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Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):

January 25, 2023 (January 24, 2023)


soaring nameunderblacklg


(Exact name of registrant as specified in its charter)



Virginia 1-8339 52-1188014
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)


650 West Peachtree Street NW

Atlanta, Georgia


(855) 667-3655
(Address of principal executive offices, including zip code) (Registrant’s telephone number, including area code)


No Change
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:


Title of each class



Trading Symbol


Name of each exchange

on which registered

Norfolk Southern Corporation
Common Stock (Par Value $1.00)
  NSC   New York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐





Item 2.02. Results of Operations and Financial Condition 

Item 7.01. Regulation FD Disclosure


On January 25, 2023, the Registrant issued a Press Release, attached hereto as Exhibit 99.1, reporting fourth-quarter and full year results for 2022. Attached hereto, as Exhibit 99.2, is the Quarterly Financial Data for the fourth quarter of 2022. This information is available on the Registrant’s website, www.norfolksouthern.com, in the “Invest in NS” section, under “Financial Reports.” This unaudited financial information and summary of certain notes to the consolidated financial statements should be read in conjunction with: (a) the consolidated financial statements and notes included in the Registrant's latest Annual Report on Form 10-K and in subsequent Quarterly Reports on Form 10-Q; and (b) any Current Reports on Form 8-K.


Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers 


On January 24, 2023, James A. Squires, a member of the Board of Directors and former Chief Executive Officer of the Registrant, notified the Board that he will not stand for re-election to the Board at the Registrant’s 2023 annual meeting of shareholders. Mr. Squires’ term on the Board will expire at the Registrant’s 2023 annual meeting of shareholders. Mr. Squires’ decision is not due to any disagreement with the Registrant on any matter relating to our operations, policies, or practices.


Item 9.01. Financial Statements and Exhibits.


(d) Exhibits


The following exhibits are filed as part of this Current Report on Form 8-K:


Exhibit Number   Description
99.1   Press Release dated January 25, 2023
99.2   2022 Q4 Financial Data
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)





Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


  /s/ Denise W. Hutson
  Name: Denise W. Hutson
  Title: Corporate Secretary


Date:  January 25, 2023








Norfolk Southern reports Q4 and full-year 2022 results

Company reports record railway operating revenue, income from railway operations


ATLANTA, January 25, 2023 – Norfolk Southern Corporation (NYSE: NSC) today announced fourth quarter and full-year 2022 financial results. The company marked fourth quarter and annual records for railway operating revenue and income from railway operations.  


Fourth quarter railway operating revenue was $3.2 billion, up 13%, and income from railway operations was $1.2 billion, up 5%. 


“In the fourth quarter and throughout 2022, Norfolk Southern made significant progress in our financial performance, service improvement, and engagement with our craft team members,” said Norfolk Southern President and Chief Executive Officer Alan H. Shaw. “Our team delivered double-digit percentage growth in revenue as well as earnings per share and achieved record revenue and operating income for the year. We also outlined a bold new strategic plan to create long-term shareholder value and a pathway for future growth for Norfolk Southern.” 


Fourth Quarter Summary


·Railway operating revenues of $3.2 billion were a fourth quarter record, up 13%, or $385 million, compared with fourth quarter 2021, driven by a 15% increase in revenue per unit. 


·Railway operating expenses were $2.1 billion, an increase of 19% compared with the same period last year due to higher fuel prices, increased claims costs, and higher compensation and benefits.  


·Income from railway operations was a fourth quarter record of $1.2 billion, up 5%, or $52 million, year-over-year. 


·Diluted earnings per share were $3.42, up 10%, or $0.30 compared with fourth quarter 2021. 


Norfolk Southern Corporation  |  1


2022 Summary


·Railway operating revenues were a record $12.7 billion in 2022, up 14%, or $1.6 billion, compared with 2021, driven by an 18% increase revenue per unit. 


·Railway operating expenses were $7.9 billion, an increase of 19% compared with the same period last year, driven by higher fuel prices, inflation, network congestion, and higher compensation and benefits. 


·Income from railway operations was $4.8 billion, up 8%, or $362 million, year-over-year, an annual record.   


·Diluted earnings per share were $13.88, up 15%, or $1.77 compared with 2021. 




About Norfolk Southern


Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and is the largest rail shipper of auto products and metals in North America. Norfolk Southern also has the most extensive intermodal network in the eastern U.S., serving a majority of the country’s population and manufacturing base, with connections to every major container port on the Atlantic coast as well as the Gulf of Mexico and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.


Media Inquiries:

Media Relations, 404-420-4444


Investor Inquiries:

Luke Nichols, 470-867-4807


Norfolk Southern Corporation  |  2
















Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Income



   Fourth Quarter   Years Ended
December 31,
   2022   2021   2022   2021 
   (in millions, except per share amounts) 
Railway operating revenues                    
Merchandise  $1,876   $1,671   $7,331   $6,669 
Intermodal   913    831    3,681    3,163 
Coal   448    350    1,733    1,310 
Total railway operating revenues   3,237    2,852    12,745    11,142 
Railway operating expenses                    
Compensation and benefits   653    598    2,621    2,442 
Purchased services and rents   520    472    1,922    1,726 
Fuel   367    226    1,459    799 
Depreciation   309    298    1,221    1,181 
Materials and other   207    129    713    547 
Total railway operating expenses   2,056    1,723    7,936    6,695 
Income from railway operations   1,181    1,129    4,809    4,447 
Other income – net   34    21    13    77 
Interest expense on debt   177    165    692    646 
Income before income taxes   1,038    985    4,130    3,878 
Income taxes                    
Current   188    199    777    689 
Deferred   60    26    83    184 
Total income taxes   248    225    860    873 
Net income  $790   $760   $3,270   $3,005 
Earnings per share – diluted  $3.42   $3.12   $13.88   $12.11 
Weighted average shares outstanding – diluted   230.7    243.5    235.6    248.1 


See accompanying notes to consolidated financial statements.


Norfolk Southern Corporation and Subsidiaries

Consolidated Balance Sheets



   At December 31, 
   2022   2021 
   ($ in millions) 
Current assets:          
Cash and cash equivalents  $456   $839 
Accounts receivable – net   1,148    976 
Materials and supplies   253    218 
Other current assets   150    134 
Total current assets   2,007    2,167 
Investments   3,694    3,707 
Properties less accumulated depreciation of $12,592 and $12,031, respectively   32,156    31,653 
Other assets   1,028    966 
Total assets  $38,885   $38,493 
Liabilities and stockholders’ equity          
Current liabilities:          
Accounts payable  $1,293   $1,351 
Short-term debt   100     
Income and other taxes   312    305 
Other current liabilities   341    312 
Current maturities of long-term debt   603    553 
Total current liabilities   2,649    2,521 
Long-term debt   14,479    13,287 
Other liabilities   1,759    1,879 
Deferred income taxes   7,265    7,165 
Total liabilities   26,152    24,852 
Stockholders’ equity:          
Common stock $1.00 per share par value, 1,350,000,000 shares authorized; outstanding 228,076,415 and 240,162,790 shares, respectively, net of treasury shares   230    242 
Additional paid-in capital   2,157    2,215 
Accumulated other comprehensive loss   (351)   (402)
Retained income   10,697    11,586 
Total stockholders’ equity   12,733    13,641 
Total liabilities and stockholders’ equity  $38,885   $38,493 


See accompanying notes to consolidated financial statements.


Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Cash Flows



   Years Ended December 31, 
   2022   2021 
   ($ in millions) 
Cash flows from operating activities          
Net income  $3,270   $3,005 
Reconciliation of net income to net cash provided by operating activities:          
Depreciation   1,221    1,181 
Deferred income taxes   83    184 
Gains and losses on properties   (82)   (86)
Changes in assets and liabilities affecting operations:          
Accounts receivable   (171)   (133)
Materials and supplies   (35)   3 
Other current assets   (18)   (6)
Current liabilities other than debt   23    283 
Other – net   (69)   (176)
Net cash provided by operating activities   4,222    4,255 
Cash flows from investing activities          
Property additions   (1,948)   (1,470)
Property sales and other transactions   263    159 
Investment purchases   (12)   (10)
Investment sales and other transactions   94    99 
Net cash used in investing activities   (1,603)   (1,222)
Cash flows from financing activities          
Dividends   (1,167)   (1,028)
Common stock transactions   (4)   17 
Purchase and retirement of common stock   (3,110)   (3,390)
Proceeds from borrowings   1,832    1,676 
Debt repayments   (553)   (584)
Net cash used in financing activities   (3,002)   (3,309)
Net decrease in cash and cash equivalents   (383)   (276)
Cash and cash equivalents          
At beginning of year   839    1,115 
At end of year  $456   $839 
Supplemental disclosures of cash flow information          
Cash paid during the year for:          
Interest (net of amounts capitalized)  $619   $579 
Income taxes (net of refunds)   750    654 


See accompanying notes to consolidated financial statements.




1. Stock Repurchase Program


We repurchased and retired 12.6 million and 12.7 million shares of common stock under our stock repurchase programs in 2022 and 2021, respectively, at a cost of $3.1 billion and $3.4 billion, respectively.