v3.26.1
Interest in Master Trust for Norfolk Southern Corporation Common Stock
 12 Months Ended
Dec. 31, 2025
EBP 001  
EBP, Master Trust [Line Items]  
Interest in Master Trust for Norfolk Southern Corporation Common Stock Interest in Master Trust for Norfolk Southern Corporation Common Stock
The Plan’s investment in NS stock is included in a Master Trust along with investments in NS stock held by TRIP. The NS Stock Fund consists of shares of NS stock, measured at fair value, and a small cash balance for liquidity purposes, and is divided into units (rather than shares of stock) for the purpose of valuing assets of the participating plans and the Members’ accounts. A unit represents a proportionate ownership interest in investments of the Master Trust. A unit value is calculated daily by dividing the total value of NS stock and cash, reduced by any unpaid commissions and fees associated with the Master Trust’s transactions, by the number of units credited to Members of both plans in the Master Trust. Units are allocated among the plans based on total units credited to Members of each plan.

The following table presents the net assets of the Master Trust:
December 31, 2025December 31, 2024
Master Trust
Plan’s Interest
Master Trust
Plan’s Interest
($ in thousands)
NS stock$561,661 $307,637 $488,748 $274,002 
Money market fund582 319 2,003 1,124 
Total investments at fair value562,243 307,956 490,751 275,126 
Due from brokers for securities sold35 19 159 89 
Due to brokers for securities purchased(34)(19)(48)(27)
Net assets$562,244 $307,956 $490,862 $275,188 
The following table presents the changes in net assets of the Master Trust:
Year ended
December 31,
2025
($ in thousands)
Net appreciation in fair value of investments$110,179 
Dividends and interest10,866 
Net investment gain121,045 
Net deductions(49,663)
Increase in net assets$71,382 
Plan’s increase in net assets
$32,768 

The following is a description of the valuation methodologies used for assets measured at fair value:

NS stock: Valued based upon the closing price reported on the New York Stock Exchange at year end.

Money market fund: Valued at the closing price reported on the active market on which the fund is traded.
All of the Master Trust investments at December 31, 2025 and 2024 are level 1 investments in accordance with the valuation technique level.