Filing Flows › Norfolk Southern (NSC) › Q2 2026
Norfolk Southern (NSC) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 23, 2026
Norfolk Southern (NSC) reported revenue of $3.5B for the second quarter 2026 (Q2 2026), +11% from a year earlier and +16% from the quarter before. Operating margin was 32.4%, net earnings $734M (21.2% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.5B | +16% | +11% |
| Operating profit | $1.1B | +28% | -4% |
| Net earnings | $734M | +34% | -4% |
| Operating cash flow | $1.1B | +206% | -2% |
| Free cash flow | $615M | — | +2% |
What changed
Revenue was $3.5B in Q2 2026, up 11% year over year and up 16% from the previous quarter. Merchandise was the largest line at 62% of revenue. Intermodal added $0.17B year over year (up 22%), 46% of the total change.
Operating profit was $1.1B, a 32.4% margin (down 5.3 points year over year). Operating profit fell $0.05B even though revenue rose $0.35B versus Q2 2025, so costs grew faster than sales. Total costs grew 21% against revenue growth of 11%. Net earnings were $0.73B, down 4% year over year. The effective tax rate was 23.5%.
Operating cash flow was $1.1B (down 2% year over year), 144% of net earnings. Non-cash charges added back $0.36B of depreciation and $0.02B of share-based compensation. Working capital and other items used $0.06B. Capital expenditures of $0.44B left free cash flow of $0.61B.
Questions
What was Norfolk Southern's revenue in the second quarter 2026?
Norfolk Southern (NSC) reported revenue of $3.5B for the second quarter 2026 (Q2 2026), +11% from a year earlier and +16% from the quarter before.
Was Norfolk Southern profitable in the second quarter 2026?
Operating profit was $1.1B (32.4% of revenue) and net earnings $734M.
Source: Norfolk Southern 10-Q on SEC EDGAR.