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Posted by Defense World Staff on Jul 24th, 2026

Bank of Nova Scotia lifted its position in Norfolk Southern Corporation (NYSE:NSC – Free Report) by 73.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 588,472 shares of the railroad operator’s stock after acquiring an additional 248,965 shares during the quarter. Bank of Nova Scotia owned approximately 0.26% of Norfolk Southern worth $168,891,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in NSC. JPL Wealth Management LLC purchased a new stake in Norfolk Southern in the 3rd quarter valued at about $25,000. Meeder Asset Management Inc. lifted its position in shares of Norfolk Southern by 239.3% during the 4th quarter. Meeder Asset Management Inc. now owns 95 shares of the railroad operator’s stock worth $27,000 after buying an additional 67 shares in the last quarter. BNP Paribas purchased a new position in shares of Norfolk Southern in the 2nd quarter worth approximately $26,000. Financial Life Planners purchased a new position in shares of Norfolk Southern in the 1st quarter worth approximately $33,000. Finally, Bayban bought a new position in shares of Norfolk Southern in the fourth quarter valued at approximately $34,000. 75.10% of the stock is owned by institutional investors.

Norfolk Southern Stock Performance NYSE:NSC opened at $347.70 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.91 and a quick ratio of 0.81. The business has a fifty day simple moving average of $316.67 and a two-hundred day simple moving average of $305.84. Norfolk Southern Corporation has a 1 year low of $268.23 and a 1 year high of $358.60. The company has a market capitalization of $78.09 billion, a P/E ratio of 29.29, a P/E/G ratio of 6.05 and a beta of 1.27.

Norfolk Southern (NYSE:NSC – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The railroad operator reported $3.52 EPS for the quarter, beating analysts’ consensus estimates of $3.32 by $0.20. The firm had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.38 billion. Norfolk Southern had a return on equity of 18.30% and a net margin of 21.91%.The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.29 EPS. On average, analysts expect that Norfolk Southern Corporation will post 12.24 earnings per share for the current year.

Norfolk Southern Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Friday, August 7th will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, August 7th. Norfolk Southern’s payout ratio is currently 45.49%.

Wall Street Analyst Weigh In A number of analysts recently commented on NSC shares. Sanford C. Bernstein decreased their price target on Norfolk Southern from $322.00 to $313.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Wells Fargo & Company boosted their price objective on Norfolk Southern from $350.00 to $365.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 8th. UBS Group set a $327.00 price objective on Norfolk Southern in a research note on Thursday, May 7th. Weiss Ratings cut Norfolk Southern from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, April 27th. Finally, Jefferies Financial Group cut their price target on shares of Norfolk Southern from $350.00 to $310.00 and set a “hold” rating on the stock in a report on Monday, April 6th. Six analysts have rated the stock with a Buy rating and seventeen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Norfolk Southern has a consensus rating of “Hold” and a consensus price target of $331.29.

Read Our Latest Analysis on Norfolk Southern

Key Norfolk Southern News Here are the key news stories impacting Norfolk Southern this week:

Positive Sentiment: Norfolk Southern reported second-quarter adjusted earnings of $3.52 per share, topping estimates, while revenue rose to a record roughly $3.5 billion and increased 12.5% year over year. Article: Norfolk Southern (NSC) Q2 Earnings and Revenues Top Estimates Positive Sentiment: Management pointed to stronger freight demand, higher fuel surcharges, volume growth, and intermodal gains as key drivers of the quarter, which helped boost investor confidence in operating momentum. Article: Norfolk Southern rides freight demand, fuel surcharges to quarterly profit beat Positive Sentiment: The company said it achieved record quarterly revenue, and several outlets noted the stock rose as the revenue surge and earnings beat outweighed margin compression. Article: Norfolk Southern Stock Rises as Revenue Surge Offsets Margin Compression Neutral Sentiment: Norfolk Southern also announced a quarterly dividend of $1.35 per share, reinforcing shareholder returns but not changing the main earnings-driven stock move. Article: Norfolk Southern earnings report and conference call Norfolk Southern Profile (Free Report)

Norfolk Southern Corporation is a major U.S. freight railroad company that provides rail transportation and related logistics services. As a Class I carrier, the company operates an extensive network across the eastern United States and offers scheduled freight service for a broad range of industries. Its core operations include long-haul and regional rail freight transportation, intermodal services that move containers and trailers between rail and other modes, and terminal and switching services that support efficient rail shipments for industrial and port customers.

The company transports a variety of commodities, serving sectors such as coal and energy, automotive and automotive parts, chemicals, agriculture, metals and construction materials, and consumer goods.

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Railroad achieves record quarterly revenues

, /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) announced Thursday its second quarter 2026 financial results. For the quarter, revenue was $3.5 billion, income from railway operations was $1.1 billion, operating ratio was 67.6%, and diluted earnings per share were $3.26.

Adjusting the results to exclude merger-related expenses, restructuring and other charges, and the effects of the Eastern Ohio incident, second quarter income from railway operations was $1.2 billion, the operating ratio was 65.5%, and diluted earnings per share were $3.52.

"Norfolk Southern delivered a strong second quarter, exceeding our expectations as demand improved across key markets," said Mark George, President and Chief Executive Officer. "Our team adapted to a dynamic operating environment with focus and an unwavering commitment to safety. The progress we achieved reflects the dedication of our railroaders and the strength of our franchise."

George added, "As we look to the second half of the year, our priorities remain clear: operating a safe, reliable railroad, providing high-quality, consistent service for our customers, and executing with discipline to capitalize on emerging opportunities. With encouraging demand trends, we are well positioned to create value for our customers, shareholders, and the communities we serve."

Second Quarter Summary 

Railway operating revenues of $3.5 billion were an all-time quarterly record, up $355 million, or 11% compared to the second quarter 2025, on a volume increase of 4% year-over-year, and higher fuel surcharges representing six points of the revenue growth.  Income from railway operations was $1.1 billion, a decrease of $51 million, or 4%, compared to second quarter 2025. Adjusting for the effects of merger-related expenses in 2026 and restructuring and other charges and the Eastern Ohio incident in both years, income from railway operations was $1.2 billion, an increase of $58 million, or 5%, compared to adjusted second quarter 2025. Operating ratio in the quarter was 67.6% compared to 62.2% in second quarter 2025. Adjusting for the effects of merger-related expenses in 2026 and restructuring and other charges and the Eastern Ohio incident in both years, the operating ratio for second quarter 2026 was 65.5%, 210 basis points higher than adjusted second quarter 2025.  Higher fuel expense and the corresponding growth in fuel surcharge revenues translated to 110 basis points of headwind to the operating ratio on a year-over-year basis. Diluted earnings per share were $3.26, down $0.15, or 4%, compared to second quarter 2025. Adjusting for the effects of merger-related expenses in 2026 and restructuring and other charges and the Eastern Ohio incident in both years, diluted earnings per share were $3.52, up $0.23, or 7%, compared to adjusted second quarter 2025. About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.

Cautionary Statement on Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like "may," "will," "could," "would," "should," "expect," "anticipate," "believe," "project," or other comparable terminology. While the Company has based these forward-looking statements on those expectations, assumptions, estimates, beliefs, and projections it views as reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control, including but not limited to: (i) changes in domestic or international economic, political or business conditions, including those impacting the transportation industry; (ii) the Company's ability to successfully implement its operational, productivity, and strategic initiatives; (iii) a significant adverse event on our network, including but not limited to a mainline accident, discharge of hazardous material, or climate-related or other network outage; (iv) the outcome of claims, litigation, governmental proceedings, and investigations involving the Company, including those with respect to the Eastern Ohio incident; (v) new or additional governmental regulation and/or operational changes resulting from or related to the Eastern Ohio incident; (vi) a significant cybersecurity incident or other disruption to our technology infrastructure; and (vii) those pertaining to the Merger. These and other important factors, including those discussed under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 9, 2026, may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measures
Information included within this press release contains non-GAAP financial measures, including adjusted income from railway operations, adjusted operating ratio, and adjusted diluted earnings per share. Non-GAAP financial measures should be considered in addition to, not as a substitute for, the financial measures reported in accordance with U.S. generally accepted accounting principles (GAAP). 

Our non-GAAP financial results for the second quarters of 2026 and 2025 exclude restructuring and other charges and the effects from the Eastern Ohio Incident (the Incident).  Our non-GAAP financial results for the second quarter of 2026 also exclude merger-related expenses.  The following tables adjust our GAAP financial results for the second quarters of 2026 and 2025 to exclude the effects of those items. The income tax effects of the non-GAAP adjustments were calculated based on the applicable tax rates to which the non-GAAP adjustments related.  We use these non-GAAP financial measures internally and believe this information provides useful supplemental information to investors to facilitate making period-to-period comparisons by excluding these costs. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant to be considered in isolation from, or as a substitute for, the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similar measures presented by other companies.  Information about the adjustments that are not currently available to us could have a potentially unpredictable and significant impact on future GAAP results.  Further information about the Company's non-GAAP measures are available on our website at www.norfolksouthern.com on the Investors page under Events and Presentations.  

($ in millions, except per share amounts)

Second

Quarter 2026

Income from railway operations

$

1,124

     Merger-related expenses, restructuring 
     and other charges, and effect of the
     Incident

72

Adjusted income from railway operations

$

1,196

Operating ratio

67.6 %

     Merger-related expenses, restructuring 
     and other charges, and effect of the
     Incident

(2.1 %)

Adjusted operating ratio

65.5 %

Diluted earnings per share

$

3.26

     Merger-related expenses, restructuring 
     and other charges, and effect of the
     Incident

0.26

Adjusted diluted earnings per share

$

3.52

($ in millions, except per share amounts)

Second

Quarter 2025

Income from railway operations

$

1,175

     Restructuring and other charges and 
     effect of the Incident

(37)

Adjusted income from railway operations

$

1,138

Operating ratio

62.2 %

     Restructuring and other charges and 
     effect of the Incident

1.2 %

Adjusted operating ratio

63.4 %

Diluted earnings per share

$

3.41

     Restructuring and other charges and 
     effect of the Incident

(0.12)

Adjusted diluted earnings per share

$

3.29

SOURCE Norfolk Southern Corporation

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) announced today a quarterly dividend of $1.35 per share on its common stock.

The dividend is payable August 20, 2026, to shareholders of record on August 7, 2026.

The company has paid a dividend on its common stock for 176 consecutive quarters since its formation in 1982.

About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com. 

SOURCE Norfolk Southern Corporation

Also from this source

OMAHA, Neb. & ATLANTA--(BUSINESS WIRE)--Union Pacific Corporation (NYSE: UNP) and Norfolk Southern Corporation (NYSE: NSC) today submitted the first portion of their responses to the Surface Transportation Board’s (STB) May 28, 2026, request for additional information to support their accepted merger application.

Today’s filing addresses the STB’s questions regarding Terminal Railroad Association of St. Louis (TRRA), Kansas City Terminal Railway (KCT) and TTX Company. These entities are jointly owned with other Class I railroads, operated by independent management teams and governed by non-discrimination policies. Union Pacific and Norfolk Southern do not control these companies today and remain firm in their commitment that they will not control them post-merger. The merger application and today’s supplemental filing provide the STB with options to implement this commitment, up to and including divestiture.

In particular, for the TRRA, the filing provides clear evidence that the other Class I railroads who are vocally opposing the merger are using the TRRA as a pawn in their efforts to stop or delay the merger. This includes failing to appear at a properly convened special meeting for the sole purpose of discussing ways to reduce Union Pacific’s ownership in TRRA post-merger. Only Union Pacific and Norfolk Southern board members attended the meeting called by TRRA’s corporate secretary, while members from BNSF, CSX and Canadian National did not show.

Connecting Union Pacific and Norfolk Southern’s end-to-end networks will finally give American shippers single-line transcontinental rail service, creating a stronger alternative to long-haul trucking, making the entire supply chain more competitive, and putting downward pressure on truck and rail prices. The opportunities opened by the merger for shifting freight from truck to rail are projected to save shippers an estimated $3.5 billion annually.

Union Pacific and Norfolk Southern have consistently welcomed rigorous regulatory review of the proposed merger, and today’s submission reflects that commitment. The responses to the STB’s other requests for additional information will follow by July 27, 2026.

The STB accepted as complete the Union Pacific-Norfolk Southern merger application on May 28, a positive step toward creating America’s first transcontinental railroad. The railroads are committed to working constructively with the STB toward a mid-2027 completion. For more information, visit AmericasGreatConnection.com.

About Union Pacific

Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable, and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.

About Norfolk Southern

Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this communication are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause Union Pacific’s, Norfolk Southern’s or the combined company’s actual results, levels of activity, performance, or achievements or those of the railroad industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like “may,” “will,” “could,” “would,” “should,” “expect,” “anticipate,” “believe,” “project,” “estimate,” “intend,” “plan,” “pro forma,” or any variations or other comparable terminology.

While Union Pacific and Norfolk Southern have based these forward-looking statements on those expectations, assumptions, estimates, beliefs and projections they view as reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond Union Pacific’s, Norfolk Southern’s or the combined company’s control, including but not limited to, in addition to factors disclosed in Union Pacific’s and Norfolk Southern’s respective filings with the U.S. Securities and Exchange Commission (the “SEC”): the occurrence of any event, change or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between Union Pacific and Norfolk Southern providing for the acquisition of Norfolk Southern by Union Pacific (the “Transaction”); the risk that potential legal proceedings may be instituted against Union Pacific or Norfolk Southern and result in significant costs of defense, indemnification or liability; the possibility that the Transaction does not close when expected or at all because required Surface Transportation Board or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); the risk that the combined company will not realize expected benefits, cost savings, accretion, synergies and/or growth from the Transaction, or that such benefits may take longer to realize or be more costly to achieve than expected, including as a result of changes in, or problems arising from, general economic and market conditions, tariffs, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Union Pacific and Norfolk Southern operate; disruption to the parties’ businesses as a result of the announcement and pendency of the Transaction; the costs associated with the anticipated length of time of the pendency of the Transaction, including the restrictions contained in the definitive merger agreement on the ability of Union Pacific and Norfolk Southern, respectively, to operate their respective businesses outside the ordinary course during the pendency of the Transaction; the diversion of Union Pacific’s and Norfolk Southern’s management’s attention and time from ongoing business operations and opportunities on merger-related matters; the risk that the integration of each party’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate each party’s businesses into the other’s businesses; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of Union Pacific’s or Norfolk Southern’s customers, suppliers, employees, labor unions or other business partners, including those resulting from the announcement or completion of the Transaction; the dilution caused by Union Pacific’s issuance of additional shares of its common stock in connection with the consummation of the Transaction; the risk of a downgrade of the credit rating of Union Pacific’s indebtedness, which could give rise to an obligation to redeem existing indebtedness; a material adverse change in the financial condition of Union Pacific, Norfolk Southern or the combined company; changes in domestic or international economic, political or business conditions, including those impacting the transportation industry (including customers, employees and supply chains); Union Pacific’s, Norfolk Southern’s and the combined company’s ability to successfully implement its respective operational, productivity, and strategic initiatives; a significant adverse event on Union Pacific’s or Norfolk Southern’s network, including, but not limited to, a mainline accident, discharge of hazardous materials, or climate-related or other network outage; the outcome of claims, litigation, governmental proceedings and investigations involving Union Pacific or Norfolk Southern, including, in the case of Norfolk Southern, those with respect to the Eastern Ohio incident; the nature and extent of Norfolk Southern’s environmental remediation obligations with respect to the Eastern Ohio incident; new or additional governmental regulation and/or operational changes resulting from or related to the Eastern Ohio incident; and a cybersecurity incident or other disruption to our technology infrastructure.

This list of important factors is not intended to be exhaustive. These and other important factors, including those discussed under “Risk Factors” in Norfolk Southern’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 9, 2026 (available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000702165/000162828026006268/nsc-20251231.htm) and Norfolk Southern’s subsequent filings with the SEC, Union Pacific’s most recent Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 6, 2026 (available at https://www.sec.gov/ix?doc=/Archives/edgar/data/100885/000010088526000037/unp-20251231.htm) and Union Pacific’s subsequent filings with the SEC, may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. References to Union Pacific’s and Norfolk Southern’s website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, Union Pacific and Norfolk Southern disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable law or regulation.