Analyst Consensus ?
ConsensusHold48 ratings
Bullish2143.8%
Neutral2450.0%
Bearish36.2%
Norfolk Southern Corporation · NSC · FY2026 Q3 · Calendar Q4 2026
Norfolk Southern highlights growth, productivity, and higher planned capex
The current analysis supports a constructive operating thesis for Norfolk Southern: volume growth, productivity gains, and continued intermodal and industrial demand are offsetting higher fuel costs. The thesis remains dependent on network execution, labor availability, and sustained truck-to-rail conversion.
Reported Before market openNYSEIndustrials
$73.69B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $3.46
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $3.48B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.4%
Event window
SPY move
-1.4%
Same window
Abnormal move
+3.8%
Stock minus SPY
Volume
1.0×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
NSCSPY benchmark
Ask FN2 about NSC FY2026 Q3
Transcript, numbers and history already loaded
What drove NSC's +2.4% move after FY2026 Q3 earnings?What changed in NSC's guidance and outlook in FY2026 Q3?Give me the bull and bear case for NSC after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, management emphasized 14% Q3 revenue growth, record safety metrics, a higher roughly $2.1 billion 2026 capex outlook, and a $650 million cumulative cost-savings target tied to productivity improvements.
Guidance delta
Management maintained its guidance sentiment while raising the 2026 capex outlook to roughly $2.1 billion for network resilience and capacity expansion.
Key takeaways
- Q3 revenue grew 14%, or 6% on a fuel-adjusted basis, with gains across business segments.
- Management cited record safety performance and ongoing productivity improvements.
- Intermodal, chemicals, and industrial demand supported the outlook, while fuel and labor costs remain risks.
Management priorities
- Advance network upgrades and resilience investments.
- Improve fluidity through train consolidations and lower dwell time.
- Scale hiring and training while pursuing Union Pacific merger approval.
Follow NSC with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$338.23Current
$175Low
$301.73Average
$400High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 22, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Citigroup | Neutral | Neutral | Maintain | Oct 7, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 5, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | Oct 2, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 27, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 27, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 24, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 24, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 24, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 24, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Apr 27, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Mar 31, 2026 |
| Deutsche Bank | Hold | Buy | Downgrade | Dec 11, 2025 |
| UBS | Buy | Buy | Maintain | Oct 24, 2025 |
| Benchmark | Hold | Buy | Downgrade | Jul 30, 2025 |
| Jefferies | Hold | Buy | Downgrade | Jul 25, 2025 |
| B of A Securities | Buy | Buy | Maintain | Jul 17, 2025 |
| Goldman Sachs | Neutral | Buy | Downgrade | Jun 2, 2025 |
| Stifel | Hold | Hold | Maintain | Apr 14, 2025 |
| Loop Capital | Hold | Buy | Downgrade | Feb 3, 2025 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Jan 30, 2025 |
| Morgan Stanley | Underweight | Equal Weight | Downgrade | Jan 29, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Apr 27, 2023 |
| Argus Research | Hold | Buy | Downgrade | Mar 15, 2023 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Feb 21, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jan 26, 2023 |
| Bank of America | Neutral | Neutral | Maintain | Sep 30, 2020 |
| TD Securities | Buy | Hold | Upgrade | Oct 25, 2018 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Oct 25, 2018 |
| Argus | Buy | Buy | Maintain | Jul 31, 2018 |
| Scotiabank | Sector Outperform | Sector Perform | Upgrade | Jan 12, 2018 |
| Buckingham | Neutral | Neutral | Maintain | Jan 18, 2017 |
| Seaport Global | Buy | Buy | Maintain | Oct 28, 2016 |
| Avondale Partners | Underperform | Market Outperform | Downgrade | Oct 12, 2016 |
| Atlantic Equities | Neutral | Neutral | Maintain | Aug 11, 2016 |
| Oppenheimer | Perform | Market Perform | Maintain | Jun 16, 2016 |
| CLSA | Outperform | Outperform | Maintain | May 19, 2016 |
| Nomura | Neutral | Neutral | Maintain | Apr 22, 2016 |
| Macquarie | Underperform | Underperform | Maintain | Jan 28, 2016 |
| Buckingham Research | Neutral | Buy | Downgrade | Jan 28, 2016 |
| Topeka Capital | Hold | Hold | Maintain | Nov 25, 2015 |
| Topeka | Hold | Hold | Maintain | Nov 25, 2015 |
| Cleveland Research | Neutral | Neutral | Maintain | Mar 26, 2015 |
| Raymond James | Outperform | Outperform | Maintain | Jul 24, 2014 |
| FBR Capital | Outperform | Outperform | Maintain | Jun 24, 2014 |
| Dahlman Rose | Buy | Hold | Upgrade | Feb 4, 2013 |
| Sterne Agee | Buy | Buy | Maintain | Oct 24, 2012 |
| BB&T Capital | Buy | Hold | Upgrade | Jul 2, 2012 |
| Bank oferica | Buy | Buy | Maintain | Apr 25, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $338.23. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Susquehanna | Harrison Bauer | $350 | $314.08 | +3.5% | Oct 2, 2026 |
| RBC Capital | Walter Spracklin | $330 | $316.16 | -2.4% | Sep 24, 2026 |
| BMO Capital | Analyst unavailable | $355 | $350.66 | +5.0% | Jul 27, 2026 |
| Robert W. Baird | Analyst unavailable | $377 | $350.66 | +11.5% | Jul 27, 2026 |
| UBS | Analyst unavailable | $363 | $347.99 | +7.3% | Jul 24, 2026 |
| Barclays | Brandon Oglenski | $400 | $348.55 | +18.3% | Jul 24, 2026 |
| Evercore ISI | Analyst unavailable | $358 | $348.55 | +5.8% | Jul 23, 2026 |
| Susquehanna | Analyst unavailable | $360 | $327.45 | +6.4% | Jul 14, 2026 |
| Robert W. Baird | Analyst unavailable | $360 | $323.77 | +6.4% | Jul 10, 2026 |
| Susquehanna | Analyst unavailable | $337 | $313.4 | -0.4% | Jun 5, 2026 |
| UBS | Analyst unavailable | $327 | $315.7 | -3.3% | May 7, 2026 |
| Robert W. Baird | Daniel Moore | $330 | $318.81 | -2.4% | Apr 28, 2026 |
| BMO Capital | Analyst unavailable | $310 | $318.02 | -8.3% | Apr 27, 2026 |
| RBC Capital | Walter Spracklin | $360 | $319.58 | +6.4% | Apr 27, 2026 |
| Barclays | Analyst unavailable | $360 | $319.58 | +6.4% | Apr 27, 2026 |
| Evercore ISI | Analyst unavailable | $325 | $319.58 | -3.9% | Apr 24, 2026 |
| RBC Capital | Analyst unavailable | $310 | $283.28 | -8.3% | Mar 26, 2026 |
| UBS | Analyst unavailable | $342 | $306.91 | +1.1% | Feb 6, 2026 |
| Robert W. Baird | Analyst unavailable | $288 | $291.07 | -14.9% | Feb 2, 2026 |
| RBC Capital | Analyst unavailable | $320 | $288.09 | -5.4% | Jan 30, 2026 |
| RBC Capital | Analyst unavailable | $325 | $294.43 | -3.9% | Dec 18, 2025 |
| Barclays | Analyst unavailable | $340 | $298.56 | +0.5% | Dec 16, 2025 |
| Deutsche Bank | Analyst unavailable | $297 | $294.26 | -12.2% | Dec 11, 2025 |
| Robert W. Baird | Analyst unavailable | $293 | $295.1 | -13.4% | Dec 5, 2025 |
| RBC Capital | Walter Spracklin | $315 | $281.5 | -6.9% | Oct 24, 2025 |
| BMO Capital | Analyst unavailable | $305 | $284 | -9.8% | Oct 24, 2025 |
| Barclays | Analyst unavailable | $320 | $298.68 | -5.4% | Oct 2, 2025 |
| Deutsche Bank | Analyst unavailable | $354 | $298.68 | +4.7% | Oct 1, 2025 |
| Susquehanna | Bascome Majors | $295 | $293.32 | -12.8% | Sep 25, 2025 |
| Susquehanna | Bascome Majors | $260 | $257.46 | -23.1% | Jun 24, 2025 |
| BMO Capital | Fadi Chamoun | $255 | $226.18 | -24.6% | Apr 24, 2025 |
| Deutsche Bank | Analyst unavailable | $293 | $242.22 | -13.4% | Mar 7, 2025 |
| Susquehanna | Bascome Majors | $265 | $237.76 | -21.7% | Jan 8, 2025 |
| Loop Capital Markets | Ric Paterson | $287 | $260.43 | -15.1% | Oct 23, 2024 |
| Susquehanna | Bascome Majors | $285 | $260.43 | -15.7% | Oct 23, 2024 |
| RBC Capital | Walter Spracklin | $282 | $260.43 | -16.6% | Oct 23, 2024 |
| Wells Fargo | Christian Wetherbee | $280 | $260.43 | -17.2% | Oct 23, 2024 |
| UBS | Thomas Wadewitz | $309 | $260.43 | -8.6% | Oct 23, 2024 |
| Jefferies | Stephanie Moore | $285 | $260.43 | -15.7% | Oct 22, 2024 |
| Barclays | Brandon Oglenski | $290 | $260.43 | -14.3% | Oct 22, 2024 |
| Citigroup | Ariel Rosa | $302 | $261.62 | -10.7% | Oct 22, 2024 |
| CFRA | Emily Nasseff Mitsch | $248 | $261.46 | -26.7% | Oct 22, 2024 |
| Barclays | Brandon Oglenski | $275 | $253.77 | -18.7% | Sep 12, 2024 |
| Loop Capital Markets | Ric Paterson | $285 | $248.44 | -15.7% | Jul 29, 2024 |
| Goldman Sachs | Jordan Alliger | $292 | $246.97 | -13.7% | Jul 26, 2024 |
| RBC Capital | Walter Spracklin | $267 | $249.67 | -21.1% | Jul 26, 2024 |
| Bernstein | David Vernon | $285 | $215.86 | -15.7% | Jul 8, 2024 |
| Morgan Stanley | Ravi Shanker | $175 | $215.86 | -48.3% | Jul 8, 2024 |
| UBS | Thomas Wadewitz | $294 | $236.22 | -13.1% | Apr 25, 2024 |
| Stifel Nicolaus | Benjamin Nolan | $244 | $249.73 | -27.9% | Apr 12, 2024 |
| RBC Capital | Walter Spracklin | $270 | $248.77 | -20.2% | Apr 10, 2024 |
| Jefferies | Stephanie Moore | $300 | $250.03 | -11.3% | Apr 8, 2024 |
| UBS | Thomas Wadewitz | $302 | $261.23 | -10.7% | Mar 20, 2024 |
| Stifel Nicolaus | Benjamin Nolan | $233 | $261.23 | -31.1% | Mar 20, 2024 |
| Barclays | Brandon Oglenski | $305 | $257.62 | -9.8% | Feb 21, 2024 |
| Citigroup | Christian Wetherbee | $225 | $237.85 | -33.5% | Jan 26, 2024 |
| Bernstein | David Vernon | $272 | $240.14 | -19.6% | Jan 22, 2024 |
| Barclays | Analyst unavailable | $255 | $254.07 | -24.6% | Dec 5, 2022 |
| Wells Fargo | Analyst unavailable | $285 | $256.5 | -15.7% | Dec 1, 2022 |
| Citigroup | Analyst unavailable | $250 | $248.55 | -26.1% | Nov 29, 2022 |
| Deutsche Bank | Analyst unavailable | $273 | $248.55 | -19.3% | Nov 29, 2022 |
| Credit Suisse | Analyst unavailable | $278 | $250.66 | -17.8% | Nov 22, 2022 |
| Morgan Stanley | Ravi Shanker | $177 | $222.12 | -47.7% | Oct 27, 2022 |
| Robert W. Baird | Garrett Holland | $240 | $218.93 | -29.0% | Oct 7, 2022 |
| Susquehanna | Bascome Majors Majors | $218 | $214.55 | -35.5% | Sep 29, 2022 |
| Stifel Nicolaus | Benjamin Nolan | $275 | $221.7 | -18.7% | Jul 15, 2022 |
| BMO Capital | Analyst unavailable | $285 | $263.96 | -15.7% | Apr 28, 2022 |
| UBS | Thomas Wadewitz | $335 | $268.56 | -1.0% | Jan 27, 2022 |
| Wolfe Research | Scott Group | $320 | $268.56 | -5.4% | Jan 27, 2022 |
| Cowen & Co. | Jason Seidl | $321 | $267.84 | -5.1% | Jan 26, 2022 |
| Goldman Sachs | Jordan Alliger | $320 | $267.84 | -5.4% | Jan 26, 2022 |
| Citigroup | Christian Wetherbee | $345 | $293.4 | +2.0% | Jan 5, 2022 |
| Benchmark Co. | Nathan Martin | $316 | $290.76 | -6.6% | Oct 28, 2021 |
| TD Securities | Cherilyn Radbourne | $330 | $290.76 | -2.4% | Oct 28, 2021 |
| Stifel Nicolaus | Benjamin Nolan | $278 | $253.72 | -17.8% | Jul 28, 2021 |
| Evercore ISI | Jonathan Chappell | $303 | $260.36 | -10.4% | Jul 9, 2021 |
| Argus Research | John Eade | $310 | $283.12 | -8.3% | May 4, 2021 |
| Loop Capital Markets | Rick Paterson | $321 | $276.25 | -5.1% | Apr 29, 2021 |
Track every rating change on NSC the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationNorfolk Southern Corporation (NSC), operating through its various subsidiaries, is a prominent rail transport provider in the United States. The company's core business involves the conveyance of raw materials, semi-finished goods, and completed merchandise across the nation. Its extensive freight services cover a broad spectrum of commodities. This includes a variety of agricultural and forestry products like grains (e.g., soybeans, wheat, corn), fertilizers, animal feeds, and diverse foodstuffs such as oils, flour, sweeteners, beverages, and canned goods, alongside lumber and paper products. NSC also handles a wide range of chemicals, from sulfur and petroleum derivatives to chlorine compounds, plastics, industrial chemicals, and sand.…
Historical context
All NSC earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ROL Rollins, Inc. | FY2026 Q3 · Calendar Q4 2026 | -1.4% | +5.6% | Rollins lowers growth outlook as AI search pressures residential demand |
| URI United Rentals, Inc. | FY2026 Q3 · Calendar Q4 2026 | +11.3% | +3.9% | United Rentals Q3: Records, Raised Guidance and Strong Specialty Demand |
| LMT Lockheed Martin Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +7.0% | Lockheed raises 2026 sales outlook as backlog reaches $292 billion |
| LUV Southwest Airlines Co. | FY2026 Q3 · Calendar Q4 2026 | +15.6% | +4.3% | Southwest maintains guidance as demand and loyalty initiatives support Q3 |
| GGG Graco Inc. | FY2026 Q3 · Calendar Q4 2026 | -2.5% | -16.6% | Graco posts record Q3 sales as backlog grows, but industrial timing stays measured |
| POOL Pool Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +10.6% | POOL sales grow 4% as pricing offsets freight pressure |
Latest beats and misses
Who reports nextBeat on EPS
- URIFY2026 Q3 · October 21, 2026+11.3% EPS+3.9% move
- LUVFY2026 Q3 · October 21, 2026+15.6% EPS+4.3% move
- RSFY2026 Q3 · October 21, 2026+17.4% EPS-0.7% move
- CACIFY2027 Q1 · October 21, 2026+16.6% EPS-1.5% move
- WCNFY2026 Q3 · October 21, 2026+3.9% EPS+8.8% move
- KMIFY2026 Q3 · October 21, 2026+9.2% EPS+1.2% move
Missed on EPS
- ROLFY2026 Q3 · October 21, 2026-1.4% EPS+5.6% move
- GGGFY2026 Q3 · October 21, 2026-2.5% EPS-16.6% move
- GL-PDFY2026 Q3 · October 21, 2026-1.2% EPS— move
- GLFY2026 Q3 · October 21, 2026-1.2% EPS-3.8% move
- METAFY2026 Q3 · October 21, 2026-41.4% EPS+0.5% move
- LVSFY2026 Q3 · October 21, 2026-20.9% EPS-1.7% move
Get the NSC recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-22T19:04:48.336958+00:00
- FN2 earnings calendar · 2026-10-22T01:23:13.354406+00:00
- Polygon adjusted daily market bars · 2026-10-22T19:10:44.850366+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T19:10:44.847727+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-22. For educational purposes only; not investment advice.