Norfolk Southern Corporation
Cash Flow Statement
| Line Item | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $759.0M | $734.0M | $547.0M | $644.0M | $711.0M | $768.0M | $750.0M | $733.0M |
| Depreciation & Amortization | $363.0M | $358.0M | $352.0M | $353.0M | $348.0M | $346.0M | $346.0M | $342.0M |
| Depreciation | $363.0M | $358.0M | $352.0M | $353.0M | $348.0M | $346.0M | $346.0M | $342.0M |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | — | — | — | — | — | — | — | — |
| Net Cash from Operating Activities | $1.32B | $1.05B | $344.0M | $1.06B | $1.27B | $1.08B | $950.0M | $951.0M |
| Investing Activities | ||||||||
| Capital Expenditures | $586.0M | $439.0M | $382.0M | $729.0M | $551.0M | $475.0M | $449.0M | $675.0M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-479.0M | $-416.0M | $-213.0M | $-644.0M | $-483.0M | $-414.0M | $-1.02B | $11.0M |
| Financing Activities | ||||||||
| Dividends Paid | $304.0M | $303.0M | $303.0M | $303.0M | $303.0M | $303.0M | $306.0M | $306.0M |
| Stock Repurchases | $0 | $0 | $5.0M | $0 | $78.0M | $208.0M | $248.0M | $0 |
| Net Cash from Financing Activities | $-314.0M | $-910.0M | $-320.0M | $-307.0M | $-673.0M | $-366.0M | $-564.0M | $-296.0M |
| Net Change in Cash | $529.0M | $-272.0M | $-189.0M | $112.0M | $115.0M | $297.0M | $-635.0M | $666.0M |
| Free Cash Flow | $736.0M | $615.0M | $-38.0M | $334.0M | $720.0M | $602.0M | $501.0M | $276.0M |