Norfolk Southern Files 2024 10-K

TL;DR

NSC 2024 10-K is in. Full financials for last year are out.

AI Summary

Norfolk Southern Corporation filed its 2024 10-K on February 10, 2025, detailing its financial performance for the fiscal year ending December 31, 2024. The report covers its operations as a Class I freight railroad, providing transportation services across the United States. Key financial data and operational highlights for 2024, 2023, and 2022 are presented within the filing.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Norfolk Southern's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks beyond normal business operations.

Key Numbers

• 2024 — Fiscal Year (Reporting period for the 10-K)
• 2023 — Fiscal Year (Comparative period)
• 2022 — Fiscal Year (Comparative period)

Key Players & Entities

• Norfolk Southern Corp (company) — Filer of the 10-K
• 0000702165 (company) — Central Index Key for Norfolk Southern Corp
• 20241231 (date) — Fiscal year end
• 20250210 (date) — Filing date

FAQ

Key Financial Figures

• $1.00 — ern Corporation Common Stock (Par Value $1.00) NSC New York Stock Exchange Securiti
• $12.1 billion — – Total railway operating revenues were $12.1 billion in 2024. Following is an overview of ou
• $36 billion — ve with net properties of approximately $36 billion on a historical cost basis. Property

Filing Documents

• nsc-20241231.htm (10-K) — 2343KB
• nsc202410-kexhibit10ii.htm (EX-10.II) — 51KB
• nsc202410-kexhibit10jj.htm (EX-10.JJ) — 57KB
• nsc202410-kexhibit10kk.htm (EX-10.KK) — 60KB
• nsc202410-kexhibit19.htm (EX-19) — 133KB
• nsc202410-kexhibit21.htm (EX-21) — 35KB
• nsc202410-kexhibit23.htm (EX-23) — 2KB
• nsc202410-kexhibit31a.htm (EX-31.A) — 10KB
• nsc202410-kexhibit31b.htm (EX-31.B) — 10KB
• nsc202410-kexhibit32.htm (EX-32) — 6KB
• nsc-20241231_g1.jpg (GRAPHIC) — 41KB
• nsc-20241231_g2.jpg (GRAPHIC) — 416KB
• 0000702165-25-000008.txt ( ) — 14186KB
• nsc-20241231.xsd (EX-101.SCH) — 83KB
• nsc-20241231_cal.xml (EX-101.CAL) — 122KB
• nsc-20241231_def.xml (EX-101.DEF) — 392KB
• nsc-20241231_lab.xml (EX-101.LAB) — 988KB
• nsc-20241231_pre.xml (EX-101.PRE) — 713KB
• nsc-20241231_htm.xml (XML) — 2126KB

Risk Factors

Risk Factors K 11 Item 1B. Unresolved Staff Comments K 19 Item 1C. Cybersecurity K 19 Item 3.

Legal Proceedings

Legal Proceedings K 22 Item 4. Mine Safety Disclosures K 22 Information About Our Executive Officers K 23 Part II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities K 24 Item 6. [Reserved] K 24 Item 7.

Management's Discussion and Analysis of Financial Condition and

Management's Discussion and Analysis of Financial Condition and Results of Operations K 25 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk K 40 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data K 41 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure K 91 Item 9A.

Controls and Procedures

Controls and Procedures K 91 Item 9B. Other Information K 92 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections K 92 Part III. Item 10. Directors, Executive Officers and Corporate Governance K 93 Item 11.

Executive Compensation

Executive Compensation K 93 Item 12.

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters K 94 Item 13. Certain Relationships and Related Transactions, and Director Independence K 96 Item 14. Principal Accountant Fees and Services K 96 Part IV. Item 15. Exhibits and Financial Statement Schedules K 97 Item 16. Form 10-K Summary K 106 Power of Attorney K 107

Signatures

Signatures K 107 K2 PART I NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES

Business and Item 2. Properties

Item 1. Business and Item 2. Properties GENERAL – Norfolk Southern Corporation (Norfolk Southern) is an Atlanta, Georgia-based company that owns a major freight railroad, Norfolk Southern Railway Company (NSR). We were incorporated on July 23, 1980, under the laws of the Commonwealth of Virginia. Our common stock (Common Stock) is listed on the New York Stock Exchange (NYSE) under the symbol "NSC." Unless indicated otherwise, Norfolk Southern Corporation and its subsidiaries, including NSR, are referred to collectively as NS, we, us, and our. We are primarily engaged in the rail transportation of raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States (U.S.). We also transport overseas freight through several Atlantic and Gulf Coast ports. We offer the most extensive intermodal network in the eastern half of the U.S. We make available free of charge through our website, www.norfolksouthern.com, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with or furnished to the U.S. Securities and Exchange Commission (SEC). In addition, the following documents are available on our website and in print to any shareholder who requests them: Norfolk Southern Corporation Bylaws Charters of the Committees of the Board of Directors Corporate Governance Guidelines Categorical Independence Standards The Thoroughbred Code of Ethics Code of Ethical Conduct for Senior Financial Officers K3 RAILROAD OPERATIONS – At December 31, 2024, we operated approximately 19,200 route miles in 22 states and the District of Columbia. Our system reaches many manufacturing plants, electric generating facilities, mines, distribution centers, transload facilities, and other businesses located in our serv

Risk Factors

Item 1A. Risk Factors The risks set forth in the following risk factors could have a material adverse effect on our financial position, results of operations, or liquidity in a particular year or quarter, and could cause those results to differ materially from those expressed or implied in our forward-looking statements. The information set forth in this Item 1A "Risk Factors" should be read in conjunction with the rest of the information included in this annual report, including Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 8 "Financial Statements and Supplementary Data." We have experienced a number of the risks described below in connection with the Incident and the Incident Proceedings (defined below). The risks described below should be read in conjunction with the information regarding the Incident and Incident Proceedings provided in Note 18 in Item 8 "Notes to Consolidated Financial Statements." INCIDENT RISKS As defined and as further described in Note 18 in Item 8 "Notes to Consolidated Financial Statements," there was an Incident that occurred in the first quarter of 2023 that consisted of a February 3, 2023 train derailment in East Palestine, Ohio that include

View Full Filing

View this 10-K filing on SEC EDGAR