Filing Flows › Norfolk Southern (NSC) › Q3 2026
Norfolk Southern (NSC) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 22, 2026
Norfolk Southern (NSC) reported revenue of $3.5B for the third quarter 2026 (Q3 2026), +14% from a year earlier and +2% from the quarter before. Operating margin was 32.6%, net earnings $759M (21.5% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.5B | +2% | +14% |
| Operating profit | $1.1B | +2% | +5% |
| Net earnings | $759M | +3% | +7% |
| Operating cash flow | $1.3B | +25% | +4% |
| Free cash flow | $736M | +20% | +2% |
What changed
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.
Questions
What was Norfolk Southern's revenue in the third quarter 2026?
Norfolk Southern (NSC) reported revenue of $3.5B for the third quarter 2026 (Q3 2026), +14% from a year earlier and +2% from the quarter before.
Was Norfolk Southern profitable in the third quarter 2026?
Operating profit was $1.1B (32.6% of revenue) and net earnings $759M.
Source: Norfolk Southern 10-Q on SEC EDGAR.