Exhibit 99.2

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

		First Quarter
		2025				2024
		(in millions, except per share amounts)
Railway operating revenues
Merchandise		$	1,863			$	1,863
Intermodal			760				745
Coal			370				396
Total railway operating revenues			2,993				3,004
Railway operating expenses
Compensation and benefits			739				736
Purchased services and rents			498				528
Fuel			244				284
Depreciation			346				337
Materials and other			205				215
Restructuring and other charges			—				99
Eastern Ohio incident			(185	)			592
Total railway operating expenses			1,847				2,791
Income from railway operations			1,146				213
Other income – net			31				18
Interest expense on debt			199				201
Income before income taxes			978				30
Income taxes			228				(23	)
Net income		$	750			$	53
Earnings per share – diluted		$	3.31			$	0.23
Weighted average shares outstanding – diluted			226.5				226.2

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

		March 31,				December 31,
		2025				2024
		($ in millions)
Assets
Current assets:
Cash and cash equivalents		$	1,006			$	1,641
Accounts receivable – net			1,231				1,069
Materials and supplies			273				277
Other current assets			191				201
Total current assets			2,701				3,188
Investments			4,003				3,370
Properties less accumulated depreciation of $14,188 and $13,957, respectively			35,803				35,831
Other assets			1,293				1,293
Total assets		$	43,800			$	43,682
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	1,445			$	1,704
Income and other taxes			490				337
Other current liabilities			960				949
Current maturities of long-term debt			555				555
Total current liabilities			3,450				3,545
Long-term debt			16,660				16,651
Other liabilities			1,702				1,760
Deferred income taxes			7,477				7,420
Total liabilities			29,289				29,376
Stockholders’ equity:
Common stock $1.00 per share par value, 1,350,000,000 shares authorized; outstanding 225,443,501 and 226,320,894 shares, respectively, net of treasury shares			227				228
Additional paid-in capital			2,249				2,247
Accumulated other comprehensive loss			(261	)			(262	)
Retained income			12,296				12,093
Total stockholders’ equity			14,511				14,306
Total liabilities and stockholders’ equity		$	43,800			$	43,682

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

		First Three Months
		2025				2024
		($ in millions)
Cash flows from operating activities
Net income		$	750			$	53
Reconciliation of net income to net cash provided by operating activities:
Depreciation			346				337
Deferred income taxes			57				(26	)
Gains and losses on properties			(23	)			(1	)
Changes in assets and liabilities affecting operations:
Accounts receivable			(165	)			(51	)
Materials and supplies			4				(6	)
Other current assets			31				33
Current liabilities other than debt			22				560
Other – net			(72	)			(60	)
Net cash provided by operating activities			950				839
Cash flows from investing activities
Property additions			(449	)			(557	)
Acquisition of assets of CSR			—				(1,642	)
Property sales and other transactions			18				32
Investment purchases			(609	)			(1	)
Investment sales and other transactions			19				324
Net cash used in investing activities			(1,021	)			(1,844	)
Cash flows from financing activities
Dividends			(306	)			(305	)
Common stock transactions			(9	)			(6	)
Purchase and retirement of common stock			(248	)			—
Proceeds from borrowings			—				400
Debt repayments			(1	)			—
Net cash provided by (used in) financing activities			(564	)			89
Net decrease in cash and cash equivalents			(635	)			(916	)
Cash and cash equivalents
At beginning of year			1,641				1,568
At end of period		$	1,006			$	652
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest (net of amounts capitalized)		$	192			$	182
Income taxes (net of refunds)			1				(2	)

See accompanying notes to consolidated financial statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Restructuring and Other Charges

During the first quarter of 2024, we recognized $99 million for restructuring and other charges. This includes $64 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.

2. Eastern Ohio Incident

On February 3, 2023, a train operated by us derailed in East Palestine, Ohio (the Incident). Insurance recoveries exceeded expenses by $185 million in the first quarter of 2025 compared to expenses of $592 million in the first quarter of 2024. The total expense recognized includes the impact of $224 million and $108 million in insurance recoveries during first quarter 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. No amounts have been recorded related to potential third-party recoveries, which may reduce amounts payable by our insurers under applicable insurance coverage.

3. Shareholder Advisory Costs

During the first quarter of 2024, the Company recorded $21 million in costs associated with shareholder advisory matters, which are included in “Other income – net.”

4. Deferred Income Taxes

In the first quarter 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 1.0 million shares of common stock under our stock repurchase program in the first three months of 2025 at a cost of $250 million, inclusive of excise taxes, while we did not repurchase any shares of common stock in the first three months of 2024.