Norfolk Southern 2025: Railway Revenue Insights, Performance Analysis

Introduction

Norfolk Southern Corp. announced a 2% increase in railway operating revenue, reaching $3.1 billion in the third quarter of 2025. However, income from railway operations decreased by 31% to $1.1 billion compared to the third quarter of 2024.

Financial Performance Overview

Norfolk Southern Corp. reported railway operating revenue of $3.1 billion for the third quarter of 2025, reflecting a 2% increase. Despite flat volumes, the company’s income from railway operations decreased by 31% to $1.1 billion compared to the $1.6 billion reported in the third quarter of 2024.

Revenue and Cost Analysis

Fuel surcharge revenue decreased by $30 million compared to the third quarter of 2024, representing a 1% headwind to overall revenue. After adjusting for merger-related expenses, restructuring and other charges, and the effects of the 2023 derailment in eastern Ohio, the adjusted income from railway operations for the third quarter of 2025 was $1.1 billion, a 2% increase, which was aided by $65 million in incremental land sales.

Earnings per Share and Net Income

The company’s diluted earnings per share (EPS) were $3.16, compared to $4.85 a year earlier. Adjusted diluted EPS grew by 2% to $3.30. Net income for the quarter was $711 million, a 35% decrease year over year.

Conclusion

In the third quarter of 2025, Norfolk Southern Corp. saw a 2% rise in railway operating revenue to $3.1 billion. Income from railway operations decreased to $1.1 billion. The company’s diluted EPS was $3.16, and net income reached $711 million.

Company Summary

Norfolk Southern Corp.: A railway company.