Norfolk Southern Corporation reported railway operating revenues of $3 billion for the fourth quarter, down 2% from the same period in 2024.
The decrease was driven by a 4% decline in volume. Income from railway operations totaled $937 million, while the operating ratio was 68.5%. Diluted earnings per share were $2.87.
The quarter included the effects of merger-related expenses and the Eastern Ohio derailment. Adjusting to exclude those items, income from railway operations was $1 billion, the operating ratio improved to 65.3%, and diluted earnings per share increased to $3.22.
Reported fourth-quarter income from railway operations declined 17% from a year earlier, when results included $53 million in railway line sales. Results for 2025 included a large land sale that produced a net gain of $85 million. On an adjusted basis, excluding merger-related costs, line sale gains and the Eastern Ohio incident, operating income was down 3% from the prior-year quarter.
For the full-year 2025, Norfolk Southern reported railway operating revenues of $12.2 billion, up $57 million from 2024, despite a $134 million decline in fuel surcharge revenue. Income from railway operations rose 7% to $4.4 billion, and the operating ratio improved 220 basis points to 64.2%.
On an adjusted basis, excluding merger-related expenses, restructuring and other charges, impacts from the Eastern Ohio incident, and prior-year line sale gains, full-year income from railway operations totaled $4.3 billion, up 3% from 2024. The adjusted operating ratio improved to 65.0%.
Diluted earnings per share for the year increased 10% to $12.75. On an adjusted basis, diluted earnings per share were $12.49, a 5% increase from the prior year.
