Eastern U.S. freight railroad
Norfolk Southern
Norfolk Southern earns revenue by moving intermodal freight, agricultural and consumer products, chemicals, metals and construction materials, automobiles, and coal across its eastern U.S. rail network. It spends on locomotive modernization and pooled railcar use, owns an interest in a railcar pooling company, and is pursuing a merger with Union Pacific.
NSC Updated Sep 12, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, Norfolk Southern is directly linked to 5 companies (1 supply, 3 revenue, 1 investment relationships) and reaches 39 companies within two hops; the links are backed by 10 dated sources, 3 of them primary filings (as of 2026-09-12).
Annual return · 2026-09-04'21+27.3%'22-15.6%'23-1.6%'24+1.6%'25+25.6%YTD+15.6%
Norfolk SouthernFY2025 total revenue of $12.180 billion
Financials & Segments
- Total revenue · FY2025 total revenue of $12.180 billion
- Segments · Agriculture, forest and consumer products · Chemicals · Metals and construction · Automotive · Intermodal · Coal
Revenue from
- Amazon High confidence
Norfolk Southern identified Amazon as its largest intermodal customer at its investor day. Later merger coverage continued to describe Amazon as a shipper affected by changes to the two railroads' service.Mentions EN Associated Press Published Jul 29, 2025: Union Pacific and Norfolk Seek First Transcontinental Railroad Through a Massive MergerConfirms EN FactSet CallStreet and Railway Age Published Dec 6, 2022: Norfolk Southern Corp. Investor Day Raw Transcript - J.B. Hunt High confidence
J.B. Hunt is a major intermodal channel customer of Norfolk Southern. J.B. Hunt's latest annual filing says most of its business moves on BNSF and Norfolk Southern railways.Confirms EN FactSet CallStreet and Railway Age Published Dec 6, 2022: Norfolk Southern Corp. Investor Day Raw Transcript - Archer-Daniels-Midland Company Medium confidence
Norfolk Southern provides rail service through its Decatur, Illinois terminal to major agricultural customers including ADM, which does not disclose its transportation payments to Norfolk Southern.Confirms EN Norfolk Southern Published Sep 12, 2023: Our Engineering Team in Action: 40 Hours in Decatur
Pays to
- TTX Company High confidence· Amount $316M · FY2025 · Expense incurred for use of TTX equipment
Norfolk Southern uses TTX's pooled intermodal, automotive, and general-use railcars at stated rates. The equipment charges are recorded in purchased services and rents. - Wabtec High confidence· Count 330 locomotives · multi-year order announced 2022, completion targeted 2025 · Locomotives covered by the additional Wabtec modernization order
Norfolk Southern contracts Wabtec to modernize aging locomotives with AC traction. Disclosures from both the railroad and supplier confirm the continuing program.Confirms EN Norfolk Southern Published Oct 8, 2025: Norfolk Southern Powers Past 1,000th Locomotive ModernizationConfirms EN Wabtec Corporation Published Mar 23, 2022: Wabtec to Modernize 330 Norfolk Southern Locomotives - Progress Rail High confidence· Count 96 locomotives · deliveries scheduled 2027-2029 · EMD SD70M-2 locomotives covered by the Progress Rail modernization agreement
Norfolk Southern signed a locomotive modernization agreement with Caterpillar subsidiary Progress Rail. Deliveries are scheduled in phases, and the contract value was not disclosed.Confirms EN Progress Rail Published Mar 9, 2026: Progress Rail Partners with Norfolk Southern to Modernize Locomotive Fleet
Investors
- Union Pacific Corporation High confidence· Contract value $85B · transaction announced 2025-07-29, pending regulatory approval · Announced merger transaction value based on Norfolk Southern enterprise value
Union Pacific agreed to acquire Norfolk Southern in a stock-and-cash merger. Closing remains subject to Surface Transportation Board review and other conditions.Confirms KO Samil PwC Management Research Institute Published Mar 1, 2026: M&A Industry Trends: 2026 OutlookConfirms EN SEC EDGAR Published Jul 29, 2025: Union Pacific and Norfolk Southern to Create America's First Transcontinental Railroad
Investments
- TTX Company High confidence· Market share 19.78% · as of 2025-12-31 · Norfolk Southern ownership interest in TTX
Norfolk Southern owns TTX alongside six other North American railroads. The stake is reported as an equity-method investment alongside the equipment-use relationship.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marathon Petroleum Corporation | lead2 | +61 | +86.6 | +30.5 | -4.1 | +19.2 | +141.9 |
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +81.8 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +80.9 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +66.4 |
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +56.6 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +53.7 |
| Schlumberger | lead2 | +39.6 | +81.2 | -0.8 | -24.5 | +3.3 | +52.3 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +34.1 |
| Corteva, Inc. | lead2 | +23.6 | +25.6 | -17.5 | +20.2 | +18.9 | +32 |
| Becton, Dickinson and Company | lead2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.7 |
| Live Nation Entertainment, Inc. | lead2 | +62.9 | -41.7 | +34.2 | +38.4 | +10 | +21.8 |
| Carrier Global Corporation | lead2 | +45.3 | -22.7 | +41.5 | +20.3 | -21.8 | +14.3 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.6 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | +12.4 |
| Agilent Technologies, Inc. | lead2 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Automatic Data Processing, Inc. | lead2 | +42.6 | -1.3 | -0.2 | +28.4 | -10.2 | +9.6 |
| Hilton Worldwide Holdings Inc. | lead2 | +40.2 | -18.7 | +44.7 | +36.1 | +16.5 | +8.5 |
| Waters Corporation | lead2 | +50.6 | -8.1 | -3.9 | +12.7 | +2.4 | +7.8 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -1.6 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| Comcast Corporation | lead2 | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -1.9 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -6.7 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -13.3 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -16.5 |
| IDEXX Laboratories, Inc. | lead2 | +31.7 | -38 | +36.1 | -25.5 | +63.6 | -20.9 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -35.2 |
| Intuit Inc. | lead2 | +70.3 | -39.1 | +61.8 | +1.2 | +6.1 | -49.3 |
| Archer-Daniels-Midland Company | lead1 | +37.3 | +40 | -20.4 | -27.5 | +18.2 | +50.2 |
| J.B. Hunt | lead1 | +50.6 | -13.9 | +15.6 | -13.8 | +15.2 | +41.7 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Norfolk Southern | node | +27.3 | -15.6 | -1.6 | +1.6 | +25.6 | +15.6 |
| Wabtec Corporation | benef1 | +26.5 | +9.1 | +28 | +50.1 | +13.2 | +33 |
| Union Pacific Corporation | benef1 | +23.3 | -15.9 | +21.6 | -5.1 | +3.9 | +27.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Norfolk Southern operates across Eastern U.S. freight railroad. It is +15.6% in 2026. The stock (+15.6%) and its demand side (avg +12%) are moving in step. It spends on locomotive modernization and pooled railcar use, owns an interest in a railcar pooling company, and is pursuing a merger with Union Pacific.
Analysis generated from returns as of 2026-09-04