NORFOLK SOUTHERN CORP（NSC）の決算・業績分析
NORFOLK SOUTHERN CORPの2025年有価証券報告書をAI分析。売上高$12.2B(+0.5%)。営業利益$4.4B。Industrials。
目次
NORFOLK SOUTHERN CORPの2025年度 業績サマリー
NORFOLK SOUTHERN CORP（証券コード: NSC）の2025年度決算・業績分析。売上高は$12.2B（前年比+0.5%）。営業利益は$4.4B（前年比+7.0%）。純利益は$2.9B（前年比+9.6%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
NORFOLK SOUTHERN CORPの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue grew 14.4% YoY to $12.7B (XBRL), but 5-year revenue CAGR is only 1.2% (XBRL).
- Operating income rose 8.1% YoY to $4.8B (XBRL), though 5-year operating income CAGR is -6.4% (XBRL).
- Net income increased 8.8% YoY to $3.3B (XBRL), but 5-year net income CAGR is -7.3% (XBRL).
- Debt-to-equity ratio of 2.12x (XBRL) highlights leverage risks from the 2023 East Palestine derailment (10-K).
- Share repurchases of $3.1B (XBRL) and dividends of $1.2B (XBRL) totaled $4.3B in shareholder returns.
NORFOLK SOUTHERN CORPの売上高変化の要因
- •FY2024 revenue reached $12.7B, reflecting a 14.4% YoY increase (XBRL). Historical data shows volatility, with revenue declining to $9.8B in FY2022 before recovering to $12.7B in FY2024. The 5-year revenue CAGR of 1.2% (XBRL) suggests modest long-term growth. Segment-specific revenue data is not disclosed in the XBRL or 10-K (XBRL, 10-K).
NORFOLK SOUTHERN CORPの営業利益変化の要因
- •Operating income grew 8.1% YoY to $4.8B (XBRL), with operating margins at 37.7% (XBRL). EBITDA of $6.0B (47.3% of revenue) and net income of $3.3B (25.7% net margin) reflect strong profitability. However, 5-year operating income CAGR is -6.4% (XBRL), and net income CAGR is -7.3% (XBRL), indicating long-term challenges.
NORFOLK SOUTHERN CORPの事業リスクと対応
Incident-related legal and regulatory proceedings (10-K): The 2023 East Palestine derailment triggered lawsuits, fines, and investigations, with potential costs exceeding accrued estimates.
Uncertainty in liability estimates (10-K): Insufficient accruals for incident-related liabilities may lead to material financial impacts.
New regulations from Incident Proceedings (10-K): Post-incident rules on safety, crew requirements, or train operations could increase compliance costs.
Governmental regulatory risks (10-K): Legislative or executive actions on safety, cybersecurity, or operations may disrupt business.
Financial impact from Incident (10-K): Ongoing legal settlements, penalties, and costs could harm liquidity and profitability.
NORFOLK SOUTHERN CORPの事業内容
Norfolk Southern Corp (NSC) operates as a major Class I railroad in the United States, transporting coal, industrial products, and intermodal freight across a network spanning 22,500 route miles. The company serves industries including energy, manufacturing, and consumer goods, leveraging its infrastructure to connect key markets. While the 10-K does not explicitly discuss competitive positioning, the company's focus on safety and regulatory compliance is evident given the ongoing scrutiny from the 2023 East Palestine incident.
NORFOLK SOUTHERN CORPのAI業績分析レポート（2024年度）
Norfolk Southern Corp (NSC) FY2024 Annual Report Analysis
Highlights
Business Overview
Norfolk Southern Corp operates as a major Class I railroad in the United States, transporting coal, industrial products, and intermodal freight across a network spanning 22,500 route miles. The company serves industries including energy, manufacturing, and consumer goods, leveraging its infrastructure to connect key markets. While the 10-K does not explicitly discuss competitive positioning, the company's focus on safety and regulatory compliance is evident given the ongoing scrutiny from the 2023 East Palestine incident.
Revenue Analysis
FY2024 revenue reached $12.7B, reflecting a 14.4% YoY increase (XBRL). Historical data shows volatility, with revenue declining to $9.8B in FY2022 before recovering to $12.7B in FY2024. The 5-year revenue CAGR of 1.2% (XBRL) suggests modest long-term growth. Segment-specific revenue data is not disclosed in the XBRL or 10-K (XBRL, 10-K).
Profitability Analysis
Operating income grew 8.1% YoY to $4.8B (XBRL), with operating margins at 37.7% (XBRL). EBITDA of $6.0B (47.3% of revenue) and net income of $3.3B (25.7% net margin) reflect strong profitability. However, 5-year operating income CAGR is -6.4% (XBRL), and net income CAGR is -7.3% (XBRL), indicating long-term challenges.
Balance Sheet Analysis
Total assets increased to $41.7B in FY2024 (XBRL), but total equity declined to $13.6B (XBRL). The equity ratio of 32.8% (XBRL) and debt-to-equity ratio of 2.12x (XBRL) highlight reliance on debt financing. Current assets cover current liabilities with a current ratio of 1.24x (XBRL), and cash reserves stand at $1.6B (XBRL).
Cash Flow Analysis
Operating cash flow of $4.2B (XBRL) supported $2.3B in free cash flow (FCF) after $1.9B in capital expenditures (XBRL). Investing cash flow was -$1.6B (XBRL), while financing cash flow was -$3.0B (XBRL), driven by $1.2B in dividends and $3.1B in share repurchases (XBRL).
Working Capital Analysis
Risks
Outlook
N/A (10-K): No management guidance or forward-looking trends are explicitly mentioned in the provided 10-K text.
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 11.5B | 11.3B | 9.8B | 11.1B | 12.7B | 12.2B |
| Operating Income | 4.0B | 4.0B | 3.0B | 4.4B | 4.8B | 2.9B |
| Net Income | 2.7B | 2.7B | 2.0B | 3.0B | 3.3B | 1.8B |
| Total Assets | 37.9B | 38.0B | 38.5B | 38.9B | 41.7B | 43.7B |
| Total Equity | 16.4B | 15.4B | 15.2B | 14.8B | 13.6B | 12.7B |
| Operating Cash Flow | 3.7B | 3.9B | 3.6B | 4.3B | 4.2B | 3.2B |
Industrialsの企業一覧
NORFOLK SOUTHERN CORPと同じ「Industrials」セクターの企業