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Norfolk Southern Corporation

NSC Industrials Railroads

Norfolk Southern Corporation’s revenue for fiscal 2025 (year ended December 2025) was $12.2 billion, roughly unchanged from fiscal 2024.

Revenue
+13.6%
EPS
+6.65%
Free cash flow
+7.49%
Total debt
−2.75%

Quarter to September 2026, against a year earlier

328.49 15.65 −4.55%
Market cap
$74.0B
P/E
27.5×
Fwd P/E
27.8×
Dividend yield
2.05%
F-score
6/9
Altman Z
2.29
Beneish M
−2.62
Dividend safety
68/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Merchandise
  • Intermodal
  • Coal

Every year since 2018 →

Insider Decisions last twelve months

Bought, $m 0.06
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.09%

Capital & Financial Ratios $m

Size
Market Cap 73,960.00
Revenue ttm 12,963.00
Net income ttm 2,684.00
Free cash flow ttm 1,964.00
Net debt Q 15,015.00
Valuation
P/E 27.53
Forward P/E 27.80
Price / sales 5.69
Forward P/S Powerpack
Price / FCF 37.57
Price / book 4.41
Financial health
Current ratio Q 0.90 (below 1: weak)
Debt / equity Q 0.99
Interest coverage Q 5.96
Growth
Revenue growth Q +13.63% (above 0%: growing)
Operating income growth Q +4.74% (above 0%: growing)
EPS, this year +4.43%
EPS, next year A +11.32%
Revenue, next year A +10.42% (at or above 10%: strong)
EPS, past 5 yrs +10.21%
EPS, next 5 yrs A +8.49%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.8×, against a ten-year median of 5.6×; over the ten years it ranged from 2.9× in 2016 to 8.4× in 2021.
P/E against its own 10 years 84.75%
10-year low 10-year high
P/S against its own 10 years 83.09%
10-year low 10-year high
P/B against its own 10 years 79.50%
10-year low 10-year high
EV/Sales against its own 10 years 82.14%
10-year low 10-year high
EV/FCF against its own 10 years 83.72%
10-year low 10-year high

Dividends

Yield
2.05%
Annual rate
6.75
Payout ratio
56.6%
Growth, 2018–26
+7.45%/yr
  1. 3.04 ’18
  2. 3.60 ’19 +18
  3. 3.76 ’20 +4
  4. 4.16 ’21 +11
  5. 4.96 ’22 +19
  6. 5.40 ’23 +9
  7. 5.40 ’24 +0
  8. 5.40 ’25 +0
  9. 5.40 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,568 1,641 1,530 1,598
Receivables 1,147 1,069 988 1,229
Inventory 264 277 271 353
Other 292 201 409 145
3,271 3,188 3,198 3,325
2023 2024 2025 Q'26
Payables 1,638 1,704 1,863 2,064
ST’ Debt 4 555 607 649
Other 728 949 965 732
2,632 3,545 3,775 3,681

Compound Annual Growth %

10y 5y 3y
Sales 1.48% 4.47% (1.50%)
Cash Flow 4.14% 3.70% 1.09%
Earnings 6.35% 7.38% (4.24%)
Book Value 2.46% 1.00% 6.88%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.48 Actual 3.62

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.78 3.22 Beat by 0.44
Q1 FY26 2.51 2.65 Beat by 0.14
Q2 FY26 3.23 3.52 Beat by 0.29
Q3 FY26 3.48 3.62 Beat by 0.14
Q4 FY26 3.18 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.43 3.26 3.37 — —
’25 3.31 3.41 3.16 2.87 12.75
’24 0.23 3.25 4.85 3.23 11.57
’23 2.04 1.56 2.10 2.32 8.02
’22 2.93 3.45 4.10 3.42 13.88
’21 2.66 3.28 3.06 3.12 12.11
’20 1.47 1.53 2.22 2.64 7.84
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,998 3,465 3,526 — —
’25 2,993 3,110 3,103 2,974 12,180
’24 3,004 3,044 3,051 3,024 12,123
’23 3,132 2,980 2,971 3,073 12,156
’22 2,915 3,250 3,343 3,237 12,745
’21 2,639 2,799 2,852 2,852 11,142
’20 2,625 2,085 2,506 2,573 9,789
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 344 1,054 1,322 — —
’25 950 1,077 1,271 1,063 4,361
’24 839 1,036 1,226 951 4,052
’23 1,173 673 660 673 3,179
’22 994 1,017 1,413 798 4,222
’21 1,015 1,082 1,216 942 4,255
’20 955 803 1,009 870 3,637
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 124 630 832 — —
’25 519 650 774 378 2,321
’24 314 506 1,102 307 2,229
’23 765 194 118 (139) 938
’22 641 633 1,061 202 2,537
’21 787 749 887 521 2,944
’20 747 534 724 471 2,476
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 16.5% a year for ten years. It grew 10.4% a year over the last ten.

Implied
16.5%
10 years, reported
10.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 9,888 10,551 11,458 11,296 9,789 11,142 12,745 12,156 12,123 12,180 12,963 +2.3% 13,449 14,167 14,700 +6.5%
Gross margin, % 69.21 71.61 69.70 69.74 70.63 72.43 67.88 66.50 72.22 69.94 67.59 +0.7 pt
EBT 2,582 3,128 3,469 3,491 2,530 3,878 4,130 2,320 3,329 3,665 3,426 +4.0%
EBT margin, % 26.11 29.65 30.28 30.90 25.85 34.81 32.40 19.09 27.46 30.09 26.43 +4.0 pt
Net income 1,668 5,404 2,666 2,722 2,013 3,005 3,270 1,827 2,622 2,873 2,684 +6.2%
Per share, $
Per share, $ Revenue 33.64 36.65 41.26 42.90 38.37 45.13 54.28 53.57 53.62 54.13 57.72 +5.4%
Earnings 5.66 18.76 9.51 10.25 7.84 12.11 13.88 8.02 11.57 12.75 11.93 +9.4%
Cash flow 10.32 11.30 13.42 14.78 14.26 17.23 17.98 14.01 17.92 19.38 16.84 +7.3%
Capex (5.98) (5.28) (6.29) (6.24) (4.55) (5.31) (7.18) (9.88) (8.06) (9.07) (8.10) +4.7%
Free cash flow 4.35 6.02 7.13 8.55 9.71 11.92 10.80 4.13 9.86 10.32 8.74 +10.1%
Book value 42.22 56.82 55.32 57.67 57.98 55.25 54.23 56.33 63.27 69.10 74.49 +5.6%
Shares, m 294 288 278 263 255 247 235 227 226 225 225 (2.9%)
Valuation, ×
Valuation, × P/E 18.90 7.78 15.71 18.94 30.23 24.56 17.82 29.38 20.30 22.64 27.53 20.6
P/S 3.18 4.01 3.62 4.53 6.19 6.60 4.56 4.40 4.38 5.33 5.69 4.7
P/B 2.53 2.59 2.70 3.37 4.10 5.39 4.57 4.18 3.71 4.18 4.41 3.7
EV/Sales 4.12 4.88 4.57 5.55 7.37 7.76 5.72 5.68 5.66 6.61 6.85 5.8
EV/FCF 31.87 29.71 26.43 27.88 29.15 29.38 28.73 73.65 30.79 34.69 45.21 34.2
Cash, $m
Cash, $m Operating cash flow 3,034 3,253 3,726 3,892 3,637 4,255 4,222 3,179 4,052 4,361 3,783 +4.1%
Capex (1,757) (1,521) (1,747) (1,642) (1,161) (1,311) (1,685) (2,241) (1,823) (2,040) (1,819) +1.7%
Free cash flow 1,277 1,732 1,979 2,250 2,476 2,944 2,537 938 2,229 2,321 1,964 +6.9%
Balance, $m
Balance, $m Working capital (48) (396) (729) (219) 158 (354) (642) 639 (357) (577) (356) +31.8%
Net debt 9,256 9,146 10,787 11,616 11,566 13,001 14,726 15,611 15,565 15,557 15,015 +5.9%
Shareholders’ equity 12,409 16,359 15,362 15,184 14,791 13,641 12,733 12,781 14,306 15,547 16,730 +2.5%
Returns, %
Returns, % ROA 4.82 15.30 7.39 7.33 5.30 7.86 8.45 4.53 6.14 6.46 5.92 +1.6 pt
ROIC 8.68 8.63 9.46 9.30 7.12 10.43 10.95 6.28 8.52 8.75 8.05 +0.1 pt
ROE 13.52 37.54 16.77 17.79 13.41 21.12 24.78 14.30 19.34 19.23 16.82 +5.7 pt
People
People Employees 28,044 27,110 26,662 24,587 20,156 18,100 19,300 20,700 19,600 19,300 — (4.1%)
Revenue/emp, $m 0.35 0.39 0.43 0.46 0.49 0.62 0.66 0.59 0.62 0.63 — +6.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Norfolk Southern owns and operates a freight railroad. It transports raw materials, intermediate products and finished goods for businesses, primarily across the Southeast, East and Midwest. Connections with other rail carriers extend its service to and from the rest of the United States, while ports connect its network with overseas trade.

The company carries freight in three broad groups: merchandise, intermodal and coal. Merchandise covers goods ranging from grain and chemicals to construction materials and vehicles. Intermodal freight travels in containers or trailers that can move between trains and other forms of transport. Coal moves to electricity generators, industrial customers and export markets.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Merchandise 7,684 63.09%
Intermodal 3,009 24.70%
Coal 1,487 12.21%
Gross margin 69.94%
Operating margin 35.76%
Pre-tax margin 30.09%

Revenue by segment since 2018

Norfolk Southern Corporation vs peers in Railroads (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UNP Union Pacific Corporation $177.1B 23.2× 23.3× +15.26% (above 0%: growing) +15.89% (above 0%: growing) +12.09% (above 0%: growing) 57.62% 40.89% Compare
CSX CSX Corporation $93.7B 26.3× 25.3× +11.99% (above 0%: growing) +54.05% (above 0%: growing) +65.76% (above 0%: growing) 70.13% 39.08% Compare
CP Canadian Pacific Kansas City Limited $81.5B 29.9× 27.0× +13.46% (above 0%: growing) +2.30% (above 0%: growing) +124.63% (above 0%: growing) 67.03% 35.25% Compare
NSC Norfolk Southern Corporation $74.0B 27.5× 27.8× +13.63% (above 0%: growing) +6.65% (above 0%: growing) +7.49% (above 0%: growing) 66.25% 32.61%
WAB Wabtec $46.7B 34.7× 30.0× +8.11% (above 0%: growing) +34.25% (above 0%: growing) +22.12% (above 0%: growing) 37.31% 20.03% Compare
TRN Trinity Industries, Inc. $2.4B 7.5× 13.4× +17.84% (above 0%: growing) −42.16% (below 0%: shrinking) +50.99% (above 0%: growing) 23.70% 17.87% Compare
GBX Greenbrier Companies, Inc. (The) $1.3B 16.1× 12.5× −22.19% (below 0%: shrinking) −64.93% (below 0%: shrinking) −373.08% (below 0%: shrinking) 13.50% 4.31% Compare
FSTR L.B. Foster Company $411.0M 29.3× 22.1× +21.48% (above 0%: growing) +54.76% (above 0%: growing) −10.70% (below 0%: shrinking) 20.49% 6.00% Compare
RAIL Freightcar America, Inc. $136.1M — (loss-making) 9.7× −4.62% (below 0%: shrinking) n/m +33.43% (above 0%: growing) 5.45% (3.80%) Compare
Median of peers $24.6B 26.3× 22.7× +12.73% +15.89% +27.78% 30.51% 18.95%

All 11 Railroads stocks →

From the latest earnings call

Updated

  • CEO Mark George said truck-market conditions were helping Norfolk Southern win freight, but he viewed most factors behind recent highway-to-rail conversions as temporary.
  • CFO Jason Zampi said higher fuel prices increased both revenue and expenses and pushed the operating ratio above the company’s earlier expectation.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 75.37%
Held by the ten largest 33.42%
Holder Shares Stake Change
Vanguard 24.36m 10.85% +3.32m
BlackRock 16.00m 7.12% +724.24k
State Street 10.24m 4.56% +408.77k
Millennium Management 5.20m 2.32% +617.64k
Geode Capital Management 5.11m 2.28% +38.09k
Bank of America 3.11m 1.39% −89.18k
Norges Bank 3.04m 1.35% +3.04m
Pentwater Capital Management LP 2.78m 1.24% −445.00k
Northern Trust 2.61m 1.16% −23.26k
Morgan Stanley 2.61m 1.16% −15.43k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Norfolk Southern Corporation (NSC) Latest News

2 Nov

Impact 3 · · supplychaindive.com

30 Oct

Impact 3 · · FreightWaves
Impact 3 · · The Motley Fool

29 Oct

Impact 4 · · Business Wire
Impact 4 · · PR Newswire

27 Oct

Impact 3 · · Trefis

23 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · wwd.com
Impact 3 · · Trefis
Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · MarketBeat
Impact 4 · · Moby transcript
Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks earnings
Impact 3 · · FreightWaves
Impact 3 · · MT Newswires
Impact 3 · · FreightWaves earnings
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · PR Newswire

21 Oct

Impact 4 · · Trefis
Impact 3 · · Zacks

19 Oct

Impact 3 · · Zacks

15 Oct

Impact 5 · · Simply Wall St.
Impact 4 · · Simply Wall St.

14 Oct

Impact 4 · · Insider Monkey

9 Oct

Impact 4 · · The Motley Fool

NSC metrics, ten years each

stockrow.com/NSC · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com