Norfolk Southern reported second-quarter revenue of $3.5 billion on Thursday, an all-time quarterly record for the railroad, as freight volumes climbed 4% from a year earlier.
Revenue rose 11% compared with the second quarter of 2025, the company said
Higher fuel surcharges accounted for six percentage points of that growth. The results beat analyst expectations of $3.37 billion, according to the Wall Street Journal. Earnings came in at $3.26 per diluted share.
When one-time items are excluded — including costs from the Union Pacific tie-up and the Ohio derailment — adjusted earnings reached $3.52 per share, clearing the $3.31 per share analyst consensus, according to the Journal. Income from railway operations fell 4% to $1.1 billion. On an adjusted basis, operating income rose 5% to $1.2 billion.