Norfolk Southern Corporation
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of Norfolk Southern Corporation (NSC). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Merchandise | $6.09B 62.2% | $6.67B 59.9% · +9.5% | $7.33B 57.5% · +9.9% | $7.35B 60.5% · +0.3% | $7.47B 61.6% · +1.6% |
| Intermodal | $2.65B 27.1% | $3.16B 28.4% · +19.2% | $3.68B 28.9% · +16.4% | $3.09B 25.4% · -16.1% | $3.04B 25.1% · -1.6% |
| Coal | $1.05B 10.7% | $1.31B 11.8% · +25.1% | $1.73B 13.6% · +32.3% | $1.71B 14.1% · -1.2% | $1.61B 13.3% · -6.0% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 7, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.