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	2016 - 2020
Period Ending	Jun '25 Jun 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	2016 - 2020
Net Income	3,350	2,622	1,827	3,270	3,005	2,013	Upgrade
Depreciation & Amortization	1,373	1,353	1,298	1,221	1,181	1,154	Upgrade
Loss (Gain) From Sale of Assets	-522	-490	-49	-82	-86	346	Upgrade
Loss (Gain) From Sale of Investments	-	-	-	-	-	99	Upgrade
Other Operating Activities	89	-58	-265	14	8	-106	Upgrade
Change in Accounts Receivable	71	85	-2	-171	-133	71	Upgrade
Change in Inventory	-5	-13	-11	-35	3	23	Upgrade
Change in Other Net Operating Assets	-152	553	381	5	277	37	Upgrade
Operating Cash Flow	4,204	4,052	3,179	4,222	4,255	3,637	Upgrade
Operating Cash Flow Growth	31.05%	27.46%	-24.70%	-0.78%	16.99%	-6.55%	Upgrade
Capital Expenditures	-2,180	-4,024	-2,349	-1,948	-1,470	-1,494	Upgrade
Sale of Property, Plant & Equipment	554	558	86	263	159	333	Upgrade
Investment in Securities	-22	686	81	82	89	-14	Upgrade
Investing Cash Flow	-1,648	-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)	-259	-4	1,959	1,279	1,092	403	Upgrade
Issuance of Common Stock	26	26	3	-	17	69	Upgrade
Repurchase of Common Stock	-459	-	-622	-3,114	-3,390	-1,439	Upgrade
Common Dividends Paid	-1,220	-1,221	-1,225	-1,167	-1,028	-960	Upgrade
Financing Cash Flow	-1,912	-1,199	115	-3,002	-3,309	-1,927	Upgrade
Net Cash Flow	644	73	1,112	-383	-276	535	Upgrade
Free Cash Flow	2,024	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	16.62%	0.23%	6.83%	17.84%	25.00%	21.89%	Upgrade
Free Cash Flow Per Share	8.95	0.12	3.65	9.65	11.22	8.35	Upgrade
Cash Interest Paid	769	764	653	619	579	577	Upgrade
Cash Income Tax Paid	612	305	681	750	654	311	Upgrade
Levered Free Cash Flow	1,455	268.5	1,536	1,642	2,473	1,374	Upgrade
Unlevered Free Cash Flow	1,956	772.88	1,987	2,075	2,877	1,765	Upgrade
Change in Net Working Capital	207	-542	-519	257	-269	97	Upgrade

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