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Norfolk Southern Corp
F:NFS

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Norfolk Southern Corp
F:NFS
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Price: 265.3 EUR 0.64% Market Closed
Market Cap: €60B

Norfolk Southern Corp
Investor Relations

Norfolk Southern is a major freight railroad in the eastern United States. It owns and runs rail lines, terminals, and related equipment that move goods such as coal, chemicals, cars, metals, agriculture products, and consumer goods. The company sits in the middle of the supply chain, carrying heavy freight over long distances between factories, ports, warehouses, and other rail networks. Its main customers are manufacturers, miners, farmers, exporters, logistics companies, and other businesses that need to move large volumes of freight efficiently. Norfolk Southern makes money by charging to transport railcars and intermodal containers, which are shipping containers that move by both truck and train. It also earns from related services tied to rail transportation and terminal handling. What makes Norfolk Southern different is that railroads are hard to replace once the network is built. Its value comes from owning a large, connected rail system that can move bulky cargo at lower cost per ton than trucks over long distances. That makes the company especially important for industries that depend on steady, heavy, and predictable freight movement.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
Apr 24, 2026
AI Summary
Q1 2026

Revenue: Norfolk Southern said first-quarter revenue was flat year over year, even though volumes were down 1%, helped by stronger pricing and mix in parts of the business.

Costs: Adjusted expenses rose just 1% despite inflation, storm costs and sharply higher fuel prices, showing the company’s cost discipline held up in a tough quarter.

Margins: Adjusted operating ratio was 68.7%, with management saying productivity gains offset a large part of the inflation and fuel pressure.

Fuel shock: Fuel expense was a major surprise in March, running more than $40 million above expectations and still elevated into April, but the company kept full-year cost guidance unchanged.

Intermodal pressure: Intermodal remained weak, hurt by tough comparisons, winter storms, merger-related losses and more competition tied to the broader rail merger landscape.

Coal strength: Coal was a bright spot on volume, up 9%, supported by utility demand and stockpile restocking, though pricing and mix pressure kept coal revenue down.

Merger momentum: Management said it feels better about the UP merger application now than it did a few months ago and plans to refile by the end of the month.

Outlook: The company expects typical 2Q sequential margin improvement of about 200 basis points, while warning that fuel prices remain a key wildcard.

Key Financials
Revenue
flat
Volume
down 1%
Adjusted operating ratio
68.7%
Earnings per share
$2.65
Adjusted expenses
up 1%
FRA personal injury ratio
1.10
FRA accident ratio
1.43
FRA mainline accident ratio
0.26
Gross ton-miles
up 1.1%
Recrews
down 8.6%
Qualified T&E crew base
down about 6%
Merchandise volume
up 1%
Merchandise revenue
up 1%
Merchandise RPU less fuel
flat
Intermodal volume
down 4%
Intermodal revenue
down 1%
Intermodal revenue less fuel
down 2%
Intermodal RPU
up 3%
Intermodal RPU less fuel
up 2%
Coal volume
up 9%
Coal revenue
down 2%
Coal RPU
down 9%
Fuel costs
$31 million
Storm costs
$13 million to $15 million
Efficiency savings
over $30 million
Operational efficiency gains
over $500 million
Earnings Call Recording
Other Earnings Calls

Management

Mr. Mark R. George
President, CEO & Director

Mark R. George is the Executive Vice President and Chief Financial Officer at Norfolk Southern Corporation, a major transportation provider in the United States. He joined Norfolk Southern in 2019, bringing with him extensive experience in financial management and strategic planning. Before joining Norfolk Southern, he worked in various finance roles at United Technologies Corporation, where he was responsible for financial functions as well as driving profitability and growth initiatives. Mark R. George is known for his leadership in transforming financial operations and has played a crucial role in advancing Norfolk Southern's financial strategy and performance. His expertise includes financial planning and analysis, corporate strategy, and operations management.

Mr. Claude E. Elkins Jr.
Executive VP & Chief Marketing Officer

Claude E. Elkins Jr. was an esteemed executive at Norfolk Southern Corporation, a major North American transportation service company, primarily focused on railroads. Throughout his tenure, Elkins held several key leadership roles and contributed significantly to the corporation's growth and operations. Known for his strategic insight and industry expertise, he played a critical part in enhancing the company’s logistics and service networks. His leadership style was marked by a focus on operational efficiency and safety, which are pivotal in the rail transportation sector. Beyond his integral role at Norfolk Southern, Elkins was respected across the industry for his dedication to improving rail transport standards and practices.

Mr. Jason A. Zampi
Executive VP, CFO & Treasurer

Jason A. Zampi serves as the Executive Vice President and Chief Financial Officer at Norfolk Southern Corporation. He plays a critical role in overseeing the financial strategies of the company, contributing to its economic growth and stability. With a strong background in finance, Mr. Zampi is responsible for managing financial planning and analysis, investor relations, accounting, tax, and treasury functions. His leadership is instrumental in developing strategies to enhance shareholder value and ensure financial discipline within the organization. Before joining Norfolk Southern, Mr. Zampi accumulated extensive experience in the transportation and logistics industries, and he has held various leadership positions that leverage his expertise in financial management, strategic planning, and operational efficiency. His professional journey reflects a commitment to excellence and a track record of driving financial performance, making him a valuable part of Norfolk Southern's executive team.

Mr. John F. Orr
COO & Executive VP

John F. Orr is a recognized executive in the railroad industry, serving as the Executive Vice President and Chief Operating Officer at Norfolk Southern Corporation. Orr has a robust background in rail operations, which spans several decades, and that gives him a comprehensive understanding of the industry's intricacies. Before joining Norfolk Southern, he held various leadership positions at Canadian National Railway, where he honed his skills in strategic planning, operations management, and efficiency improvements. At Norfolk Southern, Orr is responsible for overseeing the company's operations, focusing on enhancing the efficiency and safety of the railway network. His leadership aims to optimize locomotive utilization, improve service delivery, and drive strategic initiatives to align with Norfolk Southern's long-term goals. Known for his commitment to innovation and operational excellence, Orr plays a vital role in advancing the company's vision and maintaining its competitive edge in the transportation sector.

Mr. Fredric M. Ehlers
VP of Information Technology & Chief Information Officer

Fredric M. Ehlers is a notable executive at Norfolk Southern Corporation, a major transportation service provider in the United States. He serves as the Senior Vice President of Operations, playing a pivotal role in overseeing the company’s rail operations. Ehlers has a rich background in the railroad industry with extensive experience in operations management and strategy. Fredric Ehlers joined Norfolk Southern with a comprehensive understanding of logistics, engineering, and rail network strategies, contributing significantly to the operational excellence of the corporation. His leadership focuses on optimizing the efficiency and reliability of Norfolk Southern's transportation network, which is critical to the company’s mission of delivering goods safely and on time. Under Ehlers' direction, the operations team at Norfolk Southern strives to implement innovative solutions and leverage technology to enhance service delivery, optimize costs, and improve safety standards. His commitment to operational excellence ensures that the company maintains its competitive edge in the freight transportation industry. Ehlers' career reflects a dedication to continuous improvement and leadership in the rail sector, with a focus on sustainability and adaptation to changing market conditions.

Luke Nichols
Senior Director of Investor Relations

Luke Nichols is the Executive Vice President and Chief Legal Officer at Norfolk Southern Corporation. In his role, Nichols is responsible for overseeing the company's legal and compliance matters, providing strategic guidance, and managing risk management initiatives. His leadership in these areas supports Norfolk Southern's operations and ensures the company's adherence to legal standards and regulations. Nichols has a strong background in legal affairs, bringing valuable expertise to the executive team at Norfolk Southern, which is one of the major freight railroad networks in North America.

Mr. Jason Morris
Chief Legal Officer & Corporate Secretary

Jason Morris is a notable executive at Norfolk Southern Corporation, serving as Vice President of Labor Relations. In this role, he is instrumental in guiding labor strategies, negotiating labor agreements, and fostering relationships with various stakeholders, ensuring smooth and efficient operations across the workforce. Morris brings with him a wealth of experience and a deep understanding of labor dynamics within the rail industry, which is crucial for maintaining the company’s commitments to its employees and operational goals. His leadership is focused on optimizing labor relations to enhance productivity and support the company's strategic objectives.

Ms. Angie Kolar
VP & Chief Compliance Officer

Angie Kolar is an executive at Norfolk Southern Corporation, primarily involved in the legal and compliance sectors of the company. She has held the position of Vice President, Law at Norfolk Southern, where she has been instrumental in guiding the company's legal strategies and ensuring compliance with industry regulations. Her role includes overseeing legal affairs, managing litigation, and providing counsel on corporate governance and regulatory issues. Known for her expertise in transportation law and her leadership in navigating complex legal environments, Angie Kolar plays a critical role in supporting Norfolk Southern's operations and strategic objectives.

Ms. Betsy Talton-Buck
VP & Chief Communications Officer

Ms. Betsy Talton-Buck is a notable executive within Norfolk Southern Corporation, a major transportation service provider specializing in rail transport. She holds the position of Vice President of Corporate Communications. In her role, Ms. Talton-Buck is responsible for overseeing corporate communications strategies, which involve managing the company's image and messaging across various platforms. Her duties include public relations, media relations, crisis communications, and internal communications. Prior to joining Norfolk Southern, Talton-Buck had an extensive career in the communications field. She worked for Delta Air Lines where she gained significant experience in managing communications for a large, multinational organization. Her work at Delta likely involved similar responsibilities, including overseeing communication strategies and managing the company's relationships with external stakeholders. Ms. Talton-Buck is known for her strategic vision and leadership in the communications sector, contributing to building strong and transparent communication channels both within the company and with the public. Her expertise supports Norfolk Southern in maintaining its reputation and effectively conveying its corporate messages to a broad audience. Her contributions to the field have positioned her as a respected figure in corporate communications, and her leadership continues to influence Norfolk Southern's communication efforts.

Ms. Barbara N. Paul
Vice President of Human Resources

Barbara N. Paul serves as the Executive Vice President and Chief Human Resources Officer at Norfolk Southern Corporation. In her role, she is responsible for leading the company’s human resources strategy, which encompasses talent acquisition, workforce development, diversity and inclusion, employee engagement, and labor relations. Paul has a proven track record of driving organizational change and enhancing corporate culture. Before joining Norfolk Southern, she held key leadership positions in human resources at other major companies, where she focused on aligning HR strategies with business objectives to drive growth and innovation. Paul is esteemed for her strategic vision, commitment to inclusivity, and ability to foster an environment where employees can thrive. Her leadership plays a crucial role in shaping the workforce that powers Norfolk Southern’s success in the rail transportation industry.

Contacts

Address
GEORGIA
Atlanta
650 W Peachtree Street Nw
Contacts
+14704636807.0
www.nscorp.com
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