Norfolk Southern Corporation (NSC) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to the Norfolk Southern Corporation fourth quarter 2025 earnings conference call. Note that at this time, all participant lines are in the listen-only mode. Following the presentation, we will conduct a question-and-answer session. And if at any time during this call you require immediate assistance, please press star zero for the operator. Also note that this call is being recorded on Thursday, January 29, 2026. I would now like to turn the conference over to Luke Nichols, Senior Director, Investor Relations. Please go ahead. Good morning, everyone. Please note that during today's call, we will make certain forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future performance of Norfolk Southern Corporation, which are subject to risks and uncertainties and may differ materially from actual results. Please refer to our annual and quarterly reports filed with the SEC for a full discussion of those risks and uncertainties we view as most important. Our presentation slides are available at NorfolkSouthern.com in the Investor section, along with a reconciliation of any non-GAAP measures used today to the comparable GAAP measures, including adjusted or non-GAAP operating ratios. Please note that all references to our prospective operating ratio during today's call are being provided on an adjusted basis. Turning to slide three, I'll now turn the call over to Norfolk Southern's President and Chief Executive Officer, Mark George. Good morning, and thanks for joining. With me today are John Orr, our Chief Operating Officer, Ed Elkins, our Chief Commercial Officer, and Jason Zampe, our Chief Financial Offi...