Norfolk Southern income statement

In fiscal 2025, Norfolk Southern reported revenue of $12.18bn, up 0.5% on the year before, operating income of $4.36bn (a 35.8% margin) and net income of $2.87bn, or $12.75 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Norfolk Southern: income statement, 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
Revenue	8.0	9.5	11.2	11.0	11.2	11.6	10.5	9.9	10.6	11.5	11.3	9.8	11.1	12.7	12.2	12.1	12.2	13.0
Operating income	2.0	2.7	3.2	3.1	3.3	3.6	2.9	3.0	3.5	4.0	4.0	3.0	4.4	4.8	2.9	4.1	4.4	4.1
Interest expense	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.6	0.6	0.6	0.6	0.6	0.6	0.7	0.7	0.8	0.8	0.8
Income before tax	—	—	2.9	2.8	3.0	3.1	2.4	2.6	3.1	3.5	3.5	2.5	3.9	4.1	2.3	3.3	3.7	3.4
Income tax	0.6	0.9	1.0	1.0	1.1	1.1	0.9	0.9	−2.3	0.8	0.8	0.5	0.9	0.9	0.5	0.7	0.8	0.7
Net income	1.0	1.5	1.9	1.7	1.9	2.0	1.6	1.7	5.4	2.7	2.7	2.0	3.0	3.3	1.8	2.6	2.9	2.7
Diluted EPS	$2.76	$4.00	$5.45	$5.37	$6.04	$6.39	$5.10	$5.62	$18.61	$9.51	$10.25	$7.84	$12.11	$13.88	$8.02	$11.57	$12.75	$11.93
Diluted shares (average)	372m	372m	—	—	—	313m	304m	296m	290m	280m	266m	257m	248m	236m	227m	226m	225m	225m
EBITDA	2.8	3.5	4.1	4.0	4.2	4.5	3.9	4.0	4.6	5.1	5.1	4.2	5.6	6.0	4.1	5.4	5.7	5.5

US$ millions unless shown otherwise. Fiscal quarters.

Norfolk Southern: income statement, 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
Revenue	3,024	2,993	3,110	3,103	2,974	2,998	3,465	3,526
Operating income	1,131	1,146	1,175	1,098	937	877	1,124	1,150
Interest expense	199	199	201	197	195	197	197	193
Income before tax	928	978	998	924	765	715	959	987
Income tax	195	228	230	213	121	168	225	228
Net income	733	750	768	711	644	547	734	759
Diluted EPS	$3.23	$3.31	$3.41	$3.16	$2.87	$2.43	$3.26	$3.37
EBITDA	1,473	1,492	1,521	1,446	1,290	1,229	1,482	1,513

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.