NSC

MKT CAP:$72B

Norfolk Southern Corporation

Market Cap

$72B

Industrials·Railroads·🇺🇸 United States·NYSE

Industrials·Railroads·🇺🇸·NYSE

Stock Price

$320.50+$32.68 (+11.35%)

Apr 24, 2026

Company Details

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer prod...

CEO

Mark R. George

IPO Date

Jun 2, 1982

Website

www.norfolksouthern.com

Key Metrics TTM

Revenue

$12.2B

+0.6% YoY

Net Income

$2.7B

EPS (Diluted)

$11.87

Free Cash Flow

$4.2B

Revenue / Share

—

Gross Margin

51.1%

Operating Margin

32.4%

Net Margin

21.9%

FCF Margin

34.5%

P/S

5.9x

P/E

27.0x

Earnings Reports

Q1 2026

Apr 24, 2026

NEW

$3.0B+0.2%EPS $2.43

FY 2025

Feb 9, 2026

$12.2B+0.5%EPS $12.75

Q4 2025

Feb 9, 2026

$3.0B-1.7%EPS $2.87

Q3 2025

Oct 23, 2025

$3.1B+1.7%EPS $3.16

Q2 2025

Jul 29, 2025

$3.1B+2.2%EPS $3.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2.9B	$1.1B	$1.1B
Q2 22	$3.3B	$1.2B	$1.2B
Q3 22	$3.3B	$1.3B	$1.3B
Q4 22	$3.2B	$1.2B	$1.2B
Q1 23	$3.1B	$708M	$708M
Q2 23	$3.0B	$557M	$557M
Q3 23	$3.0B	$748M	$748M
Q4 23	$3.1B	$795M	$795M
Q2 24	$3.0B	$1.1B	$1.1B
Q3 24	$3.1B	$1.3B	$1.3B
Q4 24	$3.0B	$1.1B	$1.1B
Q1 25	$3.0B	$938M	$938M
Q2 25	$3.1B	$1.1B	$1.1B
Q3 25	$3.1B	$1.0B	$1.0B
Q4 25	$3.0B	$2.1B	$937M
Q1 26	$3.0B	$2.0B	$877M

Valuation

Quarter	P/S	P/E
Q1 22	6.0x	22.4x
Q2 22	4.5x	17.8x
Q3 22	4.0x	15.4x
Q4 22	4.5x	17.7x
Q1 23	3.7x	15.7x
Q2 23	4.1x	20.2x
Q3 23	3.5x	20.7x
Q4 23	4.3x	28.4x
Q2 24	4.0x	23.1x
Q3 24	4.6x	19.8x
Q4 24	4.3x	17.1x
Q1 25	4.4x	16.1x
Q2 25	4.8x	17.3x
Q3 25	5.5x	22.8x
Q4 25	5.4x	22.8x
Q1 26	5.2x	23.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$994M	$605M
Q2 22	$1.0B	$569M
Q3 22	$1.4B	$968M
Q4 22	$798M	$132M
Q1 23	$1.2B	$745M
Q2 23	$673M	$153M
Q3 23	$660M	$112M
Q4 23	$673M	-$180M
Q2 24	$1.0B	$467M
Q3 24	$1.2B	$645M
Q4 24	$951M	$276M
Q1 25	$950M	$501M
Q2 25	$1.1B	$602M
Q3 25	$1.3B	$720M
Q4 25	$1.1B	$2.5B
Q1 26	$344M	$344M

Capital Expenditures

Quarter	CapEx
Q1 22	$389M
Q2 22	$448M
Q3 22	$445M
Q4 22	$666M
Q1 23	$428M
Q2 23	$520M
Q3 23	$548M
Q4 23	$853M
Q2 24	$569M
Q3 24	$581M
Q4 24	$675M
Q1 25	$449M
Q2 25	$475M
Q3 25	$551M
Q4 25	$1.5B
Q1 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+10.5%	+12.8%
Q2 22	+16.1%	+18.1%
Q3 22	+17.2%	+21.3%
Q4 22	+13.5%	+20.4%
Q1 23	+7.4%	+32.0%
Q2 23	-8.3%	+20.7%
Q3 23	-11.1%	+6.5%
Q4 23	-5.1%	+9.5%
Q2 24	-2.8%	-19.9%
Q3 24	+2.4%	-25.9%
Q4 24	+1.8%	-13.1%
Q1 25	-2.6%	-9.8%
Q2 25	+2.2%	+3.3%
Q3 25	+1.7%	+15.5%
Q4 25	-1.7%	+5.5%
Q1 26	+0.2%	+3.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$13M	0.4%
Q3 22	$13M	0.4%
Q4 22	$4M	0.1%
Q1 23	$11M	0.4%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 25	$753M

Revenue Segments

Quarter	Railway Operating Revenues Market Group Coal	Railway Operating Revenues Market Group Intermodal	Railway Operating Revenues Market Group Merchandise
Q1 22	$389M	$854M	$1.7B
Q2 22	$425M	$972M	$1.9B
Q3 22	$471M	$942M	$1.9B
Q4 22	$448M	$913M	$1.9B
Q1 23	$440M	$814M	$1.9B
Q2 23	$409M	$745M	$1.8B
Q3 23	$434M	$737M	$1.8B
Q4 23	$430M	$794M	$1.8B
Q2 24	$398M	$742M	$1.9B
Q3 24	$427M	$763M	$1.9B
Q1 25	$370M	$760M	$1.9B
Q2 25	$395M	$743M	$2.0B
Q3 25	$375M	$759M	$2.0B
Q4 25	$347M	$747M	$1.9B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$1.3B	$0	$1.3B
Q3 22	$1.2B	$0	$1.2B
Q4 22	$456M	$0	$456M
Q1 23	$552M	$0	$552M
Q2 23	$556M	$0	$556M
Q3 23	$1.5B	$0	$1.5B
Q4 23	$1.6B	$0	$1.6B
Q1 24	$652M	$0	$652M
Q2 24	$659M	$0	$659M
Q3 24	$975M	$0	$975M
Q4 24	$1.6B	$0	$1.6B
Q1 25	$1.0B	$0	$1.0B
Q2 25	$1.3B	$0	$1.3B
Q3 25	$1.4B	$0	$1.4B
Q4 25	$1.5B	$0	$1.5B
Q1 26	$1.3B	$0	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	240M	-1.4%	-4.9%
Q2 22	238M	-1.1%	-5.0%
Q3 22	234M	-1.5%	-5.0%
Q4 22	231M	-1.4%	-5.3%
Q1 23	228M	-1.0%	-5.0%
Q2 23	228M	-0.1%	-4.0%
Q3 23	227M	-0.4%	-3.0%
Q4 23	226M	-0.3%	-1.9%
Q2 24	226M	+0.0%	-0.8%
Q3 24	227M	+0.0%	-0.7%
Q4 24	227M	0.0%	-0.2%
Q1 25	227M	0.0%	+0.1%
Q2 25	225M	-0.7%	-0.6%
Q3 25	225M	-0.1%	-0.8%
Q4 25	225M	+0.0%	-0.8%
Q1 26	0	-100.0%	-100.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$157.6K	19K
Q2 22	$175.7K	19K
Q3 22	$180.7K	19K
Q4 22	$171.3K	19K
Q1 23	$165.7K	19K
Q2 23	$157.7K	19K
Q3 23	$157.2K	19K
Q4 23	$151.4K	20K
Q2 24	$150.0K	20K
Q3 24	$150.3K	20K
Q4 24	$149.7K	20K
Q1 25	$148.2K	20K
Q2 25	$154.0K	20K
Q3 25	$153.6K	20K
Q4 25	$153.3K	19K
Q1 26	$154.5K	19K

Revenue / Employee