NSC Financials Norfolk Southern

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 55 d ago 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$12.2B	$2.9B	0.0%	35.8%	18.5%	6.4%	$2.2B	—	$1.5B
2024	$12.1B	$2.6B	0.0%	33.6%	18.3%	6.0%	$1.7B	—	$1.6B
2023	$12.2B	$1.8B	0.0%	23.5%	14.3%	4.4%	$852M	—	$1.6B
2022	$12.7B	$3.3B	0.0%	37.7%	25.7%	8.4%	$2.3B	—	$456M
2021	$11.1B	$3.0B	0.0%	39.9%	22.0%	7.8%	$2.8B	—	$839M
2020	$9.8B	$2.0B	0.0%	30.7%	13.6%	5.3%	$2.1B	—	$1.1B
2019	$11.3B	$2.7B	0.0%	35.3%	17.9%	7.2%	$1.9B	—	$580M
2018	$11.5B	$2.7B	0.0%	34.6%	17.4%	7.4%	$1.8B	$11.1B	$358M
2017	$10.6B	$5.4B	0.0%	33.4%	33.0%	15.1%	$1.5B	$9.8B	$690M
2016	$9.9B	—	0.0%	30.4%	0.0%	0.0%	$1.1B	$10.2B	$956M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Jun '26	$3.5B	$734M	0.0%	32.4%	4.5%	1.6%	$615M	—	$1.1B
Mar '26	$3.0B	$547M	0.0%	29.3%	3.5%	1.2%	-$38M	—	$1.3B
Dec '25	$3.0B	$644M	0.0%	31.5%	4.1%	1.4%	$334M	—	$1.5B
Sep '25	$3.1B	$711M	0.0%	35.4%	4.7%	1.6%	$720M	—	$1.4B
Jun '25	$3.1B	$768M	0.0%	37.8%	5.2%	1.7%	$602M	—	$1.3B
Mar '25	$3.0B	$750M	0.0%	38.3%	5.2%	1.7%	$501M	—	$1.0B
Dec '24	$3.0B	$733M	0.0%	37.4%	5.1%	1.7%	$276M	—	$1.6B
Sep '24	$3.1B	$1.1B	0.0%	52.3%	8.0%	2.5%	$645M	—	$975M
Jun '24	$3.0B	$737M	0.0%	37.2%	5.7%	1.7%	$468M	—	$659M
Mar '24	$3.0B	$53M	0.0%	7.1%	0.4%	0.1%	$282M	—	$652M
Dec '23	$3.1B	$527M	0.0%	26.3%	4.1%	1.3%	-$163M	—	$1.6B
Sep '23	$3.0B	$478M	0.0%	25.4%	3.8%	1.2%	$117M	—	$1.5B
Jun '23	$3.0B	$356M	0.0%	19.3%	2.8%	0.9%	$153M	—	$556M
Mar '23	$3.1B	$466M	0.0%	22.7%	3.7%	1.2%	$745M	—	$552M
Dec '22	$3.2B	$790M	0.0%	36.5%	6.2%	2.0%	$132M	—	$456M
Sep '22	$3.3B	$958M	0.0%	38.0%	7.4%	2.4%	$968M	—	$1.2B
Jun '22	$3.3B	$819M	0.0%	39.1%	6.2%	2.1%	$569M	—	$1.3B
Mar '22	$2.9B	$703M	0.0%	37.2%	5.2%	1.8%	$605M	—	$1.6B
Dec '21	$2.9B	$760M	0.0%	39.6%	5.6%	2.0%	$497M	—	$839M
Sep '21	$2.9B	$753M	0.0%	39.8%	5.4%	2.0%	$818M	—	$1.5B

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 25.6× (Sep '26).
The price-to-sales ratio has risen from 3.7× (Mar '23) to 6.0× (Sep '26).
The dividend yield has fallen from 2.5% (Mar '23) to 1.6% (Sep '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 Sep '26, Norfolk Southern traded at a price-to-earnings ratio of about 25.6× (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.