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NSCNorfolk Southern · Insider ownership research

Norfolk Southern insiders sold $253K in the past 12 months. How much of their stake is that?

About 0.9% of the shares they held or received (after tax withholding) during the period. The usual measure, against starting holdings alone, can't be used here because most of the shares sold arrived during the period, through vesting or option exercises.

Updated Oct 9, 2026 from SEC filings · covers Oct 10, 2025 to Oct 9, 2026
How this comparesMore of their stake sold than at 116 of the 539 other companies we can measure (#424 of 540)See ranking
3
buyers among officers and directors (3 trades), past 12 months
0%
of sales were under disclosed trading plans, past 12 months
1 of 19
officers and directors sold shares, past 12 months
Recent activity · past 30 days, Sep 10, 2026 to Oct 9, 2026
Sep 13, 2026Mark George had 1K shares ($335K) withheld by the company for taxes (not a market sale). That is 4.3% of the total stake held that day. 2.7K shares came in from vesting or option exercises the same day, so the holding rose by 1.6K net.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Mark George
President & CEO, Director
1,035$323.304.3%23KSep 13, 2026Sep 15, 2026

"% of total stake" is the shares in this event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings don't reconcile, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Is this normal? Less than usual: less than one-twentieth of the 5-year average. 1 insider sold; the average is 3 a year. Year by year
Latest filing: Filed Oct 9 for a transaction on Oct 8. John Huffard Jr. reported a change in holdings. Filing
83 SEC ownership filings in the period · See the evidence

What stands out

Three directors bought shares: Richard Anderson (2.6K shares, $733K), Sameh Fahmy (1.6K shares, $467K) and William Clyburn Jr. (204 shares, $60K).Richard Anderson: purchase, Oct 27, 2025 · Sameh Fahmy: purchase, Nov 5, 2025 · William Clyburn Jr.: purchase, Dec 5, 2025
Tax withholding outweighed market sales: the company withheld $2.9M of officers' and directors' shares for taxes, against $253K sold on the open market. The largest was John Orr ($1.2M withheld).Largest withholding, Apr 26, 2026

Percentages cover 14 of 19 officers and directors. 5 are left out

i
Left out: Marcela Donadio (most holdings were last confirmed in 2022); Christopher Jones, Phillip Davidson, Mary Heitkamp and Lori Ryerkerk (held no vested shares at the start).
Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is 100% of that person's own stake; not comparable between people. The stake is the vested shares held at the start of the period (Oct 9, 2025); the gold part is what they sold.

Anil Bhatt
EVP & Cido
Sold $253K (plan status beside the amount). That is 31% of the shares held or received (after tax withholding) during the period†. A share of the starting stake is not shown: most of these shares arrived during the period. Why
$253KNo plan disclosed
Amounts, filings and trading plans for each seller

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

No plan disclosedOne dollar scale for every month; the tallest bar is labeled
OctNov 2025: $253K no plan disclosed$253KNovDecJanFebMarAprMayJunJulAugSepOct

Common questions

Is the Norfolk Southern CEO selling stock?

No. Mark George reported no open-market sales in the past 12 months.

Why are Norfolk Southern insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 0% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 100% had no disclosed plan. A trading plan schedules sales in advance.

Are any Norfolk Southern insiders buying?

Yes. 3 officers or directors reported 3 purchases in the past 12 months (Form 4 code P; rows the filings describe as reinvested dividends, plan purchases, private deals or moves into the person's own trust are not counted).

How much of their stake did Norfolk Southern insiders sell?

About 0.9% of the shares they held or received (after tax withholding) during the period. The usual measure, against starting holdings alone, can't be used here because most of the shares sold arrived during the period, through vesting or option exercises. That covers the 12 months to Oct 9, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold1 officer or director: amount, % of holdings, trading plan
Who soldAmount% of holdingsTrading plan
Anil Bhatt
EVP & Cido
$253K
900 shares
31%†
i
† Most of the shares Anil Bhatt sold arrived during the period, so this is shares sold as a share of the 0 held at the start plus the 4.3K received, less 1.4K withheld by the company for taxes.
No plan disclosed
The full ownership picture19 of 19 insiders fully reconciled · 14 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

InsiderHeld Oct 9, 2025SoldHeld Oct 9, 2026Still held
Claude Mongeau
i
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals. Held through 9165-3261 Quebec Inc; counted with management because nothing in the filings shows it to be an outside shareholder's stake and it does not file in its own name.
Director
20K020Kno sales
Vesting, gifts, unvested awards and holding lines for Claude Mongeau
0shares vested or exercised
0gifted (net of own trusts)
5.6K → 5.6Kunvested awards, start → end
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
  • Held through 9165-3261 Quebec Inc; counted with management because nothing in the filings shows it to be an outside shareholder's stake and it does not file in its own name.
Held throughShare classOct 9, 2025Oct 9, 2026
9165-3261 Quebec IncCommon Stock20,00020,000

Additional holdings last reported Nov 21, 2022, not confirmed since: 14,350 shares. Not included in any total or percentage on this page.

Mark George
President & CEO, Director
18K023Kno sales
Vesting, gifts, unvested awards and holding lines for Mark George
+7.7Kshares vested or exercised
0gifted (net of own trusts)
−3Kwithheld by the company for taxes
46K → 58Kunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock18,06622,783
Sameh Fahmy
Director
10K012Kno sales
Vesting, gifts, unvested awards and holding lines for Sameh Fahmy
0shares vested or exercised
0gifted (net of own trusts)
1.2K → 1.8Kunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock10,35012,000
John Orr
EVP & Chief Operating Officer
5.2K011Kno sales
Vesting, gifts, unvested awards and holding lines for John Orr
+9.8Kshares vested or exercised
0gifted (net of own trusts)
−3.7Kwithheld by the company for taxes
21K → 16Kunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock5,19611,363
Richard Anderson
Director
4.4K07Kno sales
Vesting, gifts, unvested awards and holding lines for Richard Anderson
0shares vested or exercised
0gifted (net of own trusts)
3K → 4.9Kunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
Anderson Revocable TrustCommon Stock4,4007,000
Claiborne Moore
i
Minor difference of 6 shares. Difference is under 0.5% of holdings.
Vice President & Controller
4.3K05.2Kno sales
Vesting, gifts, unvested awards and holding lines for Claiborne Moore
+1.2Kshares vested or exercised
0gifted (net of own trusts)
−322withheld by the company for taxes
2.8K → 2.4Kunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock4,1184,970
401(k) PlanCommon Stock225232

Reconciliation: minor difference of 6 shares. Difference is under 0.5% of holdings.

John Huffard Jr.
i
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Director
3.5K03.8Kno sales
Vesting, gifts, unvested awards and holding lines for John Huffard Jr.
0shares vested or exercised
0gifted (net of own trusts)
11K → 12Kunvested awards, start → end
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 9, 2025Oct 9, 2026
John Cloyd Huffard, Jr. Revocable TrustCommon Stock3,3983,398
Kathryn Huffard Revocable TrustCommon Stock4848
Three Suns Exempt Trust FBO JCHCommon Stock77
Three Suns Exempt Trust FBO SCHCommon Stock77
Three Suns Exempt Trust FBO BBHCommon Stock66
Tink and Buck Legacy Trust 2026Common Stock0333

Additional holdings last reported Nov 21, 2022, not confirmed since: 20 shares. Not included in any total or percentage on this page.

Gilbert Lamphere
Director
2.9K03.6Kno sales
Vesting, gifts, unvested awards and holding lines for Gilbert Lamphere
+700shares vested or exercised
0gifted (net of own trusts)
700 → 630unvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock2,9473,647
Jason Zampi
i
New Form 3 filed 2024-10-04; earlier filings set aside.
EVP & CFO
2.9K04.1Kno sales
Vesting, gifts, unvested awards and holding lines for Jason Zampi
+1.7Kshares vested or exercised
0gifted (net of own trusts)
−464withheld by the company for taxes
6.5K → 9Kunvested awards, start → end
  • New Form 3 filed 2024-10-04; earlier filings set aside.
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock2,9174,145
Claude Elkins
i
Minor difference of 4 shares. Difference is under 0.5% of holdings.
EVP & Chief Commercial Officer
1.8K03.5Kno sales
Vesting, gifts, unvested awards and holding lines for Claude Elkins
+2.3Kshares vested or exercised
0gifted (net of own trusts)
−639withheld by the company for taxes
5.5K → 7.3Kunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock1,6653,365
401(k) PlanCommon Stock128132

Reconciliation: minor difference of 4 shares. Difference is under 0.5% of holdings.

Brian Barr
i
Started reporting during the period; starting holdings are from the Form 3.
Chief Operating Officer
8180818no sales
Vesting, gifts, unvested awards and holding lines for Brian Barr
0shares vested or exercised
0gifted (net of own trusts)
2.9K → 7.4Kunvested awards, start → end
  • Started reporting during the period; starting holdings are from the Form 3.
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock818818
Francesca DeBiase
Director
3500350no sales
Vesting, gifts, unvested awards and holding lines for Francesca DeBiase
0shares vested or exercised
0gifted (net of own trusts)
1.5K → 2.2Kunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock350350
William Clyburn Jr.
Director
2010405no sales
Vesting, gifts, unvested awards and holding lines for William Clyburn Jr.
0shares vested or exercised
0gifted (net of own trusts)
1.2K → 1.8Kunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock201405
Anil Bhatt
EVP & Cido
0−9002Knot meaningful
Vesting, gifts, unvested awards and holding lines for Anil Bhatt
+4.3Kshares vested or exercised
0gifted (net of own trusts)
−1.4Kwithheld by the company for taxes
13K → 12Kunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock02,039

19 of 19 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (17 exactly, 2 with a minor or footnoted difference). Percentages cover 14 of 19 officers and directors. Left out: Marcela Donadio (most holdings were last confirmed in 2022); Christopher Jones, Phillip Davidson, Mary Heitkamp and Lori Ryerkerk (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$253K of sales by plan status, purpose, seller and month

Officer and director open-market sales: $253K across 900 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

No plan disclosed · $253K

Sales with no 10b5-1 plan and no tax reference in the filing. $253K of it is Anil Bhatt. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Anil Bhatt, Nov 19, 2025

Taxes

9,510 shares ($2.9M) were withheld by the company for taxes, which isn't a market sale.

Purchases · 3 buyers (3 trades)

3 officers and directors bought shares in this period, in 3 trades(Form 4 code P, leaving out rows the filings describe as reinvested dividends, plan purchases, private deals or moves into the person's own trust). Across all their filings on record there are 22 purchase trades.

SellerShares soldProceedsUnder a disclosed planShare of totalSales dates
Anil Bhatt
EVP & Cido
900$253K0%100%Nov 19, 2025 to Nov 19, 2025

Sales by month

MonthSale proceedsDisclosed planTo cover taxesNo plan disclosed
Oct 2025$0$0$0$0
Nov 2025$253K$0$0$253K
Dec 2025$0$0$0$0
Jan 2026$0$0$0$0
Feb 2026$0$0$0$0
Mar 2026$0$0$0$0
Apr 2026$0$0$0$0
May 2026$0$0$0$0
Jun 2026$0$0$0$0
Jul 2026$0$0$0$0
Aug 2026$0$0$0$0
Sep 2026$0$0$0$0
Oct 2026$0$0$0$0
Is this normal? Selling year by year5 earlier years to compare with

Less than usual: less than one-twentieth of the 5-year average. 1 insider sold; the average is 3 a year.

12 months endingShares soldInsiders who soldProceeds
Oct 9, 2026
Latest 12 months
9001$253K
Oct 9, 2025
1 year earlier
00$0
Oct 9, 2024
2 years earlier
60K3$15.1M
Oct 10, 2023
3 years earlier
27K2$6.6M
Oct 10, 2022
4 years earlier
207K4$53.0M
Oct 10, 2021
5 years earlier
105K4$29.3M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertaintyEvery officer and director reconciles

Every officer and director reconciles for this period.

Claiborne Moore: minor difference of 6 shares. Difference is under 0.5% of holdings.

Claude Elkins: minor difference of 4 shares. Difference is under 0.5% of holdings.

Inferred typo: the share class "Common Stocvk" is treated as the same class as "Common Stock" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (John Rathbone, 105,023 shares): old title, new title

Inferred typo: the share class "Common Stlck" is treated as the same class as "Common Stock" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (Mark Manion, 46,435 shares): old title, new title

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology2,902 filings from SEC EDGAR, and how we read them

All 2,902 Forms 3, 4 and 5 filed for Norfolk Southern (SEC CIK 702165) from Apr 18, 1997 to Oct 9, 2026, retrieved from SEC EDGAR on Oct 9, 2026. Prices are the ones reported in each filing, often weighted averages. 77 older filings exist only on paper and could not be read.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (56)No filing in 18 months; last reported balances, not in any total
NameLast filedLast reported balance
Thomas KelleherFeb 24, 20252,282 shares, last reported balance as of May 30, 2024
Alan ShawOct 1, 202436,894 shares, last reported balance as of Sep 13, 2024
Nabanita NagJul 31, 20241,488 shares, last reported balance as of Jul 29, 2024
Paul DuncanMar 4, 20242,621 shares, last reported balance as of Mar 2, 2024
Steven LeerFeb 22, 20245,220 shares, last reported balance as of Jan 26, 2024
Michael LockhartFeb 22, 20246,012 shares, last reported balance as of Jan 26, 2024
Thomas Bell Jr.Feb 22, 20245,920 shares, last reported balance as of Jan 26, 2024
John ThompsonFeb 22, 20243,165 shares, last reported balance as of Feb 20, 2024
Amy MilesFeb 22, 20243,000 shares, last reported balance as of Nov 21, 2022
Mitchell DanielsFeb 22, 2024720 shares, last reported balance as of Nov 21, 2022
Jennifer ScanlonFeb 22, 2024609 shares, last reported balance as of Nov 21, 2022
Ann AdamsFeb 1, 202419,779 shares, last reported balance as of Jan 30, 2024
James SquiresFeb 23, 2023115,825 shares, last reported balance as of Jan 30, 2023
Clyde Allison Jr.Feb 3, 202243,433 shares, last reported balance as of Jan 30, 2022
Lorri KleineFeb 3, 20224,007 shares, last reported balance as of Jan 30, 2022
Cynthia SanbornFeb 1, 20222,791 shares, last reported balance as of Jan 30, 2022
Vanessa SutherlandFeb 2, 20211,400 shares, last reported balance as of Feb 1, 2021
Michael WheelerAug 13, 202011,088 shares, last reported balance as of Aug 11, 2020
Daniel CarpMar 12, 20203,943 shares, last reported balance as of Mar 10, 2020
John ScheibFeb 3, 20209,940 shares, last reported balance as of Jan 30, 2020
Cynthia EarhartNov 1, 201963,988 shares, last reported balance as of Oct 30, 2019
Martin NesbittMar 13, 20193,000 shares, last reported balance as of Mar 11, 2019
Wesley BushFeb 15, 20196,389 shares, last reported balance as of Jan 28, 2019
Thomas HurlbutMay 11, 2018No balance on record
Erskine BowlesApr 2, 20183,477 shares, last reported balance as of Mar 29, 2018
William GalankoJan 29, 201816,706 shares, last reported balance as of Jan 25, 2018
Marta StewartMay 31, 201738,354 shares, last reported balance as of May 26, 2017
Robert BradwayMar 14, 20173,000 shares, last reported balance as of Mar 10, 2017
James HixonFeb 3, 2017147,231 shares, last reported balance as of Jan 26, 2017
Karen HornMar 14, 20163,000 shares, last reported balance as of Mar 10, 2016
Mark ManionFeb 1, 201686,125 shares, last reported balance as of Jan 28, 2016
Deborah ButlerJul 6, 201578,288 shares, last reported balance as of Jun 29, 2015
Charles MoormanMar 9, 2015371,611 shares, last reported balance as of Mar 5, 2015
Donald SealeFeb 2, 2015310,686 shares, last reported balance as of Jan 29, 2015
Burton JoyceMar 12, 20145,000 shares, last reported balance as of Mar 10, 2014
John RathboneOct 28, 2013143,899 shares, last reported balance as of Oct 24, 2013
Gerald BalilesMar 12, 20133,000 shares, last reported balance as of Mar 11, 2013
Alston CorrellMar 12, 20138,000 shares, last reported balance as of Mar 11, 2013
Paul ReasonMar 12, 20133,746 shares, last reported balance as of Mar 11, 2013
Gene CarterApr 1, 20113,150 shares, last reported balance as of Mar 31, 2011
Landon HilliardMar 11, 201113,745 shares, last reported balance as of Mar 10, 2011
Daniel SmithMay 7, 201015,312 shares, last reported balance as of May 6, 2010
Stephen TobiasFeb 2, 2009295,665 shares, last reported balance as of Jan 29, 2009
Jane ObrienJan 25, 20083,000 shares, last reported balance as of Jan 24, 2008
Henry WolfJul 2, 2007247,611 shares, last reported balance as of Jun 29, 2007
Kathryn McQuadeMay 7, 2007101,166 shares, last reported balance as of May 4, 2007
David GoodeApr 4, 2006830,404 shares, last reported balance as of Mar 15, 2006
Harold PoteApr 4, 20064,797 shares, last reported balance as of Mar 31, 2006
PRILLAMAN L IApr 4, 2006297,843 shares, last reported balance as of Mar 31, 2006
Henry LightFeb 25, 200549,654 shares, last reported balance as of Feb 24, 2005
George Johnson Jr.Jun 3, 20043,000 shares, last reported balance as of May 13, 2004
Stephen RenkenJan 5, 200418,490 shares, last reported balance as of Jan 2, 2004
John CorcoranDec 4, 200362,171 shares, last reported balance as of Dec 1, 2003
John SamuelsDec 4, 200316,842 shares, last reported balance as of Dec 1, 2003
John Fox Jr.Dec 3, 200349,420 shares, last reported balance as of Dec 1, 2003
James McClellanDec 3, 200341,580 shares, last reported balance as of Dec 1, 2003

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