Saturday 17 October 2026 Export NSC’s income statement to Excel — free account

Norfolk Southern Corporation

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%

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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

Insider Decisions trades per month

Total buys 0.53

Total sells 0.25

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	1	1	—	—	—	—	—	—	—	—	—	—
Sell	1	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.10%

Capital & Financial Ratios $m

Market Cap 72,960.00

Revenue 12,540.00

Net Income 2,636.00

Free Cash Flow 1,906.00

Net Debt 15,547.00

Current Ratio 0.83

Debt/Equity 1.02

P/E ratio 27.89

Fwd P/E 26.40

P/S ratio 5.86

P/B ratio 4.52

Past 5Y EPS Growth 10.21%

This Y EPS Growth 3.03%

Next Y EPS Growth 11.46%

Next Y revenue growth 9.06%

Next 5Y EPS Growth 8.04%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 85.59%

10-year low 10-year high

P/S against its own 10 years 86.03%

10-year low 10-year high

P/B against its own 10 years 85.88%

10-year low 10-year high

EV/Sales against its own 10 years 86.36%

10-year low 10-year high

EV/FCF against its own 10 years 85.48%

10-year low 10-year high

Dividends

Payout Ratio 0.46

Annual Dividend Rate 5.40

Annual Dividend Yield 1.65%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	5.41	1.35 1.35 1.35
2025	5.40	1.35 1.35 1.35 1.35
2024	5.40	1.35 1.35 1.35 1.35
2023	5.40	1.35 1.35 1.35 1.35
2022	4.96	1.24 1.24 1.24 1.24
2021	4.16	0.99 0.99 1.09 1.09
2020	3.76	0.94 0.94 0.94 0.94
2019	3.60	0.86 0.86 0.94 0.94
2018	3.04	0.72 0.72 0.80 0.80
2017	2.44	0.61 0.61 0.61 0.61
2016	2.36	0.59 0.59 0.59 0.59

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,568	1,641	1,530	1,069
Receivables	1,147	1,069	988	1,177
Inventory	264	277	271	327
Other	292	201	409	228
	3,271	3,188	3,198	2,801

	2023	2024	2025	Q'26
Payables	1,638	1,704	1,863	1,783
ST’ Debt	4	555	607	649
Other	728	949	965	720
	2,632	3,545	3,775	3,370

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	2,998	3,465	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	2.43	3.26	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	64.51	105.89	127.79	143.60	112.62	230.15	203.65	183.09	206.71	201.63	Analyst estimates 2026–2028 Powerpack
	High	111.43	146.33	186.91	211.46	247.98	299.20	298.99	260.20	277.60	302.24
People
People	Employees	28,044	27,110	26,662	24,587	20,156	18,100	19,300	20,700	19,600	19,300
	Revenue/emp, $m	0.35	0.39	0.43	0.46	0.49	0.62	0.66	0.59	0.62	0.63
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
	Gross margin, %	69.21	71.61	69.70	69.74	70.63	72.43	67.88	66.50	72.22	69.94
	EBT	2,582	3,128	3,469	3,491	2,530	3,878	4,130	2,320	3,329	3,665
	EBT margin, %	26.11	29.65	30.28	30.90	25.85	34.81	32.40	19.09	27.46	30.09
	Net income	1,668	5,404	2,666	2,722	2,013	3,005	3,270	1,827	2,622	2,873
	Depreciation	1,030	1,059	1,104	1,139	1,154	1,181	1,221	1,298	1,353	1,393
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
	Earnings	5.66	18.76	9.51	10.25	7.84	12.11	13.88	8.02	11.57	12.75
	Cash flow	10.32	11.30	13.42	14.78	14.26	17.23	17.98	14.01	17.92	19.38
	Capex	(5.98)	(5.28)	(6.29)	(6.24)	(4.55)	(5.31)	(7.18)	(9.88)	(8.06)	(9.07)
	Free cash flow	4.35	6.02	7.13	8.55	9.71	11.92	10.80	4.13	9.86	10.32
	Book value	42.22	56.82	55.32	57.67	57.98	55.25	54.23	56.33	63.27	69.10
	Shares, m	294	288	278	263	255	247	235	227	226	225
Valuation, ×
Valuation, ×	P/E	18.90	7.78	15.71	18.94	30.23	24.56	17.82	29.38	20.30	22.64
	P/S	3.18	4.01	3.62	4.53	6.19	6.60	4.56	4.40	4.38	5.33
	P/B	2.53	2.59	2.70	3.37	4.10	5.39	4.57	4.18	3.71	4.18
	EV/Sales	4.12	4.88	4.57	5.55	7.37	7.76	5.72	5.68	5.66	6.61
	EV/FCF	31.87	29.71	26.43	27.88	29.15	29.38	28.73	73.65	30.79	34.69
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
	Capex	(1,757)	(1,521)	(1,747)	(1,642)	(1,161)	(1,311)	(1,685)	(2,241)	(1,823)	(2,040)
	Free cash flow	1,277	1,732	1,979	2,250	2,476	2,944	2,537	938	2,229	2,321
Balance, $m
Balance, $m	Working capital	(48)	(396)	(729)	(219)	158	(354)	(642)	639	(357)	(577)
	Total debt	10,212	9,836	11,145	12,196	12,681	13,840	15,182	17,179	17,206	17,087
	Net debt	9,256	9,146	10,787	11,616	11,566	13,001	14,726	15,611	15,565	15,557
	Shareholders’ equity	12,409	16,359	15,362	15,184	14,791	13,641	12,733	12,781	14,306	15,547
Returns, %
Returns, %	ROA	4.82	15.30	7.39	7.33	5.30	7.86	8.45	4.53	6.14	6.46
	ROIC	8.68	8.63	9.46	9.30	7.12	10.43	10.95	6.28	8.52	8.75
	ROE	13.52	37.54	16.77	17.79	13.41	21.12	24.78	14.30	19.34	19.23

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$171.5B	23.4×	21.9×	+11.54% (above 0%: growing)	+6.33% (above 0%: growing)	+57.70% (above 0%: growing)	57.94%	40.25%	Compare
CSX CSX Corporation	$90.2B	28.1×	24.6×	+10.10% (above 0%: growing)	+22.73% (above 0%: growing)	+816.52% (above 0%: growing)	69.83%	38.27%	Compare
CP Canadian Pacific Kansas City Limited	$76.4B	27.9×	25.5×	+12.46% (above 0%: growing)	−13.40% (below 0%: shrinking)	+54.79% (above 0%: growing)	67.51%	35.35%	Compare
NSC Norfolk Southern Corporation	$73.0B	27.9×	26.4×	+11.41% (above 0%: growing)	−4.40% (below 0%: shrinking)	−3.08% (below 0%: shrinking)	66.32%	32.44%
WAB Wabtec	$48.6B	38.5×	27.7×	+17.48% (above 0%: growing)	+18.88% (above 0%: growing)	+122.94% (above 0%: growing)	36.52%	18.87%	Compare
TRN Trinity Industries, Inc.	$2.0B	5.9×	14.2×	−4.17% (below 0%: shrinking)	+623.53% (above 0%: growing)	+75.30% (above 0%: growing)	22.66%	41.19%	Compare
GBX Greenbrier Companies, Inc. (The)	$1.2B	11.3×	14.8×	−31.59% (below 0%: shrinking)	−68.23% (below 0%: shrinking)	−412.32% (below 0%: shrinking)	14.07%	5.53%	Compare
FSTR L.B. Foster Company	$360.8M	31.0×	23.9×	−3.49% (below 0%: shrinking)	+7.14% (above 0%: growing)	+83.84% (above 0%: growing)	22.28%	4.44%	Compare
RAIL Freightcar America, Inc.	$201.0M	— (loss-making)	4.4×	−4.62% (below 0%: shrinking)	n/m	+33.43% (above 0%: growing)	5.45%	(3.80%)	Compare
Median of peers	$25.3B	27.9×	22.9×	+3.31%	+7.14%	+66.50%	29.59%	27.11%

All 11 Railroads stocks →

Norfolk Southern Corporation (NSC) key facts

Strength: Net income was $2.9 billion, or $12.75 per share (basic), a net margin of 23.6%.
Norfolk Southern Corporation (NSC) is a Railroads company in the Industrials sector, listed on the New York Stock Exchange.
Norfolk Southern Corporation’s revenue for fiscal 2025 (year ended December 2025) was $12.2 billion, roughly unchanged from fiscal 2024.
As of October 16, 2026, NSC traded at $326.92, a market capitalization of $73.0 billion.
At that price the stock trades at 27.9× trailing-twelve-month earnings and 5.9× sales; its P/E is higher than 86% of its own readings over the past ten years.
Norfolk Southern Corporation pays an annual dividend of $5.40 per share, a yield of 1.65%, with a payout ratio of 46.1%.
Return on equity was 19.2% and debt-to-equity 1.02.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.29 (grey zone) for fiscal 2025.