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]

Financial Data and Key Metrics Changes - In Q4 2025, overall volume decreased by 4%, leading to a 2% reduction in total revenue [16][24] - The operating ratio for the quarter was reported at 65.3, with adjusted EPS of $3.22 per share [23][24] - Free cash flow generated was $2.2 billion, an increase of nearly $500 million compared to the previous year [26] 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 [16][18] - Intermodal business experienced a 7% decline in volume, with revenue down by 6% due to challenging market conditions [16][19] - Coal volume increased due to higher electricity demand, but revenue decreased by 11% as lower seaborne coal prices impacted RPU [16][19] Market Data and Key Metrics Changes - The outlook for merchandise markets remains mixed, with expectations of modest manufacturing activity growth amid economic uncertainty [19] - Intermodal markets are expected to remain soft due to tariff volatility and oversupplied truck capacity [20] - Utility coal demand is expected to remain strong, while seaborne coal prices face significant pressure [21] Company Strategy and Development Direction - The company is focused on safety, service reliability, and cost control as part of its operational strategy for 2026 [27][30] - A reduction in capital spending to approximately $1.9 billion for 2026 reflects a prudent approach while maintaining network safety and reliability [29][26] - The company is committed to enhancing its competitive position through the merger, which aims to create a transcontinental rail network [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging demand environment and competitive landscape, particularly in the intermodal sector [34][37] - The company is prepared to fight for quality revenue and maintain strong service performance despite external pressures [36][62] - There is a focus on maintaining cost discipline while accommodating various volume growth scenarios [27][29] Other Important Information - The company achieved a record year in its merchandise business, with significant revenue growth and improved service performance [18][19] - Safety performance improved, with a 15% reduction in the FRA reportable injury ratio and a 71% improvement in the mainline accident rate year-over-year [9][10] 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 while accommodating various volume scenarios [33][34] Question: What is the perspective on the merger and its impact on competition? - Management responded that competing railroads are opposing the merger for their own business interests, asserting that the merger will enhance competition and provide customers with more options [40][41] Question: What steps are being taken to stem freight leakage due to competition? - Management emphasized the importance of fighting for quality revenue and highlighted new service offerings to enhance competitiveness [46][47] Question: Can you elaborate on the operational expense guidance for 2026? - Management outlined that operational expenses are influenced by inflation, land sales, and productivity initiatives, with a focus on controlling costs while preparing for various revenue scenarios [54][56]

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 ...