TTM
32.4%
YoY change
+1.86pp
Trough year (1991)
2.5%
Peak year (2021)
39.2%
Latest annual
32.9%
Operating Margin history chart for Norfolk Southern (NSC) from 1985 to 2025
Latest: 32.9%
Operating Margin change chart for Norfolk Southern (NSC) from 1985 to 2025
Latest: +1.86pp
Operating Margin history table for Norfolk Southern (NSC) from 1985 to 2025
| 2025 | 32.9% | +1.86pp | ||
| 2024 | 31.0% | +7.95pp | ||
| 2023 | 23.1% | -14.04pp | ||
| 2022 | 37.1% | -2.04pp | ||
| 2021 | 39.2% | +4.47pp | ||
| 2020 | 34.7% | +0.24pp | ||
| 2019 | 34.5% | -0.09pp | ||
| 2018 | 34.6% | +1.17pp | ||
| 2017 | 33.4% | +2.33pp | ||
| 2016 | 31.0% | +3.66pp | ||
| 2015 | 27.4% | -3.32pp | ||
| 2014 | 30.7% | +1.80pp | ||
| 2013 | 28.9% | +0.67pp | ||
| 2012 | 28.2% | -0.45pp | ||
| 2011 | 28.7% | +0.65pp | ||
| 2010 | 28.0% | +3.43pp | ||
| 2009 | 24.6% | -4.31pp | ||
| 2008 | 28.9% | +1.64pp | ||
| 2007 | 27.3% | +0.11pp | ||
| 2006 | 27.2% | +1.87pp | ||
| 2005 | 25.3% | +2.03pp | ||
| 2004 | 23.3% | +6.83pp | ||
| 2003 | 16.5% | -2.02pp | ||
| 2002 | 18.5% | +2.15pp | ||
| 2001 | 16.3% | +6.04pp | ||
| 2000 | 10.3% | -3.54pp | ||
| 1999 | 13.8% | -11.10pp | ||
| 1998 | 24.9% | -3.80pp | ||
| 1997 | 28.7% | +3.63pp | ||
| 1996 | 25.1% | +1.82pp | ||
| 1995 | 23.3% | +0.02pp | ||
| 1994 | 23.3% | +3.96pp | ||
| 1993 | 19.3% | +0.05pp | ||
| 1992 | 19.2% | +16.73pp | ||
| 1991 | 2.5% | -14.99pp | ||
| 1990 | 17.5% | -0.69pp | ||
| 1989 | 18.2% | -2.99pp | ||
| 1988 | 21.2% | +18.63pp | ||
| 1987 | 2.6% | -14.67pp | ||
| 1986 | 17.2% | -1.58pp | ||
| 1985 | 18.8% | — |
- 202532.9%+1.86pp
- 202431.0%+7.95pp
- 202323.1%-14.04pp
- 202237.1%-2.04pp
- 202139.2%+4.47pp
- 202034.7%+0.24pp
- 201934.5%-0.09pp
- 201834.6%+1.17pp
- 201733.4%+2.33pp
- 201631.0%+3.66pp
- 201527.4%-3.32pp
- 201430.7%+1.80pp
- 201328.9%+0.67pp
- 201228.2%-0.45pp
- 201128.7%+0.65pp
- 201028.0%+3.43pp
- 200924.6%-4.31pp
- 200828.9%+1.64pp
- 200727.3%+0.11pp
- 200627.2%+1.87pp
- 200525.3%+2.03pp
- 200423.3%+6.83pp
- 200316.5%-2.02pp
- 200218.5%+2.15pp
- 200116.3%+6.04pp
- 200010.3%-3.54pp
- 199913.8%-11.10pp
- 199824.9%-3.80pp
- 199728.7%+3.63pp
- 199625.1%+1.82pp
- 199523.3%+0.02pp
- 199423.3%+3.96pp
- 199319.3%+0.05pp
- 199219.2%+16.73pp
- 19912.5%-14.99pp
- 199017.5%-0.69pp
- 198918.2%-2.99pp
- 198821.2%+18.63pp
- 19872.6%-14.67pp
- 198617.2%-1.58pp
- 198518.8%—
Operating Margin values are taken from Norfolk Southern's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About Operating Margin at Norfolk Southern (NSC)
According to Norfolk Southern's latest reported financial statements, the company's latest reported operating margin is 32.4%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
In 2025, Norfolk Southern (NSC) operating margin totalled 32.91% – expanded 1.9 percentage points year-over-year.
39.18% stands as the all-time-high annual operating margin, posted in 2021, against a low of 2.52% during 1991.
Norfolk Southern Operating Margin by Year
Norfolk Southern Operating Margin 2025: 32.9%
Norfolk Southern posted operating margin of 32.91% in 2025, expanded 1.9 percentage points from 2024.
Norfolk Southern Operating Margin 2024: 31.0%
In 2024, Norfolk Southern reported operating margin of 31.05%, expanded 7.9 percentage points from 2023.
Norfolk Southern Operating Margin 2023: 23.1%
Norfolk Southern operating margin in 2023 was 23.10%, contracted 14.0 percentage points from 2022.
Norfolk Southern Operating Margin 2022: 37.1%
2022's operating margin for Norfolk Southern came in at 37.14%, contracted 2.0 percentage points from 2021.
Norfolk Southern Operating Margin 2021: 39.2%
Norfolk Southern operating margin in 2021 was 39.18%.
See more financial history for Norfolk Southern (NSC).
Sector peers by Operating Margin
Industrials peers of Norfolk Southern (NSC), ranked by their latest operating margin
| 40.1% | |
| 18.5% | |
| 18.1% | |
| 17.9% | |
| 16.6% | |
| 14.9% | |
| 10.9% | |
| -5.9% |
- 40.1%
- 18.5%
- 17.9%
- 16.6%
- 10.9%
- -5.9%
Frequently asked questions
Norfolk Southern (NSC) Key Financials
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