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Norfolk Southern (NYSE:NSC) Stock, Chaîne d'Options

NORFOLK SOUTHERN CORP

Norfolk Southern

Class-I railroad Norfolk Southern operates in the Eastern United States. On more than 20,000 miles of track, the rail hauls shipments of coal, intermodal traffic, and a diverse mix of automotive, agriculture, metal, chemical, and forest products.

Norfolk Southern Corporation Common Stock

Norfolk Southern Corp

NANALYSIS SCIENTIFIC CORP by Nanalysis Scientific Corp.

Nanalysis Scientific Corp

Nuveen Sustainable Core ETF

NuShares ETF Trust Nuveen Small Cap Select ETF

Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) is gearing up to announce its quarterly earnings on Tuesday, 2025-07-29. Here's a quick overview of what investors should know before the release.
Analysts are estimating that Norfolk Southern will report an earnings per share (EPS) of $3.29.
The market awaits Norfolk Southern's announcement, with hopes high for news of surpassing estimates and providing upbeat guidance for the next quarter.
It's important for new investors to understand that guidance can be a significant driver of stock prices.
<h3>Earnings Track Record</h3>
In the previous earnings release, the company missed EPS by $0.00, leading to a 2.13% increase in the share price the following trading session.
Here's a look at Norfolk Southern's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q1 2025</th>
<th>Q4 2024</th>
<th>Q3 2024</th>
<th>Q2 2024</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>2.69</td>
<td>2.94</td>
<td>3.11</td>
<td>2.86</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>2.69</td>
<td>3.04</td>
<td>3.25</td>
<td>3.06</td>
</tr>
<tr>
<td>Price Change %</td>
<td>2.0%</td>
<td>0.0%</td>
<td>-1.0%</td>
<td>11.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2025/1753711397_0.png" alt="eps graph" />
<h3>Performance of Norfolk Southern Shares</h3>
Shares of Norfolk Southern were trading at $282.38 as of July 25. Over the last 52-week period, shares are up 13.93%. Given that these returns are generally positive, long-term shareholders should be satisfied going into this earnings release. 
<h3>Analysts' Take on Norfolk Southern</h3>
Understanding market sentiments and expectations within the industry is crucial for investors. This analysis delves into the latest insights on Norfolk Southern.
Norfolk Southern has received a total of 14 ratings from analysts, with the consensus rating as Neutral. With an average one-year price target of $288.57, the consensus suggests a potential 2.19% upside.
<h3>Comparing Ratings Among Industry Peers</h3>
In this comparison, we explore the analyst ratings and average 1-year price targets of CSX, Old Dominion Freight Line and XPO, three prominent industry players, offering insights into their relative performance expectations and market positioning.
<ul>
<li>Analysts currently favor an Neutral trajectory for CSX, with an average 1-year price target of $37.4, suggesting a potential 86.76% downside.</li>
<li>Analysts currently favor an Neutral trajectory for Old Dominion Freight Line, with an average 1-year price target of $172.0, suggesting a potential 39.09% downside.</li>
<li>Analysts currently favor an Outperform trajectory for XPO, with an average 1-year price target of $135.32, suggesting a potential 52.08% downside.</li>
</ul>
<h3>Snapshot: Peer Analysis</h3>
Within the peer analysis summary, vital metrics for CSX, Old Dominion Freight Line and XPO are presented, shedding light on their respective standings within the industry and offering valuable insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Norfolk Southern</td>
<td>Neutral</td>
<td>-0.37%</td>
<td>$1.25B</td>
<td>5.20%</td>
</tr>
<tr>
<td>CSX</td>
<td>Neutral</td>
<td>-3.43%</td>
<td>$1.28B</td>
<td>6.76%</td>
</tr>
<tr>
<td>Old Dominion Freight Line</td>
<td>Neutral</td>
<td>-5.84%</td>
<td>$450.09M</td>
<td>6.01%</td>
</tr>
<tr>
<td>XPO</td>
<td>Outperform</td>
<td>-3.17%</td>
<td>$207M</td>
<td>4.26%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Norfolk Southern ranks in the middle for consensus rating. It is at the bottom for revenue growth. It is at the top for gross profit. It is at the bottom for return on equity.
<h3>Unveiling the Story Behind Norfolk Southern</h3>
Class-I railroad Norfolk Southern operates in the Eastern United States. On more than 20,000 miles of track, the rail hauls shipments of coal, intermodal traffic, and a diverse mix of automotive, agriculture, metal, chemical, and forest products.
<h3>Norfolk Southern: Financial Performance Dissected</h3>
Market Capitalization: Exceeding industry standards, the company's market capitalization places it above industry average in size relative to peers. This emphasizes its significant scale and robust market position.
Decline in Revenue: Over the 3 months period, Norfolk Southern faced challenges, resulting in a decline of approximately -0.37% in revenue growth as of 31 March, 2025. This signifies a reduction in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Industrials sector.
Net Margin: Norfolk Southern's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 25.03%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Norfolk Southern's ROE stands out, surpassing industry averages. With an impressive ROE of 5.2%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): The company's ROA is a standout performer, exceeding industry averages. With an impressive ROA of 1.71%, the company showcases effective utilization of assets.
Debt Management: Norfolk Southern's debt-to-equity ratio is notably higher than the industry average. With a ratio of 1.19, the company relies more heavily on borrowed funds, indicating a higher level of financial risk.
<a href="https://www.benzinga.com/quote/NSC/earnings">To track all earnings releases for Norfolk Southern visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

Examining the Future: Norfolk Southern's Earnings Outlook

<h2 class="wp-block-heading">New On The Block</h2>
<ul class="wp-block-list">
<li>Warren Buffett might be preparing to punch a one-way ticket to <a href="https://www.benzinga.com/topic/transportation">transcontinental rail dominance</a>. With Union Pacific Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) confirming it&#8217;s in "advanced discussions" to <a href="https://www.wsj.com/business/deals/union-pacific-norfolk-southern-in-advanced-discussions-for-deal-348a3158?gaa_at=eafs&amp;gaa_n=ASWzDAiDBso8V46Fe_WJK-KsthP48eSHqJQJ-ZTMJ-ouJTsnBR3LVqpvFjJ_JEf1IHg%3D&amp;gaa_ts=6883c558&amp;gaa_sig=oXtGVAu0Q5qx5XVQ0ggMHeqdYWaH7amlOErlCGq6EXRl9ZaO836CqlXss11XusQHdOlt4dMk4L-uR3gD4-G6ww%3D%3D">merge</a> with Norfolk Southern Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>), all eyes have turned to Berkshire Hathaway Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>), which owns Burlington Northern Santa Fe, to see if the Oracle of Omaha will counter by scooping up CSX Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>). Such a deal, according <a href="https://www.barrons.com/articles/berkshire-buffett-csx-merger-bnsf-1ae24485">to</a> Barron&#8217;s, would create a second coast-to-coast railroad, reshaping the freight landscape in the U.S. CSX CEO Joseph Hinrichs didn't exactly pour cold water on the idea during the company&#8217;s earnings call Wednesday, saying CSX is "open to anything" that delivers shareholder value.</li>
</ul>
<ul class="wp-block-list">
<li>Jeff Bezos may be eyeing CNBC as his <a href="https://www.benzinga.com/news/entertainment/25/07/46613555/bezos-spent-500-million-on-yacht-how-much-to-buy-cnbc#google_vignette">next big media acquisition</a>, according to a report from the New York Post. As Comcast prepares to spin off CNBC and other networks into a new company called Versant, the Amazon founder is rumored to be considering a bid that would align with his growing media portfolio, which already includes The Washington Post.</li>
</ul>
<ul class="wp-block-list">
<li>Sony Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) is exploring a <a href="https://www.reuters.com/business/sony-explores-sale-cellular-chipsets-business-sources-say-2025-07-23/">sale</a> of its cellular chipset unit, Sony Semiconductor Israel. The company, which acquired the unit (formerly Altair Semiconductor) in 2016 for $212 million, is working with investment bankers on an auction process. The business, which generates about $80 million in recurring annual revenue, could fetch close to $300 million. Potential buyers include private equity firms and industry players. The move comes as Sony also prepares to partially spin off and list its financial services arm, while considering other options for its broader semiconductor business, such as partnering with external companies or adopting a fab-light model.</li>
</ul>
See Also: <a href="https://www.benzinga.com/real-estate/25/07/46598634/heres-how-much-warren-buffett-pockets-every-time-you-buy-a-bottle-of-coke">Here&#8217;s How Much Warren Buffett Pockets Every Time You Buy A Bottle of Coke</a>
<h2 class="wp-block-heading">Updates From The Block</h2>
<ul class="wp-block-list">
<li>Recall that Spanish telecom giant Telefónica had agreed to sell its Uruguayan unit to Millicom International for $440 million. The divestiture was part of a broader strategy to reduce debt and limit currency risk by putting Latin American assets up for auction. Beyond ONE is <a href="https://www.reuters.com/business/media-telecom/telefonica-exclusive-talks-sell-its-mexican-unit-beyond-one-sources-say-2025-07-25/">reportedly</a> in exclusive talks to buy Telefónica&#8217;s Mexican unit.</li>
</ul>
<ul class="wp-block-list">
<li>Pinnacle Financial Partners Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>) shares <a href="https://www.bloomberg.com/news/articles/2025-07-24/pinnacle-synovus-agree-to-combine-in-8-6-billion-stock-deal?sref=TBDibEcD">plunged</a> the most in over five years after announcing an $8.6 billion all-stock merger with Synovus Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNV#NYSE">SNV</a>), forming the largest U.S. bank deal announced so far in 2025. The two Southeast-based banks — each with market values near $8 billion — will merge under a new Pinnacle parent company, with Pinnacle shareholders owning 51.5% and Synovus shareholders 48.5%. Investors reacted negatively, with Pinnacle shares falling as much as 17% and Synovus down 13%, amid expectations that both could have attracted higher takeover premiums from larger regional banks.</li>
</ul>
<h2 class="wp-block-heading">Off The Block</h2>
<ul class="wp-block-list">
<li>The FCC <a href="https://www.benzinga.com/m-a/25/07/46619864/paramount-global-stock-jumps-after-fcc-approves-8-billion-merger-with-skydance">approved the $8 billion merger</a> between Paramount Global Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>) and Skydance. According to the New York Times, the combined entity agreed to install an official to monitor bias at CBS's news division. Sen. Elizabeth Warren (D-Mass.) is calling for an investigation into the approval of the "wink-wink" deal, suggesting it may be tied to a $16 million settlement President Trump received from Paramount. &#8220;Trump is open for business [but] bribery is still illegal,&#8221; <a href="https://www.benzinga.com/markets/tech/25/07/46622070/elizabeth-warren-slams-trump-administrations-paramount-skydance-approval-calls-it-wink-wink-deal-signaling-president-is-open-for-business">Warren said</a>.</li>
</ul>
<ul class="wp-block-list">
<li>Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) has <a href="https://www.bloomberg.com/news/articles/2025-07-23/chevron-cut-575-positions-as-53-billion-hess-takeover-closed">completed</a> its $55 billion merger with Hess. According to a Texas Workforce Commission filing on Wednesday, following the deal's closure, Chevron cut 575 jobs in Houston and 70 in North Dakota.</li>
</ul>
<h2 class="wp-block-heading">Bankruptcy Block</h2>
<ul class="wp-block-list">
<li>CareerBuilder and Monster, once leading online job boards, have been <a href="https://www.reuters.com/legal/litigation/monster-careerbuilder-job-sites-sell-28m-bankruptcy-2025-07-21/">sold</a> for $28 million in bankruptcy to Bold Holdings following a competitive auction. This sale marks a significant transition for these platforms, reflecting changes in the job market and digital recruitment strategies. Bold Holdings aims to revitalize the online job search industry, currently dominated by LinkedIn. </li>
</ul>
<a href="https://www.benzinga.com/m-a/25/07/46500376/deal-dispatch-del-taco-tanks-tylenol-sale-joyebells-burns-the-pie">For the previous edition of Deal Dispatch, click here</a>.
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PARA

PARAA

PNFP

Sony Group Corporation American Depositary Shares

SONY

Deal Dispatch: Will Buffett Catch The Train? Plus — Bezos Circles CNBC

Union Pacific Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) is demonstrating a clear acceleration in its operational and financial performance, fueled by significant productivity gains and a strong earnings beat in its latest quarter. 
This resurgence, coupled with strategic advancements and a dividend increase, signals a strong trajectory for the rail giant amid evolving market dynamics.
Bank of America Securities (BofA) analyst Ken Hoexter reiterated a Buy rating on Union Pacific Corp. and raised the <a href="https://www.benzinga.com/quote/UNP/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast</a> to $271 from $262, citing growing confidence in the company&#8217;s operational and financial trajectory under CEO Jim Vena.
Also Read: <a href="https://www.benzinga.com/trading-ideas/rumors/25/07/46557532/is-warren-buffetts-347-billion-cash-buying-railroads-heres-what-the-oracle-of-omaha-said" target="_blank" rel="noreferrer noopener">Is Warren Buffett&#8217;s $347 Billion Cash Buying Railroads? Here&#8217;s What The Oracle Of Omaha Said</a>
Hoexter now applies a 20.5x multiple to 2026 EPS, above Union Pacific&#8217;s historical 14x–20x range, to reflect meaningful improvements in service, cost discipline, and the cultural transformation already underway.
He expects a strong earnings recovery in 2025, with EPS projected to rise from $11.06 in 2024 to $11.80 in 2025 and $13.20 in 2026. This outlook aligns with management&#8217;s long-term target of high-single to low-double-digit compound annual growth.
The second-quarter <a href="https://www.benzinga.com/markets/earnings/25/07/46609130/union-pacific-sticks-to-annual-outlook-confirms-merger-talks-with-norfolk-southern" target="_blank" rel="noreferrer noopener">earnings beat</a>, $3.03 adjusted EPS versus $2.92 consensus, and an industry-best adjusted operating ratio of 58.1% further strengthen his conviction in the turnaround story.
While acknowledging potential dilution risks from merger talks with Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>), Hoexter sees the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/07/b46600288/union-pacific-and-norfolk-southern-discussing-possible-merger/" rel="noreferrer noopener">proposed</a> combination as strategically aligned with the Trump administration&#8217;s push to modernize U.S. infrastructure and create a more competitive transcontinental rail network.
He also expects Union Pacific to maintain healthy leverage between 2.7x and 3.0x, continue scaling its share repurchase program, and reaccelerate top-line growth.
Union Pacific outperformed in the second quarter, posting $6.15 billion in revenue, up 2% year over year, driven by 4% volume growth, strong core pricing, and record productivity.
Adjusted operating income rose 5% to $2.53 billion, while key efficiency metrics showed notable gains: freight car velocity improved 10%, locomotive productivity increased 5%, and workforce productivity jumped 9%.
The board approved a 3% <a target="_blank" href="https://www.benzinga.com/pressreleases/25/07/b46454775/union-pacific-corporation-announces-3-dividend-increase-for-third-quarter-2025" rel="noreferrer noopener">increase</a> in the quarterly dividend to $1.38 per share, payable Sept. 30. Management reaffirmed its full-year guidance, with earnings tracking toward the high end of its long-term growth outlook.
Beyond BofA, other analysts have also adjusted their positions on Union Pacific. Wells Fargo analyst Christian Wetherbee maintained an Overweight rating and raised his price target from $250 to $260. Conversely, Evercore ISI&#8217;s Jonathan Chappell maintained an In-Line rating but slightly trimmed his price target from $244 to $238. Notably, Jefferies analyst Stephanie Moore upgraded the stock from Hold to Buy, significantly lifting her price target from $250 to $285.
Price Action: UNP shares are trading higher by 2.27% at $224.64 at the last check on Friday.
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Analyst Color

News

Price Target

Reiteration

Analyst Ratings

Movers

Trading Ideas

Union Pacific's Turnaround Gains Momentum With Stellar Q2 Operations

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul class="wp-block-list">
<li>Baird analyst Ben Kallo downgraded Darling Ingredients Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAR#NYSE">DAR</a>) from Outperform to Neutral and slashed the price target from $40 to $36. Darling Ingredients shares closed at $35.19 on Thursday. <a href="https://www.benzinga.com/quote/dar/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Evercore ISI Group analyst Eric Boyes downgraded the rating for Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>) from Outperform to In-Line and lowered the price target from $56 to $32. Dow shares closed at $25.07 on Thursday. <a href="https://www.benzinga.com/quote/dow/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Stifel analyst Jonathan Block downgraded Henry Schein, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSIC#NASDAQ">HSIC</a>) from Buy to Hold and cut the price target from $80 to $75. Henry Schein shares closed at $72.62 on Thursday. <a href="https://www.benzinga.com/quote/hsic/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Wolfe Research analyst Keith Stanley downgraded the rating for Plains All American Pipeline, L.P. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAA#NASDAQ">PAA</a>) from Outperform to Peer Perform. Plains All American shares closed at $18.93 on Thursday. <a href="https://www.benzinga.com/quote/paa/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Jefferies analyst Stephanie Moore downgraded Norfolk Southern Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) from Buy to Hold and announced a $300 price target. Norfolk Southern shares closed at $278.00 on Thursday. <a href="https://www.benzinga.com/quote/nsc/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying NSC stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="587" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/25083952/image-400-1024x587.png" alt="" class="wp-image-1000735" style="width:642px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/25083952/image-400-1024x587.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/25083952/image-400-300x172.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/25083952/image-400-768x440.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/25083952/image-400.png 1105w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Downgrades

Pre-Market Outlook

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This Norfolk Southern Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Friday

Jefferies analyst Stephanie Moore downgrades Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) from Buy to Hold and announces $300 price target.

Jefferies Downgrades Norfolk Southern to Hold, Announces $300 Price Target

Union Pacific Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) on Thursday reported better-than-expected <a target="_blank" href="https://www.benzinga.com/pressreleases/25/07/b46598044/union-pacific-reports-second-quarter-2025-results" rel="noreferrer noopener">second-quarter 2025</a> earnings and revenue, driven by volume growth, core pricing gains, and record operational productivity.
The railroad posted net income of $1.9 billion, or $3.15 per diluted share, up from $1.7 billion, or $2.74 per share, in the year-ago quarter.
Adjusted earnings per share came in at $3.03, excluding a $115 million deferred tax benefit and a $55 million crew staffing charge, topping the consensus estimate of $2.86 per share.
Also Read: <a href="https://www.benzinga.com/trading-ideas/rumors/25/07/46557532/is-warren-buffetts-347-billion-cash-buying-railroads-heres-what-the-oracle-of-omaha-said" target="_blank" rel="noreferrer noopener">Is Warren Buffett&#8217;s $347 Billion Cash Buying Railroads? Here&#8217;s What The Oracle Of Omaha Said</a>
Revenue rose 2% year-over-year to $6.15 billion, surpassing the $6.10 billion estimate, as volume increased 4%, carloads revenue rose 4%, and freight revenue excluding fuel surcharges grew 6%.
Operating income climbed 5% to $2.53 billion, and the reported operating ratio improved by 100 basis points to 59.0%. On an adjusted basis, the operating ratio stood at 58.1%, a 230-basis-point improvement from a year ago.
Union Pacific also reported improved efficiency metrics across its network. Freight car velocity rose 10%, locomotive productivity increased 5%, and workforce productivity jumped 9% to 1,124 car miles per employee.
The average train length grew 2% to 9,689 feet. The company also noted improvements in injury and derailment rates.
&#8220;These results reflect the strong momentum we&#8217;ve built in delivering safe, reliable service,&#8221; CEO Jim Vena said in a statement. &#8220;The foundation is built, we are growing with our customers, and we have strong momentum as we continue to maximize the value of our great franchise.&#8221;
On July 16, the board <a href="https://www.benzinga.com/pressreleases/25/07/b46454775/union-pacific-corporation-announces-3-dividend-increase-for-third-quarter-2025" target="_blank" rel="noreferrer noopener">approved</a> a 3% increase in the quarterly dividend to $1.38 per share, payable Sept. 30, 2025, to shareholders of record as of Aug. 29.
<h2 class="wp-block-heading">Outlook</h2>
Union Pacific reaffirmed its full-year 2025 guidance, projecting earnings growth consistent with its long-term target of high-single to low-double-digit compound annual growth. The company maintained its $3.4 billion capital spending plan and $4.0 to $4.5 billion share repurchases.
<h2 class="wp-block-heading">Merger Talks </h2>
Separately, Union Pacific and Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) <a href="https://www.benzinga.com/pressreleases/25/07/b46600288/union-pacific-and-norfolk-southern-discussing-possible-merger" target="_blank" rel="noreferrer noopener">confirmed</a> they are in advanced discussions regarding a potential business combination. Both companies cautioned that there is no assurance a deal will be reached and said they do not plan to provide further updates unless required.
Union Pacific is valued at about $140 billion, while Norfolk Southern is worth roughly $60 billion. The <a href="https://www.benzinga.com/trading-ideas/movers/25/07/46482618/union-pacific-eyes-60-billion-norfolk-southern-in-railroad-mega-merger" target="_blank" rel="noreferrer noopener">merger</a> would create the nation&#8217;s first coast-to-coast rail network, a move CEO Jim Vena says could improve service by reducing transfer delays.
Price Action: At last check Thursday, UNP shares were trading lower by 3.03% to $224.00.
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Guidance

Union Pacific Sticks To Annual Outlook, Confirms Merger Talks With Norfolk Southern

WIIM

NSC stock has given up its prior gain. Norfolk Southern shares were trading higher after confirming discussions with Union Pacific about a potential combination.

Norfolk Southern shares are trading higher after confirming discussions with Union Pacific about a potential combination.

Union Pacific And Norfolk Southern Confirm Discussions Regarding A Potential Combination

Legendary investor Warren Buffett and his conglomerate Berkshire Hathaway Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) have made <a href="https://www.benzinga.com/top-stories/25/05/45352621/warren-buffetts-big-bets-10-of-berkshires-largest-deals-reveal-diversification-strategy">more than 50 acquisitions </a>since 1970. A new report suggests that an acquisition in the railroad sector could be on the horizon for Buffett and Berkshire.
What Happened: One of the largest acquisitions ever made by Berkshire Hathaway was the company&#8217;s<a href="https://www.benzinga.com/news/23/04/31806831/warren-buffett-was-said-to-overpay-for-bnsf-railway-heres-why-hes-having-the-last-laugh" target="_blank" rel="noopener"> acquisition of</a><a href="https://www.benzinga.com/news/23/04/31806831/warren-buffett-was-said-to-overpay-for-bnsf-railway-heres-why-hes-having-the-last-laugh"> the remaining stake</a> it did not own in BNSF Railway in 2009.
Buffett began investing in BNSF in 2007 and, years later, announced plans to acquire the remaining 77.4% he didn't own for $100 per share. The deal valued BNSF at $44 billion, including $10 billion in outstanding debt.
A new report from <a href="https://www.semafor.com/article/07/21/2025/berkshire-bnsf-bankers-railroad-merger">Semafor </a>states that BNSF is collaborating with Goldman Sachs to explore another acquisition in the railroad sector.
The report did not say whether it's Norfolk Southern Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) or CSX Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>) that Berkshire is most interested in.
Semafor's report comes as The Wall Street Journal recently reported that Union Pacific Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) was <a href="https://www.benzinga.com/trading-ideas/movers/25/07/46482618/union-pacific-eyes-60-billion-norfolk-southern-in-railroad-mega-merger">exploring a deal </a>to acquire Norfolk Southern. The combination would create the first east coast to west coast railroad for the United States and could increase competition with BNSF.
Goldman Sachs was the broker that helped facilitate the Canadian Pacific and Kansas City Southern merger four years ago, which was the sector's last major merger and resulted in the creation of Canadian Pacific Kansas City (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>).
Buffett shut down the report that Berkshire Hathaway was working with Goldman Sachs on a railroad takeover. Buffett told <a href="https://www.cnbc.com/2025/07/22/warren-buffett-knocks-down-reports-that-berkshires-bnsf-taps-goldman-for-a-railroad-takeover.html">CNBC</a> that Goldman Sachs has not spoken to him or his Berkshire CEO heir Greg Abel about a railroad deal.
Buffett also said that Berkshire does not traditionally seek advice from external bankers like Goldman Sachs on deals.
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Why It's Important: Buffett ruled out working with Goldman Sachs, but stopped short of denying that BNSF was considering any railroad acquisitions.
Berkshire has a cash balance of $347 billion that could make swallowing up a smaller railroad an easy play at the moment. Norfolk Southern has a market capitalization of $60 billion, while CSX is valued at $65 billion.
As Benzinga previously shared, Buffett's acquisition of BNSF was somewhat criticized at the time for the large purchase price. BNSF pays out dividends to Berkshire Hathaway beyond what it needs for general operations.
From 2010 to 2020, Berkshire Hathaway collected over $50 billion in dividends from BNSF, more than the total it paid for the company outright.
Buffett once called BNSF the second most valuable asset for Berkshire Hathaway.
As Semafor reports, one reason why Berkshire may not be adding another railroad company. Berkshire has traditionally acquired best-in-class businesses and then left them alone without further acquisitions in the same sector.
Berkshire has added more assets to the Berkshire Energy portfolio over the years, which is the unit overseen by Abel. With Abel, the new incoming CEO, both he and Buffett would likely need to be on the same page regarding the future growth of railroads.
Without BNSF bidding there is a chance that other railroads could merge and create a larger national player. A merger in the sector could also prove to be a test of how far consolidation in the sector can go under the Trump administration.
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Image created using artificial intelligence via Midjourney.

Is Warren Buffett's $347 Billion Cash Buying Railroads? Here's What The Oracle Of Omaha Said

Baird analyst Daniel Moore maintains Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) with a Neutral and raises the price target from $255 to $300.

Baird Maintains Neutral on Norfolk Southern, Raises Price Target to $300

BRK/A

BRK/B

Warren Buffett Tells CNBC "No One From Goldman Has Spoken To Me Or To Greg Abel About Rail Deal"

Norfolk Southern shares are trading higher on possible continued strength after TD Cowen upgraded the stock from Hold to Buy and raised its price target from $263 to $323. Additionally, Bernstein raised its price target from $295 to $305.

Bernstein analyst David Vernon maintains Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) with a Outperform and raises the price target from $295 to $305.

Bernstein Maintains Outperform on Norfolk Southern, Raises Price Target to $305

TD Cowen analyst Jason Seidl upgrades Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) from Hold to Buy and raises the price target from $263 to $323.

Upgrades

TD Cowen Upgrades Norfolk Southern to Buy, Raises Price Target to $323

Norfolk Southern is trading higher after a WSJ report indicated Union Pacific is exploring a deal for the company.

Union Pacific Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) is in early-stage discussions to acquire Norfolk Southern Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>), sources said Thursday, in what would amount to a major merger within<a href="https://www.benzinga.com/analyst-stock-ratings/price-target/25/07/46466805/netflix-to-rally-more-than-11-here-are-10-top-analyst-forecasts-for-thursday"> the railroad industry. </a>
The Details: The talks are preliminary, <a href="https://www.wsj.com/business/deals/railroad-operator-union-pacific-exploring-deal-for-norfolk-southern-1d06e822?gaa_at=eafs&amp;gaa_n=ASWzDAh9rtVND2Pr2zVpzUbgb5vvt6nhUC7TEeXhyHSkxayh6KkHrxDUE_LWTC7Njv8%3D&amp;gaa_ts=68796ae2&amp;gaa_sig=_3SQbCDPHPuo4ON15EuXmDOdI8NSfQcGzdY-_3xmXu5-w_u16uczJYMBkO1k8Oi9hCLGleAqk8FOF_s05GQkQg%3D%3D">according </a>to the Wall Street Journal, and there is no guarantee that an agreement will be reached or ultimately win approval from regulators.&nbsp;
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Union Pacific currently has a market value of about $140 billion, while Norfolk Southern is valued at around $60 billion.&nbsp;
Following news of the negotiations, shares of Norfolk Southern rose by 4% in after-hours trading, while Union Pacific&#8217;s stock fell roughly 2% before reversing to a slight gain. 
Why It Matters: If completed, a deal would create an extensive rail system spanning the country and controlling a significant share of U.S. freight transport. At present, no railroad company offers a network that connects the east and west coasts across the U.S.
Union Pacific CEO Jim Vena has spoken positively about the idea of a transcontinental rail network, noting that it could enhance service by reducing delays that currently occur when railcars are transferred between different operators.
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Large Cap

Union Pacific Eyes $60 Billion Norfolk Southern In Railroad Mega-Merger

<a href="https://www.wsj.com/business/deals/railroad-operator-union-pacific-exploring-deal-for-norfolk-southern-1d06e822">https://www.wsj.com/business/deals/railroad-operator-union-pacific-exploring-deal-for-norfolk-southern-1d06e822</a>

General

'Railroad Operator Union Pacific Exploring Deal for Norfolk Southern'- WSJ

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul class="wp-block-list">
<li>Piper Sandler raised Occidental Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) price target from $48 to $50. Piper Sandler analyst Mark Lear maintained a Neutral rating. Occidental Petroleum shares closed at $45.35 on Wednesday. <a href="https://www.benzinga.com/quote/OXY/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JMP Securities cut the price target for MFA Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MFA#NYSE">MFA</a>) from $12 to $11. JMP Securities analyst Mikhail Goberman maintained a Market Outperform rating. MFA Financial shares closed at $9.32 on Wednesday. <a href="https://www.benzinga.com/quote/MFA/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Stifel raised Monarch Casino &amp; Resort, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCRI#NASDAQ">MCRI</a>) price target from $81 to $92. Stifel analyst Jeffrey Stantial maintained a Hold rating. Monarch Casino &amp; Resort shares closed at $87.36 on Wednesday. <a href="https://www.benzinga.com/quote/MCRI/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Truist Securities boosted the price target for Affirm Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) from $58 to $72. Truist Securities analyst Matthew Coad maintained a Buy rating. Affirm shares closed at $67.21 on Wednesday. <a href="https://www.benzinga.com/quote/AFRM/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Oppenheimer boosted the price target for Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) from $395 to $483. Oppenheimer analyst Kristen Owen maintained an Outperform rating. Caterpillar shares closed at $412.88 on Wednesday. <a href="https://www.benzinga.com/quote/CAT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Morgan Stanley raised The Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) price target from $200 to $235. Morgan Stanley analyst Kristine Liwag maintained an Equal-Weight rating. Boeing shares settled at $229.90 on Wednesday. <a href="https://www.benzinga.com/quote/BA/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Bernstein increased Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) price target from $1,200 to $1,390. Bernstein analyst Laurent Yoon maintained an Outperform rating. Netflix shares closed at $1,250.31 on Wednesday. <a href="https://www.benzinga.com/quote/NFLX/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B of A Securities raised Norfolk Southern Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) price target from $290 to $305. B of A Securities analyst Ken Hoexter maintained a Buy rating. Norfolk Southern shares closed at $260.32 on Wednesday.  <a href="https://www.benzinga.com/quote/NSC/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Baird cut the price target for Copart, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPRT#NASDAQ">CPRT</a>) from $64 to $55. Baird analyst Craig Kennison maintained an Outperform rating. Copart shares settled at $45.98 on Wednesday. <a href="https://www.benzinga.com/quote/CPRT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>B of A Securities cut The Progressive Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) price target from $337 to $336. B of A Securities analyst Joshua Shanker maintained a Buy rating. Progressive shares closed at $246.46 on Tuesday. <a href="https://www.benzinga.com/quote/PGR/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Considering buying NFLX stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><a href="https://www.benzinga.com/quote/NFLX/analyst-ratings"><img loading="lazy" decoding="async" width="1024" height="562" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/17092630/image-224-1024x562.png" alt="" class="wp-image-989784" style="width:565px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/17092630/image-224-1024x562.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/17092630/image-224-300x165.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/17092630/image-224-768x422.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/17092630/image-224.png 1151w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
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Markets

AFRM

CPRT

MCRI

NFLX

Netflix To Rally More Than 11%? Here Are 10 Top Analyst Forecasts For Thursday

Dividends

Press Releases

Norfolk Southern Declares Quarterly Dividend

Norfolk Southern reports first quarter 2025 results

Norfolk Southern to present at Wolfe Research 18th Annual Global Transportation & Industrials Conference

Claude Mongeau resigns as chair of Norfolk Southern Board

Norfolk Southern to present at 2025 Wells Fargo Industrials and Materials Conference

Norfolk Southern board of directors elects Richard Anderson as chair

Norfolk Southern to announce second quarter 2025 earnings results on July 29, 2025

Union Pacific and Norfolk Southern Discussing Possible Merger

Norfolk Southern and Union Pacific Discussing Possible Merger

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