Norfolk Southern Corporation announced Wednesday its first quarter 2025 financial results. For the quarter, revenue was $3.0 billion, income from railway operations was $1.1 billion, operating ratio was 61.7%, and diluted earnings per share were $3.31. 

After adjusting the results to exclude the Eastern Ohio incident, first quarter income from railway operations was $961 million, the operating ratio was 67.9%, and diluted earnings per share were $2.69.

Insurance recoveries related to the Eastern Ohio incident exceeded incremental costs in the quarter.

"The Thoroughbred team once again demonstrated tremendous resilience in the quarter, overcoming a disruptive winter storm season to deliver an improved operating ratio, earnings growth, and a consistent service experience for our customers," said President and CEO Mark George. "I'd like to thank our entire team of dedicated railroaders for their outstanding efforts to generate these results. Our service performance is increasing our customers' confidence in Norfolk Southern and allowing us to gain share."

First Quarter Summary 

• Railway operating revenues of $3.0 billion, down $11 million compared to the first quarter 2024.
• Excluding the impact of fuel surcharge revenue, which was lower compared to the prior year, railway operating revenues were $2.8 billion, up $47 million, or 2%, compared to adjusted first quarter of 2024, on volume growth of 1%. 

• Income from railway operations was $1.1 billion, an increase of $933 million, compared to first quarter 2024. 
• Adjusting for the Eastern Ohio incident, income from railway operations was $961 million, up $57 million, or 6%, compared to adjusted first quarter 2024.

• Operating ratio in the quarter was 61.7% compared to 92.9% in first quarter 2024.
• Adjusting for the Eastern Ohio incident, the operating ratio for the quarter was 67.9%. This represents 200 basis points of improvement from adjusted first quarter 2024 which was 69.9%. 

• Diluted earnings per share were $3.31, up from $0.23 in first quarter 2024.
• Adjusting for the Eastern Ohio incident, diluted earnings per share were $2.69, up $0.20, or 8%, compared to adjusted first quarter 2024.