Norfolk Southern Corporation (NSC)
NYSE: NSC · Real-Time Price · USD
338.84
-4.51 (-1.31%)
At close: Jul 28, 2026, 4:00 PM EDT
337.68
-1.16 (-0.34%)
After-hours: Jul 28, 2026, 7:44 PM EDT
Norfolk Southern Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Net Income | 734 | 547 | 644 | 711 | 768 | 750 | 733 | 1,099 | 737 | 53 | 411 | 411 | 356 | 466 | 761 | 761 | 1,045 | 703 | 746 | 746 |
Depreciation & Amortization | 358 | 352 | 353 | 348 | 346 | 346 | 342 | 339 | 335 | 337 | 321 | 321 | 321 | 321 | 303 | 303 | 313 | 302 | 293 | 293 |
Other Adjustments | 59 | 31 | -149 | 121 | 18 | 34 | -30 | -264 | 7 | -27 | -30 | -30 | -41 | -19 | 37 | 37 | -115 | 42 | 16 | 16 |
Change in Receivables | -55 | -135 | 112 | 4 | 108 | -165 | 241 | -113 | 8 | -51 | 28.5 | 28.5 | 79 | -22 | -115 | -115 | 153 | -94 | -48 | -48 |
Changes in Inventories | -15 | -41 | 26 | 16 | -40 | 4 | 11 | 20 | -38 | -6 | -9.5 | -9.5 | -10 | -9 | -35.5 | -35.5 | 82 | -46 | -12.5 | -12.5 |
Changes in Other Operating Activities | 19 | -410 | 77 | 145 | -105 | -19 | -346 | 145 | -13 | 533 | 202 | 202 | -32 | 436 | 55 | 55 | -261 | 87 | 54 | 54 |
Operating Cash Flow | 1,054 | 344 | 1,063 | 1,271 | 1,077 | 950 | 951 | 1,226 | 1,036 | 839 | 923 | 923 | 673 | 1,173 | 1,006 | 1,006 | 1,217 | 994 | 1,049 | 1,049 |
Operating Cash Flow Growth (YoY) | -2.14% | -63.79% | 11.78% | 3.67% | 3.96% | 13.23% | 3.03% | 32.83% | 53.94% | -28.47% | -8.21% | -8.21% | -44.70% | 18.01% | -4.10% | -4.10% | 12.48% | -2.07% | 19.28% | 19.28% |
Investing Activities
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Capital Expenditures | -439 | -382 | -729 | -551 | -475 | -449 | -675 | -581 | -568 | -557 | -474 | -474 | -520 | -428 | -418.5 | -418.5 | -722 | -389 | -313.5 | -313.5 |
Sale of Property, Plant & Equipment | 15 | 162 | 44 | 54 | 48 | 18 | 31 | 457 | 38 | 32 | 30.5 | 30.5 | 41 | 20 | 50 | 50 | 127 | 36 | 33 | 33 |
Purchases of Investments | -2 | -3 | -6 | -2 | -4 | -609 | -1 | -112 | -205 | -1 | -3 | -3 | -6 | - | -3.5 | -3.5 | -4 | -1 | -2.5 | -2.5 |
Proceeds from Sale of Investments | 10 | 10 | 47 | 16 | 17 | 19 | 656 | 12 | 13 | 324 | 76 | 76 | 135 | 17 | 15 | 15 | 45 | 19 | 18.5 | 18.5 |
Cash Acquisitions | - | - | - | - | - | - | 0 | 0 | -1 | -1,642 | - | - | - | - | - | - | - | - | - | - |
Investing Cash Flow | -416 | -213 | -644 | -483 | -414 | -1,021 | 11 | -224 | -723 | -1,844 | -370.5 | -370.5 | -350 | -391 | -357 | -357 | -554 | -335 | -264.5 | -264.5 |
Financing Activities
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Long-Term Debt Issued | - | - | 0 | 0 | - | - | 0 | 451 | 200 | 400 | 362 | 362 | 130 | 594 | 866 | 866 | -889 | 989 | 543.5 | 543.5 |
Long-Term Debt Repaid | -606 | -1 | -5 | -301 | -252 | -1 | -1 | -852 | -202 | - | -401 | -401 | -2 | -800 | -275 | -275 | -2 | -1 | -42.5 | -42.5 |
Net Long-Term Debt Issued (Repaid) | -606 | -1 | -5 | -301 | -252 | -1 | -1 | -401 | -2 | 400 | -39 | -39 | 128 | -206 | 591 | 591 | -891 | 988 | 501 | 501 |
Issuance of Common Stock | -1 | -11 | 1 | 9 | 1 | -9 | 11 | 20 | 1 | -6 | -4.5 | -4.5 | 1 | -10 | -7 | -7 | 28 | -18 | 3 | 3 |
Repurchase of Common Stock | 0 | -5 | 0 | -78 | -208 | -248 | - | - | - | - | -151.5 | -151.5 | -140 | -163 | -727 | -727 | -1,056 | -600 | -762.5 | -762.5 |
Net Common Stock Issued (Repurchased) | -1 | -16 | 1 | -69 | -207 | -257 | 11 | 20 | 1 | -6 | -156 | -156 | -139 | -173 | -734 | -734 | -1,028 | -618 | -759.5 | -759.5 |
Common Dividends Paid | -303 | -303 | -303 | -303 | -303 | -306 | -306 | -305 | -305 | -305 | -307.5 | -307.5 | -308 | -307 | -295.5 | -295.5 | -279 | -297 | -248 | -248 |
Financing Cash Flow | -910 | -320 | -307 | -673 | -366 | -564 | -296 | -686 | -306 | 89 | -502.5 | -502.5 | -319 | -686 | -438.5 | -438.5 | -2,198 | 73 | -506.5 | -506.5 |
Net Cash Flow
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Net Cash Flow | -272 | -189 | 112 | 115 | 297 | -635 | 666 | 316 | 7 | -916 | 50 | 50 | 4 | 96 | 210 | 210 | -1,535 | 732 | 277.5 | 277.5 |
Free Cash Flow
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Free Cash Flow | 615 | -38 | 334 | 720 | 602 | 501 | 276 | 645 | 468 | 282 | 449 | 449 | 153 | 745 | 587 | 587 | 495 | 605 | 735 | 735 |
Free Cash Flow Growth (YoY) | 2.16% | - | 21.01% | 11.63% | 28.63% | 77.66% | -38.53% | 43.65% | 205.88% | -62.15% | -23.51% | -23.51% | -69.09% | 23.14% | -20.14% | -20.14% | -31.25% | -19.33% | 43.70% | 43.70% |
FCF Margin | 17.75% | -1.27% | 11.23% | 23.20% | 19.36% | 16.74% | 9.13% | 21.14% | 15.37% | 9.39% | 14.61% | 15.11% | 5.13% | 23.79% | 18.13% | 17.56% | 15.23% | 20.75% | 25.77% | 25.77% |
Free Cash Flow Per Share | 2.73 | -0.17 | 1.49 | 3.20 | 2.67 | 2.21 | 1.22 | 2.85 | 2.07 | 1.25 | 1.98 | 1.98 | 0.67 | 3.26 | 2.54 | 2.51 | 2.08 | 2.52 | 3.02 | 2.98 |
Levered Free Cash Flow | 51 | 65 | 366 | 368 | 242 | 631 | 64 | 621 | 451 | 760 | 527.5 | 478.5 | 243 | 580 | 1,285 | 1,453 | -660 | 1,645 | 1,282 | 1,275 |
Unlevered Free Cash Flow | 783.29 | 189.94 | 515.79 | 802.89 | 630.21 | 760.83 | 225.34 | 1,152 | 598.99 | 683.3 | 693.6 | 628.05 | 201.89 | 879.67 | 802.83 | 1,019 | 369.63 | 790.35 | 892.11 | 888.55 |