Norfolk Southern Corporation

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,806 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Union Pacific merger status as at 17 August 2026: PENDING, not closed. Norfolk Southern's Q2 2026 10-Q (filed 23 July 2026, period ended 30 June 2026) states: 'On July 28, 2025, we entered into an Agreement and Plan of Merger (the Merger Agreement) with Union Pacific Corporation, a Utah corporation, pursuant to which Union Pacific will acquire the Company in a stock-and-cash transaction... The consummation of this transaction is subject to certain conditions, including approval by the U.S. Surface Transportation Board (STB)... if the Merger Agreement is terminated under specific circumstances, either we or Union Pacific are required to pay a termination fee of $2.5 billion.' Norfolk Southern continued to file its own 10-Q as of 30 June 2026 and its own 8-Ks through 23 July 2026 (checked against the EDGAR submissions feed for CIK 0000702165), and remains separately listed on the NYSE under ticker NSC with its own share count, market cap, and holder register as of this research. The Q2 2026 10-Q also discloses $51 million and $103 million of merger-related expenses for Q2 2026 and the first six months of 2026 respectively, and that the Merger Agreement prohibits NSC from repurchasing its own common stock without Union Pacific's consent (share repurchases suspended since the Merger Agreement was signed). Because the merger is pending rather than closed, this file is written from NSC's own most recent filings on a standalone basis, per the task instructions, and no holding or register row is marked contingent because none of them arise from the merger itself (the merger is a corporate-action fact recorded here, not a cross-holding).
• Conrail and TTX are Norfolk Southern's only two named equity-method-style investments across the Q2 2026 10-Q and FY2025 10-K. Both were searched for using 'equity method', 'investments in affiliates', 'unconsolidated subsidiaries', 'joint venture', 'TTX', 'Conrail', 'Consolidated Rail Corporation', 'Pan Am', and 'terminal railroad'; only Conrail and TTX returned results (Pan Am and generic 'terminal railroad'/'joint venture' phrasing return zero hits in the current filings). No other jointly owned terminal, switching, or belt-line railroad is disclosed as a named investment in these filings.
• The balance sheet's combined 'Investments' line was $4,155 million at 30 June 2026 and $4,089 million at 31 December 2025. Conrail's own disclosed value ($1.9 billion at 30 June 2026) is directly stated in Note 9 and is not itself a combined figure, so it is used as sourced above. TTX's 19.78% ownership interest has no individually disclosed dollar value; it sits inside the remaining balance of the combined 'Investments' line together with corporate-owned life insurance (cash surrender value, no figure disclosed) and any other items not itemised. Per the brief's rule against sizing an investee from a combined balance, TTX's value_usd is null here; the combined $4,155 million figure is not attributed to either holding individually.
• Norfolk Southern's common shares outstanding: 224,608,373 at 30 June 2026 per the Q2 2026 10-Q cover page, excluding 20,320,777 shares held by the registrant (treasury shares). The 2026 proxy separately states 244,825,606 shares issued and outstanding as of the 2 March 2026 record date, of which 224,504,829 were owned by shareholders entitled to vote; these are consistent once treasury shares are excluded, and the 10-Q cover page figure (224,608,373) is used as the single denominator throughout this file's register percentages for consistency, including for the two proxy-sourced insider rows (whose own text states only that ownership is 'less than 1%' without giving an exact percentage).
• No Schedule 13D has been filed on Norfolk Southern common stock since 2001, and no Schedule 13G/A since 9 April 2024, per the EDGAR filing index for CIK 0000702165 (SC 13D and SC 13G filing types). The historical 13D filings from 1994 to 2001 relate to the original Conrail acquisition contest among Norfolk Southern, CSX, and Conrail shareholders, not a current activist position. No current 13D/G-based activist stake is recorded.
• Market capitalisation of $75.11 billion and the $334.41 share price are stockanalysis.com's figures as of 14 August 2026 close. Cross-check: 224,608,373 shares x $334.41 implies approximately $75.12 billion, consistent with the reported market cap.
• Self-gate check: summing the ten non-aggregate, non-insider register rows (Vanguard, BlackRock, State Street, Geode, Bank of America, Northern Trust, Morgan Stanley, Dodge & Cox, Capital Group, FMR) gives 67,491,904 shares against 224,608,373 shares outstanding, or 30.05%, within the expected 15 to 55 percent range.
• COORDINATOR EDGE BACKFILL, 19 Aug 2026: Cincinnati Financial Corporation was added to this register at 788,687 shares (0.3511%), verified by re-summing its five affiliated 13F registrants first-hand rather than copying the figure from cincinnati-financial.json. The charted register total moves from 67,679,542 (30.13%) to 68,468,229 (30.48%). It was found by investigating a SIZED crosscheck BACKFILL line, which this project treats as a real miss rather than noise: the chunk prompt records two earlier sized lines, berkshire to delta-air-lines and nvidia to coherent, that both turned out to be genuine missing holders. Twenty-six further Cincinnati Financial backfill lines were investigated at the same time and deliberately NOT actioned, because those stakes sit far below the target's own register threshold; this one does not.