Norfolk Southern Corporation (NYSE: NSC) is one of the largest Class I freight railroads in the United States, providing critical transportation and logistics services across the Southeast, East, and Midwest. The company's business model centers on the efficient rail transportation of raw materials, intermediate products, and finished goods, connecting manufacturing plants, distribution centers, and major Atlantic and Gulf Coast ports. Norfolk Southern operates a network of approximately 19,300 route miles across 22 states and the District of Columbia. The company's revenue is diversified across three primary commodity groups: Merchandise, which accounts for approximately 63% of total railway operating revenues and includes agriculture, chemicals, metals, construction materials, and automotive products; Intermodal, representing about 25% of revenues, which handles domestic and international container shipments; and Coal, which contributes around 12% of revenues, supporting electric generation and industrial markets. Operating in a duopoly with CSX Transportation in the Eastern U.S., Norfolk Southern maintains a strong competitive position through its extensive intermodal network and strategic access to key population centers and ports. In July 2025, Norfolk Southern and Union Pacific announced an $85 billion merger agreement to create the first single-line transcontinental railroad in the U.S., which is currently undergoing review by the Surface Transportation Board with an expected completion in mid-2027.
