NSCNYSERailroads, Line-Haul OperatingFiscal year ends December 31
NORFOLK SOUTHERN CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$323.48−3.44 (-1.05%)
Close on Oct 19, 2026
- Market cap
- $72.78B
- P/E (TTM)
- 27.6
- Dividend yield
- 1.67%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
35.8%+5.1 pts over 5 years
Net margin
23.6%+3.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +0.5% | -1.5% | +4.5% | +1.5% | |
| Operating income | +7.0% | -3.2% | +7.7% | +4.2% | |
| Net income | +9.6% | -4.2% | +7.4% | – | |
| EPS, diluted | +10.2% | -2.8% | +10.2% | +9.6% | |
| Free cash flow | +29.1% | -1.7% | +0.1% | +15.2% | |
| Dividend per share | 0.0% | +2.9% | +7.5% | +8.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 13.4% | 19.2% | |
| Return on assets | – | 5.3% | 6.5% | |
| Current ratio | 0.98 | 1.07 | 0.85 | |
| Debt to equity | 0.82 | 0.86 | 1.10 | |
| Net debt to EBITDA | 2.29× | 2.78× | 2.71× | |
| Interest coverage | 5.3× | 4.8× | 5.5× | |
| Capex to revenue | 19.1% | 15.3% | 18.1% | |
| Diluted shares | 296M | 257M | 225M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Norfolk Southern generated $20.07B from operations and spent $23.84B on capital expenditure, dividends and share buybacks. 43% of that went back into the business.
Generated
$20.07B
Used
$23.84B
Capital expenditure$10.33B43%Dividends$5.86B25%Share buybacks$7.66B32%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin23.6%
×Asset turnover0.27×
×Equity multiplier2.98×
=Return on equity, FY202519.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 23.6% | 0.27× | 2.98× | 19.2% |
| FY2024 | 21.6% | 0.28× | 3.15× | 19.4% |
| FY2023 | 15.0% | 0.30× | 3.16× | 14.3% |
| FY2022 | 25.7% | 0.33× | 2.93× | 24.8% |
| FY2021 | 27.0% | 0.29× | 2.69× | 21.1% |
| FY2020 | 20.6% | 0.26× | 2.53× | 13.4% |
| FY2019 | 24.1% | 0.30× | 2.43× | 17.8% |
| FY2018 | 23.3% | 0.32× | 2.27× | 16.8% |
| FY2017 | 51.2% | 0.30× | 2.45× | 37.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$2.87B
- Cash generatingOperating cash flow above zero$4.36B
- Return on assets improvedROA up on the prior year6.3% → 6.6%
- Earnings backed by cashOperating cash flow above net income$4.36B vs $2.87B
- Less leverageLong-term debt to assets fell38.1% → 36.4%
- Better liquidityCurrent ratio rose0.90 → 0.85
- No dilutionShare count did not rise226M → 225M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.29 → 0.28