NSC Norfolk Southern margins

Relative Growth: Rel. Growth: 42

Relative Strength: Rel. Strength: 59

Relative Valuation: Rel. Valuation: 34

Relative Profitability: Rel. Profitability: 72

Gross margin

68.8%

Operating margin

32.2%

EBITDA margin

44.3%

Net margin

21%

Using the latest TTM figures, Norfolk Southern shows a gross margin of 68.8%, an operating margin of 32.2%, an EBITDA margin of 44.3%, and a net margin of 21%. Operating margin had the largest decline, decreasing by 9.3 percentage points, while the other available margins also declined.

NSC margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Norfolk Southern recorded average margins of 69.44% gross, 31.6% operating, 43.63% EBITDA, and 20.47% net. Norfolk Southern's current performance shows that operating, EBITDA, and net margins are above their three-year averages and gross margin is below its three-year average.

NSC margin expansion

Year-over-year margin changes in percentage points

Operating margin led the decline, falling by 9.3 percentage points, while the other available margins also decreased.

Gross margin expansion

-4.3pp

Operating margin expansion

-9.3pp

EBITDA margin expansion

-9.1pp

Net margin expansion

-6.5pp

NSC Gross margin

Norfolk Southern recorded an average gross margin of 69.44% across the last 3 years. Norfolk Southern currently reports a gross margin of 68.8%, 0.6 percentage points below its three-year average. The highest gross margin for Norfolk Southern was 73.1% in Jun 2025, while the lowest was 66.1% in Mar 2024.

NSC Operating margin

Over the last 3 years, Norfolk Southern's operating margin averaged 31.6%. Currently, Norfolk Southern's current operating margin is 32.2%, which is 0.6 percentage points above its three-year average. During this period, operating margin reached a high of 41.5% in Jun 2025 and a low of 19.6% in Mar 2024.

NSC EBITDA margin

Norfolk Southern's EBITDA margin averaged 43.63% over the last 3 years. Compared with its three-year average, Norfolk Southern's current EBITDA margin is 44.3% and is 0.7 percentage points above its three-year average. Over the last 3 years, Norfolk Southern's EBITDA margin peaked at 53.4% in Jun 2025 and reached a low of 31.8% in Mar 2024.

NSC Net margin

Over the last 3 years, Norfolk Southern's net margin averaged 20.47%. Currently, Norfolk Southern's current net margin is 21%, which is 0.5 percentage points above its three-year average. During this period, net margin reached a high of 27.5% in Jun 2025 and a low of 11.8% in Mar 2024.

NSC margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 68.8%, NSC is above the Industrials sector and the industry average. Compared to its Industrials sector average of 32.7%, Norfolk Southern's gross margin is 110% higher.

NSC margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Norfolk Southern's gross margin?

As of Jun 30, 2026, NSC has a gross margin of 68.8%.

What is Norfolk Southern's operating margin?

As of Jun 30, 2026, NSC has an operating margin of 32.2%.

What is Norfolk Southern's EBITDA margin?

The current EBITDA margin for NSC is 44.3% as of Jun 30, 2026.

What is Norfolk Southern's net margin?

The current net margin for NSC is 21% as of Jun 30, 2026.

What are the average margins of NSC?

Over the past 3 years, NSC reported average margins of 69.4% gross, 31.6% operating, 43.6% EBITDA, and 20.5% net.

What are the highest historical margins of NSC?

Over this 5-year history, NSC peaked at 73.1% gross in Jun 2025, 41.5% operating in Jun 2025, 53.4% EBITDA in Jun 2025, and 27.5% net in Jun 2025.

What are the lowest historical margins of NSC?

In the last 5 years, the lowest margins reported by NSC were 66.1% gross in Mar 2024, 19.6% operating in Mar 2024, 31.8% EBITDA in Mar 2024, and 11.8% net in Mar 2024.