3 YEAR OUTLOOK Thank You www.norfolksouthern.com CUSTOMER-CENTRIC, OPERATIONS-DRIVEN 19 04 Market Overview Ed Elkins Executive Vice President & Chief Marketing Officer Return to Volume Growth, Revenue Headwinds Persist Q3 2022 Merchandise Merchandise Intermodal Intermodal Coal Coal Q3 2023 Total Revenue $1,849M (1%) $794M (13%) $430M (4%) $3,073M (5%) Revenue Volume 557,800 - 1,014,800 5% 171,100 1% 1,743,700 3% Volume RPU $3,316 (1%) $782 (17%) $2,515 (5%) $1,763 (8%) RPU RPU (less fuel)(1) $3,095 1% $610 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to___________ Commission File Number: 1-8339 NORFOLK SOUTHERN CORPORATION (Exact name of registrant as specified in its charter) Virginia 52-1188014 (State ...

Norfolk Southern Corporation (NYSE:NSC) Q2 2023 Results Conference Call July 27, 2023 8:45 AM ET Company Participants Luke Nichols - Senior Director of Investor Relations Alan Shaw - President & Chief Executive Officer Mark George - Chief Financial Officer Paul Duncan - Chief Operating Officer Ed Elkins - Chief Marketing Officer Conference Call Participants Brandon Oglenski - Barclays Ken Hoexter - Bank of America Amit Mehrotra - Deutsche Bank Scott Group - Wolfe Research Chris Wetherbee - Citigroup Jon Cha ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to___________ Commission File Number: 1-8339 NORFOLK SOUTHERN CORPORATION (Exact name of registrant as specified in its charter) Virginia 52-1188014 (State or ot ...

Norfolk Southern Corporation (NYSE:NSC) Q1 2023 Earnings Conference Call April 26, 2023 8:45 AM ET Company Participants Luke Nichols - Senior Director of Investor Relations Alan Shaw - President & Chief Executive Officer Mark George - Executive Vice President & Chief Financial Officer Paul Duncan - Executive Vice President & Chief Operating Officer Claude Elkins - Executive Vice President & Chief Marketing Officer Conference Call Participants Ken Hoexter - Bank of America Chris Wetherbee - Citigroup Scott G ...

Financial Performance - First quarter 2023 income from railway operations was $711 million, down 34% from $1,085 million in 2022, with net income also decreasing by 34% to $466 million[85]. - The railway operating ratio increased to 77.3% in Q1 2023, compared to 62.8% in Q1 2022, reflecting a 23% rise[85]. - Total railway operating revenues for Q1 2023 were $3,132 million, a 7% increase from $2,915 million in Q1 2022, driven by higher average revenue per unit[90]. - Adjusted net income for Q1 2023, excluding the incident costs, was $759 million, an 8% increase from $703 million in Q1 2022[88]. - The average revenue per unit increased by 8% to $1,891 in Q1 2023, compared to $1,758 in Q1 2022[90]. Revenue Breakdown - Coal revenues rose by 13% to $440 million in Q1 2023, driven by increased export volumes and higher average revenue per unit[90]. - Intermodal revenues decreased by 5% to $814 million, with a 4% decline in total intermodal units transported[90]. Expenses and Costs - Expenses related to the Eastern Ohio incident amounted to $387 million, significantly impacting net income and diluted earnings per share[82]. - Compensation and benefits expenses increased by 11% to $690 million, attributed to a rise in average rail headcount by over 1,400 employees[103]. - Purchased services increased by 14% to $399 million in Q1 2023 from $349 million in Q1 2022, while equipment rents rose by 10% to $97 million from $88 million[105]. - Fuel expenses increased by 5% due to higher locomotive fuel prices, with consumption remaining flat compared to the previous year[106]. - Materials expenses surged by 47% to $91 million in Q1 2023 from $62 million in Q1 2022, contributing to a total increase in materials and other expenses of 24% to $212 million[108]. - The company recorded $387 million in costs related to environmental matters and legal proceedings during the first quarter[109]. Cash Flow and Financing - Cash provided by operating activities was $1.2 billion for Q1 2023, up from $1.0 billion in Q1 2022, despite negative working capital of $702 million[112]. - Cash used in investing activities increased to $391 million in Q1 2023 from $335 million in the same period last year, primarily due to higher property additions[113]. - Cash used in financing activities was $686 million in Q1 2023, compared to cash provided of $73 million in Q1 2022, reflecting higher debt repayments[114]. Debt and Capitalization - The debt-to-total capitalization ratio was 54.1% at March 31, 2023, slightly down from 54.4% at December 31, 2022[117]. - The company issued $500 million of 4.45% senior notes due 2033 in February 2023[116]. Taxation - The effective tax rate for Q1 2023 was 21.3%, down from 22.9% in the same period last year, reflecting the recognition of certain business tax credits[111]. Future Outlook - Future revenue growth is expected to face challenges due to economic uncertainty, including lower fuel prices and declining coal pricing[94].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ___________ to___________ Commission File Number 1-8339 NORFOLK SOUTHERN CORPORATION (Exact name of registrant as specified in its charter) Virginia 52-1188014 (State or other j ...

Financial Data and Key Metrics Changes - For the full year 2022, the company reported record revenues of $12.7 billion, a 14% increase compared to 2021, driven by higher fuel surcharge revenue and price gains, despite a 3% decline in total volume [28][42] - Earnings per share (EPS) for 2022 was $13.88, an increase of $1.77 or 15% relative to 2021 [28] - Operating expenses in the fourth quarter increased by $333 million or 19% year-on-year, primarily due to elevated fuel prices and significant adverse accrual adjustments [45] Business Line Data and Key Metrics Changes - Intermodal revenue per unit and revenue per unit, excluding fuel, increased year-over-year due to higher fuel revenue and price gains [10] - Merchandise revenue increased 12% year-over-year to $1.9 billion, with revenue per unit, excluding fuel, reaching record levels [153] - Coal revenue for the quarter increased by 28%, driven by price gains, volume growth, and higher revenue from fuel surcharge [22] Market Data and Key Metrics Changes - The company anticipates that macroeconomic conditions will pressure various markets, particularly manufacturing, which is expected to contract in 2023 [23] - The international business is expected to benefit from lower ocean rates and improved supply chain fluidity, prompting a return of customers to Inland Point Intermodal [24] - Coal volumes increased by 8% in the quarter, supported by higher demand driven by geopolitical factors, although there were declines in coke shipments due to facility closures [154] Company Strategy and Development Direction - The company aims to deliver long-term shareholder value through top-tier revenue and earnings growth, competitive margins, and balanced capital deployment [5] - A focus on improving service levels and operational efficiency is central to the company's strategy, with a commitment to continuous improvement and customer-centric operations [8][134] - The company is investing in modernizing locomotives and enhancing infrastructure to support growth and improve service reliability [140][152] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to absorb volume pressure and recapture market share due to improving service levels [29] - The outlook for 2023 reflects uncertainty in the macro landscape, with expectations for revenue to be flat compared to 2022 performance [29] - Management highlighted the importance of focusing on controllable factors to execute the strategic plan effectively amid economic challenges [44] Other Important Information - The company finalized national contracts with unions, recognizing the hard work of frontline employees with historic wage increases [4] - Capital expenditures for 2023 are expected to be approximately $2.1 billion, consistent with a balanced and disciplined spending plan [161] - The company returned over $4 billion to shareholders in 2022, with a 14% increase in dividend distributions [160] Q&A Session All Questions and Answers Question: Can you offer more detail on yields and revenue per car in intermodal and coal? - Management indicated that they are seeing some positive developments in the intermodal space, but there are challenges due to market pricing dynamics [30][66] Question: What is the outlook for operating income and operating ratio (OR) improvement in 2023? - Management expects flattish revenue and operating income, with potential for OR improvement in the back half of the year as service-related costs unwind [34][52] Question: How do you see the impact of inflation and service-related costs on operating expenses? - Management acknowledged significant inflationary pressures but indicated that improved service levels should help mitigate some of these costs over time [56][66] Question: What is the current state of labor relations and how might it affect future operations? - Management noted that discussions with labor unions are ongoing, focusing on quality of life and operational flexibility, which are expected to enhance employee engagement [106][75] Question: How does the company plan to address potential excess headcount if volumes come in weaker than expected? - Management stated that they are prepared to handle fluctuations in volume and will focus on training and flexibility to manage workforce needs [107][126]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended SEPTEMBER 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to___________ Commission File Number: 1-8339 NORFOLK SOUTHERN CORPORATION (Exact name of registrant as specified in its charter) Virginia 52-1188014 (State ...

Norfolk Southern Corp (NYSE:NSC) Q3 2022 Earnings Conference Call October 26, 2022 8:45 AM ET Company Participants Luke Nichols - IR Alan Shaw - President, CEO & Director Cynthia Sanborn - EVP & COO Claude Elkins - EVP & CMO Mark George - EVP, Finance & CFO Conference Call Participants Justin Long - Stephens Christian Wetherbee - Citigroup Scott Group - Wolfe Research Ariel Rosa - Cr??dit Suisse Brandon Oglenski - Barclays Bank Thomas Wadewitz - UBS Jonathan Chappell - Evercore ISI Cherilyn Radbourne - TD S ...