Filing Flows › Norfolk Southern (NSC) › Q2 2025
Norfolk Southern (NSC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
Norfolk Southern (NSC) reported revenue of $3.1B for the second quarter 2025 (Q2 2025), +2% from a year earlier and +4% from the quarter before. Operating margin was 37.8%, net earnings $768M (24.7% of revenue).
Norfolk Southern, Q2 2025: revenue $3.1B (+2% year over year), operating margin 37.8%, net earnings $768M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | +4% | +2% |
| Operating profit | $1.2B | +3% | +4% |
| Net earnings | $768M | +2% | +4% |
| Operating cash flow | $1.1B | +13% | +4% |
| Free cash flow | $602M | +20% | +29% |
What changed
Revenue was $3.1B in Q2 2025, up 2% year over year and up 4% from the previous quarter. Merchandise was the largest line at 63% of revenue. Merchandise added $0.07B year over year (up 4%), 103% of the total change. Coal declined 1%.
Operating profit was $1.2B, a 37.8% margin (up 0.6 points year over year). Of the extra revenue versus a year earlier, 67% reached operating profit, above the 37% margin then. Total costs grew 1% against revenue growth of 2%. Net earnings were $0.77B, up 4% year over year. The effective tax rate was 23.0%.
Operating cash flow was $1.1B (up 4% year over year), 140% of net earnings. Non-cash charges added back $0.35B of depreciation and $0.02B of share-based compensation. Working capital and other items used $0.05B. Capital expenditures of $0.47B left free cash flow of $0.60B.
Questions
What was Norfolk Southern's revenue in the second quarter 2025?
Norfolk Southern (NSC) reported revenue of $3.1B for the second quarter 2025 (Q2 2025), +2% from a year earlier and +4% from the quarter before.
Was Norfolk Southern profitable in the second quarter 2025?
Operating profit was $1.2B (37.8% of revenue) and net earnings $768M.
Source: Norfolk Southern 10-Q on SEC EDGAR.