Yes, travelling wave systems have normal modes.
In fact, the physics and mathematics of two coupled oscillators is strikingly similar to that of coupled waveguides.
I'm most familiar with electrical oscillators, but everything written below applies to any coupled harmonic oscillators.
Coupled oscillators
Consider two electrical oscillators "$a$" and "$b$".
Oscillator $a$ has capacitance $C_a$ and inductance $L_a$, and similarly for oscillator $b$.
The oscillators are coupled through a capacitance $C_g$ and mutual inductance $L_g$.
Each oscillator has a magnetic flux $\Phi$ and an electric charge $Q$.$^{[a]}$
We could study this system using Kirchhoff's laws, but it's a lot easier to convert everything to the Hamiltonian formalism.
The Hamiltonian for the system is
$$H =
\frac{\Phi_a^2}{2 L_a'} + \frac{\Phi_b^2}{2 L_b'}
+ \frac{Q_a^2}{2 C_a'} + \frac{Q_b^2}{2 C_b'}
+ \frac{Q_a Q_b}{C_g'} - \frac{\Phi_a \Phi_b}{L_g'}
$$
where all those primes on the various constants have to do with the fact that the coupling renormalizes each oscillator's capacitance and inductance.
Now we introduce the variables
\begin{align}
a &= \frac{1}{\sqrt{2}}\left( \frac{\Phi_a}{\sqrt{Z_a'}} + i \sqrt{Z_a'} Q_a \right) \\
b &= \frac{1}{\sqrt{2}}\left( \frac{\Phi_b}{\sqrt{Z_b'}} + i \sqrt{Z_b'} Q_b \right)
\end{align}
where the impedance $Z$ is defined by $Z \equiv \sqrt{L/C}$.
With these variables, the Hamiltonian becomes
\begin{align}
H &=
\omega_a' a^* a + \omega_b' b^* b \\
&-\left( ab + a^* b^* \right)
\underbrace{\frac{1}{2} \left( \frac{1}{C_g' \sqrt{Z_a' Z_b'}} + \frac{\sqrt{Z_a' Z_b'}}{L_g'} \right)}_\chi \\
&+\left( a b^* + a^* b \right)
\underbrace{\frac{1}{2} \left( \frac{1}{C_g' \sqrt{Z_a' Z_b'}} - \frac{\sqrt{Z_a' Z_b'}}{L_g'} \right)}_g
\, .
\end{align}
Let's remember for a moment what the Hamiltonian means: it provides a way to get the time evolution of the system.
In the present case the time dependences come from
$$
\dot a(t) = -i \frac{\partial H}{\partial a^*}
\qquad
\dot b(t) = -i \frac{\partial H}{\partial b^*}
\, .
$$
Using these equations, we can write a matrix equation for the whole system:
$$
\frac{d}{dt}
\left( \begin{array}{c} a \\ b \\ a^* \\ b^* \end{array} \right)
= -i \left( \begin{array}{cc}
\omega_a' & g & 0 & - \chi \\
g & \omega_b' & -\chi & 0 \\
0 & \chi & -\omega_a' & -g \\
\chi & 0 & -g & -\omega_b'
\end{array} \right)
\left( \begin{array}{c} a \\ b \\ a^* \\ b^* \end{array} \right)
\, .
$$
Ok now here's the point: the normal modes and frequencies of the system are precisely the eigenvectors and eigenvalues of that matrix.
If the coupling is turned off (i.e. $C_g=0$ and $L_g=0$), then $g = \chi = 0$ and the eigenvalues are $\pm \omega_a'$ and $\pm \omega_b'$, which makes complete sense.
Coupled waveguides
Alright now suppose we have two waveguides "$a$" and "$b$" that are coupled to each other through some mutual capacitance and inductance per length of the waveguide.
Denote the rightward and leftward moving amplitudes in waveguide $a$ as $a_\pm$, and similarly for waveguide $b$.
If you work it all out, you find that
$$
\frac{d}{dx}
\left( \begin{array}{c} a_+ \\ b_- \\ a_- \\ b_+ \end{array} \right)
= i \left( \begin{array}{cc}
k_a' & -g & 0 & \chi \\
g & -k_b' & -\chi & 0 \\
0 & -\chi & -k_a' & g \\
\chi & 0 & -g & k_b'
\end{array} \right)
\left( \begin{array}{c} a_+ \\ b_- \\ a_- \\ b_+ \end{array} \right)
$$
where the $k$'s are the wave numbers associated with each waveguide (and I should say that the meanings of $g$ and $\chi$ are slightly different than they were for the coupled oscillator case).
Comparison between the problems
Thus the coupled waveguide problem has the same form as the coupled oscillator problem (the signs are different, but that's just because of how we ordered the variables).
In both cases we have a system of first-order differential equations, and in both cases the eigenvectors and eigenvalues of the matrix in the differential equation tell us what the normal modes and frequencies (for the oscillator case) or wave numbers (for the waveguide case) of the system are.
$[a]$: There's a direct correspondence between electrical and mechanical oscillators. The electrical flux and charge correspond to position and momentum.
Capacitance corresponds to mass, and inductance corresponds to one over the spring constant.
Where we use Kirchhoff's laws for the electrical case, we use Newton's law ($F = ma$) in the mechanical case.