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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

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 (below 1: weak)
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
EV/Sales is 7.1×, against a ten-year median of 5.5×; over the ten years it ranged from 2.9× in 2016 to 8.4× in 2021.
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.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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 $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 →

NSC metrics, ten years each

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.

Source: company filings (standardised) and stockrow calculations.

Norfolk Southern Corporation (NSC) Latest News

15 Oct

Impact 5 ·

9 Jul

Impact 5 ·

15 Jun

Impact 5 ·

28 May

Impact 5 ·

13 May

Impact 5 ·

5 May

Impact 5 ·

30 Apr

Impact 5 ·
Impact 5 ·
Impact 5 ·
Impact 5 ·
Impact 5 ·
Impact 5 ·

23 Apr

Impact 5 ·

18 Apr

Impact 5 ·
stockrow.com/NSC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com