Filing Flows › Norfolk Southern (NSC) › Q1 2025
Norfolk Southern (NSC) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 23, 2025
Norfolk Southern (NSC) reported revenue of $3.0B for the first quarter 2025 (Q1 2025), -0.4% from a year earlier and -1% from the quarter before. Operating margin was 38.3%, net earnings $750M (25.1% of revenue).
Norfolk Southern, Q1 2025: revenue $3.0B (-0.4% year over year), operating margin 38.3%, net earnings $750M, operating cash flow $950M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.0B | -1% | -0.4% |
| Operating profit | $1.1B | +1% | +438% |
| Net earnings | $750M | +2% | 14× |
| Operating cash flow | $950M | -0.1% | +13% |
| Free cash flow | $501M | +82% | +78% |
What changed
Revenue was $3.0B in Q1 2025, roughly flat year over year and down 1% from the previous quarter. Merchandise was the largest line at 62% of revenue. Coal lost $0.03B year over year (down 7%), 236% of the total change.
Operating profit was $1.1B, a 38.3% margin (up 31.2 points year over year). Total costs fell 34% while revenue was flat. Net earnings were $0.75B, up 1315% year over year. The effective tax rate was 23.3%.
Operating cash flow was $0.9B (up 13% year over year), 127% of net earnings. Non-cash charges added back $0.35B of depreciation and $0.02B of share-based compensation. Working capital and other items used $0.16B. Capital expenditures of $0.45B left free cash flow of $0.50B.
Questions
What was Norfolk Southern's revenue in the first quarter 2025?
Norfolk Southern (NSC) reported revenue of $3.0B for the first quarter 2025 (Q1 2025), -0.4% from a year earlier and -1% from the quarter before.
Was Norfolk Southern profitable in the first quarter 2025?
Operating profit was $1.1B (38.3% of revenue) and net earnings $750M.
Source: Norfolk Southern 10-Q on SEC EDGAR.