Norfolk Southern Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	2020 - 2016
Net Income	2,873	2,622	1,827	3,270	3,005	Upgrade
Depreciation & Amortization	1,393	1,353	1,298	1,221	1,181	Upgrade
Loss (Gain) From Sale of Assets	-253	-490	-49	-82	-86	Upgrade
Other Operating Activities	47	-58	-265	14	8	Upgrade
Change in Accounts Receivable	59	85	-2	-171	-133	Upgrade
Change in Inventory	6	-13	-11	-35	3	Upgrade
Change in Other Net Operating Assets	236	553	381	5	277	Upgrade
Operating Cash Flow	4,361	4,052	3,179	4,222	4,255	Upgrade
Operating Cash Flow Growth	7.63%	27.46%	-24.70%	-0.78%	16.99%	Upgrade
Capital Expenditures	-2,204	-4,024	-2,349	-1,948	-1,470	Upgrade
Sale of Property, Plant & Equipment	164	558	86	263	159	Upgrade
Investment in Securities	-522	686	81	82	89	Upgrade
Investing Cash Flow	-2,562	-2,780	-2,182	-1,603	-1,222	Upgrade
Long-Term Debt Issued	396	1,051	3,293	1,832	1,676	Upgrade
Long-Term Debt Repaid	-559	-1,055	-1,334	-553	-584	Upgrade
Net Debt Issued (Repaid)	-163	-4	1,959	1,279	1,092	Upgrade
Issuance of Common Stock	2	26	3	-	17	Upgrade
Repurchase of Common Stock	-534	-	-622	-3,114	-3,390	Upgrade
Common Dividends Paid	-1,215	-1,221	-1,225	-1,167	-1,028	Upgrade
Financing Cash Flow	-1,910	-1,199	115	-3,002	-3,309	Upgrade
Net Cash Flow	-111	73	1,112	-383	-276	Upgrade
Free Cash Flow	2,157	28	830	2,274	2,785	Upgrade
Free Cash Flow Growth	7603.57%	-96.63%	-63.50%	-18.35%	29.96%	Upgrade
Free Cash Flow Margin	17.71%	0.23%	6.83%	17.84%	25.00%	Upgrade
Free Cash Flow Per Share	9.57	0.12	3.65	9.65	11.22	Upgrade
Cash Interest Paid	765	764	653	619	579	Upgrade
Cash Income Tax Paid	491	305	681	750	654	Upgrade
Levered Free Cash Flow	1,453	268.5	1,536	1,642	2,473	Upgrade
Unlevered Free Cash Flow	1,948	772.88	1,987	2,075	2,877	Upgrade
Change in Working Capital	301	625	368	-201	147	Upgrade

Source: S&P Capital IQ. Standard template. Financial Sources.