Norfolk Southern reported second-quarter revenue of $3.5 billion, an all-time quarterly record, as freight volumes climbed 4% from a year earlier. Revenue rose 11% compared with the second quarter of 2025, with higher fuel surcharges accounting for six percentage points of that growth, beating analyst expectations of $3.37 billion. Adjusted earnings reached $3.52 per share, clearing the $3.31 per share analyst consensus, while the adjusted operating ratio was 65.5%. The results come as the proposed $85 billion merger with Union Pacific faces regulatory uncertainty, with the Surface Transportation Board pausing its review and ordering supplemental materials by July 27.
Norfolk Southern CorporationNorfolk Southern reported record quarterly revenue and beat earnings estimates.
Union Pacific CorporationThe proposed merger with Norfolk Southern faces regulatory uncertainty, but the article does not indicate a clear positive or negative impact on Union Pacific.