EarningsQ2 2026 Earnings Report
MX:NSC Q2 2026 EPS Results
Actual EPS$63.93
Consensus EPS$60.33
Beat/MissBeat by +$3.60
One Year Ago EPS$59.75
MX:NSC Q2 2026 Revenue Results
Actual Revenue$62.93B
Expected Revenue$61.35B
Beat/MissBeat by +$1.58B
YoY Revenue Growth+11.41%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
MX:NSC Upcoming Earnings
Norfolk Southern's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:NSC Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a cautiously optimistic and constructive tone: results exceeded expectations with solid volume, revenue and earnings growth, meaningful operational and safety improvements, and proactive cost and capital discipline. These positives were tempered by significant fuel and inflationary cost headwinds, an elevated operating expense outlook driven primarily by fuel, some earlier network/service variability, and macro uncertainties. Management emphasized tangible operational progress (e.g., originations +20%, safety improvements, cost-takeout targets) and a path to capitalize on freight market strength while acknowledging near-term margin pressures.Company Guidance
Revenue and Earnings Growth
Net income and EPS grew 7% year-over-year; operating income increased 5% year-over-year; adjusted earnings per share were $3.52 for the quarter (after $51M merger-related, $15M Eastern Ohio incident, and $6M restructuring expenses).
Volume and RPU Momentum
Total volumes increased 4% year-over-year; revenue per unit (RPU) excluding fuel was up ~1% overall, with merchandise RPU less fuel +3% and intermodal RPU less fuel +1%.
Intermodal and Commodity Strength
Intermodal volumes rose 5% year-over-year and intermodal revenue less fuel increased 7%; coal volumes rose 3% with coal RPU less fuel +1%; merchandise volumes increased 2% with revenue less fuel up 4%.
Operational Recovery and Service Improvements
Management reported tangible operational improvements: on-time originations increased ~20% in the last month, train velocity and car miles per day are rising, terminal dwell is reducing, and the network has accelerated versus the winter-disrupted levels.
Safety Performance
Safety metrics improved: FRA personal injury index down 16% year-over-year and accident rate down approximately 25% in the quarter; mainline accident rate remained near best-in-class (flat).
Cost Discipline and Productivity Targets
Committed to at least $150 million of cost takeout in 2026 and at least $650 million cumulative over three years (exceeding original target); delivered a 320 basis point sequential improvement in adjusted operating ratio versus the prior quarter.
Prudent Capital Management
Capital expenditure guidance maintained at approximately $1.9 billion for 2026 while updating operating expense outlook to reflect higher fuel; continued disciplined investment in safety, reliability and capacity.
Industrial Development Pipeline
Project pipeline momentum: management said projects entering design/construction in 2026 are projected to be nearly double last year's level, driving significant potential carload growth (examples: Scout Motors supplier, Virginia Transformer plant, Sylvite Materials terminals).
MX:NSC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed