Norfolk Southern Q2 revenue hits record $3.5 billion; GAAP EPS falls 4% to $3.26
Norfolk Southern reported second-quarter 2026 railway operating revenue of $3.5 billion, an all-time quarterly record and up 11% from a year earlier. GAAP diluted earnings per share fell 4% to $3.26, while adjusted EPS rose 7% to $3.52 after excluding merger-related expenses, restructuring charges and Eastern Ohio incident effects. The company also raised its 2026 adjusted operating expense guidance to $8.8 to $8.9 billion, citing higher estimated incremental fuel expense.
Key points
- Revenue of $3.5 billion rose $355 million, or 11%, on a 4% volume increase and higher fuel surcharges.
- GAAP income from railway operations was $1.1 billion, down $51 million, or 4%; the GAAP operating ratio was 67.6% versus 62.2%.
- Adjusted diluted EPS was $3.52, up $0.23, or 7%; adjusted operating ratio was 65.5%, 210 basis points higher year over year.
- 2026 adjusted operating expense guidance was updated to $8.8 to $8.9 billion for higher estimated incremental fuel expense.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:42 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 23, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.