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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Scott Group | Wolfe Research | 9 (33%) |
| Tom Wadewitz | UBS | 8 (0%) |
| Brian Ossenbeck | JPMorgan | 7 (14%) |
| Jason Seidl | TD Cowen | 7 (0%) |
| Chris Wetherbee | Wells Fargo | 7 (0%) |
| Brandon Oglenski | Barclays | 6 (0%) |
| David Vernon | Bernstein | 5 (20%) |
| Richa Harnain | Deutsche Bank | 5 (40%) |
| Bascome Majors | Stephens | 4 (25%) |
| Walter Spracklin | RBC Capital Markets | 4 (25%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wolfe Research | 1 | 9 (33%) |
| UBS | 1 | 8 (0%) |
| JPMorgan | 1 | 7 (14%) |
| TD Cowen | 1 |
| Wells Fargo | 1 | 7 (0%) |
| Barclays | 1 | 6 (0%) |
| Deutsche Bank | 1 | 5 (40%) |
| Stephens | 2 | 5 (20%) |
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 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $3.02B | -1.6% | $3.23 | +38.6% | 36.1% | 24.2% | $276M |
| FY2025 Q1 | $2.99B | -0.4% | $3.31 | +1339.1% | 31.3% | 25.1% | $501M |
| FY2025 Q2 | $3.11B | +2.2% | $3.41 | +4.9% | 35.5% | 24.7% | $602M |
| FY2025 Q3 | $3.10B | +1.7% | $3.16 | -34.8% | 33.2% | 22.9% | $720M |
| FY2025 Q4 | $2.97B | -1.7% | $2.87 | -11.1% | 31.5% | 21.7% | $2.54B |
| FY2026 Q1 | $3.00B | +0.2% | $2.43 | -26.6% | 29.3% | 18.2% | $-38M |
| FY2026 Q2 | $3.46B | +11.4% | $3.26 | -4.4% | 32.4% | 21.2% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What NSC and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“The Norfolk Southern is a good railroad. They're good in how they think about their infrastructure, they're good in how they think about technology.”
UNP characterizes merger partner Norfolk Southern as a well-run railroad with good infrastructure and technology; a read-through on the pending UNP-NS combination.
“So you mentioned we're coming in by Norfolk Southern.”
Martin Marietta uses Norfolk Southern rail to move granite into the Florida market, another key rail logistics supplier.
“I'm excited to introduce an innovative new short line and transload partnership, which is subject to standard regulatory approval with Jaguar Transport Holdings.”
Norfolk Southern announced a short-line and transload growth partnership with Jaguar Transport Holdings in the Metro Atlanta market, subject to regulatory approval.
“progressing through our merger application with UP”
Norfolk Southern is advancing its merger application with Union Pacific to create a single-line transcontinental railroad, a read-through on the pending UNP-NSC combination.
| 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% |