Norfolk Southern Corporation (NSC) Stock Price & Analysis
Norfolk Southern Corporation (NSC) closed at USD 338.23 on Thursday, October 22, 2026, up 3.09% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 328.09; the Oct 22, 2026 session ranged USD 323.27–338.23 on volume of 1,431,409 shares. Market capitalization is $75.97B, with a 52-week range of USD 277.8–358.6 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 08:35 UTC.
Also available as compact Markdown for AI agents: nexqual.com/NSC.md
Latest Earnings Results (NSC)
Norfolk Southern Corporation (NSC) reported Q3 2026 results on Oct 22, 2026, 8:15:00 AM ET: adjusted EPS $3.62 vs. estimate $3.47 (beat), revenue $3.50B vs. estimate $3.48B (beat). Source: company press release. Nexqual published it 2 min 39 s after release. Read the press release.
| Fiscal period | EPS (reported) | Revenue | Released | Source |
|---|---|---|---|---|
| Q3 2026 | $3.62 (adjusted (non-GAAP) diluted) | $3.50B | Oct 22, 2026, 8:15:00 AM ET · on Nexqual +2 min 39 s | PR Newswire |
Reported actuals captured by Nexqual from SEC 8-K filings and company press releases; each figure confirmed by two independent extraction methods.
Key facts (NSC)
- Last four reported quarters (through Jun 30, 2026): revenue $12.5B, net income $2.64B (21.0% margin), free cash flow $1.63B (SEC filings).
- Valuation: P/E 28.8x (avg 24.1x at the last 3 fiscal year-ends), EV/EBITDA 16.7x, net debt $14.9B.
- 4 of 80 tracked superinvestors hold NSC (13F, Q2 2026): 0 new, 1 added, 2 reduced, 1 unchanged.
- Analysts: Hold (mean 2.71 on a 1–5 scale) (21 analysts), mean target USD 358.72 (range 297–400).
- Total return with dividends: 1Y +21.3% vs S&P 500 +14.9%; 5Y +31.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 3.24, revenue estimate $3.46B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (NSC)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $11.1B | $12.7B | $12.2B | $12.1B | $12.2B | $12.5B |
| Operating income | $4.45B | $4.81B | $2.85B | $4.07B | $4.36B | $4.04B |
| Net income | $3.00B | $3.27B | $1.83B | $2.62B | $2.87B | $2.64B |
| EPS (diluted) | $12.11 | $13.88 | $8.02 | $11.57 | $12.75 | — |
| Free cash flow | $2.79B | $2.27B | $852M | $1.67B | $2.16B | $1.63B |
| Operating margin | 39.9% | 37.7% | 23.5% | 33.6% | 35.8% | 32.2% |
| Net margin | 27.0% | 25.7% | 15.0% | 21.6% | 23.6% | 21.0% |
| Revenue growth | +13.8% | +14.4% | -4.6% | -0.3% | +0.5% | — |
| Cash + short-term investments | $839M | $456M | $1.57B | $1.64B | $1.53B | — |
| Total debt | $13.8B | $15.2B | $17.2B | $17.2B | $17.1B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (NSC)
P/E 28.8x · P/S 6.1x · EV/EBITDA 16.7x · EV/Sales 7.3x · P/FCF 46.6x · P/B 4.7x · FCF yield 2.15% · Earnings yield 3.47% · Dividend yield (paid, TTM) 1.60% · Buyback yield (TTM) 0.11% · Net debt $14.9B · EV $90.9B
P/E at fiscal year-ends: Dec 2025 22.6x, Dec 2024 20.3x, Dec 2023 29.4x.
Superinvestors (SEC 13F-HR, Q2 2026) (NSC)
4 of 80 tracked investors hold NSC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Daniel Loeb | Third Point | 4.07% | $189M | Added +500.0% |
| Thomas Gayner | Markel Group | 0.68% | $88.9M | Unchanged |
| Dodge & Cox Funds | Dodge & Cox | 0.41% | $789M | Reduced -59.9% |
| Mairs & Power | Mairs & Power Funds | 0.01% | $815K | Reduced -4.6% |
Analysts (NSC)
Consensus Hold (mean 2.71 on a 1–5 scale), 21 analysts; mean target USD 358.72 (low 297, high 400).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Citigroup | Target lowered | Neutral | $376 → $347 |
| 2026-10-05 | JP Morgan | Target lowered | Neutral | $338 → $318 |
| 2026-10-02 | Susquehanna | Target lowered | Neutral | $386 → $350 |
| 2026-07-27 | BMO Capital | Target raised | Market Perform | $310 → $355 |
| 2026-07-27 | Baird | Target raised | Neutral | $360 → $377 |
| 2026-07-24 | Citigroup | Target raised | Neutral | $351 → $376 |
| 2026-07-24 | JP Morgan | Target raised | Neutral | $316 → $338 |
| 2026-07-24 | TD Cowen | Target raised | Buy | $337 → $376 |
| 2026-07-24 | Wells Fargo | Target raised | Overweight | $365 → $385 |
| 2026-07-24 | RBC Capital | Target raised | Sector Perform | $320 → $360 |
| 2026-07-24 | Barclays | Target raised | Overweight | $360 → $400 |
| 2026-07-14 | Susquehanna | Target raised | Neutral | $337 → $360 |
Total return (dividends reinvested) (NSC)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +21.3% | +31.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +21.4% | +5.5% |
| Volatility (annualized) | 20.8% | 23.8% |
| Max drawdown | -12.5% (Mar 2026→Mar 2026) | -35.6% (Dec 2021→Oct 2023) |
NSC revenue by business segment (quarter ended Sep 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Reportable | $3.53B | 100.0% | +13.6% |
| — Merchandise (part of Reportable) | $2.19B | 62.1% | +11.1% |
| — Intermodal (part of Reportable) | $919.0M | 26.1% | +21.1% |
| — Coal (part of Reportable) | $419.0M | 11.9% | +11.7% |
| Total revenue | $3.53B | 100% | — |
NSC revenue by product line (quarter ended Sep 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Agriculture, forest and consumer products | $696.0M | 19.7% | +10.5% |
| Chemicals | $658.0M | 18.7% | +15.6% |
| Metals and construction | $516.0M | 14.6% | +15.2% |
| Automotive | $318.0M | 9.0% | -1.2% |
| Total revenue | $3.53B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
NSC suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | UNION PACIFIC CORP (UNP) | “On July 28, 2025, we entered into a Merger Agreement with Union Pacific, marking a transformational step toward creating America's first transcontinental railroad—an outcome we believe will unlock new opportunities for our customers, employees, and the broader U.S. economy.” |
Quoted from the company's 10-K filed Feb 9, 2026.
Companies that name NSC in their SEC reports
| Relationship to NSC | Company | Filing | Sentence |
|---|---|---|---|
| partner | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) | 10-K Feb 13, 2026 | “In both 2025 and 2024, Canadian National Railway Company, Norfolk Southern and Union Pacific Railroad each recognized Wabtec's leadership in energy efficiency, innovation, and environmental stewardship with partnership awards.” |
| customer | UNION PACIFIC CORP (UNP) | 10-K Feb 6, 2026 | “The Company and Norfolk Southern are each subject to business uncertainties and contractual restrictions while the mergers are pending, which could adversely affect both our business and operations and the combined company's business and operations — In connection with the pendency of the mergers, some customers, suppliers, and other persons with whom the Company or Norfolk Southern has a business relationship hav…” |
NSC analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Dec 2026) | $3.24 | $3.22 | +0.6% | $3.46B | 18 |
| Next quarter (ends Mar 2027) | $3.13 | $3.06 | +2.2% | $3.29B | 11 |
| Current fiscal year (ends Dec 2026) | $12.95 | $12.97 | -0.2% | $13.41B | 22 |
| Next fiscal year (ends Dec 2027) | $14.43 | $14.22 | +1.5% | $14.07B | 22 |
NSC options: expected move
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 19.5% | ±4.5% |
| Dec 18, 2026 | 56 | 21.4% | ±6.8% |
| Jan 15, 2027 | 84 | 21.5% | ±8.3% |
| Mar 19, 2027 | 147 | 21.7% | ±11.1% |
| Jun 17, 2027 | 237 | 22.4% | ±14.6% |
| Sep 17, 2027 | 329 | 23.9% | ±18.1% |
30-day implied volatility 20.5% vs 16.8% realized over the last 30 trading days. Put/call ratio (volume) 0.2. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 08:35 UTC)
| Price | USD 338.23 |
|---|---|
| Change | ▲ 3.09% (up) |
| Previous Close | USD 328.09 |
| Open | USD 325.71 |
| Day Range | USD 323.27 – 338.23 |
| 52-Week Range | USD 277.8 – 358.6 |
| Volume | 1,431,409 shares |
| Market Cap | $75.97B |
| Exchange | NYQ |
Technical Analysis (NSC)
Nexqual's technical model rates NSC "BUY" based on 5 bullish and 2 bearish signals across 127 daily candles, as of October 23, 2026 at 08:35 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 69.83 (neutral) |
| vs SMA50 | Above (USD 326.72) |
| MACD | 2.13 (positive) |
Analyst Ratings (NSC)
Wall Street analysts rate NSC "Hold" based on 21 analysts, with a mean price target of USD 358.72 (range USD 297–400), per Nexqual as of October 23, 2026 at 08:35 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 21 |
| Mean Target | USD 358.72 |
| High Target | USD 400 |
| Low Target | USD 297 |
| Buy / Hold / Sell | 5 / 16 / 0 |
Earnings (NSC)
| Next Earnings Date | 2026-10-22 |
|---|---|
| EPS Estimate | USD 3.24 |
| Revenue Estimate | $3.46B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-09-30 | USD 3.62 vs est 3.47 ▲ beat |
| 2026-06-30 | USD 3.52 vs est 3.32 ▲ beat |
| 2026-03-31 | USD 2.65 vs est 2.49 ▲ beat |
| 2025-12-31 | USD 3.22 vs est 2.76 ▲ beat |
Source: Nexqual, October 23, 2026 at 08:35 UTC.
Financials & Fundamentals (NSC)
| Total Revenue | $12.54B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +11.40% |
| Gross Margin | +45.16% |
| Operating Margin | +35.30% |
| Profit Margin | +21.02% |
| ROE | +16.98% |
| Debt / Equity | 1.06 |
| Current Ratio | 0.83 |
| Total Cash | $1.07B |
| Total Debt | $17.15B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $1.63B (13.0% of revenue) |
Source: Nexqual, October 23, 2026 at 08:35 UTC.
Financial Health Score (NSC)
Nexqual rates Norfolk Southern Corporation's overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 08:35 UTC.
| Growth | Mixed — Revenue +0.5% YoY (annual), slow |
|---|---|
| Profitability | Strong — Gross margin 45%, operating 35% (last 12 months) |
| Balance Sheet | Weak — $1.07B cash and investments vs $16.0B debt (Jun 2026, SEC) |
| Cash Flow | Solid — FCF $1.63B (last 4 quarters to Jun 2026, SEC), 13% margin |
| Efficiency | Solid — ROE 17%, ROA 6.0% |
Ownership (NSC)
| Insider Ownership | +0.04% |
|---|---|
| Institutional Ownership | +77.65% |
| Shares Outstanding | 224.61M |
| Float | 224.25M |
| Short % of Float | +3.19% |
Source: Nexqual, October 23, 2026 at 08:35 UTC.
Leadership (NSC)
Norfolk Southern Corporation is led by Mark R. George, President, CEO & Director, per Nexqual as of October 23, 2026 at 08:35 UTC.
| President, CEO & Director | Mark R. George |
|---|---|
| Executive VP & CFO | Jason A. Zampi |
| Chief Operating Officer | Brian Barr |
| Vice President Treasurer & Investor Relations and Integrated Resource Planning | Michael T. Barr |
| Senior Vice President & Chief Legal Officer | Jason M. Morris |
Major Backers & Investors (NSC)
Notable institutional backers of Norfolk Southern Corporation include Millennium Management, Bank of America Corporation, NORGES BANK, according to Nexqual as of October 23, 2026 at 08:35 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Millennium Management | 2.32% |
| Bank of America Corporation | 1.39% |
| NORGES BANK | 1.35% |
| Fidelity | 1.3% |
| Pentwater Capital Management Lp | 1.24% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 9.74% |
| BlackRock | 7.12% |
| State Street | 4.56% |
| Geode Capital | 2.28% |
| Northern Trust | 1.16% |
Source: Nexqual, October 23, 2026 at 08:35 UTC.
From Norfolk Southern Corporation's Latest SEC 10-K Filing (filed 2026-02-09)
Key Strengths & Strategy (as disclosed to the SEC)
- Our system reaches many manufacturing plants, electric generating facilities, mines, distribution centers, transload facilities, and other businesses located in our service area.
Legal & Regulatory Risks (Item 1A, quoted)
- Governmental legislation, regulation, and Executive Orders over commercial, operational, tax, safety, security, or cybersecurity matters could negatively affect us, our customers, the rail industry, or the markets we serve.
- Environmental problems that are latent or undisclosed may exist on these properties, and we could incur environmental liabilities or costs, the amount and materiality of which cannot be estimated reliably at this time, with respect to one or more of these properties.
- Our inability to comply with the extensive federal, state and local environmental laws and regulations to which we are subject could result in significant liabilities, fines, or sanctions, including those related to the investigation or remediation of known and unknown environmental contamination, or otherwise adversely impact our operations.
- We may be negatively affected by terrorism or war.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| CNI | Canadian National Railway Compa | USD 124.93 | ▲ 2.36% |
| CP | Canadian Pacific Kansas City Li | USD 90.62 | ▲ 2.86% |
| CSX | CSX Corporation | USD 51.67 | ▲ 6.76% |
| WAB | Westinghouse Air Brake Technolo | USD 276.47 | ▼ 4.32% |
| UNP | Union Pacific Corporation | USD 298.09 | ▲ 3.55% |
| TRN | Trinity Industries, Inc. | USD 25.82 | ▲ 2.34% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 08:35 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt