NORFOLK SOUTHERN CORP Annual Report, Year Ended Dec 31, 2021

Norfolk Southern Corporation (NSC) reported a significant increase in financial performance for the year ended December 31, 2021. Railway operating revenues grew by 14% to $11.1 billion, driven by higher average revenue per unit and increased volumes across most commodity groups, particularly in Merchandise and Intermodal segments. This robust top-line growth, coupled with a focus on operational efficiency and the absence of significant one-time charges recorded in the prior year, led to a substantial 48% increase in income from railway operations to $4.4 billion. Diluted earnings per share also saw a significant rise of 54% to $12.11. The company's operational efficiency is highlighted by a reduced railway operating ratio of 60.1% in 2021, down from 69.3% in 2020, indicating improved cost management relative to revenue. NSC maintained substantial capital investment in its infrastructure, with property additions totaling $1.5 billion in 2021, reflecting a commitment to long-term asset health and service reliability. The company also returned significant capital to shareholders through share repurchases totaling $3.4 billion in 2021, underscoring its strong cash flow generation and financial flexibility.