--- title: "Norfolk Southern: Business Model" description: "Norfolk Southern revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/norfolk-southern/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Norfolk Southern: Business Model & Revenue Engine ## Direct Answer Norfolk Southern reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Railway Operating Revenues Market Group Merchandise is the largest, with $7.7 billion of revenue (63% of the total), followed by Railway Operating Revenues Market Group Intermodal at $3.0 billion (25%). ## How Does Norfolk Southern Make Money? Railway Operating Revenues Market Group Merchandise supplies 63% of revenue, so Norfolk Southern's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Railway Operating Revenues Market Group Merchandise grew fastest (+2.9%) and Railway Operating Revenues Market Group Coal slowest (-7.7%), so the revenue mix tilts toward Railway Operating Revenues Market Group Merchandise while that gap lasts. | Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Railway Operating Revenues Market Group Merchandise | $7.7 billion | $7.5 billion | 63.1% | 2.9% | | Railway Operating Revenues Market Group Intermodal | $3.0 billion | $3.0 billion | 24.7% | -1.1% | | Railway Operating Revenues Market Group Coal | $1.5 billion | $1.6 billion | 12.2% | -7.7% | ![Bar chart of Norfolk Southern revenue by segment for fiscal 2025: Railway Operating Revenues Market Group Merchandise 63.1%, Railway Operating Revenues Market Group Intermodal 24.7%, Railway Operating Revenues Market Group Coal 12.2%.](https://www.getswoopr.com/images/charts/norfolk-southern-business-model-segment-mix.webp) *Norfolk Southern revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## What the Segment Figures Do Not Show The rows above add up to 100% of Norfolk Southern's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value Norfolk Southern reported in the segment note and revenue disclosures of its Form 10-K filed February 9, 2026 (accession 0001628280-26-006268), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are Norfolk Southern's business segments? In its fiscal 2025 Form 10-K, Norfolk Southern reports revenue for Railway Operating Revenues Market Group Merchandise, Railway Operating Revenues Market Group Intermodal and Railway Operating Revenues Market Group Coal. ### Which part of Norfolk Southern brings in the most revenue? Railway Operating Revenues Market Group Merchandise, with $7.7 billion of revenue in fiscal 2025, or 63% of the total. ### Where does Norfolk Southern report its segment results? In the segment note to the financial statements in its Form 10-K, most recently filed February 9, 2026, alongside management's discussion of each segment's results. ## References - [SEC EDGAR: NORFOLK SOUTHERN CORP Form 10-K filed February 9, 2026](https://www.sec.gov/Archives/edgar/data/702165/000162828026006268/nsc-20251231.htm) - [SEC EDGAR: NORFOLK SOUTHERN CORP annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=702165&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [Norfolk Southern company dossier](https://www.getswoopr.com/stocks/companies/norfolk-southern/) - [Norfolk Southern financial metrics](https://www.getswoopr.com/stocks/companies/norfolk-southern/metrics/) - [Norfolk Southern financial risk indicators](https://www.getswoopr.com/stocks/companies/norfolk-southern/risks/) - [Norfolk Southern peer comparison](https://www.getswoopr.com/stocks/companies/norfolk-southern/competitors/) - [Norfolk Southern business model and revenue mix](https://www.getswoopr.com/stocks/companies/norfolk-southern/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).