NORFOLK SOUTHERN CORP (NSC)
As-reported financials and SEC filings for NORFOLK SOUTHERN CORP. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About NORFOLK SOUTHERN CORP
Norfolk Southern Corporation operates a major freight railroad primarily serving the Southeast, East, and Midwest regions of the United States. The company transports raw materials, intermediate products, and finished goods, including merchandise, intermodal shipments, and coal, across approximately 19,100 route miles in 22 states and the District of Columbia. Norfolk Southern serves manufacturing plants, electric generating facilities, mines, distribution centers, and other businesses within its extensive rail network.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Norfolk Southern
- Revenue grew 0.5% to $12.2B in FY2025, after a 0.3% decline the year before.
- Operating margin is 35.8% in FY2025, -4.1 pp against 39.9% in FY2021.
- Most recent quarter Q2 FY2026: revenue $3.5B, up 11.4% from Q2 FY2025.
- Free cash flow was $2.2B in FY2025, 17.7% of revenue.
- Net income rose 9.6% to $2.9B in FY2025.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Norfolk Southern’s fundamentals sit among the 684 Industrials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Norfolk Southern’s operating margin of 35.8% ranks in the 97th percentile of the 605 Industrials companies reporting it. Norfolk Southern’s net margin of 23.6% ranks in the 96th percentile of the 645 Industrials companies reporting it. Norfolk Southern’s FCF margin of 17.7% ranks in the 90th percentile of the 562 Industrials companies reporting it.
No reported insider transactions (codes P/S) in the last 90 days. For context, about 14% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 4 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| Millennium Managementquant | Q2 2026 | $1.64B | 5.2M | Added |
| D. E. Shawquant | Q2 2026 | $818.3M | 2.6M | Added |
| Dodge & Cox | Q2 2026 | $789.0M | 2.5M | Reduced |
| Citadel Advisorsquant | Q2 2026 | $498.8M | 1.6M | Reduced |
| Third Point | Q2 2026 | $188.8M | 600.0K | Added |
| Two Sigma Investmentsquant | Q2 2026 | $109.8M | 349.1K | Added |
| Markel Group | Q2 2026 | $88.9M | 282.5K | Held |
| AQR Capital Managementquant | Q2 2026 | $66.0M | 210.8K | Added |
| Gotham Asset Management | Q2 2026 | $24.6M | 78.1K | Added |
No longer held by: Point72 Asset Management (as of Q2 2026)
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-08-31 | 5.7M | -21.4% | 4.92 |
| 2026-08-14 | 7.3M | -4.3% | 6.49 |
| 2026-07-31 | 7.6M | -7.8% | 5.48 |
| 2026-07-15 | 8.3M | -3.1% | 9.88 |
| 2026-06-30 | 8.5M | +4.0% | 6.51 |
| 2026-06-15 | 8.2M | +0.5% | 8.61 |
| 2026-05-29 | 8.2M | +13.7% | 5.46 |
| 2026-05-15 | 7.2M | -26.2% | 6.82 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $12.18B | $12.12B | $12.16B | $12.74B | $11.14B |
| Gross profit | — | — | — | — | — |
| Operating income | $4.36B | $4.07B | $2.85B | $4.81B | $4.45B |
| Net income | $2.87B | $2.62B | $1.83B | $3.27B | $3.00B |
| Diluted EPS | $12.75 | $11.57 | $8.02 | $13.88 | $12.11 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $1.53B | $1.64B | $1.57B | $456.0M | $839.0M |
| Current assets | $3.20B | $3.19B | $3.27B | $2.01B | $2.17B |
| Total assets | $45.24B | $43.68B | $41.65B | $38.88B | $38.49B |
| Current liabilities | $3.77B | $3.54B | $2.63B | $2.65B | $2.52B |
| Long-term debt | $16.48B | $16.65B | $17.18B | $14.48B | $13.29B |
| Total liabilities | $29.69B | $29.38B | $28.87B | $26.15B | $24.85B |
| Total equity | $15.55B | $14.31B | $12.78B | $12.73B | $13.64B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $4.36B | $4.05B | $3.18B | $4.22B | $4.25B |
| Capital expenditure | $2.20B | $2.38B | $2.33B | $1.95B | $1.47B |
| Free cash flow | $2.16B | $1.67B | $852.0M | $2.27B | $2.79B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Quarterly trend (as reported)
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $3.46B | 11.4% | $734.0M | $3.26 |
| Q1 FY2026 | $3.00B | 0.2% | $547.0M | $2.43 |
| Q4 FY2025 | $2.97B | -1.7% | $644.0M | $2.87 |
| Q3 FY2025 | $3.10B | 1.7% | $711.0M | $3.16 |
| Q2 FY2025 | $3.11B | 2.2% | $768.0M | $3.41 |
| Q1 FY2025 | $2.99B | -0.4% | $750.0M | $3.31 |
| Q4 FY2024 | $3.02B | -1.6% | $733.0M | $3.23 |
| Q3 FY2024 | $3.05B | 2.7% | $1.10B | $4.85 |
Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.
Company facts
Selected SEC filings
Largest Industrials peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.