Norfolk Southern Corporation
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $2.87B | $2.62B | $1.83B | $3.27B | $3.01B | $2.01B | $2.72B | $2.67B |
| Depreciation & Amortization | $1.39B | $1.35B | $1.30B | $1.22B | $1.18B | $1.15B | $1.14B | $1.10B |
| Depreciation | $1.39B | $1.35B | $1.30B | $1.22B | $1.18B | $1.15B | $1.14B | $1.10B |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | — | — | — | — | — | — | — | — |
| Net Cash from Operating Activities | $4.36B | $4.05B | $3.18B | $4.22B | $4.26B | $3.64B | $3.89B | $3.73B |
| Investing Activities | ||||||||
| Capital Expenditures | $2.20B | $2.38B | $2.33B | $1.95B | $1.47B | $1.49B | $2.02B | $1.95B |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-2.56B | $-2.78B | $-2.18B | $-1.60B | $-1.22B | $-1.18B | $-1.76B | $-1.66B |
| Financing Activities | ||||||||
| Dividends Paid | $1.22B | $1.22B | $1.23B | $1.17B | $1.03B | $960.0M | $949.0M | $844.0M |
| Stock Repurchases | $534.0M | $0 | $622.0M | $3.11B | $3.39B | $1.44B | $2.10B | $2.78B |
| Net Cash from Financing Activities | $-1.91B | $-1.20B | $115.0M | $-3.00B | $-3.31B | $-1.93B | $-1.99B | $-2.31B |
| Net Change in Cash | $-111.0M | $73.0M | $1.11B | $-383.0M | $-276.0M | $535.0M | $134.0M | $-244.0M |
| Free Cash Flow | $2.16B | $1.67B | $852.0M | $2.27B | $2.79B | $2.14B | $1.87B | $1.78B |