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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. In the quarter to June 2026, revenue grew 11.4%, EPS fell 4.40%, free cash flow fell 3.08% and total debt fell 4.32%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years; insiders bought in the last twelve months.

326.92 2.09 +0.64%
Market cap
$73.0B
P/E
27.9×
Fwd P/E
26.4×
Dividend yield
1.65%
F-score
6/9
Altman Z
2.29
Beneish M
−2.62
Dividend safety
68/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Norfolk Southern Corporation (NSC) Debt to equity

Alert me on Debt to equity

Norfolk Southern Corporation's debt to equity at the end of the quarter to 30 June 2026 was 1.0×, down 0.1× from fiscal 2025 (1.1×). Over the past ten years it has ranged from 0.6× (fiscal 2017) to 1.3× (fiscal 2023); the current reading is higher than 73% of that period. That is above the Railroads industry median of 0.6× and above the Industrials sector median of 0.3×.

Debt to equity, annual

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Annual newest first

Period Debt to equity Change
FY2025 1.1× (8.61%)
FY2024 1.2× (10.52%)
FY2023 1.3× 12.73%
FY2022 1.2× 17.51%
FY2021 1.0× 18.35%
FY2020 0.9× 6.74%
FY2019 0.8× 10.71%
FY2018 0.7× 20.66%
FY2017 0.6× (26.94%)
FY2016 0.8× (0.62%)

Quarterly newest first

Period Debt to equity Change
Jun 2026 1.0× (5.53%)
Mar 2026 1.1× (1.55%)
Dec 2025 1.1× (2.59%)
Sep 2025 1.1× (3.93%)
42 more quarters

Against its own ten years

Low 0.6× High 1.3×
Ten-year median 0.9×
Current reading's percentile 73

Debt to equity against peers

Company Debt to equity
GBX Greenbrier Companies, Inc. (The) compare 0.0×
FSTR L.B. Foster Company compare 0.3×
CP Canadian Pacific Kansas City Limited compare 0.5×
WAB Wabtec compare 0.6×
NSC Norfolk Southern Corporation 1.0×
CSX CSX Corporation compare 1.3×
UNP Union Pacific Corporation compare 1.5×
RAIL Freightcar America, Inc. compare 2.8×
TRN Trinity Industries, Inc. compare 4.6×
Railroads industry median 0.6×
Industrials sector median 0.3×
Market median 0.1×

What Debt to equity is

Debt to Equity Ratio shows how much a company relies on borrowed money compared with the money its shareholders have in the business.

(Long Term Debt (Total) + Current Part of Debt) ÷ Shareholders Equity (Total)

The full definition of Debt to equity →

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