NYSE: NSC
Norfolk Southern
Industrials · Railroads, Line-Haul Operating
52-week range
$277.80$358.60
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$69.4B
Show tableHide table
| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $31.4B |
| FY2017, ended Dec 31, 2017 | $41.2B |
| FY2018, ended Dec 31, 2018 | $40.0B |
| FY2019, ended Dec 31, 2019 | $50.1B |
| FY2020, ended Dec 31, 2020 | $59.9B |
| FY2021, ended Dec 31, 2021 | $71.4B |
| FY2022, ended Dec 31, 2022 | $56.1B |
| FY2023, ended Dec 31, 2023 | $53.4B |
| FY2024, ended Dec 31, 2024 | $53.1B |
| FY2025, ended Dec 31, 2025 | $64.8B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $69.4B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$13.0B
Show tableHide table
| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.89B |
| FY2017, ended Dec 31, 2017 | $10.6B |
| FY2018, ended Dec 31, 2018 | $11.5B |
| FY2019, ended Dec 31, 2019 | $11.3B |
| FY2020, ended Dec 31, 2020 | $9.79B |
| FY2021, ended Dec 31, 2021 | $11.1B |
| FY2022, ended Dec 31, 2022 | $12.7B |
| FY2023, ended Dec 31, 2023 | $12.2B |
| FY2024, ended Dec 31, 2024 | $12.1B |
| FY2025, ended Dec 31, 2025 | $12.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $13.0B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.66B | $1.15B |
| FY2017, ended Dec 31, 2017 | $5.40B | $1.53B |
| FY2018, ended Dec 31, 2018 | $2.67B | $1.77B |
| FY2019, ended Dec 31, 2019 | $2.72B | $1.87B |
| FY2020, ended Dec 31, 2020 | $2.01B | $2.14B |
| FY2021, ended Dec 31, 2021 | $3.00B | $2.79B |
| FY2022, ended Dec 31, 2022 | $3.27B | $2.27B |
| FY2023, ended Dec 31, 2023 | $1.83B | $852M |
| FY2024, ended Dec 31, 2024 | $2.62B | $1.67B |
| FY2025, ended Dec 31, 2025 | $2.87B | $2.16B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.68B | $1.65B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.60B
Show tableHide table
| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $956M |
| FY2017, ended Dec 31, 2017 | $690M |
| FY2018, ended Dec 31, 2018 | $358M |
| FY2019, ended Dec 31, 2019 | $580M |
| FY2020, ended Dec 31, 2020 | $1.11B |
| FY2021, ended Dec 31, 2021 | $839M |
| FY2022, ended Dec 31, 2022 | $456M |
| FY2023, ended Dec 31, 2023 | $1.57B |
| FY2024, ended Dec 31, 2024 | $1.64B |
| FY2025, ended Dec 31, 2025 | $1.53B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.60B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$16.6B
Show tableHide table
| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.2B |
| FY2017, ended Dec 31, 2017 | $9.84B |
| FY2018, ended Dec 31, 2018 | $11.1B |
| FY2019, ended Dec 31, 2019 | $12.2B |
| FY2020, ended Dec 31, 2020 | $12.7B |
| FY2021, ended Dec 31, 2021 | $13.8B |
| FY2022, ended Dec 31, 2022 | $15.2B |
| FY2023, ended Dec 31, 2023 | $17.2B |
| FY2024, ended Dec 31, 2024 | $17.2B |
| FY2025, ended Dec 31, 2025 | $17.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $16.6B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 22.7% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.225M
Show tableHide table
| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 291M |
| FY2017, ended Dec 31, 2017 | 284M |
| FY2018, ended Dec 31, 2018 | 267M |
| FY2019, ended Dec 31, 2019 | 258M |
| FY2020, ended Dec 31, 2020 | 252M |
| FY2021, ended Dec 31, 2021 | 240M |
| FY2022, ended Dec 31, 2022 | 228M |
| FY2023, ended Dec 31, 2023 | 226M |
| FY2024, ended Dec 31, 2024 | 226M |
| FY2025, ended Dec 31, 2025 | 225M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 225M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $78.0M more issued than bought back
Show tableHide table
| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $803M | $42.0M |
| FY2017, ended Dec 31, 2017 | $1.01B | $45.0M |
| FY2018, ended Dec 31, 2018 | $2.78B | $47.0M |
| FY2019, ended Dec 31, 2019 | $2.10B | $53.0M |
| FY2020, ended Dec 31, 2020 | $1.44B | $28.0M |
| FY2021, ended Dec 31, 2021 | $3.39B | $54.0M |
| FY2022, ended Dec 31, 2022 | $3.11B | $53.0M |
| FY2023, ended Dec 31, 2023 | $622M | $40.0M |
| FY2024, ended Dec 31, 2024 | $0 | $40.0M |
| FY2025, ended Dec 31, 2025 | $534M | $63.0M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.00M | $83.0M |
Revenue (TTM)
$13.0B
+6.0% YoY
Net income (TTM)
$2.68B
−9.4% YoY
Cash
$1.60B
+12.7% YoY
Total debt
$16.6B
−2.8% YoY
Valuation
At current price- Market Cap
- $77.0B
- P/E
- 28.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 5.9×
- Price / Book
- 4.6×
- EV / EBITDA
- 16.7×
Growth
Trailing 12 months- Revenue (TTM)
- $13.0B
- Revenue Growth YoY
- 6.0%
- Revenue CAGR 3Y
- −1.5%
- Revenue CAGR 5Y
- 4.5%
- EPS Growth YoY
- −9.0%
- Net Income Growth YoY
- −9.4%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 31.5%
- Net Margin
- 20.7%
- FCF Margin
- 12.7%
- Return on Equity
- 16.8%
Earnings
Trailing 12 months- Net Income
- $2.68B
- EPS (diluted)
- $11.93
- EBITDA
- $5.51B
- Operating Income
- $4.09B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $1.60B
- Total Debt
- $16.6B
- Net Debt
- $15.0B
- Total Assets
- $45.9B
- Total Liabilities
- $29.2B
- Shareholders' Equity
- $16.7B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.78B
- Capital Expenditure
- $2.14B
- Free Cash Flow
- $1.65B
Dividends and risk
Last 12 months- Dividend Yield
- 1.6%
- Dividend / Share
- $5.40
- Beta (5Y)
- 1.29
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 6.0% year over year, at $13.0B.
Watch
Operating margin narrowed 5.7 pts in a year, to 31.5%.
Note
Net debt of $15.0B is 2.7× EBITDA.
Note
Free cash flow of $1.65B, 12.7% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 22, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K63Mildly positive
63Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 9, 2026 · Read the filing on EDGAR
- Norfolk Southern agreed in July 2025 to merge with Union Pacific. Regulators sent back the first application as incomplete, and a revised one is being prepared.
- Revenue was flat at $12.2 billion. Operating income rose 7% and net income rose 10% to $2.87 billion, helped by $418 million of insurance and other recoveries for the East Palestine derailment.
- Excluding one-off items, net income rose 5% and costs fell to 65.0% of revenue. Coal and intermodal revenue fell, while merchandise freight grew 3%.
- Share buybacks are suspended under the merger agreement. Some intermodal customers have shifted business to other carriers because of the merger.
Business momentum
Improving
“Income from railway operations, net income, and diluted earnings per share increased in 2025 compared to 2024, the result of lower railway operating expense and higher railway operating revenues.”
Outlook
Neutral
“For 2026, we expect property additions to approximate $1.9 billion.”
Financial stress
Low
“We expect that cash on hand combined with cash provided by operating activities will be sufficient to meet our ongoing obligations.”
Tone against the previous report
About the same
Red flags
- Minor
Other
“While the initial Merger application with the STB was determined to be incomplete, the Company and Union Pacific are in process of preparing a revised application that incorporates the additional items identified by the STB.”
Positives
Profit up even without last year's line-sale gains
“Net income $ 2,873 $ 2,622 $ 1,827 10 % 44 %”
Derailment recoveries exceeded new costs
“Eastern Ohio incident activity during 2025 reflected insurance and other recoveries that exceeded additional Incident-related expenses by $254 million.”
Strong cash generation and labor peace through 2029
“Cash provided by operating activities, our principal source of liquidity, was $4.4 billion in 2025, $4.1 billion in 2024, and $3.2 billion in 2023.”
Concerns
Coal revenue down 8% on weaker pricing
“The decrease in 2025 was a result of lower average revenue per unit, driven by decreased pricing, adverse mix, and lower fuel surcharge revenue, partially offset by increased volume.”
Liability insurance recoveries for the derailment are used up
“We have now completed recoveries under our liability insurance policies.”
Rising claims and pay costs
“Claims expense increased in 2025 but decreased in 2024 compared to the prior years.”
New risks since the previous report
Merger with Union Pacific may not win approval or close
“The Mergers are subject to conditions, some or all of which may not be satisfied or completed on a timely basis, if at all.”
Customers moving freight to other carriers because of the merger
“distribution network diversification by certain of our customers in connection with the Merger”
Merger agreement limits buybacks, borrowing and spending
“With limited exceptions, the Merger Agreement prohibits the Company from repurchasing shares of its Common Stock without approval by Union Pacific.”
Possible termination fees if the deal fails
“the Company could owe substantial termination fees to Union Pacific under certain circumstances”
Losing key staff during merger uncertainty
“Uncertainties associated with the Mergers may cause a loss of management personnel and other key employees”
Biggest risks named
- Union Pacific merger fails or faces costly regulatory conditions
- East Palestine derailment lawsuits and penalties
- Customers moving freight to other carriers during the merger
- Hazardous-materials accidents costing more than insurance covers
- Tariffs and weak demand for coal and intermodal freight
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −2 | |
| Score | 63 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 22, 2026 | Pro | |||
| 10-K | Feb 9, 2026 | 63 | Improving | 1 minor | |
| 10-K | Feb 10, 2025 | 69 | Improving | 1 minor | |
| 10-K | Feb 5, 2024 | 39 | Sharp deterioration | 2 medium | |
| 10-K | Feb 3, 2023 | 60 | Improving | None | |
| 10-K | Feb 4, 2022 | 76 | Strong improvement | None | |
| 10-K | Feb 4, 2021 | 49 | Weakening | 1 medium1 minor | |
| 10-K | Feb 6, 2020 | 56 | Stable | 2 minor | |
| 10-K | Feb 8, 2019 | 67 | Improving | None | |
| 10-K | Feb 5, 2018 | 76 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 22, 2026. View filings on SEC EDGAR