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This Railroad Stock Is Chugging Along to a New All-Time HighNorfolk Southern NYSE: NSC reported higher third-quarter revenue, operating income and earnings as volume growth, pricing and a tighter truck market supported demand across its business groups. The railroad also raised its 2026 capital spending outlook to fund capacity, resiliency and growth initiatives, while updating its full-year operating expense outlook for elevated fuel costs.

Chief Executive Officer Mark George said the company produced “strong revenue and operating income growth” while advancing productivity initiatives and managing higher fuel costs. He said demand for rail service has increased in areas including domestic intermodal and chemicals, with tighter trucking capacity improving rail’s competitive position.

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Financial Results and Updated Outlook
These 3 industrial stocks just got upgraded ahead of earningsChief Financial Officer Jason Zampi said third-quarter adjusted operating ratio was 65.4% and adjusted earnings per share was $3.62. The adjusted figures excluded $42 million of merger-related expenses and $28 million of net costs connected to the Eastern Ohio incident.

Revenue increased 14% from a year earlier, including fuel surcharge effects. Revenue excluding fuel increased 6% to an all-time record, according to Chief Commercial Officer Ed Elkins. Revenue per unit excluding fuel rose 3%.

All Aboard! The Sell-Side Has Railroads In Reversal Norfolk Southern said operating income increased 7%, while net income and earnings per share each rose 10%. Expenses increased 17%, with more than half of the increase attributed to fuel. Zampi said rising fuel prices negatively affected the operating ratio by about 250 basis points compared with the company’s earlier expectations.

For the full year, the company now expects adjusted operating expenses to be just above $9 billion. George said that forecast includes roughly $700 million in incremental fuel expense versus Norfolk Southern’s view at the start of the year. The company raised its 2026 capital expenditure outlook to about $2.1 billion from $1.9 billion, citing investments intended to accommodate growth and improve network resilience and efficiency.

Volume Growth Across Business Segments
Volumes increased 3% in each of Norfolk Southern’s major business verticals during the quarter. Merchandise volumes rose 3%, while merchandise revenue excluding fuel increased 5%, driven by metals and construction demand as well as energy-related demand in chemicals. Merchandise revenue per unit excluding fuel increased 2%, as core pricing was partly offset by mix.

Intermodal volumes also increased 3%, supported by domestic and premium business, though international volumes partially offset those gains. Intermodal revenue excluding fuel rose 7%, and revenue per unit excluding fuel increased 4%, reflecting favorable mix and pricing conditions.

Coal volumes grew 3%, primarily due to export traffic, including business from a customer announced earlier in the year. Utility coal volumes were relatively flat from 2025 because of plant outages and localized service constraints, Elkins said. Coal revenue per unit excluding fuel increased 2%, helped by seaborne pricing.

Looking ahead, Elkins said Norfolk Southern expects coal growth for the rest of 2026 to be led by exports, with support from utility market conditions. He said low natural-gas prices remain a competitive factor, though the company expects some utility inventory replenishment. The company also cited potential near-term opportunities in natural gas liquids, sand and crude oil if global energy prices remain elevated.

Operations, Productivity and Capacity
Chief Operating Officer Brian Barr said Norfolk Southern improved its network performance sequentially despite weather disruptions in August, including wind, rain, washouts, downed trees and power outages across portions of its network. The company reported a preliminary year-to-date Federal Railroad Administration personal injury index of 1.08 and a train accident rate of 1.74, which Barr described as a company record.

The railroad handled higher traffic largely through existing infrastructure. Gross ton miles were 5% higher than the comparable 2025 period, while average train length and weight each increased 4%. On-time origins improved by 12 percentage points from the prior quarter, and workforce productivity reached a third-quarter record, Barr said.

Norfolk Southern eliminated 95 crew starts per week and removed 200 cars per day through changes including redesigned terminal connections and fewer handling moves. Barr said those changes helped the network absorb 3% carload growth. The company is undertaking localized hiring, targeted train-plan consolidations and terminal investments to support volume growth.

Management said it has 420 locomotives in storage that could be deployed as demand increases. Barr added that Norfolk Southern has capacity in existing scheduled merchandise and intermodal operations, although more asset-intensive unit train traffic can place greater pressure on resources.

Truck-to-Rail Opportunity and Merger Discussion
George said elevated fuel prices and tighter trucking capacity have contributed to highway-to-rail conversions, particularly in intermodal. However, he cautioned that some freight could return to trucking if fuel costs decline and truck capacity expands. He said a proposed combination with Union Pacific is intended to create a more permanent opportunity for rail share gains by offering a unified transcontinental service rather than an interline product.

Elkins said Norfolk Southern sees continued potential to convert truckload freight in eastern markets, where rail penetration is lower than in transcontinental lanes. The company is also pursuing new service opportunities while demand and trucking conditions remain favorable.

George said the company has submitted its merger application and expects the evidentiary record before the Surface Transportation Board to further develop. He argued that a unified network could reduce handoffs, improve service consistency, reduce blocked crossings and shift freight from highways to rail. He said the company estimates that removing 3.6 billion truck miles could reduce accidents, injuries and fatalities, though those estimates were presented in the context of the proposed merger’s potential benefits.

About Norfolk Southern (NYSE:NSC)Norfolk Southern Corporation NYSE: NSC is a transportation company that operates one of the largest freight railroad networks in the eastern United States. Through its Norfolk Southern Railway subsidiary, the company provides rail transportation and related services across a broad territory spanning portions of the Midwest, South and East Coast, including access to major industrial centers, ports and distribution markets.

Norfolk Southern transports a diverse range of commodities, including intermodal freight, merchandise, automotive products, coal and other energy-related materials.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Norfolk Southern (NSC - Free Report) came out with quarterly earnings of $3.62 per share, beating the Zacks Consensus Estimate of $3.48 per share. This compares to earnings of $3.3 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.02%. A quarter ago, it was expected that this railroad would post earnings of $3.23 per share when it actually produced earnings of $3.52, delivering a surprise of +8.98%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Norfolk Southern, which belongs to the Zacks Transportation - Rail industry, posted revenues of $3.53 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.80%. This compares to year-ago revenues of $3.1 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Norfolk Southern shares have added about 13.6% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for Norfolk Southern?While Norfolk Southern has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Norfolk Southern was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.20 on $3.38 billion in revenues for the coming quarter and $12.81 on $13.23 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Rail is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Canadian National (CNI - Free Report) , has yet to report results for the quarter ended September 2026. The results are expected to be released on October 30.

This railroad is expected to post quarterly earnings of $1.49 per share in its upcoming report, which represents a year-over-year change of +12%. The consensus EPS estimate for the quarter has been revised 1% lower over the last 30 days to the current level.

Canadian National's revenues are expected to be $3.27 billion, up 8.1% from the year-ago quarter.

Railroad achieves record quarterly revenues and strong earnings growth

, /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) announced Thursday its third quarter 2026 financial results. For the quarter, revenue was $3.5 billion, income from railway operations was $1.2 billion, operating ratio was 67.4%, and diluted earnings per share were $3.37. 

Adjusting the results to exclude merger-related expenses and the effects of the Eastern Ohio incident, third quarter income from railway operations was $1.2 billion, the operating ratio was 65.4%, and diluted earnings per share were $3.62.

"Norfolk Southern delivered another quarter of solid execution, with record revenues, and strong earnings growth aided by continued productivity gains across the network, reflecting continued momentum in our business and the dedication of our team," said Mark George, Norfolk Southern President and Chief Executive Officer. "Throughout the quarter, we remained focused on safely serving customers, improving operational performance, while maintaining disciplined cost control despite rising fuel costs. Demand for rail service increased during the quarter, as a tighter trucking market highlighted rail's competitive advantages and underscored the opportunity for a more efficient, capacity-enhanced freight network. We remain focused on investing in a stronger, more resilient rail network that can support growth we see on the horizon."

Third Quarter Summary 

Railway operating revenues of $3.5 billion were a quarterly record, up $423 million, or 14% compared to the third quarter 2025, on a volume increase of 3% year-over-year, and higher fuel surcharges representing eight points of the revenue growth. 

Income from railway operations was $1.2 billion, an increase of $52 million, or 5%, compared to third quarter 2025. 

Adjusting for the effects of merger-related expenses and the Eastern Ohio incident in both years and restructuring and other charges in 2025, adjusted income from railway operations was $1.2 billion, an increase of $82 million, or 7%, compared to adjusted third quarter 2025.

Operating ratio in the quarter was 67.4% compared to 64.6% in third quarter 2025.

Adjusting for the effects of merger-related expenses and the Eastern Ohio incident in both years and restructuring and other charges in 2025, the adjusted operating ratio for third quarter 2026 was 65.4%, 210 basis points higher than adjusted third quarter 2025. 

Diluted earnings per share were $3.37, up $0.21, or 7%, compared to third quarter 2025.

Adjusting for the effects of merger-related expenses and the Eastern Ohio incident in both years and restructuring and other charges in 2025, adjusted diluted earnings per share were $3.62, up $0.32, or 10%, compared to adjusted third 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 third quarters of 2026 and 2025 exclude merger-related expenses and the effects from the Eastern Ohio Incident (the Incident).  Our non-GAAP financial results for the third quarter of 2025 also exclude restructuring and other charges.  The following tables adjust our GAAP financial results for the third 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)

Third

Quarter 2026

Income from railway operations

$

1,150

     Merger-related expenses and effects of 
     the Incident

70

Adjusted income from railway operations

$

1,220

Operating ratio

67.4 %

     Merger-related expenses and effects of 
     the Incident

(2.0 %)

Adjusted operating ratio

65.4 %

Diluted earnings per share

$

3.37

      Merger-related expenses and effects of 
      the Incident

0.25

Adjusted diluted earnings per share

$

3.62

($ in millions, except per share amounts)

Third

Quarter 2025

Income from railway operations

$

1,098

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

40

Adjusted income from railway operations

$

1,138

Operating ratio

64.6 %

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

(1.3 %)

Adjusted operating ratio

63.3 %

Diluted earnings per share

$

3.16

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

0.14

Adjusted diluted earnings per share

$

3.30

SOURCE Norfolk Southern Corporation

ATLANTA, Oct. 21, 2026 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) announced today a quarterly dividend of $1.35 per share on its common stock. The dividend is payable November 20, 2026, to shareholders of record on November 6, 2026.

Kapitalo Investimentos Ltda acquired a new position in Norfolk Southern Corporation (NYSE:NSC – Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 13,688 shares of the railroad operator’s stock, valued at approximately $4,230,000. Norfolk Southern comprises 0.3% of Kapitalo Investimentos Ltda’s investment portfolio, making the stock its 27th largest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of Norfolk Southern during the 2nd quarter worth $5,033,549,000. Bank of America Corp DE purchased a new position in Norfolk Southern in the second quarter worth $978,977,000. Legal & General Group Plc bought a new position in Norfolk Southern in the second quarter valued at $503,093,000. Bank of New York Mellon Corp bought a new position in Norfolk Southern in the second quarter valued at $364,414,000. Finally, Deutsche Bank AG bought a new position in Norfolk Southern in the second quarter valued at $356,558,000. 75.10% of the stock is owned by hedge funds and other institutional investors.

Norfolk Southern Price Performance Shares of NYSE:NSC opened at $325.64 on Wednesday. The company has a quick ratio of 0.73, a current ratio of 0.83 and a debt-to-equity ratio of 0.98. The stock has a market cap of $73.14 billion, a PE ratio of 27.79, a PEG ratio of 4.82 and a beta of 1.29. The company’s fifty day moving average is $326.76 and its 200 day moving average is $319.96. Norfolk Southern Corporation has a 52 week low of $277.80 and a 52 week high of $358.60.

Norfolk Southern (NYSE:NSC – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.32 by $0.20. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The business had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same period in the prior year, the business posted $3.29 earnings per share. The company’s revenue was up 12.5% on a year-over-year basis. Research analysts anticipate that Norfolk Southern Corporation will post 12.81 earnings per share for the current year. Analysts Set New Price Targets A number of research firms have weighed in on NSC. UBS Group restated a “neutral” rating and set a $363.00 price target on shares of Norfolk Southern in a research report on Friday, July 24th. Robert W. Baird upped their price objective on Norfolk Southern from $360.00 to $377.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Evercore upped their price objective on Norfolk Southern from $358.00 to $360.00 in a report on Wednesday, September 30th. Barclays increased their price objective on Norfolk Southern from $360.00 to $400.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Finally, Wells Fargo & Company raised their price objective on Norfolk Southern from $365.00 to $385.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Seven research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $346.94.

Check Out Our Latest Analysis on Norfolk Southern

(Free Report)

Norfolk Southern Corporation (NYSE:NSC) is a transportation company that operates one of the largest freight railroad networks in the eastern United States. Through its Norfolk Southern Railway subsidiary, the company provides rail transportation and related services across a broad territory spanning portions of the Midwest, South and East Coast, including access to major industrial centers, ports and distribution markets.

Norfolk Southern transports a diverse range of commodities, including intermodal freight, merchandise, automotive products, coal and other energy-related materials.

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Skončí současný investiční boom zaměřený na umělou inteligenci podobně, jako investiční boom železnic? Podobné otázky si kladou některá média i investoři. Na konkrétnější úrovni přitom hovoříme o tom, jaká je a hlavně bude návratnost investovaného kapitálu. Dnes se z této perspektivy podíváme na hyperscalery, ale i železniční společnosti. Ona je totiž tak trochu otázka i to, jak vlastně „skončil“ onen železniční boom.

U železnic se obvykle pracuje s tím, že docházelo k mohutným investicím, které notně překročily v té době využitelné kapacity. Výsledkem bylo, že řada firem nepokryla svůj náklad kapitálu, nebo přímo zkrachovaly. Ale to samozřejmě není konec příběhu, jen jedné jeho kapitoly. Protože železniční společnosti fungují stále. Jak si vedou?

Union Pacific Corp dosahuje návratnost investovaného kapitálu ROIC mezi 15 – 17 %, což je evidentně vysoko nad návratností požadovanou. Jinak řečeno: To, co na jeden dolar investovaného kapitálu firmy vydělává, je mnohem víc, než co u něj investoři požadují. Norfolk Southern Corp je se svým ROIC u 10 %, což nemusí být výrazně nad požadovanou návratností. Ale nejde o žádný propadák. Canadian Pacific Kansas City Limited je u 6 – 7 %. Takže podle tohoto měřítka vydělává jen něco málo nad bezrizikové sazby. Tedy asi příliš málo.

V USA bylo vrcholu v železničním investičním boomu dosaženo někdy mezi lety 1870 – 1890, ale trval řadu desetiletí a vrcholy a euforii někdy rychle střídaly krachy a panika. Nyní po mnoha desetiletích vidíme, že obrázek je na straně návratnosti kapitálu vlastně stále dost pestrý. Jsou tu společnosti, které si na této (klíčové) rovině vedou hodně dobře. Ale i opaky. Není přitom třeba velké představivosti na vymyšlení scénáře a možností, kdy to s hypercalery, respektive řadou firem v AI byznysu, skončí podobně.

V následujícím grafu pak vidíme návratnost investovaného kapitálu hyperscalerů. Konkrétně to, co vydělají na provozním zisku mínus daně, děleno celkovým investovaným kapitálem – akciovým a dluhovým. Do roku 2022 se tento ROIC pohyboval mezi 30 – 40 %. Což je extrémně vysoké číslo. Jak jsem naznačil výše, pokud bychom mu měli dát tu správnou dimenzi, srovnali bychom jej s návratností požadovanou:

Jako orientační měřítko můžeme vzít požadovanou návratnost u celého trhu. Tedy více než 5 % bezrizikových sazeb a necelá 3 % rizikové prémie (podle odhadů Goldman Sachs). ROIC hyperscalerů je nyní něco nad 20 %. I kdyby jejich rizikovost byla něco nad trhem, stále je ROIC výrazně nad návratností požadovanou. Rizikovost hypercalerů a kvůli jejich podílu na celkové kapitalizaci tedy i rizikovost celého trhu je ale nyní kapitola sama o sobě.

Konec křivky míří dolů a pokud tomu tak bude i nadále, záleží na tom, kde se tento trend zastaví. Pokud nad požadovanou návratností, kapitál se stále „zaplatí“. Každopádně graf spíše podporuje teze o komoditizaci byznysu. A úplné změně podnikatelských modelů řady společností. Které byly ještě nedávno orientovány na vysoce zisková „měkká“ aktiva, ale rychle se z nich stávají méně ziskové (ROIC) firmy stojící na tvrdých/hmotných aktivech. A není překvapivé, že ROIC se u hypersclarů také dost liší: Třeba Microsoft jej má u 30 %, Oracle je u 12 %, Google je za poslední rok na 46 %.

Krilogy Financial LLC boosted its position in Norfolk Southern Corporation (NYSE:NSC – Free Report) by 87.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,294 shares of the railroad operator’s stock after buying an additional 3,869 shares during the quarter. Krilogy Financial LLC’s holdings in Norfolk Southern were worth $2,649,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Lineweaver Wealth Advisors LLC grew its position in shares of Norfolk Southern by 2.0% during the 3rd quarter. Lineweaver Wealth Advisors LLC now owns 6,682 shares of the railroad operator’s stock valued at $2,065,000 after buying an additional 134 shares during the last quarter. Salvus Wealth Management LLC raised its stake in Norfolk Southern by 4.7% during the third quarter. Salvus Wealth Management LLC now owns 6,181 shares of the railroad operator’s stock worth $1,910,000 after acquiring an additional 275 shares during the period. Sax Wealth Advisors LLC raised its stake in Norfolk Southern by 22.6% during the third quarter. Sax Wealth Advisors LLC now owns 2,329 shares of the railroad operator’s stock worth $720,000 after acquiring an additional 430 shares during the period. Fragasso Financial Advisors Inc lifted its holdings in Norfolk Southern by 7.8% in the third quarter. Fragasso Financial Advisors Inc now owns 2,579 shares of the railroad operator’s stock worth $820,000 after acquiring an additional 186 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC lifted its holdings in Norfolk Southern by 2.8% in the third quarter. NorthCrest Asset Manangement LLC now owns 54,546 shares of the railroad operator’s stock worth $17,291,000 after acquiring an additional 1,511 shares during the last quarter. Institutional investors own 75.10% of the company’s stock.

Norfolk Southern Trading Up 0.8% Norfolk Southern stock opened at $323.69 on Thursday. Norfolk Southern Corporation has a 52-week low of $277.80 and a 52-week high of $358.60. The company has a quick ratio of 0.73, a current ratio of 0.83 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $72.70 billion, a price-to-earnings ratio of 27.62, a PEG ratio of 4.77 and a beta of 1.29. The firm has a 50-day moving average price of $327.65 and a two-hundred day moving average price of $318.83.

Norfolk Southern (NYSE:NSC – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The railroad operator reported $3.52 EPS for the quarter, beating the consensus estimate of $3.32 by $0.20. The company had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.38 billion. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. Norfolk Southern’s revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the business earned $3.29 earnings per share. Sell-side analysts expect that Norfolk Southern Corporation will post 12.85 earnings per share for the current year. Norfolk Southern Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Friday, August 7th were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, August 7th. Norfolk Southern’s dividend payout ratio is 46.08%.

Wall Street Analyst Weigh In NSC has been the subject of a number of research reports. Royal Bank Of Canada decreased their target price on Norfolk Southern from $360.00 to $330.00 and set a “sector perform” rating for the company in a research note on Thursday, September 24th. Barclays increased their price target on Norfolk Southern from $360.00 to $400.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Susquehanna dropped their price target on Norfolk Southern from $386.00 to $350.00 and set a “neutral” rating on the stock in a research report on Friday, October 2nd. Robert W. Baird raised their price target on Norfolk Southern from $360.00 to $377.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Finally, Evercore boosted their price objective on Norfolk Southern from $358.00 to $360.00 in a research report on Wednesday, September 30th. Seven investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat.com, Norfolk Southern currently has an average rating of “Hold” and an average price target of $346.94.

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Norfolk Southern Company Profile (Free Report)

Norfolk Southern Corporation (NYSE: NSC) is a transportation company that operates one of the largest rail networks in the eastern United States. Through its principal subsidiary, Norfolk Southern Railway, the company provides freight rail transportation and related services for industrial, agricultural and consumer markets.

Norfolk Southern’s network serves 22 states and the District of Columbia, connecting major ports, manufacturing centers and distribution hubs across the East Coast and the Midwest.

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ATLANTA, Oct. 2, 2026 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) will announce its third quarter 2026 financial results during a live conference call and internet webcast at 10:00 a.m. ET on Thursday, October 22, 2026.

This Railroad Stock Is Chugging Along to a New All-Time HighNorfolk Southern NYSE: NSC said higher fuel prices are expected to pressure its operating ratio in the second half of the year, reversing the tailwind management had anticipated just two months earlier, while the railroad sees opportunities to gain freight share from trucking and continue investing in service and capacity.

During a Morgan Stanley conference discussion, Norfolk Southern executives said fuel prices have continued to rise following the company’s second-quarter call in late July. Based on the fuel curve available the prior week, management said elevated prices are expected to persist for the remainder of the year.

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These 3 industrial stocks just got upgraded ahead of earningsThe company now estimates the change in fuel conditions represents roughly a 250-basis-point headwind to its operating ratio compared with expectations two months earlier. Norfolk Southern had expected sequential improvement from the second to third quarter that could be better than seasonal trends, but now expects third-quarter performance to be somewhat worse than seasonal patterns because of fuel.

Truck Costs Create Potential Share Opportunity Despite the fuel-related cost pressure, executives said high diesel prices are helping attract freight from highways to rail. The company said it is seeing freight conversion not only in intermodal, but also across merchandise markets where shipments can move by either truck or rail.

All Aboard! The Sell-Side Has Railroads In Reversal Examples cited included coiled steel, paper products, consumer goods and lumber. Ed Elkins, Norfolk Southern’s executive vice president and chief commercial officer, said high truck fuel costs are “pulling freight off the road,” noting that diesel prices in the area of the conference had reached approximately $8 per gallon.

Elkins said management is monitoring whether elevated fuel prices could eventually weaken consumer demand. While fuel expenses and fuel surcharges tend to work through over time, he said the more significant question is whether fuel costs begin to affect overall freight demand.

On demand trends, the company said it continues to see industrial growth, supported by manufacturing expansion and progress in its industrial-development project pipeline. Norfolk Southern also reported growth in domestic premium and non-premium intermodal demand. However, management said international intermodal volumes on the East Coast could face a temporary headwind due to an unusually large price differential between East Coast and West Coast port landings.

Elkins said domestic business accounts for about 65% to 70% of Norfolk Southern’s overall intermodal activity, with international traffic representing a minority and West Coast traffic a smaller portion of that international segment.

Service, Pricing and Productivity Remain Central The company said service quality is central to its ability to win freight and support pricing. Elkins said a reliable service product allows Norfolk Southern to demonstrate value to customers considering rail alternatives, while poor service makes those discussions difficult regardless of fuel prices.

Management said operating performance improved by mid- to late July after service issues during the second quarter. Elkins said on-time originations had risen 20% from second-quarter levels, while speed and train depth had improved despite sustained weekly volumes of roughly 140,000 to 145,000.

Norfolk Southern said it believes its network is positioned to handle additional freight, while it maintains staffing and locomotive resources in locations where demand is expected. The company said train-and-engine hiring requires a long lead time, prompting it to maintain a consistent hiring pipeline across 85 locations.

On productivity, management said it has generated more than $500 million in productivity-related cost reductions over the past two years and remains on track for an additional $150 million this year. Executives characterized the savings as structural rather than volume-dependent, citing locomotive modernization, fuel efficiency and terminal productivity as continuing opportunities.

Merger Review Moves Into Merits Phase Norfolk Southern said the Surface Transportation Board has accepted the pending merger application and moved the proceeding into its merits phase. Management said the next major milestones include stakeholder, Department of Justice and Department of Transportation comments from mid-November through early December; company responses in February; and a public hearing sometime after March. Final timing remains subject to the STB.

Elkins said the company has added customer protections in response to stakeholder feedback, including expanded Committed Gateway Pricing eligibility, unit-train additions, service alternatives and pricing measures. He said these provisions were designed to address customer concerns while preserving the transaction’s value proposition.

The company also cited an agreement with Canadian National providing additional access related to certain shipper facilities and interests transferred to CN. Elkins said Norfolk Southern would continue to consider agreements that help solve customer and rail-network issues.

Management said standalone execution remains its mandate while the regulatory process continues. Norfolk Southern expects to spend about $2 billion in capital expenditures this year on safety, resilience, growth and technology investments.

Looking further ahead, Elkins said autonomous trucking could reach some scale within the next 18 months, though he framed that as his personal view. He said the prospect reinforces the need for railroads to use technology and develop more compelling customer offerings. Norfolk Southern also highlighted its deployment of 11 digital train inspection portals, which capture approximately 1,000 images per railcar as trains pass through at track speed, as well as more than 1,000 locomotive modernizations.

About Norfolk Southern (NYSE:NSC)Norfolk Southern Corporation is a major freight railroad company serving the eastern United States. Through its railway network, the company transports raw materials, intermediate goods and finished products for industrial, agricultural, manufacturing and consumer markets. Its operations connect customers with domestic markets, major ports and other rail carriers.

The company transports a diverse range of commodities, including intermodal containers, coal, automotive products, agriculture and consumer goods, chemicals, metals, forest products and construction materials.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Norfolk Southern Right Now?Before you consider Norfolk Southern, you'll want to hear this.

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Mark R. George, President & CEO of Norfolk Southern Corporation (NSC +0.41%), disposed of 1,035 shares of common stock on Sept. 13, 2026, for a total value of ~$335,000, according to a recent SEC Form 4 filing.

Transaction summaryMetricValueTransaction value~$335,000Shares sold1,035Post-transaction shares (directly held)22,783Post-transaction value$7.29 millionTransaction value based on SEC Form 4 weighted average sale price ($323.30).

Key questionsWhat was the technical catalyst for this disposition?
The transaction was a non-discretionary execution to cover tax liabilities associated with the second of three installments of restricted stock units granted in Sept. 2024.How did the underlying vesting event impact the overall direct position?
The total direct equity position increased by 1,618 shares because the 2,653 units that settled into common stock exceeded the number of shares withheld for taxes.What is the status of the remaining equity compensation for the President & CEO?
Mark R. George continues to hold 29,664 direct derivative securities, which include both vested and unvested awards that provide future equity participation.What is the current scale of the executive's ownership stake?
Following this transaction, the direct ownership stake held by Mark R. George represents 0.0101% of Norfolk Southern Corporation, which has a market capitalization of $71.6 billion as of Sept. 15, 2026.Company OverviewMetricValueShare Price (as of market close 2026-09-14)$320.05Market Capitalization$71.6 billionRevenue (TTM)$12.5 billionNet Income (TTM)$2.6 billionCompany SnapshotNorfolk Southern operates as a comprehensive rail freight transportation provider, generating revenue through the conveyance of diverse commodities including agricultural products, minerals, chemicals, automotive components, and intermodal containers across an extensive North American network.The company generates revenue through freight transportation services that leverage its extensive rail infrastructure and logistics capabilities to move raw materials, semi-finished goods, and completed merchandise for industrial and commercial customers.Norfolk Southern serves a diversified customer base spanning agricultural producers, mining operations, chemical manufacturers, automotive suppliers, and retail distributors, positioning itself as a critical infrastructure provider for the U.S. industrial economy.Norfolk Southern Corporation is a leading Class I railroad operator in the United States with a market capitalization of $71.6 billion and TTM revenue of $12.5 billion, employing approximately 19,300 professionals across its operations. The company maintains a competitive advantage through its extensive rail network infrastructure, established customer relationships, and integrated logistics capabilities that facilitate efficient movement of freight across North America. As a critical transportation provider, Norfolk Southern benefits from structural demand for rail freight services driven by economic activity, industrial production, and the cost efficiency of rail transport relative to alternative logistics solutions.

What this transaction means for investorsInsider transactions aren't always what they seem. Some investors may incorrectly assume that all insider transactions are bearish indicators. However, it's important to remember that many of these transactions occur for rather mundane reasons. Insiders often sell as the result of wealth management strategies involving taxes and estate planning. Therefore, it's best for retail investors to review a company's fundamentals. With that in mind, let's have a look at Norfolk Southern (NSC).

To begin, we should review how NSC stock has performed recently. Since 2021, the stock has generated a total return of 43%, equating to a compound annual growth rate (CAGR) of 7.4%. The S&P 500, meanwhile, has delivered a total return of 81%, with a CAGR of 12.6%.

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As for its underlying metrics, they paint a mixed picture for NSC. On the positive side, revenue has improved over the last few years. Total revenue has grown from $10.9 billion in 2021 to $12.5 billion now. The company has also done a solid job of reducing its outstanding shares, which helps return value to shareholders by increasing the value of the remaining shares. Total shares outstanding has fallen to 225 million, from a five-year high of 242 million in 2021, an overall reduction of about 7.7%.

On the other hand, some metrics haven't been as good. Operating margin, for example, has fallen to 32.1%, down from a five-year high of 39.2% in 2022. What's more, net income stands at $2.6 billion, down from a five-year high of $3.3 billion in 2025. Lastly, net debt has increased, growing from around $12.0 billion in 2021 to $15.6 billion now.

In summary, NSC stock has underperformed the stock market in recent years. Its mixed fundamentals paint a picture of a company that has failed to consistently improve core metrics. Granted, the company has faced headwinds, including rising costs for fuel and labor. At any rate, some investors seeking an industrial stock may elect to look elsewhere for the time being.

Governor cites economic growth, supply chain efficiency and expanded opportunities for South Carolina businesses

, /PRNewswire/ -- Momentum continues to build for the proposed Union Pacific-Norfolk Southern combination (NYSE: NSC), with South Carolina Gov. Henry McMaster voicing his support in a recent letter to the Surface Transportation Board.

In the letter, Gov. McMaster highlighted South Carolina's position as a leading manufacturing, logistics and trade hub and emphasized the importance of a strong and efficient freight transportation network to support the state's continued economic growth.

"I write in support of the proposed combination of Union Pacific and Norfolk Southern and to share my perspective on what this transaction could mean for the State of South Carolina," said South Carolina Gov. Henry McMaster. "Over the last several decades, South Carolina has become a premier destination for investment in part because of the transportation networks necessary to allow businesses to compete and grow. As our state continues to grow, dependable transportation options are essential to moving raw materials and finished products, reducing congestion, improving safety, and supporting environmental stewardship. Expanding the role of rail can help advance each of these goals."

McMaster continued, "I believe the proposed combination of Union Pacific and Norfolk Southern presents meaningful opportunities to reinforce South Carolina's position as a national leader in commerce and trade."

"We are grateful to have Gov. McMaster's support and appreciate his recognition of what this combination can mean for South Carolina and states across the country," said Norfolk Southern President and CEO Mark George. "By creating more seamless single-line access to more destinations, the proposed combination would provide businesses with better service and greater reach, move an estimated 2.1 million truckloads off congested highways, and reduce costs for everyday consumers. Norfolk Southern has served South Carolina for generations, and this combination builds on that longstanding partnership by expanding access to western markets and strengthening the state's role as a gateway for global commerce."

Gov. McMaster's letter adds to the growing list of more than 2,000 stakeholders who see the benefits the transaction will deliver to customers and communities throughout the country. In South Carolina alone, approximately 40 state and local leaders have voiced their support for a transcontinental rail network, find more supporters here.

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.

SOURCE Norfolk Southern Corporation

ATLANTA, Sept. 9, 2026 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) Executive Vice President and Chief Financial Officer Jason Zampi and Executive Vice President and Chief Commercial Officer Ed Elkins will present at the Morgan Stanely 14th Annual Laguna Conference.

Buffett Spent 60 Years Ignoring Tech and the Bill Is Coming DueUnion Pacific NYSE: UNP executives said the company is moving into the merits phase of federal review for its proposed merger with Norfolk Southern, expressing confidence that the transaction will satisfy Surface Transportation Board requirements and create customer, safety and financial benefits.

Speaking at a Bernstein fireside chat, Chief Executive Officer Jim Vena said the STB accepted the company’s application and confirmed that the statutory 12-month review clock began when the application was accepted on May 28, 2026. While Vena said Union Pacific would have preferred a faster initial process, he said the company does not view the extended pre-acceptance period as a meaningful signal about the eventual outcome.

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AI Broke the Trucks: 3 Transports to Buy After the AI Panic“We are in the merits review,” Vena said. “The conversation will be focused on data and facts.” He said parties seeking to participate in the proceeding face upcoming filing deadlines, including a November 18 deadline for competing railroads and stakeholders to support their positions with details.

Merger benefits and customer protections Union Pacific said its application projects that the combination would remove 2.1 million truckloads annually from highways, reduce congestion, improve driver safety and generate $3.5 billion in annual shipper savings. The company also said a coast-to-coast single-line railroad would provide faster, more reliable service and introduce new intermodal and manifest products.

2026 Sector Playbook: 3 Sectors Trading Below Fair ValueVena argued that eliminating handoffs between railroads would reduce transit delays, improve equipment utilization and allow the combined company to build freight blocks that travel closer to their final destinations without repeated handling. He said intermodal transfers can add hours of delay compared with crew changes on a single railroad, while carload freight could avoid 24 to 48 hours of handling time in some cases.

The company has also offered a series of commitments designed to address competitive concerns, including expanded Committed Gateway Pricing, protections for certain shippers with limited Class I rail options, additional service-level protections and access to a new rate-relief process. Vena said gateways would remain open, allowing customers to choose routing options involving other carriers.

“The railroad benefit is for us to have a single line haul is we don’t have to hand off,” Vena said. “You change the whole paradigm of what your fixed costs are.”

Chief Financial Officer Jennifer Hamann said the company believes the transaction would create opportunities for customers to access additional markets, including ports and destinations that may be less efficient to reach through current interchange arrangements. She also said faster rail service could improve customers’ freight-car turns and reduce their asset costs.

Financial targets maintained Hamann said Union Pacific continues to expect approximately $1.8 billion in annual net revenue synergies and $1 billion in annual cost synergies from the proposed combination. The estimates have remained consistent despite adjustments made during the company’s late-July filing process, she said.

The company expects to resume share repurchases in the second year following the merger’s closing, return to its leverage targets and maintain strong investment-grade credit ratings. Hamann said the company expects to generate roughly $11.8 billion of cash by the third year after closing.

Based on the STB’s schedule, Union Pacific expects a possible closing in the third or fourth quarter of 2027, Hamann said. She added that having a formal review timetable allows the company to further develop its integration planning.

Canadian National agreement and competitive response Vena also discussed Union Pacific’s agreements with Canadian National, which were announced in late July. He said the arrangements address competitive concentration concerns related to the St. Louis-to-Kansas City route that Union Pacific would acquire through Norfolk Southern, while providing Canadian National access to Kansas City.

The agreement also gives Union Pacific access to Canadian National’s route around Chicago through the Elgin, Joliet & Eastern Railway. Vena said the arrangement could improve network efficiency and create new single-line service opportunities between Canada and Mexico, increasing competition with Canadian Pacific Kansas City.

Vena said Union Pacific remains open to discussions with other railroads but has not identified other parties willing to negotiate comparable agreements. He rejected arguments that partnerships alone could reliably deliver the same benefits as a merger, citing operational disputes involving train lengths, locomotive availability and capital investment priorities.

Addressing objections from shipper associations and rival railroads, Hamann said the company has not heard an argument that it views as a substantial threat to its case. She said Union Pacific’s analysis continues to support its conclusion that the merger serves the public interest through truck-to-rail conversion, consumer savings, safety improvements and expanded single-line service.

Vena added that a more integrated railroad network could also support broader U.S. transportation and national-security needs by moving critical freight more seamlessly across the country.

About Union Pacific (NYSE:UNP)Union Pacific Corporation NYSE: UNP is one of the largest freight railroad companies in the United States. Its principal operating subsidiary, Union Pacific Railroad, has roots that trace back to the Pacific Railway Act of 1862 and the construction of the first transcontinental rail link completed in 1869. The company is headquartered in Omaha, Nebraska, and operates as a holding company for rail transportation and related services.

Union Pacific's core business is the movement of freight by rail across an extensive rail network serving the western two‑thirds of the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Barbara Oil Co. bought a new position in shares of Norfolk Southern Corporation (NYSE:NSC – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 12,500 shares of the railroad operator’s stock, valued at approximately $3,932,000. Norfolk Southern makes up about 1.3% of Barbara Oil Co.’s portfolio, making the stock its 23rd biggest position.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Louisiana State Employees Retirement System bought a new stake in Norfolk Southern during the 1st quarter worth $3,272,000. O Shaughnessy Asset Management LLC raised its position in Norfolk Southern by 9.8% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 43,408 shares of the railroad operator’s stock valued at $12,533,000 after purchasing an additional 3,887 shares during the last quarter. SCS Capital Management LLC bought a new position in Norfolk Southern in the second quarter valued at about $13,837,000. B. Metzler seel. Sohn & Co. AG acquired a new stake in shares of Norfolk Southern during the second quarter valued at about $3,669,000. Finally, Focus Partners Advisor Solutions LLC acquired a new stake in shares of Norfolk Southern during the second quarter valued at about $1,376,000. Institutional investors own 75.10% of the company’s stock.

Norfolk Southern Stock Performance Shares of NSC stock opened at $350.77 on Monday. The business’s 50 day simple moving average is $328.23 and its 200 day simple moving average is $313.47. Norfolk Southern Corporation has a one year low of $268.23 and a one year high of $358.60. The stock has a market capitalization of $78.79 billion, a PE ratio of 29.93, a PEG ratio of 6.21 and a beta of 1.27. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.83 and a quick ratio of 0.73.

Norfolk Southern (NYSE:NSC – Get Free Report) last released its earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share for the quarter, beating analysts’ consensus estimates of $3.32 by $0.20. The business had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.38 billion. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The company’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 posted $3.29 EPS. As a group, research analysts forecast that Norfolk Southern Corporation will post 12.66 earnings per share for the current year. Norfolk Southern Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Friday, August 7th were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Friday, August 7th. Norfolk Southern’s dividend payout ratio (DPR) is currently 46.08%.

Wall Street Analyst Weigh In Several research firms have recently issued reports on NSC. UBS Group reaffirmed a “neutral” rating and issued a $363.00 price objective on shares of Norfolk Southern in a research note on Friday, July 24th. Wall Street Zen upgraded shares of Norfolk Southern from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Evercore set a $358.00 target price on shares of Norfolk Southern in a report on Thursday, July 23rd. TD Cowen upped their price target on shares of Norfolk Southern from $337.00 to $376.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Finally, BMO Capital Markets raised their price target on shares of Norfolk Southern from $310.00 to $355.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Seven analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $348.00.

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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.

See Also Five stocks we like better than Norfolk Southern VIG, VYM, and VYMI: Which Vanguard Dividend ETF Is Right for You? 3 Closed-End Funds to Maximize Dividend Payments Rocket Lab’s Sell-Off Is Fading—Is It Finally Safe to Buy? $27 Billion in Buybacks: 3 Stocks Betting Their Strong Runs Aren’t Over Want to see what other hedge funds are holding NSC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Norfolk Southern Corporation (NYSE:NSC – Free Report).

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B. Metzler seel. Sohn & Co. AG purchased a new stake in Norfolk Southern Corporation (NYSE:NSC – Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund purchased 11,664 shares of the railroad operator’s stock, valued at approximately $3,669,000.

A number of other large investors also recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Norfolk Southern during the 2nd quarter valued at about $5,033,549,000. Norges Bank acquired a new position in Norfolk Southern during the fourth quarter worth approximately $1,084,701,000. Pentwater Capital Management LP purchased a new position in Norfolk Southern during the third quarter worth approximately $826,128,000. Bank of New York Mellon Corp acquired a new position in shares of Norfolk Southern in the 2nd quarter valued at $364,414,000. Finally, Deutsche Bank AG acquired a new position in shares of Norfolk Southern in the 2nd quarter valued at $356,558,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Norfolk Southern Trading Up 1.2% NYSE NSC opened at $350.77 on Friday. The stock has a market cap of $78.79 billion, a P/E ratio of 29.93, a PEG ratio of 6.14 and a beta of 1.27. The company’s fifty day simple moving average is $328.23 and its 200-day simple moving average is $313.31. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 0.98. Norfolk Southern Corporation has a 52 week low of $268.23 and a 52 week high of $358.60.

Norfolk Southern (NYSE:NSC – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share for the quarter, beating analysts’ consensus estimates of $3.32 by $0.20. The company had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the prior year, the company posted $3.29 EPS. Equities research analysts predict that Norfolk Southern Corporation will post 12.66 EPS for the current fiscal year. Norfolk Southern Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Friday, August 7th were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, August 7th. Norfolk Southern’s payout ratio is currently 46.08%.

Wall Street Analyst Weigh In A number of analysts have recently commented on NSC shares. UBS Group restated a “neutral” rating and set a $363.00 price objective on shares of Norfolk Southern in a report on Friday, July 24th. TD Cowen boosted their price target on Norfolk Southern from $337.00 to $376.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Wells Fargo & Company upped their price target on Norfolk Southern from $365.00 to $385.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Susquehanna raised their price objective on Norfolk Southern from $337.00 to $360.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Finally, Evercore set a $358.00 price objective on Norfolk Southern in a research note on Thursday, July 23rd. Seven analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. Based on data from MarketBeat, Norfolk Southern currently has a consensus rating of “Hold” and an average price target of $348.00.

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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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Key Takeaways NSC supports shareholders through dividends and buybacks while maintaining a low debt profile. NSC is hurt by weak freight revenues, rail network issues, coal market weakness and share price volatility.NSC shares have gained so far this year, but underperform its industry and peers like CP and CNI. Norfolk Southern Corporation (NSC - Free Report) is currently mired in multiple tailwinds, which, we believe, have made it an impressive investment option. The positive sentiment surrounding Norfolk Southern stock is evident from the fact that the Zacks Consensus Estimate for the third quarter of 2026 and the fourth quarter of 2026 earnings has been revised upward in the past 60 days. The consensus mark for 2026 and 2027 earnings has also been projected upward in the past 60 days.

The favorable estimate revisions indicate brokers’ lack of confidence in the stock.

Image Source: Zacks Investment Research

Given this backdrop, the question now arises whether it is worth buying, holding, or selling the Norfolk Southern stock at current prices. Let us delve deeper to find out.

Factors Working in Favor of NSC StockE-commerce growth is a tailwind for Norfolk Southern. E-commerce demand strength should continue to support growth of railroads like Norfolk Southern. NSC’s AccessNS, an e-commerce tool, gives customers an efficient and convenient one-stop digital platform to conduct business with the railroad operator.

Further, Norfolk Southern’s focus on utilizing the Precision Scheduled Railroading (PSR) operating plan to reduce costs and enhance services for optimal asset utilization is commendable.

NSC’s longer-term operating agenda includes lowering emissions and raising fuel efficiency, which can support competitiveness with shippers focused on supply chain emissions. The company is targeting a 42% reduction in greenhouse gas emissions by 2034 and expects locomotive fuel efficiency to improve by 13% by 2027. NSC also launched RailGreen to help customers reduce emissions from freight rail shipments, supported by verified certificates for supply chain emissions reduction.

Norfolk Southern’s solid balance sheet increases financial flexibility. The company ended second-quarter 2026 with cash and cash equivalents of $1.06 billion, higher than the current debt level of $649 million. This implies that the company has sufficient cash to meet its current debt obligations. Further, NSC’s long-term debt has declined to $15.9 billion at the end of the second quarter of 2026 from $16.4 billion at the end of second-quarter 2025.

A strong balance sheet enables the company to reward shareholders with dividends and share repurchases. As a reflection of its shareholder-friendly stance, during 2025, the company paid dividends worth $1.21 billion and repurchased and retired common stock worth $534 million. During the first six months of 2026, the company paid dividends worth $606 million and repurchased and retired common stock worth $5 million. Norfolk Southern's strong free cash flow-generating ability supports its shareholder-friendly activities. Such shareholder-friendly moves indicate the company’s commitment to creating value for shareholders and underline its confidence in its business.

Headwinds Weighing on Norfolk Southern StockMacroeconomic concerns are leading to a tough freight environment. Risks associated with an economic slowdown, geopolitical tensions and tariff-induced economic uncertainty do not bode well for railroad stocks like NSC. As things stand now, consumer spending and business investments remain low, and production levels have decreased in response to reduced demand, affecting demand for goods transportation and resulting in a freight recession (The Cass Freight Shipments Index, which declined 4.4% year over year in April 2026, 4.5% year over year in March 2026, 7.2% year over year in February 2026 and 7.1% in January 2026, deteriorated in each of the 12 months in 2025 and led to sub-par freight rates).

Rail network issues due to headwinds like locomotive or crew/labor shortages and other service disruptions represent a major challenge for NSC. Network issues or supply chain constraints are likely to adversely impact service levels, in turn hurting operating efficiency or volume of shipments. High labor costs and operating expenses are hurting the bottom line as well.

Coal market weakness is another headwind for NSC. The coal business remains subject to secular pressures from greener alternatives, which is leading to the planned retirement of coal units. The weak coal market has resulted in below-par coal revenues. Coal revenues fell 8% year over year to $1.48 billion in 2025. Coal revenues per unit declined 9% year over year in 2025. During first-quarter 2026, coal revenues fell 2% year over year while coal revenues per unit declined 9% year over year.

Stock prices of railroad companies like NSC are notoriously volatile. This is mainly because the health of the company is tied to the economy, which is undergoing a turbulent phase. As such, shares of NSC may not be suitable for investors who are not comfortable with often substantial day-to-day volatility.

Unattractive Valuation Picture for NSC StockNorfolk Southern looks expensive from a valuation standpoint. Considering the forward 12-month price-to-sales ratio (P/E-F12M), NSC is trading at a premium compared to the industry.

The stock has a forward 12-month P/E-F12M of 25.88X compared with 22.86X for the industry over the past five years. The company’s forward 12-month P/E-F12M ratio is also above the median level of 18.71X over the past five years. These factors indicate that the stock’s valuation is unattractive. NSC has a Value Score of D.

NSC P/E Ratio (Forward 12 Months) Vs. Industry Image Source: Zacks Investment Research

NSC Stock’s Price PerformanceShares of Norfolk Southern stock have gained 20.1% so far this year, underperforming the Zacks Transportation - Rail industry’s 30.1% surge, as well as that of other industry players, Canadian Pacific Kansas City Limited (CP - Free Report) and Canadian National Railway Company (CNI - Free Report) ), within the same time frame.

NSC Stock’s YTD Price Comparison Image Source: Zacks Investment Research

Time to Retain Norfolk Southern StockIt is understood that NSC stock is currently unattractively valued. Risks associated with an economic slowdown, geopolitical tensions and tariff-induced economic uncertainty do not bode well for railroad stocks like NSC. Rail network issues due to headwinds like locomotive or crew/labor shortages and other service disruptions continue to bother NSC. Weakness pertaining to freight revenues and volumes does not bode well for NSC. Coal market weakness and share price volatility are also causes for worry.

Despite the headwinds, we advise investors not to sell NSC stock now due to its environmentally-friendly approach of reducing greenhouse gas emissions and focus on utilizing the PSR operating plan to reduce costs and enhance services for optimal asset utilization. NSC’s solid balance sheet allows it to reward shareholders through dividends and share buybacks. Such shareholder-friendly moves boost investor confidence and positively impact the company's bottom line.

Considering all the aforesaid factors, we advise investors to wait for a better entry point. For those who already own the stock, it will be prudent to stay invested. The company’s current Zacks Rank #3 (Hold) justifies our analysis. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

AMG National Trust Bank acquired a new position in shares of Norfolk Southern Corporation (NYSE:NSC – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 4,757 shares of the railroad operator’s stock, valued at approximately $1,497,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Simplicity Wealth LLC bought a new stake in shares of Norfolk Southern during the 2nd quarter worth approximately $4,356,000. Baxter Bros Inc. bought a new position in Norfolk Southern in the second quarter valued at approximately $4,941,000. Wealth Effects LLC bought a new position in Norfolk Southern in the second quarter valued at approximately $204,000. Longfellow Investment Management Co. LLC acquired a new position in Norfolk Southern during the second quarter valued at approximately $1,162,000. Finally, Old West Investment Management LLC bought a new stake in Norfolk Southern during the second quarter worth $4,503,000. 75.10% of the stock is owned by institutional investors and hedge funds.

Norfolk Southern Stock Up 0.1% Shares of NSC opened at $334.69 on Monday. The company has a market capitalization of $75.17 billion, a PE ratio of 28.56, a PEG ratio of 5.92 and a beta of 1.27. Norfolk Southern Corporation has a 12 month low of $268.23 and a 12 month high of $358.60. The stock’s 50-day moving average price is $324.87 and its two-hundred day moving average price is $311.52. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 0.98.

Norfolk Southern (NYSE:NSC – Get Free Report) last released 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 analyst estimates of $3.38 billion. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.The business’s revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.29 EPS. On average, analysts anticipate that Norfolk Southern Corporation will post 12.66 EPS for the current year. Norfolk Southern Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Friday, August 7th will be issued a $1.35 dividend. The ex-dividend date is Friday, August 7th. This represents a $5.40 annualized dividend and a yield of 1.6%. Norfolk Southern’s dividend payout ratio is presently 46.08%.

Analyst Ratings Changes A number of analysts have weighed in on the stock. UBS Group restated a “neutral” rating and issued a $363.00 target price on shares of Norfolk Southern in a research report on Friday, July 24th. BMO Capital Markets boosted their price objective on Norfolk Southern from $310.00 to $355.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Wall Street Zen raised Norfolk Southern from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Wells Fargo & Company increased their target price on Norfolk Southern from $365.00 to $385.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Finally, Evercore set a $358.00 price target on Norfolk Southern in a research note on Thursday, July 23rd. Seven investment analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company’s stock. According to data from MarketBeat, Norfolk Southern presently has a consensus rating of “Hold” and an average price target of $348.00.

Get Our Latest Research Report on Norfolk Southern

(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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The Zacks Transportation - Railindustry faces challenges, ranging from tariff-induced economic uncertainties, inflationary pressures and resultant high interest rates to concerns pertaining to supply-chain disruptions. High fuel costs, due to the ongoing conflict in the Middle East, have been hurting the bottom-line growth of industry players.

Despite the challenges surrounding the industry, Union Pacific Corporation (UNP - Free Report) , CSX Corporation (CSX - Free Report) and Norfolk Southern Corporation (NSC - Free Report) appear better placed to tide over the challenges.

Industry Description The Zacks Transportation - Rail industry includes railroad operators transporting freight (such as agricultural products, industrial products, coal, intermodal, automotive, consumer products, metals and minerals), primarily across North America. These companies focus on providing logistics and supply-chain expertise services. While freight constitutes a significant chunk of revenues, some of these companies also derive a small portion of their top line from other rail-related services, including third-party railcar and locomotive repairs, routine land sales and container sales, among others. A few companies offer services to multiple production and distribution facilities. Besides locomotives, some of these companies own equipment of leased locomotives, railcars, etc.

Factors Deciding the Industry's Outlook Strong Financial Returns for Shareholders:With economic activities gaining pace from the pandemic lows, more and more companies are allocating their increasing cash pile through dividends and buybacks to pacify long-suffering shareholders. This underlines their financial strength and confidence in the business. Among the Transportation – Railroad industry players, CSX's board of directorsapproved a dividend hike of 7.6%, thereby raising its quarterly cash dividend to 14 cents per share (56 cents annualized) from 13 cents (52 cents annualized) in February 2026.

Surge in Fuel Costs: A Bane: With the United States and Iran pausing military strikes, oil prices have started to drop from the highs touched following the recent attacks by Iran and the Houthi militant group and subsequent retaliation by the United States. However, oil prices surged almost 36% from the beginning of 2026 to date. As fuel expenses represent a key input cost for any transportation player, a rise in oil prices does not bode well for the bottom-line growth of railroad stocks.

Economic Uncertainty Remains: Tariff tensions have led to escalated trade woes across the globe. These tariff-induced economic uncertainties do not bode well for industry participants. With inflation remaining a concern, risks associated with an economic slowdown and geopolitical tensions dampen the prospects of stocks belonging to this industrial cohort. Sluggish economic growth and inflationary woes are likely to make markets more volatile in the coming days. Ongoing economic uncertainty does not bode well for industry players. Tariff-induced economic uncertainties and trade tensions may create uncertainty for investors interested in the industry. 

Zacks Industry Rank Indicates Encouraging Prospects The Zacks Transportation Railroad industry, housed within the broader Zacks Transportation sector, currently carries a Zacks Industry Rank #63. This rank places it in the top 26% of more than 250 Zacks industries.

The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates dull near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.

Before we present a few stocks that investors can buy, given their growth prospects, let’s take a look at the industry’s recent stock market performance and current valuation.

Industry Outperforms S&P 500 & Sector The Zacks Transportation - Rail industry has outperformed the Zacks S&P 500 Composite as well as the broader sector over the past year.

Over this period, the industry has gained 31.8% compared with the S&P 500 Index’s northward movement of 26.5%. The broader sector has surged 24.1%.

One-Year Price Performance

Industry's Current Valuation Based on the trailing 12-month price-to-book (P/B), a commonly used multiple for valuing railroad stocks, the industry is currently trading at 7.30X compared with the S&P 500’s 7.38X. It is above the sector’s P/B ratio of 4.19X.

Over the past five years, the industry has traded as high as 10.92X, as low as 5.40X and at the median of 6.91X.

3 Stocks to Keep an Eye On We are presenting three Zacks Rank #2 (Buy) stocks that are well-positioned to grow in the near term. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Union Pacific: Headquartered in Omaha, NE, Union Pacific, through its subsidiary, Union Pacific Railroad Company, operates in the railroad business in the United States.

Relatively stable e-commerce demand, cost-cutting efforts to boost the bottom line and consistent initiatives to reward its shareholders through dividend payments and share repurchases bode well for UNP’s prospects. Further, UNP has a solid track record with respect to earnings surprises. The company surpassed the Zacks Consensus Estimate in three of the past four quarters (missed the mark in the remaining quarter), with an average beat of 2.75%.

The Zacks Consensus Estimate for UNP’s 2026 earnings has moved up 2.9% over the past 60 days. UNP’s expected earnings growth rate for 2026 is 10.63%.

Price and Consensus: UNP

CSX: Based in Jacksonville, FL, CSX offers rail-based freight transportation services like traditional rail service, transport of intermodal containers and trailers and rail-to-truck transfers.

CSX's consistent efforts to continue rewarding its shareholders by paying dividends and buying back shares look encouraging. The company's focus onimproving workplace safety for employees is commendable. For 2026, CSX now expects mid-to high single-digit revenue growth (including fuel, based on the current forward curve for diesel) compared with its prior guidance of mid-single-digit revenue growth. Operating margin expansion is now anticipated to exceed 350 basis points compared with the previous expectation of around the higher end of the 200-300 basis points range. Free cash flow is now anticipated to increase more than 80% compared with the prior expectation of growth of more than 60%.

CSX has a solid earnings surprise history. The company surpassed the Zacks Consensus Estimate in three of the past four quarters (missed the mark in the remaining quarter), with an average beat of 3.97%. The Zacks Consensus Estimate for CSX's 2026 earnings has moved up 5.2% over the past 60 days. CSX has an expected earnings growth rate of 24.22% for 2026.

Price and Consensus: CSX

Norfolk Southern: Headquartered in Atlanta, GA, Norfolk Southern engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States.

E-commerce continues to support long-term intermodal demand for Norfolk Southern, even as near-term volume trends remain uneven. The company is leaning on Precision Scheduled Railroading to tighten execution and sustain a lower cost structure, while its decarbonization agenda and customer tools reinforce rail’s value proposition. Liquidity remains adequate to fund the network and a steady dividend.

NSC has a solid earnings surprise history. The company surpassed the Zacks Consensus Estimate in each of the past four quarters, with an average beat of 8.54%. The Zacks Consensus Estimate for NSC's 2026 earnings has moved up 3.9% over the past 60 days. NSC has an expected earnings growth rate of 0.88% for 2026.

Price and Consensus: NSC

Proficient Auto Logistics (NASDAQ: PAL - Get Free Report) and Norfolk Southern (NYSE: NSC - Get Free Report) are both industrials companies, but which is the superior investment? We will compare the two businesses based on the strength of their institutional ownership, valuation, risk, analyst recommendations, earnings, dividends and profitability. Volatility and Risk Proficient Auto Logistics has

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Norfolk Southern (NSC - Free Report) , which currently has a Momentum Style Score of A. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Norfolk Southern currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market? In order to see if NSC is a promising momentum pick, let's examine some Momentum Style elements to see if this railroad holds up.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.

For NSC, shares are up 3.09% over the past week while the Zacks Transportation - Rail industry is up 1.1% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 5.25% compares favorably with the industry's 6.25% performance as well.

Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Shares of Norfolk Southern have increased 5.83% over the past quarter, and have gained 20.34% in the last year. In comparison, the S&P 500 has only moved 2.83% and 16.12%, respectively.

Investors should also take note of NSC's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now NSC is averaging 1,067,230 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with NSC.

Over the past two months, 6 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost NSC's consensus estimate, increasing from $12.12 to $12.60 in the past 60 days. Looking at the next fiscal year, 4 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineTaking into account all of these elements, it should come as no surprise that NSC is a #2 (Buy) stock with a Momentum Score of A. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Norfolk Southern on your short list.

Investors might want to bet on Norfolk Southern (NSC - Free Report) , as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.

The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.

Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.

As such, the Zacks rating upgrade for Norfolk Southern is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.

For Norfolk Southern, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for Norfolk SouthernThis railroad is expected to earn $12.60 per share for the fiscal year ending December 2026, which represents no year-over-year change.

Analysts have been steadily raising their estimates for Norfolk Southern. Over the past three months, the Zacks Consensus Estimate for the company has increased 4.1%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Norfolk Southern to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

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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OMAHA, Neb. & MONTREAL--(BUSINESS WIRE)--Union Pacific Railroad (NYSE: UNP) and CN (NYSE: CNI) announced today that they have signed a binding Memorandum of Understanding establishing a framework for CN to secure competitive access in connection with the proposed transaction between Union Pacific and Norfolk Southern (NYSE: NSC). The settlement agreement preserves customer options and resolves terminal railroad ownership issues, while expanding CN's presence in the Midwest and reaffirming gatew.

This Railroad Stock Is Chugging Along to a New All-Time HighNorfolk Southern NYSE: NSC reported a stronger-than-expected second quarter, with executives pointing to a sharp rebound in freight volumes, higher energy-related demand and improving intermodal trends, while also acknowledging service pressures caused by the rapid increase in traffic.

President and Chief Executive Officer Mark George said the company delivered “a strong second quarter” after volumes improved sharply, initially driven by energy markets tied to the Iran conflict and later spreading into domestic intermodal and industrial products. George said the quarter produced 7% growth in both net income and earnings per share.

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These 3 industrial stocks just got upgraded ahead of earningsThe railroad’s adjusted operating ratio was 65.5%, according to Chief Financial Officer Jason Zampi. Adjusted earnings per share were $3.52. Zampi said operating income increased 5% from a year earlier, despite higher fuel costs, inflationary pressures and volume-related expenses.

Volumes Improve Across Key Markets Chief Commercial Officer Ed Elkins said overall volume increased 4% year over year. He said that even excluding fuel surcharge impacts, Norfolk Southern achieved record revenue in the quarter.

All Aboard! The Sell-Side Has Railroads In Reversal Within merchandise, volume increased 2%, while revenue excluding fuel rose 4% to another record. Elkins said the gains were driven by energy demand in the company’s chemicals markets, with revenue per unit excluding fuel up 3% due to price and mix.

Intermodal volume rose 5%, supported by firm consumer demand, favorable trucking market conditions and recent business wins in domestic intermodal. Intermodal revenue excluding fuel increased 7%, while revenue per unit excluding fuel rose 1%, which Elkins described as “the beginning of a positive shift in Intermodal pricing.”

Coal volume increased 3%, helped by the ramp-up of a new metallurgical coal export customer and additional export thermal opportunities tied to volatile global energy markets. Revenue per unit excluding fuel increased 1%, reflecting favorable seaborne coal pricing, partly offset by negative mix.

Elkins said the company is “positive on the growth potential” across its served markets, while noting that energy prices, consumer demand and interest rates remain variables. He said Norfolk Southern has a cautious but optimistic outlook for merchandise, a bullish view of intermodal and continued strength in export metallurgical coal.

Service Pressures Follow Volume Surge George said higher volumes following winter disruptions put pressure on the network, but he said the company has addressed the issues “head-on.” He said Norfolk Southern is already seeing acceleration in the network in July and expects continued progress.

New Chief Operating Officer Brian Barr said demand remained strong throughout the quarter, but recovering from network disruptions while handling higher volumes created pressure on crew resources and variability in parts of the system.

Barr said the company is focused on improving originations, reducing terminal dwell, increasing velocity and running the railroad to plan. He said on-time originations increased 20% over the past month, terminal performance is improving and train velocity is rising as recrews decline.

During the question-and-answer session, Barr described tactical operating changes, including work at the Chattanooga terminal that removed handling for about 150 cars per day. He said similar efforts are helping create capacity, reduce time in route and return resources to the network.

George said the company does not expect a “massive” addition of resources, though it needs to hire in certain tight locations and continue replacing attrition in train and engine ranks. He said accelerating the network reduces the need for incremental labor and locomotives.

Safety Metrics Improve Barr said safety remains the foundation of Norfolk Southern’s operations. In the second quarter, the company’s personal injury index declined 16% year over year, while the accident rate fell approximately 25%. Its mainline accident rate remained flat and near best-in-class levels, according to Barr.

He also highlighted the mechanical department, which he previously led, for going two consecutive months injury-free across shops and yards on the network. Barr said the company is pleased with the progress but “not satisfied,” adding that safety has no finish line.

Fuel Costs Drive Expense Outlook Higher Zampi said total costs rose 15% in the quarter, with more than two-thirds of the increase driven by a substantial rise in fuel expense. Inflation also pressured compensation and benefits, purchased services and materials, while volume and network fluidity issues contributed to higher overtime, rents and materials.

Norfolk Southern incurred $51 million in merger-related expenses during the quarter, $15 million of costs related to the Eastern Ohio incident and $6 million of restructuring costs, Zampi said.

George said the company is updating its 2026 operating expense outlook to $8.8 billion to $8.9 billion, up from the prior range of $8.2 billion to $8.4 billion. He attributed the increase largely to an estimated $400 million to $500 million of incremental fuel expense compared with the company’s view at the beginning of the year. Excluding fuel, he said core operating costs are trending toward the high end of the previous range because of a stronger volume outlook.

Capital expenditure guidance remains unchanged at approximately $1.9 billion. George said the company is maintaining discipline while investing in safety, reliability and network capacity.

Barr reaffirmed Norfolk Southern’s target of at least $150 million in cost reductions in 2026, which he said would bring cumulative savings to at least $650 million over three years, exceeding the company’s original target.

Executives See Pricing Opportunity as Truck Market Tightens Elkins said trucking market conditions have become increasingly supportive for rail conversion. He cited rising dry van rates, tightening truck capacity and elevated outbound tender rejections. He said higher fuel prices also make intermodal conversion more attractive to customers.

In response to analyst questions, Elkins said upward pressure in spot trucking rates typically needs three to six months before influencing contract pricing. He said Norfolk Southern has restructured contracts in recent years to respond more quickly to movements in truck pricing, reducing the lag from many months or a year to “a couple quarters.”

Elkins also said industrial development remains a key strategic priority. He said the number of new manufacturing and expansion projects expected to enter design and construction in 2026 is projected to be nearly double last year’s level. He cited projects from Sodecia Aapico JV in South Carolina, Virginia Transformer in Alabama and Silvi Materials cement terminals in several markets.

George said the company remains focused on the proposed combination with Union Pacific and is confident the transaction can strengthen supply chains through single-line service. He also referenced Norfolk Southern’s agreement with CN, calling it a “win-win-win” that further enhances competition in freight rail.

Looking ahead, George said Norfolk Southern is cautiously optimistic. He said higher fuel prices could become a risk if sustained long enough to hurt consumer demand, but he added that the current environment is more favorable for rail after what he described as a prolonged freight recession.

About Norfolk Southern (NYSE:NSC)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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Norfolk Southern Corporation (NSC) Q2 2026 Earnings Call July 23, 2026 10:00 AM EDT

Company Participants

Luke Nichols - Senior Director of Investor Relations
Mark George - President, CEO & Director
Brian Barr - Chief Operating Officer
Ed Elkins - Executive VP & Chief Commercial Officer
Jason Zampi - Executive VP & CFO

Conference Call Participants

Christian Wetherbee - Wells Fargo Securities, LLC, Research Division
Scott Group - Wolfe Research, LLC
Brian Ossenbeck - JPMorgan Chase & Co, Research Division
Jason Seidl - TD Cowen, Research Division
Jonathan Chappell - Evercore ISI Institutional Equities, Research Division
David Vernon - Bernstein Institutional Services LLC, Research Division
Madison Pasterchick - Morgan Stanley, Research Division
Stephanie Benjamin Moore - Jefferies LLC, Research Division
Bascome Majors - Stephens Inc., Research Division
Richa Talwar - Deutsche Bank AG, Research Division
Eric Morgan - Barclays Bank PLC, Research Division
Ariel Rosa - Citigroup Inc., Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to the Norfolk Southern Corporation Q2 2026 Earnings Conference Call. [Operator Instructions] Also note that this call is being recorded on Thursday, July 23, 2026. And I would like to turn the conference over to Luke Nichols. Please go ahead, sir.

Luke Nichols
Senior Director of Investor Relations

Thank you, and good morning, everyone. Please note that during today's call, we will make certain forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future performance of Norfolk Southern Corporation, which are subject to risks and uncertainties and may differ materially from actual results.

Please refer to our annual and quarterly reports filed with the SEC for a full discussion of those risks and uncertainties we view as most important. Our presentation slides are available at norfolksouthern.com in the Investors Section along with a reconciliation of any non-GAAP measures