Norfolk Southern Railway (NSC) balance sheet
NYSE · Industrials · Railroads · 19,300 employees · CEO Mark R. George
- Price
- $342.64 +0.13%
- Market cap
- $77B
- Enterprise value
- $92B
- Last report
- Q3 '26 filed 2026-10-22
- Next report
- 2027-02-04 EPS est. $3.26
At the end of Q3 '26 Norfolk Southern Railway (NSC) held $1.6B in cash and short-term investments against $16.6B of debt incl. leases. Total assets $45.9B, total liabilities $29.2B, shareholders' equity $16.7B.
Balance sheet
| Balance sheet | Trend | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||||
| Cash & equivalents | $1.57B | $652M | $659M | $975M | $1.64B | $1.01B | $1.3B | $1.42B | $1.53B | $1.34B | $1.07B | $1.6B | |
| Receivables | $1.15B | $1.2B | $1.19B | $1.3B | $1.07B | $1.23B | $1.12B | $1.1B | $988M | $1.12B | $1.18B | $1.23B | |
| Inventory | $264M | $270M | $308M | $288M | $277M | $273M | $313M | $297M | $271M | $312M | $327M | $353M | |
| Other current assets | $292M | $236M | $148M | $125M | $201M | $191M | $168M | $219M | $409M | $248M | $228M | $145M | |
| Current assets | $3.27B | $2.36B | $2.3B | $2.69B | $3.19B | $2.7B | $2.91B | $3.04B | $3.2B | $3.02B | $2.8B | $3.33B | |
| Property, plant & equipment (net) | $33.3B | $35.1B | $35.3B | $35.4B | $35.8B | $35.8B | $35.9B | $36.1B | $36.5B | $36.4B | $36.6B | $36.9B | |
| Long-term investments | $3.84B | $3.57B | $3.81B | $3.97B | $3.37B | $4B | $4.04B | $4.08B | $4.09B | $4.12B | $4.16B | $4.19B | |
| Other non-current assets | $1.22B | $1.15B | $1.16B | $1.21B | $1.29B | $1.29B | $1.29B | $1.35B | $1.47B | $1.53B | $1.54B | $1.58B | |
| Non-current assets | $38.4B | $39.8B | $40.3B | $40.6B | $40.5B | $41.1B | $41.2B | $41.5B | $42B | $42.1B | $42.3B | $42.6B | |
| Total assets | $41.7B | $42.1B | $42.6B | $43.3B | $43.7B | $43.8B | $44.2B | $44.6B | $45.2B | $45.1B | $45.1B | $45.9B | |
| Liabilities | |||||||||||||
| Accounts payable | $997M | $1.51B | $1.54B | $1.61B | $985M | $1.45B | $1.5B | $1.66B | $1.86B | $1.7B | $1.78B | $2.06B | |
| Accrued expenses | $193M | $0 | $0 | $0 | $204M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Short-term debt | $4M | $404M | $655M | $555M | $555M | $555M | $903M | $607M | $607M | $609M | $649M | $649M | |
| Taxes payable | $262M | $222M | $208M | $179M | $337M | $490M | $223M | $227M | $340M | $320M | $218M | $236M | |
| Other current liabilities | $760M | $1.32B | $1.27B | $1.33B | $1.03B | $960M | $1.04B | $1.03B | $965M | $711M | $720M | $732M | |
| Current liabilities | $2.63B | $3.45B | $3.67B | $3.68B | $3.55B | $3.45B | $3.67B | $3.52B | $3.78B | $3.34B | $3.37B | $3.68B | |
| Long-term debt | $17.2B | $17.2B | $16.9B | $16.6B | $16.7B | $16.7B | $16.5B | $16.5B | $16.5B | $16.5B | $16B | $16B | |
| Lease obligations (non-current) | $287M | $0 | $0 | $0 | $191M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Deferred tax liabilities | $7.23B | $7.2B | $7.23B | $7.36B | $7.42B | $7.48B | $7.53B | $7.73B | $7.71B | $7.76B | $7.82B | $7.87B | |
| Other non-current liabilities | $1.55B | $1.77B | $1.75B | $1.79B | $1.57B | $1.7B | $1.71B | $1.71B | $1.72B | $1.72B | $1.71B | $1.7B | |
| Non-current liabilities | $26.2B | $26.1B | $25.9B | $25.8B | $25.8B | $25.8B | $25.7B | $25.9B | $25.9B | $26B | $25.5B | $25.5B | |
| Total liabilities | $28.9B | $29.6B | $29.6B | $29.5B | $29.4B | $29.3B | $29.4B | $29.4B | $29.7B | $29.3B | $28.9B | $29.2B | |
| Equity | |||||||||||||
| Common stock & paid-in capital | $227M | $227M | $227M | $228M | $228M | $227M | $226M | $226M | $226M | $226M | $226M | $226M | |
| Retained earnings | $10.7B | $10.4B | $10.9B | $11.7B | $12.1B | $12.3B | $12.6B | $12.9B | $13.2B | $13.5B | $13.9B | $14.4B | |
| Accumulated other comprehensive income | -$320M | -$322M | -$330M | -$332M | -$262M | -$261M | -$261M | -$262M | -$210M | -$211M | -$212M | -$213M | |
| Shareholders' equity | $12.8B | $12.5B | $13B | $13.8B | $14.3B | $14.5B | $14.8B | $15.1B | $15.5B | $15.8B | $16.3B | $16.7B | |
| Debt | |||||||||||||
| Total debt (incl. leases) | $17.6B | $17.6B | $17.6B | $17.2B | $17.5B | $17.2B | $17.4B | $17.1B | $17.1B | $17.1B | $16.6B | $16.6B | |
| Net debt (debt - cash) | $16B | $16.9B | $16.9B | $16.2B | $15.8B | $16.2B | $16.1B | $15.7B | $15.6B | $15.8B | $15.5B | $15B | |
| Balance sheet | Trend | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Cash & equivalents | $956M | $690M | $358M | $580M | $1.12B | $839M | $456M | $1.57B | $1.64B | $1.53B | |
| Receivables | $945M | $955M | $1.01B | $920M | $848M | $976M | $1.15B | $1.15B | $1.07B | $988M | |
| Inventory | $257M | $222M | $207M | $244M | $221M | $218M | $253M | $264M | $277M | $271M | |
| Other current assets | $133M | $282M | $288M | $337M | $134M | $134M | $150M | $292M | $201M | $409M | |
| Current assets | $2.29B | $2.15B | $1.86B | $2.08B | $2.32B | $2.17B | $2.01B | $3.27B | $3.19B | $3.2B | |
| Property, plant & equipment (net) | $29.8B | $30.3B | $31.1B | $31.6B | $31.3B | $31.7B | $32.2B | $33.3B | $35.8B | $36.5B | |
| Long-term investments | $2.78B | $2.98B | $3.11B | $3.43B | $3.59B | $3.71B | $3.69B | $3.84B | $3.37B | $4.09B | |
| Intangible assets | -$329M | -$366M | -$380M | -$388M | -$399M | $0 | $0 | $0 | $0 | $0 | |
| Other non-current assets | -$8.74B | -$5.71B | $557M | $1.19B | $1.11B | $966M | $1.03B | $1.22B | $1.29B | $1.47B | |
| Non-current assets | $32.6B | $33.6B | $34.4B | $35.8B | $35.6B | $36.3B | $36.9B | $38.4B | $40.5B | $42B | |
| Total assets | $34.9B | $35.7B | $36.2B | $37.9B | $38B | $38.5B | $38.9B | $41.7B | $43.7B | $45.2B | |
| Liabilities | |||||||||||
| Accounts payable | $650M | $822M | $828M | $710M | $552M | $850M | $712M | $997M | $985M | $1.86B | |
| Accrued expenses | $119M | $115M | $139M | $149M | $141M | $150M | $157M | $193M | $204M | $0 | |
| Short-term debt | $650M | $700M | $585M | $316M | $579M | $553M | $703M | $4M | $555M | $607M | |
| Taxes payable | $245M | $211M | $255M | $229M | $263M | $305M | $312M | $262M | $337M | $340M | |
| Other current liabilities | $436M | $438M | $460M | $429M | $375M | $365M | $396M | $760M | $1.03B | $965M | |
| Current liabilities | $2.34B | $2.55B | $2.59B | $2.3B | $2.16B | $2.52B | $2.65B | $2.63B | $3.55B | $3.78B | |
| Long-term debt | $9.56B | $9.14B | $10.6B | $11.9B | $12.1B | $13.3B | $14.5B | $17.2B | $16.7B | $16.5B | |
| Lease obligations (non-current) | $0 | $0 | $0 | $441M | $344M | $331M | $316M | $287M | $191M | $0 | |
| Deferred revenue (non-current) | $280M | $280M | $280M | $280M | $534M | $534M | $534M | $0 | $0 | $0 | |
| Deferred tax liabilities | $9.14B | $6.32B | $6.46B | $6.82B | $6.92B | $7.17B | $7.27B | $7.23B | $7.42B | $7.71B | |
| Other non-current liabilities | $1.16B | $1.07B | $986M | $1.02B | $1.11B | $1.01B | $909M | $1.55B | $1.57B | $1.72B | |
| Non-current liabilities | $20.1B | $16.8B | $18.3B | $20.4B | $21B | $22.3B | $23.5B | $26.2B | $25.8B | $25.9B | |
| Total liabilities | $22.5B | $19.4B | $20.9B | $22.7B | $23.2B | $24.9B | $26.2B | $28.9B | $29.4B | $29.7B | |
| Equity | |||||||||||
| Common stock & paid-in capital | $292M | $285M | $269M | $259M | $254M | $242M | $230M | $227M | $228M | $226M | |
| Retained earnings | $10.4B | $14.2B | $13.4B | $13.2B | $12.9B | $11.6B | $10.7B | $10.7B | $12.1B | $13.2B | |
| Accumulated other comprehensive income | -$487M | -$356M | -$563M | -$491M | -$594M | -$402M | -$351M | -$320M | -$262M | -$210M | |
| Shareholders' equity | $12.4B | $16.4B | $15.4B | $15.2B | $14.8B | $13.6B | $12.7B | $12.8B | $14.3B | $15.5B | |
| Debt | |||||||||||
| Total debt (incl. leases) | $10.2B | $9.84B | $11.1B | $12.7B | $13.1B | $14.3B | $15.6B | $17.6B | $17.5B | $17.1B | |
| Net debt (debt - cash) | $9.26B | $9.15B | $10.8B | $12.2B | $12B | $13.4B | $15.1B | $16B | $15.8B | $15.6B | |
Standardised by Financial Modeling Prep from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in USD.
Cash, investments and debt
quarter endsThe other statements
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01