Explain this page
Arphra AIPlain-English read on Norfolk Southern Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $11.14B | $12.75B | $12.16B | $12.12B | $12.18B | $12.7B | $13.26B | $13.82B | $14.99B |
| Cost of revenue | $6.78B | $8.01B | $9.35B | $8.36B | $7.01B | $8.53B | $8.95B | $9.63B | $9.89B |
| Gross profit | $4.37B | $4.73B | $2.81B | $3.76B | $5.17B | $4.16B | $4.34B | $4.34B | $4.85B |
| Gross margin | +39.18% | +37.14% | +23.10% | +31.05% | +42.43% | +32.75% | +32.71% | +31.42% | +32.34% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | -$102M | -$126M | -$117M | -$120M | $753M | $175.98M | $191.66M | $196.47M | $209.24M |
| Total operating expenses | $0 | $0 | $0 | $0 | $1.16B | $407.95M | $410.06M | $444.49M | $487.9M |
| Operating income | $4.37B | $4.73B | $2.81B | $3.76B | $4.01B | $3.59B | $3.87B | $4.07B | $4.4B |
| Operating margin | +39.18% | +37.14% | +23.10% | +31.05% | +32.91% | +28.27% | +29.18% | +29.49% | +29.35% |
| EBITDA | $5.71B | $6.04B | $4.34B | $5.49B | $5.85B | $5.62B | $5.66B | $6.01B | $6.33B |
| EBIT | $4.52B | $4.82B | $3.04B | $4.14B | $4.46B | $4.17B | $4.12B | $4.37B | $4.67B |
| Below the line | |||||||||
| Interest expense | $646M | $692M | $722M | $807M | $792M | $798.15M | $825.95M | $872.77M | $958.63M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$487M | -$603M | -$488M | -$435M | -$343M | — | — | — | — |
| Pre-tax income | $3.88B | $4.13B | $2.32B | $3.33B | $3.67B | $3.16B | $3.38B | $3.52B | $3.83B |
| Income tax expense | $873M | $860M | $493M | $707M | $792M | $681.75M | $733.58M | $732.4M | $819.61M |
| Earnings | |||||||||
| Net income | $3.01B | $3.27B | $1.83B | $2.62B | $2.87B | $2.49B | $2.72B | $2.69B | $2.96B |
| Net income · continuing ops | $3.01B | $3.27B | $1.83B | $2.62B | $2.87B | $2.5B | $2.73B | $2.7B | $3.03B |
| Net margin | +26.97% | +25.66% | +15.03% | +21.63% | +23.59% | +19.64% | +20.52% | +19.49% | +19.75% |
| EPS · basic | $12.16 | $13.92 | $8.04 | $11.58 | $12.75 | $12.06 | $13.42 | $14.78 | $16.55 |
| EPS · diluted | $12.11 | $13.88 | $8.02 | $11.57 | $12.75 | $12.14 | $13.50 | $14.79 | $16.50 |
| EPS · low estimate | — | — | — | — | — | $11.91 | $13.29 | $14.70 | $16.05 |
| EPS · high estimate | — | — | — | — | — | $12.31 | $13.90 | $14.85 | $17.03 |
| Shares · basic | 246.9M | 234.8M | 226.9M | 226.1M | 224.8M | 223.57M | 222.59M | 224.42M | 224.32M |
| Shares · diluted | 248.1M | 235.6M | 227.4M | 226.4M | 224.8M | 226.06M | 224.1M | 222.92M | 226.32M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 14 | 10 | 5 |
| Analysts (EPS) | — | — | — | — | — | 11 | 12 | 3 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
Full income statement, balance sheet, and cash-flow history is included with Pro.
Upgrade to Pro