— Know what they know.
/
Not Investment Advice

NSC

NYSE · USD
Norfolk Southern Corporation
Industrials · Railroads
CEO Mark R. George Employees 19,300 R&D / revenue 0.0%
Last price
$326.92+0.64%last session
Market cap
$73.4B
P/E (TTM)
27.9x
From 52w high
−8.8%
From 52w low
+17.7%
1-year return
+13.8%
RSI 14 · vs SMA200
60.7 · +4.6%
IS score
59.1/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

NSC   SPY   XLI (sector ETF) · weekly closes
100110120Jan 26Apr 26Jul 26Oct 26SPY 116NSC 114XLI 111

Score DNA

Each bar is a 0-100 score within the scored universe
76
Profitability
27
Growth
48
Value
59
Momentum
50
Risk (safety)
81
Quality
48
Balance sheet
86
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Narrow, Intangible AssetsPiotroski 7 / 9Altman Z 2.5Beta 1.273 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
Form 144 notices (12m): 1, $253,441 proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-09-04
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+31
139 new holders, 85 closed
1,874 filers hold 76.5% · 611 added, 643 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+213
927 funds adding shares
714 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
38.4%
20-day avg 41.8%, 50-day avg 37.0%
Latest 3.4 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$12.2B
Revenue growth YoY+0.5%
Gross margin42.4%
Operating income$4.0B
Operating margin32.9%
Net income$2.9B
Net margin23.6%
EPS (diluted)$12.75
Cash flow
Operating cash flow$4.4B
Capital expenditure$2.2B
Free cash flow$2.2B
FCF conversion (FCF / OCF)49.5%
Stock-based compensation$0
FCF less SBC$2.2B
Buybacks$534.0M
Dividends$1.2B
Balance sheet & returns
Cash & short-term investments$1.5B
Total debt$17.1B
Net debt$15.6B
Shareholders' equity$15.5B
Goodwill & intangibles$0
Debt / equity1.02
ROE (TTM)16.8%
ROIC (TTM)7.3%
Operating margin by fiscal year
39.2%FY202137.1%FY202223.1%FY202331.0%FY202432.9%FY2025
Revenue $11.1B (FY2021) to $12.2B (FY2025), a 2.3% CAGR.

Valuation

P/E (TTM)27.9x
EV / EBITDA16.4x
Price / sales5.86x
Price / FCF19.1x
FCF yield5.22%
Buyback yield0.73%
SBC / revenue0.0%
Price / book4.53x
Forward P/E FY202625.4x
Forward P/E FY202722.8x
Forward P/E FY202820.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $361.86 across 7 analysts last quarter is theirs, not ours.

NSC vs industry median

42 companies in Railroads
Gross margin 53.7% 32.1% Operating margin 31.6% 13.7% Net margin 21.0% 9.1% ROIC 7.3% 6.3%
NSC (TTM)Industry median Asset turnover 0.28 vs industry 0.46 · financial leverage 2.78

Earnings delivery

Next report 2026-10-22 · consensus EPS $3.47
67%
beat rate, 8 of 12 quarters
+3.4%
median EPS surprise
4
longest beat streak
-1-1-2+7+5+3+1-1+3+17+6+6
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-25 to 2026-07-23. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
NSC Norfolk Southern Corporation $73.4B27.9x16.8%21.0%+0.5% +13.8%
CSX CSX Corporation $90.2B28.1x24.4%25.5%+2.5% +35.8%
WAB Westinghouse Air Brake Techn $48.4B38.5x11.5%12.4%+13.4% +48.2%
UNP Union Pacific Corporation $171.7B23.4x39.7%29.0%+4.2% +29.7%
CMI Cummins Inc. $73.1B27.0x22.0%9.9%+2.9% +26.2%
UPS United Parcel Service, Inc. $73.1B18.1x29.7%2.6%−0.3% —
NOC Northrop Grumman Corporation $73.9B16.5x27.0%10.1%+5.9% —
RSG Republic Services, Inc. $70.9B32.8x18.1%12.8%+3.2% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-07-23Earnings Release; Regulation FD; Exhibits
2026-06-01Officer/Director Change; Regulation FD; Exhibits
2026-05-08Shareholder Vote
2026-04-24Earnings Release; Regulation FD; Exhibits
2026-04-02Material Agreement; Exhibits
2026-01-29Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits

Context

Shares outstanding224,608,000
Free float99.8%
Institutional ownership76.5%
Beta1.27
Dividend yield1.65%
Last dividend$1.35 on 2026-08-07
50 / 200-day average$327.49 / $312.61
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where NSC sits among 7 scored companies in Railroads (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureNSCIndustry medianIndustry percentileSector median
P/E (TTM) 27.9x 27.9x
50th		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 21.77 1.50
100th		 1.42
Price / sales 5.9x 4.0x
67th		 2.0x
Price / book 4.5x 4.3x
67th		 2.9x
Price / tangible book 4.4x 4.0x
60th		 5.6x
Price / free cash flow 19.1x 19.1x
50th		 20.8x
Price / operating cash flow 19.7x 16.7x
83rd		 14.5x
Enterprise value $89.0B $54.7B
67th		 $4.8B
EV / sales 7.1x 4.6x
67th		 2.4x
EV / EBITDA 16.4x 15.1x
83rd		 13.6x
EV / EBIT 22.2x 18.6x
83rd		 19.9x
EV / free cash flow 23.2x 23.2x
50th		 24.3x
Earnings yield 3.6% 3.6%
50th		 3.3%
FCF yield 5.2% 3.8%
67th		 3.8%
Operating cash flow yield 5.1% 6.0%
17th		 6.2%
Graham number (per share) $137.93 $59.82
100th		 $38.21

Profitability (TTM)

MeasureNSCIndustry medianIndustry percentileSector median
Gross margin 53.7% 34.3%
100th		 30.5%
EBITDA margin 43.3% 43.3%
50th		 14.3%
Operating margin 31.6% 16.6%
67th		 9.8%
EBIT margin 32.0% 32.0%
50th		 9.9%
Net margin 21.0% 16.8%
67th		 6.0%
NOPAT margin 24.8% 12.5%
67th		 7.8%
FCF margin 30.6% 15.5%
83rd		 7.0%
Operating cash flow margin 29.8% 19.0%
67th		 11.2%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 6.0% 9.3%
33rd		 14.1%
Stock comp / revenue 0.0% 0.3%
0th		 0.6%
Effective tax rate 21.6% 24.8%
0th		 21.0%

Returns on capital

MeasureNSCIndustry medianIndustry percentileSector median
ROE (on average equity) 17.0% 17.0%
50th		 11.9%
ROA 5.9% 5.8%
67th		 4.8%
ROIC 9.8% 8.5%
67th		 8.7%
ROCE 9.6% 9.8%
17th		 9.4%
Return on tangible assets 9.0% 8.9%
67th		 7.9%
Cash ROIC (OCF / invested capital) 11.7% 11.7%
50th		 12.8%
Gross profitability (GP / assets) 14.9% 14.9%
50th		 19.2%
ROIC, 3-yr average 7.9% 6.6%
67th		 7.8%
ROIC, 5-yr average 9.9% 6.7%
67th		 8.6%
ROE, 5-yr average 19.2% 15.9%
67th		 12.5%
Incremental ROIC 67.6% 24.0%
67th		 20.5%

Growth

MeasureNSCIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 3.0% 3.0%
50th		 8.6%
Revenue growth (QoQ) 15.6% 10.4%
100th		 9.9%
Revenue CAGR, 3 yr -0.4% -0.4%
50th		 5.0%
Revenue CAGR, 5 yr 3.6% 5.2%
17th		 8.3%
Gross profit CAGR, 3 yr 22.4% 4.1%
100th		 6.5%
Operating income CAGR, 3 yr 2.6% 0.2%
80th		 6.4%
Net income growth (TTM YoY) -21.3% 3.9%
33rd		 11.3%
Net income CAGR, 3 yr 0.8% 11.8%
20th		 6.6%
EPS growth (TTM YoY) -21.3% 4.5%
33rd		 13.3%
EPS CAGR, 3 yr 1.3% 13.4%
20th		 5.6%
EPS CAGR, 5 yr 1.4% 4.9%
20th		 8.3%
FCF growth (TTM YoY) 89.5% 80.8%
75th		 14.7%
FCF CAGR, 3 yr 24.3% — 12.2%
Operating cash flow CAGR, 3 yr -2.7% 1.4%
20th		 8.8%
Book value CAGR, 3 yr 9.2% 8.7%
67th		 7.3%
Dividend CAGR, 3 yr 0.2% 2.9%
0th		 2.7%
Sustainable growth rate 9.2% 9.8%
33rd		 11.0%

Margin history & stability

MeasureNSCIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 38.1% 33.1%
83rd		 30.6%
Operating margin, 3-yr average 30.7% 16.3%
67th		 10.0%
Net margin, 3-yr average 21.1% 10.5%
67th		 6.2%
FCF margin, 3-yr average 13.1% 13.1%
50th		 7.1%
Revenue stability (0-1) 0.57 0.50
67th		 0.81
Earnings stability (0-1) 0.00 0.55
0th		 0.47
Margin stability (0-1) 0.69 0.91
0th		 0.90

Liquidity (latest quarter)

MeasureNSCIndustry medianIndustry percentileSector median
Cash & short-term investments $1.1B $670.0M
67th		 $249.6M
Net cash (− = net debt) −$15.5B −$6.3B
33rd		 −$666.5M
Working capital −$569.0M $82.1M
17th		 $376.4M
Current ratio 0.83 1.12
17th		 1.79
Quick ratio 0.73 0.82
33rd		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.32 0.32
50th		 0.32
Defensive interval (days) 296 days 942 days
0th		 614 days

Leverage & solvency (latest quarter)

MeasureNSCIndustry medianIndustry percentileSector median
Total debt $16.6B $6.9B
67th		 $919.8M
Debt / equity 1.02 1.15
33rd		 0.65
Net debt / equity 0.96 0.97
33rd		 0.46
Debt / assets 36.8% 41.5%
33rd		 29.3%
Debt / capital 50.6% 53.4%
33rd		 39.5%
Debt / EBITDA 3.06 2.89
67th		 2.44
Net debt / EBITDA 2.87 2.68
67th		 1.86
Interest coverage (EBIT / interest) 5.1x 6.0x
33rd		 5.0x
Cash interest coverage 4.7x 6.3x
33rd		 6.1x
Debt payback (years of OCF) 4.5 yrs 3.6 yrs
67th		 3.2 yrs
Liabilities / assets 64.0% 64.0%
50th		 56.7%
IS credit model rating BBB- — —
Implied credit spread (bps) 350 225
67th		 200

Efficiency

MeasureNSCIndustry medianIndustry percentileSector median
Asset turnover 0.28 0.36
17th		 0.75
Fixed asset turnover 0.34 0.42
17th		 5.14
Inventory turnover 18.1 6.1
83rd		 5.0
Receivables turnover 14.6 7.6
100th		 6.7
Days sales outstanding 25 days 48 days
0th		 54 days
Days inventory outstanding 20 days 60 days
17th		 72 days
Days payables outstanding 103 days 60 days
100th		 41 days
Cash conversion cycle (days) −58 days 71 days
0th		 63 days
Capex / revenue —
Capex / depreciation —
Operating expense ratio 34.4% 10.5%
100th		 17.7%

Cash flow & earnings quality

MeasureNSCIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.42 1.42
50th		 1.50
FCF / net income 1.45 1.45
50th		 1.15
FCF / operating cash flow —
Capex / operating cash flow —
Accruals ratio -2.5% -3.4%
67th		 -4.0%
Sloan accruals ratio -2.7% -3.9%
67th		 -2.4%
Earnings quality score (0-1) 1.00 1.00
33rd		 1.00

Dividends & buybacks

MeasureNSCIndustry medianIndustry percentileSector median
Dividend yield 1.7% 1.7%
50th		 0.6%
Dividend per share (TTM) $5.40 $1.24
83rd		 $0.44
Payout ratio (dividends / net income) 46.0% 31.2%
100th		 22.5%
Dividends / FCF 31.6% 20.0%
75th		 19.6%
Dividend growth (YoY) -0.7% 5.8%
0th		 5.6%
Buyback yield 0.1% 0.8%
17th		 0.5%
Shareholder yield (dividends + buybacks) 1.7% 1.9%
33rd		 2.0%
Share count change (YoY) 0.0% -0.6%
100th		 0.0%
Buybacks, last 5 years $1.9B $1.7B
67th		 $76.0M

Scores & forensic checks

MeasureNSCIndustry medianIndustry percentileSector median
IS score 59 59
50th		 53
IS profitability 76 55
67th		 37
IS growth 27 44
17th		 54
IS value 48 46
67th		 47
IS momentum 59 70
17th		 76
IS risk (safety) 50 65
17th		 80
IS quality 81 75
67th		 67
IS balance sheet 48 49
33rd		 56
IS earnings quality 86 79
100th		 70
IS cash flow 85 68
83rd		 54
Piotroski F-score (0-9) 7 7
33rd		 6
Altman Z-score 2.5 2.8
33rd		 3.3
Beneish M-score −2.77 −2.60
17th		 −2.52
Ohlson O-score −7.65 −7.55
33rd		 −7.49
IS credit score 53 61
33rd		 65

Per share

MeasureNSCIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $11.71 $4.21
83rd		 $2.21
Book value per share $72.20 $34.80
100th		 $18.38
Tangible book per share $72.20 $13.14
100th		 $4.39
Revenue per share $55.71 $52.64
67th		 $36.64
FCF per share $17.04 $3.92
100th		 $2.70
Operating cash flow per share $16.58 $5.54
83rd		 $4.28
Cash per share $4.75 $3.56
83rd		 $3.02

Size (TTM)

MeasureNSCIndustry medianIndustry percentileSector median
Market cap $73.4B $48.4B
67th		 $3.9B
Revenue $12.5B $12.0B
67th		 $2.7B
EBITDA $5.4B $2.5B
67th		 $394.8M
Net income $2.6B $1.3B
67th		 $136.3M
Free cash flow $3.8B $1.9B
67th		 $162.9M
Total assets $45.1B $23.1B
83rd		 $3.5B
Shareholders' equity $16.3B $11.2B
83rd		 $1.4B
Employees 19,300 19,300
50th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-08Huffard John C Jr
Director
 Will / inheritance 333——333
2026-09-30Huffard John C Jr
Director
 Award / grant 172——3,307
2026-09-30Anderson Richard H
Director
 Award / grant 178——1,949
2026-09-13George Mark R
Director, President & CEO
 Option exercise 2,653——23,818
2026-09-13George Mark R
Director, President & CEO
 Tax withholding 1,035$323.30$334,61622,783
2026-09-13George Mark R
Director, President & CEO
 Option exercise 2,653——29,664
2026-08-20Huffard John C Jr
Director
 Award / grant 12——3,135
2026-08-20Huffard John C Jr
Director
 Award / grant 20——5,295
2026-08-20Ryerkerk Lori
Director
 Award / grant 3——1,345
2026-08-20Lamphere Gilbert H
Director
 Award / grant 2——630
2026-08-20Jones Christopher T
Director
 Award / grant 20——5,295
2026-08-20Heitkamp Mary Kathryn
Director
 Award / grant 7——1,834

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired312,534—
Option exerciseAcquired210,972—
Option exerciseDisposed210,972—
Tax withholdingDisposed24,282$1.4M
Will / inheritanceAcquired1333—
—Disposed31,593$73,576
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 1 notices · 900 shares · $253,441
FiledFilerShares proposedEst. proceeds
2025-11-19Anil Bhatt900$253,441
2024-09-13Shaw Alan H.51,325$13.1M
2024-07-29Nag Nabanita C355$88,517
2024-06-20Jennifer Scanlon5,055$1.1M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 9 trades (2 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2026-01-29Ro KhannaHouseSale$1,001 - $15,0002026-02-10
2025-12-18Julie JohnsonHouseSale$1,001 - $15,0002026-01-16
2024-09-25Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002024-10-05
2024-09-25Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002024-10-04
2024-09-25Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002024-10-04
2024-08-22Shelley Moore CapitoSenateSale (Partial)$1,001 - $15,0002024-09-05
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.16,000,346$5.0B7.12%
VANGUARD CAPITAL MANAGEMENT LLC14,666,136$4.6B6.53%
STATE STREET CORP10,242,817$3.2B4.56%
VANGUARD PORTFOLIO MANAGEMENT LLC7,215,898$2.3B3.21%
GEODE CAPITAL MANAGEMENT, LLC5,114,278$1.6B2.28%
BANK OF AMERICA CORP /DE/3,111,914$979.0M1.39%
NORGES BANK3,040,628$956.6M1.35%
D. E. Shaw & Co., Inc.2,601,202$818.3M1.16%
DODGE & COX2,508,128$789.0M1.12%
MORGAN STANLEY2,459,803$773.8M1.10%
DIMENSIONAL FUND ADVISORS LP2,259,711$710.9M1.01%
Capital World Investors2,011,919$632.9M0.90%
PRICE T ROWE ASSOCIATES INC /MD/1,925,031$605.6M0.86%
GOLDMAN SACHS GROUP INC1,888,947$594.2M0.84%
NORTHERN TRUST CORP1,794,090$564.4M0.80%

Institutional ownership by quarter

2023-092026-0676.5%
% of shares held by 13F filers
2023-092026-061,874
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,87476.5%13961164385
2026-03-311,84374.7%133583668111
2025-12-311,85676.7%19358663393
2025-09-301,80075.1%237520615106
2025-06-301,69978.9%15953462099
2025-03-311,65977.5%108560591108
2024-12-311,69077.5%20551658494
2024-09-301,61276.4%165480600101
2024-06-301,56976.1%116524561155
2024-03-311,63575.3%15251158777
2023-12-311,58675.4%26043356699
2023-09-301,44874.8%86474532151

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%16,955,045
2026-01-30SCHEDULE 13G/AThe Vanguard Group9.3%20,824,287
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.09%$2.2B
VTI0.09%$2.2B
VTSAX0.09%$2.2B
VSMPX0.09%$2.2B
VFINX0.11%$1.8B
VOO0.11%$1.8B

Share structure

Shares outstanding224,608,000
Float224,246,754
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$11.1B$12.7B$12.2B$12.1B$12.2B
Cost of revenue$6.8B$8.0B$9.3B$8.4B$7.0B
Gross profit$4.4B$4.7B$2.8B$3.8B$5.2B
R&D$0$0$0$0$0
SG&A$0$0$0−$120.0M$753.0M
Operating income$4.4B$4.7B$2.8B$3.8B$4.0B
EBITDA$5.7B$6.0B$4.3B$5.5B$5.8B
Pretax income$3.9B$4.1B$2.3B$3.3B$3.7B
Income tax$873.0M$860.0M$493.0M$707.0M$792.0M
Net income$3.0B$3.3B$1.8B$2.6B$2.9B
EPS, diluted$12.11$13.88$8.02$11.57$12.75
Diluted shares248.1M235.6M227.4M226.4M224.8M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$839.0M$456.0M$1.6B$1.6B$1.5B
Receivables$976.0M$1.1B$1.1B$1.1B$988.0M
Inventory$218.0M$253.0M$264.0M$277.0M$0
Total current assets$2.2B$2.0B$3.3B$3.2B$3.2B
PP&E, net$31.7B$32.2B$33.3B$35.8B$0
Goodwill & intangibles$0$0$0$0$0
Total assets$38.5B$38.9B$41.7B$43.7B$45.2B
Accounts payable$850.0M$712.0M$997.0M$985.0M$1.9B
Total current liabilities$2.5B$2.6B$2.6B$3.5B$3.8B
Long-term debt$13.3B$14.5B$17.2B$16.7B$16.5B
Total liabilities$24.9B$26.2B$28.9B$29.4B$29.7B
Shareholders' equity$13.6B$12.7B$12.8B$14.3B$15.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$3.0B$3.3B$1.8B$2.6B$2.9B
Depreciation & amortization$1.2B$1.2B$1.3B$1.4B$1.4B
Stock-based compensation$0$53.0M$0$0$0
Change in working capital$147.0M−$201.0M$368.0M$625.0M$71.0M
Operating cash flow$4.3B$4.2B$3.2B$4.1B$4.4B
Capital expenditure−$1.5B−$1.9B−$2.3B−$2.4B−$2.2B
Free cash flow$2.8B$2.3B$830.0M$1.7B$2.2B
Investing cash flow−$1.2B−$1.6B−$2.2B−$2.8B−$2.6B
Net debt issued / repaid$1.1B$1.3B$2.0B−$4.0M−$163.0M
Buybacks−$3.4B−$3.1B−$619.0M$0−$534.0M
Dividends paid−$1.0B−$1.2B−$1.2B−$1.2B−$1.2B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin39.2%37.1%23.1%31.0%42.4%
Operating margin39.2%37.1%23.1%31.0%32.9%
Net margin27.0%25.7%15.0%21.6%23.6%
FCF margin25.0%17.8%6.8%0.2%35.8%
ROE21.1%24.8%14.3%19.4%19.2%
ROIC12.5%13.4%7.7%9.8%10.1%
ROA7.9%8.5%4.5%6.1%6.5%
Debt / equity1.041.221.371.221.10
Interest coverage7.0x7.0x4.2x5.1x5.6x
Current ratio0.860.761.240.900.85
Revenue growth+13.8%+14.4%−4.6%−0.3%+0.5%
EPS growth+56.1%+14.9%−43.0%+43.4%+10.4%
P/E at year end22.1x16.2x28.0x19.9x22.6x
EV / EBITDA at year end14.0x11.3x15.5x12.4x13.8x
FCF yield at year end4.20%4.28%1.62%0.05%6.72%
Dividend payout34.2%35.7%67.0%46.6%42.3%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Railway Operating Revenues Market Group Merchandise$6.7B$7.3B$7.4B$7.5B$7.7B
Railway Operating Revenues Market Group Intermodal$3.2B$3.7B$3.1B$3.0B$3.0B
Railway Operating Revenues Market Group Coal$1.3B$1.7B$1.7B$1.6B$1.5B

Street estimates by fiscal year

Next report 2026-10-22 · consensus EPS $3.47 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$13.3B$13.0B – $13.5B$12.87$12.60 – $13.021225.4x
2027$14.0B$13.6B – $14.3B$14.34$13.65 – $14.791322.8x
2028$14.5B$14.0B – $14.9B$15.75$15.33 – $16.14520.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-23$3.32$3.52+6.0%$3.4B$3.5B+3.6%
2026-04-24$2.49$2.65+6.4%$3.0B$3.0B+0.1%
2026-01-29$2.76$3.22+16.7%$3.0B$3.0B−0.9%
2025-10-23$3.19$3.30+3.4%$3.1B$3.1B−0.3%
2025-07-29$3.31$3.29−0.6%$3.1B$3.1B−0.6%
2025-04-23$2.66$2.69+1.1%$3.0B$3.0B+0.7%
2025-01-29$2.94$3.04+3.4%$3.0B$3.0B+0.3%
2024-10-22$3.11$3.25+4.5%$3.1B$3.1B−1.1%
2024-07-25$2.86$3.06+7.0%$3.0B$3.0B+0.2%
2024-04-24$2.53$2.49−1.6%$3.0B$3.0B−0.5%
2024-01-26$2.87$2.83−1.4%$3.1B$3.1B−0.2%
2023-10-25$2.69$2.65−1.5%$2.9B$3.0B+0.8%
2023-07-27$3.15$2.95−6.3%$3.1B$3.0B−3.1%
2023-04-26$3.15$3.32+5.4%$3.1B$3.1B+0.7%
2023-01-25$3.44$3.42−0.6%$3.2B$3.2B+1.0%
2022-10-26$3.64$4.10+12.6%$3.2B$3.3B+3.4%
2022-07-27$3.47$3.45−0.6%$3.1B$3.2B+3.8%
2022-04-27$2.92$2.93+0.3%$2.8B$2.9B+3.0%
2022-01-26$3.04$3.12+2.6%$2.8B$2.9B+1.0%
2021-10-27$2.91$3.06+5.2%$2.8B$2.9B+1.5%
2021-07-28$2.96$3.28+10.8%$2.8B$2.8B−0.2%
2021-04-28$2.54$2.66+4.7%$2.6B$2.6B+0.4%
2021-01-27$2.48$2.63+6.0%$2.4B$2.6B+6.4%
2020-10-28$2.38$2.51+5.5%$2.4B$2.5B+5.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.306-220.306-290.307-060.407-130.707-200.407-270.508-030.408-100.408-170.308-240.508-31
Week ofNotionalSharesTrades
2026-08-31$505.7M1,513,43840,631
2026-08-24$323.2M922,12333,187
2026-08-17$378.1M1,089,82543,511
2026-08-10$403.0M1,199,11844,543
2026-08-03$455.5M1,346,81446,044
2026-07-27$449.5M1,325,97645,080

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1538.4%
DateShort shareShort volumeTotal volume
2026-10-1538.4%139,497363,710
2026-10-1440.3%80,443199,428
2026-10-1346.7%81,418174,277
2026-10-1244.6%50,007112,074
2026-10-0959.0%98,111166,155
2026-10-0853.5%93,669175,105
2026-10-0759.8%119,911200,578
2026-10-0655.0%80,377146,144
2026-10-0547.0%98,423209,194
2026-10-0240.1%161,675403,084
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.1Jan-0.7Feb+0.8Mar+3.2Apr+0.7May-1.1Jun+3.2Jul-0.0Aug-0.2Sep+3.6Oct+4.3Nov-0.1Dec
MonthAvg returnUp yearsYears
Jan−0.1%55%20
Feb−0.7%50%20
Mar+0.8%57%21
Apr+3.2%65%20
May+0.7%50%20
Jun−1.1%40%20
Jul+3.2%65%20
Aug−0.0%50%20
Sep−0.2%55%20
Oct+3.6%55%20
Nov+4.3%75%20
Dec−0.1%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1460.7
MFI62.1
ADX28.0
Stochastic %K / %D90.0 / 93.0
Williams %R-10.1
CCI197
TSI / signal-1.8 / -16.1
Chaikin money flow0.03
ATR$5.00
Bollinger width6.2%
Volume vs 20-day avg0.67x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$316.17 (+3.4%)
SMA 50$327.18 (−0.1%)
SMA 200$312.52 (+4.6%)
EMA 21$319.90 (+2.2%)
EMA 50$322.80 (+1.3%)
EMA 200$312.41 (+4.6%)
Bollinger upper$325.92 (+0.3%)
Bollinger lower$306.42 (+6.7%)
Parabolic SAR$313.39 (+4.3%)
Open the live chart, 110+ indicators

About Norfolk Southern Corporation

Norfolk Southern Corporation (NSC), operating through its various subsidiaries, is a prominent rail transport provider in the United States. The company's core business involves the conveyance of raw materials, semi-finished goods, and completed merchandise across the nation. Its extensive freight services cover a broad spectrum of commodities. This includes a variety of agricultural and forestry products like grains (e.g., soybeans, wheat, corn), fertilizers, animal feeds, and diverse foodstuffs such as oils, flour, sweeteners, beverages, and canned goods, alongside lumber and paper products. NSC also handles a wide range of chemicals, from sulfur and petroleum derivatives to chlorine compounds, plastics, industrial chemicals, and sand. Furthermore, the company moves metals and construction supplies, including steel, aluminum, heavy machinery, cement, aggregates, and specialized military equipment. Transportation of both finished motor vehicles and automotive components is a significant segment, as is the consistent shipment of coal. Beyond its principal freight operations, Norfolk Southern facilitates global trade by connecting with various Atlantic and Gulf Coast ports for overseas cargo. The corporation also manages an expansive intermodal network and offers commuter passenger rail services. As of the close of 2021, the company's vast railway infrastructure extended over roughly 19,300 route miles, serving 22 states and the District of Columbia. Norfolk Southern Corporation, originally incorporated in 1980, is based in Atlanta, Georgia.

https://www.norfolksouthern.com

Key executives

NameTitlePayBorn
Mark R. GeorgePresident, Chief Executive Officer & Director$4.2M1968
Claude E. ElkinsExecutive Vice President & Chief Commercial Officer$1.9M1966
Anil BhattExecutive Vice President and Chief Information & Digital Officer$1.8M—
Jason A. ZampiExecutive Vice President & Chief Financial Officer$1.8M1975
Ann A. AdamsChief Human Resources Officer$636,5501971
Brian BarrChief Operating Officer—1979
Elizabeth Talton-BuckVice President & Chief Communications Officer——
Jason MorrisSenior Vice President & Chief Legal Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Mark R. George President & Chief Executive Officer2025$1.1M$9.2M$2.9M$16.2M
Claude E. Elkins Executive Vice President & Chief Commercial Officer2025$675,000$2.4M$1.2M$6.9M
John F. Orr Executive Vice President & Chief Operating Officer2025$750,000$2.5M$1.3M$5.6M
Jason A. Zampi Executive Vice President & Chief Financial Officer2025$650,000$2.1M$1.2M$4.9M
Anil Bhatt Executive Vice President & Chief Information & Digital Officer2025$650,000$2.0M$1.2M$4.4M

Employees

27k201825k201920k202018k202119k202220k202320k202419k2025

Dividends

Ex-dateAmountPaid
2026-08-07$1.352026-08-20
2026-05-08$1.352026-05-20
2026-02-06$1.352026-02-20
2025-11-07$1.352025-11-20
2025-08-01$1.352025-08-20
2025-05-02$1.352025-05-20
2025-02-07$1.352025-02-20
2024-11-01$1.352024-11-20

Moat model

Narrow · Intangible Assets · 2026-06-30
Cost advantage46
Intangibles80
Switching costs34
Network effect35
Efficient scale80
Our component scores (0-100) and overall 55.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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