SCHEDULE: Vanguard Group Reports 0% Stake in Norfolk Southern

The Vanguard Group has filed an amendment to its Schedule 13G, reporting 0% beneficial ownership in Norfolk Southern Corp following an internal realignment.

Summary

• The Vanguard Group filed an Amendment No. 13 to its Schedule 13G regarding its beneficial ownership of Norfolk Southern Corp Common Stock.
• The filing indicates that The Vanguard Group now holds 0% beneficial ownership of Norfolk Southern Corp.
• This change is a result of an internal realignment within The Vanguard Group, Inc. that occurred on January 12, 2026.
• Following the realignment, certain subsidiaries or business divisions of The Vanguard Group, Inc. will now report beneficial ownership separately (on a disaggregated basis) in reliance on SEC Release No. 34-39538 (January 12, 1998).
• The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by these subsidiaries and/or business divisions.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral. It is an administrative update reflecting an internal reporting realignment within The Vanguard Group, not a change in investment thesis or a significant event for Norfolk Southern Corp's operational or financial performance.

Future Outlook

The filing indicates that certain subsidiaries or business divisions of The Vanguard Group, Inc. will now report beneficial ownership separately, pursuing the same investment strategies as previously.

Management Comments

• Ashley Grim, Head of Global Fund Administration for The Vanguard Group, certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are standard disclosures for institutional investors holding more than 5% of a company's stock. Amendments, such as this one, typically reflect changes in ownership levels or, as in this case, internal reporting structures of the institutional investor. This particular filing highlights a shift in how a major asset manager, The Vanguard Group, reports its holdings, rather than a change in its overall investment strategy or a divestment from Norfolk Southern by the broader Vanguard complex.

Stakeholder Impact

• Shareholders of Norfolk Southern Corp will see a change in how The Vanguard Group's overall holdings are reported, with individual subsidiaries now reporting separately, rather than consolidated under The Vanguard Group, Inc. This does not imply a change in the total shares held by Vanguard's various funds and accounts, but rather a change in the reporting entity.

Next Steps

• Certain subsidiaries or business divisions of The Vanguard Group, Inc. will report beneficial ownership separately on a disaggregated basis.

Key Dates

Keywords

Schedule 13G, Vanguard Group, Norfolk Southern Corp, Beneficial Ownership, Institutional Investor, SEC Filing, Common Stock, Internal Realignment