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Norfolk Southern Corp

NSC
Exchange
NYSE
Industry
Railroads, Line-Haul Operating
SEC CIK
0000702165

No open-market purchases or sales by Norfolk Southern Corp insiders were filed in the last 90 days; 1,878 institutions reported holding it in 13F filings for Q2 2026, worth $53.6B in total; superinvestors Third Point and Markel Group hold it.

Currency
USD
Source
SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
Updated
Oct 23, 2026, 1:07 AM ET

Revenue flow, Q3 FY2026

Where the revenue went in Q3 FY2026, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.

Income statement

Each column is one quarter, newest first.

Income statement of Norfolk Southern Corp, quarterly
Line itemQ3 FY2026Q2 FY2026Q1 FY2026Q4 FY2025†Q3 FY2025Q2 FY2025Q1 FY2025Q4 FY2024†
Period endSep 30, 2026Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024
Filing10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K
ReportedOct 22, 2026Jul 23, 2026Apr 24, 2026Jan 29, 2026Oct 23, 2025Jul 29, 2025Apr 23, 2025Jan 29, 2025
Revenue$3.53B$3.46B$3.00B$2.97B†$3.10B$3.11B$2.99B$3.02B†
Operating income$1.15B$1.12B$877.0M$937.0M†$1.10B$1.18B$1.15B$1.13B†
Income tax$228.0M$225.0M$168.0M$121.0M†$213.0M$230.0M$228.0M$195.0M†
Net income$759.0M$734.0M$547.0M$644.0M†$711.0M$768.0M$750.0M$733.0M†
EPS, basic$3.38$3.26$2.43–$3.16$3.41$3.31–
EPS, diluted$3.37$3.26$2.43–$3.16$3.41$3.31–
Weighted shares, basic224.6M224.6M224.5M–224.4M225.0M226.1M–
Weighted shares, diluted225.2M225.0M225.0M–224.7M225.2M226.5M–
Margins and growth
Operating margin32.6%32.4%29.3%31.5%35.4%37.8%38.3%37.4%
Net margin21.5%21.2%18.2%21.7%22.9%24.7%25.1%24.2%
Revenue growth, year over year+13.6%+11.4%+0.2%−1.7%+1.7%+2.2%−0.4%−1.6%
Net income growth, year over year+6.8%−4.4%−27.1%−12.1%−35.3%+4.2%+1,315.1%+39.1%

Balance sheet

Each column is one quarter, newest first.

Balance sheet of Norfolk Southern Corp, quarterly
Line itemQ3 FY2026Q2 FY2026Q1 FY2026Q4 FY2025†Q3 FY2025Q2 FY2025Q1 FY2025Q4 FY2024†
Period endSep 30, 2026Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024
Filing10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K
ReportedOct 22, 2026Jul 23, 2026Apr 24, 2026Jan 29, 2026Oct 23, 2025Jul 29, 2025Apr 23, 2025Jan 29, 2025
Cash and equivalents$1.60B$1.07B$1.34B$1.53B$1.42B$1.30B$1.01B$1.64B
Accounts receivable$1.23B$1.18B$1.12B$988.0M$1.10B$1.12B$1.23B$1.07B
Total current assets$3.33B$2.80B$3.02B$3.20B$3.04B$2.91B$2.70B$3.19B
Property, plant and equipment$36.9B$36.6B$36.4B$36.5B$36.1B$35.9B$35.8B$35.8B
Total assets$45.9B$45.1B$45.1B$45.2B$44.6B$44.2B$43.8B$43.7B
Accounts payable$2.06B$1.78B$1.70B$1.86B$1.66B$1.50B$1.45B$1.70B
Short-term debt–––$607.0M–––$555.0M
Total current liabilities$3.68B$3.37B$3.33B$3.77B$3.52B$3.67B$3.45B$3.54B
Total liabilities$29.2B$28.9B$29.3B$29.7B$29.4B$29.4B$29.3B$29.4B
Shareholders' equity$16.7B$16.3B$15.8B$15.5B$15.1B$14.8B$14.5B$14.3B

Cash flow statement

Each column is one quarter, newest first. Free cash flow is operating cash flow minus capital expenditures.

Cash flow statement of Norfolk Southern Corp, quarterly
Line itemQ3 FY2026†Q2 FY2026†Q1 FY2026Q4 FY2025†Q3 FY2025†Q2 FY2025†Q1 FY2025Q4 FY2024†
Period endSep 30, 2026Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024
Filing10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K
ReportedOct 22, 2026Jul 23, 2026Apr 24, 2026Jan 29, 2026Oct 23, 2025Jul 29, 2025Apr 23, 2025Jan 29, 2025
Operating cash flow$1.32B†$1.05B†$344.0M$1.06B†$1.27B†$1.08B†$950.0M$951.0M†
Capital expenditures$586.0M†$439.0M†$382.0M$729.0M†$551.0M†$475.0M†$449.0M$675.0M†
Free cash flow$736.0M$615.0M-$38.0M$334.0M$720.0M$602.0M$501.0M$276.0M
Depreciation and amortization$363.0M†$358.0M†$352.0M$353.0M†$348.0M†$346.0M†$346.0M$342.0M†
Stock-based compensation$23.0M$24.0M$25.0M$11.0M†$17.0M$17.0M$18.0M$13.0M†
Dividends paid$304.0M†$303.0M†$303.0M$303.0M†$303.0M†$303.0M†$306.0M$306.0M†
Share buybacks$0†$0†$5.00M$0†$78.0M†$208.0M†$248.0M$0†
Investing cash flow-$479.0M†-$416.0M†-$213.0M-$644.0M†-$483.0M†-$414.0M†-$1.02B$11.0M†
Financing cash flow-$314.0M†-$910.0M†-$320.0M-$307.0M†-$673.0M†-$366.0M†-$564.0M-$296.0M†
Net change in cash$529.0M†-$272.0M†-$189.0M$112.0M†$115.0M†$297.0M†-$635.0M$666.0M†
Ratio
Stock-based compensation, % of revenue0.7%0.7%0.8%0.4%0.5%0.5%0.6%0.4%

Shares outstanding

Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.

Shares outstanding for Norfolk Southern Corp by cover date
Cover dateShares outstandingChange in a yearFiling
Sep 30, 2026224.6M+0.1%SEC
Jun 30, 2026224.6M0.0%SEC
Mar 31, 2026224.6M−0.4%SEC
Jan 31, 2026224.6M−0.8%SEC
Sep 30, 2025224.4M−0.8%SEC
Jun 30, 2025224.6M−0.7%SEC
Mar 31, 2025225.4M−0.2%SEC
Jan 31, 2025226.4M+0.2%SEC

Notes and known gaps

How these numbers are put together, and what they can't tell you.

  • Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
  • Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
  • Values marked † are derived: Q4 is the full year minus the first three quarters, single-quarter cash flows are year-to-date figures minus the previous year-to-date figures, and the Q4 balance sheet is the year-end balance sheet.

Known gaps

  • Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
  • EPS and share counts are as reported at the time, not adjusted for later stock splits.
  • For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
  • For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
  • Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
  • Depreciation and amortization is missing for some companies that report it under their own XBRL tags.