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
Other Adjustments	24	-314	-98	1	98
Change in Receivables	59	85	-2	-171	-133
Changes in Inventories	6	-13	-11	-35	3
Changes in Other Operating Activities	6	319	165	-64	101
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	-2,381	-2,327	-1,948	-1,470
Sale of Property, Plant & Equipment	164	558	86	263	159
Purchases of Investments	-621	-319	-124	-12	-10
Proceeds from Sale of Investments	99	1,005	205	94	99
Payments for Business Acquisitions	-	-1,643	-22	-	-
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 Long-Term Debt Issued (Repaid)	-163	-4	1,959	1,279	1,092
Issuance of Common Stock	2	26	3	-4	17
Repurchase of Common Stock	-534	-	-622	-3,110	-3,390
Net Common Stock Issued (Repurchased)	-532	26	-619	-3,114	-3,373
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	1,671	852	2,274	2,785
Free Cash Flow Growth	29.08%	96.13%	-62.53%	-18.35%	29.96%
FCF Margin	17.71%	13.78%	7.01%	17.84%	25.00%
Free Cash Flow Per Share	9.57	7.38	3.75	9.65	11.23
Levered Free Cash Flow	1,911	1,896	2,911	3,723	3,912
Unlevered Free Cash Flow	2,616	2,484	1,370	2,982	3,261

Updated Jan 29, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q