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How Norfolk Southern (NSC) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/23/2026
Norfolk Southern Railway — The Norfolk Southern Railway is a Class I freight railroad operating in the Eastern United States. · Wikipedia
More about the company
Headquartered in Atlanta, the company was formed in 1982 with the merger of the Norfolk and Western Railway and Southern Railway. The company operates 19,420 route miles (31,250 km) in 22 eastern states and the District of Columbia, and has rights in Canada over the Albany to Montreal route of the Canadian Pacific Kansas City. Norfolk Southern Railway is the leading subsidiary of the Norfolk Southern Corporation.
Key growth driver: Intermodal — the fastest-growing revenue line: $908, +22% y/y. · by the Q2 2026 report
How does Norfolk Southern make money?
Norfolk Southern brought in $3.46 billion of revenue in Q2 2026, up 11.4% year over year. The largest source was Merchandise: $2.13 billion, or 62% of the total, followed by Intermodal ($908M, 26%) and Coal ($424M, 12%). Net income for the quarter was $734 million, down 4.4% year over year.
Revenue by source, Q2 2026
- Merchandise$2.13B · 62% · +8.2%
- Intermodal$908M · 26% · +22.2%
- Coal$424M · 12% · +7.3%
Shares of $3.46B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is NSC’s next earnings date?
Thursday, October 22, 2026estimated
Norfolk Southern (NSC) has not confirmed the date yet; Oct 22, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $3.56 (5 analysts), vs $3.30 in the same quarter last year.
What time does NSC report? Usually before market open: the last 4 results releases reached the SEC at 8:20 am, 8:05 am, 8:05 am, 4:15 pm ET.
Last report: Jul 23, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$3,465
+11.4%
all-time quarterly record
Operating income
$1,124
−4.3%
operating ratio 67.6%
Net income
$734
−4.4%
21.2% margin · EPS $3.26
Verdict: a record-revenue, weaker-profit quarter — revenue +11% to an all-time $3,465M (6 of 11 points from fuel surcharges), but operating income fell 4% to $1,124M as fuel jumped 85% and $51M of Union Pacific merger costs landed; operating ratio worsened to 67.6% from 62.2%.
Adjusted (ex merger, restructuring, Eastern Ohio): operating income +5%, EPS $3.52 (+7%). Diluted shares 225M. Cash $1.1B.
Source and notation
≈ marks grouped one-offs. Source: Norfolk Southern press release 8-K EX-99.2 (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- profit is growing slower than revenue: −4% vs +11% y/y in Q2 2026
Most likely because costs grew faster than revenue (fuel +85% y/y); fuel expense jumped 85% ($405M vs $219M) — the single biggest cost move; fuel surcharges added ~6 of the 11 revenue points; $51M of merger-related expenses is a brand-new line — costs of the announced Union Pacific combination. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗NSC earnings history: past report dates
| Jul 23, 2026 Thu | 8:20 ambefore market open | Jun 30, 2026 | $3.5B+11% y/y | $3.26−4% y/y |
| Apr 24, 2026 Fri | 8:05 ambefore market open | Mar 31, 2026 | $3.0B+0% y/y | $2.43−27% y/y |
| Jan 29, 2026 Thu | 8:05 ambefore market open | Dec 31, 2025 | ≈$3.0B−2% y/y | ≈$2.87−11% y/y |
| Oct 23, 2025 Thu | 4:15 pmafter market close | Sep 30, 2025 | $3.1B+2% y/y | $3.16−35% y/y |
| Jul 29, 2025 Tue | 8:10 ambefore market open | Jun 30, 2025 | $3.1B+2% y/y | $3.41+5% y/y |
| Apr 23, 2025 Wed | 8:06 ambefore market open | Mar 31, 2025 | $3.0B−0% y/y | $3.31 |
| Jan 29, 2025 Wed | 8:05 ambefore market open | Dec 31, 2024 | ≈$3.0B−2% y/y | ≈$3.24+40% y/y |
| Oct 22, 2024 Tue | 8:03 ambefore market open | Sep 30, 2024 | $3.1B+3% y/y | $4.85+131% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Norfolk Southern: 5-year financials
| 2025 | 12,180 | 4,356 | 2,873 | 2,157 | 1,215 |
| 2024 | 12,123 | 4,071 | 2,622 | 1,671 | 1,221 |
| 2023 | 12,156 | 2,851 | 1,827 | 852 | 1,225 |
| 2022 | 12,745 | 4,809 | 3,270 | 2,274 | 1,167 |
| 2021 | 11,142 | 4,447 | 3,005 | 2,785 | 1,028 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 202610-K 2025: a single class registered — NSC common stock. sec.gov ↗
- Jul 2026Per the 10-Q for Q2 2026: the Exchange Act shareholder class action is in discovery; the Securities Act suit was finally dismissed on February 27, 2026. sec.gov ↗
- Dec 2025Diluted shares fell 12.2% over 2020–2025; dividend of $5.40 per share in 2023–2025 (XBRL). data.sec.gov ↗
Scoring: 2.0, no deductions: single share class, shares −12% over 5 years, dividend never cut, East Palestine shareholder suit not settled
- Share classes
- Single class of common stock (10-K 2025 cover); shares held by subsidiaries do not vote under Virginia law.
- Dilution
- Diluted shares 2020→2025 −12.2%; SBC 0.5% of revenue.
- Disclosure
- Full reporting, filed on time.
- Dividends
- Dividend $3.76 (2020) → $5.40 (2023–2025): frozen after the 2023 derailment but not cut; no formal growth promise.
- Lawsuits & regulators
- The Exchange Act shareholder suit (East Palestine derailment) is in discovery — not settled, no deduction; the Securities Act suit closed in the company's favor (February 2026). The $600M paid to residents went to non-shareholders.
- Related parties
- No material related-party transactions disclosed; the Union Pacific merger is a deal with an outside buyer.
How the score works · checked as of Sep 2026
Norfolk Southern (NSC) earnings: FAQ
How does Norfolk Southern make money?
Norfolk Southern brought in $3.46 billion of revenue in Q2 2026, up 11.4% year over year. The largest source was Merchandise: $2.13 billion, or 62% of the total, followed by Intermodal ($908M, 26%) and Coal ($424M, 12%). Net income for the quarter was $734 million, down 4.4% year over year.
When is NSC's next earnings date?
Norfolk Southern (NSC) has not confirmed the date yet; Oct 22, 2026 is an estimate based on its past reporting schedule.
What time does NSC report earnings?
Norfolk Southern usually reports before market open: its latest results release was filed with the SEC at 8:20 am ET on Jul 23, 2026.
When did NSC last report earnings?
Norfolk Southern reported Q2 2026 results on Jul 23, 2026.
What is the EPS estimate for NSC's next earnings?
The consensus EPS forecast is $3.56 (5 analysts), vs $3.30 in the same quarter last year.
Where can I find Norfolk Southern's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to NSC's filings; this page breaks the latest report down in a Sankey chart.
What was NSC's net income in Q2 2026?
Norfolk Southern reported net income of $734M for Q2 2026 (−4.4% year over year), under US GAAP.
Does Norfolk Southern pay dividends?
Yes. In 2025, Norfolk Southern paid $1,215M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing. How we make the breakdowns · Report an error
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