# Norfolk Southern Corporation (NSC)

> Source: Nexqual · https://nexqual.com/NSC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Norfolk Southern Corporation (NSC), nexqual.com/NSC" · informational, not investment advice.

**Price:** USD 338.23 (+3.09% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 328.09 · day 323.27–338.23 · 52w 277.8–358.6 · market cap $76.0B · NYQ

## Key facts
- 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)
| 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)
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)
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
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)
|  | 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) |

## Peers (Railroads)
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%

## More
Full page: https://nexqual.com/NSC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NSC's own 10-K filed 2026-02-09 (https://www.sec.gov/Archives/edgar/data/702165/000162828026006268/nsc-20251231.htm):

| 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 o…" |

Other companies that name NSC in their own reports (relationship from NSC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) | 10-K 2026-02-13 | "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 stewardshi…" |
| customer | UNION PACIFIC CORP (UNP) | 10-K 2026-02-06 | "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 an…" |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Reportable | $3.53B | 100.0% | +13.6% | $1.15B | 32.6% |
| — 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% | — | $1.15B | 32.6% |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | 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% | — |
The lines above cover 62.1% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $3.24 | $3.22 | +0.6% | $3.46B | 18 |
| Next quarter (ends 2027-03-31) | $3.13 | $3.06 | +2.2% | $3.29B | 11 |
| Current fiscal year (ends 2026-12-31) | $12.95 | $12.97 | -0.2% | $13.41B | 22 |
| Next fiscal year (ends 2027-12-31) | $14.43 | $14.22 | +1.5% | $14.07B | 22 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 19.5% | ±4.5% |
| 2026-12-18 | 56 | 21.4% | ±6.8% |
| 2027-01-15 | 84 | 21.5% | ±8.3% |
| 2027-03-19 | 147 | 21.7% | ±11.1% |
| 2027-06-17 | 237 | 22.4% | ±14.6% |
| 2027-09-17 | 329 | 23.9% | ±18.1% |