诺福克南方 2025年度报告

FINANCIAL HIGHLIGHTSNorfolk Southern Corporation & Subsidiaries DESCRIPTION OF BUSINESS Since 1827, Norfolk Southern Corporation (NYSE:NSC) and its predecessor companies have safelymoved the goods and materials that drive the U.S.economy. Today, it is one of the nation’s premiertransportation companies, operating a 22-statefreight transportation network. Through its NorfolkSouthern Railway Company subsidiary, the companyconnects customers to markets, and communitiesto economic opportunity with safe, reliable, andóŁţŪțýDŽýóŪěƃýǹţĘěŜŜěĸđǹţŁıůŪěŁĸţǿ With a network spanning approximately 19,100route miles, Norfolk Southern serves every majorcontainer port in the eastern United States andreaches a majority of the nation’s population andmanufacturing base. Its dedicated team membersdeliver approximately 7 million carloads annually,from agriculture to consumer goods. It also operatesthe most extensive intermodal network in the East,ŜşŁƃěùěĸđǹýDžóěýĸŪǹØĸùǹţůţŪØěĸØòıýǹŁŜŪěŁĸţǹŪĘØŪǹĘýıŜǹcustomers avoid approximately 15 million tons ofyearly carbon emissions. Learn more by visitingwww.NorfolkSouthern.com. ǐȃfůşȃǑǏǑǔȃLJĸØĸóěØıȃşýţůıŪţȃěĸóıůùýȃķýşđýşȥşýıØŪýùȃýƉŜýĸţýţȃȫɓǗǏ]ȃýƉŜýĸţýȃŪŁȃşØěıƄØƊȃŁŜýşØŪěĸđȃýƉŜýĸţýȬȊȃşýţŪşůóŪůşěĸđȃØĸùȃŁŪĘýşȃóĘØşđýţȃȫɓǑǑ]ȃýƉŜýĸţýȃŪŁȃşØěıƄØƊȃŁŜýşØŪěĸđȃýƉŜýĸţýȬȊȃØĸùȃŪĘýȃ&ØţŪýşĸȃfĘěŁȃěĸóěùýĸŪȃȫɓǐǘǏ]ȃòýĸýLJŪȃŪŁȃşØěıƄØƊȃŁŜýşØŪěĸđȃýƉŜýĸţýȬȉȃfůşȃǑǏǑǓȃLJĸØĸóěØıȃşýţůıŪţȃěĸóıůùýȃđØěĸţȃŁĸȃşØěıƄØƊȃıěĸýȃţØıýţȃȫɓǓǒǒ]ȃòýĸýLJŪȃŪŁȃşØěıƄØƊȃŁŜýşØŪěĸđȃýƉŜýĸţýȬȊȃşýţŪşůóŪůşěĸđȃØĸùȃŁŪĘýşȃóĘØşđýţȃȫɓǐǗǒ]ȃýƉŜýĸţýȃŪŁȃşØěıƄØƊȃŁŜýşØŪěĸđȃýƉŜýĸţýȃØĸùȃØȃɓǑǏ]ȃòýĸýLJŪȃŪŁȃŁŪĘýşȃěĸóŁķýȃȩȃĸýŪȬȊȃŪĘýȃ&ØţŪýşĸȃfĘěŁȃěĸóěùýĸŪȃȫɓǒǑǔ]ȃýƉŜýĸţýȃŪŁȃşØěıƄØƊȃŁŜýşØŪěĸđȃýƉŜýĸţýȬȊȃţĘØşýĘŁıùýşȃØùƃěţŁşƊȃóŁţŪţȃȫɓǔǘ]ȃýƉŜýĸţýȃŪŁȃŁŪĘýşȃěĸóŁķýȃȩȃĸýŪȬȊȃØĸùȃØȃùýĐýşşýùȃŪØƉȃØùĪůţŪķýĸŪȃȫɓǑǖ]ȃòýĸýLJŪȃŪŁȃùýĐýşşýùȃěĸóŁķýȃŪØƉýţȬȉȃfůşȃǑǏǑǒȃLJĸØĸóěØıȃşýţůıŪţȃěĸóıůùýȃɓǐȉǐȃòěııěŁĸȃŁĐȃýƉŜýĸţýţȃşýıØŪýùȃŪŁȃŪĘýȃ&ØţŪýşĸȃfĘěŁȃěĸóěùýĸŪȉȃ9ŁşȃŜůşŜŁţýţȃŁĐȃŜýşěŁùȥŁƃýşȥŜýşěŁùȃóŁķŜØşØòěıěŪƊȊȃǑǏǑǔȊȃǑǏǑǓȊȃØĸùȃǑǏǑǒȃşýţůıŪţȃĐŁşȃěĸóŁķýȃĐşŁķȃşØěıƄØƊȃŁŜýşØŪěŁĸţȊȃĸýŪȃěĸóŁķýȊȃĸýŪȃěĸóŁķýȃŜýşȃţĘØşýȃȩȃùěıůŪýùȊȃùěƃěùýĸùȃŜØƊŁůŪȃşØŪěŁȊȃØĸùȃŁŜýşØŪěĸđȃşØŪěŁȃĘØƃýȃòýýĸȃØùĪůţŪýùȃŪŁȃýƉóıůùýȃŪĘýţýȃóĘØşđýţȊȃØĸùȃØşýȃóŁĸţěùýşýùȃĸŁĸȥ:

ȃLJĸØĸóěØıȃķýØţůşýţȉȃĘýȃǑǏǑǔȊȃǑǏǑǓȊȃØĸùȃǑǏǑǒȃùěƃěùýĸùȃŜØƊŁůŪȃşØŪěŁţȃØşýȃùěƃěùýĸùţȃŜØěùȃȫɓǐȊǑǐǔ]ȊȃɓǐȊǑǑǐ]ȊȃØĸùȃɓǐȊǑǑǔ]ȊȃşýţŜýóŪěƃýıƊȬȃØţȃØȃŜýşóýĸŪØđýȃŁĐȃĸýŪȃěĸóŁķýȃȫɓǑȊǗǐǕ]ȊȃɓǑȊǕǗǓ]ȊȃØĸùȃɓǑȊǕǖǒ]ȊȃşýţŜýóŪěƃýıƊȬȊȃØţȃóŁķŜØşýùȃŪŁȃǓǑɶȃȫǑǏǑǔȬȊȃǓǖɶȃȫǑǏǑǓȬȊȃØĸùȃǕǖɶȃȫǑǏǑǒȬȃùěƃěùýĸùȃŜØƊŁůŪȃşØŪěŁţȃůţěĸđȃĸýŪȃěĸóŁķýȃůĸùýşȃ:

ȃȫɓǑȊǗǖǒ]ȊȃɓǑȊǕǑǑ]ȊȃØĸùȃɓǐȊǗǑǖ]ȊȃşýţŜýóŪěƃýıƊȬȉȃ9ŁşȃķŁşýȃěĸĐŁşķØŪěŁĸȊȃţýýȃŪĘýȃȳ^Łĸȥ:

ȃ„ýóŁĸóěıěØŪěŁĸȃĐŁşȃǑǏǑǔȊȃǑǏǑǓȊȃØĸùȃǑǏǑǒȴȃŁĸȃŜØđýţȃUǑǗȃØĸùȃUǑǘȃŁĐȃŪĘěţȃ
ĸĸůØıȃ„ýŜŁşŪȊȃ9ŁşķȃǐǏȥUȉ Ǒȃ9şýýȃóØţĘȃLjŁƄȃěţȃóŁĸţěùýşýùȃØȃĸŁĸȥ:

ȃLJĸØĸóěØıȃķýØţůşýȃØĸùȃěţȃØȃķýØţůşýȃŁĐȃóØţĘȃØƃØěıØòıýȃĐŁşȃŁŪĘýşȃěĸƃýţŪěĸđȃØĸùȃLJĸØĸóěĸđȃØóŪěƃěŪěýţȊȃěĸóıůùěĸđȃŜØƊķýĸŪȃŁĐȃùěƃěùýĸùţȊȃşýŜůşóĘØţýţȃŁĐȃóŁķķŁĸȃţŪŁóĮȊȃØĸùȃşýŜØƊķýĸŪţȃŁĐȃùýòŪȉȃ]ØĸØđýķýĸŪȃòýıěýƃýţȃŪĘØŪȃŪĘěţȃĸŁĸȥ:

ȃLJĸØĸóěØıȃķýØţůşýȃŜşŁƃěùýţȃůţýĐůıȃţůŜŜıýķýĸŪØıȃěĸĐŁşķØŪěŁĸȃŪŁȃěĸƃýţŪŁşţȃşýđØşùěĸđȃŁůşȃØòěıěŪƊȃŪŁȃđýĸýşØŪýȃóØţĘȃLjŁƄţȃØĐŪýşȃŪØĮěĸđȃěĸŪŁȃóŁĸţěùýşØŪěŁĸȃóØţĘȃĸýóýţţØşƊȃŪŁȃóŁƃýşȃŁŜýşØŪěŁĸţȃØĸùȃķØěĸŪØěĸȃØĸùȃđşŁƄȃŁůşȃóØŜěŪØıȃòØţýȉȃ^ýŪȃóØţĘȃŜşŁƃěùýùȃòƊȃŁŜýşØŪěĸđȃØóŪěƃěŪěýţȃěţȃØȃ:

ȃķýØţůşýȉȃǑǏǑǔȃĐşýýȃóØţĘȃLjŁƄȃȫɓǑȊǐǔǖ]ȬȃěţȃĸýŪȃóØţĘȃŜşŁƃěùýùȃòƊȃŁŜýşØŪěĸđȃØóŪěƃěŪěýţȃȫɓǓȊǒǕǐ]ȬȃşýùůóýùȃòƊȃŜØƊķýĸŪţȃĐŁşȃŜşŁŜýşŪƊȃØùùěŪěŁĸţȃȫɓǑȊǑǏǓ]Ȭȉ ǒȃĘěţȃđşØŜĘȃóŁķŜØşýţȃŪĘýȃóůķůıØŪěƃýȃţĘØşýĘŁıùýşȃşýŪůşĸţȃŁĸȃ^ŁşĐŁıĮȃˆŁůŪĘýşĸȃŁşŜŁşØŪěŁĸȃóŁķķŁĸȃţŪŁóĮȃƄěŪĘȃŪĘýȃŁŪĘýşȃěùýĸŪěLJýùȃěĸùěóýţȉȃDŪȃØţţůķýţȃØĸȃěĸƃýţŪķýĸŪȃŁĐȃɓǐǏǏȃěĸȃ^ˆȃóŁķķŁĸȃţŪŁóĮȃØĸùȃýØóĘȃěĸùýƉȃŁĸȃ"ýóȉȃǒǐȊȃǑǏǑǏȊȃØĸùȃŪĘØŪȃØııȃùěƃěùýĸùţȃƄýşýȃşýěĸƃýţŪýùȃŁƃýşȃŪĘýȃLJƃýȥƊýØşȃŜýşěŁùȊȃýĸùěĸđȃ"ýóȉȃǒǐȊȃǑǏǑǔȉȃ"ØŪØȃĐůşĸěţĘýùȃòƊȃıŁŁķòýşđȃ9ěĸØĸóěØıȃ]ØşĮýŪţȉ FELLOW SHAREHOLDER, In 2025, we took a decisive step to help shape thefuture of our company and the North American rail industry.Building from a position of operational strength,disciplined execution, and sustained performance, weØĸĸŁůĸóýùǹØǹŜşŁŜŁţýùǹóŁķòěĸØŪěŁĸǹƄěŪĘǹ”ĸěŁĸǹØóěLJóǹȞǹ a transformational opportunity to create
ķýşěóØȬţǹLJşţŪǹŪşØĸţóŁĸŪěĸýĸŪØıǹşØěışŁØùǿǹĘěţǹŜşŁŜŁţØıǹşýLjýóŪţǹóŁĸLJùýĸóýǹØĸùǹa clear conviction that a seamlesscoast-to-coast network can deliver betteroutcomes for customers, employees,óŁķķůĸěŪěýţȀǹØĸùǹţĘØşýĘŁıùýşţǿǹĘØŪǹconviction was overwhelmingly sharedby our owners, with 99% of votingţĘØşýĘŁıùýşţǹţůŜŜŁşŪěĸđǹŪĘýǹŪşØĸţØóŪěŁĸǿ For more than a century, railroads haveconsolidated to create more expansive,ķŁşýǹýDžóěýĸŪȀǹķŁşýǹşýıěØòıýȀǹØĸùǹţØĐýşǹĸýŪƄŁşĮţǿǹ¯ýŪǹŪĘýǹ”ǿˆǿǹşØěıǹĸýŪƄŁşĮǹşýķØěĸţǹóŁĸLJđůşýùǹØıŁĸđǹØĸǹýØţŪȝƄýţŪǹùěƃěùýȀǹcreating friction, complexity, and delays foróůţŪŁķýşţǿǹ
ǹţěĸđıýțıěĸýǹŪşØĸţóŁĸŪěĸýĸŪØıǹĸýŪƄŁşĮǹƄŁůıùǹşýķŁƃýǹŪĘŁţýǹòØşşěýşţǹȞǹimproving service consistency, reducing ĘØĸùŁDŽţȀǹţŪşýĸđŪĘýĸěĸđǹŪĘýǹţůŜŜıƊǹóĘØěĸȀǹØĸùǹýĸØòıěĸđǹĸýƄǹđşŁƄŪĘǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹ
ķýşěóØĸǹěĸùůţŪşƊǿǹĘěţǹproposed merger is about solving long-standing customerchallenges while transforming how freight moves acrossŪĘýǹóŁĸŪěĸýĸŪǿ FOCUS ON THE FUNDAMENTALS fů