What is the 13F Pro Quality Score for NSC?

13F Pro ranks NORFOLK SOUTHERN CORP (NSC) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View NSC's current score at https://13fpro.ai/company/NSC (free sign-up required for the full ranking).

Which hedge funds own the most NSC stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of NSC include BlackRock,, VANGUARD CAPITAL MANAGEMENT, STATE STREET. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/NSC as soon as new 13F filings post.

Where does 13F Pro source NSC data?

All NORFOLK SOUTHERN CORP fundamentals and ownership data come directly from SEC EDGAR. NORFOLK SOUTHERN CORP files with the SEC under CIK 702165. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is NSC in?

NORFOLK SOUTHERN CORP (NSC) is classified in the Industrials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/industrials.

What drives NSC's revenue?

Per NORFOLK SOUTHERN CORP's latest 10-Q filed with the SEC on 2026-07-23, the biggest revenue drivers are: Merchandise ($2,133M, +8% YoY); Chemicals ($646M, +18% YoY); Intermodal ($908M, +22% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/NSC.

What are NSC's largest expenses?

NORFOLK SOUTHERN CORP's latest 10-Q reports these as the largest expense items: Compensation and benefits ($744M, +8% YoY); Purchased services ($435M, +6% YoY); Fuel ($405M, +85% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 2026).

How often is NSC research updated on 13F Pro?

NSC's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

NORFOLK SOUTHERN CORP(NSC)Stock Analysis

AI analysis on 2,800+ stocks →Deep AI analysis on 2,800+ stocks →

Industrials →NYSElarge

Institutional-grade research for retail investors

SEC EDGAR: CIK 702165 NSC stock profile & AI dashboard →

13F Pro Quality Score

63.2/100

Rank #645 of 2,961 stocksTOP 25%

View Industrials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

31.5/100

Profitability

74.2/100

Balance Sheet

73.6/100

Earnings Quality

53.7/100

Free Cash Flow

61.7/100

Institutional Flow

56.7/100

Revenue Scale

88.4/100

Dilution Risk

74.4/100

Email me the moment this company reports earnings

AI Research Report

Two-page plain-English analysis: business, thesis, and three scenarios for the next two years. Refreshed every quarter.

Upgrade to Pro

Pro: 5 reports/month · Pro+: unlimitedOpinion, not investment advice. Do your own research.

Why NSC Scores 63/100

exact factor attribution · 2026-09-11

NSC's composite is driven by scale and profitability, held back by revenue growth. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Scale

+5.8 pts

88th pct

Profitability

+3.6 pts

74th pct

Capital efficiency

+2.4 pts

74th pct

Free cash flow

+1.8 pts

62th pct

Earnings growth

+1.4 pts

78th pct

Shareholder dilution

+1.2 pts

74th pct

Earnings quality

+0.4 pts

54th pct

Institutional flow

+0.3 pts

57th pct

Revenue growth

-3.7 pts

32th pct

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

NSC Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for NORFOLK SOUTHERN CORP (NSC), a Industrials sector company. 13F Pro's AI-powered ranking engine scores NSC at 63.2/100 on a 32-signal composite quality model, placing it at rank #645 of 2,961 stocks — the top 25% of the AI-ranked universe. NSC scores in the top quartile across revenue scale (88.4). Areas of concern include revenue growth (31.5), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), NORFOLK SOUTHERN CORP reports quarterly revenue of $3.5B, net income of $734.0M, an operating margin of 32.4%. Top institutional holders of NSC by reported 13-F value include BlackRock, VANGUARD CAPITAL MANAGEMENT, STATE STREET, based on the most recent SEC filings. NSC trades on the NYSE exchange and files with the SEC under CIK 702165. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate NSC daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for NORFOLK SOUTHERN CORP directly from SEC EDGAR. NORFOLK SOUTHERN CORP's 13F Pro composite quality score has ranged between 55 and 72 since 2021, currently 63.2 — a stable long-term trajectory across 68 quarterly and live scoring snapshots.

✦

Fun facts about NORFOLK SOUTHERN CORP

Quirks, history, and lore behind NSC — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. transportation company · large-cap · listed on the NYSE · headquartered in Georgia.
2
The Numbers
Annual revenue in the range of $12–14 billion, with a network spanning roughly 19,000 route miles across about two dozen states.
3
The History
The company traces its roots to the 19th century and took its current form through a major 1982 merger of two storied Southeastern railroads.
4
The Secret
It moves everything from coal and chemicals to automobiles and soybeans — but its real edge is dominating freight corridors across the Eastern United States.
5
The Lore
A 2023 derailment in East Palestine, Ohio put the company on the front page of every newspaper in America and sparked a national debate about railroad safety regulations.
6
The Giveaway
One of only two Class I railroads operating in the Eastern U.S., its name combines a Virginia city famous for Civil War history with a direction that points toward Dixie.

▶ Think you know your stocks? Play the Daily Ticker

What's Driving NSC's Business? Latest 10-Q Breakdown

✓ 22/22 datapoints verified

AI-extracted from NORFOLK SOUTHERN CORP's 10-Q filed 2026-07-23 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Norfolk Southern grew Q2 revenue 11% YoY to $3.465B on strong intermodal and chemicals volume, but net income fell 4% to $734M as fuel expense surged 85% and merger-related costs and the absence of prior-year Eastern Ohio insurance recoveries weighed on results.

Biggest Revenue Drivers

Merchandise$2,133M+8% YoY

Higher average revenue per unit driven by increased fuel surcharge revenue and pricing, plus higher volume

Intermodal$908M+22% YoY

Higher average revenue per unit from fuel surcharge and pricing, plus 11% domestic volume growth on freight demand and constrained truck capacity

Biggest Revenue Drivers

Total revenue: $3,465M+11% YoY

Merchandise$2,133M+8% YoY

Higher average revenue per unit driven by increased fuel surcharge revenue and pricing, plus higher volume

Within Merchandise

Chemicals$646M+18% YoY

Higher shipments of natural gas liquids, sand, and petroleum products on increased domestic and export demand

Intermodal$908M+22% YoY

Higher average revenue per unit from fuel surcharge and pricing, plus 11% domestic volume growth on freight demand and constrained truck capacity

Coal$424M+7% YoY

Higher volumes and increased fuel surcharge revenue, led by 25% growth in export tonnage on global demand

Largest Expense Items

Compensation and benefits$744M+8% YoY

Higher pay rates, incentive and stock-based compensation, and overtime, partly offset by lower headcount

Purchased services$435M+6% YoY

Higher technology-related costs, elevated intermodal and automotive operations expenses, and increased Conrail expenses

Fuel$405M+85% YoY

Higher locomotive fuel prices

Merger-related expenses$51M

Employee retention agreements, third-party advisor fees, and legal services tied to the proposed Union Pacific merger

Margins: Operating ratio worsened to 67.6% from 62.2% a year ago, driven by the absence of prior-year Eastern Ohio insurance recoveries, higher fuel prices, merger-related expenses, and inflation, partially offset by higher revenue per unit and volume.

Watch Items from the Filing

Pending Union Pacific merger requires STB approval; either party owes a $2.5 billion termination fee if the deal falls through under specified circumstances, and NS has suspended share repurchases under the merger agreement.
Eastern Ohio incident: final $285 million class-action settlement payment made in March 2026 after Supreme Court denied certiorari; $186 million in incident-related accruals and $185 million in environmental liabilities remain on the balance sheet.
Fuel expense rose 85% YoY to $405 million on higher locomotive fuel prices, and the company expects fuel expense to keep rising versus prior year based on current commodity prices.
International intermodal volume declined 3% YoY as the prior year benefited from elevated volume tied to anticipated tariff changes, signaling potential trade-policy-driven demand volatility.
DOJ-negotiated Consent Decree for the Eastern Ohio incident (civil penalty plus oversight costs) remains pending court approval, with proceedings stayed in March 2026 pending additional discovery after third parties intervened.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$3.5B

Net Income

Q2 2026

$734.0M

Free Cash Flow

Q2 2026

$615.0M

Operating Margin

Q2 2026

32.4%

ROIC

Q2 2026

13.7%

D/E Ratio

Q2 2026

1.02

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+0.5% YoY

$12.18BFY 2025

FY22 $12.74BFY23 $12.16BFY24 $12.12BFY25 $12.18B

Net Income

+9.6% YoY

$2.87BFY 2025

FY22 $3.27BFY23 $1.83BFY24 $2.62BFY25 $2.87B

Operating Income

+7.0% YoY

$4.36BFY 2025

FY22 $4.81BFY23 $2.85BFY24 $4.07BFY25 $4.36B

EPS (Diluted)

+10.2% YoY

$12.75FY 2025

FY22 $13.88FY23 $8.02FY24 $11.57FY25 $12.75

Total Assets

+3.6% YoY

$45.24BFY 2025

FY22 $38.88BFY23 $41.65BFY24 $43.68BFY25 $45.24B

Total Debt

-0.4% YoY

$17.69BFY 2025

FY22 $15.88BFY23 $17.18BFY24 $17.76BFY25 $17.69B

Op. Cash Flow

+7.6% YoY

$4.36BFY 2025

FY22 $4.22BFY23 $3.18BFY24 $4.05BFY25 $4.36B

Free Cash Flow

+29.1% YoY

$2.16BFY 2025

FY22 $2.27BFY23 $852.0MFY24 $1.67BFY25 $2.16B

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$12.18B +0.5%	$12.12B -0.3%	$12.16B -4.6%	$12.74B +14.4%	$11.14B +13.8%	$9.79B
Net Income	$2.87B +9.6%	$2.62B +43.5%	$1.83B -44.1%	$3.27B +8.8%	$3.00B +49.3%	$2.01B
Operating Income	$4.36B +7.0%	$4.07B +42.8%	$2.85B -40.7%	$4.81B +8.1%	$4.45B +48.1%	$3.00B
EPS (Diluted)	$12.75 +10.2%	$11.57 +44.3%	$8.02 -42.2%	$13.88 +14.6%	$12.11 +54.5%	$7.84
Total Assets	$45.24B +3.6%	$43.68B +4.9%	$41.65B +7.1%	$38.88B +1.0%	$38.49B +1.4%	$37.96B
Total Debt	$17.69B -0.4%	$17.76B +3.4%	$17.18B +8.2%	$15.88B +10.4%	$14.39B +13.5%	$12.68B
Operating Cash Flow	$4.36B +7.6%	$4.05B +27.5%	$3.18B -24.7%	$4.22B -0.8%	$4.25B +17.0%	$3.64B
Free Cash Flow	$2.16B +29.1%	$1.67B +96.1%	$852.0M -62.5%	$2.27B -18.3%	$2.79B +30.0%	$2.14B

Get alerted when NSC's score changes

Free account: watchlist tracking, the daily AI brief, and the AI screener.

Passwordless sign-in · Payments by Stripe · Auth by Clerk

Available Research

13F Pro tracks comprehensive data for NORFOLK SOUTHERN CORP including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of NSC

BlackRock, Inc.
$5.0B16,000,346 sh
VANGUARD CAPITAL MANAGEMENT LLC
$4.6B14,666,136 sh
STATE STREET CORP
$3.2B10,242,817 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$2.3B7,215,898 sh
MILLENNIUM MANAGEMENT LLC
$1.6B5,201,728 sh
GEODE CAPITAL MANAGEMENT, LLC
$1.6B5,114,278 sh
BANK OF AMERICA CORP /DE/
$979.0M3,111,914 sh
NORGES BANK
$956.6M3,040,628 sh
Pentwater Capital Management LP
$873.0M2,775,000 sh
NORTHERN TRUST CORP
$822.5M2,614,406 sh

Fund	Value	Shares
BlackRock, Inc.	$5.0B	16,000,346
VANGUARD CAPITAL MANAGEMENT LLC	$4.6B	14,666,136
STATE STREET CORP	$3.2B	10,242,817
VANGUARD PORTFOLIO MANAGEMENT LLC	$2.3B	7,215,898
MILLENNIUM MANAGEMENT LLC	$1.6B	5,201,728
GEODE CAPITAL MANAGEMENT, LLC	$1.6B	5,114,278
BANK OF AMERICA CORP /DE/	$979.0M	3,111,914
NORGES BANK	$956.6M	3,040,628
Pentwater Capital Management LP	$873.0M	2,775,000
NORTHERN TRUST CORP	$822.5M	2,614,406

Companies Similar to NSC

Ranked by quality-profile closeness and shared hedge-fund ownership — not just sector membership.

UNP

UNION PACIFIC CORP

AI score

Very similar · 26 shared holders

Capital World Investors COHEN & STEERS, INC.PRIMECAP MANAGEMENT CO/CA/

CSX

CSX CORP

AI score

Very similar · 38 shared holders

Capital World Investors COHEN & STEERS, INC.National Pension Service

ITW

ILLINOIS TOOL WORKS INC

AI score

Very similar · 28 shared holders

National Pension Service MARKEL GROUP INC.abrdn plc

DEERE & CO

AI score

Very similar · 24 shared holders

Capital World Investors National Pension Service HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC

LMT

LOCKHEED MARTIN CORP

AI score

Very similar · 21 shared holders

Capital World Investors National Pension Service HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC

CMI

CUMMINS INC

AI score

Very similar · 25 shared holders

LONDON CO OF VIRGINIA HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC National Pension Service

FDX

FEDEX CORP

AI score

Very similar · 27 shared holders

DODGE & COX Capital Wealth Planning, LLC PRIMECAP MANAGEMENT CO/CA/

ETN

Eaton Corp plc

AI score

Very similar · 19 shared holders

National Pension Service abrdn plc AVIVA PLC

Similarity is computed from the 8 composite sub-scores and latest-quarter 13F conviction holdings (index-style filers excluded). Refreshed monthly.

More Industrials Companies

View all Industrials →

AADX

Applied Aerospace & Defense, Inc.

AAL

American Airlines Group Inc.

AAON

AAON, INC.

ABM

ABM INDUSTRIES INC /DE/

ACA

Arcosa, Inc.

ACHR

Archer Aviation Inc.

ACLS

AXCELIS TECHNOLOGIES INC

ACMR

ACM Research, Inc.

Put NSC on your watchlist

Track score changes the day NORFOLK SOUTHERN CORP files with the SEC, follow the hedge funds that own it, screen 2,800+ AI-scored stocks, and get the daily brief — free.

View Pricing

Free tier includes 13F data, economic indicators, and market overview. Pro starts at $6.67/mo (billed annually).

Passwordless sign-in · Payments by Stripe · Auth by Clerk

Popular Research

AAPL

Apple

MSFT

Microsoft

NVDA

NVIDIA

GOOG

Alphabet

AMZN

Amazon

Is NSC a good stock to buy?

13F Pro's AI-powered analysis of NORFOLK SOUTHERN CORP (NSC) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Industrials sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for NSC are available on the NSC stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. NSC is classified as a large company.

Which hedge funds own NSC?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling NSC. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of NORFOLK SOUTHERN CORP's investment landscape.