--- title: "Norfolk Southern | 10-K: FY2025 Revenue Misses Estimate at USD 12.18 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/275346447.md" datetime: "2026-02-09T17:02:47.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275346447.md) - [en](https://longbridge.com/en/news/275346447.md) - [zh-HK](https://longbridge.com/zh-HK/news/275346447.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/275346447.md) | [繁體中文](https://longbridge.com/zh-HK/news/275346447.md) # Norfolk Southern | 10-K: FY2025 Revenue Misses Estimate at USD 12.18 B Revenue: As of FY2025, the actual value is USD 12.18 B, missing the estimate of USD 12.21 B. EPS: As of FY2025, the actual value is USD 12.75, beating the estimate of USD 12.7136. EBIT: As of FY2025, the actual value is USD 5.148 B. ### Overall Railway Operations Segment Performance Norfolk Southern Corporation manages its business as one reportable operating segment: railway operations, providing rail transportation services to customers. #### Unadjusted Performance - **Railway Operating Revenues**: - 2025: $12,180 million - 2024: $12,123 million - 2023: $12,156 million - **Railway Operating Expenses**: - 2025: $7,824 million - 2024: $8,052 million - 2023: $9,305 million - **Income from Railway Operations**: - 2025: $4,356 million - 2024: $4,071 million - 2023: $2,851 million - **Net Income**: - 2025: $2,873 million - 2024: $2,622 million - 2023: $1,827 million - **Railway Operating Ratio**: - 2025: 64.2% - 2024: 66.4% - 2023: 76.5% #### Adjusted (Non-GAAP) Performance Adjusted performance excludes merger-related expenses, restructuring charges, and Eastern Ohio Incident impacts for 2025⁄2024, and Eastern Ohio Incident impacts for 2023. **Adjusted Railway Operating Expenses**: 2025: $7,912 million (down 1% from 2024) 2024: $7,977 million (down 3% from 2023) 2023: $8,189 million **Adjusted Income from Railway Operations**: 2025: $4,268 million (up 3% from 2024) 2024: $4,146 million (up 5% from 2023) 2023: $3,967 million **Adjusted Net Income**: 2025: $2,816 million (up 5% from 2024) 2024: $2,684 million (up 0% from 2023) 2023: $2,673 million **Adjusted Railway Operating Ratio**: 2025: 65.0% (down 1% from 2024) 2024: 65.8% (down 2% from 2023) 2023: 67.4% ### Operational Metrics - **Revenue Ton Miles (billions)**: - 2025: 184 - 2024: 178 - 2023: 176 - **Revenue per Thousand Revenue Ton Miles**: - 2025: $66.31 - 2024: $68.09 - 2023: $69.05 - **Revenue Ton Miles (thousands) per Railroad Employee**: - 2025: 9,486 - 2024: 8,846 - 2023: 8,719 - **Average Employees**: - 2025: 19,400 - 2024: 20,200 - 2023: 20,300 - **Property Additions**: - 2025: $2,204 million (Road and other property: $1,824 million; Equipment: $380 million) - 2024: $4,024 million (Road and other property: $1,711 million; Acquisition of assets of CSR: $1,643 million; Equipment: $670 million) - 2023: $2,349 million (Road and other property: $1,525 million; Acquisition of assets of CSR: $22 million; Equipment: $802 million) - **Locomotive Fleet (Owned at December 31, 2025)**: - Total units: 3,258 - Average age in service: 30.5 years - Retirements in 2025: 27 units (average age 27.5 years) - **Freight Car Fleet (Owned at December 31, 2025)**: - Total units: 31,128 - Average age in service: 24.1 years - Retirements in 2025: 1,182 units (average age 45.6 years) - **Track Maintenance (2025)**: - Track miles of rail installed: 479 - Miles of track surfaced: 4,061 - Crossties installed: 2.0 million - **Capitalized Interest**: - 2025: $29 million - 2024: $26 million - 2023: $21 million ### Segment Revenue by Commodity Group #### Merchandise (63% of total railway operating revenues in 2025) - **Total Merchandise Revenue**: - 2025: $7,684 million (up 3% from 2024) - 2024: $7,470 million (up 2% from 2023) - 2023: $7,353 million - **Total Merchandise Units (in thousands)**: - 2025: 2,313.2 (up 2% from 2024) - 2024: 2,264.3 (up 1% from 2023) - 2023: 2,244.9 - **Total Merchandise Revenue per Unit**: - 2025: $3,322 (up 1% from 2024) - 2024: $3,299 (up 1% from 2023) - 2023: $3,275 - **Agriculture, Forest and Consumer Products Revenue**: - 2025: $2,538 million (up 1% from 2024) - 2024: $2,521 million (down 0% from 2023) - 2023: $2,530 million - **Chemicals Revenue**: - 2025: $2,206 million (up 4% from 2024) - 2024: $2,123 million (up 3% from 2023) - 2023: $2,054 million - **Metals and Construction Revenue**: - 2025: $1,724 million (up 2% from 2024) - 2024: $1,682 million (up 3% from 2023) - 2023: $1,634 million - **Automotive Revenue**: - 2025: $1,216 million (up 6% from 2024) - 2024: $1,144 million (up 1% from 2023) - 2023: $1,135 million #### Intermodal (25% of total railway operating revenues in 2025) - **Total Intermodal Revenue**: - 2025: $3,009 million (down 1% from 2024) - 2024: $3,042 million (down 2% from 2023) - 2023: $3,090 million - **Total Intermodal Units (in thousands)**: - 2025: 4,055.0 (down 1% from 2024) - 2024: 4,107.7 (up 7% from 2023) - 2023: 3,822.4 - **Total Intermodal Revenue per Unit**: - 2025: $742 (up 0% from 2024) - 2024: $740 (down 8% from 2023) - 2023: $808 - **Domestic Intermodal Units (in thousands)**: - 2025: 2,450.2 (down 2% from 2024) - 2024: 2,500.0 (up 5% from 2023) - 2023: 2,371.6 - **International Intermodal Units (in thousands)**: - 2025: 1,604.8 (down 0% from 2024) - 2024: 1,607.7 (up 11% from 2023) - 2023: 1,450.8 #### Coal (12% of total railway operating revenues in 2025) - **Total Coal Revenue**: - 2025: $1,487 million (down 8% from 2024) - 2024: $1,611 million (down 6% from 2023) - 2023: $1,713 million - **Total Coal Tonnage (in thousands)**: - 2025: 78,046 (up 2% from 2024) - 2024: 76,702 (up 1% from 2023) - 2023: 75,892 - **Total Coal Revenue per Unit**: - 2025: $2,139 (down 9% from 2024) - 2024: $2,352 (down 7% from 2023) - 2023: $2,530 - **Utility Coal Tonnage (in thousands)**: - 2025: 33,126 (up 12% from 2024) - 2024: 29,577 (down 3% from 2023) - 2023: 30,419 - **Export Coal Tonnage (in thousands)**: - 2025: 31,175 (down 6% from 2024) - 2024: 33,309 (up 7% from 2023) - 2023: 31,005 - **Domestic Metallurgical Coal Tonnage (in thousands)**: - 2025: 9,989 (down 1% from 2024) - 2024: 10,088 (down 9% from 2023) - 2023: 11,096 - **Industrial Coal Tonnage (in thousands)**: - 2025: 3,756 (up 1% from 2024) - 2024: 3,728 (up 11% from 2023) - 2023: 3,372 ### Cash Flow - **Net Cash Provided by Operating Activities**: - 2025: $4,361 million - 2024: $4,052 million - 2023: $3,179 million - **Net Cash Used in Investing Activities**: - 2025: - $2,562 million - 2024: - $2,780 million - 2023: - $2,182 million - **Net Cash Used in Financing Activities**: - 2025: - $1,910 million - 2024: - $1,199 million - 2023: $115 million - **Cash and Cash Equivalents (End of Year)**: - 2025: $1,530 million - 2024: $1,641 million - 2023: $1,568 million ### Other Key Financial Indicators - **Debt-to-Total Capitalization Ratio**: - 2025: 52.4% - 2024: 54.6% - **Common Stock Repurchases**: - 2025: $534 million (2.2 million shares retired) - 2024: $0 million - 2023: $622 million (2.8 million shares retired) - **Authorized Repurchases Remaining (as of December 31, 2025)**: $6.3 billion, with repurchases suspended due to the Merger Agreement. - **Operating Leases (ROU Assets)**: - 2025: $218 million - 2024: $271 million ### Outlook / Guidance For 2026, Norfolk Southern Corporation anticipates property additions to be approximately $1.9 billion and projects an effective income tax rate between 23% and 24%. The company expects to contribute about $23 million to unfunded pension plans and $34 million to other postretirement benefit plans in 2026, with no contribution expected for the funded pension plan. ### Related Stocks - [Norfolk Southern Corporation (NSC.US)](https://longbridge.com/en/quote/NSC.US.md) ## Related News & Research - [Are Wall Street Analysts Predicting Norfolk Southern Stock Will Climb or Sink?](https://longbridge.com/en/news/276329629.md) - [Norfolk Southern Sells and Acquires Land to Boost Rail Network Capacity](https://longbridge.com/en/news/274535249.md) - [Central Japan Railway Co to retire treasury shares worth 2.8% of outstanding stock on March 18](https://longbridge.com/en/news/277415418.md) - [Bernstein Reaffirms Their Buy Rating on Norfolk Southern (NSC)](https://longbridge.com/en/news/276421751.md) - [Norfolk Southern Warns of Significant Risks if Proposed Mergers Fail or Face Delays](https://longbridge.com/en/news/275409796.md)