Skip to content
AnalystLens

NORFOLK SOUTHERN CORPNSC

Sector
Other
Industry
Railroads, Line-Haul Operating
Exchange
NYSE

Stock Price $NSC

Latest filings

You are here#29 of 57 in Industrials by market cap

Filing record · 2016–202610-K1110-Q328-K193

NSC filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 193 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Aug ’17Aug ’17
  2. Material agreement8-K · Nov ’19Nov ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $12.18B
YoY changeLargest recent move+14.4%in FY22Latest +0.5%

1 older move runs past ±20% (largest −25.3%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All NSC Financial Metrics54 metrics

Income Statement12

Balance Sheet23

Cash Flow14

Per Share5

02—Overview

NORFOLK SOUTHERN CORP Financial Overview 2021–2025

Updated Jul 10, 2026

In July 2025, Norfolk Southern agreed to a transformative $32.3 billiona acquisition by Union Pacific, a move that fundamentally rewrites the North American rail landscape. This stock-and-cash buyout validates the underlying pricing power of the company's eastern network, which consistently generated cash despite severe operational crises.

Over a tumultuous five-year stretch, railway operating revenues grew from $11.1 billionb in FY2021 to a stabilized $12.2 billion in FY2025. The railroad absorbed a massive $1.1 billion expense from the FY2023 Eastern Ohio derailment, an event that temporarily spiked its operating ratio to 76.5%. Following aggressive cost-cutting and favorable insurance recoveries, profitability sharply rebounded. By FY2025, net income climbed 10% year-over-year to $2.87 billion, and the operating ratio improved to a leaner 64.2%. The company simultaneously sustained heavy capital deployments, allocating $2.2 billion toward infrastructure additions in FY2025.

Bolstered by the pending acquisition—which offers $88.82c in cash alongside one Union Pacific share—the stock closed at $288.72 and traded at 22.6x earnings at the end of FY2025, commanding a $64.8 billion market capitalization.

Recent Developments (Q4 2025 and Q1 2026)

In Q1 2026, Norfolk Southern absorbed margin pressures, with net income falling to $547 milliond and the operating ratio deteriorating to 70.7%. Total revenues flatlined at $2.998 billion, while operating expenses surged 15% to $2.12 billion due to higher fuel costs and $52 million in acquisition-related charges. Operationally, the railroad restructured its leadership, naming Brian Barr as Chief Operating Officer effective June 1, 2026, following the resignation of John Orr. The company also committed $498.7 million to renew its corporate headquarters lease starting April 1, 2026.

Bulls highlight that core merchandise revenues grew 1%, demonstrating pricing power in a flat freight environment. Bears caution that operating cash flows plummeted to $344 millione, exposing vulnerabilities without prior-year insurance tailwinds. The stock appears richly valued at 25.1x earnings as of April 24, 2026, given recent earnings compression.

What to watch: Brian Barr's execution of cost control measures; acquisition-related expenses impacting quarterly profitability.

03—Filings

Recent SEC Filings

  1. 8-KNORFOLK SOUTHERN CORP 8-K Report, Financial Results (Jul 23, 2026)Norfolk Southern Corporation (NSC) has filed an 8-K report on July 23, 2026, to disclose its second-quarter 2026 financial results and related information. The filing includes a press release and quarterly financial data, both incorporated by reference, which provide details on the company's performance. Investors are advised to review these documents alongside the company's existing SEC filings for a comprehensive understanding of its financial condition. Key to this update is the company's revised 2026 adjusted operating expense guidance. Norfolk Southern has increased its estimated range to $8.8 to $8.9 billion, primarily attributing this adjustment to higher anticipated incremental fuel expenses. This guidance update is a critical point for investors to consider when evaluating the company's profitability and operational efficiency projections for the remainder of the fiscal year.
  2. 8-KNORFOLK SOUTHERN CORP 8-K Report, Executive Changes (Jun 1, 2026)Norfolk Southern Corporation (NSC) has announced a significant change in its operational leadership with the "good reason" resignation of its Chief Operating Officer, John Orr, effective May 31, 2026. Mr. Orr will remain as a special advisor to the Chair of the Board through June 30, 2026, and then continue in a similar advisory role until the earlier of the Union Pacific merger closing or June 1, 2027. This transition is occurring in the context of the pending merger with Union Pacific, and Mr. Orr's departure is linked to proposed operational changes that would reduce his responsibilities. Concurrently, the Board has appointed Brian Barr as the new Chief Operating Officer, effective June 1, 2026. Mr. Barr brings extensive experience from leadership roles at Union Pacific and CSX. His compensation package reflects his new role, including an increased retention bonus, annual salary, incentive awards, and long-term equity incentives. The company has also issued a press release detailing these management transitions.
  3. 8-KNORFOLK SOUTHERN CORP 8-K Report, Shareholder Vote Results (May 8, 2026)Norfolk Southern Corporation (NSC) filed an 8-K on May 8, 2026, detailing the results of its 2026 Annual Meeting of Shareholders held on May 7, 2026. The meeting primarily focused on shareholder votes for director elections, the ratification of its independent auditor, and an advisory vote on executive compensation. All proposals presented to shareholders received substantial support, indicating general alignment between management and the shareholder base on these key governance matters.
  4. 8-KNORFOLK SOUTHERN CORP 8-K Report, Financial Results (Apr 24, 2026)Norfolk Southern Corporation (NSC) filed an 8-K on April 24, 2026, to report its first-quarter 2026 financial results and provide updated quarterly financial data. While the 8-K itself does not contain the detailed financial figures, it references a press release (Exhibit 99.1) and a Quarterly Financial Data document (Exhibit 99.2) which contain this information. Investors are directed to these exhibits and the company's website for a comprehensive understanding of the company's performance during the first quarter of 2026. This filing serves as a key disclosure mechanism for the market, providing timely updates on the company's operational and financial condition. Investors should review the referenced press release and financial data exhibits to assess key performance indicators, revenue trends, profitability, and any significant operational developments or forward-looking statements made by Norfolk Southern during this period.
  5. 8-KNORFOLK SOUTHERN CORP 8-K Report, Material Agreement (Apr 2, 2026)Norfolk Southern Corporation (NSC) has entered into amended and restated agreements to renew the lease for its corporate headquarters building in Atlanta, Georgia, for an additional five-year term. This transaction, effective April 1, 2026, consolidates the lessor role to a single entity, BA Leasing BSC, LLC (BAL), simplifying the counterparty structure. The total lease amount is approximately $498.7 million, with rent payments based on a floating interest rate tied to Term SOFR plus an applicable margin. Importantly, the structure of the amended lease is designed to be treated as a finance lease for financial reporting purposes, a change from its previous operating lease treatment.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.