NORFOLK SOUTHERN CORP (NSC)

First Six Months (in millions, except per share amounts) Railway operating revenues Merchandise $ 2,133 $ 1,972 $ 4,018 $ 3,835 Intermodal 1,657 1,503 Coal Total railway operating revenues 3,465 3,110 6,463 6,103 Railway operating expenses Compensation and benefits 1,484 1,431 Purchased services and rents 1,072 1,018 Fuel Depreciation Materials and other Merger-related expenses — — Restructuring and other charges Eastern Ohio incident (47 ) (232 ) Total railway operating expenses 2,341 1,935 4,462 3,782 Income from railway operations 1,124 1,175 2,001 2,321 Other income – net Interest expense on debt Income before income taxes 1,674 1,976 Income taxes Net income $ $ $ 1,281 $ 1,518 Earnings per share – diluted $ $ $ $ Weighted average shares outstanding – diluted Norfolk Southern Corporation and Subsidiaries Consolidated Balance Sheets (Unaudited) June 30, December 31, ($ in millions) Assets Current assets: Cash and cash equivalents $ 1,069 $ 1,530 Accounts receivable – net 1,177 Materials and supplies Other current assets Total current assets 2,801 3,198 Investments 4,155 4,089 Properties less accumulated depreciation of $15,031 and $14,617, respectively 36,626 36,479 Other assets 1,540 1,470 Total assets $ 45,122 $ 45,236 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 1,783 $ 1,863 Income and other taxes Other current liabilities Current maturities of long-term debt Total current liabilities 3,370 3,775 Long-term debt 15,967 16,480 Other liabilities 1,714 1,723 Deferred income taxes 7,818 7,711 Total liabilities 28,869 29,689 Stockholders’ equity: Common stock $1.00 per share par value, 1,350,000,000 shares authorized; outstanding 224,608,373 and 224,420,699 shares, respectively, net of treasury shares Additional paid-in capital 2,332 2,296 Accumulated other comprehensive loss (212 ) (210 ) Retained income 13,907 13,235 Total stockholders’ equity 16,253 15,547 Total liabilities and stockholders’ equity $ 45,122 $ 45,236 See accompanying notes to consolidated financial statements.

Departure of Chief Operating Officer On May 31, 2026, John Orr, Executive Vice President & Chief Operating Officer of Norfolk Southern Corporation (the “Company”), notified the Company of his intention to resign from the Company for “good reason” on account of proposed changes in the Company’s operations that would result in a diminution of his duties and responsibilities.