Norfolk Southern (NSC) Shares Outstanding (Diluted) (2009 - 2026)
Norfolk Southern's Weighted Average Shares Outstanding (Diluted) came in at 225.2 million for Q3 2026, up 0.2% from 224.7 million a year earlier and up 0.1% from the prior quarter.
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Analysis
Norfolk Southern (NSC) Shares Outstanding (Diluted) (2009 - 2026) Analysis & Trends
For FY2025, Norfolk Southern's Weighted Average Shares Outstanding (Diluted) was 225.3 million, down 0.5% from FY2024.
- Weighted Average Shares Outstanding (Diluted) has declined in each of the last 16 years, with a five-year compound annual growth rate of -2.6% (FY2020 to FY2025).
- Going back by year, Weighted Average Shares Outstanding (Diluted) was 226.4 million in FY2024 (-0.4%), 227.4 million in FY2023 (-3.5%), 235.6 million in FY2022 (-5.0%) and 248.1 million in FY2021 (-3.3%).
- The five-year range for quarterly Weighted Average Shares Outstanding (Diluted) is 224.7 million (Q3 2025) to 248.1 million (Q4 2021).
- Year-over-year, Weighted Average Shares Outstanding (Diluted) increased in two of the last eight quarters, with an average decline of 0.3%.
- The fastest year-over-year change in Weighted Average Shares Outstanding (Diluted) over five years came in Q3 2026 (growth of 0.2%), and the weakest in Q4 2022 (a decline of 5.0%).
- Business Quant data shows NSC's Weighted Average Shares Outstanding (Diluted) at 225 million (Q2 2026), 225 million (Q1 2026) and 225.3 million (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Shares Outstanding (Dil.) (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 179.72 Bn | 171.97 Bn | - | 594.50 Mn |
| 2 | Csx | 95.95 Bn | 91.18 Bn | - | 1.85 Bn |
| 3 | United Parcel Service | 84.51 Bn | 61.36 Bn | 22.04 Bn | 852.00 Mn |
| 4 | Canadian Pacific Kansas City | 81.84 Bn | 81.57 Bn | 57.15 Mn | 877.60 Mn |
| 5 | Fedex | 76.69 Bn | 42.88 Bn | 18.84 Bn | 239.00 Mn |
| 6 | Norfolk Southern | 73.66 Bn | 68.13 Bn | - | 225.20 Mn |
| 7 | Delta Air Lines | 56.72 Bn | 38.90 Bn | - | 659.00 Mn |
| 8 | Old Dominion Freight Line | 36.07 Bn | 34.91 Bn | 1.56 Bn | 208.12 Mn |
| 9 | United Airlines Holdings | 35.51 Bn | -22.18 Bn | - | 327.40 Mn |
| 10 | Ryanair Holdings | 30.13 Bn | 14.39 Bn | - | 532.20 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 225.20 Mn |
| Jun 30, 2026 | 225.00 Mn |
| Mar 31, 2026 | 225.00 Mn |
| Dec 31, 2025 | 225.30 Mn |
| Sep 30, 2025 | 224.70 Mn |
| Jun 30, 2025 | 225.20 Mn |
| Mar 31, 2025 | 226.50 Mn |
| Dec 31, 2024 | 226.40 Mn |
| Sep 30, 2024 | 226.50 Mn |
| Jun 30, 2024 | 226.40 Mn |
| Mar 31, 2024 | 226.20 Mn |
| Dec 31, 2023 | 227.40 Mn |
| Sep 30, 2023 | 227.00 Mn |
| Jun 30, 2023 | 228.00 Mn |
| Mar 31, 2023 | 228.30 Mn |
| Dec 31, 2022 | 235.60 Mn |
| Sep 30, 2022 | 234.00 Mn |
| Jun 30, 2022 | 237.50 Mn |
| Mar 31, 2022 | 240.20 Mn |
| Dec 31, 2021 | 248.10 Mn |
API Access
Norfolk Southern Shares Outstanding (Diluted) API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=shares-outstanding-diluted&ticker=NSC&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "shares-outstanding-diluted", "ticker": "NSC", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=shares-outstanding-diluted&ticker=NSC&period=max&api_key=YOUR_API_KEY");
const data = await res.json();