Norfolk Southern's first quarter 2026 adjusted EPS of $2.65 beat estimates while revenue of $3.0 billion missed expectations.

Norfolk Southern reported first quarter 2026 railway operating revenues of $3.0 billion, flat year-over-year, and a GAAP diluted EPS of $2.43. On an adjusted basis, which excludes merger-related expenses and costs from the Eastern Ohio incident, diluted EPS was $2.65, a 1% decrease from the prior year.

Key Highlights

• The company's adjusted operating ratio came in at 68.7%, representing an 80 basis point increase from the first quarter of 2025.
• Railway operating revenues were flat at $3.0 billion, as a 1% decline in volume year-over-year was offset by pricing.
• On a GAAP basis, income from railway operations decreased 23% to $877 million, while adjusted income from railway operations fell 2% to $939 million.