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Stocks / United States / NSC · Railroads, Line-Haul Operating · NYSE

Norfolk Southern Corp. (NSC)

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Norfolk Southern Corp. (NSC) reported revenue of $3.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 11.4% on the same quarter a year earlier. Net income was $734 million, down 4.4% on the year, and diluted earnings per share $3.26. The figures are the company's own, from the 10-Q it filed with the SEC on 23 July 2026.

Revenue$3.5 billionup 11.4%
Net income$734 milliondown 4.4%
Diluted EPS$3.26
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE16.2%
ROCE12.5%
Operating margin32.2%
Net margin21.0%
FCF margin13.0%
Interest cover5.13
Debt to equity0.98
Cash conversion1.42
Share count, 1 year-0.0%
Sales CAGR, 3 years-1.5%
Profit CAGR, 3 years-4.2%
EPS, TTM$11.72

At the close of 21 September 2026

Price$309.07
Market cap$69.4 billion
Stock P/E26.37
Price to book4.27
EV / EBITDA15.48
Dividend yield1.7%
Market cap / sales5.54
52-week high$352.98
52-week low$278.19
Price, 1 year8.9%
Price CAGR, 3 years15.1%
Price CAGR, 5 years5.2%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on the one borrowings figure Norfolk Southern Corp. files, which has finance leases inside it; operating leases are a separate line. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on NSC

Filings20 in twelve months: 11 current reports (8-K), about 6 regulation fd disclosure; 4 results of operations; 2 officer or director change; 2 shareholder vote; 2 other events
Planned insider sales1 Form 144 notice in twelve months, $253,441; latest 19 November 2025
Options tapeput/call 0.63 by open interest on 23 September 2026; the straddle prices a 4.3% move to 16 October 2026
Holders8 of the followed funds hold it; largest Millennium Management; 3 Schedule 13D or 13G filings in twelve months
Insider trading0 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest5.7 million shares short, 4.92 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,9713,0733,0043,0443,0513,0242,9933,1103,1032,9742,9983,465
Operating income7568082131,1311,5961,1311,1461,1751,0989378771,124
Operating margin25%26%7%37%52%37%38%38%35%32%29%32%
Interest expense182195201204203199199201197195197197
Pre-tax income61465130.09441,427928978998924765715959
Tax rate22%19%-77%22%23%21%23%23%23%16%23%23%
Net income47852753.07371,099733750768711644547734
Net margin16%17%2%24%36%24%25%25%23%22%18%21%
Diluted EPS$2.10$2.32$0.23$3.25$4.85$3.24$3.31$3.41$3.16$2.87$2.43$3.26
Operating cash flow6606738391,0361,2269519501,0771,2711,0633441,054
Capital expenditure548853557568581675449475551729382439
Free cash flow112-180282468645276501602720334-38.0615
Buybacks2001190.00.00.00.024820878.00.05.00.0
Dividends paid305305305305305306306303303303303303
Shares outstanding226m226m226m226m226m226m225m225m224m224m225m225m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014 FY2015 FY2016 FY2017 FY2018FY2019FY2020FY2021FY2022FY2023 FY2024FY2025TTM
Revenue11,62410,5119,88810,55111,45811,2969,78911,14212,74512,15612,12312,18012,540
Operating income3,5752,8843,0093,5223,9593,9893,0024,4474,8092,8514,0714,3564,036
Operating margin30.8%27.4%30.4%33.4%34.6%35.3%30.7%39.9%37.7%23.5%33.6%35.8%32.2%
Interest expense545545563550557604625646692722807792786
Pre-tax income3,1342,4422,5823,1283,4693,4912,5303,8784,1302,3203,3293,6653,363
Income tax1,134886914-2,276803769517873860493707792727
Effective tax rate36.2%36.3%35.4%-72.8%23.1%22.0%20.4%22.5%20.8%21.2%21.2%21.6%21.6%
Net income1,9941,5501,6635,4042,6662,7222,0133,0053,2701,8272,6222,8732,636
Net margin17.2%14.7%16.8%51.2%23.3%24.1%20.6%27.0%25.7%15.0%21.6%23.6%21.0%
Diluted EPS$6.39$5.10$5.62$18.61$9.51$10.25$7.84$12.11$13.88$8.02$11.57$12.75$11.72
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014 FY2015 FY2016 FY2017 FY2018FY2019FY2020FY2021FY2022FY2023 FY2024FY2025TTM
Operating cash flow2,852n/a3,0343,2533,7263,8923,6374,2554,2223,1794,0524,3613,732
Capital expenditure2,1182,3851,8871,7231,9512,0191,4941,4701,9482,3272,3812,2042,101
Free cash flow734n/a1,1471,5301,7751,8732,1432,7852,2748521,6712,1571,631
Free cash flow margin6.3%n/a11.6%14.5%15.5%16.6%21.9%25.0%17.8%7.0%13.8%17.7%13.0%
Depreciation and amortisationn/an/a1,0301,0591,1041,1391,1541,1811,2211,2981,3531,3931,411
Share-based compensation44.042.042.045.047.053.028.054.053.040.040.063.077.0
Buybacks3181,0758031,0122,7812,0991,4393,3903,1106220.053483.0
Dividends paid6877136957038449499601,0281,1671,2251,2211,2151,212
Dividend per share$2.22$2.36$2.36$2.44$3.04$3.60$3.76$4.16$4.96$5.40$5.40$5.40n/a
Diluted shares, weighted312m304m296m290m280m266m257m248m236m227m226m225m225m
Shares outstanding at period end308m298m290m284m268m258m252m240m228m226m226m224m225m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 FY2015 FY2016 FY2017 FY2018FY2019FY2020FY2021FY2022FY2023 FY2024FY2025TTM
Total assets33,24134,13934,89235,71136,23937,92337,96238,49338,88541,65243,68245,23645,122
Cash and equivalents9731,1019566903585801,1158394561,5681,6411,5301,069
Receivables1,0559469459551,0099208489761,1481,1471,0699881,177
Total debt, as filed8,98510,09310,2129,83611,145n/an/an/an/an/an/an/an/a
Long-term debt8,8859,89310,1129,736n/an/an/an/an/an/an/an/an/a
Long-term debt including finance leases8,8839,3939,5629,13610,56011,88012,10213,28714,47917,17516,65116,48015,967
Operating lease liabilitiesn/an/an/an/a0.0441344331316287191148n/a
Shareholders' equity12,40812,18812,40916,35915,36215,18414,79113,64112,73312,78114,30615,54716,253
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded1.5%4.5%-1.5%3.0%
Profit growth, compounded6.4%7.4%-4.2%-21.3%
Return on equity, average19.4%19.8%17.0%18.5%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Railroads, Line-Haul Operating

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Union Pacific Corp. UNP$160.1 billion21.8135.5%40.0%4.2%1.402.0%
CSX Corp. CSX$85.2 billion26.5822.9%34.2%2.5%1.221.1%
Norfolk Southern Corp. NSC$69.4 billion26.3716.2%32.2%3.0%0.981.7%

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q30 June 202623 July 2026EDGAR
10-Q31 March 202624 April 2026EDGAR
10-K31 December 20259 February 2026EDGAR
10-Q30 September 202523 October 2025EDGAR
10-Q30 June 202529 July 2025EDGAR
10-Q31 March 202523 April 2025EDGAR
10-K31 December 202410 February 2025EDGAR
10-Q30 September 202422 October 2024EDGAR
10-Q30 June 202426 July 2024EDGAR
10-Q31 March 202424 April 2024EDGAR

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