Filing Flows › Norfolk Southern (NSC) › Q1 2026
Norfolk Southern (NSC) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 24, 2026
Norfolk Southern (NSC) reported revenue of $3.0B for the first quarter 2026 (Q1 2026), +0.2% from a year earlier and +0.8% from the quarter before. Operating margin was 29.3%, net earnings $547M (18.2% of revenue).
Norfolk Southern, Q1 2026: revenue $3.0B (+0.2% year over year), operating margin 29.3%, net earnings $547M, operating cash flow $344M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.0B | +0.8% | +0.2% |
| Operating profit | $877M | -6% | -23% |
| Net earnings | $547M | -15% | -27% |
| Operating cash flow | $344M | -68% | -64% |
What changed
Revenue was $3.0B in Q1 2026, roughly flat year over year and up 1% from the previous quarter. Merchandise was the largest line at 63% of revenue. Merchandise added $0.02B year over year (up 1%), 440% of the total change. Coal declined 2%.
Operating profit was $0.88B, a 29.3% margin (down 9.0 points year over year). Operating profit fell $0.27B even though revenue rose $0.01B versus Q1 2025, so costs grew faster than sales. Total costs grew 15% against flat revenue. Net earnings were $0.55B, down 27% year over year. The effective tax rate was 23.5%.
Operating cash flow was $0.34B (down 64% year over year), 63% of net earnings. Non-cash charges added back $0.35B of depreciation and $0.03B of share-based compensation. Working capital and other items used $0.58B. Capital expenditures of $0.38B exceeded it, leaving free cash flow of −$0.04B.
Questions
What was Norfolk Southern's revenue in the first quarter 2026?
Norfolk Southern (NSC) reported revenue of $3.0B for the first quarter 2026 (Q1 2026), +0.2% from a year earlier and +0.8% from the quarter before.
Was Norfolk Southern profitable in the first quarter 2026?
Operating profit was $877M (29.3% of revenue) and net earnings $547M.
Source: Norfolk Southern 10-Q on SEC EDGAR.