Stock Analysis on Net
Stock Analysis on Net
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Norfolk Southern Corp. (NYSE:NSC)

Income Statement

Beginner level

The income statement presents information on the financial results of a company’s 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

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12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Railway operating revenues 11,296  11,458  10,551  9,888  10,511 
Purchased services and rents (1,725) (1,730) (1,414) (1,548) (1,752)
Fuel (953) (1,087) (840) (698) (934)
Cost of railway operating revenues (2,678) (2,817) (2,254) (2,246) (2,686)
Gross profit 8,618  8,641  8,297  7,642  7,825 
Compensation and benefits (2,751) (2,925) (2,915) (2,743) (2,911)
Depreciation (1,138) (1,102) (1,055) (1,026) (1,054)
Materials and other (740) (655) (741) (799) (976)
Income from railway operations 3,989  3,959  3,586  3,074  2,884 
Corporate-owned life insurance, net 69  (10) 33  20  (1)
Net pension and other postretirement benefit cost 63  61  —  —  — 
Rental income 4  5  87  93  80 
External advisor costs —  —  —  (20) (8)
Other (30) 11  (28) (22) 32 
Other income, net 106  67  92  71  103 
Interest expense on debt (604) (557) (550) (563) (545)
Income before income taxes 3,491  3,469  3,128  2,582  2,442 
Income taxes (769) (803) 2,276  (914) (886)
Net income 2,722  2,666  5,404  1,668  1,556 

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-05), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-08).

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.’s railway operating revenues increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.
Income from railway operations The net result for the period of deducting operating expenses from operating revenues. Norfolk Southern Corp.’s income from railway operations increased from 2017 to 2018 and from 2018 to 2019.
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.’s income before income taxes increased from 2017 to 2018 and from 2018 to 2019.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Norfolk Southern Corp.’s net income decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.