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%,…
