Norfolk Southern
Hauls merchandise, containers, trailers, and coal across the eastern United States.
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Profile
Hauls merchandise, intermodal containers and trailers, and coal across an eastern U.S. rail network linked to major ports and other carriers. Revenue comes mainly from contract-priced or otherwise exempt freight, while network economics remain capital intensive and regulated.
Moves raw materials, intermediate goods, and finished products across the Southeast, East, and Midwest, with interchange links across the United States and access to Atlantic and Gulf Coast ports. Merchandise traffic spans agriculture, forest and consumer products, chemicals, metals and construction, and automotive freight.
Pairs carload service with the most extensive intermodal network in the eastern United States, handling domestic and international containers and trailers. Coal service reaches power generation, export, metallurgical, and industrial markets. Dense connections among manufacturing plants, distribution centers, and ports support shipper access.
Operates through Norfolk Southern Railway in a capital-intensive, mostly unionized industry where safety, service reliability, and asset utilization shape performance. Most rates are set through private contracts or exempt price quotes, while the Surface Transportation Board regulates key commercial and network matters. A proposed acquisition by Union Pacific remains subject to Board approval.
Company facts
Categories
Key statistics
Year to date +21.1% · Average volume (30d) 1.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 27, 2026 | BMO Capital | Reiterate | Market Perform | $310 | $355 |
| Jul 27, 2026 | Robert W. Baird | Target | $360 | $377 | |
| Jul 24, 2026 | UBS | Reiterate | Neutral | $327 | $363 |
| Jul 24, 2026 | Barclays | Reiterate | Overweight | $360 | $400 |
| Jul 23, 2026 | Evercore ISI | Target | $325 | $358 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $3.32 | $3.52 | +6.0% | $3.38B | $3.50B | +3.6% | +0.61% |
| Apr 24, 2026Q1 FY26 | $2.49 | $2.65 | +6.4% | $3.00B | $3.00B | +0.1% | −0.26% |
| Jan 29, 2026Q4 FY25 | $2.76 | $3.22 | +16.7% | $3.00B | $2.97B | −0.9% | +0.37% |
| Oct 23, 2025Q3 FY25 | $3.19 | $3.30 | +3.4% | $3.11B | $3.10B | −0.3% | −1.17% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.99B | $3.11B | $3.10B | $2.97B | $3.00B | $3.47B | |
| Gross profit | $938.0M | $1.10B | $1.03B | $2.10B | $1.29B | $2.32B | |
| Operating income | $938.0M | $1.10B | $1.03B | $937.0M | $877.0M | $1.12B | |
| Net income | $750.0M | $768.0M | $711.0M | $644.0M | $547.0M | $734.0M | |
| Diluted EPS | $3.31 | $3.41 | $3.16 | $2.87 | $2.43 | $3.26 | |
| Gross margin | 31.3% | 35.5% | 33.2% | 70.5% | 43.1% | 66.8% | |
| Operating margin | 31.3% | 35.5% | 33.2% | 31.5% | 29.3% | 32.4% |
Fiscal years (4-quarter sums)FY21 $11.14B · FY22 $12.75B · FY23 $12.16B · FY24 $12.12B · FY25 $12.18B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.07B · Total debt $16.62B · Total assets $45.12B · Shareholders' equity $16.25B
Dividends
Raised for 24 straight years — most recently to $1.35 from $1.24 in Feb 2023. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 7, 2026 | Aug 7 | Aug 20 | $1.35 | |
| May 8, 2026 | May 8 | May 20 | $1.35 | |
| Feb 6, 2026 | Feb 6 | Feb 20 | $1.35 | |
| Nov 7, 2025 | Nov 7 | Nov 20 | $1.35 | |
| Aug 1, 2025 | Aug 1 | Aug 20 | $1.35 | |
| May 2, 2025 | May 2 | May 20 | $1.35 | |
| Feb 7, 2025 | Feb 7 | Feb 20 | $1.35 | |
| Nov 1, 2024 | Nov 1 | Nov 20 | $1.35 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 224.61M · Float 224.27M · 99.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 16.00M | 7.12% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 14.67M | 6.53% | 13F | Aug 13, 2026 |
| State Street Corp | 10.24M | 4.56% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 7.22M | 3.21% | 13F | Aug 13, 2026 |
| Millennium Management LLC | 5.20M | 2.32% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Dec 5, 2025 | William Jr. Clyburn | director | +204 | $294.79 |
| Nov 19, 2025 | Anil Bhatt | officer: EVP & CIDO | −900 | $281.60 |
| Nov 5, 2025 | Sameh Fahmy | director | +1,650 | $282.97 |
| Oct 27, 2025 | Richard H. Anderson | director | +2,600 | $281.86 |
Peers
- CSX
Eastern Class I rival; head-to-head on every eastern corridor and commodity.
- J.B. Hunt
Largest US intermodal trucker; contests NSC's core intermodal segment.
- Union Pacific
Western Class I and pending acquirer; competes at Chicago/Memphis gateways.
- Old Dominion Freight Line
Premier eastern LTL carrier; competes on time-sensitive merchandise loads.
- Canadian Pacific Kansas City
Transnational rail (Canada–US–Mexico); competes at Chicago and border gateways.
- Canadian National Railway
Canada's largest railroad; contests cross-border traffic at US gateways.
- XPO
North American LTL carrier (~9% share); competes on eastern merchandise lanes.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Norfolk Southern | $348.68 | +0.03% | $78.32B | 29.8 | 25.5 | 6.2 | +12.5% |
| CSX | $51.59 | +0.60% | $95.00B | 29.6 | 23.9 | 6.5 | +10.1% |
| J.B. Hunt | $261.03 | −0.02% | $24.51B | 37.0 | 29.5 | 1.9 | +19.4% |
| Union Pacific | $307.42 | +0.01% | $182.62B | 24.9 | 22.7 | 7.2 | +11.5% |
| Old Dominion Freight Line | $199.00 | +0.19% | $41.31B | 38.3 | 31.8 | 7.4 | +10.4% |
| Canadian Pacific Kansas City | $93.58 | −0.57% | $82.74B | 30.4 | 24.7 | 6.8 | +8.4% |
| Canadian National Railway | $126.01 | +0.02% | $76.22B | 22.5 | 21.5 | 6.0 | +6.7% |
| XPO | $188.56 | +0.01% | $22.08B | 55.6 | 32.1 | 2.6 | +13.2% |
| Median | 30.4 | 24.7 | 6.5 | +10.4% |