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Norfolk Southern reported Q1 revenue flat year-over-year with RPU up 2% and EPS of $2.65, as PSR 2.0 continued delivering record fuel efficiency and coal volumes surged on utility demand while the Iran conflict drove a fuel cost surge. Management maintained cost guidance of $8.2-8.4 billion with no revenue or EPS guidance, as total adjusted expenses grew just 1% despite inflationary pressures and storm costs, while the UP merger application tracked on schedule for refiling.
Competitive Dynamics | Demand | Cost Pressure | Margin | Pricing | M&A | Innovation & R&D | Macroeconomic | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 7 | 4 | 3 | 3 | 1 | ||
| 2025Q1 | 5 | 3 | 3 | 3 | 2 | 2 | 2 | |
| 2025Q3 | 7 | 3 | 4 | 2 | 2 | 4 | 1 | 1 |
| 2025Q4 | 6 | 2 | 2 | 2 | 2 | 3 | 1 | |
| 2026Q1 | 5 | 7 | 4 | 3 | 2 | 3 | 2 | 2 |
| '24Q4 | '25Q1 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|
| Competitive Dynamics | 3 | 5 | 7 | 6 | 5 |
| Demand | 7 | 3 | 3 | 2 | 7 |
| Cost Pressure | 4 | 3 | 4 | 2 | 4 |
| Margin | 3 | 3 | 2 | 2 | 3 |
| Pricing | 3 | 2 | 2 | 2 | 2 |
| M&A | 4 | 3 | 3 | ||
| Innovation & R&D | 1 | 2 | 1 | 2 | |
| Macroeconomic | 2 | 1 | 1 | 2 |
Calendar quarter Q1 2026Earnings call Apr 24, 2026
FY2026 Q1 in brief
Norfolk Southern reported Q1 revenue flat year-over-year with RPU up 2% and EPS of $2.65, as PSR 2.0 continued delivering record fuel efficiency and coal volumes surged on utility demand while the Iran conflict drove a fuel cost surge.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Norfolk Southern Railway (NSC), FY2026 Q1: 5/10. Scores: Norfolk Southern Railway’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: NSC daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $3.02B | -1.6% | $3.23 | +38.6% | 36.1% | 24.2% | $276M |
| FY2025 Q1 | $2.99B | -0.4% | $3.31 | +1339.1% | 31.3% | 25.1% | $501M |
| FY2025 Q2 | $3.11B | +2.2% | $3.41 | +4.9% | 35.5% | 24.7% | $602M |
| FY2025 Q3 | $3.10B | +1.7% | $3.16 | -34.8% | 33.2% | 22.9% | $720M |
| FY2025 Q4 | $2.97B | -1.7% | $2.87 | -11.1% | 31.5% | 21.7% | $2.54B |
| FY2026 Q1Selected | $3.00B | +0.2% | $2.43 | -26.6% | 29.3% | 18.2% | $-38M |
| FY2026 Q2 | $3.46B | +11.4% | $3.26 | -4.4% | 32.4% | 21.2% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
GAAP revenue YoY +0.17% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Scott Group | Wolfe Research | 9 questions · 33% challenging |
| Tom Wadewitz | UBS | 8 questions · 0% challenging |
| Brian Ossenbeck | JPMorgan | 7 questions · 14% challenging |
| Jason Seidl | TD Cowen | 7 questions · 0% challenging |
| Chris Wetherbee | Wells Fargo | 7 questions · 0% challenging |
| Brandon Oglenski | Barclays | 6 questions · 0% challenging |
| David Vernon | Bernstein | 5 questions · 20% challenging |
| Richa Harnain | Deutsche Bank | 5 questions · 40% challenging |
| Bascome Majors | Stephens | 4 questions · 25% challenging |
| Walter Spracklin | RBC Capital Markets | 4 questions · 25% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wolfe Research | 1 analyst | 9 questions · 33% challenging |
| UBS | 1 analyst | 8 questions · 0% challenging |
| JPMorgan | 1 analyst | 7 questions · 14% challenging |
| TD Cowen | 1 analyst | 7 questions · 0% challenging |
| Wells Fargo | 1 analyst | 7 questions · 0% challenging |
| Barclays | 1 analyst | 6 questions · 0% challenging |
| Deutsche Bank | 1 analyst | 5 questions · 40% challenging |
| Stephens | 2 analysts | 5 questions · 20% challenging |
What NSC and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“The Norfolk Southern is a good railroad. They're good in how they think about their infrastructure, they're good in how they think about technology.”
UNP characterizes merger partner Norfolk Southern as a well-run railroad with good infrastructure and technology; a signal on the pending UNP-NS combination.
“So you mentioned we're coming in by Norfolk Southern.”
Martin Marietta uses Norfolk Southern rail to move granite into the Florida market, another key rail logistics supplier.
“I'm excited to introduce an innovative new short line and transload partnership, which is subject to standard regulatory approval with Jaguar Transport Holdings.”
Norfolk Southern announced a short-line and transload growth partnership with Jaguar Transport Holdings in the Metro Atlanta market, subject to regulatory approval.
“progressing through our merger application with UP”
Norfolk Southern is advancing its merger application with Union Pacific to create a single-line transcontinental railroad, a signal on the pending UNP-NSC combination.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NSC Norfolk Southern Railway | 5 | +0.2% | |
| CSX CSX Corporation | 7 | +1.7% | |
| UNP Union Pacific Corporation | 6 | +3.1% | |
| WAB Wabtec | 8 | +13.0% |