CSX vs Norfolk Southern
CSX reported revenue of $14.1 billion in fiscal 2025, 1.2 times Norfolk Southern's $12.2 billion in fiscal 2025. CSX's revenue fell 3.1% in its latest year, and Norfolk Southern's grew 0.5%. CSX had an operating margin of 32.1%, against 35.8% at Norfolk Southern. Free cash flow was $1.7 billion at CSX and $2.2 billion at Norfolk Southern.
Side by side
| CSX | Norfolk Southern | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $14.1B | $12.2B |
| Revenue growth | −3.1% | 0.5% |
| Revenue growth a year, last 5 years | 5.9% | 4.5% |
| Gross margin | — | — |
| Operating margin | 32.1% | 35.8% |
| Net margin | 20.5% | 23.6% |
| Free cash flow | $1.7B | $2.2B |
| Free cash flow margin | 12.1% | 17.7% |
| Return on capital | 11.3% | 11.2% |
| Net debt to EBITDA | 2.9x | 2.7x |
| Dividends and buybacks | $2.4B | $1.7B |
| Change in diluted share count | −3.6% | −0.5% |
| Last close | $51.31 | $333.99 |
| P/E at the last close | 26.7× | 28.0× |
| Insider trades, last 12 months | bought $1.0 million, sold $16.6 million | bought $1.3 million, sold $253,440 |
| Piotroski F-score | 4 of 8 | 6 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CSXNorfolk Southern
Operating margin
Percent of revenue
CSXNorfolk Southern
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CSXNorfolk Southern
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the CSX and Norfolk Southern pages.