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

Norfolk Southern Corp. (NSC)

Norfolk Southern owns a major freight railroad, Norfolk Southern Railway Company, carrying raw materials, intermediate products and finished goods mainly in the Southeast, East and Midwest, and reaching the rest of the country by interchange with other rail carriers. It also moves overseas freight through several Atlantic and Gulf Coast ports, and describes its intermodal network as the most extensive in the eastern half of the country. The company is based in Atlanta, Georgia and was incorporated in Virginia on 23 July 1980.

Norfolk Southern Corp.

Norfolk Southern owns a major freight railroad, Norfolk Southern Railway Company, carrying raw materials, intermediate products and finished goods mainly in the Southeast, East and Midwest, and reaching the rest of the country by interchange with other rail carriers. It also moves overseas freight through several Atlantic and Gulf Coast ports, and describes its intermodal network as the most extensive in the eastern half of the country. The company is based in Atlanta, Georgia and was incorporated in Virginia on 23 July 1980.

Being acquired by Union Pacific

On 28 July 2025 the company entered a merger agreement with Union Pacific and two of its subsidiaries. Union Pacific would acquire the company in a stock-and-cash transaction: the first merger folds a Union Pacific subsidiary into Norfolk Southern, leaving Norfolk Southern as a wholly owned subsidiary, and the second merges Norfolk Southern into a second Union Pacific subsidiary. Each Norfolk Southern share would convert into one Union Pacific share plus $88.82 in cash. Completion requires approvals including the U.S. Surface Transportation Board, and if the agreement is terminated in specified circumstances either side may owe a termination fee of $2.5 billion.

The network

At the end of 2025 the railroad operated approximately 19,100 route miles in 22 states and the District of Columbia. Counting every kind of track, it owned 27,607 miles and operated another 7,352 under lease, contract or trackage rights, 34,959 in total. The heaviest freight corridors are New York City to Chicago via Allentown and Pittsburgh, Chicago to Macon via Cincinnati, Chattanooga and Atlanta, central Ohio to Norfolk via Columbus and Roanoke, Birmingham to Meridian, and Cleveland to Kansas City. The system reaches manufacturing plants, electricity generating stations, mines, distribution centres, transload facilities and other businesses in its territory. Freight trains also run over lines carrying Amtrak and commuter services, including track owned or leased by Amtrak, New Jersey Transit, the Southeastern Pennsylvania Transportation Authority, Metro-North, the Virginia Passenger Rail Authority and the Michigan Department of Transportation.

What it carries

Traffic is reported in three groups. Merchandise covers agriculture, forest and consumer products, chemicals, metals and construction, and automotive; it carried 2,313.2 thousand units in 2025, up 2 percent, with automotive up 7 percent and chemicals up 6 percent. Intermodal is the largest single group by volume at 4,055.0 thousand units. Coal is the third group.

Track and equipment

During 2025 the railroad installed 479 track miles of rail, surfaced 4,061 miles of track and installed 2.0 million crossties. Of the 16,200 route miles it dispatches, 10,300 carry signals: 8,600 miles under Centralized Traffic Control, 1,700 with automatic block signals and 600 with cab signals, most of them controlled wirelessly through the company's own train control messaging and advanced train control networks. The owned locomotive fleet averaged 30.5 years in service at the end of 2025 and the freight car fleet 24.1 years; 27 locomotives and 1,182 freight cars were retired during the year.

Safety and the Eastern Ohio Incident

Safety is measured internally by accidents, injuries and serious injuries per 200,000 employee-hours, and against the metrics established by the FRA for reportable accidents per million train miles and injuries per 200,000 employee-hours. A Risk Reduction Program covers safety policies and procedures, risk-based hazard management, outreach, technology and work with craft employees, and gives every employee authority to stop work where a risk is not safeguarded. The board has a standing Safety Committee. The filing states that environmental compliance has not materially affected the company's position or results apart from its response to the Eastern Ohio Incident, and that insurance and other recoveries during 2025 exceeded the incremental expenses of resolving matters arising from it.

People and the operating ratio

An average of 19,400 people were employed during 2025 and 19,300 at the year end. Approximately 80 percent of railroad employees are craft employees covered by collective bargaining agreements with various unions, and the rest are management. The company reported an operating ratio, which it defines as the share of operating revenues consumed by operating expenses, of 64.2 percent for 2025, or 65.0 percent adjusted. It also notes that the comparison with 2024 was affected by the absence of $433 million of gains on sales of railway lines recorded in that year.

From Norfolk Southern's annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name What $10,000 in Norfolk Southern became

Latest results

Latest quarterQ3 FY2026ended 30 September 2026 · 10-Q filed 22 October 2026
Revenue
$3.5 billion
+13.6% on the year · +1.8% on the quarter
Q4 FY2024Q3 FY2026
Net income
$759 million
+6.8% on the year · +3.4% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$3.37
+6.6% on the year · +3.4% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Read the Q3 FY2026 results →the 10-Q on EDGAR ↗
Last full yearFY2025ended 31 December 2025 · 10-K filed 9 February 2026
Revenue
$12.2 billion
+0.5% on the year
FY2018FY2025
Net income
$2.9 billion
+9.6% on the year
FY2018FY2025
Diluted EPS
$12.75
+10.2% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsNorfolk Southern (NSC) reported revenue of $12.2 billion for fiscal 2025, the year ended 31 December 2025, up 0.5% on the year before. Net income was $2.9 billion and diluted earnings per share $12.75. Revenue was $12.1 billion in fiscal 2024, $12.2 billion in fiscal 2023, $12.7 billion in fiscal 2022 and $11.1 billion in fiscal 2021. Net income in the same years was $2.6 billion, $1.8 billion, $3.3 billion and $3.0 billion. Over the twelve months to 30 September 2026, Norfolk Southern reported revenue of $13.0 billion and net income of $2.7 billion. Revenue grew 4.5% a year, compounded, over the five years to fiscal 2025. Norfolk Southern declared $5.40 a share in dividends over the last four quarters and had 225 million shares outstanding at the latest filed count. At 30 September 2026 it carried $16.6 billion of debt and $1.6 billion of cash. At the close of 6 November 2026 the market cap of Norfolk Southern was $71.9 billion, 26.8 times its earnings over the last twelve months.
Read the FY2025 results →the 10-K on EDGAR ↗

Ratios

From the filings

ROE16.0%
ROCE12.3%
Operating margin31.5%
Net margin20.7%
FCF margin12.7%
Interest cover5.2x
Debt to equity0.99x
Cash conversion1.41x
Share count, last 12 months0.1%
Sales CAGR, 3 years-1.5%
Profit CAGR, 3 years-4.2%
EPS, TTM$11.93

At the close of 6 November 2026

Price$320.02
Market cap$71.9 billion
Stock P/E26.8x
Price to book4.3x
EV / EBITDA15.8x
Dividend yield1.7%
Market cap / sales5.5x
52-week high$352.98
52-week low$278.19
Price, 1 year13.4%
Price CAGR, 3 years18.1%
Price CAGR, 5 years2.4%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of Norfolk Southern Corp.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
NSCgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. 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. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue2,8522,9153,2503,3433,2373,1322,9802,9713,0733,0043,0443,0513,0242,9933,1103,1032,9742,9983,4653,526
Operating income1,1291,0851,2711,2721,1817115767568082131,1311,5961,1311,1461,1751,0989378771,1241,150
Operating margin40%37%39%38%36%23%19%25%26%7%37%52%37%38%38%35%32%29%32%33%
Interest expense165168170177177175170182195201204203199199201197195197197193
Pre-tax income9859121,0871,0931,03859246361465130.09441,427928978998924765715959987
Tax rate23%23%25%12%24%21%23%22%19%-77%22%23%21%23%23%23%16%23%23%23%
Net income76070381995879046635647852753.07371,099733750768711644547734759
Net margin27%24%25%29%24%15%12%16%17%2%24%36%24%25%25%23%22%18%21%22%
Diluted EPS$3.11$2.93$3.45$4.10$3.40$2.04$1.56$2.10$2.32$0.23$3.25$4.85$3.24$3.31$3.41$3.16$2.87$2.43$3.26$3.37
Operating cash flow9429941,0171,4137981,1736736606738391,0361,2269519501,0771,2711,0633441,0541,322
Capital expenditure445389448445666428520548853557568581675449475551729382439586
Free cash flow497605569968132745153112-180282468645276501602720334-38.0615736
Buybacks9306008548308261631402001190.00.00.00.024820878.00.05.00.00.0
Dividends paid264297294290286307308305305305305305306306303303303303303304
Shares outstanding240m238m235m232m228m228m227m226m226m226m226m226m226m225m225m224m224m225m225m225m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

Income statement (profit and loss)

FY2007FY2008FY2009 †FY2010FY2011FY2012FY2013FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023 †FY2024FY2025TTM
Revenue9,43210,6617,9699,51611,17211,04011,24511,62410,5119,88810,55111,45811,2969,78911,14212,74512,15612,12312,18012,963
Operating income2,5853,0841,9622,6763,2133,1243,2573,5752,8843,0093,5223,9593,9893,0024,4474,8092,8514,0714,3564,088
Operating margin27.4%28.9%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%
Interest expense441444467462455495525545545563550557604625646692722807792782
Pre-tax incomen/an/an/an/a2,9182,7582,9653,1342,4422,5823,1283,4693,4912,5303,8784,1302,3203,3293,6653,426
Income tax7731,0345888711,0021,0091,0551,134886914-2,276803769517873860493707792742
Effective tax raten/an/an/an/a34.3%36.6%35.6%36.2%36.3%35.4%-72.8%23.1%22.0%20.4%22.5%20.8%21.2%21.2%21.6%21.7%
Net income1,4641,7071,0261,4881,9161,7491,9101,9941,5501,6635,4042,6662,7222,0133,0053,2701,8272,6222,8732,684
Net margin15.5%16.0%12.9%15.6%17.2%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%
Diluted EPS$3.68$4.52$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
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree 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.

Revenue by segment FY2018 to FY2025

FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Merchandise6,7446,8036,0886,6697,3317,3537,4707,68463.1%
Intermodal2,8932,8242,6543,1633,6813,0903,0423,00924.7%
Coal1,8211,6691,0471,3101,7331,7131,6111,48712.2%
MerchandiseIntermodalCoal
11.5FY201811.3FY20199.8FY202011.1FY202112.7FY202212.2FY202312.1FY202412.2FY2025

$ billion; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow

FY2007FY2008FY2009 †FY2010FY2011FY2012FY2013FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023 †FY2024FY2025TTM
Operating cash flow2,3332,7151,8602,7143,2273,0653,0782,8522,9083,0343,2533,7263,8923,6374,2554,2223,1794,0524,3613,783
Capital expenditure1,3411,5581,2991,4702,1602,2411,9712,1182,3851,8871,7231,9512,0191,4941,4701,9482,3272,3812,2042,136
Free cash flow9921,1575611,2441,0678241,1077345231,1471,5301,7751,8732,1432,7852,2748521,6712,1571,647
Free cash flow margin10.5%10.9%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 from investing-1,025-1,228-1,451-1,456-1,772-1,994-1,894-2,002n/a-1,832-1,481-1,658-1,764-1,175-1,222-1,603-2,182-2,780-2,562-1,752
Cash from financing-1,629-1,075-31.0-1,427-2,006-694-394-1,320n/a-1,347-2,038-2,312-1,994-1,927-3,309-3,002115-1,199-1,910-1,851
Depreciation and amortisationn/an/an/an/an/an/an/an/an/a1,0301,0591,1041,1391,1541,1811,2211,2981,3531,3931,426
Share-based compensationn/an/a60.067.061.045.054.044.042.042.045.047.053.028.054.053.040.040.063.083.0
Buybacksn/a1,1280.08632,0511,2886273181,0758031,0122,7812,0991,4393,3903,1106220.05345.0
Dividends paid3774565005145766246376877136957038449499601,0281,1671,2251,2211,2151,213
Dividend per share$0.96$1.22$1.36$1.40$1.66$1.94$2.04$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, weightedn/a380m372m372mn/an/an/a312m304m296m290m280m266m257m248m236m227m226m225m225m
Shares outstanding at period endn/a366m369m357m330m314m309m308m298m290m284m268m258m252m240m228m226m226m224m225m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe 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

FY2007FY2008FY2009 †FY2010FY2011FY2012FY2013FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023 †FY2024FY2025TTM
Funded by
Shareholders' equity9,7279,60710,35310,6699,9119,76011,28912,40812,18812,40916,35915,36215,18414,79113,64112,73312,78114,30615,54716,730
Short-term borrowingsn/a0.0100n/an/an/an/an/an/an/an/an/an/an/an/an/a0.0n/an/an/a
Debtn/a6,1837,0537,0257,5408,6829,4488,98510,09310,2129,83611,14512,19612,68113,84015,18217,17517,20617,08716,613
Operating lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/a0.0441344331316287191148n/a
Other liabilitiesn/a10,5079,86310,50511,08711,90011,74611,84811,85812,2719,5169,73210,10210,14610,68110,65411,40911,97912,45412,606
Total liabilities and equityn/a26,29727,36928,19928,53830,34232,48333,24134,13934,89235,71136,23937,92337,96238,49338,88541,65243,68245,23645,949
Owned
Fixed assetsn/a22,24722,64323,23124,46925,73626,64527,69428,99229,75130,33031,09131,61431,34531,65332,15633,32635,83136,47936,857
Investmentsn/a1,7792,2542,4762,2592,3152,5572,6792,5722,7772,9813,1093,4283,5903,7073,6943,8393,3704,0894,186
Cash and equivalents2066189968272766531,4439731,1019566903585801,1158394561,5681,6411,5301,598
Receivablesn/a8707668071,0221,1091,0241,0559469459551,0099208489761,1481,1471,0699881,229
Other assetsn/a7837108585125298148405284637556721,3811,0641,3181,4311,7721,7712,1502,079
Total assetsn/a26,29727,36928,19928,53830,34232,48333,24134,13934,89235,71136,23937,92337,96238,49338,88541,65243,68245,23645,949
Filing10-K10-K10-K10-K10-K10-K10-K10-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.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded1.5%4.5%-1.5%6.0%
Profit growth, compounded6.4%7.4%-4.2%-9.4%
Return on equity, average19.4%19.8%17.0%18.5%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn 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.

Questions

What was Norfolk Southern's revenue in fiscal 2025?

Norfolk Southern (NSC) reported revenue of $12.2 billion for fiscal 2025, the year ended 31 December 2025, up 0.5% on the year before.

How much did Norfolk Southern earn in fiscal 2025?

Net income was $2.9 billion for fiscal 2025, and diluted earnings per share $12.75.

What is Norfolk Southern's P/E ratio?

At the close of 6 November 2026, Norfolk Southern traded at 26.8 times its earnings over the twelve months to 30 September 2026.

What is Norfolk Southern's market cap?

The market cap of Norfolk Southern was $71.9 billion at the close of 6 November 2026.

Does Norfolk Southern pay a dividend?

Yes. Norfolk Southern declared $5.40 a share in dividends over the four quarters to 30 September 2026.

Peers: Transportation

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Union Pacific Corp. UNP$172.5 billion22.6234.6%40.1%7.4%1.381.9%
Booking Holdings Inc. BKNG$119.5 billion17.37n/a32.8%8.0%n/a0.2%
Enbridge Inc. ENB$104.5 billion16.2810.0%12.2%40.0%1.568.0%
United Parcel Service Inc. UPS$92.3 billion20.8329.5%7.1%2.1%1.746.1%
CSX Corp. CSX$90.5 billion25.4424.9%36.4%5.8%1.311.1%
Royal Caribbean Cruises Ltd. RCL$87.5 billion19.3738.8%27.6%9.7%1.911.7%
Canadian Pacific Kansas City Ltd. CP$80.1 billion21.288.4%36.4%6.5%0.491.1%
FedEx Corp. FDX$72.2 billionn/an/an/an/a0.501.8%
Norfolk Southern Corp. NSC$71.9 billion26.8216.0%31.5%6.0%0.991.7%
Delta Air Lines, Inc. DAL$57.4 billion17.4014.6%7.4%14.1%0.620.8%
Mplx LP MPLX$56.6 billion13.06n/a42.0%3.1%n/an/a
Ftai Infrastructure Inc. FIP$410 millionn/an/a-2.9%67.7%n/a3.5%
All 68 in Transportation
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Union Pacific Corp. UNP$172.5 billion22.6234.6%40.1%7.4%1.381.9%
Booking Holdings Inc. BKNG$119.5 billion17.37n/a32.8%8.0%n/a0.2%
Enbridge Inc. ENB$104.5 billion16.2810.0%12.2%40.0%1.568.0%
United Parcel Service Inc. UPS$92.3 billion20.8329.5%7.1%2.1%1.746.1%
CSX Corp. CSX$90.5 billion25.4424.9%36.4%5.8%1.311.1%
Royal Caribbean Cruises Ltd. RCL$87.5 billion19.3738.8%27.6%9.7%1.911.7%
Canadian Pacific Kansas City Ltd. CP$80.1 billion21.288.4%36.4%6.5%0.491.1%
FedEx Corp. FDX$72.2 billionn/an/an/an/a0.501.8%
Norfolk Southern Corp. NSC$71.9 billion26.8216.0%31.5%6.0%0.991.7%
Delta Air Lines, Inc. DAL$57.4 billion17.4014.6%7.4%14.1%0.620.8%
Mplx LP MPLX$56.6 billion13.06n/a42.0%3.1%n/an/a
Carnival Corp. Ltd. CCL$39.8 billion12.9222.1%16.0%5.2%1.73n/a
United Airlines Holdings, Inc. UAL$36.6 billion10.3220.1%7.5%12.3%1.49n/a
Old Dominion Freight Line, Inc. ODFL$34.1 billion29.6724.9%26.6%3.8%0.000.7%
Expedia Group, Inc. EXPE$29.3 billion15.13127.5%17.2%12.9%3.310.7%
Expeditors International of Washington Inc. EXPD$23.9 billion23.4344.5%10.1%18.6%0.000.8%
Southwest Airlines Co. LUV$21.8 billion21.3714.4%4.4%14.5%0.801.6%
Xpo, Inc. XPO$20.7 billion41.7425.5%9.9%9.5%1.58n/a
J.B. Hunt Transport Services, Inc. JBHT$20.3 billion30.5618.6%7.2%10.6%0.310.8%
Plains ALL American Pipeline LP PAA$16.9 billionn/an/a3.1%12.2%n/an/a
HF Sinclair Corp. DINO$16.7 billion4.9330.1%13.5%29.5%0.242.1%
ZTO Express (Cayman) Inc. ZTO *$16.4 billion12.3713.7%21.3%10.9%n/a3.2%
C. H. Robinson Worldwide, Inc. CHRW$14.5 billion22.5042.3%4.9%10.4%1.182.0%
Knight-Swift Transportation Holdings Inc. KNX$9.5 billion62.832.2%4.2%7.0%0.261.3%
Saia Inc. SAIA$8.9 billion31.4710.0%10.7%9.3%0.04n/a
American Airlines Group Inc. AAL$8.7 billionn/an/a1.6%12.3%n/an/a
Norwegian Cruise Line Holdings Ltd. NCLH$8.2 billion9.8926.5%13.8%4.9%4.79n/a
Gatx Corp. GATX$6.4 billion16.9714.0%29.9%29.7%4.291.4%
Kirby Corp. KEX$6.3 billion17.4410.9%14.2%8.5%0.31n/a
Matson, Inc. MATX$6.3 billion11.9918.4%16.8%9.2%0.110.7%
GXO Logistics, Inc. GXO$6.2 billion46.804.5%2.2%7.1%0.94n/a
Plains GP Holdings LP PAGP$5.1 billionn/an/a3.1%12.2%n/an/a
Schneider National, Inc. SNDR$4.9 billion34.354.6%3.4%6.0%0.131.4%
International Seaways, Inc. INSW$4.9 billion4.6444.5%69.9%100.5%0.303.0%
Landstar System Inc. LSTR$4.8 billion30.3619.3%4.1%10.7%0.002.5%
Rxo, Inc. RXO$4.6 billionn/a-5.8%-0.8%10.1%0.33n/a
Brinks Co. BCO$4.5 billion28.9253.2%10.0%7.3%13.880.9%
Alaska Air Group, Inc. ALK$4.3 billionn/a-11.2%-1.9%8.2%1.74n/a
Tidewater Inc. TDW$3.5 billion14.1817.7%18.4%-1.0%0.47n/a
Skywest Inc. SKYW$3.0 billion7.6814.7%13.9%7.0%0.84n/a
Delek Logistics Partners, LP DKL$3.0 billion18.06n/a14.6%35.5%n/an/a
Arcbest Corp. ARCB$2.8 billion100.712.2%1.1%8.1%0.150.4%
Allegiant Travel Co. ALGT$2.5 billion28.203.1%5.5%27.8%1.660.0%
Lindblad Expeditions Holdings, Inc. LIND$2.2 billionn/an/a7.5%16.7%n/an/a
Dorian LPG Ltd. LPG$2.0 billion4.1434.0%72.3%87.1%0.347.2%
Frontier Group Holdings, Inc. ULCC$1.7 billionn/a-1,116.2%-9.5%24.0%13.14n/a
Werner Enterprises Inc. WERN$1.6 billionn/a-3.4%-0.9%9.6%0.582.1%
Genesis Energy LP GEL$1.6 billion67.63n/a18.3%-2.4%n/an/a
JetBlue Airways Corp. JBLU$1.4 billionn/a-74.8%-6.1%9.9%6.28n/a
Genco Shipping & Trading Ltd. GNK$1.1 billion14.618.9%19.2%54.7%0.416.9%
Bristow Group Inc. VTOL$1.1 billion13.957.3%9.5%10.1%0.68n/a
Marten Transport Ltd. MRTN$958 million65.171.7%1.9%-4.8%0.002.0%
Covenant Logistics Group, Inc. CVLG$802 million197.381.3%0.3%12.5%0.670.9%
Heartland Express Inc. HTLD$780 millionn/a-1.7%-1.0%-17.2%0.130.8%
Universal Logistics Holdings, Inc. ULH$715 millionn/an/an/an/a1.231.5%
GMR Solutions Inc. GMRS$671 millionn/an/an/an/a5.60n/a
Forward Air Corp. FWRD$562 millionn/an/a-6.7%-0.1%n/a0.0%
Strata Critical Medical, Inc. SRTA$496 millionn/a-9.0%-6.6%52.0%0.00n/a
Pangaea Logistics Solutions Ltd. PANL$496 million6.5815.3%12.2%27.8%0.480.7%
Radiant Logistics, Inc. RLGT$416 million22.747.8%2.6%3.5%0.10n/a
Ftai Infrastructure Inc. FIP$410 millionn/an/a-2.9%67.7%n/a3.5%
Virgin Galactic Holdings, Inc. SPCE$390 millionn/a-62.5%-24,804.5%-38.9%0.55n/a
Verra Mobility Corp. VRRM$332 million9.1014.3%12.7%6.5%3.90n/a
Pamt Corp. PAMT$295 millionn/a-23.0%-8.8%-2.1%1.66n/a
Seacor Marine Holdings Inc. SMHI$238 millionn/a-15.0%1.5%-15.0%1.28n/a
Wheels Up Experience Inc. UP$102 millionn/an/a-26.3%-7.6%n/an/a
Proficient Auto Logistics, Inc. PAL$85 millionn/an/an/an/a0.23n/a
T. Air Inc. AIRT$75 million1.1797.9%-6.6%25.4%3.78n/a
4 companies share its SEC industry code (Railroads, Line-Haul Operating); the rest are the names nearest in size in its wider industry, Transportation, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on NSC

Dividends$5.40 a share over the four quarters to 30 September 2026, a 1.69% yield
Filings18 in twelve months: 9 current reports (8-K), about 6 regulation FD disclosure; 4 results of operations; 2 shareholder vote; 1 officer or director change; 1 material agreement
Planned insider sales1 Form 144 notice in twelve months, $253,441; latest 19 November 2025
Options tapeput/call 0.94 by open interest at the 6 November 2026 close; the straddle prices a 3.8% move to 20 November 2026
13F holders1,878 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading1 sale and 1 purchase on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest7.1 million shares short, 10.27 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 September 202622 October 2026EDGAR
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

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