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Norfolk Southern cash flow statement

In fiscal 2025, Norfolk Southern's operations generated $4.36bn of cash; it spent $2.20bn on capital projects, leaving free cash flow of $2.16bn. It returned $1.22bn in dividends and $534m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations1,8602,7143,2273,0653,0782,8522,9083,0343,2533,7263,8923,6374,2554,2223,1794,0524,3613,783
Depreciation and amortisation8458268699229229561,0591,0301,0591,1041,1391,1541,1811,2211,2981,3531,3931,426
Stock-based pay606761455444424245475328545340406383
Capital spending1,2991,4702,1602,2411,9712,1182,3851,8871,7231,9512,0191,4941,4701,9482,3272,3812,2042,136
Free cash flow5611,2441,0678241,1077345231,1471,5301,7751,8732,1432,7852,2748521,6712,1571,647
Free cash flow after stock pay5011,1771,0067791,0536904811,1051,4851,7281,8202,1152,7312,2218121,6312,0941,564
Dividends paid5005145766246376877136957038449499601,0281,1671,2251,2211,2151,213
Share buybacks08632,0511,2886273181,0758031,0122,7812,0991,4393,3903,11062205345

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Norfolk Southern's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Norfolk Southern.