Total Debt for Norfolk Southern (NSC)
According to Norfolk Southern's latest reported financial statements, the company's latest reported total debt is $17.10B USD. Total debt is the sum of short-term and long-term interest-bearing borrowings on the balance sheet (notes, bonds, term loans, lease liabilities). Useful for leverage and refinancing risk — combine with cash on hand for net debt, and see total liabilities for the broader obligations picture.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
Currently viewingTotal DebtSwitch metric
Latest period
$17.10B
YoY change
-2.2%
5Y CAGR
+5.4%
Peak year (2023)
$17.57B
Latest annual
$17.09B
Total Debt history chart for Norfolk Southern (NSC) from 1985 to 2025
Total Debt history table for Norfolk Southern (NSC) from 1985 to 2025
| Fiscal year | Period ended | Reported | Total Debt | YoY |
|---|---|---|---|---|
| 2025 | $17.09B | -2.2% | ||
| 2024 | $17.48B | -0.5% | ||
| 2023 | $17.57B | +12.7% | ||
| 2022 | $15.59B | +9.4% | ||
| 2021 | $14.25B | +8.7% | ||
| 2020 | $13.11B | +3.0% | ||
| 2019 | $12.73B | +14.3% | ||
| 2018 | $11.14B | +13.3% | ||
| 2017 | $9.84B | -3.7% | ||
| 2016 | $10.21B | +1.2% | ||
| 2015 | $10.09B | +11.8% | ||
| 2014 | $9.03B | -4.5% | ||
| 2013 | $9.45B | +8.8% | ||
| 2012 | $8.68B | +15.1% | ||
| 2011 | $7.54B | +7.3% | ||
| 2010 | $7.03B | -1.8% | ||
| 2009 | $7.15B | +7.3% | ||
| 2008 | $6.67B | +4.7% | ||
| 2007 | $6.37B | -3.5% | ||
| 2006 | $6.60B | -4.8% | ||
| 2005 | $6.93B | -7.9% | ||
| 2004 | $7.53B | +5.1% | ||
| 2003 | $7.16B | -2.8% | ||
| 2002 | $7.36B | -3.5% | ||
| 2001 | $7.63B | -0.1% | ||
| 2000 | $7.64B | -5.2% | ||
| 1999 | $8.06B | +5.7% | ||
| 1998 | $7.62B | +1.8% | ||
| 1997 | $7.49B | +293.9% | ||
| 1996 | $1.90B | +12.8% | ||
| 1995 | $1.68B | +1.2% | ||
| 1994 | $1.66B | -4.6% | ||
| 1993 | $1.74B | -2.9% | ||
| 1992 | $1.80B | +5.2% | ||
| 1991 | $1.71B | +31.7% | ||
| 1990 | $1.30B | +64.0% | ||
| 1989 | $791.10M | +1.3% | ||
| 1988 | $780.90M | -1.8% | ||
| 1987 | $795.10M | -10.8% | ||
| 1986 | $891.30M | -5.3% | ||
| 1985 | $941.00M | — |
Total Debt values are taken from Norfolk Southern's reported balance sheets (10-Q quarterly and 10-K annual filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the date the filing was reported; YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
Analysis
2025's annual total debt for Norfolk Southern (NSC) came in at $17.09B – edged down 2.2% year-over-year.
Over 2020–2025 (5 years), Norfolk Southern total debt expanded at a +5.4% compound annual rate, with the latest reading among the more recent periods of the dataset.
2023 marks the peak total debt at $17.57B, with the historical low of $780.90M recorded in 1988.
Norfolk Southern (NSC) sits 8th of 8 Industrials peers we track on this metric, against a peer median of $37.04B.
Norfolk Southern Total Debt by Year
Norfolk Southern Total Debt 2025: $17.09B
Norfolk Southern total debt in 2025 was $17.09B, edged down 2.2% below 2024.
Norfolk Southern Total Debt 2024: $17.48B
Norfolk Southern total debt in 2024 was $17.48B, edged down 0.5% below 2023.
Norfolk Southern Total Debt 2023: $17.57B
Norfolk Southern total debt in 2023 was $17.57B, grew 12.7% from 2022. This figure represents the highest annual value in the available history.
Norfolk Southern Total Debt 2022: $15.59B
Norfolk Southern total debt in 2022 was $15.59B, grew 9.4% from 2021.
Norfolk Southern Total Debt 2021: $14.25B
Norfolk Southern total debt in 2021 was $14.25B.
See more financial history for Norfolk Southern (NSC).
Sector peers — Total Debt
Companies in the same sector as Norfolk Southern, ranked by their latest total debt.
| Company | Total Debt | Sector |
|---|---|---|
| Deere & Company (DE) | $63.94B | Industrials |
| The Boeing Company (BA) | $54.43B | Industrials |
| Caterpillar Inc. (CAT) | $43.33B | Industrials |
| RTX Corporation (RTX) | $39.51B | Industrials |
| Honeywell International Inc. (HON) | $34.58B | Industrials |
| Union Pacific Corporation (UNP) | $31.81B | Industrials |
| GE Aerospace (GE) | $20.49B | Industrials |
| Eaton Corporation plc (ETN) | $11.17B | Industrials |
Frequently asked questions
What is Norfolk Southern's total debt?
- Latest reported total debt for Norfolk Southern (NSC) is $17.10B (period ending March 31, 2026).
How has Norfolk Southern total debt changed year-over-year?
- Norfolk Southern (NSC) total debt changed -2.2% year-over-year on the latest annual filing.
What is the long-term growth rate of Norfolk Southern total debt?
- Norfolk Southern (NSC) total debt compound annual growth rate is +5.4% over the most recent 5 years available.
When did Norfolk Southern total debt hit its highest annual value?
- Norfolk Southern total debt reached its highest annual value of $17.57B in 2023.
What was Norfolk Southern total debt in 2024?
- Norfolk Southern (NSC) total debt in 2024 was $17.48B.
What was Norfolk Southern total debt in 2025?
- Norfolk Southern (NSC) total debt in 2025 was $17.09B.
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