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

Railway Operating Revenues

Railway Operating Revenues %Chg

Railway Operating Revenues Common Size

Compensation and Benefits

Compensation and Benefits %Chg

Compensation and Benefits Common Size

Purchased Services and Rents

Purchased Services and Rents %Chg

Purchased Services and Rents Common Size

Fuel

Fuel %Chg

Fuel Common Size

Depreciation

Depreciation %Chg

Depreciation Common Size

Materials and Other

Materials and Other %Chg

Materials and Other Common Size

Loss on Asset Disposal

Loss on Asset Disposal %Chg

Loss on Asset Disposal Common Size

Restructuring and Other Charges

Restructuring and Other Charges %Chg

Restructuring and Other Charges Common Size

Eastern Ohio Incident

Eastern Ohio Incident %Chg

Eastern Ohio Incident Common Size

Total Railway Operating Expenses

Total Railway Operating Expenses %Chg

Total Railway Operating Expenses Common Size

Income from Railway Operations

Income from Railway Operations %Chg

Income from Railway Operations Common Size

Other Income - Net

Other Income - Net %Chg

Other Income - Net Common Size

Interest Expense on Debt

Interest Expense on Debt %Chg

Interest Expense on Debt Common Size

Income Before Income Taxes

Income Before Income Taxes %Chg

Income Before Income Taxes Common Size

Income Taxes

Income Taxes %Chg

Income Taxes Common Size

Basic

Basic %Chg

Basic Common Size

Diluted

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Diluted Common Size

Total Revenues

Total Revenues %Chg

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Cost of Sales

Cost of Sales %Chg

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Gross Profit

Gross Profit %Chg

Gross Profit Common Size

Gross Profit Margin

Gross Profit Margin %Chg

Gross Profit Margin Common Size

Selling, General & Administrative Expenses

Selling, General & Administrative Expenses %Chg

Selling, General & Administrative Expenses Common Size

Depreciation & Amortization Expenses

Depreciation & Amortization Expenses %Chg

Depreciation & Amortization Expenses Common Size

Other Operating Expenses

Other Operating Expenses %Chg

Other Operating Expenses Common Size

Operating Profit

Operating Profit %Chg

Operating Profit Common Size

Operating Margin

Operating Margin %Chg

Operating Margin Common Size

Interest Expense

Interest Expense %Chg

Interest Expense Common Size

Non-Operating Income

Non-Operating Income %Chg

Non-Operating Income Common Size

Total Non-Operating Income

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Total Non-Operating Income Common Size

Income Before Provision for Income Taxes

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Income Before Provision for Income Taxes Common Size

Provision for Income Taxes

Provision for Income Taxes %Chg

Provision for Income Taxes Common Size

Consolidated Net Income

Consolidated Net Income %Chg

Consolidated Net Income Common Size

Net Income Attributable to Common Shareholders

Net Income Attributable to Common Shareholders %Chg

Net Income Attributable to Common Shareholders Common Size

Basic EPS

Basic EPS %Chg

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Diluted EPS

Diluted EPS %Chg

Diluted EPS Common Size

Basic Weighted Average Shares Outstanding

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Total Shares Outstanding

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Diluted Weighted Average Shares Outstanding

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EBITDA

Revenue

EBIT

CapEx

Net Interest Income

Assets

Adjusted EBITDA

Adjusted Net Income

Net Revenue

Net Income

Average Assets

Adjusted EBIT

Adjusted Revenue

Adjusted EBT

Adjusted Funds From Operations

Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	12,230	12,123	12,156	12,745	11,142	9,789	11,296	11,458	10,551	9,888	10,511
Total Revenues %Chg	0.5%	-0.3%	-4.6%	14.4%	13.8%	-13.3%	-1.4%	8.6%	6.7%	-5.9%	-9.6%
Cost of Sales	1,610	1,320	2,002	2,172	1,346	1,188	1,693	1,742	1,581	1,497	1,910
Fuel
Materials and Other
Gross Profit	10,620	10,803	10,154	10,573	9,796	8,601	9,603	9,716	8,970	8,391	8,601
Gross Profit Margin	86.8%	89.1%	83.5%	83%	87.9%	87.9%	85%	84.8%	85%	84.9%	81.8%
Selling, General & Administrative Expenses	4,910	4,871	4,889	4,543	4,168	4,060	4,476	4,655	4,393	4,356	4,663
Compensation and Benefits
Purchased Services and Rents
Depreciation & Amortization Expenses	1,382	1,353	1,298	1,221	1,181	1,154	1,138	1,102	1,055	1,026	1,054
Depreciation
Other Operating Expenses	-237	508	1,116	—	—	385	—	—	—	—	—
Loss on Asset Disposal
Restructuring and Other Charges
Eastern Ohio Incident
Operating Profit	4,550	4,071	2,851	4,809	4,447	3,002	3,989	3,959	3,522	3,009	2,884
Income from Railway Operations
Operating Margin	37.2%	33.6%	23.5%	37.7%	39.9%	30.7%	35.3%	34.6%	33.4%	30.4%	27.4%
Interest Expense	-796	-807	-722	-692	-646	-625	-604	-557	-550	-563	-545
Interest Expense on Debt
Non-Operating Income	74	65	191	13	77	153	106	67	156	136	103
Other Income - Net
Total Non-Operating Income	-722	-742	-531	-679	-569	-472	-498	-490	-394	-427	-442
Income Before Provision for Income Taxes	3,828	3,329	2,320	4,130	3,878	2,530	3,491	3,469	3,128	2,582	2,442
Income Before Income Taxes
Provision for Income Taxes	866	707	493	860	873	517	769	803	-2,276	914	886
Consolidated Net Income	2,962	2,622	1,827	3,270	3,005	2,013	2,722	2,666	5,404	1,668	1,556
Net Income Attributable to Common Shareholders	2,962	2,622	1,827	3,270	3,005	2,013	2,722	2,666	5,404	1,668	1,556
Basic EPS	13.1	11.6	8	13.9	12.2	7.9	10.3	9.6	18.8	5.7	5.1
Diluted EPS	13.1	11.6	8	13.9	12.1	7.8	10.3	9.5	18.6	5.6	5.1
Basic Weighted Average Shares Outstanding	225.6	226.1	226.9	234.8	246.9	255.1	263.3	277.7	287.9	293.9	301.9
Total Shares Outstanding	224.4	226.3	225.7	228.1	240.2	252.1	257.9	268.1	284.2	290.4	297.8
Diluted Weighted Average Shares Outstanding	225.8	226.4	227.4	235.6	248.1	256.6	265.6	280.2	290.3	296	304.4
EBITDA	4,550	5,424	4,149	6,030	5,628	4,156	5,128	5,063	4,581	4,039	3,943
Effective Tax Rate	22.6%	21.2%	21.3%	20.8%	22.5%	20.4%	22%	23.1%	-72.8%	35.4%	36.3%