Norfolk Southern (NSC) Research

Forward Estimates

EPS Estimates

Current Qtr

$3.17

$3.07$3.40

vs $3.29-3.8%

18 analysts

Next Qtr

$3.29

$3.12$3.52

vs $3.30-0.2%

17 analysts

Current Yr

$12.16

$11.85$12.50

vs $12.49-2.7%

21 analysts

Next Yr

$13.55

$13.00$14.15

vs $12.16+11.4%

20 analysts

Revenue Estimates

Current Qtr

$3.23B

$3.13B$3.36B

vs $3.11B+4.0%

15 analysts

Next Qtr

$3.27B

$3.22B$3.36B

vs $3.10B+5.2%

14 analysts

Current Yr

$12.70B

$12.53B$12.94B

vs $12.18B+4.3%

19 analysts

Next Yr

$13.26B

$12.95B$13.72B

vs $12.70B+4.4%

18 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for NSC on EDGAR.

NSC filing events and research context
Filed	Item	Context
Apr 24, 2026	mda_quarterly	Norfolk Southern’s first-quarter 2026 results reflect significant margin compression, with net income falling 27% year-over-year to $547 million. This decline was driven by a 15% increase in operating expenses, primarily due to $52 million in merger-related costs for the proposed Union Pacific transaction and the absence of $185 million in insurance recoveries related to the Eastern Ohio Incident recorded in the prior year. Consequently, the operating ratio expanded to 70.7%. Total railway operating revenues remained nearly flat at $2,998 million. Within commodity segments, chemical volumes grew 6% on increased shipments of natural gas liquids and sand, while coal revenues decreased 2% as lower pricing offset a 27% surge in utility tonnage. Intermodal revenue declined 1%, pressured by a 9% drop in international volumes. The company has suspended share repurchases due to restrictions in the merger agreement. While cash provided by operating activities decreased to $344 million, liquidity remains supported by $1.3 billion in cash. Key risks include the regulatory approval of the transcontinental merger and the ongoing financial and reputational impacts of the Eastern Ohio Incident.
Feb 9, 2026	mda	Norfolk Southern prioritizes operational efficiency and safety, monitoring productivity through metrics such as gross ton miles per train and engine employee. The company operates under Surface Transportation Board (STB) jurisdiction, which determines "revenue adequacy" based on whether the return on net investment exceeds the rail industry’s composite cost of capital. Approximately 90% of revenues are derived from transportation contracts or shipments exempt from STB regulation under the Staggers Rail Act of 1980, including intermodal, manufactured steel, automobiles, and bulk commodities like lumber and pulpwood. Management is actively opposing potential increases in federal economic regulation anticipated in 2026. Competitive pressures persist from CSX Corporation, as well as motor and water carriers, with shippers weighing service reliability and inventory carrying costs against price. Security operations follow the Association of American Railroads' Alert Level framework, with specific risk mitigation strategies for Toxic-by-Inhalation materials in High Threat Urban Areas and a risk-based information security program to defend against cybersecurity attacks.
Feb 9, 2026	risk_factors	Norfolk Southern faces significant operational risks centered on cybersecurity threats to its information and operational technology infrastructure, which could lead to service disruptions, safety failures, and regulatory penalties. A primary strategic risk is the pending merger with Union Pacific; potential failures in Surface Transportation Board approval or the inability to realize expected synergies and cost savings could materially impact financial results. The company remains exposed to substantial legal and environmental liabilities stemming from the East Palestine, Ohio derailment, including ongoing class action litigation, DOJ oversight, and long-term environmental monitoring costs. Market risks include macroeconomic uncertainty and fluctuations in fuel commodity prices, which directly impact fuel surcharge revenues. Additionally, while current labor moratoriums extend to 2029, the company's reliance on collective bargaining agreements presents a long-term operational risk. Environmental hazards associated with transporting hazardous materials and legacy contamination at various sites further expose the company to potential litigation and remediation costs. These factors, combined with the potential for mainline accidents or climate-related network outages, create a volatile risk profile for the company's results of operations and financial condition.

Filed

Item

Context

Apr 24, 2026

mda_quarterly

Norfolk Southern’s first-quarter 2026 results reflect significant margin compression, with net income falling 27% year-over-year to $547 million. This decline was driven by a 15% increase in operating expenses, primarily due to $52 million in merger-related costs for the proposed Union Pacific transaction and the absence of $185 million in insurance recoveries related to the Eastern Ohio Incident recorded in the prior year. Consequently, the operating ratio expanded to 70.7%. Total railway operating revenues remained nearly flat at $2,998 million. Within commodity segments, chemical volumes grew 6% on increased shipments of natural gas liquids and sand, while coal revenues decreased 2% as lower pricing offset a 27% surge in utility tonnage. Intermodal revenue declined 1%, pressured by a 9% drop in international volumes. The company has suspended share repurchases due to restrictions in the merger agreement. While cash provided by operating activities decreased to $344 million, liquidity remains supported by $1.3 billion in cash. Key risks include the regulatory approval of the transcontinental merger and the ongoing financial and reputational impacts of the Eastern Ohio Incident.

Feb 9, 2026

mda

Norfolk Southern prioritizes operational efficiency and safety, monitoring productivity through metrics such as gross ton miles per train and engine employee. The company operates under Surface Transportation Board (STB) jurisdiction, which determines "revenue adequacy" based on whether the return on net investment exceeds the rail industry’s composite cost of capital. Approximately 90% of revenues are derived from transportation contracts or shipments exempt from STB regulation under the Staggers Rail Act of 1980, including intermodal, manufactured steel, automobiles, and bulk commodities like lumber and pulpwood. Management is actively opposing potential increases in federal economic regulation anticipated in 2026. Competitive pressures persist from CSX Corporation, as well as motor and water carriers, with shippers weighing service reliability and inventory carrying costs against price. Security operations follow the Association of American Railroads' Alert Level framework, with specific risk mitigation strategies for Toxic-by-Inhalation materials in High Threat Urban Areas and a risk-based information security program to defend against cybersecurity attacks.

Feb 9, 2026

risk_factors

Norfolk Southern faces significant operational risks centered on cybersecurity threats to its information and operational technology infrastructure, which could lead to service disruptions, safety failures, and regulatory penalties. A primary strategic risk is the pending merger with Union Pacific; potential failures in Surface Transportation Board approval or the inability to realize expected synergies and cost savings could materially impact financial results. The company remains exposed to substantial legal and environmental liabilities stemming from the East Palestine, Ohio derailment, including ongoing class action litigation, DOJ oversight, and long-term environmental monitoring costs. Market risks include macroeconomic uncertainty and fluctuations in fuel commodity prices, which directly impact fuel surcharge revenues. Additionally, while current labor moratoriums extend to 2029, the company's reliance on collective bargaining agreements presents a long-term operational risk. Environmental hazards associated with transporting hazardous materials and legacy contamination at various sites further expose the company to potential litigation and remediation costs. These factors, combined with the potential for mainline accidents or climate-related network outages, create a volatile risk profile for the company's results of operations and financial condition.

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NSC filing events and research context

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