Norfolk Southern

Q2 FY2026 EarningsQ2 2026 revenue hit a record $3.5B, up 11% YoY, driven by 4% volume growth and higher fuel surcharges. GAAP diluted EPS fell 4% YoY to $3.26, while adjusted EPS rose 7% to $3.52. The GAAP operating ratio deteriorated to 67.6% (up 540bps), primarily due to merger-related expenses and the Eastern Ohio incident, while the adjusted operating ratio rose 210bps to 65.5%.