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Norfolk Southern NSC Operating margin

Operating margin at other companies

Canadian Pacific Kansas City logo
Canadian Pacific Kansas CityCP
37%+1.0pp
Union Pacific logo
Union PacificUNP
40.2%+0.2pp
CSX logo
CSXCSX
33.4%-1.2pp
Wabtec logo
WabtecWAB
16%0.0pp
Old Dominion Freight Line logo
Old Dominion Freight LineODFL
24.6%-1.5pp
JB Hunt Transport Services logo
JB Hunt Transport ServicesJBHT
7.4%+0.6pp

Other financials

Income statement

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Revenue$3.0B+0.2%
Operating income$877.0M-23.5%
Net income$547.0M-27.1%
EPS (diluted)$2.43-26.6%

Balance sheet

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Cash & equivalents$1.3B+33.3%
Total equity$15.8B+8.9%
Total assets$45.1B+3.0%

Cash flow

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Operating cash flow$344.0M-63.8%
CapEx$382.0M-14.9%
Free cash flow-$38.0M-108%

Valuation

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Market cap$67.5B+20.2%
P/E25.3×+8.4×
P/S5.5×+0.9×

Profitability

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Net margin21.9%-5.5pp

Returns & leverage

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Return on equity17.6%-6.9pp
Debt / equity0.0×
Current ratio0.9×+0.1×

Where this comes from

Calculated from Norfolk Southern’s reported figures.

Based on trailing twelve months.

The official record: Norfolk Southern’s 10-Q, filed April 24, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Norfolk Southern's operating margin?
Norfolk Southern (NSC) reported operating margin of 33.5% in Q1 2026.
How has Norfolk Southern's operating margin changed year-over-year?
Norfolk Southern's operating margin decreased by 18.8% year-over-year, from 41.3% to 33.5%.
What is the long-term trend for Norfolk Southern's operating margin?
Over 4 years (2021 to 2025), Norfolk Southern's operating margin has grown at a 0.5% compound annual growth rate (CAGR), from 152.8% to 155.7%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.