Ac t i o n | Norfolk Southern (NSC.N) NS: 2Q EPS/OR beat with upbeat tone on "coiled spring, ready to uncoil" on macro/volume & pricing tailwinds CITI'S TAKE NSC reported 2Q26 adj. EPS of $3.52, up +7% y-y, above Citi/cons. $3.38/$3.30 ests. Adj. Operating Ratio of 65.5% was ahead of Citi/cons. 66.4%/66.3% ests. and the implied 66.7% from mgmt.'s targeted 200bps q-q improvement in-line with seasonality on fuel/labor productivity mitigating higher inflation/fuel costs. NS now expects adj. OpEx of $8.8- $8.9b ...