Norfolk Southern reports flat revenue, lower income for Q1

Norfolk Southern Corp. today reported first-quarter operating revenue of $3 billion, which was flat compared with Q1 2025. Volume declined 1% year over year.

Income from railway operations totaled $877 million, down 23%. Adjusting for the effects of the 2023 East Palestine derailment and for Q1 expenses related to the proposed merger with Union Pacific Railroad, NS' operating income dropped 2% to $939 million compared to adjusted Q1 2025, NS officials said in a press release.

The operating ratio (OR) in the quarter rose to 70.7 compared to 61.7 in Q1 2025. The adjusted Q1 OR was 68.7, up 80 basis points on a year-over-year basis. Diluted earnings per share for the quarter fell 27% to $2.43.

NS also reported Q1 average terminal dwell time of 21.8 hours, an improvement of 3.2% over Q1 2025.

"In the first quarter, our team stayed focused on what we could control, operating with discipline amid volatile volumes, severe winter weather and a rapidly shifting macroeconomic environment, including the dramatic rise in fuel prices in March,” said NS President and CEO Mark George. "As conditions improved, we captured momentum exiting the quarter, reinforcing the strength of our operating foundation."