Norfolk Southern
Norfolk Southern returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 10.1% | 9.82% | -78.09% | 16.97% | 5.91% | 2.4 pp |
| FY 2026 Q1 | Mar 31, 2026 | 10.3% | 9.95% | -80.04% | 17.6% | 6.01% | 2.6 pp |
| FY 2025 Q4 | Dec 31, 2025 | 11.2% | 10.68% | 16.89% | 19.23% | 6.46% | 3.5 pp |
| FY 2025 Q3 | Sep 30, 2025 | 11.58% | 11.29% | 69.47% | 20.46% | 6.74% | 3.9 pp |
| FY 2025 Q2 | Jun 30, 2025 | 12.85% | 12.72% | 167.55% | 24.11% | 7.73% | 5.2 pp |
| FY 2025 Q1 | Mar 31, 2025 | 12.9% | 12.66% | 158.87% | 24.52% | 7.73% | 5.2 pp |
| FY 2024 Q4 | Dec 31, 2024 | 11.01% | 10.29% | 64.99% | 19.34% | 6.15% | 3.3 pp |
| FY 2024 Q3 | Sep 30, 2024 | 10.28% | 9.68% | 20.63% | 18.28% | 5.75% | 2.6 pp |
| FY 2024 Q2 | Jun 30, 2024 | 8.16% | 7.74% | -25.4% | 13.98% | 4.39% | 0.5 pp |
| FY 2024 Q1 | Mar 31, 2024 | 6.68% | 6.27% | -71.09% | 11.17% | 3.48% | -1 pp |
| FY 2023 Q4 | Dec 31, 2023 | 8.04% | 7.58% | -167.46% | 14.3% | 4.54% | 0.3 pp |
| FY 2023 Q3 | Sep 30, 2023 | 9.12% | 8.67% | -158.43% | 16.28% | 5.22% | 1.4 pp |
| FY 2023 Q2 | Jun 30, 2023 | 11.14% | 10.25% | -195.38% | 19.91% | 6.54% | 3.4 pp |
| FY 2023 Q1 | Mar 31, 2023 | 13.1% | 12.22% | 8.6% | 23.14% | 7.72% | 5.4 pp |
| FY 2022 Q4 | Dec 31, 2022 | 14.08% | 13.32% | 44.27% | 24.78% | 8.45% | 6.4 pp |
| FY 2022 Q3 | Sep 30, 2022 | 14.23% | 13.09% | 71.16% | 24.07% | 8.32% | 6.5 pp |
| FY 2022 Q2 | Jun 30, 2022 | 13.25% | 12.72% | 69.05% | 22.08% | 7.77% | 5.6 pp |
| FY 2022 Q1 | Mar 31, 2022 | 13.18% | 12.56% | 171.16% | 21.59% | 7.85% | 5.5 pp |
| FY 2021 Q4 | Dec 31, 2021 | 13% | 12.39% | 371% | 21.12% | 7.86% | 5.3 pp |
| FY 2021 Q3 | Sep 30, 2021 | 12.7% | 11.89% | — | 20.22% | 7.6% | 5 pp |
| FY 2021 Q2 | Jun 30, 2021 | 11.86% | 11.13% | — | 18.71% | 7.12% | 4.2 pp |
| FY 2021 Q1 | Mar 31, 2021 | 10.18% | 9.73% | — | 15.59% | 6.12% | 2.5 pp |
| FY 2020 Q4 | Dec 31, 2020 | 8.99% | 8.41% | — | 13.41% | 5.31% | 1.3 pp |
| FY 2020 Q3 | Sep 30, 2020 | 9.08% | 8.4% | — | 13.29% | 5.31% | 1.4 pp |
| FY 2020 Q2 | Jun 30, 2020 | 9.43% | 8.87% | — | 13.88% | 5.58% | 1.7 pp |
| FY 2020 Q1 | Mar 31, 2020 | 10.76% | 10.35% | -194.56% | 16.03% | 6.51% | 3.1 pp |
| FY 2019 Q4 | Dec 31, 2019 | 11.75% | 11.52% | 10.4% | 17.79% | 7.34% | 4 pp |
| FY 2019 Q3 | Sep 30, 2019 | 12% | 11.96% | — | 17.93% | 7.47% | 4.3 pp |
| FY 2019 Q2 | Jun 30, 2019 | 12.18% | 12.12% | — | 17.56% | 7.68% | 4.5 pp |
| FY 2019 Q1 | Mar 31, 2019 | 12.13% | 12.04% | — | 17.56% | 7.62% | 4.4 pp |
| FY 2018 Q4 | Dec 31, 2018 | 11.78% | 11.85% | — | 16.77% | 7.41% | 4.1 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 11.69% | — | 42.03% | 16.6% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 11.47% | — | — | 16.22% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 10.98% | — | — | 15.49% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | 10.91% | — | 37.54% | 15.31% | — |
| FY 2017 Q3 | Sep 30, 2017 | 9.89% | 10.23% | 58.1% | — | 5.31% | 2.2 pp |
| FY 2017 Q2 | Jun 30, 2017 | 9.7% | 10.01% | 50.32% | — | 5.22% | 2 pp |
| FY 2017 Q1 | Mar 31, 2017 | 9.48% | 9.66% | 19.04% | — | 4.97% | 1.8 pp |
| FY 2016 Q4 | Dec 31, 2016 | 9.27% | 9.52% | 30.56% | — | 4.82% | 1.6 pp |
| FY 2016 Q3 | Sep 30, 2016 | 9.05% | 9.3% | -12.34% | — | 4.73% | 1.4 pp |
| FY 2016 Q2 | Jun 30, 2016 | 9.08% | 9.34% | -18.89% | — | 4.75% | 1.4 pp |
| FY 2016 Q1 | Mar 31, 2016 | 9.23% | 9.58% | -51.97% | — | 4.91% | 1.5 pp |
| FY 2015 Q4 | Dec 31, 2015 | 8.83% | 9.08% | -61.72% | — | 4.61% | 1.1 pp |
| FY 2015 Q3 | Sep 30, 2015 | 9.6% | 10.06% | -24.42% | — | 5.11% | 1.9 pp |
| FY 2015 Q2 | Jun 30, 2015 | 10.37% | 10.71% | -12.86% | — | 5.46% | 2.7 pp |
| FY 2015 Q1 | Mar 31, 2015 | 11.07% | 11.51% | 12.03% | — | 5.93% | 3.4 pp |
| FY 2014 Q4 | Dec 31, 2014 | 11.48% | 11.6% | 15.71% | — | 6.09% | 3.8 pp |
| FY 2014 Q3 | Sep 30, 2014 | 11.95% | 11.85% | — | — | 6.2% | 4.3 pp |
| FY 2014 Q2 | Jun 30, 2014 | 11.68% | 11.49% | — | — | 6.05% | 4 pp |
| FY 2014 Q1 | Mar 31, 2014 | 11.18% | 10.95% | — | — | 5.78% | 3.5 pp |
| FY 2013 Q4 | Dec 31, 2013 | 11.32% | 11.15% | 7.77% | — | 6.08% | 3.6 pp |
| FY 2013 Q3 | Sep 30, 2013 | — | 10.83% | — | — | 5.91% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | 10.58% | — | — | 5.79% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | 10.94% | — | — | 5.97% | — |
| FY 2012 Q4 | Dec 31, 2012 | 11.33% | 11.34% | -20.94% | — | 5.94% | 3.6 pp |
| FY 2012 Q3 | Sep 30, 2012 | — | 11.8% | — | — | 6.25% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | 12.62% | — | — | 6.83% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | 12.53% | — | — | 7.01% | — |
| FY 2011 Q4 | Dec 31, 2011 | 12.39% | 12.14% | — | — | 6.75% | 4.7 pp |
| FY 2011 Q3 | Sep 30, 2011 | — | 11.64% | — | — | 6.52% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | 10.92% | — | — | 6.16% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | 10.53% | — | — | 5.64% | — |
| FY 2010 Q4 | Dec 31, 2010 | — | 10.35% | — | — | 5.38% | — |
| FY 2010 Q3 | Sep 30, 2010 | — | 10.07% | — | — | 5.08% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | — | — | — | — | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · NSC, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.