Exhibit 99.2

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

	First Quarter
	2023			2022
	(in millions, except per share amounts)
Railway operating revenues
Merchandise	$	1,878		$	1,672
Intermodal		814			854
Coal		440			389
Total railway operating revenues		3,132			2,915
Railway operating expenses
Compensation and benefits		690			619
Purchased services and rents		496			437
Fuel		315			301
Depreciation		321			302
Materials and other		212			171
Eastern Ohio incident		387			—
Total railway operating expenses		2,421			1,830
Income from railway operations		711			1,085
Other income (expense) – net		56			(5	)
Interest expense on debt		175			168
Income before income taxes		592			912
Income tax expense (benefit)
Current		141			161
Deferred		(15	)		48
Total income tax expense		126			209
Net income	$	466		$	703
Earnings per share – diluted	$	2.04		$	2.93
Weighted average shares outstanding – diluted		228.3			240.2

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

	March 31,			December 31,
	2023			2022
	($ in millions)
Assets
Current assets:
Cash and cash equivalents	$	552		$	456
Accounts receivable – net		1,170			1,148
Materials and supplies		262			253
Other current assets		138			150
Total current assets		2,122			2,007
Investments		3,738			3,694
Properties less accumulated depreciation of $12,810 and $12,592, respectively		32,240			32,156
Other assets		1,069			1,028
Total assets	$	39,169		$	38,885
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,315		$	1,293
Short-term debt		—			100
Income and other taxes		438			312
Other current liabilities		668			341
Current maturities of long-term debt		403			603
Total current liabilities		2,824			2,649
Long-term debt		14,585			14,479
Other liabilities		1,785			1,759
Deferred income taxes		7,248			7,265
Total liabilities		26,442			26,152
Stockholders’ equity:
Common stock $1.00 per share par value, 1,350,000,000 shares authorized; outstanding 227,639,602 and 228,076,415 shares, respectively, net of treasury shares		229			230
Additional paid-in capital		2,155			2,157
Accumulated other comprehensive loss		(355	)		(351	)
Retained income		10,698			10,697
Total stockholders’ equity		12,727			12,733
Total liabilities and stockholders’ equity	$	39,169		$	38,885

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

	First Three Months
	2023			2022
	($ in millions)
Cash flows from operating activities
Net income	$	466		$	703
Reconciliation of net income to net cash provided by operating activities:
Depreciation		321			302
Deferred income taxes		(15	)		48
Gains and losses on properties		(4	)		(6	)
Changes in assets and liabilities affecting operations:
Accounts receivable		(22	)		(94	)
Materials and supplies		(9	)		(46	)
Other current assets		12			21
Current liabilities other than debt		480			83
Other – net		(56	)		(17	)
Net cash provided by operating activities		1,173			994
Cash flows from investing activities
Property additions		(428	)		(389	)
Property sales and other transactions		20			36
Investment purchases		—			(1	)
Investment sales and other transactions		17			19
Net cash used in investing activities		(391	)		(335	)
Cash flows from financing activities
Dividends		(307	)		(297	)
Common stock transactions		(10	)		(18	)
Purchase and retirement of common stock		(163	)		(600	)
Proceeds from borrowings		594			989
Debt repayments		(800	)		(1	)
Net cash provided by (used in) financing activities		(686	)		73
Net increase in cash and cash equivalents		96			732
Cash and cash equivalents
At beginning of year		456			839
At end of period	$	552		$	1,571
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest (net of amounts capitalized)	$	129		$	114
Income taxes (net of refunds)		(1	)		9

See accompanying notes to consolidated financial statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Eastern Ohio incident

On February 3, 2023, a train operated by Norfolk Southern derailed in East Palestine, Ohio. During the first quarter, we recognized $387 million of expense for costs primarily associated with environmental matters and legal proceedings resulting from the incident. While certain costs recorded in the first quarter may be recoverable under our insurance policies in effect at the date of the incident, no estimate of potential recoveries has yet been recorded.

2. Stock Repurchase Program

We repurchased and retired 0.6 million and 2.2 million shares of common stock under our stock repurchase programs in the first three months of 2023 and 2022, at a cost of $163 million and $600 million.