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Norfolk Southern NSC Q2 2026 earnings

Reported July 23, 2026 · Before market open

Revenue$3.5BBeat by $87.0M
Adjusted EPS$3.52Beat by $0.20
Revenue estimate$3.4B
EPS estimate$3.32
“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

Next report

Oct 22, 2026 (In 2 weeks)
Revenue estimate$3.5B
EPS estimate$3.54

Financials

Q2 2026

Income statement

See full
Revenue$3.5B+11.4%
Operating income$1.1B-4.3%
Net income$734.0M-4.4%
EPS (diluted)$3.26-4.4%

Balance sheet

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Cash & equivalents$1.1B-18.0%
Total debt$16.6B—
Total equity$16.3B+9.9%
Total assets$45.1B+2.2%

Cash flow

See full
Operating cash flow$1.1B-2.1%
CapEx$439.0M-7.6%
Free cash flow$615.0M+2.2%

Valuation & ratios

Valuation

as of 10/02/26
See full
Market cap$69.69B+4.1%
Enterprise value$85.23B—
P/E26.4×+3.8×
P/S5.6×+0.1×

Profitability

See full
Operating margin32.2%-9.3pp
Net margin21%-6.5pp
FCF margin13%-3.6pp

Returns & leverage

See full
Return on equity17%-7.1pp
Debt / equity1×—
Current ratio0.8×0.0×

Segments

By segment

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Railway Operating Revenues Market Group Merchandise$2.1B+8.2%
Railway Operating Revenues Market Group Intermodal$908.0M+22.2%
Railway Operating Revenues Market Group Coal$424.0M+7.3%

FAQ

When did Norfolk Southern report Q2 2026 earnings?
Norfolk Southern (NSC) reported Q2 2026 earnings on July 23, 2026 before market open.
What were Norfolk Southern's Q2 2026 revenue and EPS?
Norfolk Southern reported revenue of $3.5B and adjusted eps of $3.52 for Q2 2026.
Did Norfolk Southern beat estimates in Q2 2026?
Revenue beat the consensus estimate of $3.4B by $87.0M. EPS beat the consensus estimate of $3.32 by $0.20.
How did Norfolk Southern's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 11.4% from $3.1B a year earlier.
Where can I find Norfolk Southern's Q2 2026 SEC filings?
You can read the 8-K earnings release (0001193125-26-313393) and the 10-Q periodic report (0001628280-26-049326) directly on SEC EDGAR. The filing index links above go to sec.gov.