PerpEquities

Equity · Industrials

Is Norfolk Southern Railway (NSC) tradable as a perp? Not yet

Norfolk Southern Corporation is a major US rail transport provider, moving raw materials, finished goods, and merchandise, with an extensive network serving 22 states.

Not yet listed on any perp exchange

No perpetual-futures venue lists NSC yet. We track it continuously; as soon as the first listing appears, this page becomes a full market page. Until then: fundamentals below and tradable alternatives.

Similar stocks already tradable as perps
NOCHWMROKGDPWRVRT

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TradingView symbol NYSE:NSC

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Company data

Company fundamentals

Updated 4h ago
Market cap
$70.6B
Updated 4h ago
Revenue
$12.5B
Trailing 12 months
Revenue growth
+9%
Next fiscal year
Profit margin
+21.0%
P/E
26.8
Peer P/E 30.1
Free cash flow
$3.8B
Trailing 12 months
More metrics
Net income
$2.6B
Trailing 12 months
P/S
5.6
Peer P/E
30.1
Similar listed perps
Revenue estimate
$13.3B
Next fiscal year
Earnings
2026-10-22
Revenue est. $3.5B · Updated 4h ago
Dividend
$1.35
2026-08-07

Fundamental detail

Annual + quarterly
Latest revenue$12.2B
Net margin+23.6%
Free cash flow$2.2B
Net debt$15.6B
2020$9.8B
2021$11.1B
2022$12.7B
2023$12.2B
2024$12.1B
2025$12.2B
PeriodRevenueGrowthNet incomeFCF
2020$9.8B-13%$2B$2.1B
2021$11.1B+14%$3B$2.8B
2022$12.7B+14%$3.3B$2.3B
2023$12.2B-5%$1.8B$830M
2024$12.1B0%$2.6B$1.7B
2025$12.2B0%$2.9B$2.2B
PeriodGross marginOperating marginNet marginROEROA
2020+34.7%+34.7%+20.6%+13.6%+5.3%
2021+39.2%+39.2%+27.0%+22.0%+7.8%
2022+37.1%+37.1%+25.7%+25.7%+8.4%
2023+23.1%+23.1%+15.0%+14.3%+4.4%
2024+31.0%+31.0%+21.6%+18.3%+6.0%
2025+42.4%+32.9%+23.6%+18.5%+6.4%
PeriodCashDebtNet debtCurrent ratio
2020$1.1B$13.1B$12B1.07
2021$839M$14.3B$13.4B0.86
2022$456M$15.6B$15.1B0.76
2023$1.6B$17.6B$16B1.24
2024$1.6B$17.5B$15.8B0.90
2025$1.5B$17.1B$15.6B0.85
PeriodMarket capEnterprise valueP/SP/E
2020$60.6B$72.6B6.230.2
2021$73.5B$86.9B6.624.5
2022$57.9B$73B4.517.7
2023$53.6B$69.6B4.429.4
2024$53.1B$68.9B4.420.3
2025$64.9B$80.5B5.322.6
Q3 2024$3.1B
Q4 2024$3B
Q1 2025$3B
Q2 2025$3.1B
Q3 2025$3.1B
Q4 2025$3B
Q1 2026$3B
Q2 2026$3.5B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$3.1B+3%$1.1B$645M
Q4 2024$3B-2%$733M$276M
Q1 2025$3B0%$750M$501M
Q2 2025$3.1B+2%$768M$602M
Q3 2025$3.1B+2%$711M$720M
Q4 2025$3B-2%$644M$2.5B
Q1 2026$3B0%$547M-$38M
Q2 2026$3.5B+11%$734M$615M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+41.2%+41.2%+36.0%+8.0%+2.5%
Q4 2024+36.1%+36.1%+24.2%+5.1%+1.7%
Q1 2025+31.3%+31.3%+25.1%+5.2%+1.7%
Q2 2025+35.5%+35.5%+24.7%+5.2%+1.7%
Q3 2025+33.2%+33.2%+22.9%+4.7%+1.6%
Q4 2025+70.5%+31.5%+21.7%+4.1%+1.4%
Q1 2026+43.1%+29.3%+18.2%+3.5%+1.2%
Q2 2026+66.8%+32.4%+21.2%+4.5%+1.6%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$975M$17.2B$16.2B0.73
Q4 2024$1.6B$17.5B$15.8B0.90
Q1 2025$1B$17.2B$16.2B0.78
Q2 2025$1.3B$17.4B$16.1B0.79
Q3 2025$1.4B$17.1B$15.7B0.86
Q4 2025$1.5B$17.1B$15.6B0.85
Q1 2026$1.3B$17.1B$15.8B0.91
Q2 2026$1.1B$16.6B$15.5B0.83
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$56.2B$72.4B18.412.8
Q4 2024$53.1B$68.9B17.618.1
Q1 2025$53.6B$69.8B17.917.9
Q2 2025$57.6B$73.7B18.518.8
Q3 2025$67.4B$83.1B21.723.8
Q4 2025$64.9B$80.5B21.825.1
Q1 2026$64.6B$80.4B21.529.5
Q2 2026$70.8B$86.4B20.424.1

Refreshed 4h ago

Charts: revenue, profit, cash flow & valuation
Revenue$3.5BQ2 2026
$866.3M$1.7B$2.6B$3.5BQ3 2023: $3BQ4 2023: $3.1BQ1 2024: $3BQ2 2024: $3BQ3 2024: $3.1BQ4 2024: $3BQ1 2025: $3BQ2 2025: $3.1BQ3 2025: $3.1BQ4 2025: $3BQ1 2026: $3BQ2 2026: $3.5BQ3 2023Q2 2026
Net income$734MQ2 2026
$274.8M$549.5M$824.3M$1.1BQ3 2023: $478MQ4 2023: $527MQ1 2024: $53MQ2 2024: $737MQ3 2024: $1.1BQ4 2024: $733MQ1 2025: $750MQ2 2025: $768MQ3 2025: $711MQ4 2025: $644MQ1 2026: $547MQ2 2026: $734MQ3 2023Q2 2026
EBITDA$1.4BQ2 2026
$492.3M$984.5M$1.5B$2BQ3 2023: $1.1BQ4 2023: $1.2BQ1 2024: $568MQ2 2024: $1.5BQ3 2024: $2BQ4 2024: $1.5BQ1 2025: $1.5BQ2 2025: $1.5BQ3 2025: $1.5BQ4 2025: $1.3BQ1 2026: $1.2BQ2 2026: $1.4BQ3 2023Q2 2026
Free cash flow$615MQ2 2026
-$385.5M$589M$1.6B$2.5BQ3 2023: $112MQ4 2023: -$180MQ1 2024: -$1.4BQ2 2024: $467MQ3 2024: $645MQ4 2024: $276MQ1 2025: $501MQ2 2025: $602MQ3 2025: $720MQ4 2025: $2.5BQ1 2026: -$38MQ2 2026: $615MQ3 2023Q2 2026
EPS$3.26Q2 2026
$1.21$2.43$3.64$4.85Q3 2023: $2.1Q4 2023: $2.33Q1 2024: $0.23Q2 2024: $3.25Q3 2024: $4.85Q4 2024: $3.23Q1 2025: $3.31Q2 2025: $3.41Q3 2025: $3.16Q4 2025: $2.87Q1 2026: $2.43Q2 2026: $3.26Q3 2023Q2 2026
Cash / Debt$1.1BQ2 2026
$4.4B$8.8B$13.2B$17.6BQ3 2023 · Cash: $1.5BQ3 2023 · Debt: $16.6BQ4 2023 · Cash: $1.6BQ4 2023 · Debt: $17.6BQ1 2024 · Cash: $652MQ1 2024 · Debt: $17.6BQ2 2024 · Cash: $659MQ2 2024 · Debt: $17.6BQ3 2024 · Cash: $975MQ3 2024 · Debt: $17.2BQ4 2024 · Cash: $1.6BQ4 2024 · Debt: $17.5BQ1 2025 · Cash: $1BQ1 2025 · Debt: $17.2BQ2 2025 · Cash: $1.3BQ2 2025 · Debt: $17.4BQ3 2025 · Cash: $1.4BQ3 2025 · Debt: $17.1BQ4 2025 · Cash: $1.5BQ4 2025 · Debt: $17.1BQ1 2026 · Cash: $1.3BQ1 2026 · Debt: $17.1BQ2 2026 · Cash: $1.1BQ2 2026 · Debt: $16.6BQ3 2023Q2 2026
CashDebt
Profitability+66.8%Q2 2026
+17.6%+35.3%+52.9%+70.5%Q3 2023 · Gross margin: +25.2%Q4 2023 · Gross margin: +25.9%Q1 2024 · Gross margin: +10.4%Q2 2024 · Gross margin: +36.2%Q3 2024 · Gross margin: +41.2%Q4 2024 · Gross margin: +36.1%Q1 2025 · Gross margin: +31.3%Q2 2025 · Gross margin: +35.5%Q3 2025 · Gross margin: +33.2%Q4 2025 · Gross margin: +70.5%Q1 2026 · Gross margin: +43.1%Q2 2026 · Gross margin: +66.8%Q3 2023 · Operating margin: +25.2%Q4 2023 · Operating margin: +25.9%Q1 2024 · Operating margin: +10.4%Q2 2024 · Operating margin: +36.2%Q3 2024 · Operating margin: +41.2%Q4 2024 · Operating margin: +36.1%Q1 2025 · Operating margin: +31.3%Q2 2025 · Operating margin: +35.5%Q3 2025 · Operating margin: +33.2%Q4 2025 · Operating margin: +31.5%Q1 2026 · Operating margin: +29.3%Q2 2026 · Operating margin: +32.4%Q3 2023 · Net margin: +16.1%Q4 2023 · Net margin: +17.1%Q1 2024 · Net margin: +1.8%Q2 2024 · Net margin: +24.2%Q3 2024 · Net margin: +36.0%Q4 2024 · Net margin: +24.2%Q1 2025 · Net margin: +25.1%Q2 2025 · Net margin: +24.7%Q3 2025 · Net margin: +22.9%Q4 2025 · Net margin: +21.7%Q1 2026 · Net margin: +18.2%Q2 2026 · Net margin: +21.2%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+11.4%Q2 2026
+1.6%+4.9%+8.1%+11.4%Q3 2024: +2.7%Q4 2024: -1.6%Q1 2025: -0.4%Q2 2025: +2.2%Q3 2025: +1.7%Q4 2025: -1.7%Q1 2026: +0.2%Q2 2026: +11.4%Q3 2023Q2 2026
Shares outstanding225.1MQ2 2026
56.8M113.5M170.3M227MQ3 2023: 227MQ4 2023: 226.3MQ1 2024: 226.3MQ2 2024: 226.4MQ3 2024: 226.5MQ4 2024: 226.5MQ1 2025: 226.5MQ2 2025: 225MQ3 2025: 224.7MQ4 2025: 224.8MQ1 2026: 225.1MQ2 2026: 225.1MQ3 2023Q2 2026
Valuation24.1Q2 2026
68.5137.0205.4273.9Q3 2023 · P/E: 23.3Q4 2023 · P/E: 25.3Q1 2024 · P/E: 273.9Q2 2024 · P/E: 16.4Q3 2024 · P/E: 12.8Q4 2024 · P/E: 18.1Q1 2025 · P/E: 17.9Q2 2025 · P/E: 18.8Q3 2025 · P/E: 23.8Q4 2025 · P/E: 25.1Q1 2026 · P/E: 29.5Q2 2026 · P/E: 24.1Q3 2023 · P/S: 15.0Q4 2023 · P/S: 17.4Q1 2024 · P/S: 18.9Q2 2024 · P/S: 15.9Q3 2024 · P/S: 18.4Q4 2024 · P/S: 17.6Q1 2025 · P/S: 17.9Q2 2025 · P/S: 18.5Q3 2025 · P/S: 21.7Q4 2025 · P/S: 21.8Q1 2026 · P/S: 21.5Q2 2026 · P/S: 20.4Q3 2023Q2 2026
P/EP/S
Revenue$12.2B2025
$3.2B$6.4B$9.6B$12.7B2018: $11.5B2019: $11.3B2020: $9.8B2021: $11.1B2022: $12.7B2023: $12.2B2024: $12.1B2025: $12.2B20182025
Net income$2.9B2025
$817.5M$1.6B$2.5B$3.3B2018: $2.7B2019: $2.7B2020: $2B2021: $3B2022: $3.3B2023: $1.8B2024: $2.6B2025: $2.9B20182025
EBITDA$5.9B2025
$1.5B$3B$4.5B$6B2018: $5.1B2019: $5.2B2020: $4.3B2021: $5.7B2022: $6B2023: $4.3B2024: $5.5B2025: $5.9B20182025
Free cash flow$2.2B2025
$696.3M$1.4B$2.1B$2.8B2018: $1.8B2019: $1.9B2020: $2.1B2021: $2.8B2022: $2.3B2023: $830M2024: $1.7B2025: $2.2B20182025
EPS$12.82025
$3.47$6.94$10.4$13.92018: $9.512019: $10.32020: $7.842021: $12.12022: $13.92023: $8.022024: $11.62025: $12.820182025
Cash / Debt$1.5B2025
$4.4B$8.8B$13.2B$17.6B2018 · Cash: $358M2018 · Debt: $11.1B2019 · Cash: $580M2019 · Debt: $12.7B2020 · Cash: $1.1B2020 · Debt: $13.1B2021 · Cash: $839M2021 · Debt: $14.3B2022 · Cash: $456M2022 · Debt: $15.6B2023 · Cash: $1.6B2023 · Debt: $17.6B2024 · Cash: $1.6B2024 · Debt: $17.5B2025 · Cash: $1.5B2025 · Debt: $17.1B20182025
CashDebt
Profitability+42.4%2025
+10.6%+21.2%+31.8%+42.4%2018 · Gross margin: +34.6%2019 · Gross margin: +34.5%2020 · Gross margin: +34.7%2021 · Gross margin: +39.2%2022 · Gross margin: +37.1%2023 · Gross margin: +23.1%2024 · Gross margin: +31.0%2025 · Gross margin: +42.4%2018 · Operating margin: +34.6%2019 · Operating margin: +34.5%2020 · Operating margin: +34.7%2021 · Operating margin: +39.2%2022 · Operating margin: +37.1%2023 · Operating margin: +23.1%2024 · Operating margin: +31.0%2025 · Operating margin: +32.9%2018 · Net margin: +23.3%2019 · Net margin: +24.1%2020 · Net margin: +20.6%2021 · Net margin: +27.0%2022 · Net margin: +25.7%2023 · Net margin: +15.0%2024 · Net margin: +21.6%2025 · Net margin: +23.6%20182025
Gross marginOperating marginNet margin
Revenue growth+0.5%2025
-6.4%+0.5%+7.5%+14.4%2019: -1.4%2020: -13.3%2021: +13.8%2022: +14.4%2023: -4.6%2024: -0.3%2025: +0.5%20182025
Shares outstanding224.8M2025
70.1M140.1M210.2M280.2M2018: 280.2M2019: 265.6M2020: 256.6M2021: 248.1M2022: 235.6M2023: 227.4M2024: 226.4M2025: 224.8M20182025
Valuation22.62025
7.515.122.630.22018 · P/E: 15.02019 · P/E: 18.82020 · P/E: 30.22021 · P/E: 24.52022 · P/E: 17.72023 · P/E: 29.42024 · P/E: 20.32025 · P/E: 22.62018 · P/S: 3.52019 · P/S: 4.52020 · P/S: 6.22021 · P/S: 6.62022 · P/S: 4.52023 · P/S: 4.42024 · P/S: 4.42025 · P/S: 5.320182025
P/EP/S

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 202612.98$13.3B+9%12
FY 202714.34$13.8B+14%13
FY 202815.70$14.5B+19%4
FY 202917.58$15.3B+25%1
FY 203019.12$16.2B+33%1
Q1 20283.54$3.5B+17%6

Company events

6
2026-10-22EarningsActual - / Estimate 3.56-
2026-08-07Dividend$1.35-
2026-07-23EarningsActual 3.52 / Estimate 3.32Beat
2026-05-08Dividend$1.35-
2026-04-24EarningsActual 2.65 / Estimate 2.49Beat
2026-02-06Dividend$1.35-

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
NOC$74.9B1.716.7+10.5%3HWM$91.9B10.149.2+20.5%1ROK$46.2B5.238.9+13.4%5GD$95.5B1.721.2+8.2%2PWR$95.7B2.972.0+4.1%1VRT$96B8.455.2+15.1%13SUMIELEC$41.4B1.216.2+7.6%2RKLB$37.4B48.6-233.2-21.5%23

Analyst track record

How the analysts covering NSC have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings102364
Analysts2130
Buy / hold / sell35 / 67 / 0198 / 157 / 9
Upgrades / downgrades / initiations0 / 3 / 26 / 15 / 8
Price targets hit / missed34 / 59 (37%)285 / 66 (81%)
Avg. return after a rating (TipRanks)-3.3%+15.2%
Best / worst call+10.8% / -20.3%+87.6% / -20.3%

After buy calls on this stock: median 21-day move +2.2% vs S&P 500 -0.6% (n = 196)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Brian OssenbeckJ.P. Morgan100% hit rate on this stock · 15 targets measuredHoldtarget $338Jul 28, 2026
  2. Walter SpracklinRBC Capital100% hit rate on this stock · 10 targets measuredHoldtarget $360Jul 23, 2026
  3. Nathan MartinBenchmark Co.100% hit rate on this stock · 10 targets measuredHoldno targetJan 16, 2026

Latest ratings

DateAnalystCallTarget
Sep 3, 2026David VernonBernsteinBuyMaintained$396
Aug 24, 2026David VernonBernsteinBuyMaintained$396article ↗
Aug 14, 2026Christian WetherbeeWells FargoBuyMaintained$385article ↗
Aug 7, 2026Ariel RosaCitiHoldMaintained$376article ↗
Jul 28, 2026Brian OssenbeckJ.P. MorganHoldMaintained$338article ↗
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$280$300$320$340$360Oct 25 · Buy 7 · Hold 12 · Sell 0Oct 25Nov 25 · Buy 7 · Hold 11 · Sell 0Dec 25 · Buy 6 · Hold 11 · Sell 0Dec 25Jan 26 · Buy 5 · Hold 10 · Sell 0Feb 26 · Buy 4 · Hold 11 · Sell 0Feb 26Mar 26 · Buy 4 · Hold 11 · Sell 0Apr 26 · Buy 4 · Hold 11 · Sell 0Apr 26May 26 · Buy 5 · Hold 11 · Sell 0Jun 26 · Buy 5 · Hold 12 · Sell 0Jun 26Jul 26 · Buy 5 · Hold 13 · Sell 0Aug 26 · Buy 5 · Hold 12 · Sell 0Aug 26Sep 26 · Buy 5 · Hold 12 · Sell 0Oct 25 · avg. target $306Nov 25 · avg. target $307Dec 25 · avg. target $309Jan 26 · avg. target $308Feb 26 · avg. target $308Mar 26 · avg. target $313Apr 26 · avg. target $331May 26 · avg. target $331Jun 26 · avg. target $336Jul 26 · avg. target $363Aug 26 · avg. target $365Sep 26 · avg. target $365Oct 25 · month-end close $283Nov 25 · month-end close $292Dec 25 · month-end close $289Jan 26 · month-end close $291Feb 26 · month-end close $315Mar 26 · month-end close $287Apr 26 · month-end close $316May 26 · month-end close $305Jun 26 · month-end close $315Jul 26 · month-end close $335Aug 26 · month-end close $343Sep 26 · month-end close $319

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Sep 18, 2026 · 102 ratings