Norfolk Southern debt and dilution20

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$16,616M

Cash & equivalents

USD millions

$1,069M

Net debt

USD millions

$15,547M

Debt / equity

1.02×

Debt / assets

36.82%

Net debt / EBITDA

× · TTM

2.85×

Debt / FCF

× · TTM

10.19×

Interest coverage

× · TTM

5.13×

Current ratio

0.83×

Diluted shares

Million shares

225M shares

Basic shares

Million shares

224.6M shares

Share count growth

-0.18%

Share repurchases

USD millions

$0M

Quarterly data

Norfolk Southern capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	16,616	1,069	15,547	1.02×	36.82%	2.85×	10.19×	5.13×	0.83×	225	224.6	-0.18%	0
FY 2026 Q1	Mar 31, 2026	17,101	1,341	15,760	1.08×	37.91%	2.87×	10.57×	5.17×	0.91×	225	224.5	-0.71%	5
FY 2025 Q4	Dec 31, 2025	17,087	1,530	15,557	1.1×	37.77%	2.71×	7.92×	5.5×	0.85×	224.71	224.41	-0.88%	0
FY 2025 Q3	Sep 30, 2025	17,083	1,418	15,665	1.13×	38.32%	2.64×	8.14×	5.72×	0.86×	224.7	224.4	-0.8%	78
FY 2025 Q2	Jun 30, 2025	17,367	1,303	16,064	1.17×	39.33%	2.5×	8.58×	6.29×	0.79×	225.2	225	-0.44%	208
FY 2025 Q1	Mar 31, 2025	17,215	1,006	16,209	1.19×	39.3%	2.55×	9.11×	6.22×	0.78×	226.5	226.1	0.13%	248
FY 2024 Q4	Dec 31, 2024	17,206	1,641	15,565	1.2×	39.39%	2.87×	10.3×	5.04×	0.9×	226.7	226.4	0.17%	0
FY 2024 Q3	Sep 30, 2024	17,199	975	16,224	1.25×	39.76%	3.19×	14.16×	4.67×	0.73×	226.5	226.2	-0.09%	0
FY 2024 Q2	Jun 30, 2024	17,592	659	16,933	1.36×	41.34%	4×	25.79×	3.72×	0.63×	226.4	226	-0.66%	0
FY 2024 Q1	Mar 31, 2024	17,583	652	16,931	1.4×	41.74%	4.62×	47.91×	3.15×	0.68×	226.2	225.8	-0.83%	0
FY 2023 Q4	Dec 31, 2023	17,179	1,568	15,611	1.34×	41.24%	3.76×	20.7×	3.95×	1.24×	226.21	226.01	-1.76%	119
FY 2023 Q3	Sep 30, 2023	16,584	1,506	15,078	1.31×	40.71%	3.35×	14.52×	4.58×	1.08×	227	226.4	-2.92%	200
FY 2023 Q2	Jun 30, 2023	15,129	556	14,573	1.2×	38.53%	2.92×	7.57×	5.35×	0.68×	228	227.5	-3.89%	140
FY 2023 Q1	Mar 31, 2023	14,988	552	14,436	1.18×	38.26%	2.54×	6.21×	6.34×	0.75×	228.3	227.7	-4.85%	163
FY 2022 Q4	Dec 31, 2022	15,182	456	14,726	1.19×	39.04%	2.44×	6.68×	6.95×	0.76×	230.85	230.05	-5%	826
FY 2022 Q3	Sep 30, 2022	15,068	1,214	13,854	1.16×	38.34%	2.32×	5.71×	7×	0.97×	234	233.2	-4.93%	830
FY 2022 Q2	Jun 30, 2022	15,054	1,259	13,795	1.14×	38.27%	2.37×	6.05×	6.93×	1.1×	237.5	236.7	-4.9%	854
FY 2022 Q1	Mar 31, 2022	14,844	1,571	13,273	1.1×	37.71%	2.33×	5.62×	6.86×	0.96×	240.2	239.3	-4.81%	600
FY 2021 Q4	Dec 31, 2021	13,840	839	13,001	1.01×	35.95%	2.31×	4.97×	6.88×	0.86×	243.35	242.15	-4.41%	930
FY 2021 Q3	Sep 30, 2021	13,832	1,465	12,367	1×	35.83%	2.26×	5.09×	6.71×	1.13×	246.4	245.3	-3.65%	935
FY 2021 Q2	Jun 30, 2021	13,717	1,670	12,047	0.96×	35.4%	2.33×	5.3×	6.34×	1.08×	250	248.9	-2.55%	934
FY 2021 Q1	Mar 31, 2021	12,617	998	11,619	0.86×	33.26%	2.52×	5.48×	5.5×	1.02×	252.6	251.4	-2.29%	591
FY 2020 Q4	Dec 31, 2020	12,681	1,115	11,566	0.86×	33.4%	2.78×	5.92×	4.8×	1.07×	254.81	253.31	-2.36%	479
FY 2020 Q3	Sep 30, 2020	12,723	1,359	11,364	0.85×	33.32%	2.75×	6.11×	4.83×	1.29×	256.1	254.6	-2.86%	291
FY 2020 Q2	Jun 30, 2020	12,697	1,143	11,554	0.85×	33.45%	2.7×	6.6×	5.12×	1.21×	256.7	255.4	-3.55%	203
FY 2020 Q1	Mar 31, 2020	12,207	608	11,599	0.82×	32.61%	2.45×	5.96×	5.9×	0.9×	258.7	257.3	-3.67%	466
FY 2019 Q4	Dec 31, 2019	12,196	580	11,616	0.8×	32.16%	2.27×	6.51×	6.6×	0.9×	261.74	259.44	-4.12%	549
FY 2019 Q3	Sep 30, 2019	11,836	452	11,384	0.78×	31.56%	2.17×	6.88×	6.84×	0.73×	264.3	262.1	-4.86%	500
FY 2019 Q2	Jun 30, 2019	11,477	274	11,203	0.75×	30.88%	2.13×	6.53×	6.97×	0.78×	267.1	264.8	-5.87%	550
FY 2019 Q1	Mar 31, 2019	11,404	411	10,993	0.74×	30.77%	2.11×	6.49×	7.18×	0.67×	269.4	267.1	-5.78%	500
FY 2018 Q4	Dec 31, 2018	11,145	358	10,787	0.73×	30.75%	2.13×	6.28×	7.11×	0.72×	273.08	270.58	-5.14%	481
FY 2018 Q3	Sep 30, 2018	11,135	729	10,406	0.72×	30.66%	2.09×	5.75×	7.17×	0.86×	278.2	275.5	-4.04%	1,600
FY 2018 Q2	Jun 30, 2018	9,646	430	9,216	0.58×	26.95%	1.89×	5.28×	7.08×	0.81×	283.7	281.3	-2.66%	400
FY 2018 Q1	Mar 31, 2018	10,287	1,072	9,215	0.63×	28.45%	—	6.62×	6.71×	1.04×	285.9	283.5	-2.34%	300
FY 2017 Q4	Dec 31, 2017	9,836	690	9,146	0.6×	27.54%	1.97×	6.43×	6.52×	0.84×	287.63	285.23	-1.96%	300
FY 2017 Q3	Sep 30, 2017	9,880	724	9,156	0.78×	28.11%	—	7.66×	5.97×	0.83×	289.5	287.1	-1.91%	310
FY 2017 Q2	Jun 30, 2017	9,873	642	9,231	0.78×	28.27%	—	7.37×	5.71×	0.83×	291.2	289	-1.93%	202
FY 2017 Q1	Mar 31, 2017	10,119	955	9,164	0.81×	28.79%	—	9.42×	5.52×	0.95×	292.8	290.3	-2.32%	200
FY 2016 Q4	Dec 31, 2016	10,212	956	9,256	0.82×	29.27%	2.26×	8.9×	5.46×	0.98×	293.92	290.92	-2.39%	200
FY 2016 Q3	Sep 30, 2016	10,105	984	9,121	0.82×	29.18%	—	9.2×	5.25×	1.04×	294.7	292.7	-2.47%	203
FY 2016 Q2	Jun 30, 2016	10,099	866	9,233	0.82×	29.41%	—	24.94×	5.32×	1.06×	296.6	294.7	-2.71%	200
FY 2016 Q1	Mar 31, 2016	9,498	589	8,909	0.78×	28.11%	—	12.5×	5.44×	1.07×	298.9	297.2	-3.13%	200
FY 2015 Q4	Dec 31, 2015	10,093	1,101	8,992	0.83×	29.46%	—	20.51×	5.29×	1.18×	300.25	298.04	—	78
FY 2015 Q3	Sep 30, 2015	9,496	433	9,063	0.78×	28.32%	—	56.19×	5.89×	0.85×	302.5	300.1	—	232
FY 2015 Q2	Jun 30, 2015	9,390	889	8,501	0.78×	28.19%	—	13.55×	6.21×	1.1×	305.5	302.9	—	350
FY 2015 Q1	Mar 31, 2015	8,930	524	8,406	0.73×	27.25%	—	12.07×	6.53×	1.01×	309.6	306.8	—	415
FY 2014 Q4	Dec 31, 2014	9,026	973	8,053	0.73×	27.15%	—	12.3×	6.56×	1.56×	—	—	—	152
FY 2014 Q3	Sep 30, 2014	8,921	1,432	7,489	0.72×	26.87%	—	7.83×	6.45×	1.45×	—	—	—	66
FY 2014 Q2	Jun 30, 2014	9,247	1,667	7,580	0.77×	27.99%	—	8.31×	6.26×	1.38×	—	—	—	50
FY 2014 Q1	Mar 31, 2014	9,354	1,522	7,832	0.8×	28.61%	—	9.64×	6.04×	1.35×	—	—	—	50
FY 2013 Q4	Dec 31, 2013	9,448	1,443	8,005	0.84×	29.09%	—	8.53×	6.2×	1.33×	—	—	—	63
FY 2013 Q3	Sep 30, 2013	8,946	984	7,962	0.87×	28.52%	—	11.13×	5.98×	1.07×	—	—	—	250
FY 2013 Q2	Jun 30, 2013	8,477	587	7,890	0.83×	27.7%	—	11.29×	5.83×	1.14×	—	—	—	281
FY 2013 Q1	Mar 31, 2013	8,485	672	7,813	0.84×	27.73%	—	14.28×	6.09×	1.22×	—	—	—	33
FY 2012 Q4	Dec 31, 2012	8,682	653	8,029	0.89×	28.61%	—	10.54×	6.31×	1.08×	—	—	—	138
FY 2012 Q3	Sep 30, 2012	8,480	693	7,787	0.87×	28.42%	—	12.29×	6.66×	1.21×	—	—	—	300
FY 2012 Q2	Jun 30, 2012	7,999	356	7,643	0.82×	27.4%	—	8.42×	7.24×	1.06×	—	—	—	450
FY 2012 Q1	Mar 31, 2012	8,017	829	7,188	0.82×	27.29%	—	5.68×	7.25×	1.21×	—	—	—	400
FY 2011 Q4	Dec 31, 2011	7,540	276	7,264	0.76×	26.42%	—	7.07×	7.06×	1.03×	—	—	—	440
FY 2011 Q3	Sep 30, 2011	6,837	242	6,595	0.67×	24.15%	—	5.05×	6.73×	0.94×	—	—	—	819
FY 2011 Q2	Jun 30, 2011	6,986	678	6,308	0.66×	24.53%	—	5.62×	6.32×	1.32×	—	—	—	449
FY 2011 Q1	Mar 31, 2011	6,617	236	6,381	0.62×	23.86%	—	6.81×	5.98×	1.17×	360.5	355.2	-3.87%	343
FY 2010 Q4	Dec 31, 2010	7,025	827	6,198	0.66×	24.91%	—	5.65×	5.79×	1.19×	365.87	360.57	-2.02%	426
FY 2010 Q3	Sep 30, 2010	6,935	1,129	5,806	0.64×	24.71%	—	5.23×	5.54×	1.35×	371.6	366.3	-0.27%	323
FY 2010 Q2	Jun 30, 2010	6,689	855	5,834	0.62×	24.21%	—	5.16×	5.09×	1.2×	375.1	369.7	—	114
FY 2010 Q1	Mar 31, 2010	7,027	1,161	5,866	0.67×	25.34%	—	—	—	1.21×	374.9	369.5	—	0
FY 2009 Q4	Dec 31, 2009	7,153	996	6,157	0.69×	26.14%	—	12.75×	4.2×	1.26×	373.29	367.99	—	0
FY 2009 Q3	Sep 30, 2009	7,065	999	6,066	0.7×	26.09%	—	—	—	1.2×	372.5	367.3	—	0

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · NSC, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.