Filing Flows › Norfolk Southern (NSC) › Q3 2026 › vs Q3 2025
Norfolk Southern (NSC) Q3 2026 vs Q3 2025 (year over year)
Norfolk Southern's revenue rose $423M (+14%) from $3.1B in Q3 2025 to $3.5B in Q3 2026. The biggest changes: Merchandise +$219M (+11%); Intermodal +$160M (+21%); Coal +$44.0M (+12%). Operating margin 32.6% against 35.4% (-2.8 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 32.6% | 35.4% | -2.8 pts |
| Net margin | 21.5% | 22.9% | -1.4 pts |
| Free cash flow margin | 20.9% | 23.2% | -2.3 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Merchandise | $2.2B | $2.0B | $219M | +11% |
| Intermodal | $919M | $759M | $160M | +21% |
| Coal | $419M | $375M | $44.0M | +12% |
| Revenue | $3.5B | $3.1B | $423M | +14% |
| Operating profit | $1.1B | $1.1B | $52.0M | +5% |
| Costs & expenses | $2.4B | $2.0B | $371M | +19% |
| Pre-tax earnings | $987M | $924M | $63.0M | +7% |
| Other expense, net | $163M | $174M | −$11.0M | -6% |
| Net earnings | $759M | $711M | $48.0M | +7% |
| Income tax | $228M | $213M | $15.0M | +7% |
| Depreciation | $363M | $348M | $15.0M | +4% |
| Share-based compensation | $23.0M | $17.0M | $6.0M | +35% |
| Working capital & other | $177M | $195M | −$18.0M | -9% |
| Operating cash flow | $1.3B | $1.3B | $51.0M | +4% |
| Free cash flow (OCF − capex) | $736M | $720M | $16.0M | +2% |
| Capital expenditures | $586M | $551M | $35.0M | +6% |
Questions
How much did Norfolk Southern's revenue grow year over year in Q3 2026?
Norfolk Southern's revenue rose $423M (+14%) from $3.1B in Q3 2025 to $3.5B in Q3 2026.
What drove Norfolk Southern's revenue change in Q3 2026?
Merchandise +$219M (+11%); Intermodal +$160M (+21%); Coal +$44.0M (+12%).