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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Third QuarterFirst Nine Months
2025202420252024
($ in millions)
Stock-based compensation expense$17 $(5)$52 $27 
Total tax benefit5 (1)13 7 

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:

Third QuarterFirst Nine Months
GrantedWeighted-Average Grant-Date Fair ValueGrantedWeighted-Average Grant-Date Fair Value
Stock options— $— 80,067 $87.33 
RSUs2,875 276.55 196,213 255.06 
PSUs302 310.75 66,636 296.61 
Stock Options
Third QuarterFirst Nine Months
2025202420252024
($ in millions)
Options exercised57,035142,833 125,939 257,807 
Cash received upon exercise$10 $20 $16 $31 
Related tax benefits realized1 3 3 6 

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. 
Third QuarterFirst Nine Months
2025202420252024
($ in millions)
RSUs vested6,884 1,836 170,102 170,981 
Common Stock issued net of tax withholding4,653 1,391 118,135 118,657 
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. No PSUs were earned or paid out during the third quarters of 2025 or 2024.

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