Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Norfolk Southern Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Railway operating revenues	11,142)	9,789)	11,296)	11,458)	10,551)
Purchased services and rents	(1,726)	(1,687)	(1,725)	(1,730)	(1,414)
Fuel	(799)	(535)	(953)	(1,087)	(840)
Cost of railway operating revenues	(2,525)	(2,222)	(2,678)	(2,817)	(2,254)
Gross profit	8,617)	7,567)	8,618)	8,641)	8,297)
Compensation and benefits	(2,442)	(2,373)	(2,751)	(2,925)	(2,915)
Depreciation	(1,181)	(1,154)	(1,138)	(1,102)	(1,055)
Materials and other	(547)	(653)	(740)	(655)	(741)
Loss on asset disposal	—)	(385)	—)	—)	—)
Income from railway operations	4,447)	3,002)	3,989)	3,959)	3,586)
Pension and other postretirement benefits	102)	91)	63)	61)	—)
COLI, net	17)	85)	69)	(10)	33)
Other	(42)	(23)	(26)	16)	59)
Other income, net	77)	153)	106)	67)	92)
Interest expense on debt	(646)	(625)	(604)	(557)	(550)
Income before income taxes	3,878)	2,530)	3,491)	3,469)	3,128)
Income taxes	(873)	(517)	(769)	(803)	2,276)
Net income	3,005)	2,013)	2,722)	2,666)	5,404)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Income statement item	Description	The company
Railway operating revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Norfolk Southern Corp. railway operating revenues decreased from 2019 to 2020 but then increased from 2020 to 2021 not reaching 2019 level.
Income from railway operations	The net result for the period of deducting operating expenses from operating revenues.	Norfolk Southern Corp. income from railway operations decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Norfolk Southern Corp. income before income taxes decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.
Net income	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Norfolk Southern Corp. net income decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Norfolk Southern Corp. (NYSE:NSC)

Income Statement