Companies /Industrials

Norfolk Southern Corp

NYSE: NSC Railroads
$329.46
▲ $1.63 (+0.50%) today
Markets closed · 8:25pm ET

Q2 2026 Earnings

Reported Jul 23, 2026, 8:20am ET · SEC source
$3.52
Beat +5.92%
EPS · est. $3.31
$3.5B
Beat +2.61%
Revenue · est. $3.4B
−2.2%
Trailing market
NSC vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%+6%Jul 23Jul 24report 8:20am ETearnings−0.5%+5.0%
0+3%+6%Jul 23Jul 24earnings−0.5%+5.0%
NSC +5.0%S&P 500 −0.5%
0+3%+6%Jul 23Jul 24report 8:20am ETearnings−1.9%+5.0%
0+3%+6%Jul 23Jul 24earnings−1.9%+5.0%
NSC +5.0%NASDAQ −1.9%
0+3%+6%Jul 22Jul 31report 8:20am ETearnings+0.2%−0.7%
0+3%+6%Jul 22Jul 31earnings+0.2%−0.7%
NSC −0.7%S&P 500 +0.2%
−4%0+4%Jul 22Jul 31report 8:20am ETearnings−1.4%−0.7%
−4%0+4%Jul 22Jul 31earnings−1.4%−0.7%
NSC −0.7%NASDAQ −1.4%
+5.32%
Day of report
+0.61%
Next session
−4.19%
One week
+1.27%
30 days

S&P 500 over the same 30 days: +3.43%.

Did NSC Beat Earnings? Q2 2026 Results

Norfolk Southern delivered a stronger-than-expected second quarter in 2026, with adjusted diluted EPS of $3.52 beating the $3.32 consensus estimate by 5.92% and revenue of $3.46 billion topping expectations by 2.61% while climbing 11.4% year-over-year. The railroad described the period as a record revenue quarter, with volume growth of 4% and higher fuel surcharges accounting for six points of the top-line gain, as Merchandise led segment performance at $2.13 billion, followed by Intermodal at $908 million and Coal at $424 million. The adjusted results strip out $51 million in merger-related expenses tied to the company's ongoing combination with Union Pacific, costs that weighed on GAAP operating income and pushed reported diluted EPS down to $3.26 from $3.41 a year ago. Analysts had been watching closely for signs of network improvement and sustained revenue momentum, and the quarter appeared to answer those questions favorably. CEO Mark George pointed to encouraging demand trends across key markets and expressed confidence in the company's positioning heading into the second half of 2026.

Key Takeaways
  • 4% year-over-year volume increase
  • Higher fuel surcharges representing six points of revenue growth
  • Improved demand across key markets
  • Record quarterly railway operating revenues of $3.5 billion

“Norfolk Southern delivered a strong second quarter, exceeding our expectations as demand improved across key markets. Our team adapted to a dynamic operating environment with focus and an unwavering commitment to safety. The progress we achieved reflects the dedication of our railroaders and the strength of our franchise.”

Norfolk Southern CEO, on the earnings call

Forward Guidance & Outlook

CEO Mark George expressed confidence in the second half of 2026, citing encouraging demand trends and the company's positioning to capitalize on emerging opportunities. The company's priorities remain focused on safety, consistent high-quality service for customers, and disciplined execution.

NSC YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$1.0B$2.0B$3.0B$3.1B$3.5BRevenue$1.1B$1.1BOperating Income$768.0M$734.0MNet Income
$0$1.0B$2.0B$3.0BRevenueOperating IncomeNet Income

NSC Revenue by Segment

Merchandise$2.1B+8.2%
Intermodal$908.0M+22.2%
Coal$424.0M+7.3%

Figures from SEC filings and company reports. Not investment advice.