Norfolk Southern (NSC) stock
Industrials · Rail Transportation
Norfolk Southern (NSC) is a Rail Transportation company in the Industrials sector, headquartered in Atlanta, Georgia. As of October 23, 2026, NSC closed at $329.99, a market capitalization of $74.12 billion, the 172nd largest company in the S&P 500. Over the last twelve months it generated $12.96 billion in revenue (+14% year over year) and $1.63 billion in free cash flow. The stock trades at 27.7x trailing earnings and 22.8x forward earnings.
- 1-year total return: +18.3% (dividends reinvested)
- 5-year return: +5.0% a year
- 52-week range: $277.80 – $358.60
- Gross margin 44.7%, operating margin 35.4%
- Dividend yield: 1.64%
- FI Handbook report card: C+ across 10 metrics
- 27th largest of 83 Industrials stocks in the S&P 500
NSC price chart
1Y price change: +16.3% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| NSC | +4.8% | +15.8% | +18.3% | +21.3% | +5.0% | +15.8% | +13.1% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1982.
NSC key statistics
- Market cap
- $74.1B
- #172 in S&P 500
- P/E (TTM)
- 27.7x
- Forward P/E
- 22.8x
- EPS (TTM)
- $11.93
- Revenue (TTM)
- $13.0B
- +14%
- Free cash flow
- $1.6B
- Gross margin
- 44.7%
- Operating margin
- 35.4%
- Return on equity
- 16.8%
- Dividend yield
- 1.64%
- 52-week range
- $277.80 – $358.60
- Beta
- 1.28
- Price / sales
- 5.7x
- EV / EBITDA
- 15.5x
- Debt / equity
- 1.02x
- Employees
- 19,300
NSC report card
C+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth13.6%B
- Gross margin44.7%B
- Operating margin35.4%A
- FCF margin12.6%C
- Return on equity16.8%B
- Net debt / EBITDA2.7xD
- Forward P/E22.8xC
- PEG ratio3.7xF
- Shareholder yield2.4%C
- Share count change / yr-2.6%A
Norfolk Southern financials
Revenue went from $9.9B in fiscal 2016 to $12.2B in fiscal 2025, growing 2.3% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.9B | $10.6B | $11.5B | $11.3B | $9.8B | $11.1B | $12.7B | $12.2B | $12.1B | $12.2B |
| Operating income | $3.0B | $3.5B | $4.0B | $4.0B | $3.0B | $4.4B | $4.8B | $2.9B | $4.1B | $4.4B |
| Net income | $1.7B | $5.4B | $2.7B | $2.7B | $2.0B | $3.0B | $3.3B | $1.8B | $2.6B | $2.9B |
| EPS (diluted) | $5.62 | $18.61 | $9.51 | $10.25 | $7.84 | $12.11 | $13.88 | $8.02 | $11.57 | $12.75 |
| Free cash flow | $1.1B | $1.5B | $1.8B | $1.9B | $2.1B | $2.8B | $2.3B | $852.0M | $1.7B | $2.2B |
| Buybacks | $803.0M | $1.0B | $2.8B | $2.1B | $1.4B | $3.4B | $3.1B | $622.0M | $0 | $534.0M |
| Dividends paid | $695.0M | $703.0M | $844.0M | $949.0M | $960.0M | $1.0B | $1.2B | $1.2B | $1.2B | $1.2B |
| Diluted shares | 296.0M | 290.3M | 280.2M | 265.6M | 256.6M | 248.1M | 235.6M | 227.4M | 226.4M | 225.3M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into NSC?
A reverse DCF asks what growth the current price requires. With an enterprise value of $89.7B and $1.6B of trailing free cash flow, Norfolk Southern needs to grow free cash flow about 37.1% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 0.1% a year over the last five years.
P/E ratio history
Current 25.9x vs. median 18.5x (10th–90th percentile 10.7x–28.4x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
NSC dividend
- Dividend yield
- 1.64%
- Annual dividend
- $5.40
- Years of increases
- —
- 5-yr dividend growth
- 7.5%
- per year
- Payout ratio
- 45%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
NSC analyst price targets
18 analysts' average 12-month target is $360.28 (+9% vs. $329.99). Targets range from $297.00 to $400.00. 24% rate it a buy.
NSC earnings
Next report: January 28, 2027. Norfolk Southern has beaten EPS estimates 5 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 22, 2026 | $3.47 | $3.62 | +4.3% |
| Jul 23, 2026 | $3.32 | $3.52 | +5.9% |
| Apr 24, 2026 | $2.49 | $2.65 | +6.3% |
| Jan 29, 2026 | $2.76 | $3.22 | +16.5% |
| Oct 23, 2025 | $3.20 | $3.30 | +3.0% |
| Jul 29, 2025 | $3.31 | $3.29 | -0.5% |
| Apr 23, 2025 | $2.68 | $2.69 | +0.5% |
| Jan 29, 2025 | $2.94 | $3.04 | +3.3% |
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NSC news
- Norfolk Southern (NSC) Stock Looks Expensive On Future Cash Flow · Oct 23, 2026
- Norfolk Southern Corporation Q3 2026 Earnings Call Summary · Oct 22, 2026
- What Norfolk Southern (NSC) Said on Its Q3 Earnings Call · Oct 22, 2026
- Norfolk Southern (NSC) Q3 2026 Earnings Call Transcript · Oct 22, 2026
- Norfolk Southern profits rise on higher volume and revenue · Oct 22, 2026
NSC stock FAQ
What is NSC's market cap?
Norfolk Southern's market capitalization is $74.12 billion as of October 23, 2026, ranking 172nd in the S&P 500.
What is NSC's P/E ratio?
NSC trades at a trailing price-to-earnings ratio of 27.7x and a forward P/E of 22.8x. Its median P/E over the period we track is 18.5x.
Does NSC pay a dividend?
Yes. Norfolk Southern pays $5.40 per share a year, a 1.64% yield. Dividends grew 7.5% a year over the last five years.
How much has NSC stock returned?
Including reinvested dividends, NSC returned +18.3% over one year, +5.0% a year over five years, +15.8% a year over ten years through October 23, 2026.
Is NSC stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Norfolk Southern must grow free cash flow about 37% a year for the next decade. Its free cash flow grew 0% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the NSC price target?
18 analysts cover NSC with an average 12-month price target of $360.28, +9% from the current price. 24% of them rate it a buy.
When does NSC report earnings?
Norfolk Southern is expected to report earnings on January 28, 2027. It has beaten EPS estimates 5 quarters in a row.
How many employees does Norfolk Southern have?
Norfolk Southern has about 19,300 full-time employees, or $671,658 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology