Subtext

Norfolk Southern Corporation NSC

SectorIndustrials
Transcripts71
Date range2007-10-24 – 2025-04-23
Calls charted71

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-21-11+0+11+212007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q3 · Overall: +1.52007 Q4 · Overall: +6.92008 Q1 · Overall: +4.42008 Q2 · Overall: +5.62008 Q3 · Overall: +5.42008 Q4 · Overall: +5.72009 Q1 · Overall: -3.92009 Q2 · Overall: +1.52009 Q3 · Overall: +6.02009 Q4 · Overall: +4.82010 Q1 · Overall: +5.72010 Q2 · Overall: +8.02010 Q3 · Overall: +9.52010 Q4 · Overall: +5.62011 Q1 · Overall: +7.52011 Q2 · Overall: +8.32011 Q3 · Overall: +8.12011 Q4 · Overall: +8.22012 Q1 · Overall: +4.42012 Q2 · Overall: +3.42012 Q3 · Overall: -5.12012 Q4 · Overall: +6.42013 Q1 · Overall: +8.32013 Q2 · Overall: +3.02013 Q3 · Overall: +2.82013 Q4 · Overall: +7.42014 Q1 · Overall: +2.42014 Q2 · Overall: +5.22014 Q3 · Overall: +1.42014 Q4 · Overall: +3.22015 Q1 · Overall: +1.92015 Q2 · Overall: +5.12015 Q3 · Overall: +4.32015 Q4 · Overall: -0.92016 Q1 · Overall: +3.12016 Q2 · Overall: +5.72016 Q3 · Overall: +4.02016 Q4 · Overall: +6.32017 Q1 · Overall: +15.32017 Q2 · Overall: +11.92017 Q3 · Overall: +11.82017 Q4 · Overall: +9.32018 Q1 · Overall: +15.92018 Q2 · Overall: +14.02018 Q3 · Overall: +14.72018 Q4 · Overall: +18.22019 Q1 · Overall: +14.52019 Q2 · Overall: +11.12019 Q3 · Overall: +9.42019 Q4 · Overall: +10.82020 Q1 · Overall: +6.42020 Q2 · Overall: +8.72020 Q3 · Overall: +15.32020 Q4 · Overall: +7.42021 Q1 · Overall: +18.72021 Q2 · Overall: +11.02021 Q3 · Overall: +9.82021 Q4 · Overall: +12.02022 Q1 · Overall: +11.02022 Q2 · Overall: +10.02022 Q3 · Overall: +11.12022 Q4 · Overall: +9.22023 Q1 · Overall: +2.52023 Q2 · Overall: +4.02023 Q3 · Overall: +7.72023 Q4 · Overall: +6.82024 Q1 · Overall: +1.92024 Q2 · Overall: +14.42024 Q3 · Overall: +11.82024 Q4 · Overall: +13.62025 Q1 · Overall: +8.9
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-43-22+0+22+432007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q3 · CEO: +8.12008 Q3 · CEO: +17.62008 Q4 · CEO: +12.02009 Q1 · CEO: +7.22009 Q2 · CEO: +11.42009 Q3 · CEO: +12.22009 Q4 · CEO: +6.22010 Q1 · CEO: +16.62010 Q2 · CEO: +16.42010 Q3 · CEO: +17.32010 Q4 · CEO: +9.42011 Q1 · CEO: +13.52011 Q2 · CEO: +11.82011 Q3 · CEO: +19.82011 Q4 · CEO: +20.22012 Q1 · CEO: +11.02012 Q2 · CEO: +7.92012 Q3 · CEO: +6.52012 Q4 · CEO: +14.72013 Q1 · CEO: +21.32013 Q2 · CEO: +3.52013 Q3 · CEO: +16.22013 Q4 · CEO: +22.82014 Q1 · CEO: +12.82014 Q2 · CEO: +9.62014 Q3 · CEO: +5.42014 Q4 · CEO: +16.72015 Q1 · CEO: +8.52016 Q3 · CEO: +6.62016 Q4 · CEO: +18.82017 Q1 · CEO: +37.52017 Q2 · CEO: +24.12017 Q3 · CEO: +21.02017 Q4 · CEO: +16.72018 Q1 · CEO: +24.32018 Q2 · CEO: +23.82018 Q3 · CEO: +18.02018 Q4 · CEO: +25.52019 Q1 · CEO: +16.92019 Q2 · CEO: +22.32019 Q3 · CEO: +11.92019 Q4 · CEO: +27.02020 Q1 · CEO: +15.92020 Q2 · CEO: +8.52020 Q3 · CEO: +22.32020 Q4 · CEO: +16.52021 Q1 · CEO: +34.02021 Q2 · CEO: +18.12021 Q3 · CEO: +15.12021 Q4 · CEO: +1.12022 Q2 · CEO: +30.12022 Q3 · CEO: +26.32022 Q4 · CEO: +18.42023 Q1 · CEO: +9.62023 Q2 · CEO: +22.02023 Q3 · CEO: +16.92023 Q4 · CEO: +14.32024 Q2 · CEO: +34.12024 Q3 · CEO: +14.92025 Q1 · CEO: +4.82008 Q1 · CFO: +10.62008 Q2 · CFO: +5.82008 Q3 · CFO: +4.42008 Q4 · CFO: +1.32009 Q1 · CFO: -8.92009 Q2 · CFO: +1.32009 Q3 · CFO: -4.92009 Q4 · CFO: +4.02010 Q2 · CFO: +4.22010 Q3 · CFO: +15.42010 Q4 · CFO: +10.32011 Q1 · CFO: +1.82011 Q2 · CFO: +11.32011 Q3 · CFO: +3.12011 Q4 · CFO: +5.12012 Q1 · CFO: +3.82012 Q2 · CFO: +10.52012 Q3 · CFO: +1.52012 Q4 · CFO: +14.92013 Q1 · CFO: +8.32013 Q2 · CFO: +3.42013 Q3 · CFO: +3.82013 Q4 · CFO: +7.22014 Q1 · CFO: -1.22014 Q2 · CFO: +3.02014 Q3 · CFO: -10.22014 Q4 · CFO: +3.92015 Q1 · CFO: +0.02016 Q4 · CFO: +12.92017 Q1 · CFO: +5.52017 Q2 · CFO: +7.92017 Q3 · CFO: +16.02017 Q4 · CFO: +17.32018 Q1 · CFO: +13.82018 Q2 · CFO: +6.32018 Q3 · CFO: +7.22018 Q4 · CFO: +11.52019 Q1 · CFO: +15.02019 Q2 · CFO: +3.02019 Q3 · CFO: +7.72019 Q4 · CFO: +4.62020 Q1 · CFO: +6.62020 Q2 · CFO: +10.12020 Q3 · CFO: +12.32020 Q4 · CFO: +13.12021 Q1 · CFO: +8.42021 Q2 · CFO: +14.12021 Q3 · CFO: +12.32021 Q4 · CFO: +22.12022 Q1 · CFO: +8.02022 Q2 · CFO: +7.02022 Q3 · CFO: +5.02022 Q4 · CFO: +0.52023 Q2 · CFO: -3.92023 Q3 · CFO: -2.02023 Q4 · CFO: -1.02024 Q1 · CFO: -7.82024 Q2 · CFO: +8.42024 Q3 · CFO: +21.62024 Q4 · CFO: +29.62025 Q1 · CFO: +13.3
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-38-19+0+19+382007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q3 · Prepared remarks: +5.22007 Q4 · Prepared remarks: +9.22008 Q1 · Prepared remarks: +8.72008 Q2 · Prepared remarks: +8.22008 Q3 · Prepared remarks: +12.12008 Q4 · Prepared remarks: +6.62009 Q1 · Prepared remarks: -3.02009 Q2 · Prepared remarks: +2.42009 Q3 · Prepared remarks: +12.82009 Q4 · Prepared remarks: +10.82010 Q1 · Prepared remarks: +20.32010 Q2 · Prepared remarks: +22.22010 Q3 · Prepared remarks: +20.62010 Q4 · Prepared remarks: +16.12011 Q1 · Prepared remarks: +20.02011 Q2 · Prepared remarks: +17.02011 Q3 · Prepared remarks: +19.02011 Q4 · Prepared remarks: +19.62012 Q1 · Prepared remarks: +16.52012 Q2 · Prepared remarks: +17.62012 Q3 · Prepared remarks: -0.32012 Q4 · Prepared remarks: +13.02013 Q1 · Prepared remarks: +12.12013 Q2 · Prepared remarks: +7.12013 Q3 · Prepared remarks: +10.22013 Q4 · Prepared remarks: +16.62014 Q1 · Prepared remarks: +0.32014 Q2 · Prepared remarks: +9.82014 Q3 · Prepared remarks: +7.22014 Q4 · Prepared remarks: +8.42015 Q1 · Prepared remarks: +4.52015 Q2 · Prepared remarks: +13.42015 Q3 · Prepared remarks: +9.92015 Q4 · Prepared remarks: +7.32016 Q1 · Prepared remarks: +9.62016 Q2 · Prepared remarks: +10.12016 Q3 · Prepared remarks: +9.02016 Q4 · Prepared remarks: +16.52017 Q1 · Prepared remarks: +29.42017 Q2 · Prepared remarks: +31.32017 Q3 · Prepared remarks: +32.32017 Q4 · Prepared remarks: +28.02018 Q1 · Prepared remarks: +27.02018 Q2 · Prepared remarks: +29.72018 Q3 · Prepared remarks: +32.82018 Q4 · Prepared remarks: +26.82019 Q1 · Prepared remarks: +27.12019 Q2 · Prepared remarks: +15.52019 Q3 · Prepared remarks: +15.82019 Q4 · Prepared remarks: +11.52020 Q1 · Prepared remarks: +13.42020 Q2 · Prepared remarks: +9.52020 Q3 · Prepared remarks: +28.12020 Q4 · Prepared remarks: +13.32021 Q1 · Prepared remarks: +30.02021 Q2 · Prepared remarks: +26.12021 Q3 · Prepared remarks: +23.02021 Q4 · Prepared remarks: +23.52022 Q1 · Prepared remarks: +18.62022 Q2 · Prepared remarks: +21.32022 Q3 · Prepared remarks: +21.82022 Q4 · Prepared remarks: +23.12023 Q1 · Prepared remarks: +7.12023 Q2 · Prepared remarks: +15.02023 Q3 · Prepared remarks: +14.72023 Q4 · Prepared remarks: +16.02024 Q1 · Prepared remarks: +12.02024 Q2 · Prepared remarks: +21.72024 Q3 · Prepared remarks: +13.02024 Q4 · Prepared remarks: +25.72025 Q1 · Prepared remarks: +16.82007 Q3 · Q&A responses: +1.82007 Q4 · Q&A responses: +1.32008 Q1 · Q&A responses: +3.62008 Q2 · Q&A responses: +10.52008 Q3 · Q&A responses: +4.42008 Q4 · Q&A responses: +7.82009 Q1 · Q&A responses: +0.42009 Q2 · Q&A responses: +8.62009 Q3 · Q&A responses: +7.72009 Q4 · Q&A responses: +3.72010 Q1 · Q&A responses: +4.12010 Q2 · Q&A responses: +7.12010 Q3 · Q&A responses: +10.32010 Q4 · Q&A responses: +2.72011 Q1 · Q&A responses: +7.12011 Q2 · Q&A responses: +5.82011 Q3 · Q&A responses: +6.02011 Q4 · Q&A responses: +6.12012 Q1 · Q&A responses: +1.32012 Q2 · Q&A responses: -2.52012 Q3 · Q&A responses: -4.12012 Q4 · Q&A responses: +6.42013 Q1 · Q&A responses: +9.42013 Q2 · Q&A responses: +4.42013 Q3 · Q&A responses: +2.52013 Q4 · Q&A responses: +8.22014 Q1 · Q&A responses: +9.92014 Q2 · Q&A responses: +7.22014 Q3 · Q&A responses: +2.82014 Q4 · Q&A responses: +8.62015 Q1 · Q&A responses: +3.82015 Q2 · Q&A responses: +8.72015 Q3 · Q&A responses: +8.32015 Q4 · Q&A responses: -0.22016 Q1 · Q&A responses: +3.12016 Q2 · Q&A responses: +12.32016 Q3 · Q&A responses: +4.32016 Q4 · Q&A responses: +8.92017 Q1 · Q&A responses: +15.62017 Q2 · Q&A responses: +12.52017 Q3 · Q&A responses: +14.72017 Q4 · Q&A responses: +9.72018 Q1 · Q&A responses: +20.32018 Q2 · Q&A responses: +18.62018 Q3 · Q&A responses: +16.12018 Q4 · Q&A responses: +24.32019 Q1 · Q&A responses: +16.62019 Q2 · Q&A responses: +17.92019 Q3 · Q&A responses: +13.22019 Q4 · Q&A responses: +15.32020 Q1 · Q&A responses: +9.12020 Q2 · Q&A responses: +11.92020 Q3 · Q&A responses: +15.22020 Q4 · Q&A responses: +9.52021 Q1 · Q&A responses: +16.82021 Q2 · Q&A responses: +10.12021 Q3 · Q&A responses: +10.42021 Q4 · Q&A responses: +13.92022 Q1 · Q&A responses: +15.42022 Q2 · Q&A responses: +11.22022 Q3 · Q&A responses: +11.62022 Q4 · Q&A responses: +4.92023 Q1 · Q&A responses: +3.92023 Q2 · Q&A responses: +3.02023 Q3 · Q&A responses: +9.12023 Q4 · Q&A responses: +9.22024 Q1 · Q&A responses: +6.52024 Q2 · Q&A responses: +11.72024 Q3 · Q&A responses: +12.82024 Q4 · Q&A responses: +12.02025 Q1 · Q&A responses: +6.8
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$4.78$10.05$15.322007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22014 Q1: $6.622014 Q2: $6.752014 Q3: $7.132014 Q4: $7.302015 Q1: $7.002015 Q2: $6.182015 Q3: $5.872015 Q4: $5.822016 Q1: $5.502016 Q2: $5.892016 Q3: $5.922016 Q4: $6.102017 Q1: $6.332017 Q2: $6.692017 Q3: $6.842017 Q4: $7.112018 Q1: $8.742018 Q2: $9.102018 Q3: $9.812018 Q4: $10.312019 Q1: $10.832019 Q2: $11.612019 Q3: $11.522019 Q4: $11.262020 Q1: $11.202020 Q2: $9.682020 Q3: $10.252020 Q4: $11.212021 Q1: $11.632021 Q2: $12.282021 Q3: $12.972021 Q4: $13.742022 Q1: $14.212022 Q2: $14.542022 Q3: $14.602022 Q4: $14.102023 Q1: $14.012023 Q2: $13.862023 Q3: $13.392023 Q4: $12.922024 Q1: $12.432024 Q2: $12.842024 Q3: $13.222024 Q4: $13.47

Forward P/E

10.8416.9423.042007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22014 Q1: 14.702014 Q2: 15.242014 Q3: 15.672014 Q4: 14.422015 Q1: 15.892015 Q2: 14.832015 Q3: 13.932015 Q4: 15.432016 Q1: 14.712016 Q2: 14.162016 Q3: 15.312016 Q4: 17.642017 Q1: 18.572017 Q2: 17.682017 Q3: 18.522017 Q4: 19.952018 Q1: 15.642018 Q2: 16.952018 Q3: 18.922018 Q4: 14.252019 Q1: 16.602019 Q2: 16.572019 Q3: 15.822019 Q4: 17.102020 Q1: 11.682020 Q2: 18.282020 Q3: 21.552020 Q4: 20.402021 Q1: 22.202021 Q2: 22.112021 Q3: 19.172021 Q4: 20.942022 Q1: 19.242022 Q2: 15.442022 Q3: 16.312022 Q4: 18.332023 Q1: 14.652023 Q2: 15.982023 Q3: 14.992023 Q4: 17.622024 Q1: 21.162024 Q2: 17.292024 Q3: 18.852024 Q4: 17.64

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -3.9 fwd EPS ↑ +0.39 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q2 tone ↑ +3.2 fwd EPS ↓ -0.81 Tone rose while the forward EPS estimate was cut.
  • 2016 Q1 tone ↑ +4.1 fwd EPS ↓ -0.32 Tone rose while the forward EPS estimate was cut.
  • 2017 Q2 tone ↓ -3.4 fwd EPS ↑ +0.36 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q4 tone ↓ -2.6 fwd EPS ↑ +0.27 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q1 tone ↓ -3.7 fwd EPS ↑ +0.52 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↓ -3.4 fwd EPS ↑ +0.78 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +2.3 fwd EPS ↓ -1.52 Tone rose while the forward EPS estimate was cut.
  • 2020 Q4 tone ↓ -7.9 fwd EPS ↑ +0.96 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q2 tone ↓ -7.7 fwd EPS ↑ +0.65 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↑ +3.8 fwd EPS ↓ -0.47 Tone rose while the forward EPS estimate was cut.
  • 2024 Q3 tone ↓ -2.6 fwd EPS ↑ +0.39 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-23+8.9——View →
2024 Q42025-01-29+13.6$13.4717.6View →
2024 Q32024-10-22+11.8$13.2218.9View →
2024 Q22024-07-25+14.4$12.8417.3View →
2024 Q12024-04-24+1.9$12.4321.2View →
2023 Q42024-01-26+6.8$12.9217.6View →
2023 Q32023-10-25+7.7$13.3915.0View →
2023 Q22023-07-27+4.0$13.8616.0View →