Norfolk Southern reports third quarter 2026 results
Norfolk Southern reported record Q3 2026 railway operating revenues of $3.5 billion, up 14% year-over-year, on 3% volume growth and fuel surcharges that contributed eight points of the growth. GAAP diluted EPS came in at $3.37, up 7%, while adjusted EPS rose 10% to $3.62 excluding merger-related expenses and Eastern Ohio incident effects. Margin quality is the caution flag: the adjusted operating ratio worsened 210 basis points year-over-year to 65.4%, and the CEO cited rising fuel costs despite disciplined cost control.
Key figures
- Eps
- 3.37
- Revenue
- 3500000000
- Revenue Yoy
- 14%
- Adjusted eps
- 3.62
- Volume growth
- 3%
- Operating ratio
- 67.4%
- Adjusted eps yoy
- 10%
- Adjusted operating ratio
- 65.4%
- Fuel surcharge contribution
- 8 points of the 14% revenue growth
- Income from railway operations
- 1200000000
- Adjusted operating ratio change
- 210 bps higher than adjusted Q3 2025
- Adjusted income from railway operations
- 1220000000
AI analysis
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