• Norfolk Southern average return on tangible equity for 2023 was 18.6, a 20.55% decline from 2022.
• Norfolk Southern average return on tangible equity for 2022 was 23.41, a 23.8% decline from 2021.
• Norfolk Southern average return on tangible equity for 2021 was 18.91, a 33.17% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.