Norfolk Southern

What the company does

Norfolk Southern is in the rail transportation industry, part of the industrials sector. The SEC files it under Railroads, Line-Haul Operating.

Norfolk Southern reports 3 segments: Railway Operating Revenues Market Group Merchandise, Railway Operating Revenues Market Group Intermodal and Railway Operating Revenues Market Group Coal.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the rail transportation industry. They are not a summary of Norfolk Southern’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

1. Economic cyclesDemand for equipment and services rises and falls with business investment.
2. Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
3. Trade and tariffsTariffs and trade policy affect costs and sales.
4. Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
5. Regulation and liabilitySafety, environmental and product-liability rules can raise costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

• Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
• Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
• Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
• Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
• Total debt: Current maturities plus long-term debt, at carrying value.
• Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Recent filings

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Tracked funds that report owning Norfolk Southern

• Millennium Management: 5,201,728 shares, reported value $1.64B at Jun 30, 2026 (+13.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
• Citadel Advisors: 1,585,467 shares, reported value $498.8M at Jun 30, 2026 (−39.5% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
• Third Point: 600,000 shares, reported value $188.8M at Jun 30, 2026 (+500.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
• Two Sigma Investments: 349,135 shares, reported value $109.8M at Jun 30, 2026 (+152.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
• Markel Group: 282,500 shares, reported value $87.3M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.