$NSC

NORFOLK SOUTHERN CORP

CIK:0000702165|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Railway operating revenues	$ 3,465	$ 3,110	$ 6,463	$ 6,103
Railway operating expenses
Compensation and benefits	744	692	1,484	1,431
Purchased services and rents	550	520	1,072	1,018
Fuel	405	219	661	463
Depreciation	358	346	710	692
Materials and other	212	195	401	400
Merger-related expenses	51	0	103	0
Restructuring and other charges	6	10	6	10
Eastern Ohio incident	15		25
Eastern Ohio incident		(47)		(232)
Total railway operating expenses	2,341	1,935	4,462	3,782
Income from railway operations	1,124	1,175	2,001	2,321
Other income – net	32	24	67	55
Interest expense on debt	197	201	394	400
Income before income taxes	959	998	1,674	1,976
Income taxes	225	230	393	458
Net income	$ 734	$ 768	$ 1,281	$ 1,518
Earnings per share
Basic (in dollars per share)	$ 3.26	$ 3.41	$ 5.70	$ 6.72
Diluted (in dollars per share)	$ 3.26	$ 3.41	$ 5.69	$ 6.72

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 1,281	$ 1,518
Reconciliation of net income to net cash provided by operating activities:
Depreciation	710	692
Deferred income taxes	108	109
Gains and losses on properties	(18)	(57)
Changes in assets and liabilities affecting operations:
Accounts receivable	(190)	(57)
Materials and supplies	(56)	(36)
Other current assets	62	54
Current liabilities other than debt	(386)	(106)
Other – net	(113)	(90)
Net cash provided by operating activities	1,398	2,027
Cash flows from investing activities
Property additions	(821)	(924)
Property sales and other transactions	177	66
Investment purchases	(5)	(613)
Investment sales and other transactions	20	36
Net cash used in investing activities	(629)	(1,435)
Cash flows from financing activities
Dividends	(606)	(609)
Common stock transactions	(12)	(8)
Purchase and retirement of common stock	(5)	(456)
Proceeds from borrowings	0	396
Debt repayments	(607)	(253)
Net cash used in financing activities	(1,230)	(930)
Net decrease in cash and cash equivalents	(461)	(338)
Cash and cash equivalents
At beginning of year	1,530	1,641
At end of period	1,069	1,303
Supplemental disclosures of cash flow information
Interest (net of amounts capitalized)	377	378
Income taxes (net of refunds)	$ 386	$ 414

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,069	$ 1,530
Accounts receivable – net	1,177	988
Materials and supplies	327	271
Other current assets	228	409
Total current assets	2,801	3,198
Investments	4,155	4,089
Properties less accumulated depreciation	36,626	36,479
Other assets	1,540	1,470
Total assets	45,122	45,236
Current liabilities:
Accounts payable	1,783	1,863
Income and other taxes	218	340
Other current liabilities	720	965
Current maturities of long-term debt	649	607
Total current liabilities	3,370	3,775
Long-term debt	15,967	16,480
Other liabilities	1,714	1,723
Deferred income taxes	7,818	7,711
Total liabilities	28,869	29,689
Stockholders’ equity:
Common stock, net of treasury shares	226	226
Additional paid-in capital	2,332	2,296
Accumulated other comprehensive loss	(212)	(210)
Retained income	13,907	13,235
Total stockholders’ equity	16,253	15,547
Total liabilities and stockholders’ equity	$ 45,122	$ 45,236