Every 10-Q that Norfolk Southern Corp. (NSC) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow NSC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NSC filings page.
Norfolk Southern Corporation reported Q2 2026 railway operating revenues of $3,465 million, up 11% from 2025, driven by higher fuel surcharge revenue, pricing, and modest volume growth across merchandise, intermodal, and coal. GAAP net income declined to $734 million and diluted EPS to $3.26 as operating expenses rose 21% on higher fuel, merger-related costs, and the shift from Eastern Ohio incident insurance recoveries to net expenses. The railway operating ratio rose to 67.6%.
On a non-GAAP basis excluding merger, restructuring, and Eastern Ohio items, Q2 income from operations increased 5% and diluted EPS grew 7% to $3.52, with an adjusted operating ratio of 65.5%. Year-to-date GAAP net income fell to $1,281 million, while adjusted diluted EPS increased to $6.17.
The pending stock-and-cash merger with Union Pacific remains subject to Surface Transportation Board approval and other conditions, with a potential $2.5 billion termination fee for either party in specified circumstances. Share repurchases are suspended under the Merger Agreement, though $6.3 billion remains authorized. Operating cash flow was $1,398 million in the first half, constrained by $322 million of Eastern Ohio cash payments, while debt-to-total-capitalization improved to 50.6% and liquidity is supported by $1,069 million of cash plus undrawn credit, securitization, and commercial paper facilities.
Norfolk Southern (NSC) reported third‑quarter 2025 results and detailed its pending merger with Union Pacific. Revenue was $3,103 million, net income was $711 million, and diluted EPS was $3.16. The railway operating ratio was 64.6% (adjusted 63.3%). Year to date, revenue reached $9,206 million with net income of $2,229 million, supported by stronger automotive and chemicals traffic and improved productivity.
On July 28, 2025, NSC agreed to be acquired by Union Pacific in a stock‑and‑cash deal: each NSC share will be converted into one Union Pacific common share and $88.82 in cash, subject to shareholder approvals and Surface Transportation Board approval. A $2.5 billion termination fee may apply under specified circumstances. NSC recorded $15 million of merger‑related expenses in the quarter and suspended buybacks under the agreement after repurchasing 2.2 million shares for $533 million year to date.
Cash from operations was $3,298 million for the first nine months. The company issued $400 million of 5.10% senior notes due 2035. Eastern Ohio Incident accruals were $703 million gross and $654 million net of recoveries at September 30, 2025; cumulative insurance recoveries recognized total about $1.1 billion, and liability coverage for the incident was exhausted by June 30, 2025. Shares outstanding were 224,386,617 as of September 30, 2025.