Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, scrap paper, beverages, canned goods, and consumer products; chemicals consist of sulfur and related chemicals, petroleum products, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, and sand; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal. It also transports overseas freight through various Atlantic and Gulf Coast ports; and provides commuter rail passenger transportation services and operates an intermodal network. As of December 31, 2021, the company operated approximately 19,300 route miles in 22 states and the District of Columbia. Norfolk Southern Corporation was incorporated in 1980 and is based in Atlanta, Georgia.

Norfolk Southern Corporation

Cash and Cash Equivalents

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Investments

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Accounts Payable

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Other Current Liabilities

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Long-Term Debt

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Common Stock, Net of Treasury Shares

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Total Liabilities and Stockholders' Equity

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Accounts Receivable

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Inventories

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Long-Term Investments

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Revenue

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Adjusted Funds From Operations

Assets	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Cash and Cash Equivalents	1,418	1,303	1,006	1,641	975	659
Cash and Cash Equivalents
Total Cash and Cash Equivalents	1,418	1,303	1,006	1,641	975	659
Accounts Receivable	1,102	1,123	1,231	1,069	1,302	1,189
Accounts Receivable - Net
Total Trade Receivables	1,102	1,123	1,231	1,069	1,302	1,189
Inventories	297	313	273	277	288	308
Materials and Supplies
Other Current Assets	219	168	191	201	125	148
Deferred Income Taxes
Other Current Assets
Total Current Assets	3,036	2,907	2,701	3,188	2,690	2,304
Total Current Assets
Net Property, Plant & Equipment	36,112	35,921	35,803	35,831	35,390	35,280
Properties Less Accumulated Depreciation
Long-Term Investments	4,081	4,038	4,003	3,370	3,968	3,812
Investments
Other Long-Term Assets	1,351	1,289	1,293	1,293	1,207	1,162
Other Assets
Total Assets	44,580	44,155	43,800	43,682	43,255	42,558
Total Assets

Liabilities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Accounts Payable	1,657	1,504	1,445	1,704	1,614	1,535
Accounts Payable
Short-Term Debt	—	—	—	—	—	400
Short-Term Debt
Current Portion of Long-Term Debt	607	903	555	555	555	255
Current Maturities of Long-Term Debt
Other Current Liabilities	1,260	1,260	1,450	1,286	1,508	1,477
Income and Other Taxes
Other Current Liabilities
Total Current Liabilities	3,524	3,667	3,450	3,545	3,677	3,667
Total Current Liabilities
Long-Term Debt	16,476	16,464	16,660	16,651	16,644	16,937
Long-Term Debt
Other Long-Term Liabilities	9,439	9,237	9,179	9,180	9,149	8,975
Other Liabilities
Deferred Income Taxes
Total Long-Term Liabilities	25,915	25,701	25,839	25,831	25,793	25,912
Total Liabilities	29,439	29,368	29,289	29,376	29,470	29,579
Total Liabilities

Equity	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Common Stock	226	226	227	228	228	227
Common Stock, Net of Treasury Shares
Additional Paid-in Capital	2,283	2,259	2,249	2,247	2,223	2,208
Additional Paid-in Capital
Accumulated Other Comprehensive Income	-262	-261	-261	-262	-332	-330
Accumulated Other Comprehensive Loss
Retained Earnings	12,894	12,563	12,296	12,093	11,666	10,874
Retained Income
Total Common Shareholders' Equity	15,141	14,787	14,511	14,306	13,785	12,979
Total Shareholders' Equity	15,141	14,787	14,511	14,306	13,785	12,979
Total Stockholders' Equity
Total Liabilities and Shareholders' Equity	44,580	44,155	43,800	43,682	43,255	42,558
Total Liabilities and Stockholders' Equity