Norfolk Southern Corp

NSC: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Norfolk Southern Earnings: Fuel Drag Tempers Margins, but Volume Growth Solid

Matthew Young

Oct 22, 2026

Norfolk Southern’s third-quarter top line jumped 14% year over year on solid intermodal growth, stronger merchandise carload activity, and spiking fuel surcharges. Revenue was up 6% excluding fuel. Consolidated adjusted margin worsened due mostly to fuel noise.

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Norfolk Southern Corp

Norfolk Southern Earnings: Fuel Drag Tempers Margins, but Volume Growth Solid

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