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Norfolk Southern NSC Q4 2025 Annual earnings

Reported January 29, 2026 · Before market open

Revenue$3.0BMiss by $27.0MDiluted EPS$3.22Beat by $0.46
Revenue estimate$3.0B
EPS estimate$2.76

Next report

Aug 4, 2026 (in a month)
Revenue estimate$3.3B
EPS estimate$3.12

Financials

Q4 2025

Income statement

See full
Revenue$3.0B-1.7%
Operating income$937.0M-17.2%
Net income$644.0M-12.1%
EPS (diluted)$2.87-11.1%

Balance sheet

See full
Cash & equivalents$1.5B-6.8%
Total debt$236.0M-17.2%
Total equity$15.5B+8.7%
Total assets$45.2B+3.6%

Cash flow

See full
Operating cash flow$1.1B+11.8%
CapEx$729.0M+8.0%
Free cash flow$334.0M+21.0%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$64.78B+22.0%
Enterprise value$63.49B+22.7%
P/E22.5×+2.3×
P/S5.3×+0.9×

Profitability

See full
Operating margin35.8%+2.2pp
Net margin23.6%+2.0pp
FCF margin17.7%+3.9pp

Returns & leverage

See full
Return on equity19.2%-0.1pp
Debt / equity0×0.0×
Current ratio0.8×-0.1×

Segments

By segment

See full
Railway Operating Revenues Market Group Merchandise$1.9B+2.1%
Railway Operating Revenues Market Group Intermodal$747.0M-5.7%
Railway Operating Revenues Market Group Coal$347.0M-11.0%

Versus estimates

Revenue

Q1 2026$3.0BBeat by $4.3M
Q4 2025$3.0BMiss by $27.0M
Q3 2025$3.1BMiss by $8.7MQ2 2025$3.1BMiss by $18.2MQ1 2025$3.0BBeat by $22.2MQ4 2024$3.0BBeat by $9.1M

Diluted EPS

Q1 2026$2.65Beat by $0.16
Q4 2025$3.22Beat by $0.46
Q3 2025$3.30Beat by $0.11Q2 2025$3.29Miss by $0.02Q1 2025$2.69Beat by $0.03Q4 2024$3.04Beat by $0.10

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Questions, answered.

When did Norfolk Southern report Q4 2025 earnings?
Norfolk Southern (NSC) reported Q4 2025 earnings on January 29, 2026 before market open.
What were Norfolk Southern's Q4 2025 revenue and EPS?
Norfolk Southern reported revenue of $3.0B and diluted EPS of $3.22 for Q4 2025.
Did Norfolk Southern beat estimates in Q4 2025?
Revenue missed the consensus estimate of $3.0B by $27.0M. EPS beat the consensus estimate of $2.76 by $0.46.
How did Norfolk Southern's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 1.7% from $3.0B a year earlier and diluted EPS grew 5.9% from $3.04.
Where can I find Norfolk Southern's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001193125-26-028244) and the 10-K periodic report (0001628280-26-006268) directly on SEC EDGAR. The filing index links above go to sec.gov.