Norfolk Southern Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	2,962	2,622	1,827	3,270	3,005	2,013	Upgrade
Depreciation & Amortization	1,382	1,353	1,298	1,221	1,181	1,154	Upgrade
Loss (Gain) From Sale of Assets	-207	-490	-49	-82	-86	346	Upgrade
Loss (Gain) From Sale of Investments	-	-	-	-	-	99	Upgrade
Other Operating Activities	141	-58	-265	14	8	-106	Upgrade
Change in Accounts Receivable	188	85	-2	-171	-133	71	Upgrade
Change in Inventory	-9	-13	-11	-35	3	23	Upgrade
Change in Other Net Operating Assets	-208	553	381	5	277	37	Upgrade
Operating Cash Flow	4,249	4,052	3,179	4,222	4,255	3,637	Upgrade
Operating Cash Flow Growth	12.59%	27.46%	-24.70%	-0.78%	16.99%	-6.55%	Upgrade
Capital Expenditures	-2,150	-4,024	-2,349	-1,948	-1,470	-1,494	Upgrade
Sale of Property, Plant & Equipment	151	558	86	263	159	333	Upgrade
Investment in Securities	92	686	81	82	89	-14	Upgrade
Investing Cash Flow	-1,907	-2,780	-2,182	-1,603	-1,222	-1,175	Upgrade
Long-Term Debt Issued	-	1,051	3,293	1,832	1,676	784	Upgrade
Long-Term Debt Repaid	-	-1,055	-1,334	-553	-584	-381	Upgrade
Net Debt Issued (Repaid)	-159	-4	1,959	1,279	1,092	403	Upgrade
Issuance of Common Stock	12	26	3	-	17	69	Upgrade
Repurchase of Common Stock	-534	-	-622	-3,114	-3,390	-1,439	Upgrade
Common Dividends Paid	-1,218	-1,221	-1,225	-1,167	-1,028	-960	Upgrade
Financing Cash Flow	-1,899	-1,199	115	-3,002	-3,309	-1,927	Upgrade
Net Cash Flow	443	73	1,112	-383	-276	535	Upgrade
Free Cash Flow	2,099	28	830	2,274	2,785	2,143	Upgrade
Free Cash Flow Growth	-	-96.63%	-63.50%	-18.35%	29.96%	14.41%	Upgrade
Free Cash Flow Margin	17.16%	0.23%	6.83%	17.84%	25.00%	21.89%	Upgrade
Free Cash Flow Per Share	9.30	0.12	3.65	9.65	11.22	8.35	Upgrade
Cash Interest Paid	763	764	653	619	579	577	Upgrade
Cash Income Tax Paid	454	305	681	750	654	311	Upgrade
Levered Free Cash Flow	1,377	268.5	1,536	1,642	2,473	1,374	Upgrade
Unlevered Free Cash Flow	1,874	772.88	1,987	2,075	2,877	1,765	Upgrade
Change in Working Capital	-29	625	368	-201	147	131	Upgrade

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