Filing Flows › Comparisons › NSC vs FIP
Norfolk Southern vs FTAI Infrastructure: NSC and FIP compared
Norfolk Southern is the larger company: $3.5B of revenue in its latest quarter (Q3 2026) against $219M for FTAI Infrastructure (Q3 2026). FTAI Infrastructure is growing faster (+56% against +14% a year earlier). Norfolk Southern is more profitable, with an operating margin of 32.6% against 9.0%.
Where the money goes: NSC and FIP
Norfolk Southern (NSC) · Q3 2026
Norfolk Southern, Q3 2026: revenue $3.5B (+14% year over year), operating margin 32.6%, net earnings $759M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
FTAI Infrastructure (FIP) · Q3 2026
FTAI Infrastructure, Q3 2026: revenue $219M (+56% year over year), operating margin 9.0%, net loss $123M, operating cash flow $22.0M. The chart follows the revenue to costs, profit and cash.
| Norfolk Southern (NSC) | FTAI Infrastructure (FIP) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $3.5B | $219M |
| Revenue growth, Y/Y | +14% | +56% |
| Operating margin | 32.6% | 9.0% |
| Net earnings | $759M | −$123M |
| Net margin | 21.5% | -56.2% |
| Operating cash flow | $1.3B | $22.0M |
| Free cash flow | $736M | — |
| Market value | $74.1B | — |
| P/E | 27.6× | — |
| Analysts’ mean target | $360.61 | — |
Where the revenue comes from
Norfolk Southern
- Merchandise: $2.2B (62%)
- Intermodal: $919M (26%)
- Coal: $419M (12%)
FTAI Infrastructure
- Rail revenues: $94.8M (43%)
- Power Revenues: $60.3M (28%)
- Terminal services revenues: $34.6M (16%)
- Roadside services revenues: $17.3M (8%)
Questions
Which is bigger, Norfolk Southern or FTAI Infrastructure?
Norfolk Southern is the larger company: $3.5B of revenue in its latest quarter (Q3 2026) against $219M for FTAI Infrastructure (Q3 2026).
Is Norfolk Southern or FTAI Infrastructure growing faster?
FTAI Infrastructure is growing faster (+56% against +14% a year earlier).
Which is more profitable, Norfolk Southern or FTAI Infrastructure?
Norfolk Southern is more profitable, with an operating margin of 32.6% against 9.0%.
More: Norfolk Southern earnings · how Norfolk Southern makes money · FTAI Infrastructure earnings · how FTAI Infrastructure makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.