Norfolk Southern Corporation (NSC)

Norfolk Southern Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	2,873	2,622	1,827	3,270	3,005
Depreciation & Amortization	1,393	1,353	1,298	1,221	1,181
Loss (Gain) From Sale of Assets	-253	-490	-49	-82	-86
Other Operating Activities	47	-58	-265	14	8
Change in Accounts Receivable	59	85	-2	-171	-133
Change in Inventory	6	-13	-11	-35	3
Change in Other Net Operating Assets	236	553	381	5	277
Operating Cash Flow	4,361	4,052	3,179	4,222	4,255
Operating Cash Flow Growth	7.63%	27.46%	-24.70%	-0.78%	16.99%
Capital Expenditures	-2,204	-4,024	-2,349	-1,948	-1,470
Sale of Property, Plant & Equipment	164	558	86	263	159
Investment in Securities	-522	686	81	82	89
Investing Cash Flow	-2,562	-2,780	-2,182	-1,603	-1,222
Long-Term Debt Issued	396	1,051	3,293	1,832	1,676
Long-Term Debt Repaid	-559	-1,055	-1,334	-553	-584
Net Debt Issued (Repaid)	-163	-4	1,959	1,279	1,092
Issuance of Common Stock	2	26	3	-	17
Repurchase of Common Stock	-534	-	-622	-3,114	-3,390
Common Dividends Paid	-1,215	-1,221	-1,225	-1,167	-1,028
Financing Cash Flow	-1,910	-1,199	115	-3,002	-3,309
Net Cash Flow	-111	73	1,112	-383	-276
Free Cash Flow	2,157	28	830	2,274	2,785
Free Cash Flow Growth	7603.57%	-96.63%	-63.50%	-18.35%	29.96%
Free Cash Flow Margin	17.71%	0.23%	6.83%	17.84%	25.00%
Free Cash Flow Per Share	9.57	0.12	3.65	9.65	11.22
Cash Interest Paid	765	764	653	619	579
Cash Income Tax Paid	491	305	681	750	654
Levered Free Cash Flow	1,460	268.5	1,536	1,642	2,473
Unlevered Free Cash Flow	1,955	772.88	1,987	2,075	2,877
Change in Working Capital	301	625	368	-201	147

Updated Jan 29, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q