NORFOLK SOUTHERN CORP (NSC) Form 10-Q — Oct 22, 2026
Norfolk Southern reported Q3 2026 revenue of $3,526 million, up 14% year over year, with net income of $759 million and diluted EPS of $3.37 versus $3.16 a year ago. Adjusted EPS rose 10% to $3.62 and the adjusted operating ratio was 65.4%, though GAAP results were dented by higher fuel costs (fuel expense +77%), lower property-sale gains, and $42 million of merger-related expenses. The quarter was shaped by the pending Union Pacific merger announced July 28, 2025, which requires Surface Transportation Board approval and carries a $2.5 billion termination fee.
Key figures
- Eps
- 3.37
- Revenue
- 3526000000
- Net Income
- 759000000
- Total Debt
- 16613000000
- Revenue Yoy
- 14% (Q3); 9% for first nine months ($9,989M vs $9,206M)
- Total Assets
- 45949000000
- Cash Position
- 1598000000
- Shares Outstanding
- 224616686
- Adjusted q3 eps
- $3.62 vs $3.30 prior year (+10%)
- Operating ratio
- 67.4% GAAP; 65.4% adjusted
- Q3 2025 revenue
- $3,103 million
- Q3 2025 diluted eps
- $3.16
- Fuel expense change q3
- +77% YoY
- Incident legal accrual
- $189 million at Sept 30, 2026
- Fuel surcharge revenue q3
- $468 million vs $208 million
- Merger related expenses q3
- $42 million
- Operating cash flow nine months
- $2,720 million vs $3,298 million
- Remaining buyback authorization
- $6.3 billion (repurchases suspended under Merger Agreement)
- Eastern ohio incident expenses q3
- $28 million
AI analysis
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