S&P 500
7,482.80
-0.22%
Dow Jones
52,290.40
-0.08%
Nasdaq 100
30,137.90
-0.49%
Russell 2000
3,017.12
-0.22%
FTSE 100
10,504.80
-0.29%
Nikkei 225
70,654.80
-0.50%
Norfolk Southern

Norfolk Southern (NSC) Q2 2025 Earnings

Reported Jul 29, 2025 at 8:10 AM ET · SEC Source

Q2 25 EPS

$3.29

MISS 0.31%

Est. $3.30

Q2 25 Revenue

$3.11B

MISS 0.71%

Est. $3.13B

Did NSC Beat Earnings? Q2 2025 Results

Norfolk Southern delivered a fractionally soft second quarter, with adjusted diluted EPS of $3.29 missing the $3.30 consensus by 0.31% and revenue of $3.11 billion coming in 0.71% below expectations, though the top line still grew 2.2% year-over-year… Read more Norfolk Southern delivered a fractionally soft second quarter, with adjusted diluted EPS of $3.29 missing the $3.30 consensus by 0.31% and revenue of $3.11 billion coming in 0.71% below expectations, though the top line still grew 2.2% year-over-year on the back of 3% volume growth. The results, however, were almost immediately overshadowed by a blockbuster announcement: Union Pacific has agreed to acquire Norfolk Southern in a stock-and-cash deal valued at $320 per share, implying a total enterprise value of $85.00 billion, a combination that would reshape the competitive landscape of North American freight rail and has already prompted speculation about countermoves among rival carriers. Operationally, the quarter showed genuine improvement, with the GAAP operating ratio tightening to 62.2% from 62.8% a year ago, aided in part by $47.00 million in net recoveries tied to the 2023 East Palestine derailment. Looking ahead, management narrowed its full-year revenue growth outlook to 2-3% and trimmed its adjusted operating ratio improvement target to 100-150 basis points, while raising its productivity savings goal to $175 million-plus, even as the pending merger effectively ends the company's share repurchase program.

Key Takeaways

  • • 3% volume growth across all segments
  • • 170 basis point improvement in adjusted operating ratio to 63.4%
  • • Productivity savings exceeding targets, raised to $175M+ for 2025
  • • Merchandise revenue growth of 4% driven by volume
  • • Coal volume growth of 12%
  • • Continued improvement in fuel efficiency
  • • Eastern Ohio incident net recoveries of $47 million in the quarter
24/7 Wall St

NSC YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

NSC Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“This quarter, Norfolk Southern delivered another set of strong results — growing volumes, managing costs, and delivering 8% EPS growth. While we remain clear-eyed about market uncertainty, our performance reflects the strength of our strategy and our ability to continue disciplined execution, relentless focus on safety and seamless customer service.”

— Mark George, Q2 2025 Earnings Press Release

Back to NSC Stock Page