Filing Flows › Norfolk Southern (NSC) › Q2 2026 › vs Q1 2026
Norfolk Southern (NSC) Q2 2026 vs Q1 2026 (quarter over quarter)
Norfolk Southern's revenue rose $467M (+16%) from $3.0B in Q1 2026 to $3.5B in Q2 2026. The biggest changes: Merchandise +$248M (+13%); Intermodal +$159M (+21%); Coal +$60.0M (+16%). Operating margin 32.4% against 29.3% (+3.2 pts).
Norfolk Southern, Q2 2026: revenue $3.5B (+11% year over year), operating margin 32.4%, net earnings $734M, operating cash flow $1.1B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 32.4% | 29.3% | +3.2 pts |
| Net margin | 21.2% | 18.2% | +2.9 pts |
| Free cash flow margin | 17.7% | -1.3% | +19.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Merchandise | $2.1B | $1.9B | $248M | +13% |
| Intermodal | $908M | $749M | $159M | +21% |
| Coal | $424M | $364M | $60.0M | +16% |
| Revenue | $3.5B | $3.0B | $467M | +16% |
| Operating profit | $1.1B | $877M | $247M | +28% |
| Costs & expenses | $2.3B | $2.1B | $220M | +10% |
| Pre-tax earnings | $959M | $715M | $244M | +34% |
| Other expense, net | $165M | $162M | $3.0M | +2% |
| Net earnings | $734M | $547M | $187M | +34% |
| Income tax | $225M | $168M | $57.0M | +34% |
| Depreciation | $358M | $352M | $6.0M | +2% |
| Share-based compensation | $24.0M | $25.0M | −$1.0M | -4% |
| Working capital & other | $62.0M | $580M | −$518M | -89% |
| Operating cash flow | $1.1B | $344M | $710M | +206% |
| Free cash flow (OCF − capex) | $615M | −$38.0M | $653M | — |
| Capital expenditures | $439M | $382M | $57.0M | +15% |
Questions
How much did Norfolk Southern's revenue grow quarter over quarter in Q2 2026?
Norfolk Southern's revenue rose $467M (+16%) from $3.0B in Q1 2026 to $3.5B in Q2 2026.
What drove Norfolk Southern's revenue change in Q2 2026?
Merchandise +$248M (+13%); Intermodal +$159M (+21%); Coal +$60.0M (+16%).