Norfolk Southern Corporation · NYSE:NSC
Norfolk Southern — Q3 2026 Earnings Presentation
23 slides from Norfolk Southern's earnings presentation, Oct 22, 2026
Slide 1: Q3 2026 Earnings Call
Q3 2026 EARNINGS CALL October 22, 2026
Slide 2: Forward-Looking Statements / Non-GAAP Measures
FORWARD-LOOKING STATEMENTS / NON-GAAP MEASURES This presentation and the related materials contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or future p
Slide 3: Opening Remarks
01 OPENING REMARKS Mark George President & Chief Executive Officer
Slide 4: Operations Overview
02 OPERATIONS OVERVIEW Brian Barr Chief Operating Officer
Slide 5: Investment in Safety Continues to Drive Results
FRA Personal Injury Index FRA Accident Rate 1.25 4.37 INVESTMENT IN 3.76 SAFETY CONTINUES TO DRIVE RESULTS 1.13 2.52 Better Better WHILE BUILDING 1.08 1.08 LONG-TERM 1.74 CULTURE CHANGE 2023 2024 2025 2026 2023 2024 2025 2026 9M 9M 9M 9M 9M 9M 9M 9M FRA Personal Injury Index calculates the number of
Slide 6: Network Health and Service Update
NETWORK HEALTH AND SERVICE UPDATE Maintaining cost reductions Improving resilience to regain Delivered 5% GTM growth by reducing dwell and network health despite while improving fluidity increasing speed significant washouts in our service region AAR Terminal Dwell (Hours) Train Speed (MPH) Intermod
Slide 7: Meaningful Progress Improving Operating Performance, Despite Unusual Q3 Conditions
MEANINGFUL PROGRESS IMPROVING OPERATING PERFORMANCE, DESPITE UNUSUAL Q3 CONDITIONS 5% 3% 18% Train Terminal Origin Train Speed Dwell Performance Q2 to Q3 Operating Improvement Additional information regarding how these metrics are defined and calculated is set forth on slide 23 hereto. 7
Slide 8: Asset Efficiency & Productivity Update
ASSET EFFICIENCY & PRODUCTIVITY UPDATE Absorbing 7-year high GTMs Delivering record workforce Discipline on running the plan with existing resources productivity while protecting key to restoring resilience while capacity for growth delivering growth Origin Train Performance Car Miles per Day Workfo
Slide 9: Market Overview
03 MARKET OVERVIEW Ed Elkins Executive Vice President & Chief Commercial Officer
Slide 10: 3rd Quarter 2026 Results
3RD QUARTER 2026 RESULTS Q3 2026 vs. Q3 2025 / Revenue change $ in millions / favorable / unfavorable $260 $3,526 Q3 2026 $46 $17 $100 $3,103 Q3 2025 Merchandise Intermodal Coal Fuel Total Volume 611,500 3% 1,060,600 3% 181,400 3% -- -- 1,853,500 3% Revenue $2,188M 11% $919M 21% $419M 12% -- -- $3,5
Slide 11: 2026 Market Outlook
Merchandise • Vehicle Production 2026 • Industrial Activity • Global Energy Prices MARKET OUTLOOK Intermodal • Truck Market • Consumer Demand • Import Demand Coal • Seaborne Prices • Export Demand • Utility Demand 11
Slide 12: Enhanced Customer Experience
ENHANCED CUSTOMER EXPERIENCE • Improved online functionality provides customers more accurate data they can use to plan their business. • Streamlined rate request and publication enables shippers get the pricing they need quickly to make decisions. • Enhanced shipment visibility and ETA (Estimated T
Slide 13: Financial Results
04 FINANCIAL RESULTS Jason Zampi Executive Vice President & Chief Financial Officer
Slide 14: Reconciliation of Third Quarter 2026 Non-GAAP Results
RECONCILIATION OF THIRD QUARTER 2026 NON-GAAP RESULTS $ in millions, except per share Non-GAAP adjustment Increase / (Decrease) GAAP E. Ohio Adjusted (1) Merger-Related Incident – Q3’26 Expenses Net Impact Q3’26 Revenues $3,526 – – $3,526 Operating expenses $2,376 ($42) ($28) $2,306 Operating ratio
Slide 15: Adjusted Results
ADJUSTED (1) RESULTS Third quarter 2026 vs. 2025 favorable / unfavorable $ millions, except per share Adjusted (1) Q3’26 vs. Q3’25 Q3’26 Q3’25 Variances Revenues $3,526 $3,103 $423 14% Operating expenses $2,306 $1,965 $341 17% Operating ratio 65.4% 63.3% 210 bps Operating income $1,220 $1,138 $82 7%
Slide 16: Adjusted Operating Expenses
ADJUSTED (1) OPERATING EXPENSES Third quarter 2026 vs. 2025 favorable / unfavorable $ millions ↑4% ↑5% ↑52% ↑5% $27 $15 $2,306 $39 ↑77% $77 $183 $341 ↑17% $1,965 Price ($161) Land sales Pay rates ($23) Purch. Svcs. ($19) & other ($58) Usage ($14) Inc. comp ($17) Rents ($8) Claims ($12) H&W rates ($6
Slide 17: Adjusted Financial Results
ADJUSTED (1) FINANCIAL RESULTS Third quarter 2026 vs. 2025 favorable / unfavorable $ millions, except per share Revenue Operating Operating Operating Net Earnings $423 Expense Ratio Income Income Per Share 14% $341 $3,526 17% 210 bps $0.32 $3,103 $2,306 $82 10% 65.4% 7% $1,965 $74 $3.62 63.3% $1,220
Slide 18: Closing Remarks
05 CLOSING REMARKS Mark George President & Chief Executive Officer
Slide 19: Updating 2026 Guidance
UPDATING 2026 GUIDANCE Prioritize Safety and Service • Continued momentum on safety culture and performance • Deliver consistent and reliable service Disciplined Execution and Cost Control • 2026 Adjusted Operating Expense now expected to be ~$9.0B vs Original Guide of $8.2 - 8.4B • ~$700M increment
Slide 20: Thank You
Thank You www.NorfolkSouthern.com
Slide 21: Appendix
APPENDIX 21
Slide 22: Reconciliation of Third Quarter 2025 Non-GAAP Results
RECONCILIATION OF THIRD QUARTER 2025 NON-GAAP RESULTS $ in millions, except per share Non-GAAP adjustment Increase / (Decrease) E. Ohio Adjusted (1) GAAP Restructuring & Merger-related Incident Q3’25 net impact other charges expenses Q3’25 Revenues $3,103 – – – $3,103 Operating expenses $2,005 ($13)
Slide 23: Network Metrics (Definitions)
NETWORK METRICS (DEFINITIONS) • Terminal Dwell: The average time a car resides at the specified terminal location expressed in hours. The measurement begins with a customer release, received interchange, or train arrival event and ends with a customer placement (actual or constructive), delivered or