Norfolk Southern Corporation

NSC · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$64,785	$53,098	$53,454	$57,050	$72,446	$57,821	$47,240	$36,390	$35,261	$26,298	$20,585	$33,913	$28,954	$19,844	$25,173	$23,024	$19,243	$17,517	$19,651	$20,518	$18,116	$14,275	$9,236	$7,793	$7,086	$5,087	$7,777	$11,990	$11,513	$11,125	$10,423	$8,263	$9,806	$8,693	$8,397	$6,673	$7,212	$5,727	$5,028	$5,352	$5,133
Enterprise value	$80,342	$68,935	$69,457	$72,186	$85,860	$69,820	$59,394	$47,177	$44,407	$35,554	$29,577	$41,966	$36,841	$27,858	$32,412	$28,939	$25,310	$23,566	$25,813	$26,200	$23,789	$21,131	$16,121	$15,018	$14,559	$12,771	$15,835	$19,600	$18,889	$12,672	$11,831	$9,675	$11,525	$10,433	$10,004	$7,648	$7,856	$5,870	$5,024	$5,520	$4,996
P/E (TTM) at period end	22.57×	20.27×	29.31×	17.46×	24.12×	28.77×	17.39×	13.68×	6.53×	15.81×	13.28×	17.01×	15.21×	11.40×	13.20×	15.47×	18.76×	10.26×	13.42×	13.85×	14.14×	15.47×	17.26×	16.94×	18.90×	29.58×	32.54×	16.34×	15.97×	14.44×	14.62×	12.37×	12.70×	15.59×	282.71×	12.00×	11.90×	9.02×	29.17×	10.32×	10.26×
P/S (TTM) at period end	5.32×	4.38×	4.40×	4.48×	6.50×	5.91×	4.18×	3.18×	3.34×	2.66×	1.96×	2.92×	2.57×	1.80×	2.25×	2.42×	2.41×	1.64×	2.08×	2.18×	2.12×	1.95×	1.43×	1.24×	1.15×	0.83×	1.50×	2.84×	2.73×	2.33×	2.23×	1.80×	2.20×	1.89×	1.89×	1.45×	1.59×	1.28×	1.22×	1.31×	1.34×
P/B at period end	4.17×	3.71×	4.18×	4.48×	5.31×	3.91×	3.11×	2.37×	2.16×	2.12×	1.69×	2.73×	2.56×	2.03×	2.54×	2.16×	1.86×	1.82×	2.02×	2.13×	1.95×	1.79×	1.32×	1.20×	1.16×	0.87×	1.31×	2.02×	2.11×	2.24×	2.16×	1.76×	2.12×	2.05×	2.05×	1.36×	1.40×	1.11×	1.01×	1.06×	1.08×
EV / EBITDA (TTM)	13.97×	12.71×	16.74×	11.97×	15.26×	16.80×	11.58×	9.32×	9.70×	8.81×	7.50×	9.26×	8.82×	6.89×	7.94×	8.26×	9.02×	6.04×	7.66×	7.92×	8.08×	9.14×	10.13×	8.90×	9.49×	11.11×	13.12×	13.05×	11.48×	7.79×	7.89×	6.58×	25.34×	21.30×	–	17.58×	16.43×	–	–	–	–
EV / Sales (TTM)	6.60×	5.69×	5.71×	5.66×	7.71×	7.13×	5.26×	4.12×	4.21×	3.60×	2.81×	3.61×	3.28×	2.52×	2.90×	3.04×	3.18×	2.21×	2.74×	2.79×	2.79×	2.89×	2.49×	2.40×	2.36×	2.07×	3.05×	4.64×	4.47×	2.66×	2.53×	2.11×	2.58×	2.26×	2.25×	1.66×	1.73×	1.32×	1.22×	1.35×	1.31×
Returns
Return on equity	18.5%	18.3%	14.3%	25.7%	22.0%	13.6%	17.9%	17.3%	33.0%	13.4%	12.7%	16.1%	16.9%	17.8%	19.2%	13.9%	9.9%	17.8%	15.1%	15.4%	13.8%	11.6%	7.7%	7.1%	6.2%	3.0%	4.0%	12.4%	13.2%	15.5%	14.8%	14.3%	16.7%	13.2%	0.7%	11.3%	11.7%	12.3%	3.5%	10.2%	10.5%
Return on invested capital	11.0%	10.6%	7.8%	13.7%	12.7%	8.9%	11.4%	11.6%	13.8%	9.0%	8.7%	11.2%	10.9%	11.1%	12.3%	10.0%	7.6%	12.3%	10.6%	10.8%	10.2%	8.1%	5.4%	5.5%	4.9%	3.2%	3.5%	5.8%	6.6%	11.5%	10.7%	10.7%	8.3%	9.5%	0.4%	8.7%	9.2%	11.3%	1.3%	8.1%	9.5%
Dividend yield	1.9%	2.3%	2.3%	2.0%	1.4%	1.7%	2.0%	2.3%	2.0%	2.6%	3.5%	2.0%	2.2%	3.1%	2.3%	2.2%	2.6%	2.6%	1.9%	1.4%	1.1%	1.0%	1.3%	1.3%	1.3%	6.0%	3.9%	2.5%	2.6%	2.6%	2.6%	3.2%	2.6%	2.9%	2.8%	3.7%	3.4%	–	–	–	–
Financial health
Current ratio	0.85×	0.90×	1.24×	0.76×	0.86×	1.07×	0.90×	0.72×	0.84×	0.98×	1.13×	1.56×	1.33×	1.08×	1.03×	1.19×	1.26×	0.95×	0.86×	1.15×	1.38×	0.89×	0.79×	0.70×	0.44×	0.45×	0.71×	0.82×	1.01×	1.22×	1.11×	1.18×	1.31×	1.18×	1.10×	1.27×	1.42×	1.55×	1.57×	1.65×	1.43×
Debt / equity	1.10×	1.20×	1.34×	1.14×	1.01×	0.86×	0.80×	0.69×	0.56×	0.78×	0.79×	0.72×	0.80×	0.88×	0.76×	0.62×	0.65×	0.64×	0.65×	0.69×	0.75×	0.94×	1.03×	1.13×	1.25×	1.31×	1.36×	1.29×	1.37×	0.38×	0.35×	0.36×	0.38×	0.42×	0.42×	0.26×	0.15×	0.15×	0.16×	0.18×	0.20×
Effective tax rate	21.6%	21.2%	21.2%	20.8%	22.5%	20.4%	22.0%	23.1%	(72.8%)	35.4%	36.3%	36.2%	35.6%	36.6%	34.3%	36.8%	36.3%	37.6%	34.6%	33.6%	24.5%	29.1%	29.9%	34.8%	34.5%	31.2%	31.9%	25.4%	30.0%	35.6%	36.1%	36.3%	38.9%	36.3%	79.3%	36.5%	35.0%	36.5%	38.3%	39.4%	39.2%
Share count
Diluted shares outstanding	225	226	227	236	248	257	266	280	290	296	304	312	316	325	351	372	372	380	398	415	412	400	391	390	387	382	379	380	379	383	396	409	422	429	424	479	523	548	575	570	568

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$12,963	$12,180	$12,123	$12,156	$12,745	$11,142	$9,789	$11,296	$11,458	$10,551	$9,888	$10,511	$11,624	$11,245	$11,040	$11,172	$9,516	$7,969	$10,661	$9,432	$9,407	$8,527	$7,312	$6,468	$6,270	$6,170	$6,159	$5,195	$4,221	$4,223	$4,770	$4,668	$4,581	$4,460	$4,607	$4,451	$4,617	$4,536	$4,462	$4,113	$4,076	$3,825
Cost of revenue	($4,906)	($7,012)	($8,359)	($9,348)	($8,012)	($6,777)	($6,392)	($7,403)	($7,499)	($7,029)	($6,818)	($7,632)	($8,054)	($7,994)	($7,922)	($7,966)	($6,847)	($6,007)	($7,577)	($6,858)	($6,850)	($5,932)	($5,239)	($2,826)	($2,382)	($2,420)	($2,543)	($1,931)	($269)	($350)	($1,108)	($1,056)	($1,100)	($1,685)	($1,823)	($3,589)	($3,024)	($2,956)	($2,026)	($2,732)	($2,702)	($2,504)
Gross profit	$8,057	$5,168	$3,764	$2,808	$4,733	$4,365	$3,397	$3,893	$3,959	$3,522	$3,070	$2,879	$3,570	$3,251	$3,118	$3,206	$2,669	$1,962	$3,084	$2,574	$2,557	$2,595	$2,073	$3,642	$3,888	$3,750	$3,616	$3,264	$3,952	$3,873	$3,662	$3,612	$3,481	$2,776	$2,783	$863	$1,593	$1,580	$2,436	$1,381	$1,374	$1,321
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	($2,922)	($2,823)	($2,819)	($2,621)	($2,442)	($2,373)	($2,751)	($2,925)	($2,979)	($2,808)	($2,911)	($2,897)	($3,002)	($2,960)	($2,974)	($2,708)	–	–	–	–	–	–	($3,056)	($2,364)	($2,300)	($2,518)	($2,131)	($1,682)	($1,651)	($1,646)	($1,723)	($1,641)	($1,510)	($1,500)	($369)	($412)	($407)	($1,179)	($974)	($391)	($348)
Total operating expenses	($3,969)	($812)	$307	$43	$76	$82	($395)	$96	–	–	($61)	$5	$5	$6	$6	$7	$7	–	–	$11	–	($437)	($371)	($2,578)	($2,730)	($2,743)	($2,983)	($2,546)	($2,900)	($2,660)	($2,465)	($2,525)	($2,416)	($1,915)	($1,897)	($751)	($785)	($754)	($1,491)	($1,276)	($672)	($602)
Total costs and expenses	($8,875)	($7,824)	($8,052)	($9,305)	($7,936)	($6,695)	($6,787)	($7,307)	($7,499)	($7,029)	($6,879)	($7,627)	($8,049)	($7,988)	($7,916)	($7,959)	($6,840)	($6,007)	($7,577)	($6,847)	($6,850)	($6,369)	($5,610)	($5,404)	($5,112)	($5,163)	($5,526)	($4,477)	($3,169)	($3,010)	($3,573)	($3,582)	($3,516)	($3,600)	($3,720)	($4,339)	($3,809)	($3,711)	($3,516)	($4,008)	($3,374)	($3,106)
Operating income	$4,088	$4,356	$4,071	$2,851	$4,809	$4,447	$3,002	$3,989	$3,959	$3,522	$3,009	$2,884	$3,575	$3,257	$3,124	$3,213	$2,676	$1,962	$3,084	$2,585	$2,557	$2,158	$1,702	$1,064	$1,158	$1,007	$633	$718	$1,052	$1,213	$1,197	$1,086	$1,065	$860	$886	$112	$808	$825	$945	$105	$702	$719
Earnings
EBITDA	–	$5,749	$5,424	$4,149	$6,030	$5,628	$4,156	$5,128	$5,063	$4,577	$4,035	$3,943	$4,531	$4,179	$4,046	$4,082	$3,502	$2,807	$3,899	$3,371	$3,307	$2,945	$2,311	$1,592	$1,687	$1,534	$1,150	$1,207	$1,502	$1,645	$1,626	$1,500	$1,469	$455	$490	($269)	$435	$478	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	$13	$10	$8	$9	$8	$8	$9	$12	$13	$20	$45	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($782)	($792)	($807)	($722)	($692)	($646)	($625)	($604)	($557)	($550)	($563)	($545)	($545)	($525)	($495)	($455)	($462)	($467)	($444)	($441)	–	($497)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,426	$3,665	$3,329	$2,320	$4,130	$3,878	$2,530	$3,491	$3,469	$3,128	$2,582	$2,442	$3,134	$2,965	$2,758	$2,918	$2,367	$1,622	$2,750	$2,237	$2,230	$1,697	$1,302	$586	$706	$553	$250	$351	$845	$998	$1,197	$1,115	$1,049	$899	$875	$144	$875	$933	$1,001	$280	$856	$822
Income tax expense	($742)	($792)	($707)	($493)	($860)	($873)	($517)	($769)	($803)	$2,276	($914)	($886)	($1,134)	($1,055)	($1,009)	($1,002)	($871)	($588)	($1,034)	($773)	($749)	($416)	($379)	($175)	($246)	($191)	($78)	($112)	($215)	($299)	($426)	($402)	($381)	($350)	($318)	($114)	($319)	($326)	($366)	($107)	($337)	($322)
Net income	$2,684	$2,873	$2,622	$1,827	$3,270	$3,005	$2,013	$2,722	$2,666	$5,404	$1,668	$1,556	$2,000	$1,910	$1,749	$1,916	$1,496	$1,034	$1,716	$1,464	$1,481	$1,281	$923	$535	$460	$375	$172	$239	$734	$721	$770	$713	$668	$772	$558	$30	$556	$606	$635	$172	$519	$500
Per share
Diluted EPS (GAAP)	$11.93	$12.75	$11.57	$8.02	$13.88	$12.11	$7.84	$10.25	$9.51	$18.61	$5.62	$5.10	$6.39	$6.04	$5.37	$5.45	$4.00	$2.76	$4.52	$3.68	$3.57	$3.11	$2.31	$1.37	$1.18	$0.97	$0.45	$0.63	$1.93	$1.90	$2.01	$1.80	$1.63	$1.83	$1.30	$0.07	$1.16	$1.16	$1.16	$0.30	$0.91	$0.88
Basic EPS (GAAP)	$11.94	$12.76	$11.58	$8.04	$13.92	$12.16	$7.88	$10.32	$9.58	$18.76	$5.66	$5.13	$6.44	$6.10	$5.42	$5.52	$4.06	$2.79	$4.58	$3.73	$3.63	$3.17	$2.34	$1.37	$1.18	$0.97	$0.45	$0.63	$1.94	$1.91	$2.03	$1.81	$1.63	$1.85	$1.31	$0.07	$1.16	$1.17	$1.16	$0.30	$0.91	$0.88
Basic shares outstanding	–	225	226	227	235	247	255	263	278	288	294	302	309	312	321	346	366	367	372	390	408	404	394	391	390	387	382	379	378	377	379	394	409	417	426	424	479	518	548	575	570	568
Margins
Gross margin	62.2%	42.4%	31.0%	23.1%	37.1%	39.2%	34.7%	34.5%	34.6%	33.4%	31.0%	27.4%	30.7%	28.9%	28.2%	28.7%	28.0%	24.6%	28.9%	27.3%	27.2%	30.4%	28.4%	56.3%	62.0%	60.8%	58.7%	62.8%	93.6%	91.7%	76.8%	77.4%	76.0%	62.2%	60.4%	19.4%	34.5%	34.8%	54.6%	33.6%	33.7%	34.5%
Operating margin	31.5%	35.8%	33.6%	23.5%	37.7%	39.9%	30.7%	35.3%	34.6%	33.4%	30.4%	27.4%	30.8%	29.0%	28.3%	28.8%	28.1%	24.6%	28.9%	27.4%	27.2%	25.3%	23.3%	16.5%	18.5%	16.3%	10.3%	13.8%	24.9%	28.7%	25.1%	23.3%	23.3%	19.3%	19.2%	2.5%	17.5%	18.2%	21.2%	2.6%	17.2%	18.8%
Net margin	20.7%	23.6%	21.6%	15.0%	25.7%	27.0%	20.6%	24.1%	23.3%	51.2%	16.9%	14.8%	17.2%	17.0%	15.8%	17.2%	15.7%	13.0%	16.1%	15.5%	15.7%	15.0%	12.6%	8.3%	7.3%	6.1%	2.8%	4.6%	17.4%	17.1%	16.2%	15.3%	14.6%	17.3%	12.1%	0.7%	12.0%	13.4%	14.2%	4.2%	12.7%	13.1%

Analyst consensus

Hold48 analysts

Bearish · 3 · Hold · 24 · Bullish · 21

Earnings history

	EPS	Estimate
Q4 2024	$3.04	$2.94	Beat
Q1 2025	$2.69	$2.66	Beat
Q2 2025	$3.29	$3.31	Miss
Q3 2025	$3.30	$3.19	Beat
Q4 2025	$3.22	$2.76	Beat
Q1 2026	$2.65	$2.49	Beat
Q2 2026	$3.52	$3.32	Beat
Q3 2026	$3.62	$3.46	Beat

Peers

Company overview

IPO dateJun 2, 1982

CEOMark R. George

Employees19,300

SectorIndustrials

IndustryRailroads

CountryUS

ExchangeNew York Stock Exchange

Websitewww.norfolksouthern.com

Norfolk Southern Corporation (NSC), operating through its various subsidiaries, is a prominent rail transport provider in the United States. The company's core business involves the conveyance of raw materials, semi-finished goods, and completed merchandise across the nation. Its extensive freight services cover a broad spectrum of commodities. This includes a variety of agricultural and forestry products like grains (e.g., soybeans, wheat, corn), fertilizers, animal feeds, and diverse foodstuffs such as oils, flour, sweeteners, beverages, and canned goods, alongside lumber and paper products. NSC also handles a wide range of chemicals, from sulfur and petroleum derivatives to chlorine compounds, plastics, industrial chemicals, and sand. Furthermore, the company moves metals and construction supplies, including steel, aluminum, heavy machinery, cement, aggregates, and specialized military equipment. Transportation of both finished motor vehicles and automotive components is a significant segment, as is the consistent shipment of coal. Beyond its principal freight operations, Norfolk Southern facilitates global trade by connecting with various Atlantic and Gulf Coast ports for overseas cargo. The corporation also manages an expansive intermodal network and offers commuter passenger rail services. As of the close of 2021, the company's vast railway infrastructure extended over roughly 19,300 route miles, serving 22 states and the District of Columbia. Norfolk Southern Corporation, originally incorporated in 1980, is based in Atlanta, Georgia.

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