“In the first quarter, our team stayed focused on what we could control, operating with discipline amid volatile volumes, severe winter weather, and a rapidly shifting macroeconomic environment including the dramatic rise in fuel prices in March,” Norfolk Southern (NS) President and CEO Mark George said in his railroad’s latest quarterly financial and operations report on April 24. “Despite these challenges, our employees safely delivered a solid service product, managed costs effectively, and earned the continued trust of our customers,” Mark George continued. “As conditions improved, we captured momentum exiting the quarter, reinforcing the strength of our operating foundation and the dedication of the entire Norfolk Southern team.” The Class I re-iterated its 2026 guidance. NS 1Q26 vs. 1Q25 (All slides From NS 1Q26 Presentation) In its first-quarter 2026 report, NS noted that results “reflect disciplined execution on safety, service, and cost control through a dynamic first quarter.” According to the Class I railroad: Railway operating revenue came in at $2.998 billion in first-quarter 2026, up $5 million, or flat compared with first-quarter 2025, on a volume decline of 1% year-over-year. Income from railway operations for first-quarter 2026 was $877 million, down $269 million, or 23%, compared with the same quarter last year. Operating ratio was 70.7% in first-quarter 2026 vs. 61.7% in first-quarter 2025. Diluted earnings per share were $2.43 in first-quarter 2026, down $0.88, or 27%, compared with first-quarter 2025. (Slide From NS 1Q26 Presentation) Adjusting the first-quarter 2026 results to exclude the 2026 expenses related to…
