• Norfolk Southern average gross margin for 2023 was 67.07%, a 3.5% decline from 2022.
• Norfolk Southern average gross margin for 2022 was 69.5%, a 3.55% decline from 2021.
• Norfolk Southern average gross margin for 2021 was 72.06%, a 2.61% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.