Norfolk Southern annual debt-to-equity ratio
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2025
Norfolk Southern Debt-to-Equity Ratio Growth & History (NSC)
Norfolk Southern's debt-to-equity ratio was 1.11 for fiscal 2025.
View full Norfolk Southern company overviewNorfolk Southern annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 1.11 | −0.11 | −8.89% |
| 2024 | 2024-12-31 | 1.22 | −0.15 | −11.13% |
| 2023 | 2023-12-31 | 1.37 | 0.15 | +12.27% |
| 2022 | 2022-12-31 | 1.22 | 0.18 | +17.20% |
| 2021 | 2021-12-31 | 1.04 | 0.16 | +17.85% |
| 2020 | 2020-12-31 | 0.89 | 0.05 | +5.72% |
| 2019 | 2019-12-31 | 0.84 | 0.11 | +15.60% |
| 2018 | 2018-12-31 | 0.73 | 0.12 | +20.66% |
| 2017 | 2017-12-31 | 0.60 | −0.22 | −26.94% |
| 2016 | 2016-12-31 | 0.82 | −0.01 | −0.62% |
| 2015 | 2015-12-31 | 0.83 | 0.10 | +14.36% |
| 2014 | 2014-12-31 | 0.72 | −0.11 | −13.48% |
| 2013 | 2013-12-31 | 0.84 | −0.05 | −5.92% |
| 2012 | 2012-12-31 | 0.89 | 0.13 | +17.71% |
| 2011 | 2011-12-31 | 0.76 | 0.13 | +20.94% |
| 2010 | 2010-12-31 | 0.62 | −0.03 | −4.57% |
| 2009 | 2009-12-31 | 0.65 | 0.01 | +1.74% |
| 2008 | 2008-12-31 | 0.64 | — | — |
Norfolk Southern quarterly debt-to-equity ratio
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| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 0.98 | −0.13 | −11.77% |
| Q1 2026 | 2026-03-31 | 1.04 | −0.10 | −9.11% |
| Q4 2025 | 2025-12-31 | 1.11 | −0.11 | −8.89% |
| Q3 2025 | 2025-09-30 | 1.09 | −0.12 | −9.87% |
| Q2 2025 | 2025-06-30 | 1.11 | −0.22 | −16.65% |
| Q1 2025 | 2025-03-31 | 1.15 | −0.25 | −18.13% |
| Q4 2024 | 2024-12-31 | 1.22 | −0.15 | −11.13% |
| Q3 2024 | 2024-09-30 | 1.21 | −0.08 | −5.86% |
| Q2 2024 | 2024-06-30 | 1.34 | 0.17 | +14.67% |
| Q1 2024 | 2024-03-31 | 1.40 | 0.26 | +22.36% |
| Q4 2023 | 2023-12-31 | 1.37 | 0.15 | +12.27% |
| Q3 2023 | 2023-09-30 | 1.28 | 0.17 | +15.49% |
| Q2 2023 | 2023-06-30 | 1.16 | 0.07 | +6.05% |
| Q1 2023 | 2023-03-31 | 1.15 | 0.13 | +12.67% |
| Q4 2022 | 2022-12-31 | 1.22 | 0.18 | +17.20% |
| Q3 2022 | 2022-09-30 | 1.11 | 0.15 | +16.18% |
| Q2 2022 | 2022-06-30 | 1.10 | 0.21 | +24.13% |
| Q1 2022 | 2022-03-31 | 1.02 | 0.19 | +22.92% |
| Q4 2021 | 2021-12-31 | 1.04 | 0.16 | +17.85% |
| Q3 2021 | 2021-09-30 | 0.96 | 0.11 | +13.04% |
| Q2 2021 | 2021-06-30 | 0.88 | 0.04 | +4.27% |
| Q1 2021 | 2021-03-31 | 0.83 | 0.03 | +4.31% |
| Q4 2020 | 2020-12-31 | 0.89 | 0.05 | +5.72% |
| Q3 2020 | 2020-09-30 | 0.85 | 0.06 | +7.41% |
| Q2 2020 | 2020-06-30 | 0.85 | 0.09 | +11.42% |
| Q1 2020 | 2020-03-31 | 0.79 | 0.05 | +6.57% |
| Q4 2019 | 2019-12-31 | 0.84 | 0.11 | +15.60% |
| Q3 2019 | 2019-09-30 | 0.79 | 0.10 | +14.59% |
| Q2 2019 | 2019-06-30 | 0.76 | 0.21 | +37.90% |
| Q1 2019 | 2019-03-31 | 0.74 | 0.15 | +26.16% |
| Q4 2018 | 2018-12-31 | 0.73 | 0.12 | +20.66% |
| Q3 2018 | 2018-09-30 | 0.69 | −0.04 | −5.78% |
| Q2 2018 | 2018-06-30 | 0.55 | −0.18 | −24.58% |
| Q1 2018 | 2018-03-31 | 0.59 | −0.17 | −22.76% |
| Q4 2017 | 2017-12-31 | 0.60 | −0.22 | −26.94% |
| Q3 2017 | 2017-09-30 | 0.73 | −0.04 | −5.40% |
| Q2 2017 | 2017-06-30 | 0.73 | −0.05 | −5.87% |
| Q1 2017 | 2017-03-31 | 0.76 | −0.01 | −1.70% |
| Q4 2016 | 2016-12-31 | 0.82 | −0.01 | −0.62% |
| Q3 2016 | 2016-09-30 | 0.77 | 0.03 | +3.93% |
| Q2 2016 | 2016-06-30 | 0.78 | 0.04 | +5.70% |
| Q1 2016 | 2016-03-31 | 0.78 | 0.08 | +12.08% |
| Q4 2015 | 2015-12-31 | 0.83 | 0.10 | +14.36% |
| Q3 2015 | 2015-09-30 | 0.74 | 0.02 | +3.44% |
| Q2 2015 | 2015-06-30 | 0.74 | 0.01 | +0.86% |
| Q1 2015 | 2015-03-31 | 0.69 | −0.07 | −9.01% |
| Q4 2014 | 2014-12-31 | 0.72 | −0.11 | −13.48% |
| Q3 2014 | 2014-09-30 | 0.72 | −0.11 | −13.15% |
| Q2 2014 | 2014-06-30 | 0.73 | −0.10 | −11.80% |
| Q1 2014 | 2014-03-31 | 0.76 | −0.07 | −8.71% |
| Q4 2013 | 2013-12-31 | 0.84 | −0.05 | −5.92% |
| Q3 2013 | 2013-09-30 | 0.83 | −0.04 | −4.32% |
| Q2 2013 | 2013-06-30 | 0.83 | 0.01 | +1.49% |
| Q1 2013 | 2013-03-31 | 0.83 | 0.02 | +2.59% |
| Q4 2012 | 2012-12-31 | 0.89 | 0.13 | +17.71% |
| Q3 2012 | 2012-09-30 | 0.86 | 0.20 | +30.48% |
| Q2 2012 | 2012-06-30 | 0.82 | 0.16 | +25.01% |
| Q1 2012 | 2012-03-31 | 0.81 | 0.20 | +31.59% |
| Q4 2011 | 2011-12-31 | 0.76 | 0.13 | +20.94% |
| Q3 2011 | 2011-09-30 | 0.66 | 0.05 | +8.54% |
| Q2 2011 | 2011-06-30 | 0.65 | 0.06 | +10.95% |
| Q1 2011 | 2011-03-31 | 0.62 | 0.01 | +2.38% |
| Q4 2010 | 2010-12-31 | 0.62 | −0.03 | −4.57% |
| Q3 2010 | 2010-09-30 | 0.61 | −0.05 | −8.25% |
| Q2 2010 | 2010-06-30 | 0.59 | — | — |
| Q1 2010 | 2010-03-31 | 0.60 | — | — |
| Q4 2009 | 2009-12-31 | 0.65 | 0.01 | +1.74% |
| Q3 2009 | 2009-09-30 | 0.66 | — | — |
| Q4 2008 | 2008-12-31 | 0.64 | — | — |
Norfolk Southern debt-to-equity ratio trends
Over the last five fiscal years, Norfolk Southern's debt-to-equity ratio increased from 0.89 to 1.11, a change of 0.23. The latest reported quarter, Q2 2026, shows 0.98.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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