Norfolk Southern
NSC NYSE Rail Transportation Financials FY2016–FY2025
Norfolk Southern's revenue rose 0.5% to $12.2 billion in fiscal 2025. Its operating margin was 35.8%, up from 33.6% a year earlier. Free cash flow was $2.2 billion, up 29.1%. It paid out $1.7 billion in dividends and buybacks, 81% of free cash flow. The diluted share count fell 0.5%.
What Norfolk Southern does
Norfolk Southern owns a major freight railroad, Norfolk Southern Railway. It hauls raw materials, parts and finished goods mainly across the Southeast, East and Midwest, and to the rest of the country through connections with other railroads. It also moves freight to and from several Atlantic and Gulf Coast ports. At the end of 2025 it ran about 19,100 route miles of track in 22 states and the District of Columbia.
Railway operating revenue was $12.2 billion in 2025. Merchandise freight, such as farm and forest products, chemicals, metals, construction materials and cars and car parts, brought in 63%. Intermodal freight, which moves in shipping containers and trailers, brought in 25%. Coal brought in 12%. It sets most prices through private contracts or exempt quotes, which the federal Surface Transportation Board does not regulate. Its main rail competitor is CSX, and it also competes with trucks and barges.
The company had about 19,300 employees at the end of 2025, and roughly 80% of its railroad employees are covered by union agreements. In July 2025 it agreed to be acquired by Union Pacific. The deal needs approval from the Surface Transportation Board, among other conditions.
- Legal name
- NORFOLK SOUTHERN CORP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 9, 2026
- Accession · CIK
- 0001628280-26-006268
0000702165
Revenue and margins
Norfolk Southern had $12.2B of revenue in fiscal 2025, up 0.5% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 9.5% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.2B in fiscal 2025, 17.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Norfolk Southern returned $1.7B to shareholders in fiscal 2025, 81% of free cash flow. The diluted share count fell 0.5%.
Value Norfolk Southern yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$15.6B and divides by 225.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 27.7x · peers 29.1x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Norfolk Southern can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $839M | $456M | $1.6B | $1.6B | $1.5B |
| Debt incl. finance leases | $13.8B | $15.2B | $17.2B | $17.2B | $17.1B |
| Net debt / EBITDA | 2.3x | 2.4x | 3.8x | 2.9x | 2.7x |
| Debt / equity | 1.0x | 1.2x | 1.3x | 1.2x | 1.1x |
| Interest coverage | 6.9x | 7.0x | 4.0x | 5.0x | 5.5x |
| Current ratio | 0.9x | 0.8x | 1.2x | 0.9x | 0.9x |
| Quick ratio | 0.9x | 0.8x | 1.2x | 0.9x | 0.9x |
| Total assets | $38.5B | $38.9B | $41.7B | $43.7B | $45.2B |
| Total liabilities | $24.9B | $26.2B | $28.9B | $29.4B | $29.7B |
| Shareholders' equity | $13.6B | $12.7B | $12.8B | $14.3B | $15.5B |
| Net debt (− = net cash) | $13.0B | $14.7B | $15.6B | $15.6B | $15.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$1.3M
3 insiders
Sold, 12 months
$0.3M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 5, 2025 | William Clyburn Jr.Director | Bought | 204 | $294.79 | $0.1M | Form 4 |
| Nov 19, 2025 | Anil BhattEVP & Cido | Sold | 900 | $281.60 | $0.3M | Form 4 |
| Nov 5, 2025 | Sameh FahmyDirector | Bought | 1,650 | $282.97 | $0.5M | Form 4 |
| Oct 27, 2025 | Richard H AndersonDirector | Bought | 2,600 | $281.86 | $0.7M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✕ | ✕ |
| F-score | 5 / 8 | 6 / 8 | 6 / 8 |
| Accruals ratio | −3.4% | −3.4% | −3.4% |
| Altman Z'' | 1.86 | 1.99 | 2.07 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Norfolk Southern NSC | $74.3B | 0.5% | 35.8% | 17.7% | 11.2% | 27.7x | 6 | |
| CSX CSX | $94.1B | −3.1% | 32.1% | 12.1% | 11.3% | 26.5x | 4 | Compare → |
| Union Pacific UNP | $174.1B | 1.1% | 40.2% | 22.4% | 15.9% | 22.8x | 7 | Compare → |
| Jacobs Solutions J | $17.2B | 4.6% | 7.2% | 5.1% | 10.1% | 50.9x | 7 | Compare → |
| J.B. Hunt JBHT | $21.4B | −0.7% | 7.2% | 7.9% | 13.1% | 31.8x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $9.9B | $10.6B | $11.5B | $11.3B | $9.8B | $11.1B | $12.7B | $12.2B | $12.1B | $12.2B |
| Operating income | $3.0B | $3.5B | $4.0B | $4.0B | $3.0B | $4.4B | $4.8B | $2.9B | $4.1B | $4.4B |
| Interest expense | $563M | $550M | $557M | $604M | $625M | $646M | $692M | $722M | $807M | $792M |
| Pretax income | $2.6B | $3.1B | $3.5B | $3.5B | $2.5B | $3.9B | $4.1B | $2.3B | $3.3B | $3.7B |
| Income tax | $914M | −$2.3B | $803M | $769M | $517M | $873M | $860M | $493M | $707M | $792M |
| Net income | $1.7B | $5.4B | $2.7B | $2.7B | $2.0B | $3.0B | $3.3B | $1.8B | $2.6B | $2.9B |
| Diluted EPS | $5.62 | $18.61 | $9.51 | $10.25 | $7.84 | $12.11 | $13.88 | $8.02 | $11.57 | $12.75 |
| Diluted shares | 0.30B | 0.29B | 0.28B | 0.27B | 0.26B | 0.25B | 0.24B | 0.23B | 0.23B | 0.23B |
| Cash flow | ||||||||||
| Cash from operations | $3.0B | $3.3B | $3.7B | $3.9B | $3.6B | $4.3B | $4.2B | $3.2B | $4.1B | $4.4B |
| Capital expenditure | $1.9B | $1.7B | $2.0B | $2.0B | $1.5B | $1.5B | $1.9B | $2.3B | $2.4B | $2.2B |
| Free cash flow | $1.1B | $1.5B | $1.8B | $1.9B | $2.1B | $2.8B | $2.3B | $852M | $1.7B | $2.2B |
| Depreciation and amortization | $1.0B | $1.1B | $1.1B | $1.1B | $1.2B | $1.2B | $1.2B | $1.3B | $1.4B | $1.4B |
| Stock-based compensation | $42.0M | $45.0M | $47.0M | $53.0M | $28.0M | $54.0M | $53.0M | $40.0M | $40.0M | $63.0M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $803M | $1.0B | $2.8B | $2.1B | $1.4B | $3.4B | $3.1B | $622M | $0.0M | $534M |
| Dividends paid | $695M | $703M | $844M | $949M | $960M | $1.0B | $1.2B | $1.2B | $1.2B | $1.2B |
| Dividends and buybacks | $1.5B | $1.7B | $3.6B | $3.0B | $2.4B | $4.4B | $4.3B | $1.8B | $1.2B | $1.7B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $956M | $690M | $358M | $580M | $1.1B | $839M | $456M | $1.6B | $1.6B | $1.5B |
| Total debt | $10.2B | $9.8B | $11.1B | $12.2B | $12.7B | $13.8B | $15.2B | $17.2B | $17.2B | $17.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $8.0M | $25.0M | $22.0M | $0.0M | $17.0M | $13.0M | $18.0M |
| Current assets | $2.3B | $2.1B | $1.9B | $2.1B | $2.3B | $2.2B | $2.0B | $3.3B | $3.2B | $3.2B |
| Current liabilities | $2.3B | $2.5B | $2.6B | $2.3B | $2.2B | $2.5B | $2.6B | $2.6B | $3.5B | $3.8B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $29.8B | $30.3B | $31.1B | $31.6B | $31.3B | $31.7B | $32.2B | $33.3B | $35.8B | $36.5B |
| Total assets | $34.9B | $35.7B | $36.2B | $37.9B | $38.0B | $38.5B | $38.9B | $41.7B | $43.7B | $45.2B |
| Total liabilities | $22.5B | $19.4B | $20.9B | $22.7B | $23.2B | $24.9B | $26.2B | $28.9B | $29.4B | $29.7B |
| Shareholders' equity | $12.4B | $16.4B | $15.4B | $15.2B | $14.8B | $13.6B | $12.7B | $12.8B | $14.3B | $15.5B |
| Margins | ||||||||||
| Operating margin | 30.4% | 33.4% | 34.6% | 35.3% | 30.7% | 39.9% | 37.7% | 23.5% | 33.6% | 35.8% |
| EBITDA margin | 40.9% | 43.4% | 44.2% | 45.4% | 42.5% | 50.5% | 47.3% | 34.1% | 44.7% | 47.2% |
| Net margin | 16.9% | 51.2% | 23.3% | 24.1% | 20.6% | 27.0% | 25.7% | 15.0% | 21.6% | 23.6% |
| FCF margin | 11.6% | 14.5% | 15.5% | 16.6% | 21.9% | 25.0% | 17.8% | 7.0% | 13.8% | 17.7% |
| Returns | ||||||||||
| Return on capital | 9.1% | 14.9% | 11.8% | 11.8% | 9.0% | 13.0% | 14.1% | 8.0% | 11.0% | 11.2% |
| Return on capital employed | 9.3% | 10.7% | 11.9% | 11.5% | 8.4% | 12.4% | 13.3% | 7.6% | 10.3% | 10.7% |
| Return on equity | 13.6% | 37.6% | 16.8% | 17.8% | 13.4% | 21.1% | 24.8% | 14.3% | 19.4% | 19.3% |
| Return on assets | 4.8% | 15.3% | 7.4% | 7.3% | 5.3% | 7.9% | 8.5% | 4.5% | 6.2% | 6.5% |
| Growth | ||||||||||
| Revenue growth | −5.9% | 6.7% | 8.6% | −1.4% | −13.3% | 13.8% | 14.4% | −4.6% | −0.3% | 0.5% |
| Net income growth | 7.2% | 224.0% | −50.7% | 2.1% | −26.1% | 49.3% | 8.8% | −44.1% | 43.5% | 9.6% |
| EPS growth | 10.2% | 231.1% | −48.9% | 7.8% | −23.5% | 54.5% | 14.6% | −42.2% | 44.3% | 10.2% |
| FCF growth | 119.3% | 33.4% | 16.0% | 5.5% | 14.4% | 30.0% | −18.4% | −62.5% | 96.1% | 29.1% |
| Share count change | −2.8% | −1.9% | −3.5% | −5.2% | −3.4% | −3.3% | −5.0% | −3.5% | −0.4% | −0.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.3x | 2.0x | 2.1x | 2.3x | 2.8x | 2.3x | 2.4x | 3.8x | 2.9x | 2.7x |
| Debt / equity | 0.8x | 0.6x | 0.7x | 0.8x | 0.9x | 1.0x | 1.2x | 1.3x | 1.2x | 1.1x |
| Interest coverage | 5.3x | 6.4x | 7.1x | 6.6x | 4.8x | 6.9x | 7.0x | 4.0x | 5.0x | 5.5x |
| Current ratio | 1.0x | 0.8x | 0.7x | 0.9x | 1.1x | 0.9x | 0.8x | 1.2x | 0.9x | 0.9x |
| Quick ratio | 1.0x | 0.8x | 0.7x | 0.9x | 1.1x | 0.9x | 0.8x | 1.2x | 0.9x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 19.1% | 16.3% | 17.0% | 17.9% | 15.3% | 13.2% | 15.3% | 19.1% | 19.6% | 18.1% |
| Stock comp / revenue | 0.4% | 0.4% | 0.4% | 0.5% | 0.3% | 0.5% | 0.4% | 0.3% | 0.3% | 0.5% |
| Payouts / FCF | 130.6% | 112.1% | 204.2% | 162.7% | 112.0% | 158.6% | 188.1% | 216.8% | 73.1% | 81.1% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 6.0 | 5.0 | 6.0 | 5.0 | 6.0 | 6.0 | 5.0 | 6.0 | 6.0 |
| Altman Z'' | 2.1 | 2.8 | 2.6 | 2.5 | 2.3 | 2.3 | 2.1 | 1.9 | 2.0 | 2.1 |
| Accruals ratio | −4.0% | 6.1% | −3.0% | −3.2% | −4.3% | −3.3% | −2.5% | −3.4% | −3.4% | −3.4% |
Source: SEC EDGAR XBRL filings (CIK 0000702165). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.