Norfolk Southern Corporation announced its second quarter 2025 financial results, reporting a revenue of $3.1 billion, an increase of $66 million compared to the second quarter of 2024, driven by a 3% growth in volume. Excluding the impact of fuel surcharge revenue, operating revenues were $2.9 billion, marking a $122 million or 4% increase compared to the adjusted second quarter of 2024. The company reported a net income growth of 4%, with diluted earnings per share rising to $3.41 from $3.25 in the second quarter of 2024, reflecting a 5% increase. Adjusted net income and EPS improved by 7% and 8%, respectively. Income from railway operations was $1.2 billion, up by $44 million from the previous year. After adjustments for restructuring and other costs, the income stood at $1.1 billion, showing a 7% increase compared to the adjusted second quarter of 2024. The operating ratio improved to 62.2% from 62.8% in the second quarter of 2024. On an adjusted basis, the operating ratio was 63.4%, representing a 170 basis points improvement from the adjusted second quarter of 2024. For the full year, Norfolk Southern expects a 2%-3% growth in revenues and a 100-150 basis points improvement in adjusted operating ratio. Additionally, the company has raised its expected productivity savings in 2025 to over $175 million due to effective cost-control and targeted initiatives. In a significant business development, Norfolk Southern and Union Pacific announced an agreement to combine in a stock and cash transaction, creating America's first transcontinental railroad. Under this agreement, Norfolk Southern shareholders will receive 1.0 Union Pacific common share and $88.82 in cash for each Norfolk Southern common stock share. This transaction implies a total enterprise value of $85 billion for Norfolk Southern, based on Union Pacific's closing stock price on July 16, 2025.