The earnings call reflected a resilient and proactive approach by Norfolk Southern to manage adverse weather impacts and improve operational efficiency, leading to positive EPS growth and cost savings. However, challenges such as significant storm restoration costs, pressure on export coal revenue, and economic uncertainties due to tariffs and potential recession present notable concerns.

Company Guidance

During the first quarter of fiscal year 2025, Norfolk Southern Corporation provided guidance that underscored their commitment to financial and operational improvements despite challenging conditions. The company achieved 8% EPS growth on an adjusted basis, driven by $55 million in labor productivity savings, while absorbing $35 million in storm restoration costs. They maintained a focus on safety, reducing the FRA injury ratio by 13% year-over-year and train accident frequency by 43%. The operating ratio was 67.9%, including 120 basis points from storm restoration costs, with a full-year goal of $150 million in cost savings and 150 basis points of OR improvement. Revenue grew by 3% year-over-year, despite headwinds like fuel surcharge impacts, with merchandise and intermodal volumes increasing. Norfolk Southern reiterated its full-year guidance of 3% revenue growth and emphasized its agility to adapt to uncertain economic conditions, with strategic focus areas including safety, network performance, customer service, and cost control.

EPS Growth and Cost Savings

Norfolk Southern delivered an 8% EPS growth on an adjusted basis, driven by $55 million in labor productivity savings despite weather disruptions.

Safety and Network Resiliency

The FRA injury ratio was down 13% year-over-year, and train accident frequency reduced by 43% year-over-year, showcasing improvements in safety and network resilience.

Operational Efficiency and Cost Control

Despite flat revenues, operating expenses were down 3% year-over-year, leading to a 200 basis points improvement in operating ratio, with productivity initiatives taking hold.

Intermodal and Merchandise Gains

Intermodal volumes increased 3% year-over-year, with merchandise RPU less fuel delivering consecutive quarterly records.

Norfolk Southern (NSC) Earnings, Revenues Date & History

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NSC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	3.31 / -	3.25	―	―	―
Jul 29, 2025	2025 (Q2)	3.31 / 3.29	3.06	7.52% (+0.23)		―
Apr 23, 2025	2025 (Q1)	2.66 / 2.69	2.49	8.03% (+0.20)
Jan 29, 2025	2024 (Q4)	2.94 / 3.04	2.83	7.42% (+0.21)
Oct 22, 2024	2024 (Q3)	3.11 / 3.25	2.65	22.64% (+0.60)
Jul 25, 2024	2024 (Q2)	2.86 / 3.06	2.95	3.73% (+0.11)
Apr 24, 2024	2024 (Q1)	2.53 / 2.49	3.32	-25.00% (-0.83)
Jan 26, 2024	2023 (Q4)	2.87 / 2.83	3.42	-17.25% (-0.59)
Oct 25, 2023	2023 (Q3)	2.69 / 2.65	4.1	-35.37% (-1.45)
Jul 27, 2023	2023 (Q2)	3.11 / 2.95	3.45	-14.49% (-0.50)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

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Missed

NSC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 29, 2025	$285.03	$276.35	-3.05%
Apr 23, 2025	$217.60	$219.53	+0.89%
Jan 29, 2025	$248.23	$252.57	+1.75%
Oct 22, 2024	$242.82	$254.82	+4.94%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.