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FTAI Infrastructure vs Norfolk Southern: revenue, profit, margins and growth compared

FTAI Infrastructure brought in $502.5M of revenue in fiscal 2025, Norfolk Southern $12.2B in fiscal 2025. Revenue changed by +51.6% at FTAI Infrastructure and +0.5% at Norfolk Southern on the year before, so FTAI Infrastructure grew faster. FTAI Infrastructure kept -41.3% of its revenue as net profit, Norfolk Southern 23.6%. Free cash flow was -$398.5M at FTAI Infrastructure and $2.2B at Norfolk Southern.

Side by side, latest fiscal year

FIPNSC
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$502.5M$12.2B
Revenue growth+51.6%+0.5%
Net income-$207.4M$2.9B
Net margin-41.3%23.6%
Free cash flow-$398.5M$2.2B
Free cash flow margin-79.3%17.7%
Earnings per share (diluted)-$2.26$12.75
Cash$57.4M$1.5B
Debt$3.8B$17.1B
Price to earningsn/a24.6
Market value$369.3M$70.3B
Dividend yieldn/a1.73%
Rank by revenue in sector#321 of 451 · Industrials#52 of 451 · Industrials

Over the years

Revenue
FIP FY2020: $68.6MFIP FY2022: $120.2MFIP FY2022: $262MFIP FY2023: $320.5MFIP FY2024: $331.5MFIP FY2025: $502.5MNSC FY2018: $11.5BNSC FY2019: $11.3BNSC FY2020: $9.8BNSC FY2021: $11.1BNSC FY2022: $12.7BNSC FY2023: $12.2BNSC FY2024: $12.1BNSC FY2025: $12.2BFY18FY19FY20FY21FY22FY23FY24FY25
FIP $502.5MNSC $12.2B
Net income
FIP FY2020: -$55.2MFIP FY2022: -$79.9MFIP FY2022: -$177.2MFIP FY2023: -$183.7MFIP FY2024: -$294.5MFIP FY2025: -$207.4MNSC FY2018: $2.7BNSC FY2019: $2.7BNSC FY2020: $2BNSC FY2021: $3BNSC FY2022: $3.3BNSC FY2023: $1.8BNSC FY2024: $2.6BNSC FY2025: $2.9BFY18FY19FY20FY21FY22FY23FY24FY25
FIP -$207.4MNSC $2.9B
Net margin
FIP FY2020: -80.5%FIP FY2022: -66.4%FIP FY2022: -67.7%FIP FY2023: -57.3%FIP FY2024: -88.8%FIP FY2025: -41.3%NSC FY2018: 23.3%NSC FY2019: 24.1%NSC FY2020: 20.6%NSC FY2021: 27.0%NSC FY2022: 25.7%NSC FY2023: 15.0%NSC FY2024: 21.6%NSC FY2025: 23.6%FY18FY19FY20FY21FY22FY23FY24FY25
FIP -41.3%NSC 23.6%
Revenue growth
FIP FY2022: +75.3%FIP FY2022: +117.9%FIP FY2023: +22.3%FIP FY2024: +3.4%FIP FY2025: +51.6%NSC FY2019: -1.4%NSC FY2020: -13.3%NSC FY2021: +13.8%NSC FY2022: +14.4%NSC FY2023: -4.6%NSC FY2024: -0.3%NSC FY2025: +0.5%FY19FY20FY21FY22FY23FY24FY25
FIP +51.6%NSC +0.5%
Free cash flow
FIP FY2020: -$294.4MFIP FY2022: -$202.6MFIP FY2022: -$259.8MFIP FY2023: -$93.5MFIP FY2024: -$94.8MFIP FY2025: -$398.5MNSC FY2018: $1.8BNSC FY2019: $1.9BNSC FY2020: $2.1BNSC FY2021: $2.8BNSC FY2022: $2.3BNSC FY2023: $852MNSC FY2024: $1.7BNSC FY2025: $2.2BFY18FY19FY20FY21FY22FY23FY24FY25
FIP -$398.5MNSC $2.2B

Fiscal years as each company reports them; the two may end in different months.

Questions about FTAI Infrastructure and Norfolk Southern

Which is bigger by revenue, FTAI Infrastructure or Norfolk Southern?

Norfolk Southern is bigger by revenue: $12.2B in fiscal 2025, against $502.5M for FTAI Infrastructure in fiscal 2025.

Which keeps more of its revenue as profit, FTAI Infrastructure or Norfolk Southern?

FTAI Infrastructure had a net margin of -41.3% in fiscal 2025; Norfolk Southern had 23.6% in fiscal 2025.

Which grew revenue faster, FTAI Infrastructure or Norfolk Southern?

In their latest fiscal years revenue changed by +51.6% at FTAI Infrastructure and +0.5% at Norfolk Southern.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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