Norfolk Southern Corporation (NSC)
Norfolk Southern runs a freight railroad serving the eastern United States.
Industrials stock comparison
NSC vs UNP: which business are you actually underwriting?
Compare Norfolk Southern Corporation with Union Pacific Corporation using their business models, SEC classifications, fiscal calendars, current primary filings, and the research questions that matter. This is a thesis framework—not a price target or automatic winner.
- Sector
- Industrials
- Industry
- Same SIC
- Shared themes
- 1
- Updated
- 2026-02-09
NSC vs UNP: quick comparison
| Company fact | NSC | UNP |
|---|---|---|
| Company | Norfolk Southern Corporation | Union Pacific Corporation |
| Exchange | NYSE | NYSE |
| Headquarters | — | Omaha, Nebraska |
| Founded | — | 1862 |
| SEC industry | Railroads, Line-Haul Operating | Railroads, Line-Haul Operating |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-09 | 10-K · 2026-02-06 |
NSC vs UNP: audited financials
UNP reported about 2.0× the revenue of NSC in the latest audited fiscal year. On profitability, UNP converted a larger share of revenue into net income (29.1% versus 23.6%). Scale and margin are starting facts for the thesis, not the verdict.
| Metric | NSC | UNP |
|---|---|---|
| Revenue | $12.2B | $24.5B |
| Net income | $2.9B | $7.1B |
| Operating cash flow | $4.4B | $9.3B |
| Diluted EPS | $12.75 | $11.98 |
| Net margin | 23.6% | 29.1% |
NSC: FY ending 2025-12-31 · UNP: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
How the businesses differ
Why this pair belongs in the comparison set
NSC and UNP share the SEC industry classification “Railroads, Line-Haul Operating,” giving the comparison a primary-source operating relationship. A shared classification or theme makes the pair useful for a defined research question; it does not mean the companies have identical products, economics, or risks.
Union Pacific Corporation (UNP)
Union Pacific operates one of the largest freight-rail networks in the western United States, hauling goods ranging from grain to industrial products. Rail volumes make it a useful read on the broader goods economy.
The useful starting point is not which ticker has performed better. It is whether the two companies convert the same economic forces into revenue and cash flow in the same way. NSC is classified by the SEC as Railroads, Line-Haul Operating, while UNP is classified as Railroads, Line-Haul Operating. The matching industry code strengthens the peer comparison, although product mix can still differ materially.
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The thesis, the numbers behind it, and what would break it. Full access is $15 a month.
Read the full researchWhich thesis does each company fit?
Use the distinction below to decide which filing deserves deeper work. It is a research routing rule, not a recommendation or prediction.
Study NSC when…
- Freight volumes across intermodal, coal, industrial, and agricultural traffic
- Operating-ratio trajectory and precision-scheduled-railroading efficiency efforts
- Safety and remediation costs stemming from the 2023 East Palestine derailment
- Pricing power relative to long-haul trucking competition
Study UNP when…
- Capital-spending and manufacturing PMIs
- Reshoring and supply-chain reconfiguration
- Defense budgets and geopolitical conflict
- Freight rates and logistics demand
Shared research themes
Economic trends
SEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable.NSC's fiscal year ends December 31, while UNP's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 18matched transaction rows for NSCand 28 for UNP. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
NSC primary filings
UNP primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving NSC or UNP
NSC vs UNP FAQs
Are NSC and UNP direct competitors?
Norfolk Southern Corporation and Union Pacific Corporation share the SEC industry classification “Railroads, Line-Haul Operating.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Which is better, NSC or UNP?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this NSC vs UNP comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Norfolk Southern Corporation and Union Pacific Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-09-25. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-09-25. Independent educational research; not investment advice.
A comparison is the setup. The thesis is the call.
NSC vs UNP shows how the businesses differ. Membership is the monthly sourced view of who could benefit, what could break, and what evidence matters next. $15/month or $150/year.
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