Norfolk Southern (NSC) FY2020 results: revenue $9.8 billion, down 13.3% on the year
Norfolk Southern Corp. (NSC) reported revenue of $9.8 billion for fiscal 2020, the year ended 31 December 2020, down 13.3% on the year before. Net income was $2.0 billion, down 26.0%, and diluted earnings per share $7.84. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2021.
Revenue
$9.8 billion
-13.3% on the year
FY2013FY2020
Operating margin
30.7%
35.3% a year earlier
FY2013FY2020
Net income
$2.0 billion
-26.0% on the year
FY2013FY2020
Diluted EPS
$7.84
-23.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
9,789
11,296
11,458
-13.3%
Operating income
3,002
3,989
3,959
-24.7%
Operating margin
30.7%
35.3%
34.6%
Interest expense
625
604
557
+3.5%
Pre-tax income
2,530
3,491
3,469
-27.5%
Income tax
517
769
803
-32.8%
Effective tax rate
20.4%
22.0%
23.1%
Net income
2,013
2,722
2,666
-26.0%
Net margin
20.6%
24.1%
23.3%
Diluted EPS
$7.84
$10.25
$9.51
-23.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,637
3,892
3,726
-6.6%
Capital expenditure
1,494
2,019
1,951
-26.0%
Free cash flow
2,143
1,873
1,775
+14.4%
Free cash flow margin
21.9%
16.6%
15.5%
Cash from investing
-1,175
-1,764
-1,658
Cash from financing
-1,927
-1,994
-2,312
Depreciation and amortisation
1,154
1,139
1,104
+1.3%
Share-based compensation
28.0
53.0
47.0
-47.2%
Buybacks
1,439
2,099
2,781
-31.4%
Dividends paid
960
949
844
+1.2%
Dividend per share
$3.76
$3.60
$3.04
+4.4%
Diluted shares, weighted
257m
266m
280m
-3.4%
Shares outstanding at period end
252m
258m
268m
-2.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
14,791
15,184
15,362
-2.6%
Debt
12,681
12,196
11,145
+4.0%
Operating lease liabilities
344
441
0.0
-22.0%
Other liabilities
10,146
10,102
9,732
+0.4%
Total liabilities and equity
37,962
37,923
36,239
+0.1%
Fixed assets
31,345
31,614
31,091
-0.9%
Investments
3,590
3,428
3,109
+4.7%
Cash and equivalents
1,115
580
358
+92.2%
Receivables
848
920
1,009
-7.8%
Other assets
1,064
1,381
672
-23.0%
Total assets
37,962
37,923
36,239
+0.1%
10-K for the year ended 31 December 2020, filed 4 February 2021: the filing.