Norfolk Southern · Earnings release · 8-K Exhibit 99

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

Third Quarter

First Nine Months

(in millions, except per share amounts)

Railway operating revenues

Merchandise

$

$

$

$

Intermodal

Coal

Total railway operating revenues

Railway operating expenses

Compensation and benefits

Purchased services and rents

Fuel

Depreciation

Materials and other

)

Merger-related expenses

—

—

Restructuring and other charges

Eastern Ohio incident

)

)

)

Total railway operating expenses

Income from railway operations

Other income – net

Interest expense on debt

Income before income taxes

Income taxes

Net income

$

$

$

$

Earnings per share – diluted

$

$

$

$

Weighted average shares outstanding – diluted

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

($ in millions)

Assets

Current assets:

Cash and cash equivalents

$

$

Accounts receivable – net

Materials and supplies

Other current assets

Total current assets

Investments

Properties less accumulated depreciation of $14,438 and $13,957, respectively

Other assets

Total assets

$

$

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$

$

Income and other taxes

Other current liabilities

Current maturities of long-term debt

Total current liabilities

Long-term debt

Other liabilities

Deferred income taxes

Total liabilities

Stockholders’ equity:

Common stock $1.00 per share par value, 1,350,000,000 shares authorized; outstanding 224,386,617

and 226,320,894 shares, respectively, net of treasury shares

Additional paid-in capital

Accumulated other comprehensive loss

)

)

Retained income

Total stockholders’ equity

Total liabilities and stockholders’ equity

$

$

See accompanying notes to consolidated financial statements.

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

First Nine Months

($ in millions)

Cash flows from operating activities

Net income

$

$

Reconciliation of net income to net cash provided by operating activities:

Depreciation

Deferred income taxes

Gains and losses on properties

)

)

Changes in assets and liabilities affecting operations:

Accounts receivable

)

)

Materials and supplies

)

)

Other current assets

Current liabilities other than debt

Other – net

)

)

Net cash provided by operating activities

Cash flows from investing activities

Property additions

)

)

Acquisition of assets of CSR

—

)

Property sales and other transactions

Investment purchases

)

)

Investment sales and other transactions

Net cash used in investing activities

)

)

Cash flows from financing activities

Dividends

)

)

Common stock transactions

1

Purchase and retirement of common stock

)

—

Proceeds from borrowings

Debt repayments

)

)

Net cash used in financing activities

)

)

Net decrease in cash and cash equivalents

)

)

Cash and cash equivalents

At beginning of year

At end of period

$

$

Supplemental disclosures of cash flow information

Cash paid during the period for:

Interest (net of amounts capitalized)

$

$

Income taxes (net of refunds)

See accompanying notes to consolidated financial statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Gains on Railway Line Sales

T1During the

third quarter of 2024, we completed sales of two railway lines in the states of Virginia and North Carolina resulting in gains of $380 million included in “Materials and other” expense. The gains from these transactions are

reflected in “Gains and losses on properties” and cash proceeds are included in “Property sales and other transactions” on the Consolidated Statement of Cash Flows.

2. Merger-Related Expenses

T2During the

third quarter of 2025, we incurred $15 million in merger-related expenses primarily related to third-party advisor fees, legal fees, and costs associated with employee retention arrangements.

3. Restructuring and Other Charges

T3Restructuring and other charges in 2025 includes expenses associated with the rationalization of certain software development projects that had

not been placed into service and the restructuring of certain technology functions, including severance costs for impacted employees. Restructuring and other charges in 2024 includes expenses associated with our voluntary and involuntary separation

programs that reduced our management workforce, expenses associated with the rationalization of certain software development projects that had not been placed into service, costs associated with the appointment of our new chief operating officer,

and the disposition of an asset class. We incurred expenses of $12 million and $60 million in the third quarters of 2025 and 2024, respectively, and $22 million and $156 million for the first nine months of 2025 and 2024,

respectively. Additionally, the first nine months of 2024 “Other income – net” includes a $20 million curtailment gain on our other postretirement benefit plan resulting from the restructuring, recorded in the second quarter

4. Eastern Ohio Incident

On February 3, 2023, a train operated by us derailed in East Palestine, Ohio (the Incident). During the third quarter of 2025, we incurred

net expenses of $13 million, as compared to $159 million of net benefits for the same period last year. T4Recoveries exceeded expenses by $219 million in the first nine months of 2025 as compared to expenses of $368 million during

the first nine months of 2024. The total expense recognized includes the impact of $394 million and $552 million in recoveries during the first nine months of 2025 and 2024, respectively, of which $16 million and $288 million was

recognized in the third quarters of 2025 and 2024, respectively. Any additional amounts recoverable under our insurance policies or from third parties will be reflected in future periods in which recovery is considered probable.

5. Shareholder Advisory Costs

“Other income – net” includes costs associated with shareholder advisory matters, which amounted to $1 million and

$51 million during the third quarter and first nine months of 2024, respectively.

6. Deferred Income Taxes

During the first nine 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.

7. Stock Repurchase Program

T5We repurchased and retired 2.2 million shares of common stock under our stock repurchase program in the first nine months of 2025 at a

cost of $533 million, inclusive of accrued excise taxes, while we did not repurchase any shares of common stock in the first nine months of 2024.