CSX
CSX · Rail Transportation
$50.79
1.7%Norfolk Southern
NSC · Rail Transportation
$329.99
2.4%The short version
- CSX is the larger business, with $14.1B of revenue in fiscal 2025 against $12.2B for Norfolk Southern.
- Norfolk Southern grew revenue faster (0.5%, against −3.1%).
- Norfolk Southern kept more of each dollar of sales as operating profit (35.8% operating margin, against 32.1% operating margin).
- Norfolk Southern turned more of its sales into free cash flow (17.7% FCF margin, against 12.1% FCF margin).
- Investors pay more for each dollar of Norfolk Southern’s earnings: a P/E of 27.7x against 26.5x for CSX.
| Latest fiscal year | CSX · FY25 | NSC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $94.1B | $74.3B |
| Revenue | $14.1B | $12.2B |
| Free cash flow | $1.7B | $2.2B |
| Net income | $2.9B | $2.9B |
| Growth | ||
| Revenue growth | −3.1% | 0.5% |
| 5-year growth | 5.9% | 4.5% |
| Share count change | −3.6% | −0.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 32.1% | 35.8% |
| Net margin | 20.5% | 23.6% |
| FCF margin | 12.1% | 17.7% |
| Return on capital | 11.3% | 11.2% |
| Return on equity | 22.5% | 19.3% |
| Balance sheet | ||
| Net debt | $18.2B | $15.6B |
| Net debt / EBITDA | 2.9x | 2.7x |
| Dividends and buybacks | $2.4B | $1.7B |
| Valuation & quality | ||
| P/E | 26.5x | 27.7x |
| Piotroski F-score | 4 | 6 |
FY16
CSX $11.1B
NSC $9.9B
FY17
CSX $11.4B
NSC $10.6B
FY18
CSX $12.3B
NSC $11.5B
FY19
CSX $11.9B
NSC $11.3B
FY20
CSX $10.6B
NSC $9.8B
FY21
CSX $12.5B
NSC $11.1B
FY22
CSX $14.9B
NSC $12.7B
FY23
CSX $14.7B
NSC $12.2B
FY24
CSX $14.5B
NSC $12.1B
FY25
CSX $14.1B
NSC $12.2B
CSX
NSC
FY16
CSX 30.8%
NSC 30.4%
FY17
CSX 32.6%
NSC 33.4%
FY18
CSX 39.8%
NSC 34.6%
FY19
CSX 41.6%
NSC 35.3%
FY20
CSX 41.2%
NSC 30.7%
FY21
CSX 44.7%
NSC 39.9%
FY22
CSX 40.1%
NSC 37.7%
FY23
CSX 37.5%
NSC 23.5%
FY24
CSX 36.1%
NSC 33.6%
FY25
CSX 32.1%
NSC 35.8%
CSX
NSC
FY16
CSX $643M
NSC $1.1B
FY17
CSX $1.4B
NSC $1.5B
FY18
CSX $2.9B
NSC $1.8B
FY19
CSX $3.2B
NSC $1.9B
FY20
CSX $2.6B
NSC $2.1B
FY21
CSX $3.3B
NSC $2.8B
FY22
CSX $3.4B
NSC $2.3B
FY23
CSX $3.3B
NSC $852M
FY24
CSX $2.7B
NSC $1.7B
FY25
CSX $1.7B
NSC $2.2B
CSX
NSC
FY16
CSX 10.0%
NSC 9.1%
FY17
CSX 15.5%
NSC 14.9%
FY18
CSX 14.3%
NSC 11.8%
FY19
CSX 14.6%
NSC 11.8%
FY20
CSX 12.6%
NSC 9.0%
FY21
CSX 15.8%
NSC 13.0%
FY22
CSX 16.4%
NSC 14.1%
FY23
CSX 14.5%
NSC 8.0%
FY24
CSX 13.5%
NSC 11.0%
FY25
CSX 11.3%
NSC 11.2%
CSX
NSC
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