NSCNYSERailroads, Line-Haul OperatingFiscal year ends December 31
NORFOLK SOUTHERN CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Oct 22, 2026
$323.48−3.44 (-1.05%)
Close on Oct 19, 2026
- Market cap
- $72.78B
- P/E (TTM)
- 27.6
- Dividend yield
- 1.67%
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
76.1%
171M of 225M shares
Institutional holders
1,861
135 new, 83 sold out
Net institutional buying
3M
In Q2 2026
Insider trades, 12 months
3 buys · 1 sales
Net bought $1.01M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Vanguard Capital Management | 16,955,045 | 7.55% | 13G (passive) | Mar 31, 2026 |
| BlackRock, Inc. | 14,512,992 | 6.40% | 13G (passive) amendment | Dec 31, 2023 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of NSC | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| BlackRock, Inc. | 16,000,346 | 7.12% | $5.03B | +724,235 | 0.07% |
| Vanguard Capital Management LLC | 14,666,136 | 6.53% | $4.61B | +79,477 | 0.10% |
| State Street Corp | 10,242,817 | 4.56% | $3.22B | +408,771 | 0.10% |
| Vanguard Portfolio Management LLC | 7,215,898 | 3.21% | $2.27B | +3,190,005 | 0.10% |
| Millennium Management LLC | 5,201,728 | 2.32% | $1.64B | +617,642 | 0.59% |
| Geode Capital Management, LLC | 5,114,278 | 2.28% | $1.60B | +38,090 | 0.09% |
| Bank Of America Corp /De/ | 3,111,914 | 1.39% | $978.98M | −89,179 | 0.06% |
| Norges Bank | 3,040,628 | 1.35% | $956.55M | New | 0.10% |
| Pentwater Capital Management LP | 2,775,000 | 1.24% | $872.99M | −445,000 | 5.34% |
| Northern Trust Corp | 2,614,406 | 1.16% | $822.47M | −23,262 | 0.10% |
| Morgan Stanley | 2,611,985 | 1.16% | $821.71M | −15,435 | 0.04% |
| D. E. Shaw & Co., Inc. | 2,601,202 | 1.16% | $818.31M | +337,722 | 0.39% |
| Dodge & Cox | 2,508,128 | 1.12% | $789.03M | −3,749,622 | 0.41% |
| Dimensional Fund Advisors LP | 2,259,711 | 1.01% | $710.94M | +153 | 0.13% |
| Capital World Investors | 2,011,919 | 0.90% | $632.93M | +5,247 | 0.07% |
| Price T Rowe Associates Inc /Md/ | 1,925,031 | 0.86% | $605.60K | −204,770 | 0.06% |
| Goldman Sachs Group Inc | 1,888,947 | 0.84% | $594.24M | +263,202 | 0.05% |
| Hbk Investments L P | 1,750,000 | 0.78% | $550.53M | +13,644 | 5.38% |
| Arrowstreet Capital, Limited Partnership | 1,732,049 | 0.77% | $544.89M | +105,361 | 0.24% |
| London Co Of Virginia | 1,652,991 | 0.74% | $520.02M | −47,306 | 2.97% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 1,861 | 171M | 76.1% | 135 / 614 | 635 / 83 | 17M | 14M |
| Q1 2026 | 1,838 | 168M | 74.8% | 133 / 580 | 669 / 113 | 34M | 17M |
| Q4 2025 | 1,850 | 173M | 77.2% | 190 / 583 | 634 / 99 | 21M | 21M |
| Q3 2025 | 1,800 | 174M | 77.6% | 238 / 521 | 614 / 101 | 31M | 34M |
| Q2 2025 | 1,692 | 177M | 78.8% | 157 / 532 | 618 / 101 | 12M | 9M |
| Q1 2025 | 1,655 | 174M | 77.7% | 106 / 558 | 592 / 107 | 11M | 11M |
| Q4 2024 | 1,685 | 175M | 77.8% | 201 / 517 | 584 / 96 | 12M | 20M |
| Q3 2024 | 1,610 | 183M | 81.6% | 166 / 481 | 598 / 99 | 29M | 10M |
| Q2 2024 | 1,563 | 179M | 79.7% | 114 / 523 | 561 / 153 | 13M | 17M |
| Q1 2024 | 1,626 | 184M | 81.9% | 148 / 508 | 587 / 82 | 16M | 18M |
| Q4 2023 | 1,584 | 186M | 82.9% | 259 / 433 | 565 / 96 | 27M | 10M |
| Q3 2023 | 1,443 | 169M | 75.2% | 84 / 472 | 531 / 153 | 12M | 11M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of NSC | Value | % of fund | As of |
|---|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | 7,129,656 | 3.17% | $2.24B | 0.10% | Jun 30, 2026 |
| Vanguard 500 Index Fund | 5,820,253 | 2.59% | $1.83B | 0.11% | Jun 30, 2026 |
| iShares Core S&P 500 ETF | 3,089,967 | 1.38% | $972.07M | 0.11% | Jun 30, 2026 |
| Fidelity 500 Index Fund | 2,873,852 | 1.28% | $876.41M | 0.11% | May 31, 2026 |
| Vanguard Mid-Cap Index Fund | 2,433,277 | 1.08% | $765.48M | 0.34% | Jun 30, 2026 |
| Vanguard Value Index Fund | 2,139,975 | 0.95% | $673.21M | 0.26% | Jun 30, 2026 |
| Dodge & Cox Stock Fund | 1,821,300 | 0.81% | $572.96M | 0.48% | Jun 30, 2026 |
| State Street(R) Industrial Select Sector SPDR(R) ETF | 1,323,726 | 0.59% | $416.43M | 1.23% | Jun 30, 2026 |
| Global X U.S. Infrastructure Development ETF | 1,288,197 | 0.57% | $392.85M | 2.90% | May 31, 2026 |
| Vanguard Institutional Index Fund | 1,219,320 | 0.54% | $383.59M | 0.11% | Jun 30, 2026 |
| American Balanced Fund | 1,142,952 | 0.51% | $359.56M | 0.12% | Jun 30, 2026 |
| Vanguard High Dividend Yield Index Fund | 905,531 | 0.40% | $303.79M | 0.31% | Jul 31, 2026 |
| Vanguard Primecap Fund | 842,278 | 0.37% | $264.97M | 0.28% | Jun 30, 2026 |
| Income Fund of America | 818,000 | 0.36% | $274.42M | 0.19% | Jul 31, 2026 |
| The U.S. Large Cap Value Series | 750,625 | 0.33% | $251.82M | 0.82% | Jul 31, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Mark R. George | President & CEO, Director | 23,818 | 0.01% | Sep 15, 2026 |
| Brian Barr | Chief Operating Officer | 818 | 0.00% | Jul 29, 2026 |
| John F. Orr | EVP & Chief Operating Officer | 11,363 | 0.01% | Apr 28, 2026 |
| Anil Bhatt | EVP & CIDO | 2,054 | 0.00% | Feb 3, 2026 |
| Jason Andrew Zampi | EVP & CFO | 4,037 | 0.00% | Feb 3, 2026 |
| Claude E. Elkins | EVP & Chief Commercial Officer | 3,326 | 0.00% | Feb 3, 2026 |
| Claiborne L. Moore | Vice President & Controller | 5,202 | 0.00% | Feb 3, 2026 |
| Sameh Fahmy | Director | 12,000 | 0.01% | Aug 24, 2026 |
| Christopher T. Jones | Director | – | – | Aug 24, 2026 |
| Mary Kathryn Heitkamp | Director | – | – | Aug 24, 2026 |
| Phillip S. Davidson | Director | – | – | Aug 24, 2026 |
| Francesca A. DeBiase | Director | 350 | 0.00% | Aug 24, 2026 |
| William Clyburn Jr. | Director | 405 | 0.00% | Aug 24, 2026 |
| Lori Ryerkerk | Director | – | – | Aug 24, 2026 |
| Richard H. Anderson | Director | 7,000 | 0.00% | Aug 24, 2026 |
| Gilbert H. Lamphere | Director | 3,647 | 0.00% | Aug 24, 2026 |
| Marcela E. Donadio | Director | 27 | 0.00% | Aug 24, 2026 |
| John C. Huffard Jr | Director | 3,466 | 0.00% | Aug 24, 2026 |
| Claude Mongeau | Director | 34,350 | 0.02% | May 22, 2025 |
| Thomas Colm Kelleher | Director | 2,282 | 0.00% | Feb 24, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Mark R. George President & CEO, Director | Sep 13, 2026 | Option exercise | +2,653 | – | – | 23,818 |
| Mark R. George President & CEO, Director | Sep 13, 2026 | Tax withholding | −1,035 | $323.30 | $334.62K | 22,783 |
| John F. Orr EVP & Chief Operating Officer | Apr 26, 2026 | Tax withholding | −3,247 | $320.81 | $1.04M | 11,363 |
| John F. Orr EVP & Chief Operating Officer | Apr 26, 2026 | Option exercise | +8,319 | – | – | 14,610 |
| Claiborne L. Moore Vice President & Controller | Jan 30, 2026 | Tax withholding | −115 | $289.24 | $33.26K | 4,970 |
| Claiborne L. Moore Vice President & Controller | Jan 30, 2026 | Option exercise | +421 | – | – | 4,902 |
| Claiborne L. Moore Vice President & Controller | Jan 30, 2026 | Option exercise | +252 | – | – | 5,154 |
| Claiborne L. Moore Vice President & Controller | Jan 30, 2026 | Tax withholding | −69 | $289.24 | $19.96K | 5,085 |
| John F. Orr EVP & Chief Operating Officer | Jan 30, 2026 | Option exercise | +803 | – | – | 5,999 |
| John F. Orr EVP & Chief Operating Officer | Jan 30, 2026 | Tax withholding | −219 | $289.24 | $63.34K | 6,291 |
| John F. Orr EVP & Chief Operating Officer | Jan 30, 2026 | Tax withholding | −191 | $289.24 | $55.24K | 6,510 |
| John F. Orr EVP & Chief Operating Officer | Jan 30, 2026 | Option exercise | +702 | – | – | 6,701 |
| Claude E. Elkins EVP & Chief Commercial Officer | Jan 30, 2026 | Option exercise | +777 | – | – | 3,194 |
| Claude E. Elkins EVP & Chief Commercial Officer | Jan 30, 2026 | Option exercise | +527 | – | – | 3,721 |
| Claude E. Elkins EVP & Chief Commercial Officer | Jan 30, 2026 | Tax withholding | −144 | $289.24 | $41.65K | 3,577 |
| Claude E. Elkins EVP & Chief Commercial Officer | Jan 30, 2026 | Tax withholding | −212 | $289.24 | $61.32K | 3,365 |
| Jason Andrew Zampi EVP & CFO | Jan 30, 2026 | Option exercise | +673 | – | – | 4,037 |
| Jason Andrew Zampi EVP & CFO | Jan 30, 2026 | Option exercise | +252 | – | – | 4,289 |
| Jason Andrew Zampi EVP & CFO | Jan 30, 2026 | Option exercise | +135 | – | – | 4,424 |
| Jason Andrew Zampi EVP & CFO | Jan 30, 2026 | Option exercise | +15 | – | – | 4,439 |
| Jason Andrew Zampi EVP & CFO | Jan 30, 2026 | Tax withholding | −5 | $289.24 | $1.45K | 4,434 |
| Jason Andrew Zampi EVP & CFO | Jan 30, 2026 | Tax withholding | −37 | $289.24 | $10.70K | 4,397 |
| Jason Andrew Zampi EVP & CFO | Jan 30, 2026 | Tax withholding | −183 | $289.24 | $52.93K | 4,145 |
| Jason Andrew Zampi EVP & CFO | Jan 30, 2026 | Tax withholding | −69 | $289.24 | $19.96K | 4,328 |
| Gilbert H. Lamphere Director | Jan 30, 2026 | Option exercise | +700 | – | – | 3,647 |
| Anil Bhatt EVP & CIDO | Jan 30, 2026 | Option exercise | +641 | – | – | 2,054 |
| Anil Bhatt EVP & CIDO | Jan 30, 2026 | Tax withholding | −175 | $289.24 | $50.62K | 2,039 |
| Anil Bhatt EVP & CIDO | Jan 30, 2026 | Tax withholding | −60 | $289.24 | $17.35K | 2,214 |
| Anil Bhatt EVP & CIDO | Jan 30, 2026 | Option exercise | +220 | – | – | 2,274 |
| Mark R. George President & CEO, Director | Jan 30, 2026 | Option exercise | +2,979 | – | – | 21,897 |
| Mark R. George President & CEO, Director | Jan 30, 2026 | Option exercise | +712 | – | – | 22,609 |
| Mark R. George President & CEO, Director | Jan 30, 2026 | Tax withholding | −279 | $289.24 | $80.70K | 22,330 |
| Mark R. George President & CEO, Director | Jan 30, 2026 | Tax withholding | −1,165 | $289.24 | $336.96K | 21,165 |
| Mark R. George President & CEO, Director | Jan 27, 2026 | Tax withholding | −303 | $289.91 | $87.84K | 18,918 |
| Mark R. George President & CEO, Director | Jan 27, 2026 | Option exercise | +775 | – | – | 19,221 |
| Claude E. Elkins EVP & Chief Commercial Officer | Jan 27, 2026 | Option exercise | +515 | – | – | 2,558 |
| Claude E. Elkins EVP & Chief Commercial Officer | Jan 27, 2026 | Tax withholding | −141 | $289.91 | $40.88K | 2,417 |
| Jason Andrew Zampi EVP & CFO | Jan 27, 2026 | Option exercise | +220 | – | – | 3,424 |
| Jason Andrew Zampi EVP & CFO | Jan 27, 2026 | Tax withholding | −60 | $289.91 | $17.39K | 3,364 |
| Claiborne L. Moore Vice President & Controller | Jan 27, 2026 | Option exercise | +254 | – | – | 4,551 |
| Claiborne L. Moore Vice President & Controller | Jan 27, 2026 | Tax withholding | −70 | $289.91 | $20.29K | 4,481 |
| Mark R. George President & CEO, Director | Jan 26, 2026 | Tax withholding | −245 | $288.31 | $70.64K | 18,446 |
| Mark R. George President & CEO, Director | Jan 26, 2026 | Option exercise | +625 | – | – | 18,691 |
| Claude E. Elkins EVP & Chief Commercial Officer | Jan 26, 2026 | Option exercise | +520 | – | – | 2,185 |
| Claude E. Elkins EVP & Chief Commercial Officer | Jan 26, 2026 | Tax withholding | −142 | $288.31 | $40.94K | 2,043 |
| Jason Andrew Zampi EVP & CFO | Jan 26, 2026 | Option exercise | +247 | – | – | 3,272 |
| Jason Andrew Zampi EVP & CFO | Jan 26, 2026 | Tax withholding | −68 | $288.31 | $19.61K | 3,204 |
| Claiborne L. Moore Vice President & Controller | Jan 26, 2026 | Tax withholding | −68 | $288.31 | $19.61K | 4,297 |
| Claiborne L. Moore Vice President & Controller | Jan 26, 2026 | Option exercise | +247 | – | – | 4,365 |
| William Clyburn Jr. Director | Dec 5, 2025 | Buy | +204 | $294.79 | $60.14K | 405 |
| Anil Bhatt EVP & CIDO | Nov 19, 2025 | Sale | −900 | $281.60 | $253.44K | 1,413 |
| Sameh Fahmy Director | Nov 5, 2025 | Buy | +1,650 | $282.97 | $466.90K | 12,000 |
| Richard H. Anderson Director | Oct 27, 2025 | Buy | +2,600 | $281.86 | $732.84K | 7,000 |
| Anil Bhatt EVP & CIDO | Oct 24, 2025 | Option exercise | +3,259 | – | – | 3,259 |
| Anil Bhatt EVP & CIDO | Oct 24, 2025 | Option exercise | +220 | – | – | 3,479 |
| Anil Bhatt EVP & CIDO | Oct 24, 2025 | Tax withholding | −60 | $282.50 | $16.95K | 3,419 |
| Anil Bhatt EVP & CIDO | Oct 24, 2025 | Tax withholding | −1,106 | $282.50 | $312.45K | 2,313 |
| Jason Andrew Zampi EVP & CFO | Oct 24, 2025 | Option exercise | +150 | – | – | 3,067 |
| Jason Andrew Zampi EVP & CFO | Oct 24, 2025 | Tax withholding | −42 | $282.50 | $11.87K | 3,025 |
| Mark R. George President & CEO, Director | Sep 13, 2025 | Tax withholding | −1,039 | $275.00 | $285.73K | 18,066 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Bhatt Anil Officer | Nov 19, 2025 | 900 | $253.44K | Nov 19, 2025 | Stock Plan Activity |
| Alan H. Shaw Former Officer | Sep 13, 2024 | 51,325 | $13.14M | Sep 13, 2024 | Stock Option Exercise |
| Nabanita C. Nag Officer | Jul 29, 2024 | 355 | $88.52K | Jul 29, 2024 | Stock Plan Activity |
| F. Leer Steven Director | Jun 20, 2024 | 24,000 | $5.30M | Jun 20, 2024 | Acquired from a distribution by a partnership or investment vehicle |
| Scanlon Jennifer 144 Filer only | Jun 20, 2024 | 5,055 | $1.13M | Jun 20, 2024 | Restricted stock vesting under a registered plan |
| Steven F. Leer Director | Jun 18, 2024 | 6,500 | $1.44M | Jun 25, 2024 | in lieu of service |
| E. Miles Amy Chair of the Board through 5/15/2024 | May 29, 2024 | 16,974 | $3.74M | May 29, 2024 | Earnout of RSUs |
| Thomas D. Bell Jr Former Director | May 20, 2024 | 2,920 | $674.80K | May 20, 2024 | Stock Plan Activity |
| Claude E. Elkins Officer | May 10, 2024 | 8,329 | $1.90M | May 10, 2024 | Options Exercised/Earned |
| Ann A. Adams Officer | Apr 30, 2024 | 4,487 | $1.08M | Apr 26, 2024 | Options Exercised/Earned |
| Alan H. Shaw Officer, Director | Jun 1, 2023 | 2,000 | $419.01K | Jun 1, 2023 | Options Exercised/Earned |