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Norfolk Southern (NSC)

Market Price (10/21/2025): $291.15 | Market Cap: $65.5 Bil
Sector: Industrials | Industry: Rail Transportation

Norfolk Southern (NSC)

Market Price (10/21/2025): $291.15
Market Cap: $65.5 Bil
Sector: Industrials
Industry: Rail Transportation

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%		 Trading close to highs
Dist 52W High is -3.1%, Dist 3Y High is -3.1%		 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 1.0%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 42%		 Weak multi-year price returns
2Y Excs Rtn is -7.1%, 3Y Excs Rtn is -39%		 
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 4.2 Bil, FCF LTM is 2.0 Bil		  
3 Low stock price volatility
Vol 12M is 26%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 42%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 4.2 Bil, FCF LTM is 2.0 Bil
3 Low stock price volatility
Vol 12M is 26%
4 Trading close to highs
Dist 52W High is -3.1%, Dist 3Y High is -3.1%
5 Weak multi-year price returns
2Y Excs Rtn is -7.1%, 3Y Excs Rtn is -39%
6 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 1.0%

Market Valuation & Key Metrics

NSCS&P 500
REVENUE GROWTHPOOR
Rev LTM ($ Bil)12.2
Rev Chg Q2.2%6.1%
Rev Chg LTM0.7%5.2%
Rev Chg 3Y Avg1.0%5.4%
PROFITABILITYVERY GOOD
Op Inc LTM ($ Bil)5.1
Op Mgn LTM42.1%18.6%
CFO LTM ($ Bil)4.2
CFO/Rev LTM34.5%20.4%
Net Inc LTM ($ Bil)3.4
Net Inc Mgn27.5%12.7%
VALUATIONHIGH
P/S5.43.2
P/CFO15.615.9
P/FCF32.420.7
P/E19.624.0
STABILITYFAIR
Debt/Equity0.270.22
Cash/Assets0.030.07

NSC Stock

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
NSC Return25%27%-16%-2%2%26%68%
Peers Return21%13%-6%-0%49%-7%80%
S&P 500 Return16%27%-19%24%23%15%106%

Monthly Win Rates [3]
NSC Win Rate67%50%33%42%50%67% 
Peers Win Rate57%40%32%52%45%42% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
NSC Max Drawdown-38%-2%-30%-24%-10%-12% 
Peers Max Drawdown-25%-6%-14%-23%-10%-20% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: UNP, CP, CSX, CNI, SWVL. See NSC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/20/2025 (YTD)

Downturns Compared

Unique KeyEventNSCS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-38.0%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven61.3%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven703 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-44.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven80.7%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven158 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-25.1%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven33.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven95 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-63.4%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven173.2%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven780 days1480 days


How Low Can It Go?

Norfolk Southern's stock fell -38.0% during the 2022 Inflation Shock from a high on 12/31/2021. A -38.0% loss requires a 61.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Interactive Breakdown

Norfolk Southern Interactive Breakdown Analysis

Better Bets than Norfolk Southern (NSC)

 NSCBetter Performance than NSC
MetricValueIndustry (Rail Transportation)
Rev Chg LTM0.7%UNP (1.1%), CP (4.8%), SWVL (22.5%)
Rev Chg 3Y Avg1.0%UNP (1.4%), CP (23.8%), CNI (3.9%), RAIL (19.6%), FSTR (2.6%)
Op Mgn LTM42.1%
CFO/Rev LTM34.5%UNP (40.4%), CP (36.8%), CNI (39.0%)
FCF/Rev LTM16.6%UNP (25.7%), CP (16.8%), CNI (18.9%)
Total Yield5.1%UNP (7.5%), CP (7.0%), CSX (5.3%), CNI (11.3%), FSTR (13.1%)
 NSCBetter Performance than NSC
MetricValueAll Other Sectors
Rev Chg LTM0.7%NVDA (71.6%), AAPL (6.0%), MSFT (14.9%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg1.0%NVDA (92.0%), AAPL (1.8%), MSFT (12.5%), GOOGL (10.2%), AMZN (11.3%)
Op Mgn LTM42.1%NVDA (58.1%), MSFT (45.6%), META (42.9%), LLY (43.0%), V (66.5%)
CFO/Rev LTM34.5%NVDA (46.6%), MSFT (48.3%), GOOGL (36.0%), META (56.4%), AVGO (42.4%)
FCF/Rev LTM16.6%NVDA (43.6%), AAPL (23.5%), MSFT (25.4%), GOOGL (18.0%), META (30.7%)
Total Yield5.1%JPM (6.7%), XOM (9.9%), JNJ (7.5%), BABA (36.3%), BAC (7.0%)
 Best Bets In Industrials Sector
 NSCGATX VRSK ADT CPRT NDSN TDG PCTY CSL CSW PAYC
What You Pay           
P/E19.619.435.911.527.929.239.139.611.629.427.1
P/EBIT12.89.324.95.425.519.819.029.912.822.719.8
What You Get           
Rev Chg Q2.2%11.3%7.8%6.8%5.2%12.1%9.3%12.2%-0.1%16.6%10.5%
Rev Chg LTM0.7%11.7%7.6%6.6%9.7%4.5%12.8%7.0%4.4%12.3%10.2%
Rev Chg 3Y Avg1.0%9.8%10.0%2.6%9.9%3.6%18.2%22.7%5.2%11.3%17.6%
FCF/Rev 3Y Avg12.7%38.6%32.4%24.1%23.7%21.5%20.8%20.5%18.3%18.1%18.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Norfolk Southern Earnings Notes  
2How Low Can Norfolk Southern Stock Really Go?Return 
3Day 9 of Gains Streak for Norfolk Southern Stock with 8.1% Return (vs. 30% YTD) [9/30/2025]Notification 
4Day 9 of Gains Streak for Norfolk Southern Stock with 8.1% Return (vs. 30% YTD) [9/30/2025]Notification 
5Day 9 of Gains Streak for Norfolk Southern Stock with 8.1% Return (vs. 30% YTD) [9/30/2025]Notification 
6Day 9 of Gains Streak for Norfolk Southern Stock with 8.1% Return (vs. 30% YTD) [9/30/2025]Notification 
7Day 8 of Gains Streak for Norfolk Southern Stock with 7.8% Return (vs. 30% YTD) [9/29/2025]Notification 
8Day 7 of Gains Streak for Norfolk Southern Stock with 7% Return (vs. 29% YTD) [9/26/2025]Notification 
9Norfolk Southern vs Cheniere Energy: Which Is A Better Investment?Counter-Intuitive Comparisons 
10Norfolk Southern vs Willis Lease Finance: Which Is A Better Investment?Counter-Intuitive Comparisons 
11ARTICLES  
12Better Bet Than CSX Stock: Pay Less To Get More From NSC October 1st, 2025
13S&P 500 Stocks Trading At 52-Week High October 1st, 2025
14NSC Stock Up 8.1% after 9-Day Win Streak October 1st, 2025
15NSC Stock Up 7.8% after 8-Day Win Streak September 30th, 2025
16Large Cap Stocks Trading At 52-Week High September 27th, 2025
Title
0DASHBOARDS
1Better Bet Than CSX Stock: Pay Less To Get More From NSC
2S&P 500 Stocks Trading At 52-Week High
3NSC Stock Up 8.1% after 9-Day Win Streak
4NSC Stock Up 7.8% after 8-Day Win Streak
5Large Cap Stocks Trading At 52-Week High
6ARTICLES
7Norfolk Southern Earnings Notes
8How Low Can Norfolk Southern Stock Really Go?
9Day 9 of Gains Streak for Norfolk Southern Stock with 8.1% Return (vs. 30% YTD) [9/30/2025]
10Day 9 of Gains Streak for Norfolk Southern Stock with 8.1% Return (vs. 30% YTD) [9/30/2025]
11Day 9 of Gains Streak for Norfolk Southern Stock with 8.1% Return (vs. 30% YTD) [9/30/2025]
12Day 9 of Gains Streak for Norfolk Southern Stock with 8.1% Return (vs. 30% YTD) [9/30/2025]
13Day 8 of Gains Streak for Norfolk Southern Stock with 7.8% Return (vs. 30% YTD) [9/29/2025]
14Day 7 of Gains Streak for Norfolk Southern Stock with 7% Return (vs. 29% YTD) [9/26/2025]
15Norfolk Southern vs Cheniere Energy: Which Is A Better Investment?
16Norfolk Southern vs Willis Lease Finance: Which Is A Better Investment?

Trade Ideas

Select past ideas related to NSC. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy09302025FCNFTI ConsultingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-5.6%-5.6%-6.2%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper09122025ODFLOld Dominion Freight LineMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-2.9%-2.9%-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-6.2%-6.2%-8.5%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-3.3%-3.3%-5.6%
BWXT_8312025_Quality_Momentum_RoomToRun_10%08312025BWXTBWX TechnologiesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		28.2%28.2%-1.2%
NSC_4302023_Monopoly_xInd_xCD_Getting_Cheaper04302023NSCNorfolk SouthernMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-8.0%22.0%-8.0%
NSC_10312022_Monopoly_xInd_xCD_Getting_Cheaper10312022NSCNorfolk SouthernMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-7.5%-14.4%-17.2%
NSC_4302022_Monopoly_xInd_xCD_Getting_Cheaper04302022NSCNorfolk SouthernMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-10.3%-19.6%-21.1%
NSC_3312020_Dip_Buyer_ValueBuy03312020NSCNorfolk SouthernDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		49.4%87.4%-4.1%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy09302025FCNFTI ConsultingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-5.6%-5.6%-6.2%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper09122025ODFLOld Dominion Freight LineMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-2.9%-2.9%-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-6.2%-6.2%-8.5%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-3.3%-3.3%-5.6%
BWXT_8312025_Quality_Momentum_RoomToRun_10%08312025BWXTBWX TechnologiesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		28.2%28.2%-1.2%
NSC_4302023_Monopoly_xInd_xCD_Getting_Cheaper04302023NSCNorfolk SouthernMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-8.0%22.0%-8.0%
NSC_10312022_Monopoly_xInd_xCD_Getting_Cheaper10312022NSCNorfolk SouthernMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-7.5%-14.4%-17.2%
NSC_4302022_Monopoly_xInd_xCD_Getting_Cheaper04302022NSCNorfolk SouthernMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-10.3%-19.6%-21.1%
NSC_3312020_Dip_Buyer_ValueBuy03312020NSCNorfolk SouthernDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		49.4%87.4%-4.1%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines234.5%127.5%
2NVTSNavitas Semiconductor71.5%379.0%
3BETRBetter Home & Finance60.2%812.4%
4KODKodiak Sciences52.6%77.9%
5CELCCelcuity48.9%439.2%
6SSIISS Innovations International47.6%26.5%
7CCOClear Channel Outdoor44.6%37.2%
8GRALGRAIL30.4%414.6%
9LBRTLiberty Energy28.9%-18.7%
10SANASana Biotechnology28.0%241.1%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1SOCSable Offshore-31.3%-44.1%
2ONDSOndas-28.1%203.5%
3OLMAOlema Pharmaceuticals-27.7%33.3%
4IONQIonQ-27.0%43.5%
5AIVApartment Investment & Management-26.6%-7.0%
6RCATRed Cat-24.8%-10.0%
7MNPRMonopar Therapeutics-24.4%250.7%
8LARLithium Argentina-23.1% 
9ASPIASP Isotopes-23.0%126.5%
10ALABAstera Labs-21.7%18.0%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1245.3%350.5%
2QUREuniQure360.9%261.9%
3PRAXPraxis Precision Medicines314.7%127.5%
4NVTSNavitas Semiconductor143.9%379.0%
5CLPTClearPoint Neuro143.9%77.6%
6BETRBetter Home & Finance138.8%812.4%
7GRALGRAIL120.5%414.6%
8LACLithium Americas114.8%135.0%
9SESSES AI107.0%49.3%
10UAMYUnited States Antimony106.9%658.8%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1SOCSable Offshore-45.7%-44.1%
2FLYFirefly Aerospace-40.0% 
3ALABAstera Labs-36.3%18.0%
4UPWheels Up Experience-36.0%-3.0%
5PGYPagaya Technologies-31.7%211.2%
6KVYOKlaviyo-30.9%-41.0%
7USNAUsana Health Sciences-30.5%-42.4%
8VGVenture Global-29.9% 
9DOMODomo-28.4%82.6%
10MGNIMagnite-28.0%17.3%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines234.5%127.5%
2NVTSNavitas Semiconductor71.5%379.0%
3BETRBetter Home & Finance60.2%812.4%
4KODKodiak Sciences52.6%77.9%
5CELCCelcuity48.9%439.2%
6SSIISS Innovations International47.6%26.5%
7CCOClear Channel Outdoor44.6%37.2%
8GRALGRAIL30.4%414.6%
9LBRTLiberty Energy28.9%-18.7%
10SANASana Biotechnology28.0%241.1%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1SOCSable Offshore-31.3%-44.1%
2ONDSOndas-28.1%203.5%
3OLMAOlema Pharmaceuticals-27.7%33.3%
4IONQIonQ-27.0%43.5%
5AIVApartment Investment & Management-26.6%-7.0%
6RCATRed Cat-24.8%-10.0%
7MNPRMonopar Therapeutics-24.4%250.7%
8LARLithium Argentina-23.1% 
9ASPIASP Isotopes-23.0%126.5%
10ALABAstera Labs-21.7%18.0%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Norfolk Southern

Financials

NSCUNPCPCSXCNISWVLMedian
NameNorfolk .Union Pa.Canadian.CSX Canadian.Swvl  
Mkt Price291.15227.3076.5336.6795.363.1085.94
Mkt Cap65.5135.070.768.459.8-68.4
Rev LTM12,17824,39314,91714,12317,1431814,520
Op Inc LTM5,1299,8375,4234,8286,391-55,276
FCF LTM2,0246,2612,5011,5523,234-2,501
FCF 3Y Avg1,5755,5292,3132,5243,744-2,524
CFO LTM4,2049,8565,4874,6156,678-5,487
CFO 3Y Avg3,8239,1544,9135,0866,986-5,086

Growth & Margins

NSCUNPCPCSXCNISWVLMedian
NameNorfolk .Union Pa.Canadian.CSX Canadian.Swvl  
Rev Chg LTM0.7%1.1%4.8%-3.8%0.6%22.5%0.9%
Rev Chg 3Y Avg1.0%1.4%23.8%-1.0%3.9%-1.4%
Rev Chg Q2.2%2.4%2.7%-0.9%-1.3%123.4%2.3%
QoQ Delta Rev Chg LTM0.5%0.6%0.6%-0.2%-0.3%290.5%0.6%
Op Mgn LTM42.1%40.3%36.4%34.2%37.3%-28.5%36.8%
Op Mgn 3Y Avg38.7%39.2%36.0%36.5%38.8%-38.7%
QoQ Delta Op Mgn LTM0.5%0.3%0.3%-0.7%0.1%-0.3%
CFO/Rev LTM34.5%40.4%36.8%32.7%39.0%-36.8%
CFO/Rev 3Y Avg31.0%37.5%38.2%35.0%40.6%-37.5%
FCF/Rev LTM16.6%25.7%16.8%11.0%18.9%-16.8%
FCF/Rev 3Y Avg12.7%22.6%18.4%17.3%21.7%-18.4%

Valuation

NSCUNPCPCSXCNISWVLMedian
NameNorfolk .Union Pa.Canadian.CSX Canadian.Swvl  
Mkt Cap65.5135.070.768.459.8-68.4
P/S5.45.54.74.83.5-4.8
P/EBIT12.813.211.514.88.6-12.8
P/E19.619.516.923.613.1-19.5
P/CFO15.613.712.914.89.0-13.7
Total Yield5.1%7.5%7.0%5.3%11.3%-7.0%
Dividend Yield0.0%2.4%1.0%1.1%3.6%-1.1%
FCF Yield 3Y Avg2.9%4.2%3.1%3.9%5.1%-3.9%
D/E0.30.30.30.30.3-0.3
Net D/E0.20.20.30.30.3-0.3

Returns

NSCUNPCPCSXCNISWVLMedian
NameNorfolk .Union Pa.Canadian.CSX Canadian.Swvl  
1M Rtn2.6%3.0%1.4%11.2%2.2%-6.1%2.4%
3M Rtn5.5%1.3%-1.0%7.1%-3.3%-26.4%0.1%
6M Rtn34.4%6.5%5.1%34.6%-1.8%7.1%6.8%
12M Rtn17.9%-4.7%-3.7%9.2%-13.8%-19.5%-4.2%
3Y Rtn50.0%28.0%10.6%39.0%-9.6%-77.5%19.3%
1M Excs Rtn1.6%2.0%0.4%10.1%1.1%-7.1%1.3%
3M Excs Rtn-2.4%-7.0%-8.8%-2.2%-10.9%-28.7%-7.9%
6M Excs Rtn3.9%-24.1%-25.4%4.1%-32.4%-23.5%-23.8%
12M Excs Rtn1.1%-21.5%-21.2%-10.3%-30.7%-26.7%-21.3%
3Y Excs Rtn-38.8%-59.5%-70.2%-44.3%-90.7%-164.4%-64.9%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/29/20254/23/20252/10/202510/22/20247/26/20244/24/20242/5/202410/25/20237/27/20234/26/20232/3/202310/26/2022
Key Financials Quarterly            
Total Revenue3,1102,9933,0243,0513,0443,0043,0732,9712,9803,1323,2373,343
Ebitda1,5451,5231,4691,9691,4835681,1761,1229541,0881,5241,576
Operating Income1,2311,0271,3081,5631,1389521,1469761,0711,1521,4061,330
Net Income7687507331,09973753527478356466790958
EPS3.413.313.244.863.260.232.342.111.562.043.464.11
Key Financials TTM            
Total Revenue TTM12,17812,11212,12312,17212,09212,02812,15612,32012,69212,96212,74512,360
Ebitda TTM6,5066,4445,4895,1964,3493,8204,3404,6885,1425,7496,0435,967
Operating Income TTM5,1295,0364,9614,7994,2124,1454,3454,6054,9595,2235,2055,058
Net Income TTM3,3503,3192,6222,4161,7951,4141,8272,0902,5703,0333,2703,240
Growth Rates Quarterly            
Total Revenue Growth2.2%-0.4%-1.6%2.7%2.1%-4.1%-5.1%-11.1%-8.3%7.4%13.5%17.2%
EBITDA Growth4.2%168.1%24.9%75.5%55.5%-47.8%-22.8%-28.8%-38.9%-21.3%5.2%8.9%
Operating Income Growth8.2%7.9%14.1%60.1%6.3%-17.4%-18.5%-26.6%-19.8%1.6%11.7%11.6%
Net Income Growth4.2%1315.1%39.1%129.9%107.0%-88.6%-33.3%-50.1%-56.5%-33.7%3.9%27.2%
Margins Quarterly            
EBITDA Margin49.7%50.9%48.6%64.5%48.7%18.9%38.3%37.8%32.0%34.7%47.1%47.1%
Operating Income Margin39.6%34.3%43.3%51.2%37.4%31.7%37.3%32.9%35.9%36.8%43.4%39.8%
Net Income Margin24.7%25.1%24.2%36.0%24.2%1.8%17.1%16.1%11.9%14.9%24.4%28.7%
Cash & Debt            
Total Cash1,3031,0061,6419756596521,5681,5065565524561,214
Total Debt17,36717,21517,47817,19917,59217,58317,57116,58415,12914,98815,59215,068
Net Debt / (Cash)16,06416,20915,83716,22416,93316,93116,00315,07814,57314,43615,13613,854
Cash Flows Quarterly            
FCF from Operations1,0779509511,2261,0368396736606731,1737981,413
Cash Flows TTM            
FCF from Operations TTM4,2044,1634,0523,7743,2082,8453,1793,3044,0574,4014,2224,366
Returns to Shareholders Quarterly            
Dividends303306306305305305305305308307286290
Share Repurchases207257-0-5-16110200139173825821
Return on Invested Capital (ROIC) Quarterly            
ROIC20.7%17.1%22.9%26.2%18.7%20.0%20.5%17.8%19.8%22.0%24.9%29.3%
Return on Invested Capital (ROIC) TTM            
ROIC TTM21.7%21.2%21.6%20.7%17.7%17.5%18.9%20.8%24.1%25.3%24.0%25.3%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Intermodal3,0903,6813,1632,6542,824
Agriculture, forest and consumer products2,5302,4932,2512,1162,256
Chemicals2,0542,1481,9511,8092,092
Coal1,7131,7331,3101,0471,669
Metals and construction1,6341,6521,5621,3331,461
Automotive1,1351,038905830994
Total12,15612,74511,1429,78911,296


Price Behavior

NSC Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta0.680.500.590.840.830.86
Up Beta1.650.380.450.790.930.91
Down Beta0.490.251.040.980.830.82
Up Capture110%79%91%88%70%55%
Bmk +ve Days13233574144420
Stock +ve Days14233774132398
Down Capture-23%34%-4%73%76%96%
Bmk -ve Days8192952107330
Stock -ve Days7192752118352

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity5,449,571
Short Interest: % Change Since 915202547.1%
Average Daily Volume1,921,587
Days-to-Cover Short Interest2.84
Basic Shares Quantity225,000,000
Short % of Basic Shares2.4%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2025-3.0%-2.9%-3.4%
4/23/20250.9%1.5%9.5%
1/29/20251.8%0.2%-3.5%
10/22/20244.9%2.2%5.2%
7/25/202410.9%10.6%8.6%
4/9/20241.3%-1.9%-6.6%
1/26/2024-1.5%7.9%7.6%
10/25/2023-5.3%-2.8%9.8%
...
SUMMARY STATS   
# Positive121413
# Negative121011
Median Positive3.0%2.1%7.2%
Median Negative-2.1%-2.0%-6.6%
Max Positive10.9%10.6%17.0%
Max Negative-5.3%-3.9%-12.0%

SEC Filings

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Report DateFiling DateFiling
6302025729202510-Q 6/30/2025
3312025423202510-Q 3/31/2025
12312024210202510-K 12/31/2024
93020241022202410-Q 9/30/2024
6302024726202410-Q 6/30/2024
3312024424202410-Q 3/31/2024
12312023205202410-K 12/31/2023
93020231025202310-Q 9/30/2023
6302023727202310-Q 6/30/2023
3312023426202310-Q 3/31/2023
12312022203202310-K 12/31/2022
93020221026202210-Q 9/30/2022
6302022727202210-Q 6/30/2022
3312022427202210-Q 3/31/2022
12312021204202210-K 12/31/2021
93020211027202110-Q 9/30/2021

Insider Activity

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