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Norfolk Southern (NSC) investor relations material
Norfolk Southern Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Achieved 2% year-over-year revenue growth to $3.1 billion in Q3 2025, with record industrial products and strong auto segment growth offsetting intermodal and coal softness.
Adjusted net income was $741 million and adjusted diluted EPS was $3.30, both up 2% year-over-year, while GAAP net income and EPS declined due to higher expenses and absence of prior year asset sale gains.
Productivity initiatives and cost controls exceeded targets, with significant fuel efficiency improvements and operational gains.
Entered into a merger agreement with Union Pacific to create the first transcontinental railroad, subject to shareholder and regulatory approval.
Safety metrics improved, with lower train accident and employee injury rates, and advanced technology deployments enhancing reliability.
Financial highlights
Q3 2025 railway operating revenues rose 2% year-over-year to $3.1 billion; adjusted operating income was $1.14 billion, up 2% year-over-year.
Adjusted operating ratio for Q3 was 63.3%, a 10-basis point improvement year-over-year; adjusted EPS was $3.30.
Merchandise revenue grew 6% to $1.97 billion, while intermodal and coal revenues declined 1% and 12%, respectively.
Adjusted results exclude expenses from the Eastern Ohio incident, restructuring, and merger-related costs.
Large land sale at quarter-end contributed $65 million more than last year, significantly impacting results.
Outlook and guidance
Revenue is expected to remain challenged in Q4 due to ongoing macroeconomic uncertainty and intensified competition from the merger announcement.
Cost structure is targeted to remain in the $2.0–$2.1 billion range for Q4.
Cumulative efficiency target for 2025 raised to $200 million, with a $600 million cumulative takeout goal by 2026.
Anticipates continued volume pressure in intermodal and persistent coal revenue headwinds.
Management expects to accumulate cash during the merger review period and believes liquidity is sufficient to meet ongoing obligations.
What underpins the raised 2025 productivity target?
Detail the strategic impact of recent land sales.
What is the current financial exposure from Eastern Ohio?
Regain lost intermodal volume strategy
Detail the path to $600M cumulative efficiency by 2026
When do coal RPU headwinds stabilize?
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Next Norfolk Southern earnings date
Q4 202523 Jan, 2026
Next Norfolk Southern earnings date
Q4 202523 Jan, 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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