NORFOLK SOUTHERN Business Summary

Norfolk Southern Corp (NSC) operates as a premier Class I freight railroad, generating revenue primarily through the long-haul transportation of raw materials, intermediate products, and finished goods across a 22-state network in the Eastern United States. The company’s revenue model is anchored by three primary business segments: Merchandise, which accounts for approximately 63% of railway operating revenues and covers automotive, agricultural, and industrial commodities; Intermodal, representing 25% of revenue through the shipment of containers via its extensive terminal network; and Coal, contributing 12% by servicing utility and steel-production markets. As of February 2026, Norfolk Southern maintains a dominant duopoly in the Eastern U.S. alongside its primary rival, CSX Corp, while also competing with Western giants Union Pacific and BNSF Railway. The company is currently positioned at a strategic inflection point, awaiting regulatory approval for a landmark merger with Union Pacific intended to create the nation’s first unified transcontinental rail network. Leadership is currently spearheaded by President and CEO Mark R. George, who transitioned from the CFO role to lead the company’s operational turnaround and productivity initiatives. The executive team includes EVP and Chief Operating Officer John Orr, a precision scheduled railroading (PSR) specialist formerly of CPKC and CN, and EVP and Chief Information and Digital Officer Anil Bhatt, who oversees the firm’s technological modernization. The company’s strategic direction is further guided by Independent Board Chair Richard H. Anderson, whose pedigree includes former CEO roles at Delta Air Lines and Amtrak. Notable board members such as Jack Huffard, co-founder of Tenable, and former STB Commissioner William Clyburn Jr. provide deep regulatory and cybersecurity expertise. The firm has recently seen increased institutional backing from investors like Greenland Capital Management and maintains a cooperation agreement with activist shareholder Ancora Holdings Group, reflecting a board-level commitment to enhanced governance and shareholder value.