Norfolk Southern reported first-quarter 2026 revenue of $3.0 billion, essentially unchanged from a year earlier, rising just $5 million. Volume fell 1% year over year, showing that flat revenue came despite fewer shipments.
Operating income dropped to $877 million from $1.146 billion in the first quarter of 2025, a decline of $269 million, or 23%. The operating ratio worsened to 70.7% from 61.7%, an increase of 9.0 percentage points.
Diluted earnings per share fell to $2.43 from $3.31 a year ago, down $0.88, or 27%.
On an adjusted basis, which excludes merger-related expenses and the Eastern Ohio incident, income from railway operations was $939 million, down $22 million, or 2%, from adjusted first-quarter 2025. Adjusted diluted earnings per share were $2.65, down $0.04, or 1%. The adjusted operating ratio was 68.7%, 80 basis points worse than the comparable period last year.
The company said the quarter was shaped by volatile volumes, severe winter weather, and sharply higher fuel prices in March. Following these announcements, the company's shares moved 0.24%, and are now trading at a price of $283.28. For more information, read the company's full 8-K submission here.
