Merchandise was Norfolk Southern’s largest segment in fiscal 2025, bringing in $7.68B of $12.18B (63%).
| Segment | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Merchandise | $7.33B | $7.35B | $7.47B | $7.68B | ||||
| Intermodal | $3.68B | $3.09B | $3.04B | $3.01B | ||||
| Coal | $1.73B | $1.71B | $1.61B | $1.49B | ||||
| Total | $12.75B | $12.16B | $12.12B | $12.18B |
Norfolk Southern brought in $12.18B from its three segments in fiscal 2025, the year ended December 31, 2025. That was up 0.5% from $12.12B in fiscal 2024. Merchandise was the largest at $7.68B (63.1%), ahead of Intermodal at $3.01B (24.7%) and Coal at $1.49B (12.2%).
Compared with fiscal 2024, Merchandise grew fastest, up 2.9% to $7.68B, while Coal fell the most, down 7.7% to $1.49B. From fiscal 2022 to 2025, combined revenue from these segments fell from $12.75B to $12.18B, a compound annual decline of 1.5%. Merchandise's share of the total rose from 57.5% to 63.1%.
Norfolk Southern (NSC) reports its revenue by segment. In fiscal 2025, Merchandise was its largest segment, bringing in $7.68B (63.1% of the total), followed by Intermodal at $3.01B (24.7%).
Merchandise was Norfolk Southern's largest segment in fiscal 2025, bringing in $7.68B, or 63.1% of the $12.18B total across its three segments.
Among Norfolk Southern's segments that make up at least 2% of revenue, Merchandise grew fastest in fiscal 2025, up 2.9% from $7.47B to $7.68B.
Every figure comes from Norfolk Southern's annual financial filings, as reported. Each line keeps the name Norfolk Southern gives it, and years follow its fiscal calendar.
Norfolk Southern's revenue by segment goes back to fiscal 2018, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.