Norfolk Southern (NSC) Operating Margin (2009 - 2026)

Norfolk Southern (NSC) has reported Operating Margin for 18 consecutive years, with 32.44% the latest figure, recorded in Q2 2026.

• On a quarterly basis, Operating Margin fell 534.0% year-over-year to 32.44% in Q2 2026; TTM through Jun 2026 was 32.19%, a 927.0% decrease from a year earlier, with the FY2025 full-year figure at 35.76%, up 218.0% from the prior year.
• Operating Margin was 32.44% for Q2 2026 at Norfolk Southern, up from 29.25% 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 35.93% in 2025 frame the typical range for Operating Margin.
• Across the five-year window, Operating Margin sank 1978 bps in 2023 and surged 3120 bps in 2025, its largest moves.
• Over 5 years, Operating Margin stood at 36.48% in 2022, then fell by 28 bps to 26.29% in 2023, then jumped by 42 bps to 37.4% in 2024, then fell by 16 bps to 31.51% in 2025, then rose by 3 bps to 32.44% in 2026.
• The last three Operating Margin figures came in at 32.44% (Q2 2026), 29.25% (Q1 2026), and 31.51% (Q4 2025), per Business Quant data.