Norfolk Southern (NSC) Operating Margin (2009 - 2026)
Norfolk Southern (NSC) reported Operating Margin of 29.25% for Q1 2026, down 904.0% year-over-year from 3.64% in Q1 2025, and down 7.15% quarter-over-quarter from 31.51% in Q4 2025.
Norfolk Southern (NSC) Operating Margin (2009 - 2026) Analysis & Trends
Norfolk Southern (NSC) has 18 years of Operating Margin data on file, last reported at 29.25% in Q1 2026.
- Operating Margin for Q1 2026 came in at 29.25%, down 904.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 33.54% (down 777.0% YoY), and the FY2025 annual result was 35.76%, up 218.0% from the prior year.
- Operating Margin eased to 29.25% in Q1 2026 per NSC's latest filing, from 31.51% in the prior quarter.
- Over five years, Operating Margin peaked at 52.31% in Q3 2024 and troughed at 7.09% in Q1 2024.
- A 5-year average of 32.4% and a median of 36.48% in 2022 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2023 and 2025: Operating Margin plunged 1978 bps in 2023, then soared 3120 bps in 2025.
- A 5-year view of Operating Margin shows it stood at 36.48% in 2022, then retreated by 28 bps to 26.29% in 2023, then surged by 42 bps to 37.4% in 2024, then retreated by 16 bps to 31.51% in 2025, then slipped by 7 bps to 29.25% in 2026.
- Business Quant data shows NSC's Operating Margin at 29.25% in Q1 2026, 31.51% in Q4 2025, and 35.39% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 152.26 Bn | 151.22 Bn | 5.85 Bn | 39.54% |
| 2 | Csx | 84.99 Bn | 83.89 Bn | 3.18 Bn | 35.99% |
| 3 | Norfolk Southern | 67.33 Bn | 65.99 Bn | 2.74 Bn | 29.25% |
| 4 | Canadian Pacific Kansas City | 56.27 Bn | 56.68 Bn | 2.36 Bn | 33.99% |
| 5 | Westinghouse Air Brake Technologies | 46.65 Bn | 46.16 Bn | 1.06 Bn | 17.53% |
| 6 | Trinity Industries | 2.76 Bn | 2.82 Bn | 128.90 Mn | 20.55% |
| 7 | Greenbrier Companies | 1.54 Bn | 1.05 Bn | 69.50 Mn | 4.27% |
| 8 | Foster L B | 438.47 Mn | 435.35 Mn | 25.70 Mn | 1.69% |
| 9 | Rail Vision | 179.83 Mn | 159.33 Mn | 504,000.00 | -482.40% |
| 10 | FreightCar America | 178.32 Mn | 114.02 Mn | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 29.25% |
| Dec 31, 2025 | 31.51% |
| Sep 30, 2025 | 35.39% |
| Jun 30, 2025 | 37.78% |
| Mar 31, 2025 | 38.29% |
| Dec 31, 2024 | 37.40% |
| Sep 30, 2024 | 52.31% |
| Jun 30, 2024 | 37.16% |
| Mar 31, 2024 | 7.09% |
| Dec 31, 2023 | 26.29% |
| Sep 30, 2023 | 25.45% |
| Jun 30, 2023 | 19.33% |
| Mar 31, 2023 | 22.70% |
| Dec 31, 2022 | 36.48% |
| Sep 30, 2022 | 38.05% |
| Jun 30, 2022 | 39.11% |
| Mar 31, 2022 | 37.22% |
| Dec 31, 2021 | 39.59% |
| Sep 30, 2021 | 39.83% |
| Jun 30, 2021 | 41.69% |