Zacks Investment Research·Jun 30, 2026
Norfolk Southern EPS Estimates Southbound: How to Play the Stock?With NSC shares moving north, we assess the current positioning of the stock to determine if it's a good investment at this juncture.
Norfolk Southern Corporation(NSC)Earnings, Financials & Key Ratios
NSC•NYSE
$322.74
25.3× P/E·Price updated Jul 7, 2026
AboutNorfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, scrap paper, beverages, canned goods, and consumer products; chemicals consist of sulfur and related chemicals, petroleum products, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, and sand; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal. It also transports overseas freight through various Atlantic and Gulf Coast ports; and provides commuter rail passenger transportation services and operates an intermodal network. As of December 31, 2021, the company operated approximately 19,300 route miles in 22 states and the District of Columbia. Norfolk Southern Corporation was incorporated in 1980 and is based in Atlanta, Georgia.Show more
- Revenue$12.18B+0.5%
- EBITDA$5.4B+5.6%
- Net Income$2.87B+9.6%
- EPS (Diluted)12.75+10.2%
- Gross Margin42.43%+36.7%
- EBITDA Margin44.34%+5.1%
- Operating Margin32.91%+6.0%
- Net Margin23.59%+9.1%
- ROE19.25%-0.6%
NSC Price & Volume
Norfolk Southern Corporation (NSC) stock price & volume — 10-year historical chart
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Operational Volatility Challenges Norfolk Southern Margin Stability
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Moderate
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Operational and Regulatory Volatility
Key Thesis Takeaways
- Norfolk Southern faces a complex outlook characterized by stagnant revenue growth, which registered a marginal 0.2% year-over-year increase in 2026Q1, and significant earnings volatility that saw EPS decline from $4.85 in 2024Q3 to $2.43 in 2026Q1.
- While management has successfully reduced the debt-to-equity ratio from 1.40 in 2024Q1 to 1.08 in 2026Q1, the company's reliance on capital-intensive network maintenance—evidenced by a 73.2% CapEx-to-revenue ratio in 2024Q1—continues to pressure free cash flow.
- Investors should monitor the company's ability to sustain operating margins above the 29.3% level observed in 2026Q1 while navigating ongoing regulatory and operational cost pressures.
Verdict Logic
while the company has successfully deleveraged its balance sheet to a 1.08 debt-to-equity ratio, the current 24.53 P/E multiple appears high given the significant earnings volatility and inconsistent cash flow generation.
NSC Growth Metrics
Norfolk Southern Corporation (NSC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years1.48%
5 Years4.47%
3 Years-1.5%
TTM0.6%
Profit CAGR
10 Years6.32%
5 Years7.37%
3 Years-4.22%
TTM-19.55%
EPS CAGR
10 Years9.6%
5 Years10.21%
3 Years-2.79%
TTM-18.92%
Return on Capital
10 Years10.49%
5 Years10.41%
3 Years8.93%
Last Year9.82%
NSC Recent Earnings
Norfolk Southern Corporation (NSC) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
Apr 24, 2026Metric
Actual
Est
EPS
$2.65+6.4%
$2.49
Rev
$3.0B+0.1%
$3.0B
Q1 2026
Jan 29, 2026Metric
Actual
Est
EPS
$3.22+16.7%
$2.76
Rev
$3.0B-0.9%
$3.0B
Q4 2025
Oct 23, 2025Metric
Actual
Est
EPS
$3.30+3.4%
$3.19
Rev
$3.1B-0.3%
$3.1B
Q3 2025
Jul 29, 2025Metric
Actual
Est
EPS
$3.29-0.6%
$3.31
Rev
$3.1B-0.6%
$3.1B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 24, 2026 | $2.65vs $2.49+6.4% | $3.0Bvs $3.0B+0.1% |
| Q1 2026 | Jan 29, 2026 | $3.22vs $2.76+16.7% | $3.0Bvs $3.0B-0.9% |
| Q4 2025 | Oct 23, 2025 | $3.30vs $3.19+3.4% | $3.1Bvs $3.1B-0.3% |
| Q3 2025 | Jul 29, 2025 | $3.29vs $3.31-0.6% | $3.1Bvs $3.1B-0.6% |
Based on last 12 quarters of dataView full earnings history →
Latest NSC News
Recent stock market news and headlines for Norfolk Southern Corporation (NSC)
Forbes·Jun 29, 2026
Union Pacific And Norfolk Southern: How Politics Can Have A Body CountThe proposed merger of Union Pacific and Norfolk Southern is about life and death. Yes, you read that right.
GuruFocus·Jun 25, 2026
Norfolk Southern to announce second quarter 2026 earnings results on July 23, 2026Norfolk Southern to announce second quarter 2026 earnings results on July 23, 2026 PR Newswire ATLANTA, June 25,
PRNewsWire·Jun 25, 2026
Norfolk Southern to announce second quarter 2026 earnings results on July 23, 2026ATLANTA, June 25, 2026 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) will announce its second quarter 2026 financial results during a live conference call and internet webcast at 10 a.m. ET on Thursday, July 23, 2026.
GuruFocus·Jun 24, 2026
Is NSC Overvalued? DCF Says Worth $155On June 24, 2026, we present a DCF analysis for Norfolk Southern Corp (NSC), which has shown a price performance of +20.4% over the past year, despite a recent
Peers Comparison
Key metrics vs top competitors for Norfolk Southern Corporation (NSC)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $322.74 | $72.48B | 25.31 | 0.47% | 23.59% | 19.25% | 1.67% | |
| $48.51 | $90.14B | 31.50 | -3.08% | 21.55% | 23.52% | — | |
| $283.12 | $168.08B | 23.65 | 1.07% | 29.82% | 42.37% | — | |
| $88.72 | $79.65B | 27.96 | 3.66% | 27.21% | 10.09% | — | |
| $259.19 | $43.98B | 37.95 | 7.51% | 10.52% | 10.9% | — | |
| $8.08 | $257M | 7.41 | -10.45% | 6.25% | — | — |
Compare NSC vs Peers
Norfolk Southern Corporation (NSC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NSC SEC Filings & Documents
Norfolk Southern Corporation (NSC) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
Apr 24, 2026·SEC
Material company update
Apr 2, 2026·SEC
Material company update
Jan 29, 2026·SEC
10-K Annual Reports
1FY 2026
Feb 9, 2026·SEC
10-Q Quarterly Reports
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NSC Frequently Asked Questions
Norfolk Southern Corporation (NSC) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Norfolk Southern Corporation's revenue?
Norfolk Southern Corporation (NSC) reported $12.19B in revenue for fiscal year 2025. This represents a 155% increase from $4.77B in 1996.
How fast is Norfolk Southern Corporation growing?
Norfolk Southern Corporation (NSC) grew revenue by 0.5% over the past year. Growth has been modest.
Is NSC profitable?
Yes, Norfolk Southern Corporation (NSC) is profitable, generating $2.67B in net income for fiscal year 2025 (23.6% net margin).
Dividend & Returns
Does NSC pay dividends?
Yes, Norfolk Southern Corporation (NSC) pays a dividend with a yield of 1.67%. This makes it attractive for income-focused investors.
What is NSC's return on equity?
Norfolk Southern Corporation (NSC) has a return on equity (ROE) of 19.2%. This is reasonable for most industries.
What is Norfolk Southern Corporation's free cash flow?
Norfolk Southern Corporation (NSC) generated $4.20B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.