Norfolk Southern Railway (NSC)财务
NYSE · Industrials · Railroads · 员工19,300人 · CEO Mark R. George
- 股价
- $342.64 +0.13%
- 市值
- $770亿
- 企业价值
- $920亿
- 最近财报
- Q3 '26 2026-10-22提交
- 下次财报
- 2027-02-04 EPS预期 $3.26
营收(TTM)$130亿+6.0% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)31.5%-2.5 百分点 对比去年同期营业利润 $40.9亿
净利润(TTM)$26.8亿-9.4% 对比去年同期税后,含营业外收益
自由现金流(TTM)$38.5亿+83.5% 对比去年同期资本支出 -$6800万
稀释EPS(TTM)$11.93-9.0% 对比去年同期最近4个季度之和
净现金-$150亿+4.1% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $770亿 EV $920亿
- 营收
- $130亿 过去12个月
- 营收增速
- +11% FY2026年一致预期
- 净利润率
- 20.7% 净利润 / 营收,TTM
- P/E
- 28.7× 预期 26.3×(FY2026)
- P/S
- 5.9× 股价 / 营收,TTM
- EV / EBITDA
- 16.7× TTM
- 自由现金流
- $38.5亿 过去12个月
- 净利润
- $26.8亿 过去12个月
- 营收预期
- $135亿 FY2026年一致预期
- 盈利
- 2027-02-04 营收预期 $34.8亿
- 股息
- $5.40 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-22):营收超预期0.6%,EPS 超预期4.6%营收$35亿,预期$34.8亿(+0.6%);EPS $3.62,预期$3.46(+4.6%)。
- 营收增长加速:同比13.6%Q3 '26营收$35.3亿,此前四个季度的平均值为2.9%。
- 营业利润率31.5%(TTM),较去年同期-2.5 百分点营收增长6.0%,营业利润增长-1.8%。
- 税前利润的19.3%被营业外亏损吞噬税前利润$34.3亿,营业利润$40.9亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的0.5%(去年为17.6%)最近4个季度投入$6800万(同比-96.8%)。自由现金流$38.5亿,相当于净利润的143.5%。
- 股东回报$12.2亿 = 自由现金流的31.6%回购$500万(去年为$5.23亿),股息$12.1亿,股权激励$0(TTM)。
- 稀释股数一年内增加0.2%Q3 '26稀释股数2.25亿,一年前为2.25亿。
- 净债务 $150亿现金 + 短期投资 $16亿,含租赁债务 $166亿;一年前净债务 $157亿。
- Reportable Segment:营收+13.6%,利润率32.6%(此前为35.4%)Q3 '26增长最快的披露分部:营收$35.3亿,营业利润$11.5亿(来自财报的分部附注)。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $35.3亿 | $31亿 | +13.6% |
| 毛利率 | 32.6% | 33.2% | -0.5 百分点 |
| 营业利润 | $11.5亿 | $10.3亿 | +11.8% |
| 营业利润率 | 32.6% | 33.2% | -0.5 百分点 |
| 净利润 | $7.59亿 | $7.11亿 | +6.8% |
| 稀释EPS | $3.37 | $3.16 | +6.6% |
| 经营现金流 | $13.2亿 | $12.7亿 | +4.0% |
| 资本支出 | $5.86亿 | $5.51亿 | +6.4% |
| 自由现金流 | $7.36亿 | $7.2亿 | +2.2% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | $0 | – |
实际 vs 一致预期
2026-10-22| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $35亿 | $34.8亿 | +0.6% |
| EPS(一致预期口径) | $3.62 | $3.46 | +4.6% |
来自2026-10-22发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Railway Operating Revenues Market Group Merchandise | $21.9亿 | +11.1% | 62.1% | $80.9亿 | -15.0% | |
| Railway Operating Revenues Market Group Intermodal | $9.19亿 | +21.1% | 26.1% | $33.2亿 | -12.5% | |
| Railway Operating Revenues Market Group Coal | $4.19亿 | +11.7% | 11.9% | $15.5亿 | -19.3% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Reportable Segment | $35.3亿 | +13.6% | $11.5亿 | +4.7% | 32.6% | 35.4% | $40.9亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $37.8亿
- 资本支出
- $6800万
- 股票回购
- -$500万
- 股息
- -$12.1亿
- 收购
- $1.56亿
- 债务净发行
- -$4.6亿
- 股权激励费用
- $0
- 自由现金流
- $38.5亿
- 股东回报 / FCF
- 31.6%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 28.7× | 22.9× | 17.7× – 29.4× |
| EV / EBITDA | 16.7× | 13.9× | 12.1× – 16.0× |
| EV / 营收 | 7.1× | 6.3× | 5.7× – 7.8× |
| 股价 / FCF | 20.0× | 35.7× | 25.4× – 64.6× |
| 股价 / 净资产 | 4.6× | 4.4× | 3.7× – 5.4× |
| FCF收益率 | 5.0% | 3.1% | 1.5% – 3.9% |
| 投入资本回报率 | 7.5% | 7.9% | 5.7% – 10.1% |
| 净资产收益率 | 16.7% | 19.8% | 14.3% – 25.7% |
分析师
一致目标价 $364.71 (+6.4%)
区间 $350.00 – $400.00 · 评级 Hold
强烈买入0
买入21
持有24
卖出3
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $135亿 | +10.5% | $13.04 | +2.3% | 26.3× | 12 |
| FY2027 | $142亿 | +5.4% | $14.52 | +11.3% | 23.6× | 13 |
| FY2028 | $148亿 | +4.3% | $15.95 | +9.8% | 21.5× | 7 |
| FY2029 | $154亿 | +4.3% | $17.50 | +9.7% | 19.6× | 2 |
| FY2030 | $162亿 | +5.2% | $18.53 | +5.9% | 18.5× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Norfolk Southern Corporation在近期10-Q / 10-K文件中标记的全部215项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $20.6亿 | $16.6亿 | +24.6% | $18.6亿 | $17亿 | +9.3% |
| Accounts Payable, Other, Current | $1.17亿2025-12-31 | $1.14亿 | +2.6% | $1.17亿 | $1.14亿 | +2.6% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $12.3亿 | $11亿 | +11.5% | $9.88亿 | $10.7亿 | -7.6% |
| Accounts Receivable, Allowance for Credit Loss | $700万2025-12-31 | $800万 | -12.5% | $700万 | $800万 | -12.5% |
| Accrued Vacation, Current | $1.52亿2025-12-31 | $1.46亿 | +4.1% | $1.52亿 | $1.46亿 | +4.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $153亿 | $144亿 | +5.7% | $146亿 | $140亿 | +4.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$2.13亿 | -$2.62亿 | +18.7% | -$2.1亿 | -$2.62亿 | +19.8% |
| Additional Paid in Capital | $23.6亿 | $22.8亿 | +3.2% | $23亿 | $22.5亿 | +2.2% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | – | 10万 | 10万 | 0.0% |
| Assets | $459亿 | $446亿 | +3.1% | $452亿 | $437亿 | +3.6% |
| Assets, Current | $33.3亿 | $30.4亿 | +9.5% | $32亿 | $31.9亿 | +0.3% |
| Business Combination, Acquisition Related Costs | $4200万 | $1500万 | +180.0% | $8000万 | $0 | – |
| Cash and Cash Equivalents, at Carrying Value | $16亿 | $14.2亿 | +12.7% | $15.3亿 | $16.4亿 | -6.8% |
| Cash Surrender Value of Life Insurance | $7.51亿2025-12-31 | $1.61亿 | +366.5% | $7.51亿 | $1.61亿 | +366.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $16亿 | $14.2亿 | +12.7% | $15.3亿 | $16.4亿 | -6.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $5.29亿 | $1.15亿 | +360.0% | -$1.11亿 | $7300万 | -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 | 13.5亿 | 13.5亿 | 0.0% | 13.5亿 | 13.5亿 | 0.0% |
| Common Stock, Shares, Issued | 2.25亿 | – | – | 2.24亿 | 2.26亿 | -0.8% |
| Common Stock, Shares, Outstanding | 2.25亿 | 2.24亿 | +0.1% | 2.24亿 | 2.26亿 | -0.8% |
| Common Stock, Value, Outstanding | $2.26亿 | $2.26亿 | 0.0% | $2.26亿 | $2.28亿 | -0.9% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $7.58亿 | $7.1亿 | +6.8% | $29.3亿 | $26.8亿 | +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 | – | – | – | $3.69亿2024-12-31 | $3.64亿 | +1.4% |
| Costs and Expenses | $23.8亿 | $20.1亿 | +18.5% | $78.2亿 | $80.5亿 | -2.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $4.1亿 | $4.45亿 | -7.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $5.15亿 | $5.31亿 | -3.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.05亿 | $8600万 | +22.1% |
| Debt and Lease Obligation | $171亿2025-12-31 | $172亿 | -0.7% | $171亿 | $172亿 | -0.7% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $8.76亿2025-12-31 | $9.02亿 | -2.9% | $8.76亿 | $9.02亿 | -2.9% |
| Debt, Current | $6.07亿2025-12-31 | $5.55亿 | +9.4% | $6.07亿 | $5.55亿 | +9.4% |
| Deferred Compensation Liability, Classified, Noncurrent | $7800万2025-12-31 | $9000万 | -13.3% | $7800万 | $9000万 | -13.3% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $3.12亿 | $1.98亿 | +57.6% |
| Deferred Income Tax Expense (Benefit) | $5400万 | $2.06亿 | -73.8% | $2.77亿 | $1.76亿 | +57.4% |
| Deferred Income Tax Liabilities, Net | $78.7亿 | $77.3亿 | +1.8% | $77.1亿 | $74.2亿 | +3.9% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$3500万 | -$2200万 | -59.1% |
| Deferred Tax Assets, Gross | $4.12亿2025-12-31 | $4.67亿 | -11.8% | $4.12亿 | $4.67亿 | -11.8% |
| Deferred Tax Assets, Net of Valuation Allowance | $3.67亿2025-12-31 | $4.25亿 | -13.6% | $3.67亿 | $4.25亿 | -13.6% |
| Deferred Tax Assets, Other | $2.22亿2025-12-31 | $1.57亿 | +41.4% | $2.22亿 | $1.57亿 | +41.4% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $02025-12-31 | $2100万 | -100.0% | $0 | $2100万 | -100.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $1.9亿2025-12-31 | $2.89亿 | -34.3% | $1.9亿 | $2.89亿 | -34.3% |
| Deferred Tax Assets, Valuation Allowance | $4500万2025-12-31 | $4200万 | +7.1% | $4500万 | $4200万 | +7.1% |
| Deferred Tax Liabilities, Gross | $80.8亿2025-12-31 | $78.5亿 | +3.0% | $80.8亿 | $78.5亿 | +3.0% |
| Deferred Tax Liabilities, Net | $77.1亿2025-12-31 | $74.2亿 | +3.9% | $77.1亿 | $74.2亿 | +3.9% |
| Deferred Tax Liabilities, Other | $4.57亿2025-12-31 | $4.48亿 | +2.0% | $4.57亿 | $4.48亿 | +2.0% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $76.2亿2025-12-31 | $74亿 | +3.0% | $76.2亿 | $74亿 | +3.0% |
| Defined Benefit Plan, Accumulated Benefit Obligation | $19亿2025-12-31 | $19亿 | 0.0% | $19亿 | $19亿 | 0.0% |
| Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $2.77亿2025-12-31 | $2.73亿 | +1.5% | $2.77亿 | $2.73亿 | +1.5% |
| Defined Benefit Plan, Plan Assets, Amount | $27.7亿2025-12-31 | $25.5亿 | +8.4% | $27.7亿 | $25.5亿 | +8.4% |
| Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | $2.65亿2025-12-31 | $2.56亿 | +3.5% | $2.65亿 | $2.56亿 | +3.5% |
| Defined Contribution Plan, Cost | – | – | – | $2600万 | $2500万 | +4.0% |
| Depreciation | $3.63亿 | $3.48亿 | +4.3% | $13.9亿 | $13.5亿 | +3.0% |
| Depreciation, Depletion and Amortization | $3.63亿 | $3.48亿 | +4.3% | $13.9亿 | $13.5亿 | +3.0% |
| Dividends, Common Stock, Cash | $3.04亿 | $3.03亿 | +0.3% | $12.2亿 | $12.2亿 | -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 | – | – | – | $7.7亿 | $6.99亿 | +10.2% |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01