Demand and volumemixed · 5 filings
“Coal Coal revenues increased in both periods due to higher volumes and increased fuel surcharge revenue.”10-Q · Jul 23, 2026 ↗
Norfolk Southern Corporation
NSC
Market read
Norfolk Southern Corporation's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 5 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 8 directly disclosed connections are confirming.
What changed
- Revenue increased 0.2% versus the comparable filing period.
- Operating margin fell 9.0 percentage points.
Company-0.1% todayVolume comparison unavailable
Market group0 of 5 activeRailroads · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Merger Agreement with Union Pacific includes a contractual prohibition (with limited exceptions) on NSC repurchasing its common stock without Union Pacific approval.
- Domestic intermodal units rose to 668.9 (thousands) in Q2 2026 (11% YoY), driven by higher freight demand and constrained truck capacity.
Invalidation: The isolated read changes if NSC's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 5 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 8 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 0.2% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 9.0 percentage points.
- Net income decreased 27.1% versus the comparable filing period.
- Net margin fell 6.8 percentage points.
What would clarify the read
- Merger Agreement with Union Pacific includes a contractual prohibition (with limited exceptions) on NSC repurchasing its common stock without Union Pacific approval.
- Domestic intermodal units rose to 668.9 (thousands) in Q2 2026 (11% YoY), driven by higher freight demand and constrained truck capacity.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations601
Usable filing statements158
Verified relationships10
Evidence supporting the case
- Operating margin changed +2.2 percentage points in the latest annual period.
- Net margin changed +2.0 percentage points in the latest annual period.
- Energy and commodity prices has repeated favorable evidence across 5 filings.
- Tariffs and trade policy has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Input and raw-material costs has repeated adverse evidence across 5 filings.
Questions before a position
- P/E is 20% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
323.386m+8.7%12m+18.3%24m+27.9%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$11.1B+13.8%—-3.3%
2022-12-31$12.7B+14.4%—-5.0%
2023-12-31$12.2B-4.6%—-3.5%
2024-12-31$12.1B-0.3%—-0.4%
2025-12-31$12.2B+0.5%—-0.5%
What management says matters
Persistent and emerging business drivers
Energy and commodity pricespositive · 5 filings
“Fuel expense, which includes the cost of locomotive fuel as well as other fuel used in railway operations, increased in both periods due to higher locomotive fuel prices.”10-Q · Jul 23, 2026 ↗
Input and raw-material costsmixed · 5 filings
“Equipment rents , which includes our cost of using equipment (mostly freight cars) owned by other railroads or private owners less the rent paid to us for the use of our equipment, increased in both periods primarily due to higher time and mileage expense.”10-Q · Jul 23, 2026 ↗
Tariffs and trade policypositive · 4 filings
“Crude oil volume increased compared to the prior year, which was impacted by tariff-related uncertainty.”10-Q · Apr 24, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 6.0× · EV/sales 5.9×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
323.38-0.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for NSC. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-04-24 against the comparable filing from 2025-04-23.
OperationscautiousEvidence score -1
liquidityneutralEvidence score 0
valuationmixed
What improved
- Revenue increased 0.2% versus the comparable filing period.
What weakened
- Operating margin fell 9.0 percentage points.
- Net income decreased 27.1% versus the comparable filing period.
- Net margin fell 6.8 percentage points.
Filing receipts
“Our financial results were further impacted by Merger-related expenses, inflation, and higher fuel prices, partially offset by productivity savings and an increase in average revenue per unit, primarily driven by favorable mix.”
“The increase in adjusted railway operating expenses reflects inflation and higher fuel prices, partially offset by productivity savings and an increase in average revenue per unit, primarily driven by favorable mix.”
“her fuel prices, partially offset by productivity savings and an increase in average revenue per unit, primarily driven by favorable mix.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind NSC
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
CINFCincinnati Financial CorporationsupplierOct 23, 2025 ▾
“The decrease was driven by the prior year acquisition of the assets of the Cincinnati Southern Railway (CSR) and lower property additions in the current year, which was partially offset by lower proceeds from property sales and other transactions and increase…”
UNPUnion Pacific CorporationpartnerApr 24, 2026 ▾
“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 broa…”
Depended on by
GDGeneral Dynamics CorporationcustomerJan 30, 2026 ▾
“NASSCO conducts full-service maintenance and surface-ship repair operations in Navy fleet concentration areas in San Diego, California; Norfolk, Virginia; Bremerton, Washington; and Mayport, Florida.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
NSC is currently a Early Follower in the organic co-movement group Railroads. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for NSC; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.