Norfolk Southern reports record Q2 revenue of $3.5B billion driven by volume growth

• Norfolk Southern (NYSE:NSC) reported second-quarter 2026 revenue of $3.5 billion, an all-time quarterly record representing an 11 percent year-over-year increase.
• Adjusted diluted earnings per share reached $3.52, reflecting a 7 percent increase compared to the adjusted second quarter of 2025.
• The company posted an adjusted operating ratio of 65.5 percent, excluding merger-related expenses, restructuring charges, and costs from the Eastern Ohio incident.

Norfolk Southern (NYSE:NSC) reported its second-quarter 2026 financial results, generating an all-time quarterly record of $3.5 billion in revenue.

This represents an 11 percent increase year over year.

The top-line expansion was primarily driven by a 4 percent increase in volume alongside higher fuel surcharges across the network.

Reported income from railway operations for the quarter was $1.1 billion, marking a 4 percent decline from the prior-year period.

The reported operating ratio came in at 67.6 percent, while reported diluted earnings per share (EPS) was $3.26, a 4 percent decline versus the second quarter of 2025.

Following the release of these quarterly results, Norfolk Southern's share price traded near $338.82.

Management emphasized the company's adjusted financial metrics, which exclude merger-related expenses, restructuring and other charges, as well as ongoing costs associated with the Eastern Ohio incident.

On an adjusted basis, income from railway operations grew to $1.2 billion, a 5 percent year-over-year increase.

The adjusted operating ratio was 65.5 percent, coming in 210 basis points higher than the adjusted figure for 2025.

Adjusted diluted EPS reached $3.52, a 7 percent increase compared to the adjusted EPS in the prior-year period.