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NSC Q4 EPS $3.22 Beats by 16% → Hold Consensus as JPMorgan Conference Highlights Efficiency Gains

Norfolk Southern reported Q4 2025 EPS of $3.22, beating consensus estimates by approximately 16.25%, driven by operational efficiency improvements and OR ratio progress. The company presented at JPMorgan's transportation conference today, reaffirming its cost-reduction strategy and network reliability targets for 2026. Risks include slowing freight volumes and macroeconomic headwinds that could pressure revenue growth, with Jefferies at Hold/$350 and Baird at Neutral/$315.