Norfolk Southern annual operating margin
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2025
Norfolk Southern Operating Margin Growth & History (NSC)
Norfolk Southern's operating margin was 35.76% for fiscal 2025.
View full Norfolk Southern company overviewNorfolk Southern annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 35.76% | +2.18 pp |
| 2024 | 2024-12-31 | 33.58% | +10.13 pp |
| 2023 | 2023-12-31 | 23.45% | −14.28 pp |
| 2022 | 2022-12-31 | 37.73% | −2.18 pp |
| 2021 | 2021-12-31 | 39.91% | +9.24 pp |
| 2020 | 2020-12-31 | 30.67% | −4.65 pp |
| 2019 | 2019-12-31 | 35.31% | +0.76 pp |
| 2018 | 2018-12-31 | 34.55% | +1.17 pp |
| 2017 | 2017-12-31 | 33.38% | +2.95 pp |
| 2016 | 2016-12-31 | 30.43% | +2.99 pp |
| 2015 | 2015-12-31 | 27.44% | −3.32 pp |
| 2014 | 2014-12-31 | 30.76% | +1.79 pp |
| 2013 | 2013-12-31 | 28.96% | +0.67 pp |
| 2012 | 2012-12-31 | 28.30% | −0.46 pp |
| 2011 | 2011-12-31 | 28.76% | +0.64 pp |
| 2010 | 2010-12-31 | 28.12% | +3.50 pp |
| 2009 | 2009-12-31 | 24.62% | −4.31 pp |
| 2008 | 2008-12-31 | 28.93% | +1.52 pp |
| 2007 | 2007-12-31 | 27.41% | — |
Norfolk Southern quarterly operating margin
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Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 32.44% | −5.34 pp |
| Q1 2026 | 2026-03-31 | 29.25% | −9.04 pp |
| Q4 2025 | 2025-12-31 | 31.51% | −5.89 pp |
| Q3 2025 | 2025-09-30 | 35.39% | −16.93 pp |
| Q2 2025 | 2025-06-30 | 37.78% | +0.63 pp |
| Q1 2025 | 2025-03-31 | 38.29% | +31.20 pp |
| Q4 2024 | 2024-12-31 | 37.40% | +11.11 pp |
| Q3 2024 | 2024-09-30 | 52.31% | +26.86 pp |
| Q2 2024 | 2024-06-30 | 37.16% | +17.83 pp |
| Q1 2024 | 2024-03-31 | 7.09% | −15.61 pp |
| Q4 2023 | 2023-12-31 | 26.29% | −10.19 pp |
| Q3 2023 | 2023-09-30 | 25.45% | −12.60 pp |
| Q2 2023 | 2023-06-30 | 19.33% | −19.78 pp |
| Q1 2023 | 2023-03-31 | 22.70% | −14.52 pp |
| Q4 2022 | 2022-12-31 | 36.48% | −3.10 pp |
| Q3 2022 | 2022-09-30 | 38.05% | −1.78 pp |
| Q2 2022 | 2022-06-30 | 39.11% | −2.59 pp |
| Q1 2022 | 2022-03-31 | 37.22% | −1.24 pp |
| Q4 2021 | 2021-12-31 | 39.59% | +1.34 pp |
| Q3 2021 | 2021-09-30 | 39.83% | +6.31 pp |
| Q2 2021 | 2021-06-30 | 41.69% | +12.44 pp |
| Q1 2021 | 2021-03-31 | 38.46% | +16.82 pp |
| Q4 2020 | 2020-12-31 | 38.24% | +2.48 pp |
| Q3 2020 | 2020-09-30 | 33.52% | −1.54 pp |
| Q2 2020 | 2020-06-30 | 29.26% | −7.15 pp |
| Q1 2020 | 2020-03-31 | 21.64% | −12.38 pp |
| Q4 2019 | 2019-12-31 | 35.76% | −1.46 pp |
| Q3 2019 | 2019-09-30 | 35.06% | +0.45 pp |
| Q2 2019 | 2019-06-30 | 36.41% | +1.01 pp |
| Q1 2019 | 2019-03-31 | 34.01% | +3.28 pp |
| Q4 2018 | 2018-12-31 | 37.22% | −0.17 pp |
| Q3 2018 | 2018-09-30 | 34.61% | +1.09 pp |
| Q2 2018 | 2018-06-30 | 35.40% | +2.34 pp |
| Q1 2018 | 2018-03-31 | 30.73% | +1.33 pp |
| Q4 2017 | 2017-12-31 | 37.39% | +9.44 pp |
| Q3 2017 | 2017-09-30 | 33.52% | +1.03 pp |
| Q2 2017 | 2017-06-30 | 33.07% | +1.69 pp |
| Q1 2017 | 2017-03-31 | 29.40% | −0.48 pp |
| Q4 2016 | 2016-12-31 | 27.95% | +2.46 pp |
| Q3 2016 | 2016-09-30 | 32.49% | +2.19 pp |
| Q2 2016 | 2016-06-30 | 31.38% | +1.37 pp |
| Q1 2016 | 2016-03-31 | 29.88% | +6.27 pp |
| Q4 2015 | 2015-12-31 | 25.50% | −5.55 pp |
| Q3 2015 | 2015-09-30 | 30.30% | −2.72 pp |
| Q2 2015 | 2015-06-30 | 30.00% | −3.49 pp |
| Q1 2015 | 2015-03-31 | 23.61% | −1.20 pp |
| Q4 2014 | 2014-12-31 | 31.05% | +0.47 pp |
| Q3 2014 | 2014-09-30 | 33.01% | +2.95 pp |
| Q2 2014 | 2014-06-30 | 33.50% | +3.66 pp |
| Q1 2014 | 2014-03-31 | 24.80% | −0.43 pp |
| Q4 2013 | 2013-12-31 | 30.58% | +3.98 pp |
| Q3 2013 | 2013-09-30 | 30.06% | +2.92 pp |
| Q2 2013 | 2013-06-30 | 29.84% | −2.66 pp |
| Q1 2013 | 2013-03-31 | 25.24% | −1.47 pp |
| Q4 2012 | 2012-12-31 | 26.60% | −2.00 pp |
| Q3 2012 | 2012-09-30 | 27.14% | −5.32 pp |
| Q2 2012 | 2012-06-30 | 32.50% | +1.97 pp |
| Q1 2012 | 2012-03-31 | 26.71% | +3.81 pp |
| Q4 2011 | 2011-12-31 | 28.60% | +1.76 pp |
| Q3 2011 | 2011-09-30 | 32.47% | +2.09 pp |
| Q2 2011 | 2011-06-30 | 30.53% | +0.37 pp |
| Q1 2011 | 2011-03-31 | 22.90% | −1.90 pp |
| Q4 2010 | 2010-12-31 | 26.84% | +0.77 pp |
| Q3 2010 | 2010-09-30 | 30.37% | +3.13 pp |
| Q2 2010 | 2010-06-30 | 30.16% | +4.96 pp |
| Q1 2010 | 2010-03-31 | 24.80% | +5.09 pp |
| Q4 2009 | 2009-12-31 | 26.07% | −4.82 pp |
| Q3 2009 | 2009-09-30 | 27.24% | — |
| Q2 2009 | 2009-06-30 | 25.20% | — |
| Q1 2009 | 2009-03-31 | 19.71% | — |
| Q3 2008 | 2008-09-30 | 30.89% | — |
Norfolk Southern operating margin trends
Over the last five reported fiscal years, Norfolk Southern's operating margin increased from 30.67% to 35.76%, a change of +5.10 percentage points. The latest reported quarter, Q2 2026, shows 32.44%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Norfolk Southern filings at SEC.gov ↗