Norfolk Southern NSC
GENERAL - Norfolk Southern Corporation (Norfolk Southern) is an Atlanta, Georgia-based company that owns a major freight railroad, Norfolk Southern Railway Company (NSR). 10-K, Item 1
- Employees
- 19,400
- Headquarters
- Atlanta, GA
- CEO
- Mark R. George
- Next results
- around Jan 28, 2027
NSC among Industrials peers
Six ratios from the latest 10-K. Each corner is the share of 81 peers the company is above, not a score.
What changed
19 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 9, 2026 against Feb 10, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
10 checks on the latest 10-K. Checks, not verdicts.
1fact worth reading about the other 9 checks found nothing to note
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Critical audit matters changedNew this year: K47. No longer listed: K44. Same as last year: Sufficiency of audit evidence related to the capitalization of property expenditures
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Receivables -7.6% vs revenue +0.5% (-8.0 pts)
8 more checks with nothing to note
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Cash from operations $4.4B vs net income $2.9B (FY ending Dec 31, 2025)
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Same auditor in both 10-Ks: KPMG LLP
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No statement of substantial doubt about going concern
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No 8-K item 4.02 in the last 2 years
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No NT 10-K or NT 10-Q in the last 2 years
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years
In their words
19 paragraphs in Risk Factors that were not in the 10-K filed Feb 10, 2025. Quoted as filed.
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Item 1A · new paragraph · not in the 10-K filed Feb 10, 2025 10-K, ITEM 1A
We have identified certain additional risk factors in connection with the Mergers. For additional information concerning these risks, uncertainties and assumptions, please refer to the section entitled “Risk Factors” included in our proxy statement filed with the SEC on October 1, 2025. The Mergers are subject to conditions, some or all…
New risk paragraphs, against peers
Latest 10-K of each, Industrials companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 4 fiscal years · 10-K XBRL
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $12.7B | $12.2B | $12.1B | $12.2B |
| Net income | $3.3B | $1.8B | $2.6B | $2.9B |
| Operating cash flow | $4.2B | $3.2B | $4.1B | $4.4B |
| Free cash flow | $2.3B | $852.0M | $1.7B | $2.2B |
Revenue, FY2016 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$12.2B ▲ 0.5% in FY2025$2.9B ▲ 9.6% in FY2025$2.2B ▲ 29.1% in FY2025
Recent filings
2 filings in the last 30 days · SEC EDGAR
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8-KOct 22, 2026Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
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10-QOct 22, 2026Quarterly report (10-Q) period ended Sep 30, 2026
About the company
Norfolk Southern, Atlanta, GA · from the 10-K filed Feb 9, 2026
GENERAL - Norfolk Southern Corporation (Norfolk Southern) is an Atlanta, Georgia-based company that owns a major freight railroad, Norfolk Southern Railway Company (NSR). We were incorporated on July 23, 1980, under the laws of the Commonwealth of Virginia. Our common stock (Common Stock) is listed on the New York Stock Exchange (NYSE) under the symbol “NSC.” Unless indicated otherwise, Norfolk Southern Corporation and its subsidiaries, including NSR, are referred to collectively as NS, we, us, and our.
- Headquarters
- Atlanta, GA
- Country
- United States
- Reports in
- USD
- Listed on
- NYSE
- Fiscal year ends
- December 31
- Last results
- Oct 22, 2026
- Incorporated in
- VA
Employees, at the top of the page: "Workforce - We employed an average of 19,400 employees during 2025 and 19,300 employees at the end of 2025" (10-K). Address and exchange: SEC's company file.
Email alerts
Sources
The 10-K filed Feb 9, 2026 (open at SEC), compared with the 10-K filed Feb 10, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/NSC/export.csv") into a cell.