Norfolk Southern (NSC) FY2017 results: revenue $10.6 billion, up 6.7% on the year
Norfolk Southern Corp. (NSC) reported revenue of $10.6 billion for fiscal 2017, the year ended 31 December 2017, up 6.7% on the year before. Net income was $5.4 billion, up 225.0%, and diluted earnings per share $18.61. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2018.
Revenue
$10.6 billion
+6.7% on the year
FY2010FY2017
Operating margin
33.4%
30.4% a year earlier
FY2010FY2017
Net income
$5.4 billion
+225.0% on the year
FY2010FY2017
Diluted EPS
$18.61
+231.1% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
10,551
9,888
10,511
+6.7%
Operating income
3,522
3,009
2,884
+17.0%
Operating margin
33.4%
30.4%
27.4%
Interest expense
550
563
545
-2.3%
Pre-tax income
3,128
2,582
2,442
+21.1%
Income tax
-2,276
914
886
Effective tax rate
-72.8%
35.4%
36.3%
Net income
5,404
1,663
1,550
+225.0%
Net margin
51.2%
16.8%
14.7%
Diluted EPS
$18.61
$5.62
$5.10
+231.1%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
3,253
3,034
2,908
+7.2%
Capital expenditure
1,723
1,887
2,385
-8.7%
Free cash flow
1,530
1,147
523
+33.4%
Free cash flow margin
14.5%
11.6%
5.0%
Cash from investing
-1,481
-1,832
n/a
Cash from financing
-2,038
-1,347
n/a
Depreciation and amortisation
1,059
1,030
n/a
+2.8%
Share-based compensation
45.0
42.0
42.0
+7.1%
Buybacks
1,012
803
1,075
+26.0%
Dividends paid
703
695
713
+1.2%
Dividend per share
$2.44
$2.36
$2.36
+3.4%
Diluted shares, weighted
290m
296m
304m
-1.9%
Shares outstanding at period end
284m
290m
298m
-2.2%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
16,359
12,409
12,188
+31.8%
Debt
9,836
10,212
10,093
-3.7%
Other liabilities
9,516
12,271
11,858
-22.5%
Total liabilities and equity
35,711
34,892
34,139
+2.3%
Fixed assets
30,330
29,751
28,992
+1.9%
Investments
2,981
2,777
2,572
+7.3%
Cash and equivalents
690
956
1,101
-27.8%
Receivables
955
945
946
+1.1%
Other assets
755
463
528
+63.1%
Total assets
35,711
34,892
34,139
+2.3%
10-K for the year ended 31 December 2017, filed 5 February 2018: the filing.