Norfolk Southern Q2 record revenue $3.5B; adj. EPS $3.52 (+7% YoY); raises expense guidance

NORFOLK SOUTHERN CORP

Revenue $3.5B, record quarterly, up 11% YoY on 4% volume growth and higher fuel surcharges.
GAAP diluted EPS $3.26, down 4% YoY; adjusted diluted EPS $3.52, up 7% YoY.
Adjusted operating ratio 65.5%, 210 bps higher YoY; fuel expense headwind 110 bps.
Updated 2026 adjusted operating expense guidance to $8.8-$8.9B due to higher fuel expense.
Merger-related expenses $51M in Q2; no share repurchases in H1 2026.

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