Norfolk Southern Corp. reported second-quarter 2026 revenue of $3.5 billion, income from railway operations of $1.1 billion, an operating ratio of 67.6% and diluted earnings per share of $3.26.
Excluding merger-related expenses, restructuring and other charges, and costs associated with the Eastern Ohio incident, income from railway operations was $1.2 billion, the operating ratio was 65.5% and diluted earnings per share were $3.52.
Railway operating revenue reached an all-time quarterly record, increasing $355 million, or 11%, from the second quarter of 2025. Volume increased 4% from a year earlier, while higher fuel surcharges accounted for 6 percentage points of the revenue growth.
Income from railway operations decreased $51 million, or 4%, from the second quarter of 2025. On an adjusted basis, income from railway operations increased $58 million, or 5%, from the adjusted results for the same period last year.
The operating ratio increased from 62.2% in the second quarter of 2025. The adjusted operating ratio was 210 basis points higher than the adjusted ratio for the same quarter last year. Higher fuel expenses and corresponding fuel surcharge revenue created a 110-basis-point year-over-year headwind.
Diluted earnings per share decreased 15 cents, or 4%, from the second quarter of 2025. Adjusted diluted earnings per share increased 23 cents, or 7%, from the adjusted results for the same period last year.
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