NSC
Norfolk SouthernPrevious close
342.64
Change
+0.45 / +0.13%
P/E (TTM) ?
28.6
Market Cap
$77.0B
1M
+10.89%
S&P 500 −0.91% over same period
Volume / Avg Volume
643K / 973K
0.66× average
Latest earnings analysisFY2026 Q3Reported 2026-10-22
Norfolk Southern Q3 2026: record revenue, softer operating ratio
Norfolk Southern posted a record $3.53 billion of revenue in Q3 2026, but the operating ratio worsened to 67.4%, so the story is top-line strength against cost pressure. Read the scorecard as two ledgers: GAAP EPS of $3.37 came in under the $3.51 consensus, while adjusted EPS of $3.62 — which strips out merger and Eastern Ohio costs — cleared it. Free cash flow of $736 million was the strongest of the last four quarters.
Read the full analysis →Revenue$3.53BYoY +14.60%
EPS (non-GAAP)$3.62Beatest. $3.51
Next-day move−2.44%
Recent Earnings
Click to read the FinDog analysis| Period | Reported | Revenue | Analysis |
|---|---|---|---|
| FY2026 Q3 Quarter ended 2026-09 | 2026-10-22 | $3.5B | Read analysis → |
| FY2026 Q2 Quarter ended 2026-06 | 2026-07-23 | $3.5B | Read analysis → |
| FY2026 Q1 Quarter ended 2026-03 | 2026-04-24 | $3.0B | Pending |
| FY2025 Q4 Quarter ended 2025-12 | 2026-01-29 | $12.2B | Pending |
| FY2025 Q3 Quarter ended 2025-09 | 2025-10-23 | $3.1B | Pending |
| FY2025 Q2 Quarter ended 2025-06 | 2025-07-29 | $3.1B | Pending |
| FY2025 Q1 Quarter ended 2025-03 | 2025-04-23 | $3.0B | Pending |
Decision Panel
Trends · Valuation · Earnings reaction · Guidance credibility — all from company filings and market dataValuation
P/E is at percentile 71 of its 5-year rangeExpensive
5-year range 17.9 – 36.0 · Median 24.8
Last 4 quarters: $5.0M in buybacks + $1.2B in dividends, 1.58% of market cap combined
P/E (TTM)
28.6
P/B
4.6
P/S
5.9
Dividend Yield
2.50%
Earnings Reaction
Over the last 7 reports, the stock moved ±1.1% on average on the first trading day after, rising 4 times
Most recent −2.44%
Volatility & Correlation
1-year beta 0.19 · Correlation with S&P 500 0.12Low beta
Annualized volatility 21% vs. 13% for the S&P 500
Insider Trading
View all →Last 90 days · Open-market buys and sells by officers and directors · Amounts in USD millions
No open-market buys or sells by officers or directors in the last 90 days.
Multi-Quarter Financial Trends
View all quarters →Last 12 quarters · As reported by the company
| Quarter | Revenue ($B) | YoY | Gross Margin | Net Income ($B) | EPS |
|---|---|---|---|---|---|
| FY2026 Q3 | 3.53 | +13.6% | — | 0.76 | 3.37 |
| FY2026 Q2 | 3.47 | +11.4% | — | 0.73 | 3.26 |
| FY2026 Q1 | 3.00 | +0.2% | — | 0.55 | 2.43 |
| FY2025 Q4 | 2.97 | −1.7% | — | 0.64 | 2.87 |
| FY2025 Q3 | 3.10 | +1.7% | — | 0.71 | 3.16 |
| FY2025 Q2 | 3.11 | +2.2% | — | 0.77 | 3.41 |
| FY2025 Q1 | 2.99 | −0.4% | — | 0.75 | 3.31 |
| FY2024 Q4 | 3.02 | −1.6% | — | 0.73 | 3.24 |
| FY2024 Q3 | 3.05 | +2.7% | — | 1.10 | 4.85 |
| FY2024 Q2 | 3.04 | +2.1% | — | 0.74 | 3.25 |
| FY2024 Q1 | 3.00 | −4.1% | — | 0.05 | 0.23 |
| FY2023 Q4 | 3.07 | −5.1% | — | 0.53 | 2.32 |