Norfolk Southern (NSC) FY2024 results: revenue $12.1 billion, down 0.3% on the year
Norfolk Southern Corp. (NSC) reported revenue of $12.1 billion for fiscal 2024, the year ended 31 December 2024, down 0.3% on the year before. Net income was $2.6 billion, up 43.5%, and diluted earnings per share $11.57. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2025.
Revenue
$12.1 billion
-0.3% on the year
FY2017FY2024
Operating margin
33.6%
23.5% a year earlier
FY2017FY2024
Net income
$2.6 billion
+43.5% on the year
FY2017FY2024
Diluted EPS
$11.57
+44.3% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
4,052
3,179
4,222
+27.5%
Capital expenditure
2,381
2,327
1,948
+2.3%
Free cash flow
1,671
852
2,274
+96.1%
Free cash flow margin
13.8%
7.0%
17.8%
Cash from investing
-2,780
-2,182
-1,603
Cash from financing
-1,199
115
-3,002
Depreciation and amortisation
1,353
1,298
1,221
+4.2%
Share-based compensation
40.0
40.0
53.0
0.0%
Buybacks
0.0
622
3,110
Dividends paid
1,221
1,225
1,167
-0.3%
Dividend per share
$5.40
$5.40
$4.96
0.0%
Diluted shares, weighted
226m
227m
236m
-0.4%
Shares outstanding at period end
226m
226m
228m
+0.3%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
14,306
12,781
12,733
+11.9%
Short-term borrowings
n/a
0.0
n/a
Debt
17,206
17,175
15,182
+0.2%
Operating lease liabilities
191
287
316
-33.4%
Other liabilities
11,979
11,409
10,654
+5.0%
Total liabilities and equity
43,682
41,652
38,885
+4.9%
Fixed assets
35,831
33,326
32,156
+7.5%
Investments
3,370
3,839
3,694
-12.2%
Cash and equivalents
1,641
1,568
456
+4.7%
Receivables
1,069
1,147
1,148
-6.8%
Other assets
1,771
1,772
1,431
-0.1%
Total assets
43,682
41,652
38,885
+4.9%
10-K for the year ended 31 December 2024, filed 10 February 2025: the filing.