Norfolk Southern Corporation (NSC)
NYSE: NSC · Real-Time Price · USD
326.92
+2.09 (0.64%)
Oct 16, 2026, 4:00 PM EDT - Market closed
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 | 527 | 478 | 356 | 466 | 790 | 958 | 819 | 703 | 760 | 753 |
Depreciation & Amortization | 358 | 352 | 353 | 348 | 346 | 346 | 342 | 339 | 335 | 337 | 330 | 326 | 321 | 321 | 309 | 306 | 304 | 302 | 298 | 297 |
Loss (Gain) From Sale of Assets | -1 | -17 | -111 | -85 | -34 | -23 | -65 | -400 | -24 | -1 | -15 | -9 | -21 | -4 | -28 | -17 | -31 | -6 | -6 | -5 |
Other Operating Activities | 14 | -19 | -104 | 132 | 34 | -15 | -10 | 80 | -42 | -86 | -77 | -61 | -56 | -71 | 26 | -128 | 85 | 31 | -22 | 15 |
Change in Accounts Receivable | -55 | -135 | 112 | 4 | 108 | -165 | 241 | -113 | 8 | -51 | 63 | -122 | 79 | -22 | 3 | 56 | -136 | -94 | -31 | -6 |
Change in Inventory | -15 | -41 | 26 | 16 | -40 | 4 | 11 | 20 | -38 | -6 | 39 | -31 | -10 | -9 | 23 | 13 | -25 | -46 | 17 | 11 |
Change in Other Net Operating Assets | 19 | -343 | 143 | 145 | -105 | 53 | -301 | 201 | 60 | 593 | -194 | 79 | 4 | 492 | -325 | 225 | 1 | 104 | -74 | 151 |
Operating Cash Flow | 1,054 | 344 | 1,063 | 1,271 | 1,077 | 950 | 951 | 1,226 | 1,036 | 839 | 673 | 660 | 673 | 1,173 | 798 | 1,413 | 1,017 | 994 | 942 | 1,216 |
Operating Cash Flow Growth (YoY) | -2.14% | -63.79% | 11.78% | 3.67% | 3.96% | 13.23% | 41.31% | 85.76% | 53.94% | -28.47% | -15.66% | -53.29% | -33.83% | 18.01% | -15.29% | 16.20% | -6.01% | -2.07% | 8.28% | 20.52% |
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 | -569 | -2,199 | -853 | -548 | -520 | -428 | -666 | -445 | -448 | -389 | -445 | -398 |
Sale of Property, Plant & Equipment | 15 | 162 | 44 | 54 | 48 | 18 | 31 | 457 | 38 | 32 | 24 | 1 | 41 | 20 | 70 | 93 | 64 | 36 | 24 | 69 |
Investment in Securities | 8 | 7 | 41 | 14 | 13 | -590 | 655 | -100 | -192 | 323 | 41 | -106 | 129 | 17 | 53 | 6 | 5 | 18 | 46 | 11 |
Investing Cash Flow | -416 | -213 | -644 | -483 | -414 | -1,021 | 11 | -224 | -723 | -1,844 | -788 | -653 | -350 | -391 | -543 | -346 | -379 | -335 | -375 | -318 |
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 | - | - | - | - | - | - | - | - | - | 400 | - | - | - | 594 | - | - | - | 989 | - | - |
Total Debt Issued | - | - | - | - | 396 | - | - | 451 | 200 | 400 | 990 | 1,579 | 130 | 594 | 100 | - | 743 | 989 | - | 589 |
Long-Term Debt Repaid | - | -1 | - | - | - | -1 | - | - | - | - | - | - | - | -800 | - | - | - | -1 | - | - |
Total Debt Repaid | -606 | -1 | -5 | -301 | -252 | -1 | -1 | -852 | -202 | - | -401 | -131 | -2 | -800 | -2 | -1 | -549 | -1 | -8 | -491 |
Net Debt Issued (Repaid) | -606 | -1 | -5 | -301 | 144 | -1 | -1 | -401 | -2 | 400 | 589 | 1,448 | 128 | -206 | 98 | -1 | 194 | 988 | -8 | 98 |
Issuance of Common Stock | - | - | 1 | 1 | - | - | 11 | 20 | 1 | - | 3 | - | - | - | - | - | - | - | 9 | 2 |
Repurchase of Common Stock | -1 | -16 | - | -70 | -207 | -257 | - | - | - | -6 | -110 | -200 | -139 | -173 | -825 | -821 | -850 | -618 | -930 | -935 |
Common Dividends Paid | -303 | -303 | -303 | -303 | -303 | -306 | -306 | -305 | -305 | -305 | -305 | -305 | -308 | -307 | -286 | -290 | -294 | -297 | -264 | -268 |
Financing Cash Flow | -910 | -320 | -307 | -673 | -366 | -564 | -296 | -686 | -306 | 89 | 177 | 943 | -319 | -686 | -1,013 | -1,112 | -950 | 73 | -1,193 | -1,103 |
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 | 62 | 950 | 4 | 96 | -758 | -45 | -312 | 732 | -626 | -205 |
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 | 467 | -1,360 | -180 | 112 | 153 | 745 | 132 | 968 | 569 | 605 | 497 | 818 |
Free Cash Flow Growth (YoY) | 2.16% | - | 21.01% | 11.63% | 28.91% | - | - | 475.89% | 205.23% | - | - | -88.43% | -73.11% | 23.14% | -73.44% | 18.34% | -20.97% | -19.33% | 15.85% | 18.38% |
Free Cash Flow Margin | 17.75% | -1.27% | 11.23% | 23.20% | 19.36% | 16.74% | 9.13% | 21.14% | 15.34% | -45.27% | -5.86% | 3.77% | 5.13% | 23.79% | 4.08% | 28.96% | 17.51% | 20.76% | 17.43% | 28.68% |
Free Cash Flow Per Share | 2.73 | -0.17 | 1.49 | 3.20 | 2.67 | 2.21 | 1.22 | 2.85 | 2.06 | -6.01 | -0.80 | 0.49 | 0.67 | 3.26 | 0.57 | 4.14 | 2.40 | 2.52 | 2.04 | 3.32 |
Levered Free Cash Flow | 530.25 | 89.25 | 223.5 | 539.25 | 446.75 | 243 | 147.5 | 617.38 | 372 | -868.38 | -146.13 | 164.38 | 468.88 | 1,049 | -74 | 863.13 | 433.75 | 520.5 | 442.75 | 725.75 |
Unlevered Free Cash Flow | 653.38 | 212.38 | 345.38 | 662.38 | 572.38 | 367.38 | 271.88 | 744.25 | 499.5 | -742.75 | -24.25 | 278.13 | 575.13 | 1,158 | 36.63 | 973.75 | 540 | 625.5 | 545.88 | 828.25 |
Additional Metrics
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 |
Cash Interest Paid | 192 | 185 | 195 | 192 | 186 | 192 | 193 | 198 | 191 | 182 | 202 | 133 | 189 | 129 | 194 | 131 | 180 | 114 | 188 | 391 |
Cash Income Tax Paid | 248 | 138 | 58 | 19 | 413 | 1 | 21 | 177 | 109 | -2 | 160 | 206 | 316 | -1 | 172 | 257 | 312 | 9 | 186 | 468 |
Change in Working Capital | -51 | -519 | 281 | 165 | -37 | -108 | -49 | 108 | 30 | 536 | -92 | -74 | 73 | 461 | -299 | 294 | -160 | -36 | -88 | 156 |