UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ___________ to___________ Commission File Number 1-8339 NORFOLK SOUTHERN CORPORATION (Exact name of registrant as specified in its charter) Virginia 52-1188014 (State or other j ...

Norfolk Southern Corp. announced that its customers advanced over 60 industrial development projects in 2025, representing a significant $7.7 billion in industry investment for new or expanded rail-served facilities along the railroad and its short line partner routes. The company (NSE: NSC) in a release characterized the industrial environment in 2025 as “two speed,” with the U.S. Manufacturing Purchasing Managers’ Index contracting for much of the year, which reflected softer new orders and a decrease i ...

走进江苏中服焦点跨境贸易服务有限公司，范波通过企业研发的"市采通"综合服务平台，了解外贸 新业态新模式发展情况。他指出，要做强"市采通"平台，探索"市场采购+跨境电商"等新模式，提升贸 易自由化便利化水平，助力中小微企业拓展海外市场，推动苏州外贸稳量提质。在常熟天虹服装城，范 波与商户们亲切交流，询问经营情况，祝福大家生意兴隆。他强调，要巩固拓展纺织服装等产业优势， 聚焦市场需求，推动技术创新、产品更新、品质提升，增强核心竞争力。 昨天（1月31日），苏州市委书记范波在常熟围绕"一季度稳增长暨重点产业链高质量发展"开展专 题调研。他强调，要认真学习贯彻党的二十届四中全会精神和习近平总书记对江苏、苏州工作重要讲话 重要指示精神，锚定全年目标任务，奋勇争先、勇挑重担，以优良作风抓好一季度各项工作，全力实 现"十五五"良好开局，为苏州发展大局多作贡献。 奇瑞捷豹路虎汽车有限公司是国内首家中英合资的高端汽车企业。范波进车间、看产线、问研发， 勉励企业坚定发展信心，明确市场定位，加大研发投入，持续提升品牌影响力。耐世特常熟基地项目实 现了"拿地即开工、一年就投产"。范波对项目建设进展给予肯定，细致询问业务布局、订单变化 ...

Core Insights - The company views 2025 as a pivotal year for operational changes aimed at enhancing resilience and efficiency under PSR 2.0 [1] - Safety and operational improvements were emphasized, with zero reportable mainline derailments in Q4 and over 75% of monthly traffic scanned by new digital inspection technology [1][4] Financial Performance - In Q4, total volume decreased by 4% and total revenue fell by 2%, although revenue per unit (RPU) increased by 2% year-over-year [2][6] - The adjusted operating ratio for Q4 was reported at 65.3, with earnings per share (EPS) at $3.22 and free cash flow of $2.2 billion for 2025 [5][14] - The company guided a cost envelope for 2026 between $8.2 billion and $8.4 billion, with capital expenditures (capex) projected at approximately $1.9 billion [19][20] Operational Highlights - The company reported significant improvements in safety metrics, including a 15% improvement in the reportable injury ratio and a 31% reduction in reportable accidents [9] - Productivity metrics showed a 4% increase in train load, nearly 10% reduction in horsepower per ton, and a 31% decrease in unscheduled stops year-over-year [7][9] Segment Performance - Merchandise volume increased by 1% year-over-year in Q4, driven by the automotive and chemicals markets, while intermodal volume fell by 7% and coal revenue declined by 11% due to lower seaborne prices [8][10][11] - For the full year, merchandise revenue excluding fuel grew by $287 million, or 4%, with record annual revenue achieved across all merchandise business groups [12][13] Future Outlook - The company plans to focus on safety, consistent service, and cost control in 2026, while addressing inflationary pressures and maintaining productivity commitments [19][21] - The merger process with Union Pacific is ongoing, with the company responding to regulatory requests and emphasizing stakeholder engagement [22]

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Norfolk Southern (NSC) came out with quarterly earnings of $3.22 per share, beating the Zacks Consensus Estimate of $2.78 per share. This compares to earnings of $3.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +15.92%. A quarter ago, it was expected that this railroad would post earnings of $3.18 per share when it actually produced earnings of $3.3, delivering a surprise of +3.77%.Over the last four quarters, the company ...

Financial Data and Key Metrics Changes - In Q4 2025, total revenue decreased by 2% due to a 4% decline in overall volume, partially offset by a 2% increase in revenue per unit (RPU) [17][24] - The operating ratio for the quarter was reported at 65.3, reflecting a degradation due to top-line headwinds [24][25] - Free cash flow increased to $2.2 billion, up nearly $500 million from the previous year, with the highest conversion rate since 2021 [28] Business Line Data and Key Metrics Changes - Merchandise volume increased by 1%, driven by the automotive and chemicals markets, with merchandise revenue (less fuel) growing by 2% year-over-year [17][19] - Intermodal business experienced a 7% decline in volume, leading to a 6% decrease in revenue, despite a slight RPU increase of 1% [18] - Coal volume increased due to higher electricity demand, but revenue decreased by 11% due to lower seaborne coal prices [18][21] Market Data and Key Metrics Changes - The overall market outlook remains uncertain, with mixed expectations for vehicle production and manufacturing activity [21][22] - Elevated natural gas activity is driving demand in non-crude chemical sectors, while intermodal markets are expected to remain soft due to tariff volatility [22] - Utility coal demand is expected to remain strong, but seaborne coal prices face significant pressure [22] Company Strategy and Development Direction - The company is focused on safety, service reliability, and cost control as it navigates a challenging demand environment and prepares for a merger [29][30] - Capital spending is being reduced to $1.9 billion for 2026, reflecting a prudent approach while maintaining network reliability and safety [30] - The merger is viewed as a necessary catalyst for growth, aiming to enhance competition and provide better service options for customers [31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a tough demand environment and competitive pressures impacting revenue, particularly in intermodal [36][38] - The company is committed to maintaining cost discipline and is prepared to handle various volume growth scenarios [30][36] - There is a focus on fighting for quality revenue and optimizing service offerings to retain and grow customer relationships [70][71] Other Important Information - The company achieved a record year in merchandise revenue, with significant improvements in safety performance, including zero reportable mainline derailments in Q4 [6][10] - The PSR 2.0 transformation has led to improved operational efficiency, with a 7% productivity increase despite a 4% reduction in workforce [7][12] Q&A Session Summary Question: How is the company thinking about volume and revenue strategy in a weak freight backdrop? - Management indicated a tough demand environment and acknowledged a revenue headwind from enhanced competition, but expressed confidence in maintaining performance in merchandise while addressing challenges in intermodal [36][38] Question: What is the perspective on the merger and its impact on competition? - Management emphasized that the merger would enhance competition and provide customers with more options, countering claims from competitors [43][45] Question: What steps are being taken to stem freight leakage due to competition? - The company is actively offering new services and optimizing revenue lines to combat competitive pressures, with a focus on quality revenue [50][51] Question: Can you elaborate on the operational expense guidance and its implications for earnings growth? - Management outlined that operational expenses are influenced by inflation, land sales, and productivity initiatives, with a focus on achieving year-over-year earnings growth despite challenges [60][62]

Financial Data and Key Metrics Changes - In Q4 2025, overall volume decreased by 4%, leading to a 2% reduction in total revenue [17][24] - The operating ratio for the quarter was reported at 65.3, with EPS at $3.22 per share [24] - Full-year results showed a 5% increase in net income compared to the previous year, despite a revenue growth projection of 3% that did not materialize [28] Business Line Data and Key Metrics Changes - Merchandise volume increased by 1%, driven by the automotive and chemicals markets, with merchandise revenue (less fuel) growing by 2% year-over-year [17][19] - Intermodal business experienced a 7% decline in volume, with revenue down by 6% due to challenging market conditions [18] - Coal volume increased due to higher electricity demand, but revenue decreased by 11% due to lower seaborne coal prices [18][21] Market Data and Key Metrics Changes - The outlook for merchandise markets remains mixed, with expectations of modest manufacturing activity growth amid economic uncertainty [21] - Intermodal markets are expected to remain soft due to tariff volatility and oversupply in truck capacity [22] - Utility coal demand is expected to remain strong, while seaborne coal prices face significant pressure [22] Company Strategy and Development Direction - The company is focused on safety, service reliability, and cost control as it navigates a challenging demand environment [29][30] - A reduction in capital spending to $1.9 billion for 2026 reflects a prudent approach while maintaining network reliability and safety [30] - The ongoing merger is viewed as a necessary catalyst for growth, enhancing competition and providing better service options for customers [31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a tough demand environment and competitive pressures impacting revenue [36][50] - The company is committed to maintaining cost discipline and is prepared to handle various volume growth scenarios [30][62] - There is a focus on delivering quality revenue and optimizing service performance to retain customers [70] Other Important Information - The company achieved a record year in merchandise revenue, with significant improvements in safety performance, including zero reportable mainline derailments in Q4 [6][10] - The PSR 2.0 transformation has led to improved operational efficiency, with a 7% productivity increase despite a 4% reduction in workforce [7][12] Q&A Session Summary Question: How is the company thinking about volume and revenue strategy? - Management indicated a tough demand environment and acknowledged a revenue headwind from enhanced competition, focusing on maintaining cost within guidance [35][36] Question: What is the perspective on the merger and its impact on competition? - Management responded that competing railroads are opposed to the merger for self-serving reasons, emphasizing that the merger will enhance competition and provide better service options for customers [42][45] Question: What steps are being taken to stem freight leakage due to competition? - Management highlighted new service offerings and a commitment to fight for quality revenue, indicating readiness to adapt to competitive pressures [50][51] Question: Can you elaborate on the operational expense guidance and year-over-year earnings growth? - Management outlined that operational expenses are influenced by inflation, land sales, and productivity initiatives, with a focus on achieving year-over-year earnings growth despite challenges [57][62]

Norfolk Southern (NYSE:NSC) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Speaker3Good morning, ladies and gentlemen, and welcome to the Norfolk Southern Corporation Fourth Quarter 2025 Earnings Conference Call. Note that at this time, all participant lines are in the listen-only mode. Following the presentation, we will conduct a question-and-answer session. And if at any time during this call you require immediate assistance, please press star zero for the operator. Also note that this call is being ...

Heightened intermodal competition took a toll on Norfolk Southern’s volume, revenue, and profits in the fourth quarter. The 7% drop in intermodal volume drove a 4% decline in overall traffic as NS (NYSE: NSC) lost container business to rival CSX (NASDAQ: CSX), which launched an intermodal alliance with BNSF Railway (NYSE: BRK-B) last summer. NS Chief Executive Mark George said the fourth quarter played out amid a softer volume environment than had been predicted. “But even so, we controlled the controll ...