InsiderClue
Stocks · Industrials · Railroads, Line-Haul Operating

Norfolk Southern

NSC Clue Score59
United States Fiscal year ends December CIK 0000702165
$317.79 +0.25% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $317.79 +20.17% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue9.89Operating income3.01Net income1.67EPS, diluted5.62Fiscal year 2017Revenue10.55 +6.7%Operating income3.52Net income5.40 +224.0%EPS, diluted18.61 +231.1%Fiscal year 2018Revenue11.46 +8.6%Operating income3.96Net income2.67 −50.7%EPS, diluted9.51 −48.9%Fiscal year 2019Revenue11.30 −1.4%Operating income3.99Net income2.72 +2.1%EPS, diluted10.25 +7.8%Fiscal year 2020Revenue9.79 −13.3%Operating income3.00Net income2.01 −26.0%EPS, diluted7.84 −23.5%Fiscal year 2021Revenue11.14 +13.8%Operating income4.45Net income3.01 +49.3%EPS, diluted12.11 +54.5%Fiscal year 2022Revenue12.75 +14.4%Operating income4.81Net income3.27 +8.8%EPS, diluted13.88 +14.6%Fiscal year 2023Revenue12.16 −4.6%Operating income2.85Net income1.83 −44.1%EPS, diluted8.02 −42.2%Fiscal year 2024Revenue12.12 −0.3%Operating income4.07Net income2.62 +43.5%EPS, diluted11.57 +44.3%Fiscal year 2025Revenue12.18 +0.5%Operating income4.36Net income2.87 +9.6%EPS, diluted12.75 +10.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 9.89 10.55 11.46 11.30 9.79 11.14 12.75 12.16 12.12 12.18
Growth +6.7% +8.6% −1.4% −13.3% +13.8% +14.4% −4.6% −0.3% +0.5%
Operating income 3.01 3.52 3.96 3.99 3.00 4.45 4.81 2.85 4.07 4.36
Net income 1.67 5.40 2.67 2.72 2.01 3.01 3.27 1.83 2.62 2.87
Growth +224.0% −50.7% +2.1% −26.0% +49.3% +8.8% −44.1% +43.5% +9.6%
EPS, diluted 5.62 18.61 9.51 10.25 7.84 12.11 13.88 8.02 11.57 12.75
Growth +231.1% −48.9% +7.8% −23.5% +54.5% +14.6% −42.2% +44.3% +10.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin30.4%Net margin16.9%Free cash flow margin11.6%Fiscal year 2017Operating margin33.4%Net margin51.2%Free cash flow margin14.5%Fiscal year 2018Operating margin34.6%Net margin23.3%Free cash flow margin15.5%Fiscal year 2019Operating margin35.3%Net margin24.1%Free cash flow margin16.6%Fiscal year 2020Operating margin30.7%Net margin20.6%Free cash flow margin21.9%Fiscal year 2021Operating margin39.9%Net margin27.0%Free cash flow margin25.0%Fiscal year 2022Operating margin37.7%Net margin25.7%Free cash flow margin17.8%Fiscal year 2023Operating margin23.5%Net margin15.0%Free cash flow margin7.0%Fiscal year 2024Operating margin33.6%Net margin21.6%Free cash flow margin13.8%Fiscal year 2025Operating margin35.8%Net margin23.6%Free cash flow margin17.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 30.4% 33.4% 34.6% 35.3% 30.7% 39.9% 37.7% 23.5% 33.6% 35.8%
Net margin 16.9% 51.2% 23.3% 24.1% 20.6% 27.0% 25.7% 15.0% 21.6% 23.6%
Free cash flow margin 11.6% 14.5% 15.5% 16.6% 21.9% 25.0% 17.8% 7.0% 13.8% 17.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow3.03Capital expenditure−1.89Free cash flow1.15Buybacks−0.80Dividends paid−0.70Fiscal year 2017Operating cash flow3.25Capital expenditure−1.72Free cash flow1.53 +33.4%Buybacks−1.01Dividends paid−0.70Fiscal year 2018Operating cash flow3.73Capital expenditure−1.95Free cash flow1.78 +16.0%Buybacks−2.78Dividends paid−0.84Fiscal year 2019Operating cash flow3.89Capital expenditure−2.02Free cash flow1.87 +5.5%Buybacks−2.10Dividends paid−0.95Fiscal year 2020Operating cash flow3.64Capital expenditure−1.49Free cash flow2.14 +14.4%Buybacks−1.44Dividends paid−0.96Fiscal year 2021Operating cash flow4.26Capital expenditure−1.47Free cash flow2.79 +30.0%Buybacks−3.39Dividends paid−1.03Fiscal year 2022Operating cash flow4.22Capital expenditure−1.95Free cash flow2.27 −18.3%Buybacks−3.11Dividends paid−1.17Fiscal year 2023Operating cash flow3.18Capital expenditure−2.33Free cash flow0.85 −62.5%Buybacks−0.62Dividends paid−1.23Fiscal year 2024Operating cash flow4.05Capital expenditure−2.38Free cash flow1.67 +96.1%Buybacks0.00Dividends paid−1.22Fiscal year 2025Operating cash flow4.36Capital expenditure−2.20Free cash flow2.16 +29.1%Buybacks−0.53Dividends paid−1.22
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 3.03 3.25 3.73 3.89 3.64 4.26 4.22 3.18 4.05 4.36
Capital expenditure −1.89 −1.72 −1.95 −2.02 −1.49 −1.47 −1.95 −2.33 −2.38 −2.20
Free cash flow 1.15 1.53 1.78 1.87 2.14 2.79 2.27 0.85 1.67 2.16
Growth +33.4% +16.0% +5.5% +14.4% +30.0% −18.3% −62.5% +96.1% +29.1%
Buybacks −0.80 −1.01 −2.78 −2.10 −1.44 −3.39 −3.11 −0.62 0.00 −0.53
Dividends paid −0.70 −0.70 −0.84 −0.95 −0.96 −1.03 −1.17 −1.23 −1.22 −1.22

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.96Total debt10.11Net cash (debt)−9.16Shareholders’ equity12.41Debt to equity0.81Fiscal year 2017Cash0.69Total debt9.74Net cash (debt)−9.05Shareholders’ equity16.36Debt to equity0.60Fiscal year 2018Cash0.36Shareholders’ equity15.36Fiscal year 2019Cash0.58Shareholders’ equity15.18Fiscal year 2020Cash1.12Shareholders’ equity14.79Fiscal year 2021Cash0.84Shareholders’ equity13.64Fiscal year 2022Cash0.46Shareholders’ equity12.73Fiscal year 2023Cash1.57Shareholders’ equity12.78Fiscal year 2024Cash1.64Shareholders’ equity14.31Fiscal year 2025Cash1.53Shareholders’ equity15.55
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.96 0.69 0.36 0.58 1.12 0.84 0.46 1.57 1.64 1.53
Total debt 10.11 9.74 n/a n/a n/a n/a n/a n/a n/a n/a
Net cash (debt) −9.16 −9.05 n/a n/a n/a n/a n/a n/a n/a n/a
Shareholders’ equity 12.41 16.36 15.36 15.18 14.79 13.64 12.73 12.78 14.31 15.55
Debt to equity 0.81 0.60 n/a n/a n/a n/a n/a n/a n/a n/a

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
30.4% 33.4% 34.6% 35.3% 30.7% 39.9% 37.7% 23.5% 33.6% 35.8%
26.1% 29.6% 30.3% 30.9% 25.8% 34.8% 32.4% 19.1% 27.5% 30.1%
16.9% 51.2% 23.3% 24.1% 20.6% 27.0% 25.7% 15.0% 21.6% 23.6%
11.6% 14.5% 15.5% 16.6% 21.9% 25.0% 17.8% 7.0% 13.8% 17.7%
Spending
19.1% 16.3% 17.0% 17.9% 15.3% 13.2% 15.3% 19.1% 19.6% 18.1%
35.4% −72.8% 23.1% 22.0% 20.4% 22.5% 20.8% 21.3% 21.2% 21.6%
Returns
13.4% 33.0% 17.4% 17.9% 13.6% 22.0% 25.7% 14.3% 18.3% 18.5%
4.8% 15.1% 7.4% 7.2% 5.3% 7.8% 8.4% 4.4% 6.0% 6.4%
Balance and payout
0.81 0.60 n/a n/a n/a n/a n/a n/a n/a n/a
64.4% 54.2% 57.6% 60.0% 61.0% 64.6% 67.3% 69.3% 67.2% 65.6%
41.7% 13.0% 31.7% 34.9% 47.7% 34.2% 35.7% 67.0% 46.6% 42.3%
130.6% 112.1% 204.2% 162.7% 111.9% 158.6% 188.1% 216.8% 73.1% 81.1%