• Norfolk Southern average debt/equity ratio for 2024 was 1.26, a 2.44% decline from 2023.
• Norfolk Southern average debt/equity ratio for 2023 was 1.23, a 12.84% increase from 2022.
• Norfolk Southern average debt/equity ratio for 2022 was 1.09, a 19.78% increase from 2021.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.