.2	3.2	3.3
Total assets	27.4	28.2	28.5	30.3	32.5	33.2	34.1	34.9	35.7	36.2	37.9	38.0	38.5	38.9	41.7	43.7	45.2	45.9
Accounts payable	1.0	1.2	1.1	1.4	1.3	1.2	1.1	1.2	1.4	1.5	1.4	1.0	1.4	1.3	1.6	1.7	1.9	2.1
Total current liabilities	1.8	2.1	1.7	2.1	2.3	1.8	2.2	2.3	2.5	2.6	2.3	2.2	2.5	2.6	2.6	3.5	3.8	3.7
Short-term debt	0.1	0.1	0.1	0.2	0.1	0.1	0.2	0.1	0.1	0.0	—	—	0.6	0.7	0.0	0.6	0.6	—
Long-term debt	7.1	6.9	7.4	8.5	9.3	8.9	9.9	10.1	9.7	10.6	11.9	12.1	13.3	14.5	17.2	16.7	16.5	16.0
Total debt	7.2	7.0	7.5	8.7	9.4	9.0	10.1	10.2	9.8	11.1	12.2	12.7	13.8	15.2	17.2	17.2	17.1	16.6
Total liabilities	17.0	17.5	18.6	20.6	21.2	20.8	22.0	22.5	19.4	20.9	22.7	23.2	24.9	26.2	28.9	29.4	29.7	29.2
Shareholders' equity	10.4	10.7	9.9	9.8	11.3	12.4	12.2	12.4	16.4	15.4	15.2	14.8	13.6	12.7	12.8	14.3	15.5	16.7
Net debt (negative = net cash)	6.2	6.2	7.3	8.0	8.0	8.0	9.0	9.3	9.1	10.8	11.6	11.6	13.0	14.7	15.6	15.6	15.6	15.0
Shares outstanding	369m	357m	330m	314m	309m	308m	298m	290m	284m	268m	258m	252m	240m	228m	226m	226m	224m	225m

US$ billions unless shown otherwise. Fiscal quarters.

Norfolk Southern: balance sheet, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Receivables	1.1	1.2	1.1	1.1	1.0	1.1	1.2	1.2
Total current assets	3.2	2.7	2.9	3.0	3.2	3.0	2.8	3.3
Total assets	43.7	43.8	44.2	44.6	45.2	45.1	45.1	45.9
Accounts payable	1.7	1.4	1.5	1.7	1.9	1.7	1.8	2.1
Total current liabilities	3.5	3.5	3.7	3.5	3.8	3.3	3.4	3.7
Short-term debt	0.6	—	—	—	0.6	—	—	—
Long-term debt	16.7	16.7	16.5	16.5	16.5	16.5	16.0	16.0
Total debt	17.2	16.7	16.5	16.5	17.1	16.5	16.0	16.0
Total liabilities	29.4	29.3	29.4	29.4	29.7	29.3	28.9	29.2
Shareholders' equity	14.3	14.5	14.8	15.1	15.5	15.8	16.3	16.7
Shares outstanding	226m	225m	225m	224m	224m	225m	225m	225m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Norfolk Southern's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Norfolk Southern.