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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Tom Wadewitz | UBS | 8 | 0% |
| Scott Group | Wolfe Research | 8 | 38% |
| Jason Seidl | TD Cowen | 6 | 0% |
| Brian Ossenbeck | JPMorgan | 6 | 0% |
| Chris Wetherbee | Wells Fargo | 6 | 0% |
| Brandon Oglenski | Barclays | 5 | 0% |
| Jon Chappell | Evercore ISI | 4 | 0% |
| Dave Vernon | Bernstein | 4 | 25% |
| Walter Spracklin | RBC Capital Markets | 4 | 25% |
| Richa Harnain | Deutsche Bank | 4 | 50% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| UBS | 1 | 8 | 0% |
| Wolfe Research | 1 | 8 | 38% |
| JPMorgan | 1 | 6 | 0% |
| TD Cowen | 1 |
| 6 |
| 0% |
| Wells Fargo | 1 | 6 | 0% |
| Barclays | 1 | 5 | 0% |
| Bernstein | 1 | 4 | 25% |
| Deutsche Bank | 1 | 4 | 50% |
Norfolk Southern reported Q1 revenue flat year-over-year with RPU up 2% and EPS of $2.65, as PSR 2.0 continued delivering record fuel efficiency and coal volumes surged on utility demand while the Iran conflict drove a fuel cost surge. Management maintained cost guidance of $8.2-8.4 billion with no revenue or EPS guidance, as total adjusted expenses grew just 1% despite inflationary pressures and storm costs, while the UP merger application tracked on schedule for refiling.
Competitive Dynamics | Demand | Cost Pressure | Margin | Pricing | M&A | Innovation & R&D | Macroeconomic | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 7 | 4 | 3 | 3 | 1 | ||
| 2025Q1 | 5 | 3 | 3 | 3 | 2 | 2 | 2 | |
| 2025Q3 | 7 | 3 | 4 | 2 | 2 | 4 | 1 | 1 |
| 2025Q4 | 6 | 2 | 2 | 2 | 2 | 3 | 1 | |
| 2026Q1 | 5 | 7 | 4 | 3 | 2 | 3 | 2 | 2 |
| '24Q4 | '25Q1 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|
| Competitive Dynamics | 3 | 5 | 7 | 6 | 5 |
| Demand | 7 | 3 | 3 | 2 | 7 |
| Cost Pressure | 4 | 3 | 4 | 2 | 4 |
| Margin | 3 | 3 | 2 | 2 | 3 |
| Pricing | 3 | 2 | 2 | 2 | 2 |
| M&A | 4 | 3 | 3 | ||
| Innovation & R&D | 1 | 2 | 1 | 2 | |
| Macroeconomic | 2 | 1 | 1 | 2 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NSC Norfolk Southern Railway | 5 | +0.2% | |
| CSX CSX Corporation | 7 | +1.7% | |
| UNP Union Pacific Corporation | 6 | +3.1% | |
| WAB Wabtec | 8 | +13.0% |