Norfolk Southern Corporation (NSC) quarterly cash flow statement — complete operating, investing & financing history
Norfolk Southern Corporation (NSC) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 1.05B | 344M | 1.06B | 1.27B | 1.08B | 950M | 951M | 1.23B | 1.04B | 839M | 673M | 660M | 673M | 1.17B | 798M | 1.41B | 1.02B | 994M | 942M | 1.22B |
| Operating CF Margin % | 30.42% | 11.47% | 35.74% | 40.96% | 34.63% | 31.74% | 31.45% | 40.18% | 34.03% | 27.93% | 21.9% | 22.21% | 22.58% | 37.45% | 24.65% | 42.27% | 31.29% | 34.1% | 33.03% | 42.64% |
| Operating CF Growth % | -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% | 16.2% | -6.01% | -2.07% | 8.28% | 20.52% |
| Net Income | 734M | 547M | 644M | 711M | 768M | 750M | 735M | 1.1B | 736M | 52M | 527M | 478M | 356M | 466M | 790M | 958M | 819M | 703M | 760M | 753M |
| Depreciation & Amortization | 358M | 352M | 353M | 348M | 346M | 346M | 342M | 339M | 335M | 337M | 330M | 326M | 321M | 321M | 309M | 306M | 304M | 302M | 298M | 297M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11M | 4M | 13M | 13M | 0 | 0 | 0 |
| Deferred Taxes | 60M | 48M | -38M | 206M | 52M | 57M | 35M | 136M | 31M | -26M | 4M | -18M | -20M | -15M | 60M | -88M | 63M | 48M | 26M | 51M |
| Other Non-Cash Items | -47M | -17M | 65M | -159M | -52M | -95M | -112M | -456M | -96M | -60M | -96M | -52M | -57M | -71M | -66M | -70M | -22M | -23M | -54M | -41M |
| Working Capital Changes | -51M | -586M | 39M | 165M | -37M | -108M | -49M | 108M | 30M | 536M | -92M | -74M | 73M | 461M | -299M | 294M | -160M | -36M | -88M | 156M |
| Change in Receivables | -55M | -135M | 112M | 4M | 108M | -165M | 241M | -113M | 8M | -51M | 63M | -122M | 79M | -22M | 3M | 56M | -136M | -94M | -31M | -6M |
| Change in Inventory | -15M | -41M | 20M | 16M | -40M | 4M | 24M | 20M | -38M | -6M | 39M | -31M | -10M | -9M | 23M | 13M | -25M | -46M | 17M | 11M |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -416M | -213M | -644M | -483M | -414M | -1.02B | 11M | -224M | -723M | -1.84B | -788M | -653M | -350M | -391M | -543M | -346M | -379M | -335M | -375M | -318M |
| Capital Expenditures | -439M | -382M | 1.48B | -551M | -475M | -449M | -675M | -581M | -569M | -2.2B | -853M | -548M | -520M | -428M | -666M | -445M | -448M | -389M | -445M | -398M |
| CapEx % of Revenue | 12.67% | 12.74% | 49.6% | 17.76% | 15.27% | 15% | 22.32% | 19.04% | 18.69% | 73.2% | 27.76% | 18.45% | 17.45% | 13.67% | 20.57% | 13.31% | 13.78% | 13.34% | 15.6% | 13.96% |
| Acquisitions | 0 | 162M | -102M | 54M | 48M | 18M | -70M | 457M | 38M | 32M | 2.47B | 1M | 41M | 20M | 70M | 93M | 64M | 36M | 24M | 69M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 15M | 0 | -2.68B | 0 | 0 | 0 | 101M | 0 | 0 | 0 | -2.45B | 0 | 0 | 20M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -910M | -320M | -307M | -673M | -366M | -564M | -296M | -686M | -306M | 89M | 177M | 943M | -319M | -686M | -1.01B | -1.11B | -950M | 73M | -1.19B | -1.1B |
| Debt Issued (Net) | -606M | -1M | 158M | -301M | 144M | -1M | -1M | -401M | -2M | 400M | 589M | 1.45B | 128M | -206M | 98M | -1M | 194M | 988M | -8M | 98M |
| Equity Issued (Net) | -1M | -16M | -1M | -69M | -207M | -257M | 11M | 20M | 1M | -6M | -107M | -200M | -139M | -173M | -825M | -821M | -850M | -618M | -921M | -933M |
| Dividends Paid | -303M | -303M | -303M | -303M | -303M | -306M | -306M | -305M | -305M | -305M | -305M | -305M | -308M | -307M | -286M | -290M | -294M | -297M | -264M | -268M |
| Share Repurchases | 11M | -5M | 0 | -70M | -207M | -257M | 11M | 5M | 1M | -6M | -107M | -200M | -139M | -173M | -825M | -835M | -836M | -618M | -930M | -935M |
| Other Financing | 0 | 0 | -161M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -272M | -189M | 112M | 115M | 297M | -635M | 666M | 316M | 7M | -916M | 62M | 950M | 4M | 96M | -758M | -45M | -312M | 732M | -626M | -205M |
| Free Cash Flow | 615M | -38M | 2.54B | 720M | 602M | 501M | 276M | 645M | 467M | -1.36B | -180M | 112M | 153M | 745M | 132M | 968M | 569M | 605M | 497M | 818M |
| FCF Margin % | 17.75% | -1.27% | 85.34% | 23.2% | 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% | 20.75% | 17.43% | 28.68% |
| FCF Growth % | 2.16% | -107.58% | 819.57% | 11.63% | 28.91% | 136.84% | 253.33% | 475.89% | 205.23% | -282.55% | -236.36% | -88.43% | -73.11% | 23.14% | -73.44% | 18.34% | -20.97% | -19.33% | 15.85% | 18.38% |
| FCF per Share | 2.73 | -0.17 | 11.29 | 3.20 | 2.68 | 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 |
| FCF Conversion (FCF/Net Income) | 1.44x | 0.63x | 1.65x | 1.79x | 1.40x | 1.27x | 1.30x | 1.12x | 1.41x | 15.83x | 1.28x | 1.38x | 1.89x | 2.52x | 1.01x | 1.47x | 1.24x | 1.41x | 1.24x | 1.61x |
| Interest Paid | 192M | 185M | -570M | 192M | 186M | 192M | 193M | 198M | 191M | 0 | 202M | 133M | 189M | 129M | 194M | 131M | 180M | 114M | 188M | 110M |
| Taxes Paid | 248M | 138M | -433M | 19M | 413M | 1M | 21M | 177M | 0 | 0 | 160M | 206M | 0 | 0 | 172M | 257M | 312M | 9M | 186M | 219M |