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).
- Railway Operating Revenues
- Over the period analyzed, railway operating revenues demonstrated fluctuations with a general upward trend until 2008, reaching a peak of 10,661 million US dollars. There was a significant decline in 2009 to 7,969 million US dollars, likely reflecting external economic challenges. Following 2009, revenues gradually recovered, showing steady growth and stabilization around the 11,000 million US dollars range in subsequent years, with a slight dip in 2020 to 9,789 million US dollars, reflecting potential disruptions during that year. Revenues rebounded again in 2021.
- Income from Railway Operations
- Income from railway operations generally followed the trend of operating revenues with periods of growth and contraction. After increasing to 3,084 million US dollars in 2008, income saw a sharp decline in 2009 to 1,962 million US dollars. From 2010 onwards, income steadily improved, surpassing previous levels to reach a peak of 3,989 million US dollars in 2019. There was a decrease in 2020 to 3,002 million US dollars, correlating with the revenue dip, but income rebounded strongly in 2021 to 4,447 million US dollars, achieving the highest value in the period.
- Net Income
- Net income showed notable variability with an overall positive trajectory over the years. After a peak in 2008 at 1,716 million US dollars, the figure dropped to 1,034 million US dollars in 2009, mirroring the patterns in revenues and operating incomes. From 2010 to 2014, net income fluctuated but generally maintained above 1,500 million US dollars. A significant increase was observed in 2017, reaching 5,404 million US dollars, driven possibly by non-operating factors or extraordinary items. Subsequent years saw a decline to 2,666 and 2,722 million US dollars in 2018 and 2019 respectively. The year 2020 experienced a further drop to 2,013 million US dollars, followed by a recovery to 3,005 million US dollars in 2021.
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 analysis of the provided financial data reveals several notable trends regarding current assets and total assets over the period from the end of 2005 through the end of 2021.
- Current Assets
-
Current assets exhibited considerable fluctuations throughout the analyzed period. Starting at approximately 2,650 million US dollars at the end of 2005, current assets decreased to a low point of 1,675 million by the end of 2007. Thereafter, a recovery trend was observed with increases through 2009 and 2010, reaching 2,471 million.
However, from 2011 to 2018, current assets showed a generally declining pattern with some volatility, decreasing from 1,751 million in 2011 to 1,862 million in 2018 after a peak of 3,075 million in 2013. Post-2018, the current assets again fluctuated modestly, ending at 2,167 million by the end of 2021.
Overall, current assets have not demonstrated a consistent upward or downward trend but have been marked by periods of sharp decreases followed by partial recoveries, indicating variability in liquidity or short-term resource management over the years.
- Total Assets
-
Total assets showed a steady and sustained growth pattern throughout the entire period under review. Commencing at 25,861 million US dollars at the end of 2005, total assets increased gradually each year, reaching 38,493 million by the end of 2021.
This upward trend was relatively smooth with minor decelerations but no significant reversals, reflecting a consistent expansion of asset base. The continuous growth suggests ongoing investment or acquisition activities and possibly retained earnings contributing to asset accumulation.
Compared to current assets, total assets demonstrated greater stability and a clear positive trend, indicating successful long-term asset growth strategies.
In summary, the data reflects a stable expansion in total asset base over the years, while current assets experienced greater volatility and fluctuations, which may suggest variability in working capital management or changes in operational requirements in the short term.
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 data reveals several notable trends in the company’s liability and equity positions over the 2005 to 2021 period.
- Current Liabilities
- Current liabilities fluctuated throughout the period without a clear directional trend, ranging from a low of 1,789 million US dollars at the end of 2009 to a high of 2,591 million US dollars at the end of 2018. After peaking in 2018, current liabilities generally decreased slightly towards the end of the series, reaching 2,521 million US dollars in 2021. This fluctuation suggests varying short-term obligations and possibly changing working capital requirements over time.
- Total Liabilities
- Total liabilities showed an overall upward trajectory, increasing from 16,572 million US dollars in 2005 to 24,852 million US dollars by 2021. Despite some intermittent periods of relative stability or minor decreases, the overall increase reflects a steady growth in the company’s total financial obligations. Notably, there was a decrease around 2016–2017 but the trend then resumed upwards thereafter.
- Total Debt
- Total debt generally increased over the period, starting at 6,930 million US dollars in 2005 and rising to 13,840 million US dollars in 2021, almost doubling during this timeframe. There were some periods of slower growth or slight decline, such as between 2006 and 2007, but the broader pattern indicates progressively higher reliance on debt financing. Peaks in debt levels align largely with increases in total liabilities.
- Stockholders’ Equity
- Stockholders’ equity displayed moderate fluctuations and a mild decline towards the end of the period. It rose gradually from 9,289 million US dollars in 2005 to a peak of 16,359 million US dollars in 2017 but subsequently declined, falling to 13,641 million US dollars by 2021. This reduction in equity after 2017 may indicate distributions to shareholders, share repurchases, or net losses affecting the equity base.
Overall, the data suggests the company has increased its leverage substantially over the analyzed years, as evidenced by the rising total debt and liabilities. Meanwhile, the peak and subsequent decline in stockholders' equity in the latter part of the period could warrant further analysis to understand changes in profitability or capital management policies. The fluctuating current liabilities indicate variable short-term financial obligations.
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 financial data reveals several notable trends in the company's cash flow activities over the period analyzed.
- Operating Activities
- Net cash provided by operating activities generally shows an upward trend from 2005 to 2021, increasing from $2,105 million in 2005 to $4,255 million in 2021. There are some fluctuations within this period, particularly a dip in 2009 down to $1,860 million, likely reflecting adverse conditions during that year. However, the overall trajectory is positive, indicating improving operational cash generation capacity over time.
- Investing Activities
- Net cash used in investing activities is consistently negative across all years, indicating ongoing investment outflows. The amounts vary, with less negative values observed in 2006 (-$684 million) and 2020 (-$1,175 million). The highest investment cash outflows occur around 2011 and 2012, peaking at approximately -$1,994 million and gradually moderating afterwards. This consistent use of cash for investing suggests sustained capital expenditure or asset acquisition efforts throughout the years.
- Financing Activities
- Net cash used in financing activities also remains predominantly negative throughout the period, signifying repayments, dividend payments, or other financing outflows. There is substantial volatility, with a significant outflow of -$2,006 million in 2011 and a peak outflow of -$3,309 million in 2021. The reduced outflow in 2009 (-$31 million) corresponds with the global economic downturn, suggesting restrained financing activity during that year. The data indicates varied capital structure management and financing strategy adjustments over time.
In summary, the company demonstrates strong operational cash flow growth with continued investments financed mainly through net cash outflows in financing activities. The patterns indicate strategic reinvestment and active financing management, reflective of efforts to sustain and grow operational capacity while adjusting financial leverage as necessary.
Per Share Data
Norfolk Southern Corp., selected data per share, long-term trends
US$
| 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 analysis of the financial metrics over the period from 2005 to 2021 reveals several notable trends and patterns.
- Basic Earnings Per Share (EPS)
- The Basic EPS demonstrates a general upward trajectory with some fluctuations. Starting at $3.17 in 2005, it increased steadily to reach a peak of $6.44 in 2014. A significant spike occurs in 2017, where Basic EPS sharply rose to $18.76, followed by a decline to $9.58 in 2018 and then a gradual increase to $12.16 by 2021. This spike in 2017 suggests an extraordinary event or one-time gain impacting earnings.
- Diluted Earnings Per Share (EPS)
- The pattern of Diluted EPS closely mirrors that of Basic EPS, indicating that potential dilution had a consistent, moderate impact on earnings per share throughout the period. Starting from $3.11 in 2005, it similarly peaks at $6.39 in 2014, follows the pronounced increase to $18.61 in 2017, dips to $9.51 in 2018, and then rises steadily to $12.11 in 2021.
- Dividend Per Share
- Dividends per share show a consistent and steady increase over the entire period. Beginning at $0.48 in 2005, the dividend steadily rises each year without any declines, reaching $4.16 in 2021. This implies a strong commitment to returning value to shareholders and suggests confidence in sustained profitability by management.
Overall, the earnings metrics displayed growth with noteworthy volatility around the year 2017, while dividends followed a stable, incremental growth path. The data indicates stable financial health with strong earnings growth peaks and consistent shareholder returns via dividends over the analyzed timeframe.