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% |
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.