Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.89B | $10.6B | $11.5B | $11.3B | $9.79B | $11.1B | $12.7B | $12.2B | $12.1B | $12.2B |
| Revenue growth | — | 6.7% | 8.6% | -1.4% | -13.3% | 13.8% | 14.4% | -4.6% | -0.3% | 0.5% |
| Operating income | $3.01B | $3.52B | $3.96B | $3.99B | $3.00B | $4.45B | $4.81B | $2.85B | $4.07B | $4.36B |
| Operating margin | 30.4% | 33.4% | 34.6% | 35.3% | 30.7% | 39.9% | 37.7% | 23.5% | 33.6% | 35.8% |
| Net income | $1.67B | $5.40B | $2.67B | $2.72B | $2.01B | $3.00B | $3.27B | $1.83B | $2.62B | $2.87B |
| Net margin | 16.9% | 51.2% | 23.3% | 24.1% | 20.6% | 27.0% | 25.7% | 15.0% | 21.6% | 23.6% |
| EPS (diluted) | $5.62 | $18.61 | $9.51 | $10.25 | $7.84 | $12.11 | $13.88 | $8.02 | $11.57 | $12.75 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Free cash flow | $1.15B | $1.53B | $1.77B | $1.87B | $2.14B | $2.79B | $2.27B | $852M | $1.67B | $2.16B |
| Share buybacks | $803M | $1.01B | $2.78B | $2.10B | $1.44B | $3.39B | $3.11B | $622M | $0.00 | $534M |
| Dividends paid | $695M | $703M | $844M | $949M | $960M | $1.03B | $1.17B | $1.23B | $1.22B | $1.22B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $956M | $690M | $358M | $580M | $1.11B | $839M | $456M | $1.57B | $1.64B | $1.53B |
| Total assets | $34.9B | $35.7B | $36.2B | $37.9B | $38.0B | $38.5B | $38.9B | $41.7B | $43.7B | $45.2B |
| Total liabilities | $22.5B | $19.4B | $20.9B | $22.7B | $23.2B | $24.9B | $26.2B | $28.9B | $29.4B | $29.7B |
| Long-term debt | $10.1B | $9.74B | — | — | — | — | — | — | — | — |
| Shareholders' equity | $12.4B | $16.4B | $15.4B | $15.2B | $14.8B | $13.6B | $12.7B | $12.8B | $14.3B | $15.5B |
| Retained earnings | $10.4B | $14.2B | $13.4B | $13.2B | $12.9B | $11.6B | $10.7B | $10.7B | $12.1B | $13.2B |
| Shares (wtd avg diluted) | 296M | 290M | 280M | 266M | 257M | 248M | 236M | 227M | 226M | 225M |
Every figure is extracted from NORFOLK SOUTHERN CORP’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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