Norfolk Southern Corp (NSC) stock
NSCNYSERailroads, Line-Haul OperatingFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 22, 2026Score 11/3034% above fair value
$327.88−5.36 (-1.61%)
Close on Nov 13, 2026Market cap $73.65BP/E 27.5Yield 1.65%
Norfolk Southern operating margin
Operating margin is operating income as a percentage of revenue.
Norfolk Southern's operating margin for the twelve months ending Sep 30, 2026 was 31.5%. For fiscal 2025 it was 35.8%, against 33.6% the year before. The highest annual figure on record is 39.9% in fiscal 2021.
Annual operating margin
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 35.8% | +2.2 |
| FY2024 | Dec 31, 2024 | 33.6% | +10.1 |
| FY2023 | Dec 31, 2023 | 23.5% | −14.3 |
| FY2022 | Dec 31, 2022 | 37.7% | −2.2 |
| FY2021 | Dec 31, 2021 | 39.9% | +9.2 |
| FY2020 | Dec 31, 2020 | 30.7% | −4.6 |
| FY2019 | Dec 31, 2019 | 35.3% | +0.8 |
| FY2018 | Dec 31, 2018 | 34.6% | +1.2 |
| FY2017 | Dec 31, 2017 | 33.4% | +2.9 |
| FY2016 | Dec 31, 2016 | 30.4% | +3.0 |
| FY2015 | Dec 31, 2015 | 27.4% | −3.3 |
| FY2014 | Dec 31, 2014 | 30.8% | +1.8 |
| FY2013 | Dec 31, 2013 | 29.0% | +0.7 |
| FY2012 | Dec 31, 2012 | 28.3% | −0.5 |
| FY2011 | Dec 31, 2011 | 28.8% | +0.6 |
| FY2010 | Dec 31, 2010 | 28.1% | +3.5 |
| FY2009 | Dec 31, 2009 | 24.6% | −4.3 |
| FY2008 | Dec 31, 2008 | 28.9% | +1.5 |
| FY2007 | Dec 31, 2007 | 27.4% | – |
Quarterly operating margin
Change is against the same quarter a year earlier.
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | 32.6% | −2.8 |
| Q2 FY2026 | Jun 30, 2026 | 32.4% | −5.3 |
| Q1 FY2026 | Mar 31, 2026 | 29.3% | −9.0 |
| Q4 FY2025 | Dec 31, 2025 | 31.5% | −5.9 |
| Q3 FY2025 | Sep 30, 2025 | 35.4% | −16.9 |
| Q2 FY2025 | Jun 30, 2025 | 37.8% | +0.6 |
| Q1 FY2025 | Mar 31, 2025 | 38.3% | +31.2 |
| Q4 FY2024 | Dec 31, 2024 | 37.4% | +11.1 |
| Q3 FY2024 | Sep 30, 2024 | 52.3% | +26.9 |
| Q2 FY2024 | Jun 30, 2024 | 37.2% | +17.8 |
| Q1 FY2024 | Mar 31, 2024 | 7.1% | −15.6 |
| Q4 FY2023 | Dec 31, 2023 | 26.3% | −10.2 |
| Q3 FY2023 | Sep 30, 2023 | 25.4% | −12.6 |
| Q2 FY2023 | Jun 30, 2023 | 19.3% | −19.8 |
| Q1 FY2023 | Mar 31, 2023 | 22.7% | −14.5 |
| Q4 FY2022 | Dec 31, 2022 | 36.5% | −3.1 |
| Q3 FY2022 | Sep 30, 2022 | 38.0% | −1.8 |
| Q2 FY2022 | Jun 30, 2022 | 39.1% | −2.6 |
| Q1 FY2022 | Mar 31, 2022 | 37.2% | −1.2 |
| Q4 FY2021 | Dec 31, 2021 | 39.6% | +1.3 |
| Q3 FY2021 | Sep 30, 2021 | 39.8% | +6.3 |
| Q2 FY2021 | Jun 30, 2021 | 41.7% | +12.4 |
| Q1 FY2021 | Mar 31, 2021 | 38.5% | +16.8 |
| Q4 FY2020 | Dec 31, 2020 | 38.2% | +2.5 |
| Q3 FY2020 | Sep 30, 2020 | 33.5% | −1.5 |
| Q2 FY2020 | Jun 30, 2020 | 29.3% | −7.2 |
| Q1 FY2020 | Mar 31, 2020 | 21.6% | −12.4 |
| Q4 FY2019 | Dec 31, 2019 | 35.8% | −1.5 |
| Q3 FY2019 | Sep 30, 2019 | 35.1% | +0.4 |
| Q2 FY2019 | Jun 30, 2019 | 36.4% | +1.0 |
| Q1 FY2019 | Mar 31, 2019 | 34.0% | +3.3 |
| Q4 FY2018 | Dec 31, 2018 | 37.2% | −0.2 |
| Q3 FY2018 | Sep 30, 2018 | 34.6% | +1.1 |
| Q2 FY2018 | Jun 30, 2018 | 35.4% | +2.3 |
| Q1 FY2018 | Mar 31, 2018 | 30.7% | +1.3 |
| Q4 FY2017 | Dec 31, 2017 | 37.4% | +6.8 |
| Q3 FY2017 | Sep 30, 2017 | 33.5% | – |
| Q2 FY2017 | Jun 30, 2017 | 33.1% | – |
| Q1 FY2017 | Mar 31, 2017 | 29.4% | – |
| Q4 FY2016 | Dec 31, 2016 | 30.6% | – |
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