Jun 2026 (Q2 FY26) — Jul 23, 2026
Norfolk Southern Q2 FY26 — Strong Volume Inflection Drives EPS Growth
Read the full callNorfolk Southern (NSC) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Norfolk Southern earnings: last reported Thu, 23 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,465 | +11.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 32.4 | −5.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 734 | −4.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
19 of 23 judged targets kept · 7 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 sequential adjusted OR improvement ~200bps | typical 1Q-to-2Q margin seasonality of about 200 basis points of sequential OR improvement | Mar 2026 | deliver a 320 basis point sequential improvement | Achieved |
| Full-year adjusted operating cost envelope | $8.2 billion to $8.4 billion adjusted operating expenses in 2026 | Dec 2025 | our new 2026 operating expense outlook is $8.8 billion to $8.9 billion | Revised Down |
| Full-year capital expenditure ~$1.9B | approximately $1.9 billion CapEx in 2026 (down ~14% / ~$300M vs 2025) | Dec 2025 | Our CapEx guidance of approximately $1.9 billion this year is unchanged | On Track |
4 of NORFOLK SOUTHERN CORP's 30 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 27 more targets are in the full ledger.
Claimed
- Net income and EPS grew 7% year-over-year.
- Volume increased 4% year-over-year, driven by strength in energy, domestic intermodal, and industrial products.
- Merchandise revenue less fuel achieved a record, increasing 4% from a year ago.
- Intermodal volumes increased 5%, with revenue less fuel up 7%.
- FRA personal injury index was down 16% year-over-year, and accident rate was down approximately 25%.
Qualified
- Operating ratio increased 210 basis points year-over-year, with fuel price headwinds driving an approximate 110 basis point increase.
- Inflationary pressures drove another 190 basis point headwind compared to last year.
- Network disruptions and volume surges placed additional pressure on crew resources and created variability in portions of the network.
- Merger-related share losses impacted intermodal growth by approximately 3 points in the quarter.
Price
$323.48 −1.05% · −$3.44
Performance +11.6% 1Y
1Y: $289.78 on 17 Oct 2025 → $323.48. High $352.98 (24 Aug 2026), low $278.19 (19 Mar 2026).
- Previous close
- $326.92
- 52-week range
- $278.19 – $352.98
- One year
- +11.10%
Overview
- Symbol
- NSC
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
19 of 23 judged targets kept · 7 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 sequential adjusted OR improvement ~200bps | typical 1Q-to-2Q margin seasonality of about 200 basis points of sequential OR improvement | Mar 2026 | deliver a 320 basis point sequential improvement | Achieved |
| Full-year adjusted operating cost envelope | $8.2 billion to $8.4 billion adjusted operating expenses in 2026 | Dec 2025 | our new 2026 operating expense outlook is $8.8 billion to $8.9 billion | Revised Down |
| Full-year capital expenditure ~$1.9B | approximately $1.9 billion CapEx in 2026 (down ~14% / ~$300M vs 2025) | Dec 2025 | Our CapEx guidance of approximately $1.9 billion this year is unchanged | On Track |
Claimed
- Net income and EPS grew 7% year-over-year.
- Volume increased 4% year-over-year, driven by strength in energy, domestic intermodal, and industrial products.
- Merchandise revenue less fuel achieved a record, increasing 4% from a year ago.
- Intermodal volumes increased 5%, with revenue less fuel up 7%.
- FRA personal injury index was down 16% year-over-year, and accident rate was down approximately 25%.
Qualified
- Operating ratio increased 210 basis points year-over-year, with fuel price headwinds driving an approximate 110 basis point increase.
- Inflationary pressures drove another 190 basis point headwind compared to last year.
- Network disruptions and volume surges placed additional pressure on crew resources and created variability in portions of the network.
- Merger-related share losses impacted intermodal growth by approximately 3 points in the quarter.
The full ledger
Open NORFOLK SOUTHERN CORP’s full ledger
A free account opens 5 company ledgers a month. All 30 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 24, 2026
Norfolk Southern Corporation Q1 FY26 — Strong Safety and Cost Control Amidst Volume Headwinds
Read the full callDec 2025 (Q4 FY25) — Jan 29, 2026
Norfolk Southern Q4 FY25 — Strong Productivity and Safety Amidst Volume Headwinds
Read the full callEvery analysed call
Norfolk Southern earnings calls (NSC)
Financials
What the filings say
Net profit, year on year: −4% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,051 | 3,024 | 2,993 | 3,110 | 3,103 | 2,974 | 2,998 | 3,465 |
| Expenses | 1,455 | 1,893 | 1,847 | 1,935 | 2,005 | 2,037 | 2,121 | 2,341 |
| Operating profit | 1,596 | 1,131 | 1,146 | 1,175 | 1,098 | 937 | 877 | 1,124 |
| Operating margin | 52.3% | 37.4% | 38.3% | 37.8% | 35.4% | 31.5% | 29.3% | 32.4% |
| Interest | 203 | 199 | 199 | 201 | 197 | 195 | 197 | 197 |
| Profit before tax | 1,427 | 928 | 978 | 998 | 924 | 765 | 715 | 959 |
| Tax rate | 23.0% | 21.0% | 23.3% | 23.1% | 23.1% | 15.8% | 23.5% | 23.5% |
| Net profit | 1,099 | 733 | 750 | 768 | 711 | 644 | 547 | 734 |
| EPS ($ per share) | 4.86 | — | 3.31 | 3.41 | 3.16 | — | 2.43 | 3.26 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 13,440 | 13,207 | 12,883 | 11,586 | 10,697 | 10,695 | 12,093 | 13,235 |
| Total liabilities | 20,877 | 22,739 | 23,171 | 24,852 | 26,152 | 28,871 | 29,376 | 29,689 |
| Fixed assets | 31,091 | 31,614 | 31,345 | 31,653 | 32,156 | 33,326 | 35,831 | 36,479 |
| Total assets | 36,239 | 37,923 | 37,962 | 38,493 | 38,885 | 41,652 | 43,682 | 45,236 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,726 | 3,892 | 3,637 | 4,255 | 4,222 | 3,179 | 4,052 | 4,361 |
| Cash from investing | -1,658 | -1,764 | -1,175 | -1,222 | -1,603 | -2,182 | -2,780 | -2,562 |
| Cash from financing | -2,312 | -1,994 | -1,927 | -3,309 | -3,002 | 115 | -1,199 | -1,910 |
| Net cash flow | -244 | 134 | 535 | -276 | -383 | 1,112 | 73 | -111 |
| Capital expenditure | -1,951 | -2,019 | -1,494 | -1,470 | -1,948 | -2,327 | -2,381 | -2,204 |
| Free cash flow | 1,775 | 1,873 | 2,143 | 2,785 | 2,274 | 852 | 1,671 | 2,157 |
NSC revenue by segment
Railway Operating Revenues Market Group Coal shrank from 14% to 12% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Railway Operating Revenues Market Group Merchandise | 61% | 61% | 62% | 63% | 63% | 63% | 63% | 62% | +8.2% |
| Railway Operating Revenues Market Group Intermodal | 25% | 26% | 25% | 24% | 24% | 25% | 25% | 26% | +22.2% |
| Railway Operating Revenues Market Group Coal | 14% | 13% | 12% | 13% | 12% | 12% | 12% | 12% | +7.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
60 filings between Oct 24, 2025 and Oct 8, 2026.
Open market
decisions to buy or sellPurchases
$1.26M
3 purchases by 3 insiders
Sales
$253.4K
1 sale by 1 insider
Compensation
not trading decisions- 28
- Option exercise — converted options into shares
- 27
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 code w.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| ANDERSON RICHARD H | $732.8K | — | Oct 27, 2025 |
| Fahmy Sameh | $466.9K | — | Nov 5, 2025 |
| Bhatt Anil | — | $253.4K | Nov 19, 2025 |
| Clyburn William Jr. | $60.1K | — | Dec 5, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 8, 2026 | Huffard John C Jr Director | Code W | 333 | $0 |
| Sep 13, 2026 | George Mark R President & CEO | Option exercise | 2,653 | $0 |
| Sep 13, 2026 | George Mark R President & CEO | Tax withheld | 1,035 | $334.6K |
| Apr 26, 2026 | Orr John F EVP & Chief Operating Officer | Option exercise | 8,319 | $0 |
| Apr 26, 2026 | Orr John F EVP & Chief Operating Officer | Tax withheld | 3,247 | $1.04M |
| Jan 30, 2026 | Bhatt Anil EVP & CIDO | Option exercise | 220 | $0 |
| Jan 30, 2026 | Orr John F EVP & Chief Operating Officer | Option exercise | 702 | $0 |
| Jan 30, 2026 | Elkins Claude E EVP & Chief Commercial Officer | Tax withheld | 144 | $41.6K |
| Jan 30, 2026 | George Mark R President & CEO | Tax withheld | 1,165 | $337.0K |
| Jan 30, 2026 | George Mark R President & CEO | Option exercise | 712 | $0 |
| Jan 30, 2026 | Bhatt Anil EVP & CIDO | Option exercise | 641 | $0 |
| Jan 30, 2026 | Elkins Claude E EVP & Chief Commercial Officer | Tax withheld | 212 | $61.3K |
| Jan 30, 2026 | Zampi Jason Andrew EVP & CFO | Option exercise | 673 | $0 |
| Jan 30, 2026 | Zampi Jason Andrew EVP & CFO | Option exercise | 252 | $0 |
| Jan 30, 2026 | Bhatt Anil EVP & CIDO | Tax withheld | 175 | $50.6K |
| Jan 30, 2026 | George Mark R President & CEO | Option exercise | 2,979 | $0 |
| Jan 30, 2026 | Zampi Jason Andrew EVP & CFO | Tax withheld | 5 | $1.4K |
| Jan 30, 2026 | George Mark R President & CEO | Tax withheld | 279 | $80.7K |
| Jan 30, 2026 | Zampi Jason Andrew EVP & CFO | Tax withheld | 183 | $52.9K |
| Jan 30, 2026 | Orr John F EVP & Chief Operating Officer | Option exercise | 803 | $0 |
| Jan 30, 2026 | Zampi Jason Andrew EVP & CFO | Tax withheld | 37 | $10.7K |
| Jan 30, 2026 | Elkins Claude E EVP & Chief Commercial Officer | Option exercise | 527 | $0 |
| Jan 30, 2026 | Zampi Jason Andrew EVP & CFO | Option exercise | 135 | $0 |
| Jan 30, 2026 | Bhatt Anil EVP & CIDO | Tax withheld | 60 | $17.4K |
| Jan 30, 2026 | Orr John F EVP & Chief Operating Officer | Tax withheld | 219 | $63.3K |
| Jan 30, 2026 | Moore Claiborne L Vice President & Controller | Option exercise | 421 | $0 |
| Jan 30, 2026 | Moore Claiborne L Vice President & Controller | Option exercise | 252 | $0 |
| Jan 30, 2026 | Moore Claiborne L Vice President & Controller | Tax withheld | 69 | $20.0K |
| Jan 30, 2026 | Moore Claiborne L Vice President & Controller | Tax withheld | 115 | $33.3K |
| Jan 30, 2026 | LAMPHERE GILBERT H Director | Option exercise | 700 | $0 |
| Jan 30, 2026 | Orr John F EVP & Chief Operating Officer | Tax withheld | 191 | $55.2K |
| Jan 30, 2026 | Elkins Claude E EVP & Chief Commercial Officer | Option exercise | 777 | $0 |
| Jan 30, 2026 | Zampi Jason Andrew EVP & CFO | Option exercise | 15 | $0 |
| Jan 30, 2026 | Zampi Jason Andrew EVP & CFO | Tax withheld | 69 | $20.0K |
| Jan 27, 2026 | George Mark R President & CEO | Option exercise | 775 | $0 |
| Jan 27, 2026 | George Mark R President & CEO | Tax withheld | 303 | $87.8K |
| Jan 27, 2026 | Moore Claiborne L Vice President & Controller | Tax withheld | 70 | $20.3K |
| Jan 27, 2026 | Moore Claiborne L Vice President & Controller | Option exercise | 254 | $0 |
| Jan 27, 2026 | Elkins Claude E EVP & Chief Commercial Officer | Tax withheld | 141 | $40.9K |
| Jan 27, 2026 | Elkins Claude E EVP & Chief Commercial Officer | Option exercise | 515 | $0 |
| Jan 27, 2026 | Zampi Jason Andrew EVP & CFO | Option exercise | 220 | $0 |
| Jan 27, 2026 | Zampi Jason Andrew EVP & CFO | Tax withheld | 60 | $17.4K |
| Jan 26, 2026 | Zampi Jason Andrew EVP & CFO | Option exercise | 247 | $0 |
| Jan 26, 2026 | George Mark R President & CEO | Tax withheld | 245 | $70.6K |
| Jan 26, 2026 | George Mark R President & CEO | Option exercise | 625 | $0 |
| Jan 26, 2026 | Moore Claiborne L Vice President & Controller | Tax withheld | 68 | $19.6K |
| Jan 26, 2026 | Moore Claiborne L Vice President & Controller | Option exercise | 247 | $0 |
| Jan 26, 2026 | Elkins Claude E EVP & Chief Commercial Officer | Tax withheld | 142 | $40.9K |
| Jan 26, 2026 | Elkins Claude E EVP & Chief Commercial Officer | Option exercise | 520 | $0 |
| Jan 26, 2026 | Zampi Jason Andrew EVP & CFO | Tax withheld | 68 | $19.6K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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