Filing Flows › Norfolk Southern (NSC) › Q3 2026 › vs Q2 2026
Norfolk Southern (NSC) Q3 2026 vs Q2 2026 (quarter over quarter)
Norfolk Southern's revenue rose $61.0M (+2%) from $3.5B in Q2 2026 to $3.5B in Q3 2026. The biggest changes: Merchandise +$55.0M (+3%); Intermodal +$11.0M (+1%); Coal −$5.0M (-1%). Operating margin 32.6% against 32.4% (+0.2 pts).
Norfolk Southern, Q3 2026: revenue $3.5B (+14% year over year), operating margin 32.6%, net earnings $759M, operating cash flow $1.3B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 32.6% | 32.4% | +0.2 pts |
| Net margin | 21.5% | 21.2% | +0.3 pts |
| Free cash flow margin | 20.9% | 17.7% | +3.1 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Merchandise | $2.2B | $2.1B | $55.0M | +3% |
| Intermodal | $919M | $908M | $11.0M | +1% |
| Coal | $419M | $424M | −$5.0M | -1% |
| Revenue | $3.5B | $3.5B | $61.0M | +2% |
| Operating profit | $1.1B | $1.1B | $26.0M | +2% |
| Costs & expenses | $2.4B | $2.3B | $35.0M | +1% |
| Pre-tax earnings | $987M | $959M | $28.0M | +3% |
| Other expense, net | $163M | $165M | −$2.0M | -1% |
| Net earnings | $759M | $734M | $25.0M | +3% |
| Income tax | $228M | $225M | $3.0M | +1% |
| Depreciation | $363M | $358M | $5.0M | +1% |
| Share-based compensation | $23.0M | $24.0M | −$1.0M | -4% |
| Working capital & other | $177M | −$62.0M | $239M | — |
| Operating cash flow | $1.3B | $1.1B | $268M | +25% |
| Free cash flow (OCF − capex) | $736M | $615M | $121M | +20% |
| Capital expenditures | $586M | $439M | $147M | +33% |
Questions
How much did Norfolk Southern's revenue grow quarter over quarter in Q3 2026?
Norfolk Southern's revenue rose $61.0M (+2%) from $3.5B in Q2 2026 to $3.5B in Q3 2026.
What drove Norfolk Southern's revenue change in Q3 2026?
Merchandise +$55.0M (+3%); Intermodal +$11.0M (+1%); Coal −$5.0M (-1%).