Q2 26 EPS
$3.52
BEAT +6.27%
Est. $3.31
Q2 26 Revenue
$3.47B
BEAT +2.61%
Est. $3.38B
vs S&P Since Q2 26
-1.8%
TRAILING MARKET
NSC +3.3% vs S&P +5.1%
Market Reaction
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-yea… Read more 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
NSC 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, source: SEC Filings
NSC Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Mark George, Q2 2026 Earnings Press Release
NSC Earnings Trends
NSC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NSC EPS Trend
Earnings per share: estimate vs actual
NSC Revenue Trend
Quarterly revenue: estimate vs actual
NSC Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $3.31 | $3.52 | +6.27% | $3.47B | +2.61% |
| Q1 26 BEAT | $2.49 | $2.65 | +6.28% | $3.00B | +0.03% |
| Q4 25 BEAT FY | $2.76 | $3.22 | +16.51% | $2.97B | -0.90% |
| FY Full Year | — | $12.49 | — | $12.18B | — |
| Q3 25 BEAT | $3.20 | $3.30 | +3.04% | $3.10B | -0.18% |
| Q2 25 MISS | $3.30 | $3.29 | -0.31% | $3.11B | -0.71% |