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Sep 30, 2025
Norfolk Southern Q3 2025 Earnings Report
Norfolk Southern reported solid Q3 results with modest revenue growth and improved adjusted operating performance.
Key Takeaways
Norfolk Southern delivered $3.1 billion in revenue for Q3 2025, maintaining strong operational income and raising its productivity target amid a dynamic freight environment.
Revenue reached $3.1B, a 2% increase YoY despite flat volumes.
Adjusted EPS was $3.30, slightly above prior year adjusted levels.
Adjusted operating ratio improved to 63.3% from 63.4% YoY.
Productivity target for 2025 raised to ~$200M from ~$175M.
Forward Guidance
Norfolk Southern remains focused on productivity and service efficiency, raising its 2025 productivity goal while cautioning on cost headwinds.
Positive Outlook
- Raised productivity goal to ~$200M for FY25.
- Achieved record fuel efficiency in the quarter.
- Adjusted EPS grew YoY despite market pressures.
- Strong performance in land sales added $65M to results.
- Maintained service consistency and safety improvements.
Challenges Ahead
- GAAP EPS down from prior year due to one-time line sale benefit in 2024.
- Flat overall volumes year-over-year.
- Fuel surcharge revenue declined $30M YoY.
- Operating ratio increased significantly YoY on GAAP basis.
- Ongoing financial impact from Eastern Ohio incident.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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