Filing Flows › Norfolk Southern (NSC) › Q3 2025
Norfolk Southern (NSC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
Norfolk Southern (NSC) reported revenue of $3.1B for the third quarter 2025 (Q3 2025), +2% from a year earlier and -0.2% from the quarter before. Operating margin was 35.4%, net earnings $711M (22.9% of revenue).
Norfolk Southern, Q3 2025: revenue $3.1B (+2% year over year), operating margin 35.4%, net earnings $711M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | -0.2% | +2% |
| Operating profit | $1.1B | -7% | -31% |
| Net earnings | $711M | -7% | -35% |
| Operating cash flow | $1.3B | +18% | +4% |
| Free cash flow | $720M | +20% | +12% |
What changed
Revenue was $3.1B in Q3 2025, up 2% year over year and roughly flat from the previous quarter. Merchandise was the largest line at 63% of revenue. Merchandise added $0.11B year over year (up 6%), 208% of the total change. Coal declined 12%.
Operating profit was $1.1B, a 35.4% margin (down 16.9 points year over year). Operating profit fell $0.50B even though revenue rose $0.05B versus a year earlier, so costs grew faster than sales. Total costs grew 38% against revenue growth of 2%. Net earnings were $0.71B, down 35% year over year. The effective tax rate was 23.1%.
Operating cash flow was $1.3B (up 4% year over year), 179% of net earnings. Non-cash charges added back $0.35B of depreciation and $0.02B of share-based compensation. Working capital and other items added $0.20B. Capital expenditures of $0.55B left free cash flow of $0.72B.
Questions
What was Norfolk Southern's revenue in the third quarter 2025?
Norfolk Southern (NSC) reported revenue of $3.1B for the third quarter 2025 (Q3 2025), +2% from a year earlier and -0.2% from the quarter before.
Was Norfolk Southern profitable in the third quarter 2025?
Operating profit was $1.1B (35.4% of revenue) and net earnings $711M.
Source: Norfolk Southern 10-Q on SEC EDGAR.