Norfolk Southern Q3 2026: record revenue, softer operating ratio
Norfolk Southern posted a record $3.53 billion of revenue in Q3 2026, but the operating ratio worsened to 67.4%, so the story is top-line strength against cost pressure. Read the scorecard as two ledgers: GAAP EPS of $3.37 came in under the $3.51 consensus, while adjusted EPS of $3.62 — which strips out merger and Eastern Ohio costs — cleared it. Free cash flow of $736 million was the strongest of the last four quarters.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $3.37, up 7% from $3.16 a year earlier, and adjusted EPS was $3.62, up 10%. Measured against the $3.51 consensus, the GAAP number fell short while the adjusted figure — which excludes $70 million of merger-related and Eastern Ohio costs — beat. Net income of $759 million compared with $711 million in the same quarter last year.
Revenue of $3.53 billion was a quarterly record, up $423 million or 14% on a 3% increase in volume. Fuel surcharges alone supplied eight points of that 14%, so more than half the growth reflects fuel prices rather than more freight. The rest came from price and the modest volume gain.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-10-23
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