Filing Flows › Norfolk Southern (NSC) › Q4 2025
Norfolk Southern (NSC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 9, 2026
Norfolk Southern (NSC) reported revenue of $3.0B for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and -4% from the quarter before. Operating margin was 31.5%, net earnings $644M (21.7% of revenue).
Norfolk Southern, Q4 2025: revenue $3.0B (-2% year over year), operating margin 31.5%, net earnings $644M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.0B | -4% | -2% |
| Operating profit | $937M | -15% | -17% |
| Net earnings | $644M | -9% | -12% |
| Operating cash flow | $1.1B | -16% | +12% |
| Free cash flow | $334M | -54% | +21% |
What changed
Revenue was $3.0B in Q4 2025, down 2% year over year and down 4% from the previous quarter. Merchandise was the largest line at 63% of revenue.
Operating profit was $0.94B, a 31.5% margin (down 5.9 points year over year). Total costs grew 8% against a revenue fall of 2%. Net earnings were $0.64B, down 12% year over year. The effective tax rate was 15.8%.
Operating cash flow was $1.1B (up 12% year over year), 165% of net earnings. Non-cash charges added back $0.35B of depreciation and $0.01B of share-based compensation. Working capital and other items added $0.06B. Capital expenditures of $0.73B left free cash flow of $0.33B.
Questions
What was Norfolk Southern's revenue in the fourth quarter 2025?
Norfolk Southern (NSC) reported revenue of $3.0B for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and -4% from the quarter before.
Was Norfolk Southern profitable in the fourth quarter 2025?
Operating profit was $937M (31.5% of revenue) and net earnings $644M.
Source: Norfolk Southern 10-K on SEC EDGAR.