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Norfolk Southern (NSC) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 22, 2026 · Norfolk Southern (NSC) Q3 2026 earnings results →

Q3 2026 Revenue up 14% year over year to $3.5B · 22¢ of every $1 of revenue kept as net profit · operating margin 32.6%

Norfolk Southern made $3.5B in Q3 2026 (+14% Y/Y): Merchandise $2.2B, Intermodal $919M, Coal $419M. Operating margin 32.6%, net earnings $759M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 22, 2026.

Revenue$3.5B
Year over year+14%
Operating margin32.6%
Net earnings$759M
Operating cash flow$1.3B

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Norfolk Southern Q3 2026 revenue breakdown: Sankey diagram of revenue (Merchandise, Intermodal, Coal), costs, profit and cash flow
Norfolk Southern Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.5B in Q3 2026, up 14% year over year and up 2% from the previous quarter. Merchandise was the largest line at 62% of revenue. Merchandise added $0.22B year over year (up 11%), 52% of the total change.

Operating profit was $1.1B, a 32.6% margin (down 2.8 points year over year). Of the extra revenue versus Q3 2025, 12% reached operating profit, below the 35% margin then. Total costs grew 19% against revenue growth of 14%. Net earnings were $0.76B, up 7% year over year. The effective tax rate was 23.1%.

Operating cash flow was $1.3B (up 4% year over year), 174% of net earnings. Non-cash charges added back $0.36B of depreciation and $0.02B of share-based compensation. Working capital and other items added $0.18B. Capital expenditures of $0.59B left free cash flow of $0.74B.

Quarterly history

Norfolk Southern revenue by quarterNorfolk Southern revenue by quarter$3.0BQ1 2025$3.1BQ2 2025$3.1BQ3 2025$3.0BQ4 2025$3.0BQ1 2026$3.5BQ2 2026$3.5BQ3 2026
Norfolk Southern net earnings by quarterNorfolk Southern net earnings by quarter$750MQ1 2025$768MQ2 2025$711MQ3 2025$644MQ4 2025$547MQ1 2026$734MQ2 2026$759MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 22, 2026$3.5B+14%32.6%$759M$1.3B
Q2 202610-QJul 23, 2026$3.5B+11%32.4%$734M$1.1B
Q1 202610-QApr 24, 2026$3.0B+0.2%29.3%$547M$344M
Q4 202510-KFeb 9, 2026$3.0B-2%31.5%$644M$1.1B
Q3 202510-QOct 23, 2025$3.1B+2%35.4%$711M$1.3B
Q2 202510-QJul 29, 2025$3.1B+2%37.8%$768M$1.1B
Q1 202510-QApr 23, 2025$3.0B-0.4%38.3%$750M$950M

Charts

Norfolk Southern: revenue growth, year over year and quarter over quarterNorfolk Southern: revenue growth, year over year and quarter over quarterY/YQ/Q0%Q1 2025+2%+4%Q2 2025+2%0%Q3 2025-2%-4%Q4 2025+0%+1%Q1 2026+11%+16%Q2 2026+14%+2%Q3 2026
Latest (Q3 2026): Y/Y +14%, Q/Q +2%.
Norfolk Southern: where the cash came from (+) and went (−), TTM to Q3 2026Norfolk Southern: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$3.8BCapital spending−$2.1BDividends−$1.2BNet borrowing (+) / repaid (−)−$623MAsset & business sales$317MCash drawn (+) / kept (−)−$180MOther investing$67.0MOther financing−$17.0MShares issued$7.0MBuybacks−$5.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Norfolk Southern: profit against cash, quarter by quarterNorfolk Southern: profit against cash, quarter by quarterNet incomeOperating cash flow$733M$951MQ4 2024$750M$950MQ1 2025$768M$1.1BQ2 2025$711M$1.3BQ3 2025$644M$1.1BQ4 2025$547M$344MQ1 2026$734M$1.1BQ2 2026$759M$1.3BQ3 2026
Latest (Q3 2026): Net income $759M, Operating cash flow $1.3B.
Norfolk Southern: diluted shares by fiscal yearNorfolk Southern: diluted shares by fiscal year257MFY2020248MFY2021236MFY2022227MFY2023226MFY2024225MFY2025
-12.2% since FY2020: buybacks shrank the count.
Norfolk Southern: long-term debt falling due (FY2025)Norfolk Southern: long-term debt falling due (FY2025)$625M2027$602M2028$611M2029$600M2030$14.0BLater
Cash $1.5B, short-term investments —, long-term debt — at 2025-12-31.
Norfolk Southern in its industry: growth against margin (6 companies, SIC 4011)Norfolk Southern in its industry: growth against margin (6 companies, SIC 4011)revenue growth, year over year →↑ operating marginmedian +15%median 35%UNPBurlington Northern Santa FE, LLCCSXCPFIPNSC (+14%, 33%)
Railroads, Line-Haul Operating; dot size is quarterly revenue; dashed lines are the industry's medians.

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About Norfolk Southern

GENERAL – Norfolk Southern Corporation (Norfolk Southern) is an Atlanta, Georgia-based company that owns a major freight railroad, Norfolk Southern Railway Company (NSR). We were incorporated on July 23, 1980, under the laws of the Commonwealth of Virginia. Our common stock (Common Stock) is listed on the New York Stock Exchange (NYSE) under the symbol “NSC.” Unless indicated otherwise, Norfolk Southern Corporation and its subsidiaries, including NSR, are referred to collectively as NS, we, us, and our.

In its own words, from its 10-K, filed Feb 9, 2026.

Norfolk Southern against its Railroads, Line-Haul Operating peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +14% against the peers' median +15%. Operating margin: 32.6% against the peers' median 35.2%.

CompanyQuarterRevenueY/YOp. margin
NSC Norfolk SouthernQ3 2026$3.5B+14%32.6%
UNP Union PacificQ3 2026$7.2B+15%40.9%
Burlington Northern Santa FE, LLCQ2 2026$6.6B+14%34.5%
CSX CSXQ3 2026$4.0B+12%39.1%
CP Canadian Pacific Kansas CityQ3 2026$3.0B+15%35.2%
FIP FTAI InfrastructureQ3 2026$219M+56%9.0%

Source: Norfolk Southern 10-Q on SEC EDGAR · CIK 702165 · Railroads, Line-Haul Operating

13F: who owns NSC and who is buying

Largest holders of NSC (13F)Largest holders of NSC (13F)Vanguard Group$6.0BBlackRock$5.0BVanguard Capital Management LLC$4.6BState Street$3.2BVanguard Portfolio Management LLC$2.3BMillennium Management LLC$1.6BGeode Capital Management, LLC$1.6BBank of America$979MPentwater Capital Management LP$873MNorthern Trust$822M
Funds' net buying of NSC by quarter (13F)Funds' net buying of NSC by quarter (13F)$261M2024-09$70.9M2024-12$50.3M2025-03$1.1B2025-06−$1.8B2025-09$709M2025-12−$405M2026-03−$164M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NSC

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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