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Norfolk Southern (NSC) stock

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NYSE: NSC NYSE Rail Transportation Next results ~January 28, 2027

B Fundamentals grade

Norfolk Southern is a US-listed company in the rail transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Cash-flow model

Base case. Range ~$81–$200 across our lower- and higher-growth cases (-1.1%–8.9% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 62% below it.

Price used: $345.68, November 2, 2026

Norfolk Southern valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Norfolk Southern files

10-Q filed October 22: Norfolk Southern

Model value +38.4%

Revenue for the twelve months to September 2026 reached $13.0bn, up 6.0% on a year earlier and faster than the 3.0% recorded a quarter before. Margins moved the other way. Free cash flow margin slipped to 12.7% from 17.2%, while the operating margin narrowed to 31.5% from 37.2%. On our model, fair value climbs from $91.72 to $127 a share. The shares trade at $338, so the rating stays Sell. To justify that price, the market is effectively pricing in about 17.4% a year of cash flow growth over five years. That sits well above the 3.1% a year of revenue growth the business has actually delivered.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Norfolk Southern stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $12.5bn, up 3.0% on a year earlier, faster than 0.6% a quarter earlier. Free-cash-flow margin fell to 13.0% from 16.6% a year earlier. Operating margin narrowed to 32.2% from 41.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 3 financial-health checks. Our cash-flow model value is $64.53 a share, against a share price of $326. At that price, our model says the market is pricing in about 24.6% a year of cash-flow growth for five years, faster than the 2.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Norfolk Southern's trailing-twelve-month revenue grew 6.0% year on year, with a free-cash-flow margin of 12.7%. Where it stands out: operating margin of 31.5% ranks 26 of 544 industrials companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$81–$200 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 6.0% (+3.0pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 3.0 points higher than a quarter earlier.
  • High operating margin. 31.5% of revenue is left as operating profit, against a median of 5.5% for industrials companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $345.68 is 62% above our value per share of $130.
  • Margins narrowing. Operating margin is down 5.7 points on a year ago.
  • Weak cash conversion. Free cash flow was 61% of net income over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 34.7% ranks 341 of 453 industrials companies we cover (median 22.6%).

Latest results: FY2026 Q3

Filed October 22, 2026
Earnings per share
$3.62 against an average estimate of $3.47: beat by 4.3%
Revenue
$3.53bn, up 13.6% on a year earlier
Share reaction
+0.6% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Next report
October 22, 2026; average EPS estimate $3.28

Norfolk Southern's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.9%
  • 1 week+3.5%
  • 1 month+8.9%
  • This year+21.3%
  • 1 year+24.1%
  • 5 years+33.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$13B
Operating margin
31.5%
Net margin
20.7%
EPS (TTM, diluted)
$11.93

Growth

Revenue growth
+6.0%
Change in growth rate
+3.0 pts
Share count change
−0.3%

Cash

Free cash flow (TTM)
$1.6B
FCF margin
12.7%
Stock pay % of revenue
0.6%

Earnings

Last results
October 22, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Norfolk Southern valuation models and calculator

What the price is pricing in

The share price implies about 17.5% a year of cash-flow growth for five years.That is faster than the 3.1% a year revenue growth Norfolk Southern has delivered.

  • Priced in17.5%
  • Last 12 months6.0%
  • 3 years a year1.7%
  • 5 years a year3.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($341.11, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$130
Price used
$341.11close November 3, 2026
Implied change
▼ 62%
Uncertainty
High

How we got here: a discounted-cash-flow model of Norfolk Southern's free cash flow after stock-based pay with after-tax interest added back ($2.3B, FY2026 Q3 TTM), growing 6.6% and 4.4% in the next two years (forecasts, guidance and its record), then back to 3.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$81–~$200 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Norfolk Southern's free cash flow after stock-based pay ( $2.3B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Norfolk Southern as an operating company, with every model that fits that kind of business. Cost of equity 8.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.77 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$130 ~$81–$200 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$210 ~$240–$380 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$200 ~$150–$280 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$220 ~$190–$270 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$180 ~$130–$220 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Norfolk Southern with Industrials sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −37%
  • Revenue growth 5 points higher ▲ +48%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▼ −27%
  • Discount rate 1 point higher ▼ −22%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $82$135$206$299$420$576
8.5% $47$86$136$203$289$400
10% $26$56$95$146$212$296

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$67.62$88.90$121.66$128.02$169.48$211.45$269.09$227.14$223.43$226.89$285.08$345.68
Market value$20.6bn$26.3bn$35.3bn$35.9bn$45.0bn$54.3bn$66.8bn$53.5bn$50.8bn$51.4bn$64.2bn$77.8bn
+ Net debt (− = net cash)$9.0bn$9.3bn$9.1bn$10.8bn$11.6bn$11.6bn$13.0bn$14.7bn$15.6bn$15.6bn$15.6bn$15.0bn
Enterprise value$29.6bn$35.6bn$44.5bn$46.7bn$56.6bn$65.8bn$79.8bn$68.2bn$66.4bn$66.9bn$79.8bn$92.8bn
Multiples
Price / sales 2.0x2.7x3.3x3.1x4.0x5.5x6.0x4.2x4.2x4.2x5.3x6.0x
Price / earnings 13.3x15.8x6.5x13.5x16.5x27.0x22.2x16.4x27.8x19.6x22.4x29.0x
Price / free cash flow 39.4x22.9x23.1x20.2x24.0x25.3x24.0x23.5x59.6x30.7x29.8x47.2x
EV / EBITDA 7.5x8.8x9.7x9.2x11.0x15.8x14.2x11.3x16.0x12.3x13.9x16.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

83 /100

Strong moat

How hard Norfolk Southern's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 9 / 20

    Net income has been a median 6.2% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 33.1%; its worst year was 26.2%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 10 of 10 years, at a median 16.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 10.3% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $13.03 +4% $13.4bn +10%
Next $14.50 +11% $14.2bn +5%

Next year's EPS estimate has moved +1.7% in 90 days, across 22 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.4% on 90 days ago. In the last 30 days, 3 analysts raised Norfolk Southern's forecast and 13 cut it.

Consensus EPS forecast Norfolk Southern, last 90 days
$12.50 $13.00 $13.50 $14.00 $14.50 $15.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $12.98 Current fiscal year, 60 days ago: $12.97 Current fiscal year, 30 days ago: $12.97 Current fiscal year, 7 days ago: $12.85 Current fiscal year, Now: $13.03 $13.03 Next fiscal year, 90 days ago: $14.26 Next fiscal year, 60 days ago: $14.32 Next fiscal year, 30 days ago: $14.31 Next fiscal year, 7 days ago: $14.32 Next fiscal year, Now: $14.50 $14.50

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $12.98$14.26
60 days ago $12.97$14.32
30 days ago $12.97$14.31
7 days ago $12.85$14.32
Now $13.03$14.50

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.47 $3.62 +4.3%
Jun 2026 $3.32 $3.52 +5.9%
Mar 2026 $2.49 $2.65 +6.3%
Dec 2025 $2.76 $3.22 +16.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026

No numeric guidance in Norfolk Southern's latest earnings release (filed October 22, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Norfolk Southern's revenue by +6.6% next year and +4.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.8%, weight 70%) and the company's own record (+3.9%, weight 30%) . How the weights are set.

Analyst recommendations

21 analysts, Oct 2026
Buy524%
Hold1676%
Sell00%

Monthly trend

  1. Oct 202641621
  2. Sep 202641621
  3. Aug 202641621
  4. Jul 202641621

Counts of recommendations published by analysts covering Norfolk Southern, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.2%
of tradable shares
Days to cover
8.55
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
78%
of shares
Held by insiders
0.0%
of shares
Employees
19,300
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +24.1%

$278.47 on October 31, 2025 to $345.68

ThenNowEffect
Revenue (last 12 months) $12.2bn $12.5bn +3.0%
Net margin 27.5% 21.0% −23.6%
P/E multiple 18.8x 29.5x +56.9%
Share count 226m 225m +0.6%

Biggest factor: p/e multiple.

Last 3 years +88.0%

$183.90 on November 3, 2023 to $345.68

ThenNowEffect
Revenue (last 12 months) $12.7bn $12.5bn −1.2%
Net margin 20.2% 21.0% +3.8%
P/E multiple 16.5x 29.5x +79.0%
Share count 230m 225m +2.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NSC+27%−16%−2%+2%+26%+21%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NSC50%33%42%50%58%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NSC−17%−30%−27%−20%−20%−13%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 44% from January 29, 2020 to March 23, 2020. Getting back needed a 80% gain, reached on August 24, 2020, 154 days after the low.

Price behaviour

52-week range
$275.90 – $352.98
From 52-week high
−2.1%
vs 50-day average
+6.0%
vs 200-day average
+10.1%
Volatility (1 year)
21%
Beta vs S&P 500
0.20

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±3.1%
After a week
7 up, 5 down
typical move ±3.6%
After a month
6 up, 5 down
typical move ±5.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +0.6% −1.7% +4.3% —
July 23, 2026 +6.0% −1.1% +0.9% +6.4%
April 24, 2026 −0.8% +0.9% −1.7% +0.1%
January 29, 2026 +2.4% −0.5% +7.9% +12.1%
October 23, 2025 −2.8% +1.4% −2.4% −0.3%
July 29, 2025 −2.6% −0.4% −1.8% −4.4%
April 23, 2025 +3.0% +3.7% +1.8% +9.6%
January 29, 2025 +1.9% +0.1% +0.1% −2.1%
October 22, 2024 +3.6% −1.0% +1.7% +4.9%
July 25, 2024 +11.7% +0.6% +11.3% +9.3%
April 24, 2024 −1.7% −0.4% −5.9% −7.1%
April 9, 2024 −0.2% −0.9% −2.9% −6.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Norfolk Southern’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.35× the last 60 days’ realised volatility , richer than 82% of the 175 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is 1.35x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

NSC Norfolk Southern Grade B $342.2

Own 100 shares, sell the $360 call expiring December 18, 2026 (45 days) for $3.60 a share — $360 per contract.

Bid $3.60, ask $4.10, quoted Tue 3 Nov, 14:36 New York time with NSC at $342.2. Option prices move with the shares: check the live chain at your broker before trading.

  • If NSC ends below $360: you keep your shares and the $360 — 1.1% extra on the position, 8.5% a year at that pace.
  • If it ends above $360: your shares are sold at $360, a total return of 6.3% including the premium — at or above our value of ~$130.
$2.1k $0 −$6.8k Break-even $338.6 Price $342.2 ← Our value ~$130
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$360
Annualised
8.5%
Break-even
$338.6
Max gain
$2,140
Chance of selling
~28%

Collar

Own the shares, buy the $330 put and sell the $360 call, both expiring December 18, 2026 (45 days).

  • Net cost of $2.00 a share ($200 per contract of 100 shares).
  • Worst case at expiry: -4.1%, if the shares fall below $330 (-3.6% from today).
  • Best case at expiry: +4.6%, if the shares rise above $360 (+5.2%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $130: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Norfolk Southern in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Norfolk Southern
$12B $12.5B $13B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $12.2B Revenue (TTM), FY24 Q1: $12B Revenue (TTM), FY24 Q2: $12.1B Revenue (TTM), FY24 Q3: $12.2B Revenue (TTM), FY24 Q4: $12.1B Revenue (TTM), FY25 Q1: $12.1B Revenue (TTM), FY25 Q2: $12.2B Revenue (TTM), FY25 Q3: $12.2B Revenue (TTM), FY25 Q4: $12.2B Revenue (TTM), FY26 Q1: $12.2B Revenue (TTM), FY26 Q2: $12.5B Revenue (TTM), FY26 Q3: $13B $13B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $12.2B
FY24 Q1 $12B
FY24 Q2 $12.1B
FY24 Q3 $12.2B
FY24 Q4 $12.1B
FY25 Q1 $12.1B
FY25 Q2 $12.2B
FY25 Q3 $12.2B
FY25 Q4 $12.2B
FY26 Q1 $12.2B
FY26 Q2 $12.5B
FY26 Q3 $13B
Revenue growth, TTM YoY Norfolk Southern
-10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -4.6% Revenue growth, TTM YoY, FY24 Q1: -7.2% Revenue growth, TTM YoY, FY24 Q2: -4.7% Revenue growth, TTM YoY, FY24 Q3: -1.2% Revenue growth, TTM YoY, FY24 Q4: -0.3% Revenue growth, TTM YoY, FY25 Q1: 0.7% Revenue growth, TTM YoY, FY25 Q2: 0.7% Revenue growth, TTM YoY, FY25 Q3: 0.5% Revenue growth, TTM YoY, FY25 Q4: 0.5% Revenue growth, TTM YoY, FY26 Q1: 0.6% Revenue growth, TTM YoY, FY26 Q2: 3.0% Revenue growth, TTM YoY, FY26 Q3: 6.0% 6.0%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -4.6%
FY24 Q1 -7.2%
FY24 Q2 -4.7%
FY24 Q3 -1.2%
FY24 Q4 -0.3%
FY25 Q1 0.7%
FY25 Q2 0.7%
FY25 Q3 0.5%
FY25 Q4 0.5%
FY26 Q1 0.6%
FY26 Q2 3.0%
FY26 Q3 6.0%
Operating margin (TTM) Norfolk Southern
10% 20% 30% 40% 50% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 23.5% Operating margin (TTM), FY24 Q1: 19.6% Operating margin (TTM), FY24 Q2: 24.0% Operating margin (TTM), FY24 Q3: 30.8% Operating margin (TTM), FY24 Q4: 33.6% Operating margin (TTM), FY25 Q1: 41.3% Operating margin (TTM), FY25 Q2: 41.5% Operating margin (TTM), FY25 Q3: 37.2% Operating margin (TTM), FY25 Q4: 35.8% Operating margin (TTM), FY26 Q1: 33.5% Operating margin (TTM), FY26 Q2: 32.2% Operating margin (TTM), FY26 Q3: 31.5% 31.5%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 23.5%
FY24 Q1 19.6%
FY24 Q2 24.0%
FY24 Q3 30.8%
FY24 Q4 33.6%
FY25 Q1 41.3%
FY25 Q2 41.5%
FY25 Q3 37.2%
FY25 Q4 35.8%
FY26 Q1 33.5%
FY26 Q2 32.2%
FY26 Q3 31.5%
FCF margin (TTM) Norfolk Southern
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 7.0% FCF margin (TTM), FY24 Q1: 3.2% FCF margin (TTM), FY24 Q2: 5.8% FCF margin (TTM), FY24 Q3: 10.1% FCF margin (TTM), FY24 Q4: 13.8% FCF margin (TTM), FY25 Q1: 15.6% FCF margin (TTM), FY25 Q2: 16.6% FCF margin (TTM), FY25 Q3: 17.2% FCF margin (TTM), FY25 Q4: 17.7% FCF margin (TTM), FY26 Q1: 13.3% FCF margin (TTM), FY26 Q2: 13.0% FCF margin (TTM), FY26 Q3: 12.7% 12.7%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 7.0%
FY24 Q1 3.2%
FY24 Q2 5.8%
FY24 Q3 10.1%
FY24 Q4 13.8%
FY25 Q1 15.6%
FY25 Q2 16.6%
FY25 Q3 17.2%
FY25 Q4 17.7%
FY26 Q1 13.3%
FY26 Q2 13.0%
FY26 Q3 12.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Norfolk Southern took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $12.2B
  2. Other operating costs $7.8B · 64.2%
  3. Operating income $4.4B · 35.8%
  4. Income tax $792M · 6.5%
  5. Interest and other $691M · 5.7%
  6. Net income $2.9B · 23.6%

Shares of revenue. Source: Norfolk Southern's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 8.0 9.5 11.2 11.0 11.2 11.6 10.5 9.9 10.6 11.5 11.3 9.8 11.1 12.7 12.2 12.1 12.2 13.0
EBITDA 2.8 3.5 4.1 4.0 4.2 4.5 3.9 4.0 4.6 5.1 5.1 4.2 5.6 6.0 4.1 5.4 5.7 5.5
Operating income 2.0 2.7 3.2 3.1 3.3 3.6 2.9 3.0 3.5 4.0 4.0 3.0 4.4 4.8 2.9 4.1 4.4 4.1
Net income 1.0 1.5 1.9 1.7 1.9 2.0 1.6 1.7 5.4 2.7 2.7 2.0 3.0 3.3 1.8 2.6 2.9 2.7
Diluted EPS $2.76 $4.00 $5.45 $5.37 $6.04 $6.39 $5.10 $5.62 $18.61 $9.51 $10.25 $7.84 $12.11 $13.88 $8.02 $11.57 $12.75 $11.93
Growth (year on year)
Revenue −25.3% +19.4% +17.4% −1.2% +1.9% +3.4% −9.6% −5.9% +6.7% +8.6% −1.4% −13.3% +13.8% +14.4% −4.6% −0.3% +0.5% +6.0%
EBITDA −28.0% +24.8% +16.6% −0.9% +3.3% +8.4% −13.0% +2.4% +13.4% +10.5% +1.3% −19.0% +35.4% +7.1% −31.2% +30.7% +6.0% −7.0%
Operating income −36.4% +36.4% +20.1% −2.8% +4.3% +9.8% −19.3% +4.3% +17.0% +12.4% +0.8% −24.7% +48.1% +8.1% −40.7% +42.8% +7.0% −10.2%
Net income −39.9% +45.0% +28.8% −8.7% +9.2% +4.4% −22.3% +7.3% +225.0% −50.7% +2.1% −26.0% +49.3% +8.8% −44.1% +43.5% +9.6% −9.4%
Diluted EPS −38.9% +44.9% +36.3% −1.5% +12.5% +5.8% −20.2% +10.2% +231.1% −48.9% +7.8% −23.5% +54.5% +14.6% −42.2% +44.3% +10.2% −9.1%
Margins
EBITDA margin 35.2% 36.8% 36.5% 36.6% 37.2% 39.0% 37.5% 40.8% 43.4% 44.2% 45.4% 42.5% 50.5% 47.3% 34.1% 44.7% 47.2% 42.5%
Operating margin 24.6% 28.1% 28.8% 28.3% 29.0% 30.8% 27.4% 30.4% 33.4% 34.6% 35.3% 30.7% 39.9% 37.7% 23.5% 33.6% 35.8% 31.5%
Net margin 12.9% 15.6% 17.1% 15.8% 17.0% 17.2% 14.7% 16.8% 51.2% 23.3% 24.1% 20.6% 27.0% 25.7% 15.0% 21.6% 23.6% 20.7%
Free-cash-flow margin 7.0% 13.1% 9.6% 7.5% 9.8% 6.3% 5.0% 11.6% 14.5% 15.5% 16.6% 21.9% 25.0% 17.8% 7.0% 13.8% 17.7% 12.7%
Cash flow
Cash from operations 1.9 2.7 3.2 3.1 3.1 2.9 2.9 3.0 3.3 3.7 3.9 3.6 4.3 4.2 3.2 4.1 4.4 3.8
Capital spending 1.3 1.5 2.2 2.2 2.0 2.1 2.4 1.9 1.7 2.0 2.0 1.5 1.5 1.9 2.3 2.4 2.2 2.1
Free cash flow 0.6 1.2 1.1 0.8 1.1 0.7 0.5 1.1 1.5 1.8 1.9 2.1 2.8 2.3 0.9 1.7 2.2 1.6
Stock-based pay 0.1 0.1 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 0.0 0.0 0.1 0.1
Free cash flow after stock pay 0.5 1.2 1.0 0.8 1.1 0.7 0.5 1.1 1.5 1.7 1.8 2.1 2.7 2.2 0.8 1.6 2.1 1.6
Balance sheet
Cash 1.0 0.8 0.3 0.7 1.4 1.0 1.1 1.0 0.7 0.4 0.6 1.1 0.8 0.5 1.6 1.6 1.5 1.6
Total debt 7.2 7.0 7.5 8.7 9.4 9.0 10.1 10.2 9.8 11.1 12.2 12.7 13.8 15.2 17.2 17.2 17.1 16.6
Net debt (negative = net cash) 6.2 6.2 7.3 8.0 8.0 8.0 9.0 9.3 9.1 10.8 11.6 11.6 13.0 14.7 15.6 15.6 15.6 15.0
Diluted shares 372m 372m — — — 313m 304m 296m 290m 280m 266m 257m 248m 236m 227m 226m 225m 225m
Returned to shareholders
Dividends 0.5 0.5 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.8 0.9 1.0 1.0 1.2 1.2 1.2 1.2 1.2
Buybacks 0.0 0.9 2.1 1.3 0.6 0.3 1.1 0.8 1.0 2.8 2.1 1.4 3.4 3.1 0.6 0.0 0.5 0.0
Total returned 0.5 1.4 2.6 1.9 1.3 1.0 1.8 1.5 1.7 3.6 3.0 2.4 4.4 4.3 1.8 1.2 1.7 1.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · September 30, 2026
What it owns · $45.9bn
Short-term assets $3.3bnLonger-term assets $42.6bn
What it owes, and who funded it · $45.9bn
Short-term liabilities $3.7bnLonger-term liabilities $25.5bnShareholders' equity $16.7bn
  • Short-term assets cover short-term liabilities $3.3bn of assets due within a year against $3.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.3bn short-term assets against $25.5bn of longer-dated liabilities.
  • More cash than debt $1.6bn of cash against $16.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 95% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 102% to 95% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.8bn of operating cash flow against $16.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $4.1bn against $782m of interest.

From Norfolk Southern's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$5M
Dividends (TTM)
$1.2B
Returned to shareholders
74%
of free cash flow
Buybacks, last 3 fiscal years
$1.2B
Diluted share count
−0.3%
year over year
Total shareholder yield
1.6%
dividends 1.6% + buybacks 0.0% of market value
Dividend payout ratio
45%
of net income paid out
Days sales outstanding
35 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in rail transportation
Last 12 months unless stated NSC CSX UNP Median
Revenue, last 12 months $13.0bn $14.9bn $26.4bn $14.9bn
Revenue growth, last 12 months 6.0% 5.8% 7.4% 6.0%
Revenue growth, 3-year average 1.7% 0.5% 3.0% 1.7%
Revenue growth, latest quarter 13.6% 12.0% 15.3% 13.6%
Operating margin 31.5% 36.4% 40.1% 36.4%
Operating margin, 3-year average 33.2% 35.2% 40.1% 35.2%
Net margin 20.7% 24.0% 28.9% 24.0%
Cash from operations / revenue 29.2% 37.5% 39.9% 37.5%
Free-cash-flow margin 12.7% 21.5% 25.4% 21.5%
Free-cash-flow margin, 3-year average 13.3% 17.6% 24.2% 17.6%
Stock pay / revenue 0.6% 0.5% 0.5% 0.5%
Change in share count −0.3% −1.5% −0.8% −0.8%

Median of all 3 companies we cover in rail transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

584 industrials companies
Measure Company Peer median Rank
Revenue growth Growth 6.0% 7.6% 334 of 581
Change in growth rate Growth +3.0pp +1.1pp 202 of 580
Operating margin Profitability 31.5% 5.5% 26 of 544
Net margin Profitability 20.7% 3.8% 33 of 582
Free-cash-flow margin Cash generation 12.7% 4.6% 137 of 579
Stock pay as % of revenue Cash generation 0.6% 0.9% 179 of 512
Long-term debt as % of assets Balance sheet 34.7% 22.6% 341 of 453
Change in share count Balance sheet -0.3% 0.0% 217 of 529
Days sales outstanding Balance sheet 35 days 57 days 90 of 453

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Reportable $12.2B 100.0% ▲ 0.5%
Railway Operating Revenues Market Group Merchandise $7.7B 63.1% ▲ 2.9%
Railway Operating Revenues Market Group Intermodal $3B 24.7% ▼ 1.1%
Railway Operating Revenues Market Group Coal $1.5B 12.2% ▼ 7.7%

From Norfolk Southern's 10-K filed February 9, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$53.7B
Institutions reporting
1,859
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
112 / 82

Top buyers and sellers, Q2 2026: 724 institutions bought and 715 sold ; the biggest buyer was Vanguard Portfolio Management LLC (+3.2M shares) and the biggest seller Dodge & Cox (−3.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5B 16.0M 9.4% ▲ 4.7%
Vanguard Capital Management LLC $4.6B 14.7M 8.6% ▲ 0.5%
State Street Corp $3.2B 10.2M 6.0% ▲ 4.2%
Vanguard Portfolio Management LLC $2.3B 7.2M 4.2% ▲ 79.2%
Millennium Management LLC $1.6B 5.2M 3.0% ▲ 13.5%
Geode Capital Management, LLC $1.6B 5.1M 3.0% ▲ 0.8%
Bank Of America Corp $979M 3.1M 1.8% ▼ 2.8%
Norges Bank $957M 3.0M 1.8% —
Pentwater Capital Management LP $873M 2.8M 1.6% ▼ 13.8%
Northern Trust Corp $822M 2.6M 1.5% ▼ 0.9%
Morgan Stanley $822M 2.6M 1.5% ▼ 0.6%
D. E. Shaw & Co., Inc. $818M 2.6M 1.5% ▲ 14.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Norfolk Southern's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $527,038 2 trades by 2 insiders, last 12 months Insider sales History → $253,442 1 trade by 1 insider · 0% under pre-set plans
Net ▲ $273,596 net buying
Insider Date Trade Shares Price Value
Clyburn William Jr. Director December 5, 2025 Buy 204 $294.79 $60,137
Bhatt Anil EVP & CIDO November 19, 2025 Sell 900 $281.60 $253,442
Fahmy Sameh Director November 5, 2025 Buy 1,650 $282.97 $466,901

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 49 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 2 sales of Norfolk Southern shares.

  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded December 18, 2025, filed January 15, 2026
  • Julie Johnson(D-TX 32):Sale (partial), $1,001 - $15,000, traded November 13, 2025, filed December 11, 2025
  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 24, 2026
  • January 29, 2026
  • October 23, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Norfolk Southern was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Norfolk Southern in brief

What does Norfolk Southern do?
Norfolk Southern is a US-listed company in the rail transportation industry. Its financial year ends in December.
What is Norfolk Southern's stock ticker?
Norfolk Southern trades under the ticker NSC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Norfolk Southern's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Norfolk Southern reported revenue of $13B, 6.0% higher than a year earlier, according to its SEC filings.
What is Norfolk Southern's free cash flow?
Norfolk Southern's free-cash-flow margin is 12.7% of revenue over the trailing twelve months, ranking 137 of the 579 industrials companies we cover.
What is Norfolk Southern's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Norfolk Southern's free cash flow after stock-based pay gives ~$130 per share in the base case, and ~$81–$200 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Norfolk Southern's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Norfolk Southern buying back stock, and does it pay a dividend?
Norfolk Southern spent $5M on share repurchases over the trailing twelve months, and its diluted share count fell 0.3% over the year.
What is Norfolk Southern's market cap?
On November 2, 2026, Norfolk Southern's market capitalisation was about $77.8B, with a price-to-earnings ratio of 29.0 and net debt of $15B. Market figures come from third-party market data and may be delayed.
Does Norfolk Southern pay a dividend?
Yes: Norfolk Southern paid $1.2B in dividends over the trailing twelve months, a dividend yield of 1.56% and a payout ratio of 45.2%.
How much debt does Norfolk Southern have?
Norfolk Southern's debt-to-equity ratio is 95.4%, from its latest balance sheet (101.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Norfolk Southern's competitors?
In our Rail Transportation peer group, the companies closest to Norfolk Southern are CSX Corporation and Union Pacific Corporation. The side-by-side comparison below sets their revenue, margins and growth against Norfolk Southern's.
Are insiders buying or selling Norfolk Southern stock?
Over the last 12 months, Norfolk Southern's directors and officers reported 2 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Norfolk Southern's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Norfolk Southern announces its own schedule.