10 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 4.5% per year over the past 5 years.
Net income has grown faster than revenue (7.4% vs 4.5% per year).
Operating margin has expanded, at 35.8% in the latest year.
Free cash flow has grown 0.1% per year over the past 5 years.
Financial health
Total debt has grown in line with revenue (4.5% vs 4.5% per year).
Operating income covered interest expense 5.5× in the latest year.
Shareholder returns
Dividends have been paid for 10 consecutive years, consuming 42.3% of earnings and 56.3% of free cash flow.
The dividend has grown 4.8% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$12.2B
$2.9B
0.0%
35.8%
$2.2B
—
$1.5B
2024
$12.1B
$2.6B
0.0%
33.6%
$1.7B
—
$1.6B
2023
$12.2B
$1.8B
0.0%
23.5%
$852M
—
$1.6B
2022
$12.7B
$3.3B
0.0%
37.7%
$2.3B
—
$456M
2021
$11.1B
$3.0B
0.0%
39.9%
$2.8B
—
$839M
2020
$9.8B
$2.0B
0.0%
30.7%
$2.1B
—
$1.1B
2019
$11.3B
$2.7B
0.0%
35.3%
$1.9B
—
$580M
2018
$11.5B
$2.7B
0.0%
34.6%
$1.8B
$11.1B
$358M
2017
$10.6B
$5.4B
0.0%
33.4%
$1.5B
$9.8B
$690M
2016
$9.9B
—
0.0%
30.4%
$1.1B
$10.2B
$956M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$3.0B
$547M
0.0%
29.3%
-$38M
—
$1.3B
Dec '25
$3.0B
$644M
0.0%
31.5%
$334M
—
$1.5B
Sep '25
$3.1B
$711M
0.0%
35.4%
$720M
—
$1.4B
Jun '25
$3.1B
$768M
0.0%
37.8%
$602M
—
$1.3B
Mar '25
$3.0B
$750M
0.0%
38.3%
$501M
—
$1.0B
Dec '24
$3.0B
$733M
0.0%
37.4%
$276M
—
$1.6B
Sep '24
$3.1B
$1.1B
0.0%
52.3%
$645M
—
$975M
Jun '24
$3.0B
$737M
0.0%
37.2%
$468M
—
$659M
Mar '24
$3.0B
$53M
0.0%
7.1%
$282M
—
$652M
Dec '23
$3.1B
$527M
0.0%
26.3%
-$163M
—
$1.6B
Sep '23
$3.0B
$478M
0.0%
25.4%
$117M
—
$1.5B
Jun '23
$3.0B
$356M
0.0%
19.3%
$153M
—
$556M
Mar '23
$3.1B
$466M
0.0%
22.7%
$745M
—
$552M
Dec '22
$3.2B
$790M
0.0%
36.5%
$132M
—
$456M
Sep '22
$3.3B
$958M
0.0%
38.0%
$968M
—
$1.2B
Jun '22
$3.3B
$819M
0.0%
39.1%
$569M
—
$1.3B
Mar '22
$2.9B
$703M
0.0%
37.2%
$605M
—
$1.6B
Dec '21
$2.9B
$760M
0.0%
39.6%
$497M
—
$839M
Sep '21
$2.9B
$753M
0.0%
39.8%
$818M
—
$1.5B
Jun '21
$2.8B
$819M
0.0%
41.7%
$720M
—
$1.7B
Valuation over time
How the market has priced NSC against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 14.6× (Mar '23) to 24.4× (Jun '26).
The price-to-sales ratio has risen from 3.7× (Mar '23) to 5.8× (Jun '26).
The dividend yield has fallen from 2.5% (Mar '23) to 1.7% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is NSC growing its revenue and profit?
Over the past 5 years, Norfolk Southern's revenue has grown 4.5% per year, and net income grown 7.4% per year. These are computed facts, not advice.
How much debt does NSC have?
As of FY2025, Norfolk Southern reported — of total debt against $1.5B of cash; operating income covered interest expense 5.5×.
What is NSC's profit margin?
In FY2025, gross margin was —, operating margin 35.8%, and net margin 23.6%.
What is NSC's P/E ratio?
As of Jun '26, Norfolk Southern traded at a price-to-earnings ratio of about 24.4× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.