Exhibit 99.2

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

		Fourth Quarter								Years Ended December 31,
		2024				2023				2024				2023
		(in millions, except per share amounts)
Railway operating revenues
Merchandise		$	1,842			$	1,849			$	7,470			$	7,353
Intermodal			792				794				3,042				3,090
Coal			390				430				1,611				1,713
Total railway operating revenues			3,024				3,073				12,123				12,156
Railway operating expenses
Compensation and benefits			697				721				2,823				2,819
Purchased services and rents			507				551				2,048				2,070
Fuel			230				303				987				1,170
Depreciation			342				330				1,353				1,298
Materials and other			133				210				333				832
Restructuring and other charges			27				—				183				—
Eastern Ohio incident			(43	)			150				325				1,116
Total railway operating expenses			1,893				2,265				8,052				9,305
Income from railway operations			1,131				808				4,071				2,851
Other income (expense) – net			(4	)			38				65				191
Interest expense on debt			199				195				807				722
Income before income taxes			928				651				3,329				2,320
Income taxes			195				124				707				493
Net income		$	733			$	527			$	2,622			$	1,827
Earnings per share – diluted		$	3.23			$	2.32			$	11.57			$	8.02
Weighted average shares outstanding – diluted			226.7				226.3				226.4				227.4

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

		At December 31,
		2024				2023
		($ in millions)
Assets
Current assets:
Cash and cash equivalents		$	1,641			$	1,568
Accounts receivable – net			1,069				1,147
Materials and supplies			277				264
Other current assets			201				292
Total current assets			3,188				3,271
Investments			3,370				3,839
Properties less accumulated depreciation of $13,957 and $13,265, respectively			35,831				33,326
Other assets			1,293				1,216
Total assets		$	43,682			$	41,652
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	1,704			$	1,638
Income and other taxes			337				262
Other current liabilities			949				728
Current maturities of long-term debt			555				4
Total current liabilities			3,545				2,632
Long-term debt			16,651				17,175
Other liabilities			1,760				1,839
Deferred income taxes			7,420				7,225
Total liabilities			29,376				28,871
Stockholders’ equity:
Common stock $1.00 per share par value, 1,350,000,000 shares authorized; outstanding 226,320,894 and 225,681,254 shares, respectively, net of treasury shares			228				227
Additional paid-in capital			2,247				2,179
Accumulated other comprehensive loss			(262	)			(320	)
Retained income			12,093				10,695
Total stockholders’ equity			14,306				12,781
Total liabilities and stockholders’ equity		$	43,682			$	41,652

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

		Years Ended December 31,
		2024				2023
		($ in millions)
Cash flows from operating activities
Net income		$	2,622			$	1,827
Reconciliation of net income to net cash provided by operating activities:
Depreciation			1,353				1,298
Deferred income taxes			176				(49	)
Gains and losses on properties			(490	)			(49	)
Changes in assets and liabilities affecting operations:
Accounts receivable			85				(2	)
Materials and supplies			(13	)			(11	)
Other current assets			5				(54	)
Current liabilities other than debt			548				435
Other – net			(234	)			(216	)
Net cash provided by operating activities			4,052				3,179
Cash flows from investing activities
Property additions			(2,381	)			(2,327	)
Acquisition of assets of CSR			(1,643	)			(22	)
Property sales and other transactions			558				86
Investment purchases			(319	)			(124	)
Investment sales and other transactions			1,005				205
Net cash used in investing activities			(2,780	)			(2,182	)
Cash flows from financing activities
Dividends			(1,221	)			(1,225	)
Common stock transactions			26				3
Purchase and retirement of common stock			—				(622	)
Proceeds from borrowings			1,051				3,293
Debt repayments			(1,055	)			(1,334	)
Net cash provided by (used in) financing activities			(1,199	)			115
Net increase in cash and cash equivalents			73				1,112
Cash and cash equivalents
At beginning of year			1,568				456
At end of year		$	1,641			$	1,568
Supplemental disclosures of cash flow information
Cash paid during the year for:
Interest (net of amounts capitalized)		$	764			$	653
Income taxes (net of refunds)			305				681

See accompanying notes to consolidated financial statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS:

1. Sales of Railway Lines

During 2024, we completed sales of railway lines in the states of Virginia and North Carolina resulting in gains of $433 million on operating property transactions included in “Materials and other” expense, of which $53 million was recognized in the fourth quarter. The gains from these transactions are reflected in “Gains and losses on properties” and cash proceeds of $389 million are included in “Property sales and other transactions” on the Consolidated Statement of Cash Flows.

2. Restructuring and Other Charges

During 2024, we recognized $183 million for restructuring and other charges, of which $27 million was recognized in the fourth quarter. This includes $104 million of costs associated with our voluntary and involuntary separation programs that reduced our management workforce and costs associated with the appointment of our chief operating officer, and $79 million of expenses related to ceasing development of certain technology projects that had not been placed into service and recognizing certain equipment at its net realizable value in advance of the planned disposition of that asset class. Additionally, “Other income – net” for 2024 includes a $20 million curtailment gain on our other postretirement benefit plan resulting from the restructuring.

3. Eastern Ohio Incident

On February 3, 2023, a train operated by us derailed in East Palestine, Ohio (the Incident). We recognized expenses of $325 million and $1.1 billion during 2024 and 2023, respectively, for costs related to the Incident. Insurance recoveries exceeded expenses by $43 million in the fourth quarter of 2024 compared to expenses of $150 million in the fourth quarter of 2023. The total expense recognized includes the impact of $650 million and $101 million in insurance recoveries during 2024 and 2023, respectively, of which $98 million and $76 million were recognized in the fourth quarters of 2024 and 2023, respectively. Any additional amounts recoverable under our insurance policies or from third parties will be reflected in future periods when recovery is considered probable. No amounts have been recorded related to potential third-party recoveries, which may reduce amounts payable by our insurers under applicable insurance coverage.

4. Shareholder Advisory Costs

“Other income – net” includes costs associated with shareholder advisory matters, which amounted to $59 million in 2024, of which $8 million was recognized in the fourth quarter.

5. Deferred Income Taxes

During 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.

6. Stock Repurchase Program

We did not repurchase shares of common stock under our stock repurchase program in 2024, while we repurchased and retired 2.8 million shares of common stock at a cost of $627 million in 2023, inclusive of excise taxes.