Norfolk Southern Corporation (ETR:NFS)

Norfolk Southern Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	2,962	2,622	1,827	3,270	3,005	2,013
Depreciation & Amortization	1,382	1,353	1,298	1,221	1,181	1,154
Loss (Gain) From Sale of Assets	-207	-490	-49	-82	-86	346
Loss (Gain) From Sale of Investments	-	-	-	-	-	99
Other Operating Activities	141	-58	-265	14	8	-106
Change in Accounts Receivable	188	85	-2	-171	-133	71
Change in Inventory	-9	-13	-11	-35	3	23
Change in Other Net Operating Assets	-208	553	381	5	277	37
Operating Cash Flow	4,249	4,052	3,179	4,222	4,255	3,637
Operating Cash Flow Growth	12.59%	27.46%	-24.70%	-0.78%	16.99%	-6.55%
Capital Expenditures	-2,150	-4,024	-2,349	-1,948	-1,470	-1,494
Sale of Property, Plant & Equipment	151	558	86	263	159	333
Investment in Securities	92	686	81	82	89	-14
Investing Cash Flow	-1,907	-2,780	-2,182	-1,603	-1,222	-1,175
Long-Term Debt Issued	-	1,051	3,293	1,832	1,676	784
Long-Term Debt Repaid	-	-1,055	-1,334	-553	-584	-381
Net Debt Issued (Repaid)	-159	-4	1,959	1,279	1,092	403
Issuance of Common Stock	12	26	3	-	17	69
Repurchase of Common Stock	-534	-	-622	-3,114	-3,390	-1,439
Common Dividends Paid	-1,218	-1,221	-1,225	-1,167	-1,028	-960
Financing Cash Flow	-1,899	-1,199	115	-3,002	-3,309	-1,927
Net Cash Flow	443	73	1,112	-383	-276	535
Free Cash Flow	2,099	28	830	2,274	2,785	2,143
Free Cash Flow Growth	-	-96.63%	-63.50%	-18.35%	29.96%	14.41%
Free Cash Flow Margin	17.16%	0.23%	6.83%	17.84%	25.00%	21.89%
Free Cash Flow Per Share	9.30	0.12	3.65	9.65	11.22	8.35
Cash Interest Paid	763	764	653	619	579	577
Cash Income Tax Paid	454	305	681	750	654	311
Levered Free Cash Flow	1,377	268.5	1,536	1,642	2,473	1,374
Unlevered Free Cash Flow	1,874	772.88	1,987	2,075	2,877	1,765
Change in Working Capital	-29	625	368	-201	147	131

Source: S&P Global Market Intelligence. Standard template. Financial Sources.