Exhibit 99.2

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

 

		Second Quarter								First Six Months
		2025				2024				2025				2024
		(in millions, except per share amounts)
Railway operating revenues
Merchandise		$	1,972			$	1,904			$	3,835			$	3,767
Intermodal			743				742				1,503				1,487
Coal			395				398				765				794
Total railway operating revenues			3,110				3,044				6,103				6,048
Railway operating expenses
Compensation and benefits			692				700				1,431				1,436
Purchased services and rents			520				516				1,018				1,044
Fuel			219				257				463				541
Depreciation			346				335				692				672
Materials and other			195				173				400				388
Restructuring and other charges			10				(3	)			10				96
Eastern Ohio incident			(47	)			(65	)			(232	)			527
Total railway operating expenses			1,935				1,913				3,782				4,704
Income from railway operations			1,175				1,131				2,321				1,344
Other income – net			24				17				55				35
Interest expense on debt			201				204				400				405
Income before income taxes			998				944				1,976				974
Income taxes			230				207				458				184
Net income		$	768			$	737			$	1,518			$	790
Earnings per share – diluted		$	3.41			$	3.25			$	6.72			$	3.48
Weighted average shares outstanding – diluted			225.2				226.4				225.8				226.3

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

 

		June 30,				December 31,
		2025				2024
		($ in millions)
Assets
Current assets:
Cash and cash equivalents		$	1,303			$	1,641
Accounts receivable – net			1,123				1,069
Materials and supplies			313				277
Other current assets			168				201
Total current assets			2,907				3,188
Investments			4,038				3,370
Properties less accumulated depreciation of $14,250 and $13,957, respectively			35,921				35,831
Other assets			1,289				1,293
Total assets		$	44,155			$	43,682
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	1,504			$	1,704
Income and other taxes			223				337
Other current liabilities			1,037				949
Current maturities of long-term debt			903				555
Total current liabilities			3,667				3,545
Long-term debt			16,464				16,651
Other liabilities			1,708				1,760
Deferred income taxes			7,529				7,420
Total liabilities			29,368				29,376
Stockholders’ equity:
Common stock $1.00 per share par value, 1,350,000,000 shares authorized; outstanding 224,614,894 and 226,320,894 shares, respectively, net of treasury shares			226				228
Additional paid-in capital			2,259				2,247
Accumulated other comprehensive loss			(261	)			(262	)
Retained income			12,563				12,093
Total stockholders’ equity			14,787				14,306
Total liabilities and stockholders’ equity		$	44,155			$	43,682

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Cash Flows 

(Unaudited)

 

		First Six Months
		2025				2024
		($ in millions)
Cash flows from operating activities
Net income		$	1,518			$	790
Reconciliation of net income to net cash provided by operating activities:
Depreciation			692				672
Deferred income taxes			109				5
Gains and losses on properties			(57	)			(25	)
Changes in assets and liabilities affecting operations:
Accounts receivable			(57	)			(43	)
Materials and supplies			(36	)			(44	)
Other current assets			54				57
Current liabilities other than debt			(106	)			596
Other – net			(90	)			(133	)
Net cash provided by operating activities			2,027				1,875
Cash flows from investing activities
Property additions			(924	)			(1,125	)
Acquisition of assets of CSR			—				(1,643	)
Property sales and other transactions			66				70
Investment purchases			(613	)			(206	)
Investment sales and other transactions			36				337
Net cash used in investing activities			(1,435	)			(2,567	)
Cash flows from financing activities
Dividends			(609	)			(610	)
Common stock transactions			(8	)			(5	)
Purchase and retirement of common stock			(456	)			—
Proceeds from borrowings			396				600
Debt repayments			(253	)			(202	)
Net cash used in financing activities			(930	)			(217	)
Net decrease in cash and cash equivalents			(338	)			(909	)
Cash and cash equivalents
At beginning of year			1,641				1,568
At end of period		$	1,303			$	659
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest (net of amounts capitalized)		$	378			$	373
Income taxes (net of refunds)			414				107

See accompanying notes to consolidated financial statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Restructuring and Other Charges

During the second quarter of 2025, we recorded $10 million in expenses primarily related to the restructuring of certain technology functions, which includes severance costs for impacted employees and other expenses. During the first six months of 2024, we recognized $96 million for restructuring and other charges. This includes $61 million of costs associated with our voluntary and involuntary separation programs that reduced our management workforce and $35 million in costs associated with the appointment of our chief operating officer. Additionally, “Other income – net” includes a $20 million curtailment gain on our other postretirement benefit plan resulting from the restructuring, recorded in the second quarter of 2024.

2. Eastern Ohio Incident

On February 3, 2023, a train operated by us derailed in East Palestine, Ohio (the Incident). Recoveries exceeded expenses by $232 million in the first six months of 2025 as compared to expenses of $527 million during the first six months of 2024. Recoveries exceeded expenses by $47 million and $65 million in the second quarters of 2025 and 2024, respectively. The total expense recognized includes the impact of $378 million and $264 million in recoveries during the first six months of 2025 and 2024, respectively, of which $154 million and $156 million was recognized in the second quarters of 2025 and 2024, respectively. Any additional amounts recoverable under our insurance policies or from third parties will be reflected in future periods in which recovery is considered probable.

3. Shareholder Advisory Costs

“Other income – net” includes costs associated with shareholder advisory matters, which amounted to $29 million and $50 million during the second quarter and first six months of 2024, respectively.

4. Deferred Income Taxes

During the first six months of 2024, we recorded a $27 million reduction to deferred income taxes, the result of a subsidiary restructuring that reduced our estimated deferred state income tax rate.

5. Stock Repurchase Program

We repurchased and retired 1.9 million shares of common stock under our stock repurchase program in the first six months of 2025 at a cost of $455 million, inclusive of accrued excise taxes, while we did not repurchase any shares of common stock in the first six months of 2024.