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Norfolk Southern (NSC) investor relations material
Norfolk Southern Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
2025 featured operational resilience, disciplined cost control, and record safety, with best injury and accident rates in over a decade, despite a softer volume environment and heightened merger-related competition.
Productivity initiatives delivered over $215 million in annualized savings, exceeding targets, with 3% more GTMs moved using 4% fewer employees, resulting in a 7% productivity improvement.
Full-year 2025 revenue was $12.2 billion, nearly flat year-over-year, as higher shipments were offset by adverse mix and lower fuel surcharges.
Adjusted Q4 net income was $725 million, up 5% from Q4 2024, and adjusted EPS was $3.22, up 6% year-over-year.
The pending merger and competitive responses shaped the business landscape, but the team maintained focus on core priorities.
Financial highlights
Q4 2025 revenue was $2.97–$3.0 billion, down 2% year-over-year on a 4% volume decline; merchandise volume rose 1%, but Intermodal fell 6–7% and coal revenue dropped 11%.
Adjusted Q4 operating ratio was 65.3%; full-year adjusted operating ratio was 65.0–65.8%.
Full-year adjusted net income was $2.82 billion, up 5% from 2024; adjusted EPS was $12.49, up 5%.
Free cash flow reached $2.2 billion for the year, up nearly $500 million from 2024, with the highest conversion rate since 2021.
Net income and EPS benefited from a $50 million state tax resolution, boosting EPS by $0.22.
Outlook and guidance
2026 cost base expected at $8.2–$8.4 billion, accommodating a range of volume scenarios.
Capital spending to be reduced by nearly $300 million to $1.9 billion in 2026, reflecting asset efficiency and network fluidity.
Productivity savings target for 2026 raised to $150 million, with a three-year cumulative cost takeout of $650 million.
Management expects continued softness in Intermodal and coal, with merchandise expected to remain a growth area.
Demand environment for 2026 remains uncertain; focus will remain on safety, service, and cost containment regardless of volume.
Productivity savings impact on operating ratio?
What was the Q4 2025 non-core expense impact?
Fuel surcharge impact on full year 2025 revenue growth?
What was the impact of the new wheel integrity system?
How does NS balance pricing with volume growth?
How does the merger enhance competition
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Next Norfolk Southern earnings date
Q1 202622 Apr, 2026
Norfolk Southern
Next Norfolk Southern earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Railway Freight
Norfolk Southern Corporation is an American company that specializes in railway freight and related services. Established in 1982 through the merger of Southern Railway Company and Norfolk and Western Railway, it has grown into a vast network that stretches across the eastern third of the USA and Canada. The company's primary business involves transporting goods across its extensive rail system, which spans approximately 19,500 miles. Norfolk Southern's cargo includes diverse commodities like coal, automotive parts, and agricultural products. The company is headquartered in Atlanta, Georgia, and its shares are listed on the NYSE.
Formation Through a Merger
Norfolk Southern's roots can be traced back to the early 19th century. Two of its earliest ancestor railroads, the South Side Railroad and the Norfolk and Petersburg Railroad, were established in the 1830s in Virginia. The modern Norfolk Southern Corporation was formed on June 1, 1982, following the merger of Southern Railway and Norfolk and Western Railway. This merger was part of a wave of consolidations in the railroad industry, driven by the need for more efficient and competitive operations. One of the most important milestones in its history is the joint acquisition of Conrail with CSX Corporation in 1998. This acquisition expanded Norfolk Southern's reach in the Northeast and Midwest, making it one of the largest rail networks in the United States together with companies such as CSX, Union Pacific, and Canadian National.
Transportation Services
Norfolk Southern operates an extensive network covering approximately 19,500 route miles in 22 states. Its railway transportation services are integral to various sectors of the economy, handling a diverse range of commodities. Norfolk Southern transports everything from commodities such as coal and chemicals to vehicles and consumer goods. The American freight transportation network is one of great importance to the flow of goods across the country, in which Norfolk Southern plays an important role.
Logistics and Intermodal
Norfolk Southern's logistics and intermodal transportation services are pivotal to its business, reflecting a modern approach to freight movement. The company provides intermodal transport services, which involves transferring shipping containers seamlessly between rail, trucks, and ships, providing a flexible and efficient solution for long-distance freight transport. This sector capitalizes on the company's extensive rail network, offering cost-effective and environmentally friendly alternatives to traditional truck transportation. Norfolk Southern also provides comprehensive supply chain management, which complements its transportation services.
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