NSC at a glance
Norfolk Southern (NSC, SEC CIK 702165) filed its latest 10-K annual report on February 9, 2026, a 10-Q quarterly report on July 23, 2026, an 8-K current report on July 23, 2026 and Form 4 insider filings as recently as October 2, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Norfolk Southern (NSC) reported revenue of $12.2 billion (up 0.5% from FY2024) and net income of $2.9 billion. Diluted EPS was $12.75.
- As of June 30, 2026, 65 institutional investment managers tracked by SignalX reported holding Norfolk Southern (NSC) shares worth $26.4 billion in 13F-HR filings.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $12.2B
- +0.5% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 65 funds
- $26.4B · +2 vs prior quarter
- Latest 8-K
- Jul 23, 2026
- Item 7.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Risk Factors
- Surface Transportation Board review risk for Union Pacific Mergers, possible delay or unfavorable conditions affecting combined company
- Geopolitical and economic conditions impacting transportation industry, with exposure to domestic and international markets
- Mainline accident or hazardous material discharge risk, including events from recent Incident Proceedings
- Competitor-driven customer diversification reacting to Mergers announcement, risking loss of market share
- Management distraction and operational disruption from Mergers, limiting business activities outside ordinary course
Management Discussion & Analysis
- Safety metrics tracked internally and by FRA, Board has standing Safety Committee for oversight
- Workforce productivity measured by gross ton miles per train and employee; emphasis on staffing optimization
- Employee development via classroom, hands-on and digital training programs to enhance safety and skills
- Regulatory risk: potential increased federal economic regulation of railroads in 2026; currently 90% revenue exempt or contracted from STB rate oversight
AI summary of the NSC 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Q2 revenue $3,465M, up 11% YoY from $3,110M
- GAAP operating margin 32.4% vs 37.8% YoY; adjusted margin 34.5% vs 36.6%
- Best segment Intermodal revenue $908M, up 22%; worst Agriculture, forest and consumer products revenue $673M, up 4%
- Operating cash flow $1.4B, down from $2.0B; cash $1.1B vs $1.5B at December 31, 2025
- Headwinds: fuel expense up 85%; merger expenses $51M; fuel expense expected higher for the remainder of the year
Risk Factors
- No material changes; 2025 Form 10-K risk factors incorporated by reference
- Merger Agreement restricts share repurchases without Union Pacific consent
- $6.3 billion remains authorized for repurchase as of June 30, 2026
- Repurchases suspended upon entering the Merger Agreement
AI summary of the NSC 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 7.01: Regulation FD Disclosure
- Q2 2026 results and quarterly financial data released July 23, 2026
- 2026 adjusted operating expense guidance raised to $8.8–$8.9 billion
Item EX-99.1: Item EX-99.1
- Q2 2026 revenue reached a record $3.5B, up 11% year over year on 4% volume growth and higher fuel surcharges
- GAAP operating income fell 4% to $1.1B, while adjusted income rose 5% to $1.2B excluding merger, restructuring, and incident costs
Item 7.01: Regulation FD Disclosure
- June 1, 2026 press release announced Norfolk Southern’s management transition
- Management transition details appear in Exhibit 99.1, the substantive investor disclosure
Item 5.02: Departure/Appointment of Directors or Principal Officers
- COO John Orr resigned for good reason May 31, 2026, amid proposed operational changes reducing his responsibilities
- Orr remains merger advisor through earlier of Union Pacific merger closing or June 1, 2027
Item 5.07: Submission of Matters to a Vote of Security Holders
- All 12 director nominees elected to one-year terms, preserving board continuity
- John C. Huffard Jr. received highest opposition, with 5,622,830 votes against
AI summaries of NSC 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for NSC
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Huffard John C Jr | A | Sep 30, 2026 | 171.521 | $309.00 |
| ANDERSON RICHARD H | A | Sep 30, 2026 | 177.994 | $309.00 |
| George Mark R | F | Sep 13, 2026 | 1,035 | $323.30 |
| George Mark R | M | Sep 13, 2026 | 2,653 | - |
| George Mark R | M | Sep 13, 2026 | 2,653 | - |
| Huffard John C Jr | A | Aug 20, 2026 | 12.163 | $346.62 |
| DeBiase Francesca A. | A | Aug 20, 2026 | 8.333 | $347.90 |
| Huffard John C Jr | A | Aug 20, 2026 | 20.467 | $347.90 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $12.1B | $12.2B |
| Operating Income | - | $4.1B | $4.4B |
| Net Income | $1.8B | $2.6B | $2.9B |
| Op. Margin | - | 33.6% | 35.8% |
| Net Margin | - | 21.6% | 23.6% |
| Balance Sheet | |||
| Total Assets | $41.7B | $43.7B | $45.2B |
| Equity | - | $14.3B | $15.5B |
| ROE | - | 18.3% | 18.5% |
| Per Share | |||
| EPS | $8.02 | $11.57 | $12.75 |
| Cash Flow | |||
| Operating CF | - | $4.1B | $4.4B |
| CapEx | $2.3B | $2.4B | $2.2B |
Source: XBRL data in Norfolk Southern (NSC)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate NSC share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 65 | $26.38B |
| Q1 2026 | 63 | $22.93B |
| Q4 2025 | 60 | $24.09B |
| Q3 2025 | 63 | $27.20B |
| Q2 2025 | 57 | $22.46B |
| Q1 2025 | 54 | $14.85B |
| Q4 2024 | 54 | $11.22B |
| Q3 2024 | 49 | $6.01B |
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Source: 13F-HR filings on SEC EDGAR (aggregated from 465 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
NSC filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Sep 15, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Jul 29, 2026 | - | - | - |
| 8-K | Jul 23, 2026 | - | Analysis | - |
| 10-Q | Jul 23, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 8-K | Jun 1, 2026 | - | Analysis | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - |
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NSC SEC filings: frequently asked questions
Which institutions hold NSC stock?
As of June 30, 2026, the largest Norfolk Southern (NSC) holders among the 13F filers tracked by SignalX were BlackRock ($5.0 billion), Vanguard Capital Management LLC ($4.6 billion), State Street Corp ($3.2 billion), Vanguard Portfolio Management LLC ($2.3 billion), Millennium Management ($1.6 billion). 13F-HR reports are filed up to 45 days after each quarter ends.
What was NSC's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Norfolk Southern (NSC) reported revenue of $12.2 billion (up 0.5% from FY2024) and net income of $2.9 billion. Diluted EPS was $12.75. The figures come from the XBRL data in the 10-K.
What are the main risks in NSC's latest 10-K?
In the 10-K filed February 9, 2026, Norfolk Southern (NSC) flagged: Surface Transportation Board review risk for Union Pacific Mergers, possible delay or unfavorable conditions affecting combined company. Geopolitical and economic conditions impacting transportation industry, with exposure to domestic and international markets. (AI summary of the Risk Factors section.)
What did NSC report in its latest 8-K?
Norfolk Southern (NSC) filed an 8-K on July 23, 2026 reporting Item 7.01 (Regulation FD Disclosure). Q2 2026 results and quarterly financial data released July 23, 2026.
What are the latest NSC SEC filings?
Norfolk Southern (NSC) filed its latest 10-K annual report on February 9, 2026, a 10-Q quarterly report on July 23, 2026, an 8-K current report on July 23, 2026 and a Form 4 insider filing on October 2, 2026.
What is NSC's SEC CIK number?
Norfolk Southern (NSC)'s SEC Central Index Key (CIK) is 702165. EDGAR lists every NSC filing under that number.
Ask anything about NSC
The research agent reads NSC's filings, financials, insider trades and 13F holders, then answers with sources.