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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Second QuarterFirst Six Months
2025202420252024
($ in millions)
Stock-based compensation expense$17 $13 $35 $32 
Total tax benefit3 3 8 8 

During 2025, we granted stock options, restricted stock units (RSUs) and performance share units (PSUs) pursuant to the Long-Term Incentive Plan (LTIP), as follows:

Second QuarterFirst Six Months
GrantedWeighted-Average Grant-Date Fair ValueGrantedWeighted-Average Grant-Date Fair Value
Stock options— $— 80,067 $87.33 
RSUs3,204 220.12 193,338 254.74 
PSUs— — 66,334 296.55 
Stock Options
Second QuarterFirst Six Months
2025202420252024
($ in millions)
Options exercised26,35217,757 68,904 114,974 
Cash received upon exercise$2 $2 $6 $11 
Related tax benefits realized1 — 2 3 

Restricted Stock Units

RSUs granted primarily have three- and four-year ratable restriction periods and will be settled through the issuance of shares of Norfolk Southern common stock (Common Stock). Certain RSU grants include cash dividend equivalent payments during the restriction period in an amount equal to the regular quarterly dividends paid on Common Stock. 
Second QuarterFirst Six Months
2025202420252024
($ in millions)
RSUs vested10,454 12,494 163,218 169,145 
Common Stock issued net of tax withholding6,225 9,016 113,482 117,266 
Related tax benefits realized$— $— $1 $— 

Performance Share Units

PSUs provide for awards based on the achievement of certain predetermined corporate performance goals at the end of a three-year cycle and are settled through the issuance of shares of Common Stock. All PSUs will earn out based on the achievement of performance conditions and some will also earn out based on a market condition. The market condition fair value was measured on the date of grant using a Monte Carlo simulation model.

First Six Months
20252024
($ in millions)
PSUs earned8,540 41,580 
Common Stock issued net of tax withholding5,633 26,056 
Related tax benefits realized$— $—