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Norfolk Southern
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Latest analysis
Updated Jul 23, 2026
Norfolk Southern Q2 2026: Record revenue of $3.5B amid fuel inflation and Eastern Ohio contingencies.
Norfolk Southern delivered record quarterly revenue of $3.5 billion in Q2 2026, up 11% year-over-year on 4% volume growth and higher fuel surcharges, but operating margins contracted 210 basis points (adjusted) due to fuel cost inflation offsetting pricing gains. Income from railway operations declined 4% on a GAAP basis to $1.1 billion, though adjusted operating income rose 5% to $1.2 billion when excluding merger costs and Eastern Ohio incident charges. Management raised full-year adjusted operating expense guidance to $8.8–$8.9 billion to account for incremental fuel costs, signaling fuel inflation as a sustained structural headwind despite strong demand trends.
Tone: cautiousRevenue
$12.2B
NSC 10-K · FY 2025
Employees
19,300
Revenue FY2024
$12.1B
Founded
1980
Profile
NSC 10-K Item 1 · Feb 9, 2026Norfolk Southern Corporation is an Atlanta-based holding company that owns Norfolk Southern Railway Company, one of the largest freight railroads in the eastern United States. The company transports raw materials, intermediate products, and finished goods across 22 states and the District of Columbia, and offers the most extensive intermodal network in the eastern half of the U.S. In July 2025, Norfolk Southern entered into a definitive merger agreement to be acquired by Union Pacific Corporation in a stock-and-cash transaction, subject to STB regulatory approval.
Read filing description ↓ Collapse description ↑
Norfolk Southern Corporation (Norfolk Southern) is an Atlanta, Georgia-based company that owns a major freight railroad, Norfolk Southern Railway Company (NSR). We were incorporated on July 23, 1980, under the laws of the Commonwealth of Virginia. Our common stock (Common Stock) is listed on the New York Stock Exchange (NYSE) under the symbol 'NSC.' We are primarily engaged in the rail transportation of raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States (U.S.). We also transport overseas freight through several Atlantic and Gulf Coast ports. We offer the most extensive intermodal network in the eastern half of the U.S. At December 31, 2025, we operated approximately 19,100 route miles in 22 states and the District of Columbia. Our system reaches many manufacturing plants, electric generating facilities, mines, distribution centers, transload facilities, and other businesses located in our service area. Our three commodity groups are merchandise, intermodal, and coal. In 2025, merchandise carloads accounted for 63% of total railway operating revenues, intermodal accounted for 25%, and coal accounted for 12%. Our coal franchise supports the electric generation market, directly serving 18 coal-fired power plants, as well as the export, domestic metallurgical, and industrial markets.
Primary products
- Merchandise rail transportation
- Intermodal rail transportation
- Coal rail transportation
Business segments
End markets
Geographies
Named competitors
“Our primary rail competitor is CSX Corporation (CSX); both we and CSX operate throughout much of the same territory.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Railway operating revenues were essentially flat year-over-year, increasing modestly from $12,123 million in 2024 to $12,180 million in 2025, per the Consolidated Statements of Income.
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