For fourth-quarter 2025, NS reported that revenue was $3.0 billion, income from railway operations was $937 million, operating ratio was 68.5%, and diluted earnings per share were $2.87.
After adjusting the results to exclude merger-related expenses and the effects of the East Palestine, Ohio, derailment in 2023, fourth-quarter income from railway operations was $1.0 billion, the operating ratio was 65.3%, and diluted earnings per share were $3.22.
For fourth-quarter 2025, NS posted:
- Railway operating revenues of $3.0 billion, down $50 million, or 2%, compared to the fourth quarter 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 to fourth quarter 2024 which included railway line sales of $53 million. Fourth quarter 2025 includes a large land sale that resulted in a net gain of $85 million.
- Adjusting for: the effects of the Eastern Ohio incident in both years; merger-related expenses in 2025; and gains on railway line sales in 2024, income from railway operations was $1.0 billion, down $31 million, or 3%, compared to adjusted fourth quarter 2024.
- Operating ratio in the quarter was 68.5% compared to 62.6% in fourth quarter 2024 which included the aforementioned railway line sales.
- Adjusting for merger-related expenses and the effects of the Eastern Ohio incident, the operating ratio for the quarter was 65.3%.
- Diluted earnings per share were $2.87, down $0.36, or 11%, compared to fourth quarter 2024 which included the aforementioned railway line sales.
- Adjusting for merger-related expenses and the effects of the Eastern Ohio incident, diluted earnings per share were $3.22, up $0.18, or 6%, compared to adjusted fourth quarter 2024.
For full-year 2025, NS posted:
- Railway operating revenues of $12.2 billion, up $57 million, compared to full year 2024.
- Fuel surcharge revenue declined $134 million compared to 2024, which represents a 1% headwind to overall revenues.
- Income from railway operations was $4.4 billion, an increase of $285 million, or 7%, compared to full year 2024.
- Adjusting for: the impact of merger-related expenses in 2025; restructuring and other charges in both years; the Eastern Ohio incident in both years; and gains on railway line sales in 2024, income from railway operations was $4.3 billion, up $122 million, or 3%, compared to adjusted 2024.
- Operating ratio in 2025 was 64.2%, an improvement of 220 basis points, compared to 66.4% in 2024.
- Adjusting for the impact of merger-related expenses, restructuring and other charges, and the Eastern Ohio incident, the operating ratio for 2025 was 65.0%. This represents 80 basis points of improvement from adjusted 2024 which was 65.8%.
- Diluted earnings per share were $12.75, an increase of 10% compared to 2024.
- Adjusting for the impact of merger-related expenses, restructuring and other charges, and the Eastern Ohio incident, diluted earnings per share were $12.49, up $0.64, or 5%, compared to adjusted 2024.
“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. 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,” said George.
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