Exhibit 99.2

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

	Second Quarter					First Six Months
	2024			2023		2024		2023
	(in millions, except per share amounts)
Railway operating revenues
Merchandise	$	1,904		$	1,826	$	3,767	$	3,704
Intermodal		742			745		1,487		1,559
Coal		398			409		794		849
Total railway operating revenues		3,044			2,980		6,048		6,112
Railway operating expenses
Compensation and benefits		700			693		1,436		1,383
Purchased services and rents		516			506		1,044		1,002
Fuel		257			263		541		578
Depreciation		335			321		672		642
Materials and other		173			205		388		417
Restructuring and other charges		(3	)		—		96		—
Eastern Ohio incident		(65	)		416		527		803
Total railway operating expenses		1,913			2,404		4,704		4,825
Income from railway operations		1,131			576		1,344		1,287
Other income – net		17			57		35		113
Interest expense on debt		204			170		405		345
Income before income taxes		944			463		974		1,055
Income taxes		207			107		184		233
Net income	$	737		$	356	$	790	$	822
Earnings per share – diluted	$	3.25		$	1.56	$	3.48	$	3.60
Weighted average shares outstanding – diluted		226.4			228.0		226.3		228.1

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

	June 30,			December 31,
	2024			2023
	($ in millions)
Assets
Current assets:
Cash and cash equivalents	$	659		$	1,568
Accounts receivable – net		1,189			1,147
Materials and supplies		308			264
Other current assets		148			292
Total current assets		2,304			3,271
Investments		3,812			3,839
Properties less accumulated depreciation of $13,630 and $13,265, respectively		35,280			33,326
Other assets		1,162			1,216
Total assets	$	42,558		$	41,652
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,535		$	1,638
Short-term debt		400			—
Income and other taxes		208			262
Other current liabilities		1,269			728
Current maturities of long-term debt		255			4
Total current liabilities		3,667			2,632
Long-term debt		16,937			17,175
Other liabilities		1,747			1,839
Deferred income taxes		7,228			7,225
Total liabilities		29,579			28,871
Stockholders’ equity:
Common stock $1.00 per share par value, 1,350,000,000 shares authorized; outstanding 226,096,433 and 225,681,254 shares, respectively, net of treasury shares		227			227
Additional paid-in capital		2,208			2,179
Accumulated other comprehensive loss		(330	)		(320	)
Retained income		10,874			10,695
Total stockholders’ equity		12,979			12,781
Total liabilities and stockholders’ equity	$	42,558		$	41,652

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

	First Six Months
	2024			2023
	($ in millions)
Cash flows from operating activities
Net income	$	790		$	822
Reconciliation of net income to net cash provided by operating activities:
Depreciation		672			642
Deferred income taxes		5			(35	)
Gains and losses on properties		(25	)		(25	)
Changes in assets and liabilities affecting operations:
Accounts receivable		(43	)		57
Materials and supplies		(44	)		(19	)
Other current assets		57			36
Current liabilities other than debt		596			460
Other – net		(133	)		(92	)
Net cash provided by operating activities		1,875			1,846
Cash flows from investing activities
Property additions		(1,125	)		(948	)
Acquisition of assets of CSR		(1,643	)		—
Property sales and other transactions		70			61
Investment purchases		(206	)		(6	)
Investment sales and other transactions		337			152
Net cash used in investing activities		(2,567	)		(741	)
Cash flows from financing activities
Dividends		(610	)		(615	)
Common stock transactions		(5	)		(9	)
Purchase and retirement of common stock		—			(303	)
Proceeds from borrowings		600			724
Debt repayments		(202	)		(802	)
Net cash used in financing activities		(217	)		(1,005	)
Net increase (decrease) in cash and cash equivalents		(909	)		100
Cash and cash equivalents
At beginning of year		1,568			456
At end of period	$	659		$	556
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest (net of amounts capitalized)	$	373		$	318
Income taxes (net of refunds)		107			315

See accompanying notes to consolidated financial statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Eastern Ohio Incident

On February 3, 2023, a train operated by us derailed in East Palestine, Ohio (the Incident). We recognized expenses of $527 million and $803 million during the first six months of 2024 and 2023, respectively, for costs related to the Incident. Insurance recoveries exceeded expenses by $65 million in the second quarter of 2024 compared to expenses of $416 million in the second quarter of 2023. The total expense recognized in the first six months of 2024 includes the impact of $264 million in insurance recoveries, of which $156 million was recognized in the second quarter 2024. No insurance recoveries were recorded during the first six months of 2023. 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.

2. Restructuring and Other Charges

During the first six months of 2024, the Company executed a voluntary and an involuntary separation program that resulted in a reduction of approximately 350 management employees. In the first six months of 2024, “Restructuring and other charges” includes $61 million of costs related to these programs which primarily consists of separation payments to the impacted management employees. The Company also incurred $35 million of costs associated with the March 2024 appointment of our chief operating officer. Additionally, “Other income – net” includes a $20 million curtailment gain on our other postretirement benefit plan resulting from the restructuring, recorded in the second quarter of 2024.

3. Shareholder Advisory Costs

“Other income – net” includes costs associated with shareholder advisory matters, which amounted to $29 million and $50 million during the second quarter and first six months of 2024, respectively.

4. Deferred Income Taxes

During the first six months 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 did not repurchase shares of common stock under our stock repurchase program in the first six months of 2024, while we repurchased and retired 1.3 million shares of common stock at a cost of $305 million in the first six months of 2023, inclusive of excise taxes.