Form 10-Q · Quarterly report
Norfolk Southern 10-Q, filed Oct 22, 2026
- Filed
- CIK
- 0000702165
- Accession no.
- 0001628280-26-066836
Summary
Norfolk Southern reported third-quarter 2026 railway operating revenues of $3.53 billion, up 14% from a year earlier, with net income of $759 million and diluted earnings per share of $3.37, while net income for the first nine months fell 8% to $2.04 billion. The railroad said its July 28, 2025 merger agreement with Union Pacific is aimed at creating America's first transcontinental railroad.
Key points
- Third-quarter railway operating expenses rose 19% to $2.38 billion, with a reported operating ratio of 67.4% and an adjusted operating ratio of 65.4%.
- Fuel surcharge revenue was $468 million in the third quarter versus $208 million a year earlier, and about 95% of the revenue base is covered by contracts with negotiated fuel surcharges.
- Norfolk Southern attributed the first-nine-month decline in net income partly to the absence of insurance recoveries related to the Eastern Ohio incident recognized in 2025, higher merger-related expenses, and lower gains from property sales.
- The company said third-quarter revenue growth came from higher average revenue per unit, driven mainly by fuel surcharge revenue, and increased volume.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
Item 2. Management’s Discussion OVERVIEW Since 1827, Norfolk Southern Corporation and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Our dedicated team members deliver a wide variety of commodities annually for our customers, from agriculture to consumer products, and help them reduce carbon emissions by shipping via rail. We have the most extensive intermodal network in the eastern U.S. Our network 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 along the Gulf Coast and Great Lakes. …
An excerpt of the text as filed with the SEC, cut for length.
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