Norfolk Southern vs Union Pacific
Union Pacific is the larger business, with $24.51bn of revenue in fiscal 2025 against $12.18bn for Norfolk Southern (2.0 times as much). Union Pacific grew faster (1.1% against 0.5%). Union Pacific kept more of each dollar of sales as profit: a net margin of 29.1% against 23.6%. Norfolk Southern carries less debt relative to equity (109.9% against 181.4%).
| Latest fiscal year | Norfolk SouthernNSC, 2025 | Union PacificUNP, 2025 |
|---|---|---|
| Revenue | $12.18bn | $24.51bn |
| Revenue growth | 0.5% | 1.1% |
| Net income | $2.87bn | $7.14bn |
| Operating margin | 35.8% | 40.2% |
| Net margin | 23.6% | 29.1% |
| Return on equity | 19.2% | 40.4% |
| Free cash flow | $2.16bn | $5.50bn |
| Cash | $1.53bn | $1.27bn |
| Total debt | $17.09bn | $33.49bn |
| Debt to equity | 109.9% | 181.4% |
| Dividend per share | $5.40 | $5.44 |
| Dividend yield | 1.6% | 1.8% |
| Share buybacks | $534m | $2.68bn |
| Employees | 19,400 | 29,287 |
| Market value | $76.93bn | $181.36bn |
| Price vs our value range | Above our value range | Above our value range |
| Moat score | 83 (Strong) | 95 (Strong) |
| Insider trades, 12 months | 2 buys, 1 sales | 0 buys, 5 sales |