Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Fuel shrank the margin but not the profit
Surcharges pass most diesel costs to shippers, so operating income still grew 4.7% while the margin fell to 32.6%.
For investorsWhat the margin looks like once fuel is set aside
For foundersPassing input costs to customers without losing them
Compensation's share of revenue fell to 21.4% from 23.8%, showing how a fixed network absorbs extra revenue with little added labor.
Intermodal grew fastest and gained share, but the filing ties domestic gains to scarce truck capacity, a condition that can loosen.
The eastern network cannot be duplicated, but holding it takes reinvestment well above what the books charge as depreciation.
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Business Lens describes Norfolk Southern from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
