Norfolk Southern

Commentary

• October 02, 2025
• Class I

TD Cowen: 20th Anniversary Quarterly Rail Survey Says …

Pricing continues to decelerate in the third quarter, running well below the survey’s average. Business growth expectations worsen, akin to COVID lows. Economic confidence skews negative. Shippers would move LSD volume onto rails if transcon service offered. Rail earnings likely driven by M&A discussion despite incrementally weakening business conditions.

Commentary

• October 02, 2025
• Class I

TD Cowen Insight: Merger to Dominate Rail Earnings Despite Diverging Q3 Operations

We lower Q3 EPS estimates below current consensus for both Eastern carriers, while modestly raising estimates for UNP, driven by outperformance in IM and coal. Broader freight demand remains challenged though M&A likely to continue to be center stage for most investor focus.

Commentary

• October 02, 2025
• Regulatory

The ‘End Game’ UP-NS Merger

On July 30, 2025, at the Surface Transportation Board, Union Pacific and Norfolk Southern filed a notice of intent to file an Application for authority to merge. The earliest the Application may

Commentary

• October 02, 2025
• Class I

STB Drama Follows UP-POTUS Chat

WATCHING WASHINGTON, RAILWAY AGE, OCTOBER 2025 ISSUE: The proposed marriage of Union Pacific (UP) and Norfolk Southern (NS) to form the first U.S. seamless Atlantic to Pacific transcontinental railroad is a mesmerizing drama intensified by two forceful personalities. 

• September 30, 2025
• Class I

Class I Briefs: UP, BNSF

Union Pacific (UP) racks up strong performance numbers for its grain customers. Also, BNSF encourages stakeholders to share their views with the Surface Transportation Board (STB) regarding the proposed merger between Union Pacific (UP) and Norfolk Southern (NS).

• September 30, 2025
• Regulatory

STB: Feedback Welcome on Review Schedule for Proposed UP+NS Merger

The Surface Transportation Board (STB) is inviting public comment on its schedule for reviewing the proposed merger of Union Pacific (UP) and Norfolk Southern (NS), which would create the first U.S. transcontinental

• September 29, 2025
• Class I

Class I Briefs: BNSF, NS

BNSF provides an update on operational performance and capital expansion projects in Texas, Arizona, and California. Also, Norfolk Southern (NS) reflects on Hurricane Helene recovery efforts—one year later.

Commentary

• September 26, 2025
• Class I

Watch: NS Generations on the Rails

At Norfolk Southern (NS), railroading runs deep. It often spans generations of the same family. Across our network, you’ll find parents, children, grandchildren, and more who have all proudly called themselves railroaders,

• September 24, 2025
• Class I

NS Introduces Triple Crown Services, Inc.

Norfolk Southern (NS) recently announced that it has created Triple Crown Services, Inc. (TCSI), a single-source solution for motor carrier and brokerage services that “puts customers first.”

• September 23, 2025
• Regulatory

SMART-TD Supports Proposed UP-NS Merger

Union Pacific and the International Association of Sheet Metal, Air, Rail and Transportation Workers–Transportation Division on Sept. 22 announced an agreement they said “guarantees that SMART-TD members working in train and yardmaster