Cash Flow Statement

Operating Cash Flow

+3%

+20%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	387	399	446	460	583	601	612	535	484	560	711	910	946	1 157	1 170	1 281	1 392	1 343	1 458	1 481	1 461	1 480	1 450	1 464	1 470	1 529	1 663	1 716	1 602	1 396	1 179	1 034	1 114	1 259	1 401	1 496	1 564	1 729	1 838	1 916	2 001	1 968	1 816	1 749	1 789	1 730	1 810	1 910	1 828	1 925	2 002	2 000	1 942	1 813	1 706	1 556	1 633	1 605	1 613	1 668	1 714	1 806	1 852	5 404	5 523	5 736	5 932	2 666	2 791	2 803	2 758	2 722	2 426	2 096	2 008	2 013	2 305	2 732	2 916	3 005	3 035	3 035	3 240	3 270	3 033	2 570	2 090	1 827	1 414	1 795	2 416	2 622	3 319	3 350	2 962	2 873
Depreciation & Amortization	528	527	527	529	529	530	529	528	529	530	550	609	674	737	783	787	775	766	756	750	759	768	777	786	792	798	805	815	824	831	839	845	842	838	832	826	833	843	855	869	882	897	911	922	924	922	921	922	932	944	950	956	964	972	1 011	1 059	1 066	1 076	1 059	1 030	1 037	1 044	1 051	1 059	1 071	1 080	1 090	1 104	1 115	1 125	1 136	1 139	1 148	1 146	1 152	1 154	1 154	1 166	1 170	1 181	1 191	1 201	1 210	1 221	1 240	1 257	1 277	1 298	1 314	1 328	1 341	1 353	1 362	1 373	1 382	1 393
Change in Deffered Taxes	108	110	134	178	144	155	155	132	166	173	128	200	196	65	95	80	55	100	31	(8)	(10)	(3)	53	125	153	210	287	290	281	302	282	338	362	309	337	312	384	509	554	527	503	422	392	366	352	371	302	262	180	136	68	294	314	312	329	320	352	386	441	227	239	240	269	(2 859)	(2 870)	(2 884)	(2 940)	173	185	217	260	330	284	253	183	142	183	193	222	184	180	188	49	83	20	(63)	7	(49)	(60)	(9)	145	176	259	280	350	277
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	129	51	68	82	96	96	109	118	89	39	9	5	60	85	96	86	67	69	65	59	61	53	53	51	45	48	47	50	54	49	53	55	44	43	37	34	42	42	46	50	42	42	39	39	45	34	42	47	47	47	54	52	53	39	29	20	28	42	48	61	54	61	58	57	53	41	39	36	40	48	50	0	40	76	80	97	63
Other Non-Cash Items	(118)	(102)	(112)	(101)	(206)	(213)	(215)	(227)	(102)	(102)	(159)	(140)	(137)	(136)	(81)	(88)	(100)	(97)	(94)	(54)	(35)	(25)	(30)	(51)	(50)	(59)	(39)	(29)	(26)	(11)	(18)	(18)	(17)	(17)	(43)	(42)	(41)	(39)	(34)	(32)	(33)	(34)	(6)	(6)	(104)	(103)	(102)	(104)	(7)	(8)	(17)	(13)	(16)	(28)	(20)	(30)	(27)	(19)	(48)	(46)	(53)	(59)	(70)	(92)	(91)	(86)	(56)	(171)	(181)	(164)	(149)	(42)	353	339	432	445	60	(4)	(105)	(86)	(84)	(48)	(60)	(82)	(80)	(70)	(62)	(49)	(46)	(49)	(440)	(490)	(512)	(522)	(207)	(253)
Cash Taxes Paid	39	45	52	54	41	73	67	93	79	87	109	146	146	233	229	271	288	354	593	692	683	711	595	603	602	598	618	615	631	602	448	381	358	412	645	602	605	394	225	289	288	508	704	0	557	510	485	735	772	810	983	1 102	1 054	844	719	386	376	582	445	593	603	683	778	705	700	490	425	519	521	608	609	543	550	329	257	311	322	559	661	654	636	726	764	750	740	744	693	681	680	473	444	305	308	612	454	491
Cash Interest Paid	547	533	538	525	518	518	511	510	509	490	487	483	482	490	502	485	478	471	455	473	473	474	452	441	432	414	416	421	416	437	455	458	459	466	466	453	475	440	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change in Working Capital	(306)	(205)	(296)	(263)	(177)	(289)	(100)	86	102	153	235	82	132	72	85	45	85	231	69	37	107	25	50	9	(14)	(224)	(119)	(77)	(216)	(218)	(267)	(339)	(37)	210	86	122	(132)	(10)	137	(53)	257	(63)	(174)	34	(208)	(12)	62	88	10	12	17	(322)	(272)	(118)	(278)	3	158	(181)	(24)	155	64	147	85	(259)	(410)	(343)	(354)	(46)	(119)	(129)	(166)	(257)	(245)	(136)	(113)	(117)	(5)	(111)	(20)	(29)	(88)	(207)	(73)	(270)	188	363	(8)	152	223	143	312	391	(265)	(277)	(238)	71
Cash from Operating Activities	599 N/A	729 +22%	699 -4%	803 +15%	873 +9%	784 -10%	981 +25%	1 054 +7%	1 179 +12%	1 314 +11%	1 465 +11%	1 661 +13%	1 811 +9%	1 895 +5%	2 052 +8%	2 105 +3%	2 207 +5%	2 343 +6%	2 220 -5%	2 206 -1%	2 282 +3%	2 245 -2%	2 300 +2%	2 333 +1%	2 351 +1%	2 254 -4%	2 597 +15%	2 715 +5%	2 465 -9%	2 300 -7%	2 015 -12%	1 860 -8%	2 264 +22%	2 599 +15%	2 613 +1%	2 714 +4%	2 608 -4%	3 032 +16%	3 350 +10%	3 227 -4%	3 610 +12%	3 190 -12%	2 939 -8%	3 065 +4%	2 753 -10%	2 908 +6%	2 993 +3%	3 078 +3%	2 943 -4%	3 009 +2%	3 020 +0%	2 915 -3%	2 932 +1%	2 951 +1%	2 748 -7%	2 908 +6%	3 182 +9%	2 867 -10%	3 041 +6%	3 034 0%	3 001 -1%	3 178 +6%	3 187 +0%	3 253 +2%	3 223 -1%	3 503 +9%	3 672 +5%	3 726 +1%	3 791 +2%	3 852 +2%	3 839 0%	3 892 +1%	3 966 +2%	3 698 -7%	3 662 -1%	3 637 -1%	3 697 +2%	3 976 +8%	4 183 +5%	4 255 +2%	4 234 0%	4 169 -2%	4 366 +5%	4 222 -3%	4 401 +4%	4 057 -8%	3 304 -19%	3 179 -4%	2 845 -11%	3 208 +13%	3 774 +18%	4 052 +7%	4 163 +3%	4 204 +1%	4 249 +1%	4 361 +3%
Investing Cash Flow
Capital Expenditures	(641)	(666)	(669)	(689)	(697)	(730)	(708)	(720)	(695)	(746)	(853)	(1 041)	(1 013)	(986)	(950)	(1 025)	(1 137)	(1 247)	(1 309)	(1 178)	(1 158)	(1 174)	(1 211)	(1 341)	(1 409)	(1 442)	(1 550)	(1 558)	(1 497)	(1 448)	(1 373)	(1 299)	(1 312)	(1 302)	(1 287)	(1 470)	(1 637)	(1 789)	(1 996)	(2 160)	(2 198)	(2 240)	(2 249)	(2 241)	(2 159)	(2 157)	(2 189)	(1 971)	(1 973)	(1 896)	(1 880)	(2 118)	(2 129)	(2 195)	(2 516)	(2 385)	(2 391)	(2 431)	(1 912)	(1 887)	(1 927)	(1 838)	(1 898)	(1 723)	(1 668)	(1 676)	(1 734)	(1 951)	(2 035)	(2 094)	(2 119)	(2 019)	(1 918)	(1 775)	(1 578)	(1 494)	(1 393)	(1 386)	(1 466)	(1 470)	(1 594)	(1 680)	(1 727)	(1 948)	(1 987)	(2 059)	(2 162)	(2 349)	(4 120)	(4 169)	(4 202)	(4 024)	(2 274)	(2 180)	(2 150)	(2 204)
Other Items	151	113	125	16	20	4	2	80	72	95	(81)	(204)	(266)	(201)	(625)	(802)	(754)	(1 169)	143	494	509	1 079	468	316	393	409	315	330	272	(36)	(12)	(152)	(255)	(231)	(203)	14	159	263	341	388	372	337	230	247	235	288	278	77	191	162	101	116	3	(12)	61	298	274	284	202	55	99	94	222	242	220	233	286	293	398	370	279	255	271	323	319	319	249	222	262	248	239	273	292	345	328	429	225	167	485	161	623	1 244	317	532	243	(358)
Cash from Investing Activities	(490) N/A	(553) -13%	(544) +2%	(673) -24%	(677) -1%	(726) -7%	(706) +3%	(640) +9%	(623) +3%	(651) -4%	(934) -43%	(1 245) -33%	(1 279) -3%	(1 187) +7%	(1 575) -33%	(1 827) -16%	(1 891) -4%	(2 416) -28%	(1 166) +52%	(684) +41%	(649) +5%	(95) +85%	(743) -682%	(1 025) -38%	(1 016) +1%	(1 033) -2%	(1 235) -20%	(1 228) +1%	(1 225) +0%	(1 484) -21%	(1 385) +7%	(1 451) -5%	(1 567) -8%	(1 533) +2%	(1 490) +3%	(1 456) +2%	(1 478) -2%	(1 526) -3%	(1 655) -8%	(1 772) -7%	(1 826) -3%	(1 903) -4%	(2 019) -6%	(1 994) +1%	(1 924) +4%	(1 869) +3%	(1 911) -2%	(1 894) +1%	(1 782) +6%	(1 734) +3%	(1 779) -3%	(2 002) -13%	(2 126) -6%	(2 207) -4%	(2 455) -11%	(2 087) +15%	(2 117) -1%	(2 147) -1%	(1 710) +20%	(1 832) -7%	(1 828) +0%	(1 744) +5%	(1 676) +4%	(1 481) +12%	(1 448) +2%	(1 443) +0%	(1 448) 0%	(1 658) -15%	(1 637) +1%	(1 724) -5%	(1 840) -7%	(1 764) +4%	(1 647) +7%	(1 452) +12%	(1 259) +13%	(1 175) +7%	(1 144) +3%	(1 164) -2%	(1 204) -3%	(1 222) -1%	(1 355) -11%	(1 407) -4%	(1 435) -2%	(1 603) -12%	(1 659) -3%	(1 630) +2%	(1 937) -19%	(2 182) -13%	(3 635) -67%	(4 008) -10%	(3 579) +11%	(2 780) +22%	(1 957) +30%	(1 648) +16%	(1 907) -16%	(2 562) -34%
Financing Cash Flow
Net Issuance of Common Stock	45	37	39	42	8	10	8	13	17	38	79	162	223	205	205	194	244	170	(596)	(667)	(1 018)	(988)	(594)	(1 013)	(983)	(1 057)	(1 085)	(899)	(688)	(558)	(192)	66	81	(30)	(344)	(774)	(1 106)	(1 425)	(1 912)	(1 931)	(1 989)	(2 011)	(1 488)	(1 199)	(808)	(630)	(598)	(496)	(506)	(280)	(71)	(251)	(657)	(970)	(1 171)	(1 063)	(876)	(725)	(666)	(746)	(705)	(707)	(813)	(923)	(1 058)	(1 248)	(2 548)	(2 741)	(2 938)	(3 088)	(2 008)	(2 072)	(2 026)	(1 683)	(1 450)	(1 370)	(1 515)	(2 246)	(2 915)	(3 373)	(3 394)	(3 322)	(3 210)	(3 114)	(2 669)	(1 958)	(1 337)	(619)	(452)	(312)	(92)	26	(225)	(433)	(522)	(532)
Net Issuance of Debt	49	(73)	(98)	(91)	(135)	58	(144)	(167)	(429)	(440)	(224)	(253)	156	(518)	(560)	(456)	(682)	(32)	(237)	(339)	(371)	(701)	(481)	(239)	(60)	312	314	280	440	498	496	403	0	(401)	(139)	(139)	(419)	287	(108)	501	1 387	1 003	1 630	1 129	448	453	440	739	842	742	(50)	(445)	(446)	160	592	1 083	584	685	585	94	594	(252)	(257)	(412)	131	(267)	1 218	1 273	1 080	1 784	654	1 004	754	1 170	809	403	319	935	1 044	1 092	2 164	1 272	1 173	1 279	85	19	1 468	1 959	2 565	2 435	586	(4)	(405)	(259)	(159)	(163)
Cash Paid for Dividends	(93)	(93)	(98)	(101)	(105)	(110)	(113)	(117)	(122)	(125)	(133)	(142)	(154)	(167)	(181)	(194)	(216)	(239)	(260)	(278)	(300)	(319)	(347)	(377)	(398)	(421)	(439)	(456)	(472)	(488)	(492)	(500)	(501)	(502)	(510)	(514)	(530)	(545)	(562)	(576)	(589)	(601)	(611)	(624)	(626)	(631)	(633)	(637)	(647)	(657)	(672)	(687)	(701)	(712)	(713)	(713)	(708)	(703)	(699)	(695)	(696)	(699)	(701)	(703)	(731)	(757)	(801)	(844)	(869)	(894)	(922)	(949)	(961)	(973)	(966)	(960)	(967)	(974)	(1 002)	(1 028)	(1 076)	(1 123)	(1 145)	(1 167)	(1 177)	(1 191)	(1 206)	(1 225)	(1 223)	(1 220)	(1 220)	(1 221)	(1 222)	(1 220)	(1 218)	(1 215)
Other	0	0	0	0	0	0	0	(43)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	23	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash from Financing Activities	1 N/A	(129) N/A	(157) -22%	(150) +4%	(232) -55%	(42) +82%	(249) -493%	(314) -26%	(577) -84%	(570) +1%	(321) +44%	(233) +27%	225 N/A	(480) N/A	(536) -12%	(456) +15%	(654) -43%	(101) +85%	(1 093) -982%	(1 284) -17%	(1 689) -32%	(2 008) -19%	(1 422) +29%	(1 629) -15%	(1 441) +12%	(1 166) +19%	(1 210) -4%	(1 075) +11%	(720) +33%	(548) +24%	(188) +66%	(31) +84%	(420) -1 255%	(933) -122%	(993) -6%	(1 427) -44%	(2 055) -44%	(1 683) +18%	(2 582) -53%	(2 006) +22%	(1 191) +41%	(1 609) -35%	(469) +71%	(694) -48%	(986) -42%	(808) +18%	(791) +2%	(394) +50%	(311) +21%	(195) +37%	(793) -307%	(1 383) -74%	(1 804) -30%	(1 522) +16%	(1 292) +15%	(693) +46%	(1 000) -44%	(743) +26%	(780) -5%	(1 347) -73%	(807) +40%	(1 658) -105%	(1 771) -7%	(2 038) -15%	(1 658) +19%	(2 272) -37%	(2 131) +6%	(2 312) -8%	(2 727) -18%	(2 198) +19%	(2 276) -4%	(1 994) +12%	(2 210) -11%	(1 463) +34%	(1 584) -8%	(1 927) -22%	(2 163) -12%	(2 285) -6%	(2 873) -26%	(3 309) -15%	(2 306) +30%	(3 173) -38%	(3 182) 0%	(3 002) +6%	(3 761) -25%	(3 130) +17%	(1 075) +66%	115 N/A	890 +674%	903 +1%	(726) N/A	(1 199) -65%	(1 852) -54%	(1 912) -3%	(1 899) +1%	(1 910) -1%
Change in Cash
Net Change in Cash	110 N/A	47 -57%	(2) N/A	(20) -900%	(36) -80%	16 N/A	26 +63%	100 +285%	(21) N/A	93 N/A	210 +126%	183 -13%	757 +314%	228 -70%	(59) N/A	(178) -202%	(338) -90%	(174) +49%	(39) +78%	238 N/A	(56) N/A	142 N/A	135 -5%	(321) N/A	(106) +67%	55 N/A	152 +176%	412 +171%	520 +26%	268 -48%	442 +65%	378 -14%	277 -27%	133 -52%	130 -2%	(169) N/A	(925) -447%	(177) +81%	(887) -401%	(551) +38%	593 N/A	(322) N/A	451 N/A	377 -16%	(157) N/A	231 N/A	291 +26%	790 +171%	850 +8%	1 080 +27%	448 -59%	(470) N/A	(998) -112%	(778) +22%	(999) -28%	128 N/A	65 -49%	(23) N/A	551 N/A	(145) N/A	366 N/A	(224) N/A	(260) -16%	(266) -2%	117 N/A	(212) N/A	93 N/A	(244) N/A	(573) -135%	(70) +88%	(277) -296%	134 N/A	109 -19%	783 +618%	819 +5%	535 -35%	390 -27%	527 +35%	106 -80%	(276) N/A	573 N/A	(411) N/A	(251) +39%	(383) -53%	(1 019) -166%	(703) +31%	292 N/A	1 112 +281%	100 -91%	103 +3%	(531) N/A	73 N/A	354 +385%	644 +82%	443 -31%	(111) N/A
Free Cash Flow
Free Cash Flow	(42) N/A	63 N/A	30 -52%	114 +280%	176 +54%	54 -69%	273 +406%	334 +22%	484 +45%	568 +17%	612 +8%	620 +1%	798 +29%	909 +14%	1 102 +21%	1 080 -2%	1 070 -1%	1 096 +2%	911 -17%	1 028 +13%	1 124 +9%	1 071 -5%	1 089 +2%	992 -9%	942 -5%	812 -14%	1 047 +29%	1 157 +11%	968 -16%	852 -12%	642 -25%	561 -13%	952 +70%	1 297 +36%	1 326 +2%	1 244 -6%	971 -22%	1 243 +28%	1 354 +9%	1 067 -21%	1 412 +32%	950 -33%	690 -27%	824 +19%	594 -28%	751 +26%	804 +7%	1 107 +38%	970 -12%	1 113 +15%	1 140 +2%	797 -30%	803 +1%	756 -6%	232 -69%	523 +125%	791 +51%	436 -45%	1 129 +159%	1 147 +2%	1 074 -6%	1 340 +25%	1 289 -4%	1 530 +19%	1 555 +2%	1 827 +17%	1 938 +6%	1 775 -8%	1 756 -1%	1 758 +0%	1 720 -2%	1 873 +9%	2 048 +9%	1 923 -6%	2 084 +8%	2 143 +3%	2 304 +8%	2 590 +12%	2 717 +5%	2 785 +3%	2 640 -5%	2 489 -6%	2 639 +6%	2 274 -14%	2 414 +6%	1 998 -17%	1 142 -43%	830 -27%	(1 275) N/A	(961) +25%	(428) +55%	28 N/A	1 889 +6 646%	2 024 +7%	2 099 +4%	2 157 +3%

Income Statement Balance Sheet Cash Flow Statement

Norfolk Southern Corp
NYSE:NSC

Cash Flow Statement

Cash Flow Statement
Norfolk Southern Corp

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Norfolk Southern Corp NYSE:NSC

Cash Flow Statement

Cash Flow Statement Norfolk Southern Corp

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Norfolk Southern Corp
NYSE:NSC

Cash Flow Statement
Norfolk Southern Corp