Norfolk Southern Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 24 April 2026: press release. The quarter’s numbers.

Key takeaways

Revenue flat on 1% volume decline: The company reported railway operating revenues of $3.0 billion, up $5 million, or flat, against the first quarter of 2025, on a 1% year-over-year volume decline. Source
Volumes were volatile in quarter: Management said the quarter was run amid volatile volumes. Source
Railway income down 23%: Income from railway operations was $877 million, a decrease of $269 million, or 23%, against the first quarter of 2025. Source
Adjusted EPS down 1%: Excluding the same items, diluted earnings per share were $2.65, down $0.04, or 1%, against the first quarter of 2025. Source
Reported operating ratio rose to 70.7%: The operating ratio in the quarter was 70.7%, against 61.7% in the first quarter of 2025. Source
Adjusted operating ratio 80 basis points higher: Adjusted for the Eastern Ohio incident and 2026 merger-related expenses, the operating ratio was 68.7%, 80 basis points above the first quarter of 2025. Source
$62 million of items excluded: Merger-related expenses and the effect of the Eastern Ohio incident totaled $62 million in the first quarter of 2026, taken out to reach adjusted income from railway operations of $939 million. Source

“In the first quarter, our team stayed focused on what we could control”
Mark George, president and chief executive officer of Norfolk Southern

Revenue and volumes

Revenue flat on 1% volume decline: The company reported railway operating revenues of $3.0 billion, up $5 million, or flat, against the first quarter of 2025, on a 1% year-over-year volume decline. Source
Volumes were volatile in quarter: Management said the quarter was run amid volatile volumes. Source
Severe winter weather during quarter: Management listed severe winter weather among the conditions the company operated through in the quarter. No figure for the weather effect was given. Source

Income and earnings

Railway income down 23%: Income from railway operations was $877 million, a decrease of $269 million, or 23%, against the first quarter of 2025. Source
Diluted EPS down 27%: Diluted earnings per share were $2.43, down $0.88, or 27%, against the first quarter of 2025. Source
Adjusted railway income down 2%: Excluding the Eastern Ohio incident effects in both years and 2026 merger-related expenses, income from railway operations was $939 million, down $22 million, or 2%, against adjusted first quarter 2025. Source
Adjusted EPS down 1%: Excluding the same items, diluted earnings per share were $2.65, down $0.04, or 1%, against the first quarter of 2025. Source

“As conditions improved, we captured momentum exiting the quarter, reinforcing the strength of our operating foundation and the dedication of the entire Norfolk Southern team.”
Mark George, president and chief executive officer of Norfolk Southern

Operating ratio and adjustments

Reported operating ratio rose to 70.7%: The operating ratio in the quarter was 70.7%, against 61.7% in the first quarter of 2025. Source
Adjusted operating ratio 80 basis points higher: Adjusted for the Eastern Ohio incident and 2026 merger-related expenses, the operating ratio was 68.7%, 80 basis points above the first quarter of 2025. Source
Excluded items worth 2.0 points of ratio: The adjustment for merger-related expenses and the effect of the incident was 2.0 percentage points of the operating ratio in the quarter. Source

Merger and incident adjustments

$62 million of items excluded: Merger-related expenses and the effect of the Eastern Ohio incident totaled $62 million in the first quarter of 2026, taken out to reach adjusted income from railway operations of $939 million. Source
Prior-year incident effect was $185 million: The first quarter of 2025 included an Eastern Ohio incident effect of $185 million, removed to reach adjusted income from railway operations of $961 million. Source
Excluded items worth $0.22 per share: The same 2026 adjustments added $0.22 to diluted earnings per share, from $2.43 to adjusted $2.65. Source

Cost control and service

Cost control cited as focus: The company described its results as reflecting disciplined execution on safety, service and cost control through a dynamic first quarter. Source
Service product delivered, costs managed: Mark George said employees delivered a service product, managed costs and kept customer trust through the quarter. No cost figures beyond the operating ratio were given. Source
Focus on controllable items: Management said the team concentrated on what it could control while conditions moved during the quarter. Source

Momentum and fuel prices

Momentum captured exiting the quarter: Management said conditions improved and the company captured momentum as the quarter ended, pointing to its operating foundation. Source
Fuel prices rose sharply in March: Management cited a dramatic rise in fuel prices in March as part of the environment the quarter was run in. No fuel cost figure was given. Source
Macro environment shifted rapidly: Management described the macroeconomic environment as rapidly shifting during the first quarter. Source

Risks management discussed

Demand: Management cited volatile volumes as a condition the company operated through in the quarter. Source
Operational: Severe winter weather was listed among the conditions affecting the quarter. Source
External: Management cited a dramatic rise in fuel prices in March and a rapidly shifting macroeconomic environment. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Norfolk Southern reports first quarter 2026 results

Results reflect disciplined execution on safety, service, and cost control through a dynamic first quarter

ATLANTA, April 24, 2026 - Norfolk Southern Corporation (NYSE: NSC) announced Friday its first quarter 2026 financial results. In the quarter, revenue was $3.0 billion, income from railway operations was $877 million, operating ratio was 70.7%, and diluted earnings per share were $2.43.

Adjusting the results to exclude merger-related expenses and the effects of the Eastern Ohio incident, first quarter income from railway operations was $939 million, the operating ratio was 68.7%, and diluted earnings per share were $2.65.

“In the first quarter, our team stayed focused on what we could control, operating with discipline amid volatile volumes, severe winter weather, and a rapidly shifting macroeconomic environment including the dramatic rise in fuel prices in March,” said Mark George, president and chief executive officer of Norfolk Southern. “Despite these challenges, our employees safely delivered a solid service product, managed costs effectively, and earned the continued trust of our customers. As conditions improved, we captured momentum exiting the quarter, reinforcing the strength of our operating foundation and the dedication of the entire Norfolk Southern team.”

First Quarter Summary

Railway operating revenues of $3.0 billion, up $5 million, or flat compared to the first quarter 2025, on a volume decline of 1% year-over-year.

Income from railway operations was $877 million, a decrease of $269 million, or 23%, compared to first quarter 2025.

Adjusting for the effects of the Eastern Ohio incident in both years and merger-related expenses in 2026; income from railway operations was $939 million, down $22 million, or 2%, compared to adjusted first quarter 2025.

Operating ratio in the quarter was 70.7% compared to 61.7% in first quarter 2025.

Adjusting for the effects of the Eastern Ohio incident in both years and merger-related expenses in 2026, the operating ratio for first quarter 2026 was 68.7%, 80 basis points higher than first quarter 2025.

Norfolk Southern Corporation | 1

Diluted earnings per share were $2.43, down $0.88, or 27%, compared to first quarter 2025.

Adjusting for the effects of the Eastern Ohio incident in both years and merger-related expenses in 2026, diluted earnings per share were $2.65, down $0.04, or 1%, compared to first quarter 2025.

About Norfolk Southern

Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.

Media Inquiries:

Investor Inquiries:

Investor Relations

Cautionary Statement on Forward-Looking Statements

Forward-looking statements notice

Certain statements in this press release are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like "may," "will," "could," "would," "should," "expect," "anticipate," "believe," "project," or other comparable terminology. While the Company has based these forward-looking statements on those expectations, assumptions, estimates, beliefs, and projections it views as reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control, including but not limited to: (i) changes in domestic or international economic, political or business conditions, including those impacting the transportation industry; (ii) the Company’s ability to successfully implement its operational, productivity, and strategic initiatives; (iii) a significant adverse event on our network, including but not limited to a mainline accident, discharge of hazardous material, or climate-related or other network outage; (iv) the outcome of claims, litigation, governmental proceedings, and investigations involving the Company, including those with respect to the Eastern Ohio incident; (v) new or additional governmental regulation and/or operational changes resulting from or related to the Eastern Ohio incident; (vi) a significant cybersecurity incident or other disruption to our technology infrastructure; and (vii) those pertaining to the Merger. These and other important factors, including those discussed under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February

Norfolk Southern Corporation | 2

9, 2026, may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measures

Information included within this press release contains non-GAAP financial measures, including adjusted income from railway operations, adjusted operating ratio, and adjusted diluted earnings per share. Non-GAAP financial measures should be considered in addition to, not as a substitute for, the financial measures reported in accordance with U.S. generally accepted accounting principles (GAAP).

Our first quarter 2026 non-GAAP financial results exclude merger-related expenses and both the first quarters of 2026 and 2025 exclude the overall impact on operating expenses resulting from the Eastern Ohio Incident (the Incident). The following tables adjust our first quarter 2026 and first quarter 2025 GAAP financial results to exclude the effects of those items. The income tax effects of the non-GAAP adjustments were calculated based on the applicable tax rates to which the non-GAAP adjustments related. We use these non-GAAP financial measures internally and believe this information provides useful supplemental information to investors to facilitate making period-to-period comparisons by excluding these costs. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant to be considered in isolation from, or as a substitute for, the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similar measures presented by other companies. Information about the adjustments that are not currently available to us could have a potentially unpredictable and significant impact on future GAAP results. Further information about the Company’s non-GAAP measures are available on our website at www.norfolksouthern.com on the Investors page under Events and Presentations.

Norfolk Southern Corporation | 3

($ in millions, except per share amounts)	First Quarter 2026
Income from railway operations	$877
Merger-related expenses and effect of the Incident	62
Adjusted income from railway operations	$939
Operating ratio	70.7%
Merger-related expenses and effect of the Incident	(2.0%)
Adjusted operating ratio	68.7%
Diluted earnings per share	$2.43
Merger-related expenses and effect of the Incident	0.22
Adjusted diluted earnings per share	$2.65

($ in millions, except per share amounts)	First Quarter 2025
Income from railway operations	$1,146
Effect of the Incident	(185)
Adjusted income from railway operations	$961
Operating ratio	61.7%
Effect of the Incident	6.2%
Adjusted operating ratio	67.9%
Diluted earnings per share	$3.31
Effect of the Incident	(0.62)
Adjusted diluted earnings per share	$2.69

Norfolk Southern Corporation | 4