Norfolk Southern Railway (NSC) financials

NYSE · Industrials · Railroads · 19,300 employees · CEO Mark R. George

Price: $342.64 +0.13%
Market cap: $77B
Enterprise value: $92B
Last report: Q3 '26 filed 2026-10-22
Next report: 2027-02-04 EPS est. $3.26

Revenue (TTM)$13B+6.0% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)31.5%-2.5 pp vs a year agoOperating income $4.09B

Net income (TTM)$2.68B-9.4% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$3.85B+83.5% vs a year agoCapex -$68M

Diluted EPS (TTM)$11.93-9.0% vs a year agoSum of the last 4 quarters

Net cash-$15B+4.1% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $77B
Revenue: $13B
Revenue growth: +11%
Profit margin: 20.7%
P/E: 28.7×
P/S: 5.9×
EV / EBITDA: 16.7×
Free cash flow: $3.85B
Net income: $2.68B
Revenue estimate: $13.5B
Earnings: 2027-02-04
Dividend: $5.40

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-22): revenue beat by 0.6%, EPS beat by 4.6%Revenue $3.5B vs $3.48B expected (+0.6%); EPS $3.62 vs $3.46 (+4.6%).
Revenue growth accelerating: 13.6% year on yearQ3 '26 revenue $3.53B, against an average of 2.9% over the four quarters before.
Operating margin 31.5% (TTM), -2.5 pp on a year agoOperating income grew -1.8% while revenue grew 6.0%.
19.3% of pre-tax profit is eaten by non-operating lossesPre-tax income $3.43B vs operating income $4.09B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 0.5% of revenue (a year ago 17.6%)$68M invested in the last 4 quarters (-96.8% on a year earlier). Free cash flow $3.85B = 143.5% of net income.
Returned $1.22B to shareholders = 31.6% of free cash flowBuybacks $5M (a year earlier $523M), dividends $1.21B, stock-based pay $0 (TTM).
Diluted share count up 0.2% in a year225M diluted shares in Q3 '26, 225M a year earlier.
Net debt $15BCash + short-term investments $1.6B, debt incl. leases $16.6B; a year ago net debt $15.7B.
Reportable Segment: revenue +13.6%, margin 32.6% (was 35.4%)Fastest-growing reported segment in Q3 '26: operating income $1.15B on revenue $3.53B (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$3.53B	$3.1B	+13.6%
Gross margin	32.6%	33.2%	-0.5 pp
Operating income	$1.15B	$1.03B	+11.8%
Operating margin	32.6%	33.2%	-0.5 pp
Net income	$759M	$711M	+6.8%
Diluted EPS	$3.37	$3.16	+6.6%
Operating cash flow	$1.32B	$1.27B	+4.0%
Capex	$586M	$551M	+6.4%
Free cash flow	$736M	$720M	+2.2%
R&D	$0	$0	–
Stock-based compensation	$0	$0	–

Reported vs consensus

2026-10-22

	Actual	Consensus	vs consensus
Revenue	$3.5B	$3.48B	+0.6%
EPS (as estimated)	$3.62	$3.46	+4.6%

From the report of 2026-10-22 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Railway Operating Revenues Market Group Merchandise	$2.19B	+11.1%	62.1%	$8.09B	-15.0%
Railway Operating Revenues Market Group Intermodal	$919M	+21.1%	26.1%	$3.32B	-12.5%
Railway Operating Revenues Market Group Coal	$419M	+11.7%	11.9%	$1.55B	-19.3%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Reportable Segment	$3.53B	+13.6%	$1.15B	+4.7%	32.6%	35.4%	$4.09B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $3.78B
Capex: $68M
Buybacks: -$5M
Dividends: -$1.21B
Acquisitions: $156M
Net debt issued: -$460M
Stock-based compensation: $0
Free cash flow: $3.85B
Returned to shareholders / FCF: 31.6%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	28.7×	22.9×	17.7× – 29.4×
EV / EBITDA	16.7×	13.9×	12.1× – 16.0×
EV / Sales	7.1×	6.3×	5.7× – 7.8×
Price / FCF	20.0×	35.7×	25.4× – 64.6×
Price / Book	4.6×	4.4×	3.7× – 5.4×
FCF yield	5.0%	3.1%	1.5% – 3.9%
Return on invested capital	7.5%	7.9%	5.7% – 10.1%
Return on equity	16.7%	19.8%	14.3% – 25.7%

Analysts

Consensus target $364.71 (+6.4%)
range $350.00 – $400.00 · rating Hold

Strong buy0

Buy21

Hold24

Sell3

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$13.5B	+10.5%	$13.04	+2.3%	26.3×	12
FY2027	$14.2B	+5.4%	$14.52	+11.3%	23.6×	13
FY2028	$14.8B	+4.3%	$15.95	+9.8%	21.5×	7
FY2029	$15.4B	+4.3%	$17.50	+9.7%	19.6×	2
FY2030	$16.2B	+5.2%	$18.53	+5.9%	18.5×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 215 figures Norfolk Southern Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$2.06B	$1.66B	+24.6%	$1.86B	$1.7B	+9.3%
Accounts Payable, Other, Current	$117M2025-12-31	$114M	+2.6%	$117M	$114M	+2.6%
Accounts Receivable, after Allowance for Credit Loss, Current	$1.23B	$1.1B	+11.5%	$988M	$1.07B	-7.6%
Accounts Receivable, Allowance for Credit Loss	$7M2025-12-31	$8M	-12.5%	$7M	$8M	-12.5%
Accrued Vacation, Current	$152M2025-12-31	$146M	+4.1%	$152M	$146M	+4.1%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$15.3B	$14.4B	+5.7%	$14.6B	$14B	+4.7%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$213M	-$262M	+18.7%	-$210M	-$262M	+19.8%
Additional Paid in Capital	$2.36B	$2.28B	+3.2%	$2.3B	$2.25B	+2.2%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	–	100K	100K	0.0%
Assets	$45.9B	$44.6B	+3.1%	$45.2B	$43.7B	+3.6%
Assets, Current	$3.33B	$3.04B	+9.5%	$3.2B	$3.19B	+0.3%
Business Combination, Acquisition Related Costs	$42M	$15M	+180.0%	$80M	$0	–
Cash and Cash Equivalents, at Carrying Value	$1.6B	$1.42B	+12.7%	$1.53B	$1.64B	-6.8%
Cash Surrender Value of Life Insurance	$751M2025-12-31	$161M	+366.5%	$751M	$161M	+366.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.6B	$1.42B	+12.7%	$1.53B	$1.64B	-6.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$529M	$115M	+360.0%	-$111M	$73M	-252.1%
Common Stock, Dividends, Per Share, Declared	$1.35	$1.35	0.0%	$5.40	$5.40	0.0%
Common Stock, Par or Stated Value Per Share	$1.00	$1.00	0.0%	$1.00	$1.00	0.0%
Common Stock, Shares Authorized	1.35B	1.35B	0.0%	1.35B	1.35B	0.0%
Common Stock, Shares, Issued	225M	–	–	224M	226M	-0.8%
Common Stock, Shares, Outstanding	225M	224M	+0.1%	224M	226M	-0.8%
Common Stock, Value, Outstanding	$226M	$226M	0.0%	$226M	$228M	-0.9%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$758M	$710M	+6.8%	$2.93B	$2.68B	+9.1%
Contract with Customer, Asset, after Allowance for Credit Loss	$0	$0	–	$02022-12-31	$0	–
Contract with Customer, Liability	$0	$0	–	$02022-12-31	$0	–
Cost, Direct Material	–	–	–	$369M2024-12-31	$364M	+1.4%
Costs and Expenses	$2.38B	$2.01B	+18.5%	$7.82B	$8.05B	-2.8%
Current Federal Tax Expense (Benefit)	–	–	–	$410M	$445M	-7.9%
Current Income Tax Expense (Benefit)	–	–	–	$515M	$531M	-3.0%
Current State and Local Tax Expense (Benefit)	–	–	–	$105M	$86M	+22.1%
Debt and Lease Obligation	$17.1B2025-12-31	$17.2B	-0.7%	$17.1B	$17.2B	-0.7%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$876M2025-12-31	$902M	-2.9%	$876M	$902M	-2.9%
Debt, Current	$607M2025-12-31	$555M	+9.4%	$607M	$555M	+9.4%
Deferred Compensation Liability, Classified, Noncurrent	$78M2025-12-31	$90M	-13.3%	$78M	$90M	-13.3%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$312M	$198M	+57.6%
Deferred Income Tax Expense (Benefit)	$54M	$206M	-73.8%	$277M	$176M	+57.4%
Deferred Income Tax Liabilities, Net	$7.87B	$7.73B	+1.8%	$7.71B	$7.42B	+3.9%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$35M	-$22M	-59.1%
Deferred Tax Assets, Gross	$412M2025-12-31	$467M	-11.8%	$412M	$467M	-11.8%
Deferred Tax Assets, Net of Valuation Allowance	$367M2025-12-31	$425M	-13.6%	$367M	$425M	-13.6%
Deferred Tax Assets, Other	$222M2025-12-31	$157M	+41.4%	$222M	$157M	+41.4%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits	$02025-12-31	$21M	-100.0%	$0	$21M	-100.0%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	$190M2025-12-31	$289M	-34.3%	$190M	$289M	-34.3%
Deferred Tax Assets, Valuation Allowance	$45M2025-12-31	$42M	+7.1%	$45M	$42M	+7.1%
Deferred Tax Liabilities, Gross	$8.08B2025-12-31	$7.85B	+3.0%	$8.08B	$7.85B	+3.0%
Deferred Tax Liabilities, Net	$7.71B2025-12-31	$7.42B	+3.9%	$7.71B	$7.42B	+3.9%
Deferred Tax Liabilities, Other	$457M2025-12-31	$448M	+2.0%	$457M	$448M	+2.0%
Deferred Tax Liabilities, Property, Plant and Equipment	$7.62B2025-12-31	$7.4B	+3.0%	$7.62B	$7.4B	+3.0%
Defined Benefit Plan, Accumulated Benefit Obligation	$1.9B2025-12-31	$1.9B	0.0%	$1.9B	$1.9B	0.0%
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	$277M2025-12-31	$273M	+1.5%	$277M	$273M	+1.5%
Defined Benefit Plan, Plan Assets, Amount	$2.77B2025-12-31	$2.55B	+8.4%	$2.77B	$2.55B	+8.4%
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation	$265M2025-12-31	$256M	+3.5%	$265M	$256M	+3.5%
Defined Contribution Plan, Cost	–	–	–	$26M	$25M	+4.0%
Depreciation	$363M	$348M	+4.3%	$1.39B	$1.35B	+3.0%
Depreciation, Depletion and Amortization	$363M	$348M	+4.3%	$1.39B	$1.35B	+3.0%
Dividends, Common Stock, Cash	$304M	$303M	+0.3%	$1.22B	$1.22B	-0.5%
Earnings Per Share, Basic	$3.38	$3.16	+7.0%	$12.76	$11.58	+10.2%
Earnings Per Share, Diluted	$3.37	$3.16	+6.6%	$12.75	$11.57	+10.2%
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	–	–	–	$770M	$699M	+10.2%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	–	–	–	21.0%	21.0%	0.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01