Norfolk Southern Corporation (NSC) quarterly income statement — complete revenue, gross profit & net income 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 |
|---|
| Sales/Revenue | 3B | 2.97B | 3.1B | 3.11B | 2.99B | 3.02B | 3.05B | 3.04B | 3B | 3.07B | 2.97B | 2.98B | 3.13B | 3.24B | 3.34B | 3.25B | 2.92B | 2.85B | 2.85B | 2.8B |
| Revenue Growth % | 0.17% | -1.65% | 1.7% | 2.17% | -0.37% | -1.59% | 2.69% | 2.15% | -4.09% | -5.07% | -11.13% | -8.31% | 7.44% | 13.5% | 17.22% | 16.11% | 10.46% | 10.84% | 13.81% | 34.24% |
| Cost of Goods Sold | 996M | 877M | 2.07B | 2.01B | 2.06B | 1.93B | 1.79B | 1.94B | 2.69B | 2.28B | 2.22B | 2.42B | 2.42B | 2.08B | 2.09B | 2.01B | 1.84B | 1.73B | 1.72B | 1.7B |
| COGS % of Revenue | 33.22% | 29.49% | 66.84% | 64.5% | 68.66% | 63.86% | 58.83% | 63.76% | 89.61% | 74.13% | 74.82% | 81.31% | 77.39% | 64.29% | 62.46% | 61.75% | 62.98% | 60.62% | 60.34% | 60.7% |
| Gross Profit | 2B | 2.1B | 1.03B | 1.1B | 938M | 1.09B | 1.26B | 1.1B | 312M | 795M | 748M | 557M | 708M | 1.16B | 1.25B | 1.24B | 1.08B | 1.12B | 1.13B | 1.1B |
| Gross Margin % | 66.78% | 70.51% | 33.16% | 35.5% | 31.34% | 36.14% | 41.17% | 36.24% | 10.39% | 25.87% | 25.18% | 18.69% | 22.61% | 35.71% | 37.54% | 38.25% | 37.02% | 39.38% | 39.66% | 39.3% |
| Gross Profit Growth % | 113.43% | 91.86% | -18.07% | 0.09% | 200.64% | 37.48% | 67.91% | 98.03% | -55.93% | -31.23% | -40.4% | -55.19% | -34.38% | 2.94% | 10.96% | 13% | 6.73% | 14.13% | 34.64% | 80.33% |
| Operating Expenses | 2.12B | 1.16B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| OpEx % of Revenue | 70.75% | 39% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 0 | 753M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 25.32% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 877M | 937M | 1.03B | 1.1B | 938M | 1.09B | 1.26B | 1.1B | 312M | 795M | 748M | 557M | 708M | 1.16B | 1.25B | 1.24B | 1.08B | 1.12B | 1.13B | 1.1B |
| Operating Margin % | 29.25% | 31.51% | 33.16% | 35.5% | 31.34% | 36.14% | 41.17% | 36.24% | 10.39% | 25.87% | 25.18% | 18.69% | 22.61% | 35.71% | 37.54% | 38.25% | 37.02% | 39.38% | 39.66% | 39.3% |
| Operating Income Growth % | -6.5% | -14.27% | -18.07% | 0.09% | 200.64% | 37.48% | 67.91% | 98.03% | -55.93% | -31.23% | -40.4% | -55.19% | -34.38% | 2.94% | 10.96% | 13% | 6.73% | 14.13% | 34.64% | 80.33% |
| EBITDA | 877M | 1.29B | 1.38B | 1.45B | 1.28B | 1.44B | 1.59B | 1.44B | 649M | 1.13B | 1.07B | 878M | 1.03B | 1.47B | 1.56B | 1.55B | 1.38B | 1.42B | 1.43B | 1.39B |
| EBITDA Margin % | 29.25% | 43.38% | 44.38% | 46.62% | 42.9% | 47.45% | 52.28% | 47.24% | 21.6% | 36.61% | 36.15% | 29.46% | 32.85% | 45.26% | 46.69% | 47.6% | 47.38% | 49.82% | 50.07% | 49.8% |
| EBITDA Growth % | -31.7% | -10.1% | -13.67% | 0.83% | 97.84% | 27.56% | 48.51% | 63.78% | -36.93% | -23.21% | -31.2% | -43.24% | -25.49% | 3.1% | 9.31% | 10.98% | 5.99% | 11.8% | 26.04% | 56.28% |
| D&A (Non-Cash Add-back) | 0 | 353M | 348M | 346M | 346M | 342M | 339M | 335M | 337M | 330M | 326M | 321M | 321M | 309M | 306M | 304M | 302M | 298M | 297M | 294M |
| EBIT | 0 | 960M | 1.12B | 1.2B | 1.18B | 1.13B | 1.63B | 1.15B | 231M | 846M | 796M | 633M | 767M | 1.22B | 1.27B | 1.26B | 1.08B | 1.15B | 1.15B | 1.2B |
| Net Interest Income | 0 | -195M | -197M | -201M | -199M | -199M | -203M | -204M | -201M | -195M | -182M | -170M | -175M | -177M | -177M | -170M | -168M | -165M | -164M | -161M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 197M | 195M | 197M | 201M | 199M | 199M | 203M | 204M | 201M | 195M | 182M | 170M | 175M | 177M | 177M | 170M | 168M | 165M | 164M | 161M |
| Other Income/Expense | -162M | -172M | -105M | -106M | 40M | -165M | 171M | -159M | -282M | -144M | -134M | -94M | -116M | -118M | -162M | -156M | -167M | -138M | -145M | -59M |
| Pretax Income | 715M | 765M | 924M | 998M | 978M | 928M | 1.43B | 944M | 30M | 651M | 614M | 463M | 592M | 1.04B | 1.09B | 1.09B | 912M | 985M | 986M | 1.04B |
| Pretax Margin % | 23.85% | 25.72% | 29.78% | 32.09% | 32.68% | 30.69% | 46.77% | 31.01% | 1% | 21.18% | 20.67% | 15.54% | 18.9% | 32.07% | 32.7% | 33.45% | 31.29% | 34.54% | 34.57% | 37.19% |
| Income Tax | 168M | 121M | 213M | 230M | 228M | 195M | 328M | 207M | -23M | 124M | 136M | 107M | 126M | 248M | 135M | 268M | 209M | 225M | 233M | 222M |
| Effective Tax Rate % | 23.5% | 15.82% | 23.05% | 23.05% | 23.31% | 21.01% | 22.99% | 21.93% | -76.67% | 19.05% | 22.15% | 23.11% | 21.28% | 23.89% | 12.35% | 24.66% | 22.92% | 22.84% | 23.63% | 21.33% |
| Net Income | 547M | 644M | 711M | 768M | 750M | 733M | 1.1B | 737M | 53M | 527M | 478M | 356M | 466M | 790M | 958M | 819M | 703M | 760M | 753M | 819M |
| Net Margin % | 18.25% | 21.65% | 22.91% | 24.69% | 25.06% | 24.24% | 36.02% | 24.21% | 1.76% | 17.15% | 16.09% | 11.95% | 14.88% | 24.41% | 28.66% | 25.2% | 24.12% | 26.65% | 26.4% | 29.26% |
| Net Income Growth % | -27.07% | -12.14% | -35.3% | 4.21% | 1315.09% | 39.09% | 129.92% | 107.02% | -88.63% | -33.29% | -50.1% | -56.53% | -33.71% | 3.95% | 27.22% | 0% | 4.46% | 13.26% | 32.34% | 108.93% |
| Net Income (Continuing) | 547M | 644M | 711M | 768M | 750M | 733M | 1.1B | 737M | 53M | 527M | 478M | 356M | 466M | 790M | 958M | 819M | 703M | 760M | 753M | 819M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.43 | 2.87 | 3.16 | 3.41 | 3.31 | 3.23 | 4.85 | 3.25 | 0.23 | 2.33 | 2.10 | 1.56 | 2.04 | 3.42 | 4.09 | 3.45 | 2.93 | 3.12 | 3.06 | 3.28 |
| EPS Growth % | -26.59% | -11.15% | -34.85% | 4.92% | 1339.13% | 38.63% | 130.95% | 108.33% | -88.73% | -31.87% | -48.66% | -54.78% | -30.38% | 9.62% | 33.66% | 5.18% | 10.15% | 18.18% | 37.84% | 114.38% |
| EPS (Basic) | 2.43 | 2.87 | 3.16 | 3.41 | 3.31 | 3.24 | 4.86 | 3.26 | 0.23 | 2.34 | 2.11 | 1.56 | 2.04 | 3.43 | 4.11 | 3.46 | 2.94 | 3.16 | 3.07 | 3.29 |
| Diluted Shares Outstanding | 0 | 224.8M | 224.7M | 225M | 226.5M | 226.5M | 226.5M | 226.4M | 226.3M | 226.3M | 227M | 228M | 228.3M | 230.7M | 234M | 237.5M | 240.2M | 243.5M | 246.4M | 250M |
| Basic Shares Outstanding | 0 | 224.8M | 224.4M | 225M | 226.1M | 226.2M | 226.2M | 226M | 225.68M | 225.68M | 226.4M | 227.5M | 227.7M | 229.91M | 233.2M | 236.7M | 239.3M | 240.16M | 245.3M | 248.9M |
| Dividend Payout Ratio | - | 47.05% | 42.62% | 39.45% | 40.8% | 41.75% | 27.75% | 41.38% | 575.47% | 57.87% | 63.81% | 86.52% | 65.88% | 36.2% | 30.27% | 35.9% | 42.25% | 34.74% | 35.59% | 30.16% |