Norfolk Southern Corporation (NSC) Earnings Call Transcripts

Norfolk Southern Corporation's Latest Earnings Call - September 15, 2026

In the third quarter of fiscal year 2026, Norfolk Southern Corporation (NSC:US) reported a revenue of $3.2 billion, which was below the consensus estimate of $3.5 billion, representing a 5% year-over-year decline. Earnings per share (EPS) came in at $1.45, missing expectations by $0.10. Management indicated that elevated fuel prices would pose a significant headwind, impacting their operating ratio by approximately 250 basis points. Consequently, guidance for the fourth quarter was lowered, with expectations for seasonal performance to be worse than previously anticipated due to these fuel cost pressures.

Reported metrics

Guidance from management

Management lowered guidance for Q4, indicating expectations for performance to be worse than seasonal norms due to the impact of rising fuel costs.

What management said

What I expect is that we will -- we're going to continue to gain incremental share in the current environment. I think when we get to a bid season for intermodal, which is January through April of next year, that's where we'll probably see our next big opportunity to actually take share from the highway and deliver value for them as new contracts come on board for our beneficial cargo.

We're going to lap all that stuff coming up in the fourth quarter. I think when you look at the data, what you see is that the local East in the U.S. network has grown the most. And so I think we'll show well going forward coming out here. And I think the value of our network and the value of the product that we're putting out there right now is a very good for the business and for our chances going forward.

What analysts pressed on

Analysts expressed concerns regarding the impact of elevated fuel prices on operating margins and the potential for reduced demand as costs rise. There were also questions about the timeline and implications of the ongoing merger process.

Main topics on the call

• Fuel Cost Headwinds — Management acknowledged that fuel prices have continued to rise, contrary to previous expectations of a decline. They stated, "That's a significant headwind for us," indicating that this would impact their operating rati...
• Intermodal Demand Growth — Despite challenges, management noted, "We still see clear demand growth on the industrial side," particularly in intermodal services, which they expect to gain incremental share as truck costs rise.
• Productivity Improvements — Norfolk Southern has achieved over $500 million in productivity cost reductions over the past two years, with an additional $150 million expected this year. Management emphasized that these improvements are structural an...
• Merger Progress — The merger application has moved to the merits phase, with management expressing satisfaction with the procedural timeline, stating, "I think it's really, really good development procedurally as we move into this merit's...

Read the full Norfolk Southern Corporation transcript (September 15, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 77 Norfolk Southern Corporation earnings call transcripts on record, spanning January 29, 2020 to September 15, 2026. Based on this history, Norfolk Southern Corporation reports quarterly. The most recent call on file is dated September 15, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

NSC

Exchange

NYSE

Country

US

Sector

Industrials

Industry

Ground Transportation

Calls on record

77

First call

January 29, 2020

Most recent

September 15, 2026

Reporting cadence

quarterly