A Business at a Glance
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INDEX TO FINANCIAL STATEMENTS Report of Management Report of Independent Registered Public Accounting Firm Consolidated Statements of Income Years ended December 31, 2025, 2024, and 2023 Consolidated Statements of Comprehensive Income Years ended December 31, 2025, 2024, and 2023 Consolidated Balance Sheets At December 31, 2025 and 2024 Consolidated Statements of Cash Flows Years ended December 31, 2025, 2024, and 2023 Consolidated Statements of Changes in Stockholders’ Equity Years ended December 31, 2025, 2024, and 2023 Notes to Consolidated Financial Statements Index to Financial Statement Schedules in Item 15 Report of Management February 9, 2026 To the Stockholders Norfolk Southern Corporation: Management is responsible for establishing and maintaining adequate internal control over financial reporting.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 12.2B | 12.2B | 12.1B | 12.2B | 12.7B | 11.1B |
| Net Income | 2.9B | 2.9B | 2.6B | 1.8B | 3.3B | 3.0B |
| EPS | $12.75 | $12.75 | $11.57 | $8.02 | $13.88 | $12.11 |
| Free Cash Flow | 2.2B | 2.2B | 1.7B | 852M | 2.3B | 2.8B |
| ROIC | 10.8% | 11.6% | 11.1% | 8.4% | 14.1% | 13.4% |
| Gross Margin | 76.0% | 76.0% | 76.7% | 76.8% | 79.4% | 78.1% |
| Debt/Equity | 1.14 | 1.14 | 1.24 | 1.34 | 1.19 | 1.01 |
| Dividends/Share | $5.39 | $5.40 | $5.40 | $5.40 | $4.96 | $4.16 |
| Operating Income | 4.4B | 4.4B | 4.1B | 2.9B | 4.8B | 4.4B |
| Operating Margin | 35.8% | 35.8% | 33.6% | 23.5% | 37.7% | 39.9% |
| ROE | 18.5% | 19.2% | 18.3% | 14.3% | 25.7% | 22.0% |
| Shares Outstanding | 225M | 225M | 227M | 228M | 236M | 248M |
NORFOLK SOUTHERN CORP passes 6 of 9 quality checks, suggesting mixed fundamentals.
NORFOLK SOUTHERN CORP trades at 23.3x trailing earnings, compared to its 15-year median P/E of 18.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 31.0x vs a median of 24.1x. The company's 5-year average ROIC is 11.7% with a gross margin of 77.4%. Total shareholder yield (dividends + buybacks) is 2.6%. At current prices, the estimated annualized return to fair value is -3.0%.
NORFOLK SOUTHERN CORP (NSC) has a current P/E ratio of 23.3, compared to its historical median P/E of 18.3. The stock is currently considered Fair based on its historical valuation range.
NORFOLK SOUTHERN CORP (NSC) has a 5-year average return on invested capital (ROIC) of 11.7%. This indicates solid capital allocation.
NORFOLK SOUTHERN CORP (NSC) has a market capitalization of $67.1B. It is classified as a large-cap stock.
Yes, NORFOLK SOUTHERN CORP (NSC) pays a dividend with a trailing twelve-month yield of 1.81%. The company also returns capital through share buybacks, with a buyback yield of 0.80%.
Based on historical P/E analysis, NORFOLK SOUTHERN CORP (NSC) appears fair. The current P/E of 23.3 is 28% above its historical median of 18.3. The estimated fair value CAGR (P/E method) is 1.6%.
NORFOLK SOUTHERN CORP (NSC) operates in the Railroads, Line-Haul Operating industry, within the Industrials sector.
NORFOLK SOUTHERN CORP (NSC) reported annual revenue of $12.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
NORFOLK SOUTHERN CORP (NSC) has a net profit margin of 23.6%. This is a strong margin indicating high profitability.
NORFOLK SOUTHERN CORP (NSC) generated $2.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NORFOLK SOUTHERN CORP (NSC) has a debt-to-equity ratio of 1.14. This indicates moderate leverage.
NORFOLK SOUTHERN CORP (NSC) reported earnings per share (EPS) of $12.75 in its most recent fiscal year.
NORFOLK SOUTHERN CORP (NSC) has a return on equity (ROE) of 19.2%. This indicates the company generates strong returns for shareholders.
NORFOLK SOUTHERN CORP (NSC) has a 5-year average gross margin of 77.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for NORFOLK SOUTHERN CORP (NSC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NORFOLK SOUTHERN CORP (NSC) has a book value per share of $69.00, based on its most recent annual SEC filing.