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

Diluted %Chg

Diluted Common Size

Total Revenues

Total Revenues %Chg

Total Revenues Common Size

Cost of Sales

Cost of Sales %Chg

Cost of Sales Common Size

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

Total Non-Operating Income %Chg

Total Non-Operating Income Common Size

Income Before Provision for Income Taxes

Income Before Provision for Income Taxes %Chg

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

Basic Weighted Average Shares Outstanding %Chg

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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	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Total Revenues	12,230	12,178	12,112	12,123	12,172	12,092
Total Revenues %Chg	0.5%	0.7%	0.7%	-0.3%	-1.2%	-4.7%
Cost of Sales	1,610	1,254	1,270	1,320	1,470	1,936
Fuel
Materials and Other
Gross Profit	10,620	10,924	10,842	10,803	10,702	10,156
Gross Profit Margin	86.8%	89.7%	89.5%	89.1%	87.9%	84%
Selling, General & Administrative Expenses	4,910	4,840	4,844	4,871	4,939	4,984
Compensation and Benefits
Purchased Services and Rents
Depreciation & Amortization Expenses	1,382	1,373	1,362	1,353	1,341	1,328
Depreciation
Other Operating Expenses	-237	-337	-368	508	674	936
Loss on Asset Disposal
Restructuring and Other Charges
Eastern Ohio Incident
Operating Profit	4,550	5,048	5,004	4,071	3,748	2,908
Income from Railway Operations
Operating Margin	37.2%	41.5%	41.3%	33.6%	30.8%	24%
Interest Expense	-796	-802	-805	-807	-803	-782
Interest Expense on Debt
Non-Operating Income	74	85	78	65	107	113
Other Income - Net
Total Non-Operating Income	-722	-717	-727	-742	-696	-669
Income Before Provision for Income Taxes	3,828	4,331	4,277	3,329	3,052	2,239
Income Before Income Taxes
Provision for Income Taxes	866	981	958	707	636	444
Consolidated Net Income	2,962	3,350	3,319	2,622	2,416	1,795
Net Income Attributable to Common Shareholders	2,962	3,350	3,319	2,622	2,416	1,795
Basic EPS	13.1	14.8	14.7	11.6	10.7	7.9
Diluted EPS	13.1	14.8	14.6	11.6	10.7	7.9
Basic Weighted Average Shares Outstanding	225.6	226	226.3	226.1	226.1	226.1
Total Shares Outstanding	224.4	224.6	225.4	226.3	226.2	226.1
Diluted Weighted Average Shares Outstanding	225.8	226.2	226.5	226.4	226.4	226.5
EBITDA	4,550	5,048	6,366	5,424	5,080	4,231
Effective Tax Rate	22.6%	22.7%	22.4%	21.2%	20.8%	19.8%