Income StatementBalance SheetCash FlowSegments
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Norfolk Southern Cash Flow Statement

Operating, investing, and financing cash movements

Norfolk Southern generated $3.8B in operating cash flow over the trailing twelve months. After $2.1B in capital expenditures, free cash flow was $1.6B. Free cash flow decreased 0.1% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$3.8BNet Cash From Investing (TTM)-$1.8BNet Cash From Financing (TTM)-$1.7BCapital Expenditures (TTM)$2.1BDepreciation And Amortization Cf (TTM)$1.4BNet Change In Cash (TTM)$100.0M
Latest FilingQ1 2026
Report Date2026-04-24
Market Cap$71.9B
P/E Ratio26.94
ROE17.62%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$675.0M$449.0M$475.0M$551.0M$729.0M$382.0M
Payment for (Proceeds from) Other Investing Activity-$656.0M-$19.0M-$17.0M-$16.0M-$47.0M-$10.0M
Proceeds from disposals of property, plant and equipment$31.0M$18.0M$48.0M$54.0M$44.0M$162.0M
Net cash from investing activities$0.0-$1.0B-$414.0M-$483.0M-$644.0M-$213.0M
Purchases of investments$1.0M$609.0M$4.0M$2.0M$6.0M$3.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts receivable-$241.0M$165.0M——-$112.0M$135.0M
Change in other liabilities—$22.0M-$128.0M$131.0M$234.0M-$388.0M
Other working capital changes-$45.0M-$72.0M-$18.0M-$74.0M-$66.0M-$67.0M
Deferred income taxes$35.0M$57.0M$52.0M$206.0M—$48.0M
Depreciation and amortization$342.0M$346.0M$346.0M$348.0M$353.0M$352.0M
Net cash from operating activities$951.0M$950.0M$1.1B$1.3B$1.1B$344.0M
Net income$733.0M$750.0M$768.0M$711.0M$644.0M$547.0M
Gain (Loss) on Disposition of Assets$65.0M$23.0M$34.0M$85.0M$111.0M$17.0M
Increase (Decrease) in Materials and Supplies—-$4.0M$40.0M-$16.0M-$26.0M$41.0M
Increase (Decrease) in Other Current Assets—-$31.0M-$23.0M-$14.0M$91.0M-$45.0M
Change in materials and supplies—-$4.0M$40.0M-$16.0M-$26.0M$41.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Dividends paid$306.0M$306.0M$303.0M$303.0M$303.0M$303.0M
Common stock transactions$11.0M-$9.0M$1.0M$9.0M$1.0M-$11.0M
Repayments of Debt and Lease Obligation$1.0M$1.0M$252.0M$301.0M$5.0M$1.0M
Net cash from financing activities-$296.0M-$564.0M-$366.0M-$673.0M-$307.0M-$320.0M
Repurchases of common stock$0.0$248.0M$208.0M$78.0M$0.0$5.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$276.0M$501.0M$602.0M$720.0M$334.0M-$38.0M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest paid$193.0M$192.0M$186.0M$192.0M$195.0M$185.0M
Income Taxes Paid, Net$21.0M$1.0M$413.0M$19.0M$58.0M$138.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash$666.0M-$635.0M———-$189.0M