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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$69.7B
P/E Ratio26.12
ROE17.62%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$675M$449M$475M$551M$729M$382M
Payment for (Proceeds from) Other Investing Activity-$656M-$19M-$17M-$16M-$47M-$10M
Proceeds from disposals of property, plant and equipment$31M$18M$48M$54M$44M$162M
Net cash from investing activities$0-$1B-$414M-$483M-$644M-$213M
Purchases of investments$1M$609M$4M$2M$6M$3M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts receivable-$241M$165M——-$112M$135M
Change in other liabilities—$22M-$128M$131M$234M-$388M
Other working capital changes-$45M-$72M-$18M-$74M-$66M-$67M
Deferred income taxes$35M$57M$52M$206M—$48M
Depreciation and amortization$342M$346M$346M$348M$353M$352M
Net cash from operating activities$951M$950M$1.1B$1.3B$1.1B$344M
Net income$733M$750M$768M$711M$644M$547M
Gain (Loss) on Disposition of Assets$65M$23M$34M$85M$111M$17M
Increase (Decrease) in Materials and Supplies—-$4M$40M-$16M-$26M$41M
Increase (Decrease) in Other Current Assets—-$31M-$23M-$14M$91M-$45M
Change in materials and supplies—-$4M$40M-$16M-$26M$41M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Dividends paid$306M$306M$303M$303M$303M$303M
Common stock transactions$11M-$9M$1M$9M$1M-$11M
Repayments of Debt and Lease Obligation$1M$1M$252M$301M$5M$1M
Net cash from financing activities-$296M-$564M-$366M-$673M-$307M-$320M
Repurchases of common stock$0$248M$208M$78M$0$5M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$276M$501M$602M$720M$334M-$38M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest paid$193M$192M$186M$192M$195M$185M
Income Taxes Paid, Net$21M$1M$413M$19M$58M$138M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash$666M-$635M———-$189M