Buyback yield (TTM)
0.44%
Shareholder yield (TTM)
2.31%
5Y share count change
-12.4%
Buyback spend (TTM)
$282.00M
Cumulative buybacks
$28.29B
Key takeaways
- Norfolk Southern (NSC) repurchased about $282.00M of stock over the trailing twelve months.
- Diluted share count is down 12.4% over the last ~5 fiscal years — buybacks are net-shrinking the share base.
- Cash buyback spend has compounded at -18.0% per year over the latest 5-year window.
- TTM repurchases used about 11% of free cash flow remaining after dividends.
Dividend & buyback yield over time for Norfolk Southern (NSC)
Stacked annual yields — buyback yield (TTM cash repurchases ÷ market cap) plus dividend yield from the same fiscal-year-end key-metrics period — show how total cash return per dollar of equity has evolved.
Diluted vs basic shares (annual) for Norfolk Southern (NSC)
Diluted weighted-average shares are the EPS denominator — a falling count means buybacks are outpacing SBC dilution.
Year-over-year change in diluted shares for Norfolk Southern (NSC)
Green is fewer shares vs the prior fiscal year (net repurchase); red is growth (dilution). The earliest year shown has no prior year to compare.
Cash buyback spend over time for Norfolk Southern (NSC)
Latest: $534.00M
Overview
2025's annual buyback spend for Norfolk Southern (NSC) came in at $534.00M – surged 1953.8% year-over-year.
Through 2020–2025 (5 years), Norfolk Southern buyback spend delivered a -18.0% annualised rate; with a net decline across the window.
Between 2021 and 2025, Norfolk Southern buyback spend plunged 84.2%, falling from $3.39B to $534.00M.
The record annual buyback spend stands at $3.39B, reached in 2021; the historical low of $0.00 was recorded in 1997.
Norfolk Southern Buyback Spend 2025: $534.00M
Norfolk Southern buyback spend in 2025 was $534.00M, surged 1953.8% from 2024.
Norfolk Southern Buyback Spend 2024: $26.00M
2024's buyback spend for Norfolk Southern came in at $26.00M, plunged 95.8% below 2023.
Norfolk Southern Buyback Spend 2023: $619.00M
Norfolk Southern posted buyback spend of $619.00M in 2023, plunged 80.1% below 2022.
Norfolk Southern Buyback Spend 2022: $3.11B
In 2022, Norfolk Southern reported buyback spend of $3.11B, declined 8.1% below 2021.
Norfolk Southern Buyback Spend 2021: $3.39B
Norfolk Southern buyback spend in 2021 was $3.39B.
See more financial history for Norfolk Southern (NSC).
Buyback, SBC & dilution history
Buyback spend, SBC, net dilution effect, and share count.
| 2025 | $534.00M | $0.00 | $534.00M | 0.82% | 0.22B | -0.7% | |
| 2024 | $26.00M | $0.00 | $26.00M | 0.05% | 0.23B | -0.4% | |
| 2023 | $619.00M | $0.00 | $619.00M | 1.16% | 0.23B | -3.5% | |
| 2022 | $3.11B | $53.00M | $3.06B | 5.50% | 0.24B | -5.0% | |
| 2021 | $3.39B | $0.00 | $3.39B | 4.74% | 0.25B | -3.3% | |
| 2020 | $1.44B | $28.00M | $1.41B | 2.40% | 0.26B | -3.4% | |
| 2019 | $2.10B | $0.00 | $2.10B | 4.19% | 0.27B | -5.2% | |
| 2018 | $2.78B | $0.00 | $2.78B | 6.94% | 0.28B | -3.5% | |
| 2017 | $1.01B | $0.00 | $1.01B | 2.45% | 0.29B | -1.9% | |
| 2016 | $803.00M | $0.00 | $803.00M | 2.55% | 0.30B | -2.8% | |
| 2015 | $1.07B | $0.00 | $1.07B | 4.27% | 0.30B | -2.6% | |
| 2014 | $318.00M | $0.00 | $318.00M | 0.94% | 0.31B | -1.0% | |
| 2013 | $627.00M | $0.00 | $627.00M | 2.19% | 0.32B | -3.0% | |
| 2012 | $1.29B | $45.00M | $1.24B | 6.62% | 0.33B | -7.4% | |
| 2011 | $2.05B | $0.00 | $2.05B | 8.57% | 0.35B | -5.5% | |
| 2010 | $863.00M | $0.00 | $863.00M | 3.87% | 0.37B | -0.1% | |
| 2009 | $0.00 | $0.00 | $0.00 | — | 0.37B | -2.1% | |
| 2008 | $1.13B | $0.00 | $1.13B | 6.55% | 0.38B | -4.5% | |
| 2007 | $1.20B | $0.00 | $1.20B | 6.27% | 0.40B | -4.1% | |
| 2006 | $964.00M | $0.00 | $964.00M | 4.84% | 0.41B | +0.7% | |
| 2005 | $0.00 | $0.00 | $0.00 | — | 0.41B | +3.1% | |
| 2004 | $0.00 | $0.00 | $0.00 | — | 0.40B | +2.3% | |
| 2003 | $0.00 | $0.00 | $0.00 | — | 0.39B | +0.2% | |
| 2002 | $0.00 | $0.00 | $0.00 | — | 0.39B | +0.8% | |
| 2001 | $0.00 | $0.00 | $0.00 | — | 0.39B | +1.1% | |
| 2000 | $0.00 | $0.00 | $0.00 | — | 0.38B | +0.8% | |
| 1999 | $0.00 | $0.00 | $0.00 | — | 0.38B | -0.2% | |
| 1998 | $0.00 | $0.00 | $0.00 | — | 0.38B | +0.2% | |
| 1997 | $0.00 | $0.00 | $0.00 | — | 0.38B | -0.9% | |
| 1996 | $389.00M | $0.00 | $389.00M | — | 0.38B | — | |
| 1995 | $338.00M | $0.00 | $338.00M | — | — | — | |
| 1994 | $344.80M | $0.00 | $344.80M | — | — | — | |
| 1993 | $138.10M | $0.00 | $138.10M | — | — | — | |
| 1992 | $177.20M | $0.00 | $177.20M | — | — | — | |
| 1991 | $635.30M | $0.00 | $635.30M | — | — | — | |
| 1990 | $576.30M | $0.00 | $576.30M | — | — | — | |
| 1989 | $363.40M | $0.00 | $363.40M | — | — | — |
- 2025$534.00M
- 2024$26.00M
- 2023$619.00M
- 2022$3.11B
- 2021$3.39B
- 2020$1.44B
- 2019$2.10B
- 2018$2.78B
- 2017$1.01B
- 2016$803.00M
- 2015$1.07B
- 2014$318.00M
- 2013$627.00M
- 2012$1.29B
- 2011$2.05B
- 2010$863.00M
- 2009$0.00
- 2008$1.13B
- 2007$1.20B
- 2006$964.00M
- 2005$0.00
- 2004$0.00
- 2003$0.00
- 2002$0.00
- 2001$0.00
- 2000$0.00
- 1999$0.00
- 1998$0.00
- 1997$0.00
- 1996$389.00M
- 1995$338.00M
- 1994$344.80M
- 1993$138.10M
- 1992$177.20M
- 1991$635.30M
- 1990$576.30M
- 1989$363.40M
Buybacks vs stock-based compensation for Norfolk Southern (NSC)
Annual cash repurchases set against stock-based compensation. Coverage above 1× means buybacks fully offset the equity dilution from SBC. TTM coverage: N/A.
Buybacks vs dividends (share of cash returned) for Norfolk Southern (NSC)
How Norfolk Southern splits cash returned to shareholders between dividends and buybacks.
Sector peers by buyback spend
Companies in the same sector as Norfolk Southern, ranked by their latest buyback spend.
| $7.55B | |
| $5.19B | |
| $2.68B | |
| $1.86B | |
| $1.14B | |
| $1.13B | |
| $50.00M | |
| $0.00 |
- $7.55B
- $5.19B
- $2.68B
- $1.86B
- $1.14B
- $1.13B
- $50.00M
- $0.00
Buyback capacity (TTM)
Free cash flow minus dividends paid versus actual TTM repurchases — the headroom bar shows how much of post-dividend FCF is still being deployed elsewhere.
Headroom $2.61B (TTM FCF − TTM dividends, clamped at zero).
Frequently asked questions
Data & methodology
Explore more
Deep-dives across the income statement, cash flow, capital return, and valuation