NSCNorfolk Southern

Industrials · Railroads · NYSE

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

Compare with peers → Embed

RevenueFY2016–25 $12.2B+0.5% FY2024: $12.1B 10-K FY2025 · XBRL Net incomeFY2016–25 $2.9B+9.6% FY2024: $2.6B 10-K FY2025 · XBRL Free cash flowFY2016–25 $2.2B+29.1% FY2024: $1.7B 10-K FY2025 · XBRL Operating marginFY2016–25 35.8%+2.2 pts 30.4% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 9, 2026 against Feb 10, 2025

Area	What changed	Source
Risk factors	19 new paragraphs, nothing like them in the previous 10-K	10-K Item 1A
Critical audit matters changed	New this year: K47. No longer listed: K44. Same as last year: Sufficiency of audit evidence related to the capitalization of property expenditures	10-K · XBRL
Accounting checks	9 other checks clear, 1 worth a look	10-K · XBRL
Insiders	No open-market buys in the last 90 days	Form 4
Filings	2 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 9, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-10. Quoted as filed.

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…
10-K, Item 1A

All 19 new paragraphs →

Accounting checks

latest 10-K

9 of 10 clear 1 worth a look. Checks, not verdicts.

!
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
✓
Receivables -7.6% vs revenue +0.5% (-8.0 pts)
✓
Cash from operations $4.4B vs net income $2.9B (FY ending 2025-12-31)
✓
Same auditor in both 10-Ks: KPMG LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Oct 22, 20268-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
Oct 22, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026

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