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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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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).
The financial analysis over the observed quarters reveals several notable trends across revenue, costs, and profitability metrics.
- Revenue and Gross Profit
- Railway operating revenues experienced moderate growth from $2,575 million in Q1 2017 to a peak around $2,947 million in Q3 2018, followed by some fluctuations and a notable dip to $2,085 million in Q2 2020 likely influenced by external factors. Revenues recovered subsequently, reaching $2,915 million by Q1 2022. Gross profit generally aligned with revenue trends, starting at $1,985 million in Q1 2017 and peaking at $2,253 million in Q2 2019, then decreasing substantially in mid-2020 before rebounding to about $2,177 million by Q1 2022.
- Operating Costs
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- Purchased services and rents
- These costs remained relatively stable, fluctuating within a range around $-400 million per quarter, with peaks and troughs but no clear long-term trend. A slight reduction is observable in mid-2020, which coincides with the overall downturn in revenues.
- Fuel expenses
- Fuel costs exhibited a downward trend from $-213 million in Q1 2017 to a low of $-84 million in Q2 2020, indicative of reduced fuel consumption or lower fuel prices during this period. However, fuel costs increased again by Q1 2022, reaching $-301 million, reflecting recovery in operational activities or rising fuel prices.
- Cost of railway operating revenues
- These costs showed variability, trending upward until the end of 2018, then dipping sharply in 2020 with the lowest figure of $-456 million in Q2 2020. Costs increased again steadily afterward, reaching $-738 million by Q1 2022, surpassing earlier levels and perhaps reflecting inflationary pressures or expanded operations.
- Compensation and benefits
- This expense category trended downward overall from approximately $-743 million in Q1 2017 to about $-586 million in Q2 2020, then stabilized with minor fluctuations toward $-619 million in Q1 2022, indicating possible staff cost optimization during the mid-period and stabilization thereafter.
- Depreciation
- Depreciation expenses increased gradually from $-259 million in early 2017 to $-302 million by Q1 2022, reflecting ongoing capital investments in fixed assets.
- Materials and other
- Expenses in this category were somewhat volatile, with pronounced decreases such as $-56 million in Q4 2018 amid otherwise more stable ranges around $-150 to $-210 million. This volatility may reflect timing of maintenance or capital expenditures.
- Loss on asset disposal
- A significant loss of $-385 million was recorded in Q1 2020, which is an outlier in the dataset and likely impacted net results substantially in that quarter.
- Profitability Metrics
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- Income from railway operations
- Operational income showed growth from $773 million in Q1 2017 to a peak over $1,167 million in Q3 2021, despite a dramatic decline to $568 million in Q1 2020 coinciding with the asset disposal loss and broader cost pressures. The recovery post-2020 is evident.
- Other income (expense), net
- This line item showed fluctuations without a strong directional trend, with occasional negative values (e.g., Q1 2022) but generally positive inflows, suggesting diverse non-operating income components.
- Interest expense on debt
- Consistently increased gradually from $-142 million in Q1 2017 to $-168 million in Q1 2022, indicating either increased debt levels or rising interest rates over time.
- Income before income taxes
- Pre-tax income mirrored operational income trends, with growth until late 2019, a sharp dip to $436 million in Q1 2020, then renewed upward momentum reaching approximately $912 million in Q1 2022.
- Income taxes
- Income tax expenses generally followed taxable income but exhibited some irregularities, for example a positive income tax figure ($3,075 million) in Q4 2017, which likely represents a data anomaly or extraordinary tax event. Otherwise, tax expenses fluctuated with net income trends, reducing significantly in mid-2020 before increasing again.
- Net income
- Net earnings reflected notable volatility, with a significant spike in Q4 2017 reaching $3,968 million, likely tied to the tax anomaly mentioned. Excluding this outlier, net income fluctuated between approximately $381 million (Q1 2020) and $819 million (Q3 2021), declining slightly to $703 million in Q1 2022. The mid-2020 low aligns with reduced revenues and extraordinary loss on asset disposal, with recovery evident thereafter.
In summary, the data highlights a period of overall growth tempered by volatility primarily related to external disruptions around early 2020, such as asset disposal losses and associated cost and revenue impacts. Recovery in revenues and profitability post-2020 is clear, with gradual increases in costs such as depreciation and interest expense indicating ongoing investment and financing activity. While operating expenses showed some control, fuel and purchased services costs rose toward the end of the period. Net income and operational income remain strong approaching early 2022, notwithstanding prior fluctuations and one-time events.