Norfolk Southern Corporation (NSC) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Total Current Assets | 3.02B | 3.2B | 3.04B | 2.91B | 2.7B | 3.19B | 2.69B | 2.3B | 2.36B | 3.27B | 3.14B | 2.03B | 2.12B | 2.01B | 2.71B | 2.86B | 3.02B | 2.17B | 2.72B | 3.01B |
| Cash & Short-Term Investments | 1.34B | 1.53B | 1.42B | 1.3B | 1.01B | 1.64B | 975M | 659M | 652M | 1.57B | 1.51B | 556M | 552M | 456M | 1.21B | 1.26B | 1.57B | 839M | 1.47B | 1.67B |
| Cash Only | 1.34B | 1.53B | 1.42B | 1.3B | 1.01B | 1.64B | 975M | 659M | 652M | 1.57B | 1.51B | 556M | 552M | 456M | 1.21B | 1.26B | 1.57B | 839M | 1.47B | 1.67B |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.12B | 988M | 1.1B | 1.12B | 1.23B | 1.07B | 1.3B | 1.19B | 1.2B | 1.15B | 1.21B | 1.09B | 1.17B | 1.15B | 1.15B | 1.21B | 1.07B | 976M | 945M | 941M |
| Days Sales Outstanding | 31.69 | 32.33 | 32.98 | 34.44 | 34.58 | 36.07 | 37.56 | 35.68 | 35.52 | 35.28 | 35.6 | 34.49 | 33.3 | 32.67 | 32.46 | 31.89 | 31.58 | 30.98 | 30.42 | 30.64 |
| Inventory | 0 | 0 | 0 | 313M | 273M | 277M | 288M | 308M | 270M | 264M | 303M | 272M | 262M | 253M | 276M | 289M | 264M | 218M | 235M | 246M |
| Days Inventory Outstanding | - | - | - | 13.29 | 12.04 | 13.46 | 15.27 | 13.55 | 9.03 | 11.45 | 11.9 | 10.03 | 9.56 | 11.69 | 12.45 | 12.54 | 11.81 | 12.05 | 12.86 | 13.04 |
| Other Current Assets | 560M | 680M | 516M | 168M | 191M | 201M | 125M | 148M | 236M | 292M | 123M | 114M | 138M | 150M | 74M | 101M | 110M | 134M | 77M | 155M |
| Total Non-Current Assets | 42.09B | 42.04B | 41.54B | 41.25B | 41.1B | 40.49B | 40.56B | 40.25B | 39.77B | 38.38B | 37.6B | 37.23B | 37.05B | 36.88B | 36.59B | 36.48B | 36.35B | 36.33B | 35.88B | 35.74B |
| Property, Plant & Equipment | 0 | 0 | 0 | 35.92B | 35.8B | 35.83B | 35.39B | 35.28B | 35.05B | 33.33B | 32.67B | 32.47B | 32.24B | 32.16B | 31.84B | 31.79B | 31.66B | 31.65B | 31.43B | 31.36B |
| Fixed Asset Turnover | - | - | - | 0.09x | 0.08x | 0.08x | 0.09x | 0.09x | 0.09x | 0.09x | 0.09x | 0.09x | 0.10x | 0.10x | 0.11x | 0.10x | 0.09x | 0.09x | 0.09x | 0.09x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 4.12B | 4.09B | 4.08B | 4.04B | 4B | 3.37B | 3.97B | 3.81B | 3.57B | 3.84B | 3.82B | 3.67B | 3.74B | 3.69B | 3.69B | 3.67B | 3.7B | 3.71B | 3.68B | 3.66B |
| Other Non-Current Assets | 37.97B | 37.95B | 37.46B | 1.29B | 1.29B | 1.29B | 1.21B | 1.16B | 1.15B | 1.22B | 1.1B | 1.08B | 1.07B | 1.03B | 1.07B | 1.02B | 992M | 966M | 769M | 729M |
| Total Assets | 45.11B | 45.24B | 44.58B | 44.16B | 43.8B | 43.68B | 43.26B | 42.56B | 42.13B | 41.65B | 40.74B | 39.26B | 39.17B | 38.88B | 39.31B | 39.34B | 39.36B | 38.49B | 38.6B | 38.75B |
| Asset Turnover | 0.07x | 0.07x | 0.07x | 0.07x | 0.07x | 0.07x | 0.07x | 0.07x | 0.07x | 0.07x | 0.07x | 0.08x | 0.08x | 0.08x | 0.09x | 0.08x | 0.07x | 0.07x | 0.07x | 0.07x |
| Asset Growth % | 3% | 3.56% | 3.06% | 3.75% | 3.97% | 4.87% | 6.18% | 8.4% | 7.55% | 7.12% | 3.65% | -0.19% | -0.49% | 1.02% | 1.82% | 1.5% | 3.75% | 1.4% | 1.11% | 2.09% |
| Total Current Liabilities | 3.33B | 3.77B | 3.52B | 3.67B | 3.45B | 3.54B | 3.68B | 3.67B | 3.45B | 2.63B | 2.91B | 2.99B | 2.82B | 2.65B | 2.8B | 2.61B | 3.15B | 2.52B | 2.41B | 2.8B |
| Accounts Payable | 1.7B | 1.86B | 1.66B | 1.5B | 1.45B | 985M | 1.61B | 1.53B | 1.51B | 997M | 1.5B | 1.42B | 1.31B | 712M | 1.49B | 1.31B | 1.18B | 850M | 1.2B | 1.12B |
| Days Payables Outstanding | 160.75 | 184.63 | 70.11 | 66.89 | 53.21 | 61.91 | 80.7 | 71.29 | 42.31 | 50.4 | 60.32 | 51.28 | 37.63 | 48.59 | 61.55 | 56.43 | 49.78 | 54.43 | 61.8 | 57.82 |
| Short-Term Debt | 609M | 607M | 607M | 903M | 555M | 555M | 555M | 655M | 404M | 4M | 405M | 535M | 403M | 703M | 605M | 605M | 1.15B | 553M | 558M | 1.05B |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.73B | 965M | 1.03B | 1.04B | 960M | 1.03B | 1.33B | 1.27B | 1.31B | 760M | 797M | 792M | 668M | 396M | 408M | 363M | 370M | 365M | 384M | 330M |
| Current Ratio | 0.91x | 0.85x | 0.86x | 0.79x | 0.78x | 0.90x | 0.73x | 0.63x | 0.68x | 1.24x | 1.08x | 0.68x | 0.75x | 0.76x | 0.97x | 1.10x | 0.96x | 0.86x | 1.13x | 1.08x |
| Quick Ratio | 0.91x | 0.85x | 0.86x | 0.71x | 0.70x | 0.82x | 0.65x | 0.54x | 0.61x | 1.14x | 0.97x | 0.59x | 0.66x | 0.66x | 0.87x | 0.98x | 0.87x | 0.77x | 1.03x | 0.99x |
| Cash Conversion Cycle | - | - | - | -19.16 | -6.59 | -12.39 | -27.87 | -22.06 | 2.24 | -3.67 | -12.83 | -6.76 | 5.24 | -4.22 | -16.65 | -12 | -6.38 | -11.4 | -18.52 | -14.13 |
| Total Non-Current Liabilities | 25.97B | 25.91B | 25.91B | 25.7B | 25.84B | 25.83B | 25.79B | 25.91B | 26.14B | 26.24B | 25.21B | 23.64B | 23.62B | 23.5B | 23.48B | 23.57B | 22.75B | 22.33B | 22.31B | 21.64B |
| Long-Term Debt | 16.49B | 16.48B | 16.48B | 16.46B | 16.66B | 16.65B | 16.64B | 16.94B | 17.18B | 17.18B | 16.18B | 14.59B | 14.59B | 14.48B | 14.46B | 14.45B | 13.69B | 13.29B | 13.27B | 12.67B |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 191M | 0 | 0 | 0 | 287M | 0 | 0 | 0 | 316M | 0 | 0 | 0 | 331M | 0 | 0 |
| Deferred Tax Liabilities | 7.76B | 7.71B | 7.73B | 7.53B | 7.48B | 7.42B | 7.36B | 7.23B | 7.2B | 7.22B | 7.21B | 7.23B | 7.25B | 7.26B | 7.19B | 7.28B | 7.22B | 7.17B | 7.09B | 7.04B |
| Other Non-Current Liabilities | 1.72B | 1.72B | 1.71B | 1.71B | 1.7B | 1.57B | 1.79B | 1.75B | 1.77B | 1.55B | 1.82B | 1.81B | 1.78B | 909M | 1.83B | 1.84B | 1.84B | 1.01B | 1.94B | 1.94B |
| Total Liabilities | 29.31B | 29.69B | 29.44B | 29.37B | 29.29B | 29.38B | 29.47B | 29.58B | 29.59B | 28.87B | 28.12B | 26.62B | 26.44B | 26.15B | 26.28B | 26.18B | 25.9B | 24.85B | 24.72B | 24.44B |
| Total Debt | 17.1B | 17.09B | 17.08B | 17.37B | 17.21B | 17.48B | 17.2B | 17.59B | 17.58B | 17.57B | 16.58B | 15.13B | 14.99B | 15.59B | 15.07B | 15.05B | 14.84B | 14.25B | 13.83B | 13.72B |
| Net Debt | 15.76B | 15.56B | 15.66B | 16.06B | 16.21B | 15.84B | 16.22B | 16.93B | 16.93B | 16B | 15.08B | 14.57B | 14.44B | 15.14B | 13.85B | 13.79B | 13.27B | 13.41B | 12.37B | 12.05B |
| Debt / Equity | 1.08x | 1.10x | 1.13x | 1.17x | 1.19x | 1.22x | 1.25x | 1.36x | 1.40x | 1.37x | 1.31x | 1.20x | 1.18x | 1.22x | 1.16x | 1.14x | 1.10x | 1.04x | 1.00x | 0.96x |
| Debt / EBITDA | 19.50x | 13.25x | 12.41x | 11.98x | 13.41x | 12.18x | 10.78x | 12.23x | 27.09x | 15.62x | 15.44x | 17.23x | 14.57x | 10.64x | 9.65x | 9.73x | 10.75x | 10.03x | 9.69x | 9.84x |
| Net Debt / EBITDA | 17.97x | 12.06x | 11.38x | 11.08x | 12.62x | 11.04x | 10.17x | 11.78x | 26.09x | 14.22x | 14.04x | 16.60x | 14.03x | 10.33x | 8.88x | 8.92x | 9.61x | 9.44x | 8.66x | 8.64x |
| Interest Coverage | 4.45x | 4.92x | 5.69x | 5.97x | 5.91x | 5.66x | 8.03x | 5.63x | 1.15x | 4.34x | 4.37x | 3.72x | 4.38x | 6.86x | 7.18x | 7.39x | 6.43x | 6.97x | 7.01x | 7.47x |
| Total Equity | 15.8B | 15.55B | 15.14B | 14.79B | 14.51B | 14.31B | 13.79B | 12.98B | 12.54B | 12.78B | 12.62B | 12.64B | 12.73B | 12.73B | 13.02B | 13.15B | 13.46B | 13.64B | 13.89B | 14.32B |
| Equity Growth % | 8.91% | 8.67% | 9.84% | 13.93% | 15.75% | 11.93% | 9.27% | 2.68% | -1.5% | 0.38% | -3.14% | -3.91% | -5.45% | -6.66% | -6.21% | -8.12% | -8.07% | -7.78% | -7.05% | -3.66% |
| Book Value per Share | - | 69.16 | 67.38 | 65.72 | 64.07 | 63.16 | 60.86 | 57.33 | 55.40 | 56.48 | 55.57 | 55.44 | 55.75 | 55.19 | 55.66 | 55.39 | 56.04 | 56.02 | 56.36 | 57.27 |
| Total Shareholders' Equity | 15.8B | 15.55B | 15.14B | 14.79B | 14.51B | 14.31B | 13.79B | 12.98B | 12.54B | 12.78B | 12.62B | 12.64B | 12.73B | 12.73B | 13.02B | 13.15B | 13.46B | 13.64B | 13.89B | 14.32B |
| Common Stock | 226M | 226M | 226M | 226M | 227M | 228M | 228M | 227M | 227M | 227M | 227M | 228M | 229M | 230M | 233M | 236M | 240M | 242M | 244M | 248M |
| Retained Earnings | 0 | 13.23B | 12.89B | 12.56B | 12.3B | 12.09B | 11.67B | 10.87B | 10.44B | 10.7B | 10.59B | 10.61B | 10.7B | 10.7B | 10.99B | 11.12B | 11.41B | 11.59B | 11.99B | 12.41B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -211M | -210M | -262M | -261M | -261M | -262M | -332M | -330M | -322M | -320M | -364M | -359M | -355M | -351M | -377M | -388M | -394M | -402M | -571M | -578M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |