EX-99.2

Exhibit 99.2

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)


	Second Quarter					First Six Months
	2026		2025			2026		2025
	(in millions, except per share amounts)
Railway operating revenues
Merchandise	$	2,133	$	1,972		$	4,018	$	3,835
Intermodal		908		743			1,657		1,503
Coal		424		395			788		765
Total railway operating revenues		3,465		3,110			6,463		6,103
Railway operating expenses
Compensation and benefits		744		692			1,484		1,431
Purchased services and rents		550		520			1,072		1,018
Fuel		405		219			661		463
Depreciation		358		346			710		692
Materials and other		212		195			401		400
Merger-related expenses		51		—			103		—
Restructuring and other charges		6		10			6		10
Eastern Ohio incident		15		(47	)		25		(232	)
Total railway operating expenses		2,341		1,935			4,462		3,782
Income from railway operations		1,124		1,175			2,001		2,321
Other income – net		32		24			67		55
Interest expense on debt		197		201			394		400
Income before income taxes		959		998			1,674		1,976
Income taxes		225		230			393		458
Net income	$	734	$	768		$	1,281	$	1,518
Earnings per share – diluted	$	3.26	$	3.41		$	5.69	$	6.72
Weighted average shares outstanding – diluted		225.0		225.2			225.0		225.8

Norfolk Southern Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)


	June 30,			December 31,
	2026			2025
	($ in millions)
Assets
Current assets:
Cash and cash equivalents	$	1,069		$	1,530
Accounts receivable – net		1,177			988
Materials and supplies		327			271
Other current assets		228			409
Total current assets		2,801			3,198
Investments		4,155			4,089
Properties less accumulated depreciation of $15,031 and $14,617, respectively		36,626			36,479
Other assets		1,540			1,470
Total assets	$	45,122		$	45,236
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,783		$	1,863
Income and other taxes		218			340
Other current liabilities		720			965
Current maturities of long-term debt		649			607
Total current liabilities		3,370			3,775
Long-term debt		15,967			16,480
Other liabilities		1,714			1,723
Deferred income taxes		7,818			7,711
Total liabilities		28,869			29,689
Stockholders’ equity:
Common stock $1.00 per share par value, 1,350,000,000 shares authorized; outstanding 224,608,373 and 224,420,699 shares, respectively, net of treasury shares		226			226
Additional paid-in capital		2,332			2,296
Accumulated other comprehensive loss		(212	)		(210	)
Retained income		13,907			13,235
Total stockholders’ equity		16,253			15,547
Total liabilities and stockholders’ equity	$	45,122		$	45,236

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)


	First Six Months
	2026			2025
	($ in millions)
Cash flows from operating activities
Net income	$	1,281		$	1,518
Reconciliation of net income to net cash provided by operating activities:
Depreciation		710			692
Deferred income taxes		108			109
Gains and losses on properties		(18	)		(57	)
Changes in assets and liabilities affecting operations:
Accounts receivable		(190	)		(57	)
Materials and supplies		(56	)		(36	)
Other current assets		62			54
Current liabilities other than debt		(386	)		(106	)
Other – net		(113	)		(90	)
Net cash provided by operating activities		1,398			2,027
Cash flows from investing activities
Property additions		(821	)		(924	)
Property sales and other transactions		177			66
Investment purchases		(5	)		(613	)
Investment sales and other transactions		20			36
Net cash used in investing activities		(629	)		(1,435	)
Cash flows from financing activities
Dividends		(606	)		(609	)
Common stock transactions		(12	)		(8	)
Purchase and retirement of common stock		(5	)		(456	)
Proceeds from borrowings		—			396
Debt repayments		(607	)		(253	)
Net cash used in financing activities		(1,230	)		(930	)
Net decrease in cash and cash equivalents		(461	)		(338	)
Cash and cash equivalents
At beginning of year		1,530			1,641
At end of period	$	1,069		$	1,303
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest (net of amounts capitalized)	$	377		$	378
Income taxes (net of refunds)		386			414

See accompanying notes to consolidated financial statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Merger-Related Expenses

During the second quarter and the first six months of 2026, we incurred merger-related expenses of $51 million and $103 million, respectively, primarily related to costs associated with employee retention agreements, third-party advisor fees, and legal fees.

2. Restructuring and Other Charges

During the second quarter of 2026, we recorded $6 million in expenses related to severance costs associated with organizational changes. 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.

3. Eastern Ohio Incident

On February 3, 2023, a train operated by us derailed in East Palestine, Ohio (the Incident). During the second quarter of 2026, we incurred expenses of $15 million, as compared to $47 million of net recoveries for the same period last year. The total amounts recognized include the impact of $3 million and $154 million in recoveries during the second quarter of 2026 and 2025, respectively. In the first six months of 2026 and 2025, we recognized $25 million of expenses, and $232 million of net recoveries, respectively. The total amounts recognized include the impact of $4 million and $378 million in recoveries during the first six months of 2026 and 2025, respectively.

4. Stock Repurchase Program

We did not repurchase any shares of common stock in the first six months of 2026, while we repurchased and retired 1.9 million shares of common stock under our stock repurchase program during the same period last year at a cost of $455 million, inclusive of accrued excise taxes. “Purchase and retirement of common stock” in 2026 as presented on the Consolidated Statements of Cash Flows reflects the payment of excise taxes on shares repurchased in 2025.