Income Statement
Quarterly Data
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.
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- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Norfolk Southern Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
Railway operating revenues exhibited a generally increasing trend from the first quarter of 2017 through the fourth quarter of 2021, although with some quarterly fluctuations. Revenues peaked in the second quarter of 2018 at approximately US$2.898 billion, and again in the fourth quarter of 2021 at US$2.852 billion. A noticeable decline occurred in the first half of 2020, likely influenced by external economic factors, followed by a recovery in the latter half of the year. The first quarter of 2022 shows a slight increase to US$2.915 billion.
Cost of railway operating revenues generally tracked with revenue trends, demonstrating an overall increase from US$590 million in the first quarter of 2017 to US$738 million in the first quarter of 2022. However, the rate of increase in costs did not consistently mirror revenue growth, suggesting potential efficiencies or changes in cost structure at times. A significant spike in costs was observed in the fourth quarter of 2018, driven largely by a substantial increase in 'Materials and other' expenses.
Gross profit generally followed the trend of railway operating revenues, increasing from US$1.985 billion in the first quarter of 2017 to US$2.177 billion in the first quarter of 2022. The substantial revenue decline in the first half of 2020 also impacted gross profit, with a corresponding decrease observed during that period.
- Operating Expenses
- Purchased services and rents remained relatively stable between approximately US$377 million and US$460 million from 2017 to 2019, before increasing to US$486 million in the third quarter of 2020. Fuel costs demonstrated a decreasing trend from US$213 million in the first quarter of 2017 to US$84 million in the second quarter of 2020, likely due to lower demand and fuel prices. However, fuel costs increased significantly in 2021 and 2022, reaching US$301 million in the first quarter of 2022. Compensation and benefits exhibited a gradual decline from US$743 million in the first quarter of 2017 to US$630 million in the fourth quarter of 2019, followed by relative stability. Materials and other expenses showed considerable volatility, with a notable increase in the fourth quarter of 2018 and again in the first quarter of 2022.
Income from railway operations showed a generally positive trend, increasing from US$773 million in the first quarter of 2017 to US$1.129 billion in the fourth quarter of 2021, before decreasing to US$1.085 billion in the first quarter of 2022. The first quarter of 2020 saw a significant dip, mirroring the revenue decline. Other income (expense), net, was relatively small and fluctuated, with a positive contribution in most periods.
- Net Income and Taxes
- Net income demonstrated a similar pattern to income from railway operations, with a substantial increase in the fourth quarter of 2017 to US$3.968 billion, which was largely driven by a significant reduction in income taxes. Excluding this outlier, net income generally ranged between US$433 million and US$819 million. Income taxes exhibited considerable variability, with a large expense in the fourth quarter of 2017, and generally ranged between US$150 million and US$283 million in other periods. The tax rate fluctuated significantly, indicating potential changes in tax laws or accounting practices.
Interest expense on debt remained relatively stable, fluctuating between approximately US$131 million and US$165 million throughout the analyzed period. Income before income taxes generally followed the trend of income from railway operations, with a significant peak in the fourth quarter of 2017 due to the reduced tax expense.