Norfolk Southern Corporation (NSC) reported $12.96B of revenue for the twelve months ended Sep 30, 2026. That is up 6.0% from the year before. Revenue for fiscal 2025 was $12.18B.

Yes. Norfolk Southern Corporation earned $2.68B in net income for the twelve months ended Sep 30, 2026, a net margin of 20.7%.

How much cash and debt does NSC have?

Norfolk Southern Corporation reported $1.60B in cash and cash equivalents and $15.96B of debt on its most recent balance sheet in SEC filings.

How fast is NSC revenue growing?

Norfolk Southern Corporation's revenue changed +0.5% in fiscal 2025, to $12.18B. Its compound annual growth rate was +4.5% over 5 years and +1.5% over 10 years.

What is NSC free cash flow?

Norfolk Southern Corporation generated $1.65B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $3.78B less capital expenditures.

What is NSC earnings per share?

Diluted earnings per share were $11.93 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.

When did NSC last report financial results?

The latest statements here come from Norfolk Southern Corporation's 10-Q filed on Oct 22, 2026, covering the period ended Sep 30, 2026.

Financials · NSC

Norfolk Southern Corporation (NSC) financials

For the twelve months ended Sep 30, 2026, Norfolk Southern Corporation reported $12.96B of revenue and $2.68B of net income.

Revenue, TTM: $12.96B
Revenue growth, YoY: +6.0%
Net income, TTM: $2.68B
Net income growth, YoY: -9.4%
Net margin: 20.7%
Free cash flow, TTM: $1.65B
EPS, diluted, TTM: $11.93
EPS growth, YoY: -9.1%
Cash: $1.60B
Total debt: $15.96B
P/E: 26.77
P/S: 5.54
Market cap: $71.86B

Annual revenue$12.18B

FY2016FY2025

Annual net income$2.87B

FY2016FY2025

Annual free cash flow$2.16B

FY2016FY2025

NSC revenue and earnings growth

NSC revenueQ3 2026$3.53B

Quarter YoY: +13.6%
QoQ: +1.8%
FY YoY: +0.5%
5Y CAGR: +4.5%
10Y CAGR: +1.5%

NSC revenue was $3.53B in fiscal Q3 2026 (ended Sep 30, 2026), up 13.6% from a year earlier and up 1.8% from the prior quarter. For the full fiscal 2025 it was $12.18B, up 0.5% from fiscal 2024. Compound annual growth was +4.5% over 5 years and +1.5% over 10 years. It rose in 5 of the last 10 fiscal years.

NSC net incomeQ3 2026$759.00M

Quarter YoY: +6.8%
QoQ: +3.4%
FY YoY: +9.6%
5Y CAGR: +7.4%
10Y CAGR: +6.4%

NSC net income was $759.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 6.8% from a year earlier and up 3.4% from the prior quarter. For the full fiscal 2025 it was $2.87B, up 9.6% from fiscal 2024. Compound annual growth was +7.4% over 5 years and +6.4% over 10 years. It rose in 7 of the last 10 fiscal years.

NSC EPSQ3 2026$3.37

Quarter YoY: +6.6%
QoQ: +3.4%
FY YoY: +10.2%
5Y CAGR: +10.2%
10Y CAGR: +9.6%

NSC diluted EPS was $3.37 in fiscal Q3 2026 (ended Sep 30, 2026), up 6.6% from a year earlier and up 3.4% from the prior quarter. For the full fiscal 2025 it was $12.75, up 10.2% from fiscal 2024. Compound annual growth was +10.2% over 5 years and +9.6% over 10 years.

NSC free cash flowQ3 2026$736.00M

Quarter YoY: +2.2%
QoQ: +19.7%
FY YoY: +29.1%
5Y CAGR: +0.1%
10Y CAGR: +15.2%

NSC free cash flow was $736.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 2.2% from a year earlier and up 19.7% from the prior quarter. For the full fiscal 2025 it was $2.16B, up 29.1% from fiscal 2024. Compound annual growth was +0.1% over 5 years and +15.2% over 10 years. It rose in 8 of the last 10 fiscal years.

Export CSV

Income statement

Income statement
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue	$12.18B	$12.12B	$12.16B	$12.74B	$11.14B	$9.79B	$11.30B	$11.46B	$10.55B	$9.89B
Operating income	$4.36B	$4.07B	$2.85B	$4.81B	$4.45B	$3.00B	$3.99B	$3.96B	$3.52B	$3.01B
Interest expense	$792.00M	$807.00M	$722.00M	$692.00M	$646.00M	$625.00M	$604.00M	$557.00M	$550.00M	$563.00M
Pre-tax income	$3.67B	$3.33B	$2.32B	$4.13B	$3.88B	$2.53B	$3.49B	$3.47B	$3.13B	$2.58B
Income tax	$792.00M	$707.00M	$493.00M	$860.00M	$873.00M	$517.00M	$769.00M	$803.00M	-$2.28B	$914.00M
Net income	$2.87B	$2.62B	$1.83B	$3.27B	$3.00B	$2.01B	$2.72B	$2.67B	$5.40B	$1.66B
EPS, basic	$12.76	$11.58	$8.04	$13.92	$12.16	$7.88	$10.32	$9.58	$18.76	$5.66
EPS, diluted	$12.75	$11.57	$8.02	$13.88	$12.11	$7.84	$10.25	$9.51	$18.61	$5.62
Diluted shares	225.3M	226.4M	227.4M	235.6M	248.1M	256.6M	265.6M	280.2M	290.3M	296.0M

Balance sheet

Balance sheet
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Cash and equivalents	$1.53B	$1.64B	$1.57B	$456.00M	$839.00M	$1.11B	$580.00M	$446.00M	$690.00M	$956.00M
Receivables	$988.00M	$1.07B	$1.15B	$1.15B	$976.00M	$848.00M	$920.00M	$1.01B	$955.00M	$945.00M
Current assets	$3.20B	$3.19B	$3.27B	$2.01B	$2.17B	$2.32B	$2.08B	$1.86B	$2.15B	$2.29B
Total assets	$45.24B	$43.68B	$41.65B	$38.88B	$38.49B	$37.96B	$37.92B	$36.24B	$35.71B	$34.89B
Current liabilities	$3.77B	$3.54B	$2.63B	$2.65B	$2.52B	$2.16B	$2.30B	$2.59B	$2.54B	$2.34B
Short-term debt	$607.00M	$555.00M	$4.00M	$703.00M	$553.00M	-	-	$0	$100.00M	$100.00M
Long-term debt	$16.48B	$16.65B	$17.18B	$14.48B	$13.29B	$12.10B	$11.88B	$10.56B	$9.14B	$9.56B
Total debt	$17.09B	$17.21B	$17.18B	$15.18B	$13.84B	$12.10B	$11.88B	$10.56B	$9.24B	$9.66B
Total liabilities	$29.69B	$29.38B	$28.87B	$26.15B	$24.85B	$23.17B	$22.74B	$20.88B	$19.35B	$22.48B
Shareholders' equity	$15.55B	$14.31B	$12.78B	$12.73B	$13.64B	$14.79B	$15.18B	$15.36B	$16.36B	$12.41B

Cash flow

Cash flow
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Operating cash flow	$4.36B	$4.05B	$3.18B	$4.22B	$4.25B	$3.64B	$3.89B	$3.73B	$3.25B	$3.03B
Capital expenditures	$2.20B	$2.38B	$2.33B	$1.95B	$1.47B	$1.49B	$2.02B	$1.95B	$1.72B	$1.89B
Free cash flow	$2.16B	$1.67B	$852.00M	$2.27B	$2.79B	$2.14B	$1.87B	$1.77B	$1.53B	$1.15B
Investing cash flow	-$2.56B	-$2.78B	-$2.18B	-$1.60B	-$1.22B	-$1.18B	-$1.76B	-$1.66B	-$1.48B	-$1.83B
Financing cash flow	-$1.91B	-$1.20B	$115.00M	-$3.00B	-$3.31B	-$1.93B	-$1.99B	-$2.31B	-$2.04B	-$1.35B
Dividends paid	$1.22B	$1.22B	$1.23B	$1.17B	$1.03B	$960.00M	$949.00M	$844.00M	$703.00M	$695.00M
Share repurchases	$534.00M	$0	$622.00M	$3.11B	$3.39B	$1.44B	$2.10B	$2.78B	$1.01B	$803.00M
Depreciation and amortization	$1.39B	$1.35B	$1.30B	$1.22B	$1.18B	$1.15B	$1.14B	$1.10B	$1.06B	$1.03B

Key ratios

Key ratios
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue growth, YoY	0.5%	-0.3%	-4.6%	14.4%	13.8%	-13.3%	-1.4%	8.6%	6.7%	-5.9%
Net income growth, YoY	9.6%	43.5%	-44.1%	8.8%	49.3%	-26.0%	2.1%	-50.7%	225.0%	7.3%
EPS growth, YoY	10.2%	44.3%	-42.2%	14.6%	54.5%	-23.5%	7.8%	-48.9%	231.1%	10.2%
Operating margin	35.8%	33.6%	23.5%	37.7%	39.9%	30.7%	35.3%	34.6%	33.4%	30.4%
Net margin	23.6%	21.6%	15.0%	25.7%	27.0%	20.6%	24.1%	23.3%	51.2%	16.8%
Free cash flow margin	17.7%	13.8%	7.0%	17.8%	25.0%	21.9%	16.6%	15.5%	14.5%	11.6%
Return on equity	18.5%	18.3%	14.3%	25.7%	22.0%	13.6%	17.9%	17.4%	33.0%	13.4%
Return on assets	6.4%	6.0%	4.4%	8.4%	7.8%	5.3%	7.2%	7.4%	15.1%	4.8%
Current ratio	0.85	0.90	1.24	0.76	0.86	1.07	0.90	0.72	0.84	0.98
Debt to equity	1.10	1.20	1.34	1.19	1.01	0.82	0.78	0.69	0.56	0.78

Income statement

Income statement
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue	$3.53B	$3.46B	$3.00B	$2.97B	$3.10B	$3.11B	$2.99B	$3.02B	$3.05B	$3.04B	$3.00B	$3.07B
Operating income	$1.15B	$1.12B	$877.00M	$937.00M	$1.10B	$1.18B	$1.15B	$1.13B	$1.60B	$1.13B	$213.00M	$808.00M
Interest expense	$193.00M	$197.00M	$197.00M	$195.00M	$197.00M	$201.00M	$199.00M	$199.00M	$203.00M	$204.00M	$201.00M	$195.00M
Pre-tax income	$987.00M	$959.00M	$715.00M	$765.00M	$924.00M	$998.00M	$978.00M	$928.00M	$1.43B	$944.00M	$30.00M	$651.00M
Income tax	$228.00M	$225.00M	$168.00M	$121.00M	$213.00M	$230.00M	$228.00M	$195.00M	$328.00M	$207.00M	-$23.00M	$124.00M
Net income	$759.00M	$734.00M	$547.00M	$644.00M	$711.00M	$768.00M	$750.00M	$733.00M	$1.10B	$737.00M	$53.00M	$527.00M
EPS, basic	$3.38	$3.26	$2.43	$2.88	$3.16	$3.41	$3.31	$3.23	$4.86	$3.26	$0.23	$2.33
EPS, diluted	$3.37	$3.26	$2.43	$2.87	$3.16	$3.41	$3.31	$3.24	$4.85	$3.25	$0.23	$2.32
Diluted shares	225.2M	225.0M	225.0M	-	224.7M	225.2M	226.5M	-	226.5M	226.4M	226.2M	-

Balance sheet

Balance sheet
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Cash and equivalents	$1.60B	$1.07B	$1.34B	$1.53B	$1.42B	$1.30B	$1.01B	$1.64B	$975.00M	$659.00M	$652.00M	$1.57B
Receivables	$1.23B	$1.18B	$1.12B	$988.00M	$1.10B	$1.12B	$1.23B	$1.07B	$1.30B	$1.19B	$1.20B	$1.15B
Current assets	$3.33B	$2.80B	$3.02B	$3.20B	$3.04B	$2.91B	$2.70B	$3.19B	$2.69B	$2.30B	$2.36B	$3.27B
Total assets	$45.95B	$45.12B	$45.11B	$45.24B	$44.58B	$44.16B	$43.80B	$43.68B	$43.26B	$42.56B	$42.13B	$41.65B
Current liabilities	$3.68B	$3.37B	$3.33B	$3.77B	$3.52B	$3.67B	$3.45B	$3.54B	$3.68B	$3.67B	$3.45B	$2.63B
Short-term debt	-	-	-	$607.00M	-	-	-	$555.00M	-	$400.00M	$400.00M	$4.00M
Long-term debt	$15.96B	$15.97B	$16.49B	$16.48B	$16.48B	$16.46B	$16.66B	$16.65B	$16.64B	$16.94B	$17.18B	$17.18B
Total debt	$15.96B	$15.97B	$16.49B	$17.09B	$16.48B	$16.46B	$16.66B	$17.21B	$16.64B	$17.34B	$17.58B	$17.18B
Total liabilities	$29.22B	$28.87B	$29.31B	$29.69B	$29.44B	$29.37B	$29.29B	$29.38B	$29.47B	$29.58B	$29.59B	$28.87B
Shareholders' equity	$16.73B	$16.25B	$15.80B	$15.55B	$15.14B	$14.79B	$14.51B	$14.31B	$13.79B	$12.98B	$12.54B	$12.78B

Cash flow

Cash flow
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Operating cash flow	$1.32B	$1.05B	$344.00M	$1.06B	$1.27B	$1.08B	$950.00M	$951.00M	$1.23B	$1.04B	$839.00M	$673.00M
Capital expenditures	$586.00M	$439.00M	$382.00M	$729.00M	$551.00M	$475.00M	$449.00M	$675.00M	$581.00M	$568.00M	$557.00M	$836.00M
Free cash flow	$736.00M	$615.00M	-$38.00M	$334.00M	$720.00M	$602.00M	$501.00M	$276.00M	$645.00M	$468.00M	$282.00M	-$163.00M
Investing cash flow	-$479.00M	-$416.00M	-$213.00M	-$644.00M	-$483.00M	-$414.00M	-$1.02B	$11.00M	-$224.00M	-$723.00M	-$1.84B	-$788.00M
Financing cash flow	-$314.00M	-$910.00M	-$320.00M	-$307.00M	-$673.00M	-$366.00M	-$564.00M	-$296.00M	-$686.00M	-$306.00M	$89.00M	$177.00M
Dividends paid	$304.00M	$303.00M	$303.00M	$303.00M	$303.00M	$303.00M	$306.00M	$306.00M	$305.00M	$305.00M	$305.00M	$305.00M
Share repurchases	$0	$0	$5.00M	$0	$78.00M	$208.00M	$248.00M	$0	$0	$0	$0	$119.00M
Depreciation and amortization	$363.00M	$358.00M	$352.00M	$353.00M	$348.00M	$346.00M	$346.00M	$342.00M	$339.00M	$335.00M	$337.00M	$330.00M

Key ratios

Key ratios
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue growth, YoY	13.6%	11.4%	0.2%	-1.7%	1.7%	2.2%	-0.4%	-1.6%	2.7%	2.1%	-4.1%	-5.1%
Net income growth, YoY	6.8%	-4.4%	-27.1%	-12.1%	-35.3%	4.2%	1315.1%	39.1%	129.9%	107.0%	-88.6%	-33.3%
EPS growth, YoY	6.6%	-4.4%	-26.6%	-11.4%	-34.8%	4.9%	1339.1%	39.7%	131.0%	108.3%	-88.7%	-31.8%
Operating margin	32.6%	32.4%	29.3%	31.5%	35.4%	37.8%	38.3%	37.4%	52.3%	37.2%	7.1%	26.3%
Net margin	21.5%	21.2%	18.2%	21.7%	22.9%	24.7%	25.1%	24.2%	36.0%	24.2%	1.8%	17.1%
Free cash flow margin	20.9%	17.7%	-1.3%	11.2%	23.2%	19.4%	16.7%	9.1%	21.1%	15.4%	9.4%	-5.3%
Current ratio	0.90	0.83	0.91	0.85	0.86	0.79	0.78	0.90	0.73	0.63	0.68	1.24
Debt to equity	0.95	0.98	1.04	1.10	1.09	1.11	1.15	1.20	1.21	1.34	1.40	1.34

Source: XBRL data Norfolk Southern Corporation files with the SEC, latest filing dated Oct 22, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

NSC peers

Company	Revenue	Growth	Net income	Net margin	Market cap
NSC	$12.96B	+6.0%	$2.68B	20.7%	$71.86B
UNPUnion Pacific Corporation	$26.36B	+7.4%	$7.62B	28.9%	$172.43B
CSXCSX Corporation	$14.94B	+5.8%	$3.58B	24.0%	$90.54B
CPCanadian Pacific Kansas City Limited	C$16.01B	+6.5%	C$3.86B	24.1%	$80.15B
WABWestinghouse Air Brake Technologies Corporation	$12.21B	+13.2%	$1.37B	11.2%	$47.59B
TRNTrinity Industries Inc.	$2.12B	-2.4%	$327.30M	15.4%	$2.30B
GBXGreenbrier Companies Inc.	$2.46B	-24.0%	$79.00M	3.2%	$1.29B
FIPFTAI Infrastructure Inc.	$737.62M	+67.7%	-$516.44M	-70.0%	$410.1M

NSC FAQ

8 questions

What is NSC revenue?
Norfolk Southern Corporation (NSC) reported $12.96B of revenue for the twelve months ended Sep 30, 2026. That is up 6.0% from the year before. Revenue for fiscal 2025 was $12.18B.
Is NSC profitable?
Yes. Norfolk Southern Corporation earned $2.68B in net income for the twelve months ended Sep 30, 2026, a net margin of 20.7%.
How much cash and debt does NSC have?
Norfolk Southern Corporation reported $1.60B in cash and cash equivalents and $15.96B of debt on its most recent balance sheet in SEC filings.
How fast is NSC revenue growing?
Norfolk Southern Corporation's revenue changed +0.5% in fiscal 2025, to $12.18B. Its compound annual growth rate was +4.5% over 5 years and +1.5% over 10 years.
What is NSC free cash flow?
Norfolk Southern Corporation generated $1.65B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $3.78B less capital expenditures.
What is NSC earnings per share?
Diluted earnings per share were $11.93 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
When did NSC last report financial results?
The latest statements here come from Norfolk Southern Corporation's 10-Q filed on Oct 22, 2026, covering the period ended Sep 30, 2026.
Where does this NSC financial data come from?
Quantisnow builds these statements from the structured XBRL data Norfolk Southern Corporation files with the SEC. It is provided for information only and is not investment advice.