Norfolk Southern (NSC) FY2018 results: revenue $11.5 billion, up 8.6% on the year
Norfolk Southern Corp. (NSC) reported revenue of $11.5 billion for fiscal 2018, the year ended 31 December 2018, up 8.6% on the year before. Net income was $2.7 billion, down 50.7%, and diluted earnings per share $9.51. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2019.
Revenue
$11.5 billion
+8.6% on the year
FY2011FY2018
Operating margin
34.6%
33.4% a year earlier
FY2011FY2018
Net income
$2.7 billion
-50.7% on the year
FY2011FY2018
Diluted EPS
$9.51
-48.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
11,458
10,551
9,888
+8.6%
Operating income
3,959
3,522
3,009
+12.4%
Operating margin
34.6%
33.4%
30.4%
Interest expense
557
550
563
+1.3%
Pre-tax income
3,469
3,128
2,582
+10.9%
Income tax
803
-2,276
914
Effective tax rate
23.1%
-72.8%
35.4%
Net income
2,666
5,404
1,663
-50.7%
Net margin
23.3%
51.2%
16.8%
Diluted EPS
$9.51
$18.61
$5.62
-48.9%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
3,726
3,253
3,034
+14.5%
Capital expenditure
1,951
1,723
1,887
+13.2%
Free cash flow
1,775
1,530
1,147
+16.0%
Free cash flow margin
15.5%
14.5%
11.6%
Cash from investing
-1,658
-1,481
-1,832
Cash from financing
-2,312
-2,038
-1,347
Depreciation and amortisation
1,104
1,059
1,030
+4.2%
Share-based compensation
47.0
45.0
42.0
+4.4%
Buybacks
2,781
1,012
803
+174.8%
Dividends paid
844
703
695
+20.1%
Dividend per share
$3.04
$2.44
$2.36
+24.6%
Diluted shares, weighted
280m
290m
296m
-3.5%
Shares outstanding at period end
268m
284m
290m
-5.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
15,362
16,359
12,409
-6.1%
Debt
11,145
9,836
10,212
+13.3%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
9,732
9,516
12,271
+2.3%
Total liabilities and equity
36,239
35,711
34,892
+1.5%
Fixed assets
31,091
30,330
29,751
+2.5%
Investments
3,109
2,981
2,777
+4.3%
Cash and equivalents
358
690
956
-48.1%
Receivables
1,009
955
945
+5.7%
Other assets
672
755
463
-11.0%
Total assets
36,239
35,711
34,892
+1.5%
10-K for the year ended 31 December 2018, filed 8 February 2019: the filing.