ATLANTA – Norfolk Southern Corp. announced its fourth quarter and full year 2025 financial results Thursday. 

Railway operating revenues were $3 billion in the fourth quarter, down $50 million, or 2%, compared with the fourth quarter of 2024, on a volume decline of 4% year-over-year.  

Income from railway operations was $937 million, a decrease of $194 million, or 17%, compared with the fourth quarter of 2024, which included railway line sales of $53 million. Fourth-quarter results include a large land sale that resulted in a net gain of $85 million.

Operating ratio in the fourth quarter was 68.5%, compared with 62.6% in the fourth quarter of 2024, which included the railway line sales. Diluted earnings per share were $2.87, down 36 cents, or 11%, compared with the fourth quarter of 2024.

Adjusting the results to exclude merger-related expenses and the effects of the February 2023 train derailment in East Palestine, Ohio, fourth-quarter income from railway operations was $1 billion; the operating ratio was 65.3%; and diluted earnings per share were $3.22.

For the full year, railway operating revenues were $12.2 billion, up $57 million compared with full year 2024. Income from railway operations was $4.4 billion, an increase of $285 million, or 7%, compared with full year 2024.  

Operating ratio in 2025 was 64.2%, an improvement of 220 basis points compared with 66.4% in 2024. And diluted earnings per share were $12.75, an increase of 10% compared with 2024.

“In 2025, we strengthened the foundation of our railroad. We kept our cost commitments, maintained reliable service and delivered measurable safety gains with the company’s best injury and accident rates in more than a decade,” said Mark George, president and chief executive officer of Norfolk Southern. “In the face of a volatile and challenging macro-economic backdrop, our team focused on the controllables – delivering outsized productivity savings in excess of $215 million that accompanies our safety and service improvements.”

Looking ahead, George said the safety of the company’s employees and communities is a top priority.

“As we move through 2026, the demand environment remains unclear, but we are steadfastly focused on prioritizing the safety of our employees and communities, delivering consistent customer service and driving further productivity gains to contain our costs in any volume environment,” he said.