Norfolk Southern (NSC): financials, SEC filings and peers
Norfolk Southern (NSC) is a rail transportation company in the Industrials sector of the S&P 500, headquartered in Atlanta, Georgia.
It was founded in 1881 and joined the S&P 500 on March 4, 1957.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Railroads, Line-Haul Operating”.
Norfolk Southern at a glance
- Revenue (12 months)
- $13.0B
- Revenue growth
- +6.0%
- Operating margin
- 31.5%
- Net income (12 months)
- $2.7B
- Free cash flow (12 months)
- $1.6B
- Cash
- $1.6B
- Debt
- $16.6B
- Diluted EPS (12 months)
- $11.93
Twelve months to September 30, 2026, from the 10-Q filed October 22, 2026.
Latest twelve months
Over the twelve months to September 30, 2026, Norfolk Southern reported revenue of $13.0 billion, about the same as a year earlier (+6.0%).
Its operating margin was 31.5%, down 5.7 percentage points from a year earlier: for every $100 of sales, about $32 was left as operating profit.
Net income was $2.7 billion (20.7% of revenue), 9.4% lower than a year earlier.
Profit fell while sales grew, which usually points to higher costs, heavier investment or one-time items. The filings explain which.
Operating cash flow was $3.8 billion and capital spending $2.1 billion, leaving free cash flow of $1.6 billion (12.7% of revenue). Capital spending equal to 16% of revenue is high; the company is investing heavily.
At the end of the period it held $1.6 billion in cash and $16.6 billion in debt, a net debt position of $15.0 billion.
Five-year trend
- Revenue went from $9.8 billion in fiscal 2020 to $12.2 billion in fiscal 2025, about 4.5% a year.
- Operating margin widened from 30.7% to 35.8% over the same years.
- Free cash flow was positive in each of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $11.1B | $12.7B | $12.2B | $12.1B | $12.2B |
| Revenue growth | 13.8% | 14.4% | -4.6% | -0.3% | 0.5% |
| Operating margin | 39.9% | 37.7% | 23.5% | 33.6% | 35.8% |
| Net income | $3.0B | $3.3B | $1.8B | $2.6B | $2.9B |
| Free cash flow | $2.8B | $2.3B | $852M | $1.7B | $2.2B |
| Diluted EPS | $12.11 | $13.88 | $8.02 | $11.57 | $12.75 |
Fiscal years as reported in Norfolk Southern’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 10-Q filed October 22, 2026 — quarterly report
- 8-K filed October 22, 2026 — Earnings results; Regulation FD disclosure
- 10-Q filed July 23, 2026 — quarterly report
- 8-K filed July 23, 2026 — Earnings results; Regulation FD disclosure
- 8-K filed June 1, 2026 — Executive or director change; Regulation FD disclosure
- 8-K filed May 8, 2026 — Shareholder vote results
- 10-Q filed April 24, 2026 — quarterly report
- 8-K filed April 24, 2026 — Earnings results; Regulation FD disclosure
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Questions about Norfolk Southern
Is Norfolk Southern's revenue growing?
Yes. Revenue for the twelve months to September 30, 2026 was $13.0 billion, up 6.0% from a year earlier, according to its SEC filings.
Is Norfolk Southern profitable?
Yes. It earned $2.7 billion in net income over the twelve months to September 30, 2026, a net margin of 20.7%.
Does Norfolk Southern have more cash or more debt?
At September 30, 2026 it had $1.6 billion in cash and $16.6 billion in debt, so more debt than cash.
When did Norfolk Southern last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on October 22, 2026.
Which companies are similar to Norfolk Southern?
In the S&P 500, Norfolk Southern is grouped in Rail Transportation within the Industrials sector. CSX Corporation (CSX), Union Pacific Corporation (UNP) are in the same group.
Understand the numbers
Source: Norfolk Southern’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.