Every material Form 8-K Norfolk Southern has filed with the SEC since January 27, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Norfolk Southern reported third-quarter 2026 results with railway operating revenues of $3.5 billion, a quarterly record and up 14% from a year earlier. Diluted earnings per share were $3.37, up 7%, but the operating ratio worsened to 67.4% from 64.6%, so higher costs absorbed part of the revenue gain. Shareholders should note that the company's adjusted figures exclude merger-related expenses and effects of the Eastern Ohio incident.
Railway operating revenues were $3.5 billion, up $423 million or 14%, with volume up 3% and higher fuel surcharges adding eight points of growth
Diluted EPS were $3.37, up $0.21 or 7%; adjusted diluted EPS were $3.62, up $0.32 or 10%
Income from railway operations was $1.2 billion, up $52 million or 5%; fuel expense rose to $420 million from $237 million
Operating ratio was 67.4% versus 64.6% a year earlier; adjusted operating ratio was 65.4%, 210 basis points higher than adjusted third quarter 2025
Norfolk Southern reported second-quarter 2026 railway operating revenue of $3.5 billion, an all-time quarterly record and up 11% from a year earlier. GAAP diluted earnings per share fell 4% to $3.26, while adjusted EPS rose 7% to $3.52 after excluding merger-related expenses, restructuring charges and Eastern Ohio incident effects. The company also raised its 2026 adjusted operating expense guidance to $8.8 to $8.9 billion, citing higher estimated incremental fuel expense.
Revenue of $3.5 billion rose $355 million, or 11%, on a 4% volume increase and higher fuel surcharges.
GAAP income from railway operations was $1.1 billion, down $51 million, or 4%; the GAAP operating ratio was 67.6% versus 62.2%.
Adjusted diluted EPS was $3.52, up $0.23, or 7%; adjusted operating ratio was 65.5%, 210 basis points higher year over year.
2026 adjusted operating expense guidance was updated to $8.8 to $8.9 billion for higher estimated incremental fuel expense.
Norfolk Southern's Chief Operating Officer, John Orr, resigned for good reason effective May 31, 2026, citing proposed operational changes that would reduce his duties. Vice President and Chief Mechanical Officer Brian Barr was appointed COO effective June 1, 2026, while Orr stays on as a special advisor to the Board Chair until he retires on July 1, 2026. The change occurs while the company's merger agreement with Union Pacific is pending, and Orr's advisory role runs until that merger closes or June 1, 2027.
Orr's resignation took effect May 31, 2026; he is employed as a special advisor through June 30, 2026 and retires July 1, 2026.
Orr will receive the remaining balance of his $2,250,000 retention bonus in a lump sum within 30 days after the Union Pacific merger closes.
Barr, age 47, receives a $600,000 annual base salary and an incentive opportunity equal to 130% of salary, prorated for 2026.
Barr's total retention bonus was increased to $2 million, with remaining $600,000 installments vesting in January 2027.
Norfolk Southern reported first-quarter 2026 results on April 24, 2026. Reported diluted earnings per share fell 27% to $2.43, and income from railway operations fell 23% to $877 million, reflecting a $185 million Eastern Ohio incident recovery in the prior-year quarter and $52 million in merger-related expenses. Excluding those items, adjusted EPS was $2.65, down 1%, and revenue was flat at $3.0 billion.
Railway operating revenues were $3.0 billion, up $5 million, or flat, on a 1% volume decline.
Income from railway operations was $877 million, down $269 million, or 23%; operating ratio was 70.7% versus 61.7% a year earlier.
Diluted EPS was $2.43 versus $3.31 in the first quarter of 2025; adjusted diluted EPS was $2.65 versus $2.69.
The company did not repurchase any shares in the first quarter of 2026, compared with $250 million of repurchases in the same period of 2025.
Norfolk Southern's freight railroad subsidiary renewed the lease on its Atlanta headquarters building on April 1, 2026, under amended agreements with BA Leasing BSC, LLC, with an aggregate lease amount of approximately $498.7 million. The Company guaranteed all of the subsidiary's lease obligations, and the lease is now structured as a finance lease for financial reporting purposes rather than an operating lease.
Aggregate lease amount of approximately $498.7 million; rent is monthly at a floating rate of Term SOFR plus an applicable margin
Base term of five years from the April 1, 2026 Closing Date, triple-net, with the subsidiary responsible for maintenance, insurance and property taxes
At least 90 days before the base term ends, the subsidiary must extend for five years, buy the building, or arrange a sale to a third party
Original arrangements dated March 1, 2019 were amended and restated; BA Leasing BSC, LLC is now the sole counterparty
Norfolk Southern reported fourth-quarter 2025 revenue of $3.0 billion, down 2% from a year earlier, and diluted earnings per share of $2.87, down 11% from $3.23 in the prior-year quarter, which included railway line sales. Excluding merger-related expenses and the Eastern Ohio incident, the company reported Q4 diluted EPS of $3.22, up 6% from adjusted prior-year results, and full-year 2025 diluted EPS of $12.75, up 10%. Shareholders get a mixed picture: reported quarterly profit fell, while full-year results and adjusted quarterly profit improved.
Q4 2025 railway operating revenues were $3.0 billion, down $50 million, or 2%, with volume down 4%
Q4 2025 income from railway operations was $937 million, down 17%; the quarter included a net gain of $85 million from a large land sale
Full-year 2025 diluted EPS was $12.75, up 10%, and the full-year operating ratio was 64.2%, compared with 66.4% in 2024
Company repurchased and retired 2.2 million shares in 2025 at a cost of $533 million
Norfolk Southern reported third-quarter 2025 revenue of $3.1 billion, up $52 million or 2% from a year earlier on flat volumes. GAAP diluted earnings per share fell to $3.16 from $4.85, a comparison that includes $380 million of railway line sale gains in the prior-year quarter, while adjusted diluted earnings per share rose 2% to $3.30. The company also raised its 2025 productivity target to about $200 million from about $175 million.
Third-quarter railway operating revenues were $3.1 billion, up $52 million or 2% from third quarter 2024 on flat volumes.
GAAP diluted earnings per share were $3.16, down from $4.85 in third quarter 2024, which included railway line sale gains.
Adjusted diluted earnings per share were $3.30, up $0.05 or 2% from adjusted third quarter 2024.
The 2025 productivity target was raised to about $200 million from about $175 million.
Norfolk Southern's compensation committee approved one-time cash retention awards for five named executive officers on September 23, 2025, under a transaction bonus program adopted July 28, 2025, alongside the Union Pacific merger agreement. The company said the awards aim to reduce retention risk and keep leadership focused on completing the Merger.
Awards range from $2 million to $4 million per executive: Mark R. George $4 million, John F. Orr $3 million, Jason A. Zampi $2.25 million, Claude E. Elkins $2 million, and Anil Bhatt $2 million.
Each award vests in three installments: 25% on April 28, 2026, 25% on January 28, 2027, and 50% upon closing of the Merger.
If an executive is terminated without cause before closing, or has a Termination under his Change in Control Agreement after closing, the next unvested installment vests immediately.
Norfolk Southern signed a merger agreement on July 28, 2025, under which Union Pacific will acquire it through a stock-and-cash transaction. Each Norfolk Southern share would convert into one Union Pacific share plus $88.82 in cash, and the deal requires Surface Transportation Board approval and shareholder votes at both companies.
Each Norfolk Southern share converts into one Union Pacific share plus $88.82 in cash
Either party may terminate if the mergers are not completed by January 28, 2028, subject to certain extensions
$2.5 billion termination fee payable by Union Pacific in certain regulatory-failure cases; a $2.5 billion fee applies to each party under specified circumstances
Three Norfolk Southern directors, including Mark George and Richard Anderson, would join Union Pacific's board
Norfolk Southern reported second-quarter 2025 revenue of $3.1 billion and diluted earnings per share of $3.41, up from $3.25 a year earlier, and narrowed its full-year revenue growth outlook to 2%-3%. The same day, it agreed to combine with Union Pacific in a stock and cash deal valued at an implied $320 per share, which would change what Norfolk Southern shareholders receive.
Under the agreement, Norfolk Southern shareholders receive 1.0 Union Pacific common share and $88.82 in cash per share; the implied total enterprise value is $85 billion, based on Union Pacific's July 16, 2025 closing price.
Q2 2025 net income was $768 million, up from $737 million; railway operating revenues were $3.1 billion, an increase of $66 million.
For 2025, the company expects revenue growth of 2%-3% and an adjusted operating ratio improvement of 100-150 basis points versus 2024, but says third-quarter 2025 is expected to be pressured.
Norfolk Southern will not hold a second-quarter 2025 earnings call because of the announcement; a joint investor call with Union Pacific is set for 8:30 AM ET on July 29, 2025.
Norfolk Southern Corporation said Board Chair Claude Mongeau resigned from the board on June 2, 2025, citing personal reasons. The board plans to elect a successor chair at its next scheduled meeting later in June. The filing reports no financial results or guidance changes, so the main shareholder effect is a change in board leadership.
Claude Mongeau resigned from the board on June 2, 2025, for personal reasons
Board will elect a new chair at its next scheduled meeting later this month
Mongeau had been an independent director since September 2019 and chair since May 2024
CEO Mark R. George called Mongeau's leadership a key part of the company's progress
Norfolk Southern completed a $400 million offering of 5.100% senior notes due 2035 on May 2, 2025, sold under an underwriting agreement dated April 28, 2025. The filing describes a routine debt issuance, with interest paid semi-annually and redemption terms set out in the notes' indenture.
Principal amount: $400 million of 5.100% Senior Notes due 2035
Underwriting agreement dated April 28, 2025 with BofA Securities, SMBC Nikko Securities America and Wells Fargo Securities as representatives
Notes issued under thirteenth supplemental indenture dated May 2, 2025 with U.S. Bank Trust Company as trustee
Norfolk Southern agreed on April 28, 2025 to sell $400 million of 5.100% senior notes due 2035 at 99.830% of face value. The company estimates net proceeds of about $395.75 million, which it plans to use for general corporate purposes, with closing expected on or about May 2, 2025.
Principal amount: $400 million of 5.100% Senior Notes due 2035
Public offering price: 99.830% of principal amount
Estimated net proceeds: approximately $395.75 million, for general corporate purposes
Offering expected to close on or about May 2, 2025, subject to customary conditions
Norfolk Southern reported first-quarter 2025 results with railway operating revenues of $3.0 billion, down $11 million from a year earlier, while income from railway operations rose to $1.1 billion and diluted EPS reached $3.31. The company reiterated its full-year guidance and said results were affected by weather-related disruptions and macroeconomic uncertainty, which matters to shareholders because profit and per-share earnings improved despite flat revenue.
Diluted EPS was $3.31 versus $0.23 in Q1 2024; excluding the Eastern Ohio incident, adjusted diluted EPS was $2.69, up $0.20, or 8%.
Operating ratio was 61.7% versus 92.9% a year earlier; adjusted operating ratio was 67.9% versus 69.9%.
Insurance recoveries related to the Eastern Ohio incident exceeded incremental costs by $185 million in the quarter.
Full-year 2025 guidance was reiterated, and the company repurchased 1.0 million shares for $250 million in the quarter.
Norfolk Southern reported fourth-quarter 2024 diluted earnings per share of $3.23, up 39% from $2.32 a year earlier, on railway operating revenue of $3.0 billion, down 2%. For full-year 2024, diluted EPS was $11.57, up 44%, while revenue was $12.1 billion, down $33 million. Results include charges and gains tied to the Eastern Ohio incident, restructuring, and railway line sales, and the company also presented adjusted figures that exclude them.
Q4 2024 income from railway operations was $1.1 billion, up 40% from Q4 2023; adjusted Q4 diluted EPS was $3.04, up 7%.
Full-year 2024 operating ratio was 66.4%, compared with 76.5% in 2023; adjusted operating ratio was 65.8%.
Restructuring and other charges totaled $183 million for 2024, and Eastern Ohio incident expenses were $325 million net of insurance recoveries.
The company repurchased no shares under its stock repurchase program in 2024, compared with $627 million of repurchases in 2023.
Norfolk Southern elected Lori J. Ryerkerk, former chairman, CEO and president of Celanese Corp., to its board of directors on January 27, 2025. The appointment is made under the November 13, 2024 Cooperation Agreement with Ancora Catalyst Institutional, LP and its affiliates, and expands the board to 14 members. The filing does not include any financial results or guidance.
Lori J. Ryerkerk appointed to the board on January 27, 2025, expanding it to 14 members
Ryerkerk joins the Human Capital Management and Compensation and Governance and Nominating Committees
Appointment made under the Cooperation Agreement dated November 13, 2024 with Ancora parties; she will be on the slate for the 2025 annual meeting
Ryerkerk receives the same board compensation as other non-management directors
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