Selected Financial Data
since 2005
Income Statement
Norfolk Southern Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Railway operating revenues | Income from railway operations | Net income |
|---|---|---|---|
| Dec 31, 2021 | 11,142) | 4,447) | 3,005) |
| Dec 31, 2020 | 9,789) | 3,002) | 2,013) |
| Dec 31, 2019 | 11,296) | 3,989) | 2,722) |
| Dec 31, 2018 | 11,458) | 3,959) | 2,666) |
| Dec 31, 2017 | 10,551) | 3,586) | 5,404) |
| Dec 31, 2016 | 9,888) | 3,074) | 1,668) |
| Dec 31, 2015 | 10,511) | 2,884) | 1,556) |
| Dec 31, 2014 | 11,624) | 3,575) | 2,000) |
| Dec 31, 2013 | 11,245) | 3,257) | 1,910) |
| Dec 31, 2012 | 11,040) | 3,124) | 1,749) |
| Dec 31, 2011 | 11,172) | 3,213) | 1,916) |
| Dec 31, 2010 | 9,516) | 2,676) | 1,496) |
| Dec 31, 2009 | 7,969) | 1,962) | 1,034) |
| Dec 31, 2008 | 10,661) | 3,084) | 1,716) |
| Dec 31, 2007 | 9,432) | 2,585) | 1,464) |
| Dec 31, 2006 | 9,407) | 2,557) | 1,481) |
| Dec 31, 2005 | 8,527) | 2,117) | 1,281) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Financial performance from 2005 through 2021 exhibits cyclical volatility characterized by steady growth phases interrupted by significant macroeconomic downturns. The overall trajectory shows an increase in both top-line revenue and operational efficiency, although net earnings demonstrate higher volatility due to non-operating factors.
- Railway Operating Revenues
- Revenues grew from 8,527 million USD in 2005 to a peak of 11,624 million USD in 2014. A significant contraction occurred in 2009, where revenues fell to 7,969 million USD, representing the lowest point in the analyzed period. A similar, though less severe, decline is observed in 2020, with revenues dropping to 9,789 million USD before recovering to 11,142 million USD in 2021. These fluctuations align with broader economic cycles and global disruptions.
- Income from Railway Operations
- Operating income demonstrates a positive long-term trend in efficiency. Starting at 2,117 million USD in 2005, it reached a historical peak of 4,447 million USD in 2021. Despite the revenue dip in 2020, the operating income of 3,002 million USD remained higher than the levels seen during the 2005-2010 period, suggesting improved cost management or pricing power over time. The operational margin expanded notably in the final year of the sequence.
- Net Income Trends
- Net income generally tracks the movement of operating income but contains a significant anomaly in 2017, where earnings spiked to 5,404 million USD, more than double the average of surrounding years. Outside of this outlier, net income grew from 1,281 million USD in 2005 to 3,005 million USD in 2021. The period between 2015 and 2021 shows increased volatility in bottom-line results compared to the more stable growth observed between 2005 and 2014.
- Operational Efficiency and Profitability
- A comparative analysis of operating income relative to revenue reveals a strengthening operational profile. In 2005, operating income represented approximately 24.8% of railway revenues; by 2021, this ratio increased to approximately 39.9%. This indicates a substantial improvement in the conversion of revenue to operating profit over the 16-year duration.
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Balance Sheet: Assets
Norfolk Southern Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 2,167) | 38,493) |
| Dec 31, 2020 | 2,318) | 37,962) |
| Dec 31, 2019 | 2,081) | 37,923) |
| Dec 31, 2018 | 1,862) | 36,239) |
| Dec 31, 2017 | 2,149) | 35,711) |
| Dec 31, 2016 | 2,291) | 34,892) |
| Dec 31, 2015 | 2,633) | 34,260) |
| Dec 31, 2014 | 2,778) | 33,241) |
| Dec 31, 2013 | 3,075) | 32,483) |
| Dec 31, 2012 | 2,242) | 30,342) |
| Dec 31, 2011 | 1,751) | 28,538) |
| Dec 31, 2010 | 2,471) | 28,199) |
| Dec 31, 2009 | 2,246) | 27,369) |
| Dec 31, 2008 | 1,999) | 26,297) |
| Dec 31, 2007 | 1,675) | 26,144) |
| Dec 31, 2006 | 2,400) | 26,028) |
| Dec 31, 2005 | 2,650) | 25,861) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The organization's asset base demonstrates a sustained long-term growth trajectory from 2005 through 2021. Total assets increased from 25,861 million US dollars in 2005 to 38,493 million US dollars by the end of 2021, representing an overall expansion of approximately 48.8% over the sixteen-year period.
- Total Asset Growth Patterns
- Total assets exhibited consistent year-over-year growth for the majority of the period. A notable acceleration in asset accumulation occurred between 2011 and 2014, during which total assets rose from 28,538 million US dollars to 33,241 million US dollars. This upward trend remained stable through 2021, indicating a continuous investment in the company's resource base.
- Current Asset Volatility
- In contrast to the steady growth of total assets, current assets displayed significant volatility. Values fluctuated throughout the period, reaching a minimum of 1,675 million US dollars in 2007 and a peak of 3,075 million US dollars in 2013. By December 31, 2021, current assets stood at 2,167 million US dollars, reflecting a net decrease from the 2,650 million US dollars reported in 2005.
- Structural Shift in Asset Composition
- The divergence between total asset growth and current asset fluctuations indicates a shift in balance sheet composition. Current assets represented approximately 10.2% of total assets in 2005, but this proportion declined to approximately 5.6% by 2021. This trend suggests a deepening concentration of value in non-current assets, pointing toward significant long-term capital expenditures and an increase in the proportion of fixed assets relative to liquid assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
Norfolk Southern Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2021 | 2,521) | 24,852) | 13,840) | 13,641) |
| Dec 31, 2020 | 2,160) | 23,171) | 12,681) | 14,791) |
| Dec 31, 2019 | 2,300) | 22,739) | 12,196) | 15,184) |
| Dec 31, 2018 | 2,591) | 20,877) | 11,145) | 15,362) |
| Dec 31, 2017 | 2,545) | 19,352) | 9,836) | 16,359) |
| Dec 31, 2016 | 2,339) | 22,483) | 10,212) | 12,409) |
| Dec 31, 2015 | 2,231) | 22,072) | 10,093) | 12,188) |
| Dec 31, 2014 | 1,780) | 20,833) | 9,026) | 12,408) |
| Dec 31, 2013 | 2,305) | 21,194) | 9,448) | 11,289) |
| Dec 31, 2012 | 2,081) | 20,582) | 8,682) | 9,760) |
| Dec 31, 2011 | 1,701) | 18,627) | 7,540) | 9,911) |
| Dec 31, 2010 | 2,082) | 17,530) | 7,025) | 10,669) |
| Dec 31, 2009 | 1,789) | 17,016) | 7,153) | 10,353) |
| Dec 31, 2008 | 2,105) | 16,690) | 6,667) | 9,607) |
| Dec 31, 2007 | 1,948) | 16,417) | 6,368) | 9,727) |
| Dec 31, 2006 | 2,093) | 16,413) | 6,600) | 9,615) |
| Dec 31, 2005 | 1,921) | 16,572) | 6,930) | 9,289) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2021 is characterized by a consistent expansion of total liabilities and a significant increase in long-term debt obligations, contrasted by a fluctuating trend in stockholders' equity.
- Liability and Debt Expansion
- Total liabilities experienced a sustained increase, rising from 16,572 million US$ in 2005 to 24,852 million US$ by 2021. This upward trend was primarily driven by total debt, which nearly doubled from 6,930 million US$ in 2005 to 13,840 million US$ in 2021. In contrast, current liabilities remained relatively stable, fluctuating within a range of 1,701 million US$ to 2,591 million US$, suggesting that the growth in overall liabilities was concentrated in long-term obligations rather than short-term operational debts.
- Stockholders' Equity Trends
- Stockholders' equity demonstrated a general growth pattern during the first twelve years of the period, increasing from 9,289 million US$ in 2005 to a peak of 16,359 million US$ in 2017. Following this peak, a consistent downward trend is observed, with equity declining to 13,641 million US$ by 2021. This reversal in equity growth occurred simultaneously with continued increases in total debt.
- Capital Structure Shift
- A notable shift in the capital structure is evident through the evolving relationship between debt and equity. In 2005, total debt represented approximately 74% of stockholders' equity. By 2021, this ratio increased to approximately 101%, indicating a transition toward a more leveraged financial position and a higher reliance on debt financing relative to equity.
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Cash Flow Statement
Norfolk Southern Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities |
|---|---|---|---|
| Dec 31, 2021 | 4,255) | (1,222) | (3,309) |
| Dec 31, 2020 | 3,637) | (1,175) | (1,927) |
| Dec 31, 2019 | 3,892) | (1,764) | (1,994) |
| Dec 31, 2018 | 3,726) | (1,658) | (2,312) |
| Dec 31, 2017 | 3,253) | (1,481) | (2,038) |
| Dec 31, 2016 | 3,034) | (1,832) | (1,347) |
| Dec 31, 2015 | 2,877) | (2,087) | (662) |
| Dec 31, 2014 | 2,852) | (2,002) | (1,320) |
| Dec 31, 2013 | 3,078) | (1,894) | (394) |
| Dec 31, 2012 | 3,065) | (1,994) | (694) |
| Dec 31, 2011 | 3,227) | (1,772) | (2,006) |
| Dec 31, 2010 | 2,714) | (1,456) | (1,427) |
| Dec 31, 2009 | 1,860) | (1,451) | (31) |
| Dec 31, 2008 | 2,715) | (1,228) | (1,075) |
| Dec 31, 2007 | 2,333) | (1,025) | (1,629) |
| Dec 31, 2006 | 2,206) | (684) | (1,284) |
| Dec 31, 2005 | 2,105) | (1,827) | (456) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile between 2005 and 2021 demonstrates a consistent capacity to generate liquidity from core operations, which has historically exceeded the capital requirements for investment and the obligations of financing.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibits a strong long-term upward trajectory, increasing from 2,105 million USD in 2005 to 4,255 million USD in 2021. A notable contraction occurred in 2009, where cash flow dropped to 1,860 million USD, representing the lowest point in the analyzed period. Following this dip, a sustained growth phase emerged, with operating cash flows consistently remaining above 3,000 million USD from 2011 through 2021, reflecting enhanced operational efficiency or increased revenue scale.
- Investing Activities and Capital Expenditure
- Net cash used in investing activities remained consistently negative throughout the period, as is typical for capital-intensive infrastructure industries. Outflows peaked between 2012 and 2015, with the highest expenditure reaching 2,087 million USD in 2015. A moderation in investing outflows is observable from 2017 onward, with the 2020 figure falling to 1,175 million USD, suggesting a period of reduced capital intensity or optimized asset investment during those years.
- Financing Activities and Capital Allocation
- Net cash used in financing activities was negative in every year except for a near-neutral position in 2009 (-31 million USD). This indicates a persistent commitment to debt repayment, dividend distributions, or share repurchases. Financing outflows intensified significantly in the latter part of the period, culminating in a peak of 3,309 million USD in 2021. The volatility in these outflows suggests strategic shifts in how excess liquidity was allocated to shareholders and creditors.
The relationship between these three cash flow components reveals a self-sustaining financial model. The operating cash flow consistently provides sufficient coverage for all investing activities, creating a positive surplus. This surplus has been systematically utilized to fund financing activities, with the increasing magnitude of financing outflows in recent years correlating with the growth in operational cash generation.
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Per Share Data
Norfolk Southern Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 12.16 | 12.11 | 4.16 |
| Dec 31, 2020 | 7.88 | 7.84 | 3.76 |
| Dec 31, 2019 | 10.32 | 10.25 | 3.60 |
| Dec 31, 2018 | 9.58 | 9.51 | 3.04 |
| Dec 31, 2017 | 18.76 | 18.61 | 2.44 |
| Dec 31, 2016 | 5.66 | 5.62 | 2.36 |
| Dec 31, 2015 | 5.13 | 5.10 | 2.36 |
| Dec 31, 2014 | 6.44 | 6.39 | 2.22 |
| Dec 31, 2013 | 6.10 | 6.04 | 2.04 |
| Dec 31, 2012 | 5.42 | 5.37 | 1.94 |
| Dec 31, 2011 | 5.52 | 5.45 | 1.66 |
| Dec 31, 2010 | 4.06 | 4.00 | 1.40 |
| Dec 31, 2009 | 2.79 | 2.76 | 1.36 |
| Dec 31, 2008 | 4.60 | 4.52 | 1.22 |
| Dec 31, 2007 | 3.74 | 3.68 | 0.96 |
| Dec 31, 2006 | 3.63 | 3.57 | 0.68 |
| Dec 31, 2005 | 3.17 | 3.11 | 0.48 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial per share performance from 2005 to 2021 exhibits a general upward trajectory in both profitability and shareholder distributions, characterized by periods of volatility in earnings contrasted by a highly stable dividend growth policy.
- Earnings Per Share (EPS) Trends
- Basic and diluted earnings per share demonstrate a long-term growth pattern, though the progression is non-linear. After an initial climb from 2005 to 2008, a significant contraction occurred in 2009, with basic EPS falling to 2.79. A subsequent recovery period from 2010 to 2014 saw earnings peak at 6.44 before experiencing a temporary decline in 2015. A notable anomaly occurred in 2017, where basic EPS surged to 18.76, representing the highest point in the observed period. Following this peak, earnings normalized between 2018 and 2020, reaching a low of 7.88 during the 2020 fiscal year, before rebounding strongly to 12.16 in 2021.
- Dividend Growth and Stability
- Dividends per share exhibit a consistent and uninterrupted annual increase throughout the entire period. Starting at 0.48 in 2005, the dividend grew steadily to 4.16 by 2021. This growth trend remained decoupled from the volatility seen in earnings, as dividend increases continued even during years of earnings contraction, such as 2009 and 2015. This indicates a disciplined capital return strategy and a commitment to increasing shareholder distributions regardless of short-term fluctuations in net income.
- Earnings Coverage and Distribution Ratio
- A comparative analysis of earnings and dividends reveals a robust coverage ratio. Throughout the 16-year period, earnings per share remained comfortably above the dividend per share. Even during the 2009 trough, basic earnings of 2.79 provided more than double the coverage for the 1.36 dividend. The gap between earnings and dividends widened significantly during the 2017 peak and remained substantial through 2021, suggesting a conservative payout ratio that allows for both dividend growth and the retention of capital for operational needs.
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