NORFOLK SOUTHERN CORP (NSC) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	8-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues	7,331	11,142	9,789	11,296	11,458	10,551	13,394	10,511
Revenue growth	-34.2%	13.8%	-13.3%	-1.4%	8.6%	-21.2%	27.4%	-9.6%
Cost of goods sold [+]	4,080	3,241	2,908	3,704	4,012	3,819	3,506	5,875
Labor costs		2,442	2,373	2,751	2,925	2,979	2,808	2,911
Sales commissions and fees	2,621
Fuel costs	1,459	799	535	953	1,087	840	698	934
Depreciation								1,054
Other direct costs								976
Gross profit	3,251	7,901	6,881	7,592	7,446	6,732	9,888	4,636
Gross margin	44.3%	70.9%	70.3%	67.2%	65.0%	63.8%	73.8%	44.1%
Selling, general and administrative	1,221	1,728	1,807	1,878	1,757	1,796	6,879	7,627
Other operating expenses	-3,308	545	918	587	628	359	-1,026	-5,875
EBITDA [+]	5,338	5,628	4,156	5,128	5,063	4,581	4,039	3,943
EBITDA growth	-5.2%	35.4%	-19.0%	1.3%	10.5%	13.4%	2.4%	-13.0%
EBITDA margin	72.8%	50.5%	42.5%	45.4%	44.2%	43.4%	30.2%	37.5%
Depreciation and amortization	1,221	1,181	1,154	1,139	1,104	1,059	1,030	1,059
EBIT [+]	4,117	4,447	3,002	3,989	3,959	3,522	3,009	2,884
EBIT growth	-7.4%	48.1%	-24.7%	0.8%	12.4%	17.0%	4.3%	-19.3%
EBIT margin	56.2%	39.9%	30.7%	35.3%	34.6%	33.4%	22.5%	27.4%
Interest expense, net [+]		646	625	604	557	550	563	537
Interest expense		646	625	604	557	550	563	545
Interest income								8
Other income (expense), net [+]	13	77	153	106	67	156	136	95
Gain (loss) on sale of assets			385
Other	13	77	153	106	67	156	136	103
Pre-tax income	4,130	3,878	2,530	3,491	3,469	3,128	2,582	2,442
Income taxes	860	873	517	769	803	-2,276	914	886
Tax rate	20.8%	22.5%	20.4%	22.0%	23.1%		35.4%	36.3%
Net income	3,270	3,005	2,013	2,722	2,666	5,404	1,668	1,556
Net margin	44.6%	27.0%	20.6%	24.1%	23.3%	51.2%	12.5%	14.8%

Basic EPS [+]	$13.88	$12.17	$7.89	$10.34	$9.60	$18.77	$5.68	$5.15
Growth	14.0%	54.2%	-23.7%	7.7%	-48.9%	230.7%	10.1%	-20.3%
Diluted EPS [+]	$13.88	$12.11	$7.84	$10.25	$9.51	$18.62	$5.64	$5.11
Growth	14.6%	54.4%	-23.5%	7.7%	-48.9%	230.3%	10.2%	-20.1%

Dividends per share [+]	$4.95	$4.16	$3.76	$3.60	$3.04	$2.44	$2.36	$2.36
Growth	19.1%	10.6%	4.4%	18.4%	24.6%	3.4%	0.0%	6.3%

Shares outstanding (basic) [+]	236	247	255	263	278	288	294	302
Growth	-4.6%	-3.2%	-3.1%	-5.2%	-3.5%	-2.0%	-2.6%	-2.4%
Shares outstanding (diluted) [+]	236	248	257	266	280	290	296	304
Growth	-5.0%	-3.3%	-3.4%	-5.2%	-3.5%	-1.9%	-2.8%	-2.6%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.