Norfolk Southern Corp. (NSC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$2.49	$2.65	+6.4%	—	—	—
Q3 26	$2.76	$3.22	+16.7%	—	—	—
Q2 26	$3.2	$3.3	+3.1%	—	—	—
Q1 26	$3.31	$3.29	-0.6%	—	—	—
Q4 25	$2.68	$2.69	+0.4%	—	—	—
Q3 25	$2.94	$3.04	+3.4%	—	—	—
Q2 25	$3.11	$3.25	+4.5%	—	—	—
Q1 25	$2.86	$3.06	+7.0%	—	—	—
Q4 24	$2.53	$3.29	+30.0%	—	—	—
Q3 24	$2.87	$2.83	-1.4%	—	—	—
Q2 24	$2.7	$2.65	-1.9%	—	—	—
Q1 24	$3.11	$2.95	-5.1%	—	—	—
Q4 23	$3.15	$3.32	+5.4%	—	—	—
Q3 23	$3.44	$3.42	-0.6%	—	—	—
Q2 23	$3.6	$3.75	+4.2%	—	—	—
Q1 23	$3.47	$3.45	-0.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$12.8	—	—	$12.2B	—
FY24	—	$11.6	—	—	$12.1B	—
FY23	—	$8.04	—	—	$12.2B	—
FY22	—	$14.3	—	—	$12.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$9.9B	$10.6B	$11.5B	$11.3B	$9.8B	$11.1B	$12.7B	$12.2B	$12.1B	$12.2B
YoY change	-5.93%	+6.71%	+8.6%	-1.41%	-13.3%	+13.8%	+14.4%	-4.62%	-0.27%	+0.47%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	9.9B	10.6B	11.5B	11.3B	9.8B	11.1B	12.7B	12.2B	12.1B	12.2B
Cost of revenue	6.4B	6.6B	7.2B	6.9B	6B	6.4B	7.5B	7.7B	7.6B	7.8B
Gross profit	3.4B	3.9B	4.3B	4.4B	3.8B	4.7B	5.2B	4.4B	4.5B	4.4B
Gross margin	34.8%	37.1%	37.1%	39%	38.5%	42.6%	41.1%	36.5%	37.5%	36.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	-45M	-64M	-61M	-63M	-91M	-102M	77M	-65M	-120M	-86M
Operating expenses	240M	184M	56M	157M	109M	30M	237M	161M	-393M	-144M
Operating income	3.2B	3.7B	4.2B	4.2B	3.7B	4.7B	5B	4.3B	4.9B	4.6B
Operating margin	32.4%	35.4%	36.6%	37.6%	37.4%	42.3%	39.2%	35.2%	40.7%	37.5%
Non-operating income, net	-59M	-53M	-170M	-150M	-502M	-190M	-180M	-1.2B	-800M	-114M
Pretax income	2.6B	3.1B	3.5B	3.5B	2.5B	3.9B	4.1B	2.3B	3.3B	3.7B
Income tax	914M	-2.3B	803M	769M	517M	873M	860M	493M	707M	792M
Net income	1.7B	5.4B	2.7B	2.7B	2B	3B	3.3B	1.8B	2.6B	2.9B
Net margin	16.9%	51.2%	23.3%	24.1%	20.6%	27%	25.7%	15%	21.6%	23.6%
EBITDA	4.3B	4.8B	5.3B	5.4B	4.8B	5.9B	6.2B	5.6B	6.2B	6B
EPS	5.66	18.8	9.94	10.6	7.99	12.5	14.3	8.04	11.6	12.8
Diluted EPS	5.62	18.6	9.51	10.3	7.84	12.1	13.9	8.02	11.6	12.8

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3B	3.1B	3B	3B	3.1B	3B	3B	3.1B	3.1B	3B	3B	3.5B
Cost of revenue	1.9B	2B	2B	1.9B	1.8B	1.9B	1.9B	1.9B	1.9B	2B	2B	2.2B
Gross profit	1B	1.1B	1B	1.1B	1.2B	1.2B	1.1B	1.2B	1.2B	969M	1B	1.3B
Gross margin	34.7%	35%	34%	37.6%	39.8%	38.5%	35.6%	39.7%	37.3%	32.6%	34.5%	37.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	54M	48M	69M	6M	-350M	-23M	39M	4M	-32M	-103M	42M	29M
Operating income	976M	1.1B	952M	1.1B	1.6B	1.3B	1B	1.2B	1.2B	1.2B	992M	1.3B
Operating margin	32.9%	35.6%	31.7%	37.4%	51.2%	43.3%	34.3%	39.6%	38.3%	38.9%	33.1%	36.5%
Non-operating income, net	-180M	-248M	-721M	10M	67M	-181M	150M	-32M	-68M	-198M	-80M	-110M
Pretax income	614M	651M	30M	944M	1.4B	928M	978M	998M	924M	765M	715M	959M
Income tax	136M	124M	-23M	207M	328M	195M	228M	230M	213M	121M	168M	225M
Net income	478M	527M	53M	737M	1.1B	733M	750M	768M	711M	644M	547M	734M
Net margin	16.1%	17.1%	1.76%	24.2%	36%	24.2%	25.1%	24.7%	22.9%	21.7%	18.2%	21.2%
EBITDA	1.3B	1.3B	1.3B	1.5B	1.9B	1.5B	1.4B	1.6B	1.6B	1.4B	1.4B	1.7B
EPS	2.11	2.34	0.23	3.26	4.86	3.24	3.33	3.42	3.17	2.87	2.44	3.27
Diluted EPS	2.1	2.32	0.23	3.25	4.85	3.23	3.31	3.41	3.16	2.87	2.43	3.26

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	31.8B	41.7B	40.1B	50.1B	59.9B	71.5B	56.2B	53.6B	53.1B	64.8B	70.3B
Enterprise value	41B	50.9B	50.9B	62.2B	71.9B	84.9B	71.3B	69.6B	69B	80.6B	86.4B
Shares outstanding	293.9M	287.9M	268.1M	257.9M	252.1M	240.2M	228.1M	226.9M	226.3M	224.4M	224.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	19	7.72	15	18.4	29.8	23.8	17.2	29.4	20.3	22.6	26.8
P/S	3.21	3.95	3.5	4.43	6.12	6.42	4.41	4.41	4.38	5.32	5.61
P/B	2.56	2.55	2.61	3.3	4.05	5.24	4.41	4.2	3.71	4.17	4.33
EV/EBITDA	9.48	10.5	9.57	11.6	15	14.5	11.5	12.5	11.1	13.5	15.3
EV/Sales	4.15	4.82	4.44	5.51	7.34	7.62	5.6	5.73	5.69	6.61	6.89
Earnings yield	5.25%	13%	6.65%	5.44%	3.36%	4.2%	5.82%	3.41%	4.94%	4.43%	3.74%
FCF yield	3.61%	3.67%	4.43%	3.74%	3.58%	3.9%	4.05%	1.55%	3.15%	3.33%	1.97%
PEG	—	—	—	—	—	—	—	—	—	—	-6.05

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	34.8%	37.1%	37.1%	39%	38.5%	42.6%	41.1%	36.5%	37.5%	36.3%	37.4%
Operating margin	32.4%	35.4%	36.6%	37.6%	37.4%	42.3%	39.2%	35.2%	40.7%	37.5%	35.3%
Net margin	16.9%	51.2%	23.3%	24.1%	20.6%	27%	25.7%	15%	21.6%	23.6%	21%
ROE	13.4%	33%	17.4%	17.9%	13.6%	22%	25.7%	14.3%	18.3%	18.5%	17%
ROA	4.78%	15.1%	7.36%	7.18%	5.3%	7.81%	8.41%	4.39%	6%	6.35%	5.95%
ROIC	9.55%	14.6%	12.3%	12.1%	10.9%	13.5%	14.2%	11.7%	12.9%	11.4%	11.4%
Return on tangible assets	4.69%	14.8%	7.21%	7.03%	5.19%	7.81%	8.41%	4.39%	6%	6.35%	5.84%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.98	0.84	0.72	0.9	1.07	0.86	0.76	1.24	0.9	0.85	0.83
Quick ratio	0.87	0.76	0.64	0.8	0.97	0.77	0.66	1.14	0.82	0.78	0.73
Debt / equity	0.82	0.6	0.73	0.84	0.89	1.04	1.22	1.37	1.22	1.11	1.06
Debt / assets	0.29	0.28	0.31	0.34	0.35	0.37	0.4	0.42	0.4	0.38	0.37
Net debt / EBITDA	2.14	1.89	2.03	2.27	2.51	2.29	2.45	2.87	2.55	2.65	2.58
Interest coverage	5.59	6.69	7.23	6.78	5.05	7	6.97	4.21	5.13	5.63	5.28
Effective tax rate	35.4%	0%	23.1%	22%	20.4%	22.5%	20.8%	21.3%	21.2%	21.6%	21.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	33.6	36.6	42.7	43.8	38.8	46.4	55.9	53.6	53.6	54.3	55.9
EPS (basic)	5.66	18.8	9.94	10.6	7.99	12.5	14.3	8.04	11.6	12.8	12.8
EPS (diluted)	5.62	18.6	9.51	10.3	7.84	12.1	13.9	8.02	11.6	12.8	11.7
Book value per share	42.2	56.8	57.3	58.9	58.7	56.8	55.8	56.3	63.2	69.3	72.4
FCF per share	3.9	5.31	6.62	7.26	8.5	11.6	9.97	3.66	7.38	9.61	7.25
Cash per share	3.25	2.4	1.34	2.25	4.42	3.49	2	6.91	7.25	6.82	4.76
Capex per share	5.98	5.28	6.52	6.37	4.61	5.46	7.39	9.97	8.05	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	17.8%	14.4%	15.2%	14.5%	11.9%	11.8%	13.2%	18.6%	15%	—	—
Capex / operating cash flow	57%	45.5%	44.8%	41.7%	36.4%	30.2%	39.1%	70.1%	40.1%	—	—
Payout ratio	41.7%	13%	31.7%	34.9%	47.7%	34.2%	35.7%	67%	46.6%	42.3%	46.1%
Dividend yield	2.19%	1.69%	2.11%	1.9%	1.6%	1.44%	2.08%	2.28%	2.3%	1.88%	1.72%

Yield

1.72%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.35

ex-dividend Aug 7, 2026

Payout ratio

46%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 7, 2026	$1.35
May 8, 2026	$1.35
Feb 6, 2026	$1.35

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3B	$3.1B	$3B	$3B	$3.1B	$3B	$3B	$3.1B	$3.1B	$3B	$3B	$3.5B
YoY change	-11.1%	-5.07%	-4.09%	+2.15%	+2.69%	-1.59%	-0.37%	+2.17%	+1.7%	-1.65%	+0.17%	+11.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	956M	690M	358M	580M	1.1B	839M	456M	1.6B	1.6B	1.5B
Receivables	945M	703M	740M	682M	629M	741M	895M	882M	787M	715M
Inventory	257M	222M	207M	244M	221M	218M	253M	264M	277M	271M
Total current assets	2.3B	2.1B	1.9B	2.1B	2.3B	2.2B	2B	3.3B	3.2B	3.2B
Property, plant & equipment	14.7B	15.2B	15.6B	15.7B	16B	15.9B	16B	16.4B	18.5B	18.6B
Goodwill & intangibles	-658M	-732M	-760M	-776M	-798M	—	—	—	—	—
Total assets	34.9B	35.7B	36.2B	37.9B	38B	38.5B	38.9B	41.7B	43.7B	45.2B
Accounts payable	650M	822M	828M	710M	552M	850M	712M	997M	985M	1.1B
Short-term debt	650M	700M	585M	413M	668M	635M	797M	109M	636M	677M
Total current liabilities	2.3B	2.5B	2.6B	2.3B	2.2B	2.5B	2.6B	2.6B	3.5B	3.8B
Long-term debt	9.6B	9.1B	10.6B	12.3B	12.4B	13.6B	14.8B	17.5B	16.8B	16.6B
Total liabilities	22.5B	19.4B	20.9B	22.7B	23.2B	24.9B	26.2B	28.9B	29.4B	29.7B
Shareholders' equity	12.4B	16.4B	15.4B	15.2B	14.8B	13.6B	12.7B	12.8B	14.3B	15.5B
Total debt	10.2B	9.8B	11.1B	12.7B	13.1B	14.3B	15.6B	17.6B	17.5B	17.3B
Net debt	9.3B	9.1B	10.8B	12.2B	12B	13.4B	15.1B	16B	15.8B	15.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.5B	1.6B	652M	659M	975M	1.6B	1B	1.3B	1.4B	1.5B	1.3B	1.1B
Receivables	1.2B	882M	847M	829M	817M	787M	863M	832M	779M	715M	828M	886M
Inventory	303M	264M	270M	308M	288M	277M	273M	313M	297M	271M	312M	327M
Total current assets	3.1B	3.3B	2.4B	2.3B	2.7B	3.2B	2.7B	2.9B	3B	3.2B	3B	2.8B
Property, plant & equipment	32.7B	16.4B	35.1B	35.3B	35.4B	18.5B	35.8B	35.9B	36.1B	18.6B	36.4B	36.6B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	40.7B	41.7B	42.1B	42.6B	43.3B	43.7B	43.8B	44.2B	44.6B	45.2B	45.1B	45.1B
Accounts payable	1.5B	997M	1.5B	1.5B	1.6B	985M	1.4B	1.5B	1.7B	1.1B	1.7B	1.8B
Short-term debt	405M	109M	404M	655M	555M	636M	555M	903M	607M	677M	609M	649M
Total current liabilities	2.9B	2.6B	3.4B	3.7B	3.7B	3.5B	3.5B	3.7B	3.5B	3.8B	3.3B	3.4B
Long-term debt	16.2B	17.5B	17.2B	16.9B	16.6B	16.8B	16.7B	16.5B	16.5B	16.6B	16.5B	16B
Total liabilities	28.1B	28.9B	29.6B	29.6B	29.5B	29.4B	29.3B	29.4B	29.4B	29.7B	29.3B	28.9B
Shareholders' equity	12.6B	12.8B	12.5B	13B	13.8B	14.3B	14.5B	14.8B	15.1B	15.5B	15.8B	16.3B
Total debt	16.6B	17.6B	17.6B	17.6B	17.2B	17.5B	17.2B	17.4B	17.1B	17.3B	17.1B	16.6B
Net debt	15.1B	16B	16.9B	16.9B	16.2B	15.8B	16.2B	16.1B	15.7B	15.8B	15.8B	15.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.7B	5.4B	2.7B	2.7B	2B	3B	3.3B	1.8B	2.6B	2.9B
Depreciation & amortization	1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.3B	1.4B	1.4B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	305M	58M	122M	-139M	131M	147M	-201M	368M	625M	301M
Operating cash flow	3.1B	3.3B	3.9B	3.9B	3.2B	4.3B	4.3B	3.2B	4.5B	4.4B
Capital expenditure	-1.8B	-1.5B	-1.7B	-1.6B	-1.2B	-1.3B	-1.7B	-2.3B	-1.8B	—
Investing cash flow	-1.8B	-1.5B	-1.7B	-1.8B	-1.2B	-1.2B	-1.6B	-2.2B	-2.8B	-522M
Dividends paid	-695M	-703M	-844M	-949M	-960M	-1B	-1.2B	-1.2B	-1.2B	-1.2B
Share repurchases	-803M	-1B	-2.8B	-2.1B	-1.4B	-3.4B	-3.1B	-622M	—	-534M
Financing cash flow	-1.3B	-2B	-2.3B	-2B	-1.9B	-3.3B	-3B	115M	-1.2B	-1.9B
Net change in cash	-99M	-174M	-73M	176M	90M	-190M	-301M	1.2B	537M	1.9B
Free cash flow	1.1B	1.5B	1.8B	1.9B	2.1B	2.8B	2.3B	830M	1.7B	2.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	478M	527M	53M	737M	1.1B	733M	750M	768M	711M	644M	547M	734M
Depreciation & amortization	326M	330M	337M	335M	339M	342M	346M	346M	348M	353M	352M	358M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-74M	-92M	536M	30M	108M	-49M	-108M	-37M	165M	281M	-519M	-51M
Operating cash flow	669M	688M	840M	1.1B	1.6B	1B	973M	1.1B	1.3B	1.1B	344M	1.1B
Capital expenditure	-542M	-829M	-525M	-530M	-124M	-644M	-431M	-427M	—	—	—	—
Investing cash flow	-648M	-788M	-1.8B	-723M	-224M	11M	-1B	-414M	14M	41M	7M	8M
Dividends paid	-305M	-305M	-305M	-305M	-305M	-306M	-306M	-303M	-303M	-303M	-303M	-303M
Share repurchases	-200M	-110M	-6M	1M	5M	—	-257M	-207M	-70M	0	-16M	-1M
Financing cash flow	943M	174M	489M	-506M	-701M	-307M	-564M	-366M	-674M	-307M	-320M	-910M
Net change in cash	964M	74M	-515M	-169M	701M	720M	-612M	331M	611M	797M	31M	152M
Free cash flow	117M	-180M	282M	468M	645M	276M	501M	602M	720M	334M	-38M	615M

Date	Ratio
Oct 10, 1997	3:1
Apr 7, 1987	3:1

Norfolk Southern Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history