Norfolk Southern (NSC) FY2019 results: revenue $11.3 billion, down 1.4% on the year
Norfolk Southern Corp. (NSC) reported revenue of $11.3 billion for fiscal 2019, the year ended 31 December 2019, down 1.4% on the year before. Net income was $2.7 billion, up 2.1%, and diluted earnings per share $10.25. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2020.
Revenue
$11.3 billion
-1.4% on the year
FY2012FY2019
Operating margin
35.3%
34.6% a year earlier
FY2012FY2019
Net income
$2.7 billion
+2.1% on the year
FY2012FY2019
Diluted EPS
$10.25
+7.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
11,296
11,458
10,551
-1.4%
Operating income
3,989
3,959
3,522
+0.8%
Operating margin
35.3%
34.6%
33.4%
Interest expense
604
557
550
+8.4%
Pre-tax income
3,491
3,469
3,128
+0.6%
Income tax
769
803
-2,276
-4.2%
Effective tax rate
22.0%
23.1%
-72.8%
Net income
2,722
2,666
5,404
+2.1%
Net margin
24.1%
23.3%
51.2%
Diluted EPS
$10.25
$9.51
$18.61
+7.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,892
3,726
3,253
+4.5%
Capital expenditure
2,019
1,951
1,723
+3.5%
Free cash flow
1,873
1,775
1,530
+5.5%
Free cash flow margin
16.6%
15.5%
14.5%
Cash from investing
-1,764
-1,658
-1,481
Cash from financing
-1,994
-2,312
-2,038
Depreciation and amortisation
1,139
1,104
1,059
+3.2%
Share-based compensation
53.0
47.0
45.0
+12.8%
Buybacks
2,099
2,781
1,012
-24.5%
Dividends paid
949
844
703
+12.4%
Dividend per share
$3.60
$3.04
$2.44
+18.4%
Diluted shares, weighted
266m
280m
290m
-5.2%
Shares outstanding at period end
258m
268m
284m
-3.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
15,184
15,362
16,359
-1.2%
Debt
12,196
11,145
9,836
+9.4%
Operating lease liabilities
441
0.0
n/a
Other liabilities
10,102
9,732
9,516
+3.8%
Total liabilities and equity
37,923
36,239
35,711
+4.6%
Fixed assets
31,614
31,091
30,330
+1.7%
Investments
3,428
3,109
2,981
+10.3%
Cash and equivalents
580
358
690
+62.0%
Receivables
920
1,009
955
-8.8%
Other assets
1,381
672
755
+105.5%
Total assets
37,923
36,239
35,711
+4.6%
10-K for the year ended 31 December 2019, filed 6 February 2020: the filing.