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How Norfolk Southern (NSC) makes money
Norfolk Southern (NSC) made $3.5B of revenue in the third quarter 2026 (Q3 2026), +14% from a year earlier. Merchandise brought in $2.2B (62%); Intermodal brought in $919M (26%); Coal brought in $419M (12%). Of every dollar of revenue, 33¢ was left as operating profit, 22¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Merchandise | $2.2B | 62.1% | +3% | +11% |
| Intermodal | $919M | 26.1% | +1% | +21% |
| Coal | $419M | 11.9% | -1% | +12% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $3.5B | 100.0% |
| Operating profit | $1.1B | 32.6% |
| Income tax | $228M | 6.5% |
| Net earnings | $759M | 21.5% |
| Operating cash flow | $1.3B | 37.5% |
| Free cash flow | $736M | 20.9% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $3.5B | +14% |
| Q2 2026 | $3.5B | +11% |
| Q1 2026 | $3.0B | +0.2% |
| Q4 2025 | $3.0B | -2% |
| Q3 2025 | $3.1B | +2% |
| Q2 2025 | $3.1B | +2% |
| Q1 2025 | $3.0B | -0.4% |
From Norfolk Southern's 10-Q filed Oct 22, 2026 (on EDGAR).
Questions
How does Norfolk Southern make money?
Norfolk Southern (NSC) made $3.5B of revenue in the third quarter 2026 (Q3 2026), +14% from a year earlier. Merchandise brought in $2.2B (62%); Intermodal brought in $919M (26%); Coal brought in $419M (12%). Of every dollar of revenue, 33¢ was left as operating profit, 22¢ was left as net earnings.
What is Norfolk Southern's biggest business?
Merchandise: $2.2B in the third quarter 2026, 62% of revenue, +11% from a year earlier.
What is Norfolk Southern's profit margin?
Net earnings were $759M, 21.5% of revenue, in the third quarter 2026; the operating margin was 32.6%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.