Norfolk Southern Q2 EPS $3.41, announces $85B merger with Union Pacific

NORFOLK SOUTHERN CORP

Revenue $3.1B (+2% YoY), diluted EPS $3.41 vs $3.25; adjusted EPS $3.29 (+8%).
Shareholders to receive 1.0 UP share + $88.82 cash per NSC share; implied value ~$320/share.
Full-year revenue growth guidance revised to 2-3%; adjusted OR improvement 100-150 bps.
Productivity savings raised to $175M+; Q3 OR pressured due to weaker revenue early.
Repurchased 1.9M shares in H1 2025 for $455M.

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