Norfolk Southern (NSC) FY2023 results: revenue $12.2 billion, down 4.6% on the year
Norfolk Southern Corp. (NSC) reported revenue of $12.2 billion for fiscal 2023, the year ended 31 December 2023, down 4.6% on the year before. Net income was $1.8 billion, down 44.1%, and diluted earnings per share $8.02. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2024.
Revenue
$12.2 billion
-4.6% on the year
FY2016FY2023
Operating margin
23.5%
37.7% a year earlier
FY2016FY2023
Net income
$1.8 billion
-44.1% on the year
FY2016FY2023
Diluted EPS
$8.02
-42.2% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
3,179
4,222
4,255
-24.7%
Capital expenditure
2,327
1,948
1,470
+19.5%
Free cash flow
852
2,274
2,785
-62.5%
Free cash flow margin
7.0%
17.8%
25.0%
Cash from investing
-2,182
-1,603
-1,222
Cash from financing
115
-3,002
-3,309
Depreciation and amortisation
1,298
1,221
1,181
+6.3%
Share-based compensation
40.0
53.0
54.0
-24.5%
Buybacks
622
3,110
3,390
-80.0%
Dividends paid
1,225
1,167
1,028
+5.0%
Dividend per share
$5.40
$4.96
$4.16
+8.9%
Diluted shares, weighted
227m
236m
248m
-3.5%
Shares outstanding at period end
226m
228m
240m
-1.1%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
12,781
12,733
13,641
+0.4%
Short-term borrowings
0.0
n/a
n/a
Debt
17,175
15,182
13,840
+13.1%
Operating lease liabilities
287
316
331
-9.2%
Other liabilities
11,409
10,654
10,681
+7.1%
Total liabilities and equity
41,652
38,885
38,493
+7.1%
Fixed assets
33,326
32,156
31,653
+3.6%
Investments
3,839
3,694
3,707
+3.9%
Cash and equivalents
1,568
456
839
+243.9%
Receivables
1,147
1,148
976
-0.1%
Other assets
1,772
1,431
1,318
+23.8%
Total assets
41,652
38,885
38,493
+7.1%
10-K for the year ended 31 December 2023, filed 5 February 2024: the filing.