Exhibit 99.2

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

	Second Quarter						First Six Months
	2023			2022			2023			2022
	(in millions, except per share amounts)
Railway operating revenues
Merchandise	$	1,826		$	1,853		$	3,704		$	3,525
Intermodal		745			972			1,559			1,826
Coal		409			425			849			814
Total railway operating revenues		2,980			3,250			6,112			6,165
Railway operating expenses
Compensation and benefits		693			614			1,383			1,233
Purchased services and rents		506			481			1,002			918
Fuel		263			408			578			709
Depreciation		321			304			642			606
Materials and other		205			172			417			343
Eastern Ohio incident		416			—			803			—
Total railway operating expenses		2,404			1,979			4,825			3,809
Income from railway operations		576			1,271			1,287			2,356
Other income (expense) – net		57			(14	)		113			(19	)
Interest expense on debt		170			170			345			338
Income before income taxes		463			1,087			1,055			1,999
Income tax expense (benefit)
Current		127			205			268			366
Deferred		(20	)		63			(35	)		111
Total income tax expense		107			268			233			477
Net income	$	356		$	819		$	822		$	1,522
Earnings per share – diluted	$	1.56		$	3.45		$	3.60		$	6.37
Weighted average shares outstanding – diluted		228.0			237.5			228.1			238.9

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

	June 30,			December 31,
	2023			2022
	($ in millions)
Assets
Current assets:
Cash and cash equivalents	$	556		$	456
Accounts receivable – net		1,089			1,148
Materials and supplies		272			253
Other current assets		114			150
Total current assets		2,031			2,007
Investments		3,673			3,694
Properties less accumulated depreciation of $13,024 and $12,592, respectively		32,474			32,156
Other assets		1,083			1,028
Total assets	$	39,261		$	38,885
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,416		$	1,293
Short-term debt		130			100
Income and other taxes		243			312
Other current liabilities		792			341
Current maturities of long-term debt		405			603
Total current liabilities		2,986			2,649
Long-term debt		14,594			14,479
Other liabilities		1,814			1,759
Deferred income taxes		7,227			7,265
Total liabilities		26,621			26,152
Stockholders’ equity:
Common stock $1.00 per share par value, 1,350,000,000 shares authorized; outstanding 227,015,277 and 228,076,415 shares, respectively, net of treasury shares		228			230
Additional paid-in capital		2,160			2,157
Accumulated other comprehensive loss		(359	)		(351	)
Retained income		10,611			10,697
Total stockholders’ equity		12,640			12,733
Total liabilities and stockholders’ equity	$	39,261		$	38,885

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

	First Six Months
	2023			2022
	($ in millions)
Cash flows from operating activities
Net income	$	822		$	1,522
Reconciliation of net income to net cash provided by operating activities:
Depreciation		642			606
Deferred income taxes		(35	)		111
Gains and losses on properties		(25	)		(37	)
Changes in assets and liabilities affecting operations:
Accounts receivable		57			(230	)
Materials and supplies		(19	)		(71	)
Other current assets		36			30
Current liabilities other than debt		460			75
Other – net		(92	)		5
Net cash provided by operating activities		1,846			2,011
Cash flows from investing activities
Property additions		(948	)		(837	)
Property sales and other transactions		61			100
Investment purchases		(6	)		(7	)
Investment sales and other transactions		152			30
Net cash used in investing activities		(741	)		(714	)
Cash flows from financing activities
Dividends		(615	)		(591	)
Common stock transactions		(9	)		(14	)
Purchase and retirement of common stock		(303	)		(1,454	)
Proceeds from borrowings		724			1,732
Debt repayments		(802	)		(550	)
Net cash used in financing activities		(1,005	)		(877	)
Net increase in cash and cash equivalents		100			420
Cash and cash equivalents
At beginning of year		456			839
At end of period	$	556		$	1,259
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest (net of amounts capitalized)	$	318		$	294
Income taxes (net of refunds)		315			321

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 six months of 2023, we recognized $803 million of expense for costs primarily associated with environmental matters and legal proceedings resulting from the incident ($416 million of which was recognized in the second quarter). While certain costs recorded may be recoverable from third parties or 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 1.3 million and 5.7 million shares of common stock under our stock repurchase programs in the first six months of 2023 and 2022, respectively, at a cost of $303 million and $1.5 billion.