Norfolk Southern grows earnings despite a higher operating ratio
Norfolk Southern ($NSC) reported third-quarter 2026 railway revenue of $3.5 billion, up 14%, on a 3% increase in traffic volume. Higher fuel surcharges accounted for eight percentage points of the revenue growth. GAAP earnings increased 7% to $3.37 per share, and adjusted earnings rose 10% to $3.62. Railway operating income increased 5% to approximately $1.2 billion, but the operating ratio worsened to 67.4% from 64.6%. The adjusted ratio was 65.4%, up 210 basis points, indicating that expenses
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