Norfolk Southern (NSC) FY2015 results: revenue $10.5 billion, down 9.6% on the year
Norfolk Southern Corp. (NSC) reported revenue of $10.5 billion for fiscal 2015, the year ended 31 December 2015, down 9.6% on the year before. Net income was $1.6 billion, down 22.3%, and diluted earnings per share $5.10. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2016.
Revenue
$10.5 billion
-9.6% on the year
FY2008FY2015
Operating margin
27.4%
30.8% a year earlier
FY2008FY2015
Net income
$1.6 billion
-22.3% on the year
FY2008FY2015
Diluted EPS
$5.10
-20.2% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
10,511
11,624
11,245
-9.6%
Operating income
2,884
3,575
3,257
-19.3%
Operating margin
27.4%
30.8%
29.0%
Interest expense
545
545
525
0.0%
Pre-tax income
2,442
3,134
2,965
-22.1%
Income tax
886
1,134
1,055
-21.9%
Effective tax rate
36.3%
36.2%
35.6%
Net income
1,550
1,994
1,910
-22.3%
Net margin
14.7%
17.2%
17.0%
Diluted EPS
$5.10
$6.39
$6.04
-20.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
2,908
2,852
3,078
+2.0%
Capital expenditure
2,385
2,118
1,971
+12.6%
Free cash flow
523
734
1,107
-28.7%
Free cash flow margin
5.0%
6.3%
9.8%
Cash from investing
n/a
-2,002
-1,894
Cash from financing
n/a
-1,320
-394
Share-based compensation
42.0
44.0
54.0
-4.5%
Buybacks
1,075
318
627
+238.1%
Dividends paid
713
687
637
+3.8%
Dividend per share
$2.36
$2.22
$2.04
+6.3%
Diluted shares, weighted
304m
312m
n/a
-2.6%
Shares outstanding at period end
298m
308m
309m
-3.4%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
12,188
12,408
11,289
-1.8%
Debt
10,093
8,985
9,448
+12.3%
Other liabilities
11,858
11,848
11,746
+0.1%
Total liabilities and equity
34,139
33,241
32,483
+2.7%
Fixed assets
28,992
27,694
26,645
+4.7%
Investments
2,572
2,679
2,557
-4.0%
Cash and equivalents
1,101
973
1,443
+13.2%
Receivables
946
1,055
1,024
-10.3%
Other assets
528
840
814
-37.1%
Total assets
34,139
33,241
32,483
+2.7%
10-K for the year ended 31 December 2015, filed 8 February 2016: the filing.