Norfolk Southern Corp NSC

IndustrialsFreight & Logistics ServicesUnited States of America

Last close 340.95 USD on Nov 3, 2026, +19.6% year to date

Quant rating

Quant rating B Rank 137 of 486 in Industrials

Growth D 354 of 486
Valuation D 361 of 486
Quality B 177 of 486
Revisions B 97 of 486
Momentum B 84 of 486

Wall Street consensus Hold (2.68)Average target 360.56 USD +5.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 76.6B
Enterprise value: 91.6B
52-week range: 277.85 – 358.44
3-year range: 193.81 – 358.44
Dividend yield: 1.56%
Beta (5 years): 1.18
Shares outstanding: 225M
Next earnings: Jan 27, 2027

About the company

Norfolk Southern Corporation is a holding company engaged in the rail transportation business. The Company is engaged in the rail transportation of raw materials, intermediate products, and finished goods in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States. It also transports overseas freight through several Atlantic and Gulf Coast ports. It offers an intermodal network in the eastern half of the United States. Its railroad operations system reaches various manufacturing plants, electric generating facilities, mines, distribution centers and transload facilities. It serves various industries such as agriculture, forest and consumer products, automotive, chemicals, and metals and construction. Its coal franchise supports the electric generation market, directly serving over 18 coal-fired power plants, as well as the export, domestic metallurgical, and industrial markets, through direct rail and river, lake, and coastal.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,180	12,123	12,156	12,745	11,142	–
Revenue growth	0.5%	−0.3%	−4.6%	14.4%	13.8%	4.5%
EPS (basic, normalized)	12.49	11.85	11.74	13.88	12.11	–
EPS growth	5.4%	0.9%	−15.4%	14.6%	–	–
Gross margin	49.4%	52.2%	46.5%	50.1%	53.4%	50.3%
Net margin	23.6%	21.6%	15.0%	25.6%	27.0%	22.6%
ROE	19.2%	19.4%	14.3%	24.8%	21.1%	19.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,598
Current ratio	0.90x
Long-term debt (mil)	15,964
Net debt (mil)	15,015
Total equity (mil)	16,730
Net debt / equity	0.90x
Net debt / EBITDA	2.68x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	12,180	+0.5%	7.5x	5,597	+1.7%	16.4x	12.49	+5.4%	27.3x
2026	13,459	+10.5%	6.8x	5,919	+5.8%	15.5x	13.06	+4.5%	26.1x
2027	14,181	+5.4%	6.5x	6,377	+7.7%	14.4x	14.57	+11.6%	23.4x
2028	14,737	+3.9%	6.2x	6,818	+6.9%	13.4x	15.99	+9.8%	21.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	13,459	+1.3%	+1.5%	+6.1%	13.06	+0.9%	+0.6%	+7.6%
2027	14,181	+2.4%	+2.8%	+7.2%	14.57	+1.7%	+1.3%	+7.6%
2028	14,737	+2.4%	+2.3%	+6.9%	15.99	+1.9%	+1.3%	+7.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,004	3,044	3,051	3,024	2,993	3,110	3,103	2,974	2,998	3,465
Sales mean (mil)	3,051	3,039	3,086	3,025	2,976	3,129	3,109	3,001	2,997	3,369
Surprise	−1.5%	+0.2%	−1.1%	0.0%	+0.6%	−0.6%	−0.2%	−0.9%	0.0%	+2.8%
EPS reported	2.49	3.06	3.25	3.04	2.69	3.29	3.30	3.22	2.65	3.52
EPS mean	2.60	2.86	3.11	2.95	2.69	3.30	3.19	2.76	2.51	3.31
Surprise	−4.1%	+6.9%	+4.5%	+3.0%	0.0%	−0.4%	+3.5%	+16.6%	+5.6%	+6.4%

Peer comparison Freight & Logistics Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NSC Norfolk Southern Corp	76.6B	2.68x	23.6%	4.58x	26.1x	23.4x	15.5x	14.4x
UNP Union Pacific Corporation	180.3B	2.19x	29.1%	8.19x	23.0x	21.1x	15.2x	14.1x
CSX CSX Corporation	93.5B	2.70x	20.5%	6.50x	24.7x	21.7x	14.9x	13.7x
UPS United Parcel Service Inc	92.9B	1.60x	6.3%	6.17x	15.0x	13.5x	8.9x	8.3x
CNI Canadian National Railway Co	75.9B	2.46x	27.3%	4.85x	21.5x	19.7x	14.1x	13.3x
FDX FedEx Corp	74.5B	–	4.7%	2.15x	17.3x	15.2x	8.4x	7.7x
Mean		2.33x	18.6%	5.41x	21.3x	19.1x	12.8x	11.9x
Median		2.46x	22.0%	5.51x	22.3x	20.4x	14.5x	13.5x

Technical analysis

1M+7.4%
3M+1.7%
1Y+23.0%
3Y+85.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Norfolk Southern Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	12,180	12,123	12,156	12,745	11,142	9,789
Cost of revenue	6,163	5,798	6,504	6,358	5,197	4,948
Gross profit	6,017	6,325	5,652	6,387	5,945	4,841
Selling, general & administrative expenses	420	393	387	357	317	300
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,393	1,353	1,298	1,221	1,181	1,154
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−152	508	1,116	–	0	385
Other operating expenses	0	0	0	0	0	0
Operating income	4,356	4,071	2,851	4,809	4,447	3,002
Net interest income (expense)	−772	−790	−657	−769	−629	−540
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	81.0	48.0	126	90.0	60.0	68.0
Net income before taxes	3,665	3,329	2,320	4,130	3,878	2,530
Provision for taxes	792	707	493	860	873	517
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,873	2,622	1,827	3,270	3,005	2,013
Extraordinary items	–	–	–	–	–	–
Net income	2,873	2,622	1,827	3,270	3,005	2,013
EBIT, normalized	4,204	4,579	3,967	4,809	4,447	3,387
EBITDA, normalized	5,597	5,932	5,265	6,030	5,628	4,541
Basic EPS, normalized	12.49	11.85	11.74	13.88	12.11	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Norfolk Southern Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,530	1,641	1,568	456	839	1,115
Receivables	988	1,069	1,147	1,148	976	848
Total inventory	271	277	264	253	218	221
Prepaid expenses	–	–	–	–	–	–
Other current assets	409	201	292	150	134	134
Total current assets	3,198	3,188	3,271	2,007	2,167	2,318
Property, plant & equipment	36,697	36,102	33,716	32,563	32,064	31,778
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	4,089	3,370	3,839	3,694	3,707	3,590
Note receivable	–	–	–	–	–	–
Other long-term assets	1,252	1,022	826	621	555	276
Total assets	45,236	43,682	41,652	38,885	38,493	37,962
Liabilities
Accounts payable	1,083	985	997	712	850	552
Payable/accrued	–	–	–	–	–	–
Accrued expenses	291	306	319	271	252	249
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	607	555	4.0	703	553	579
Other current liabilities	1,794	1,699	1,312	963	866	780
Total current liabilities	3,775	3,545	2,632	2,649	2,521	2,160
Long-term debt	16,480	16,651	17,175	14,479	13,287	12,102
Minority interest	–	–	–	–	–	–
Other liabilities	9,434	9,180	9,064	9,024	9,044	8,909
Total liabilities	29,689	29,376	28,871	26,152	24,852	23,171
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	207	209	208	230	242	254
Additional paid-in capital	2,296	2,247	2,179	2,157	2,215	2,248
Retained earnings (accumulated deficit)	13,235	12,093	10,695	10,697	11,586	12,883
Treasury stock	19.0	19.0	19.0	–	–	–
Other equity	−210	−262	−320	−351	−402	−594
Total equity	15,547	14,306	12,781	12,733	13,641	14,791
Total liabilities & shareholders' equity	45,236	43,682	41,652	38,885	38,493	37,962

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Norfolk Southern Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,873	2,622	1,827	3,270	3,005	2,013
Depreciation, depletion & amortization	1,393	1,353	1,298	1,221	1,181	1,154
Deferred taxes	277	176	−49.0	83.0	184	142
Non-cash items	−253	−490	−49.0	−82.0	−86.0	445
Changes in working capital	71.0	391	152	−270	−29.0	−117
Cash from operations	4,361	4,052	3,179	4,222	4,255	3,637
Investing activities
Capital expenditures	−2,204	−4,024	−2,349	−1,948	−1,470	−1,494
Other investing cash flows	−358	1,244	167	345	248	319
Cash from investing	−2,562	−2,780	−2,182	−1,603	−1,222	−1,175
Financing activities
Financing cash flow items	–	–	–	–	0	0
Cash dividends paid	−1,215	−1,221	−1,225	−1,167	−1,028	−960
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−695	22.0	1,340	−1,835	−2,281	−967
Cash from financing	−1,910	−1,199	115	−3,002	−3,309	−1,927
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−111	73.0	1,112	−383	−276	535
Free cash flow	2,157	28.0	830	2,274	2,785	2,143

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.