Tear Sheet: Norfolk Southern Corp.

(Editor?s note: S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly [see our research here: spglobal.com/ratings].) We expect coal to remain under pressure as it was in 2024 and that high coal inventory and low natural gas prices will decrease coal carloads 2%-3%. We expect Norfolk?s merchandise carloads will increase about 1%-2%, with growth across most of

...February 13, 2025 (Editor's note: S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly [see our research here: spglobal.com/ratings].) We expect Norfolk Southern Corp's 2025 reported revenue will increase 1%-2% from low- single-digit percent growth in carloads and revenue per carload. We expect coal to remain under pressure as it was in 2024 and that high coal inventory and low natural gas prices will decrease coal carloads 2%-3%. We expect Norfolk's merchandise carloads will increase about 1%-2%, with growth across most of its segments. Norfolk's...

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