Overview Key strengths Key risks One of the major U.S. railroads, with an extensive network in the eastern U.S. and a fairly diverse traffic base in terms of commodities transported and customers served. Price competition from other railroads and trucking companies for the transportation of certain commodities. Strong operating performance and free cash flow generation, in part because of recent operating efficiency initiatives. Increased share repurchases in recent years. Relatively stable credit metrics, despite volume volatility and increased share repurchases in recent years. Norfolk Southern experienced the steepest decline in carload volumes among U.S. Class I railroads in 2020, as economic restrictions related to the coronavirus led to reduced carloads, mostly because of larger declines in its coal and intermodal
