Norfolk Southern Corp 8-K, filed Jul 23, 2026
Norfolk Southern Corp (NSC)
About this 8-K
Norfolk Southern Corp filed this 8-K on July 23, 2026.
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
Item 7.01 Regulation FD Disclosure.
On July 23, 2026, Norfolk Southern Corporation (the “Company”) issued a press release reporting second-quarter results for 2026, as well as its Quarterly Financial Data for the second quarter of 2026. A copy of the press release is attached as Exhibit 99.1 and a copy of the Quarterly Financial Data is attached as Exhibit 99.2, each of which is incorporated by reference herein. These documents are also available on the Company’s website, www.norfolksouthern.com.* This unaudited financial information and summary of certain notes to the consolidated financial statements should be read in conjunction with: (a) the consolidated financial statements and notes included in the Company's latest Annual Report on Form 10-K and in subsequent Quarterly Reports on Form 10-Q; and (b) any Current Reports on Form 8-K. The Company also updated its 2026 adjusted operating expense guidance range to $8.8 to $8.9 billion to account for an increase in estimated incremental fuel expense.
The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
The following exhibits are furnished as part of this Current Report on Form 8-K:
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Exhibit Number |
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Description |
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99.1 |
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99.2 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* Internet addresses are provided for informational purposes only and are not intended to be hyperlinks.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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NORFOLK SOUTHERN CORPORATION |
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By: |
/s/ Jeremy Ballard |
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Name: Jeremy Ballard |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Norfolk Southern reports second quarter 2026 results
Railroad achieves record quarterly revenues
ATLANTA, July 23, 2026 – Norfolk Southern Corporation (NYSE: NSC) announced Thursday its second quarter 2026 financial results. For the quarter, revenue was $3.5 billion, income from railway operations was $1.1 billion, operating ratio was 67.6%, and diluted earnings per share were $3.26.
Adjusting the results to exclude merger-related expenses, restructuring and other charges, and the effects of the Eastern Ohio incident, second quarter income from railway operations was $1.2 billion, the operating ratio was 65.5%, and diluted earnings per share were $3.52.
“Norfolk Southern delivered a strong second quarter, exceeding our expectations as demand improved across key markets,” said Mark George, President and Chief Executive Officer. “Our team adapted to a dynamic operating environment with focus and an unwavering commitment to safety. The progress we achieved reflects the dedication of our railroaders and the strength of our franchise.”
George added, “As we look to the second half of the year, our priorities remain clear: operating a safe, reliable railroad, providing high-quality, consistent service for our customers, and executing with discipline to capitalize on emerging opportunities. With encouraging demand trends, we are well positioned to create value for our customers, shareholders, and the communities we serve.”
Second Quarter Summary
Norfolk Southern Corporation | 1
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About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
Media Inquiries:
Media Relations
Investor Inquiries:
Investor Relations
Cautionary Statement on Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like "may," "will," "could," "would," "should," "expect," "anticipate," "believe," "project," or other comparable terminology. While the Company has based these forward-looking statements on those expectations, assumptions, estimates, beliefs, and projections it views as reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control, including but not limited to: (i) changes in domestic or international economic, political or business conditions, including those impacting the transportation industry; (ii) the Company’s ability to successfully implement its operational, productivity, and strategic initiatives; (iii) a significant adverse event on our network, including but not limited to a mainline accident, discharge of hazardous material, or climate-related or other network outage; (iv) the outcome of claims, litigation, governmental proceedings, and investigations involving the Company, including those with respect to the Eastern Ohio incident; (v) new or additional governmental regulation and/or operational changes resulting from or related to the Eastern Ohio incident; (vi) a significant cybersecurity incident or other disruption to our technology infrastructure; and (vii) those pertaining to the Merger. These and other important factors, including those discussed under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 9, 2026, may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable
Norfolk Southern Corporation | 2
securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Non-GAAP Financial Measures
Information included within this press release contains non-GAAP financial measures, including adjusted income from railway operations, adjusted operating ratio, and adjusted diluted earnings per share. Non-GAAP financial measures should be considered in addition to, not as a substitute for, the financial measures reported in accordance with U.S. generally accepted accounting principles (GAAP).
Our non-GAAP financial results for the second quarters of 2026 and 2025 exclude restructuring and other charges and the effects from the Eastern Ohio Incident (the Incident). Our non-GAAP financial results for the second quarter of 2026 also exclude merger-related expenses. The following tables adjust our GAAP financial results for the second quarters of 2026 and 2025 to exclude the effects of those items. The income tax effects of the non-GAAP adjustments were calculated based on the applicable tax rates to which the non-GAAP adjustments related. We use these non-GAAP financial measures internally and believe this information provides useful supplemental information to investors to facilitate making period-to-period comparisons by excluding these costs. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant to be considered in isolation from, or as a substitute for, the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similar measures presented by other companies. Information about the adjustments that are not currently available to us could have a potentially unpredictable and significant impact on future GAAP results. Further information about the Company’s non-GAAP measures are available on our website at www.norfolksouthern.com on the Investors page under Events and Presentations.
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Second |
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($ in millions, except per share amounts) |
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Quarter 2026 |
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Income from railway operations |
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$ |
1,124 |
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Merger-related expenses, restructuring and other charges, and effect of the Incident |
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72 |
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Adjusted income from railway operations |
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$ |
1,196 |
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Operating ratio |
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67.6 |
% |
Merger-related expenses, restructuring and other charges, and effect of the Incident |
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(2.1 |
%) |
Adjusted operating ratio |
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65.5 |
% |
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Diluted earnings per share |
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$ |
3.26 |
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Merger-related expenses, restructuring and other charges, and effect of the Incident |
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0.26 |
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Adjusted diluted earnings per share |
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$ |
3.52 |
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Second |
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($ in millions, except per share amounts) |
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Quarter 2025 |
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Income from railway operations |
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$ |
1,175 |
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Restructuring and other charges and effect of the Incident |
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(37 |
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Adjusted income from railway operations |
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$ |
1,138 |
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Operating ratio |
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62.2 |
% |
Restructuring and other charges and effect of the Incident |
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1.2 |
% |
Adjusted operating ratio |
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63.4 |
% |
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Diluted earnings per share |
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$ |
3.41 |
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Restructuring and other charges and effect of the Incident |
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(0.12 |
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Adjusted diluted earnings per share |
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$ |
3.29 |
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Norfolk Southern Corporation | 3
Exhibit 99.2
Norfolk Southern Corporation and Subsidiaries
Consolidated Statements of Income
(Unaudited)
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Second Quarter |
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First Six Months |
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2026 |
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2025 |
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2026 |
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2025 |
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(in millions, except per share amounts) |
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Railway operating revenues |
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Merchandise |
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$ |
2,133 |
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$ |
1,972 |
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$ |
4,018 |
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$ |
3,835 |
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Intermodal |
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908 |
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743 |
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1,657 |
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1,503 |
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Coal |
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424 |
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395 |
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788 |
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765 |
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Total railway operating revenues |
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3,465 |
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3,110 |
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6,463 |
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6,103 |
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Railway operating expenses |
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Compensation and benefits |
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744 |
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692 |
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1,484 |
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1,431 |
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Purchased services and rents |
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550 |
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520 |
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1,072 |
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1,018 |
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Fuel |
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405 |
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219 |
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661 |
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463 |
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Depreciation |
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358 |
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346 |
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710 |
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692 |
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Materials and other |
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212 |
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195 |
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401 |
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400 |
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Merger-related expenses |
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51 |
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— |
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103 |
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— |
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Restructuring and other charges |
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6 |
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10 |
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6 |
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10 |
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Eastern Ohio incident |
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15 |
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(47 |
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25 |
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(232 |
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Total railway operating expenses |
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2,341 |
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1,935 |
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4,462 |
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3,782 |
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Income from railway operations |
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1,124 |
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1,175 |
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2,001 |
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2,321 |
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Other income – net |
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32 |
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24 |
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67 |
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55 |
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Interest expense on debt |
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197 |
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201 |
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394 |
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400 |
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Income before income taxes |
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959 |
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998 |
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1,674 |
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1,976 |
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Income taxes |
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225 |
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230 |
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393 |
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458 |
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Net income |
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$ |
734 |
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$ |
768 |
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$ |
1,281 |
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$ |
1,518 |
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Earnings per share – diluted |
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$ |
3.26 |
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$ |
3.41 |
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$ |
5.69 |
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$ |
6.72 |
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Weighted average shares outstanding – diluted |
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225.0 |
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225.2 |
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225.0 |
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225.8 |
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Norfolk Southern Corporation and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
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June 30, |
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December 31, |
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2026 |
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2025 |
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($ in millions) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
1,069 |
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$ |
1,530 |
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Accounts receivable – net |
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1,177 |
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988 |
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Materials and supplies |
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327 |
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271 |
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Other current assets |
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228 |
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409 |
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Total current assets |
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2,801 |
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3,198 |
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Investments |
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4,155 |
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4,089 |
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Properties less accumulated depreciation of $15,031 and $14,617, respectively |
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36,626 |
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36,479 |
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Other assets |
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1,540 |
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1,470 |
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Total assets |
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$ |
45,122 |
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$ |
45,236 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,783 |
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$ |
1,863 |
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Income and other taxes |
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218 |
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340 |
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Other current liabilities |
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720 |
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965 |
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Current maturities of long-term debt |
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649 |
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607 |
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Total current liabilities |
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3,370 |
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3,775 |
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Long-term debt |
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15,967 |
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16,480 |
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Other liabilities |
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1,714 |
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1,723 |
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Deferred income taxes |
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7,818 |
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7,711 |
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Total liabilities |
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28,869 |
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29,689 |
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Stockholders’ equity: |
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Common stock $1.00 per share par value, 1,350,000,000 shares authorized; |
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226 |
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226 |
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Additional paid-in capital |
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2,332 |
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2,296 |
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Accumulated other comprehensive loss |
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(212 |
) |
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(210 |
) |
Retained income |
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13,907 |
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13,235 |
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Total stockholders’ equity |
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16,253 |
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15,547 |
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Total liabilities and stockholders’ equity |
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$ |
45,122 |
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$ |
45,236 |
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See accompanying notes to consolidated financial statements.
Norfolk Southern Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
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First Six Months |
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2026 |
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2025 |
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($ in millions) |
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Cash flows from operating activities |
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Net income |
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$ |
1,281 |
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$ |
1,518 |
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Reconciliation of net income to net cash provided by operating activities: |
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Depreciation |
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710 |
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692 |
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Deferred income taxes |
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108 |
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109 |
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Gains and losses on properties |
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(18 |
) |
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(57 |
) |
Changes in assets and liabilities affecting operations: |
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Accounts receivable |
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(190 |
) |
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(57 |
) |
Materials and supplies |
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(56 |
) |
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(36 |
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Other current assets |
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62 |
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54 |
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Current liabilities other than debt |
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(386 |
) |
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(106 |
) |
Other – net |
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(113 |
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(90 |
) |
Net cash provided by operating activities |
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1,398 |
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2,027 |
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Cash flows from investing activities |
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Property additions |
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(821 |
) |
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(924 |
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Property sales and other transactions |
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177 |
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66 |
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Investment purchases |
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(5 |
) |
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(613 |
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Investment sales and other transactions |
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20 |
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36 |
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Net cash used in investing activities |
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(629 |
) |
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(1,435 |
) |
Cash flows from financing activities |
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Dividends |
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(606 |
) |
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(609 |
) |
Common stock transactions |
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(12 |
) |
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(8 |
) |
Purchase and retirement of common stock |
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(5 |
) |
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(456 |
) |
Proceeds from borrowings |
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— |
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|
396 |
|
Debt repayments |
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(607 |
) |
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(253 |
) |
Net cash used in financing activities |
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(1,230 |
) |
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(930 |
) |
Net decrease in cash and cash equivalents |
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(461 |
) |
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(338 |
) |
Cash and cash equivalents |
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At beginning of year |
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1,530 |
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|
1,641 |
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At end of period |
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$ |
1,069 |
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$ |
1,303 |
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Supplemental disclosures of cash flow information |
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Cash paid during the period for: |
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Interest (net of amounts capitalized) |
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$ |
377 |
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$ |
378 |
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Income taxes (net of refunds) |
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|
386 |
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|
414 |
|
See accompanying notes to consolidated financial statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Merger-Related Expenses
During the second quarter and the first six months of 2026, we incurred merger-related expenses of $51 million and $103 million, respectively, primarily related to costs associated with employee retention agreements, third-party advisor fees, and legal fees.
2. Restructuring and Other Charges
During the second quarter of 2026, we recorded $6 million in expenses related to severance costs associated with organizational changes. During the second quarter of 2025, we recorded $10 million in expenses primarily related to the restructuring of certain technology functions, which includes severance costs for impacted employees and other expenses.
3. Eastern Ohio Incident
On February 3, 2023, a train operated by us derailed in East Palestine, Ohio (the Incident). During the second quarter of 2026, we incurred expenses of $15 million, as compared to $47 million of net recoveries for the same period last year. The total amounts recognized include the impact of $3 million and $154 million in recoveries during the second quarter of 2026 and 2025, respectively. In the first six months of 2026 and 2025, we recognized $25 million of expenses, and $232 million of net recoveries, respectively. The total amounts recognized include the impact of $4 million and $378 million in recoveries during the first six months of 2026 and 2025, respectively.
4. Stock Repurchase Program
We did not repurchase any shares of common stock in the first six months of 2026, while we repurchased and retired 1.9 million shares of common stock under our stock repurchase program during the same period last year at a cost of $455 million, inclusive of accrued excise taxes. “Purchase and retirement of common stock” in 2026 as presented on the Consolidated Statements of Cash Flows reflects the payment of excise taxes on shares repurchased in 2025.