Filing Flows › Norfolk Southern (NSC) › Q2 2026 › vs Q2 2025
Norfolk Southern (NSC) Q2 2026 vs Q2 2025 (year over year)
Norfolk Southern's revenue rose $355M (+11%) from $3.1B in Q2 2025 to $3.5B in Q2 2026. The biggest changes: Intermodal +$165M (+22%); Merchandise +$161M (+8%); Coal +$29.0M (+7%). Operating margin 32.4% against 37.8% (-5.3 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 32.4% | 37.8% | -5.3 pts |
| Net margin | 21.2% | 24.7% | -3.5 pts |
| Free cash flow margin | 17.7% | 19.4% | -1.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Merchandise | $2.1B | $2.0B | $161M | +8% |
| Intermodal | $908M | $743M | $165M | +22% |
| Coal | $424M | $395M | $29.0M | +7% |
| Revenue | $3.5B | $3.1B | $355M | +11% |
| Operating profit | $1.1B | $1.2B | −$51.0M | -4% |
| Costs & expenses | $2.3B | $1.9B | $406M | +21% |
| Pre-tax earnings | $959M | $998M | −$39.0M | -4% |
| Other expense, net | $165M | $177M | −$12.0M | -7% |
| Net earnings | $734M | $768M | −$34.0M | -4% |
| Income tax | $225M | $230M | −$5.0M | -2% |
| Depreciation | $358M | $346M | $12.0M | +3% |
| Share-based compensation | $24.0M | $17.0M | $7.0M | +41% |
| Working capital & other | $62.0M | $54.0M | $8.0M | +15% |
| Operating cash flow | $1.1B | $1.1B | −$23.0M | -2% |
| Free cash flow (OCF − capex) | $615M | $602M | $13.0M | +2% |
| Capital expenditures | $439M | $475M | −$36.0M | -8% |
Questions
How much did Norfolk Southern's revenue grow year over year in Q2 2026?
Norfolk Southern's revenue rose $355M (+11%) from $3.1B in Q2 2025 to $3.5B in Q2 2026.
What drove Norfolk Southern's revenue change in Q2 2026?
Intermodal +$165M (+22%); Merchandise +$161M (+8%); Coal +$29.0M (+7%).