Norfolk Southern Cash Flow Statement

NSC / Industrials|15 years of annual SEC 10-K data (FY2011-FY2025)

Covers operating cash flow, capital expenditures, free cash flow, share buybacks, and dividends paid across 15 fiscal years. All figures from audited SEC 10-K filings.

Norfolk Southern generated $4.4B in operating cash flow and $2.2B in free cash flow in FY2025. Free cash flow margin was 17.7% of revenue.

Based on SEC 10-K filings.

Key Data Points

Altman Z-Score 1.03 (distress zone, below 1.8 threshold)
Strong profit margin: 24.2%
High earnings quality (cash-backed earnings)

Data sourced from SEC EDGAR filings. Not investment advice.

Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Net Income	$2.9B	$2.6B	$1.8B	$2.0B	$2.7B	$2.7B	$5.4B	$1.7B	$5.4B	$1.7B	$1.6B	$2.0B	$1.9B	$1.5B	$1.0B
Depreciation & Amortization	$1.4B	$1.4B	$1.3B	$1.2B	$1.1B	$1.1B	$1.1B	$1.0B	$1.1B	$1.0B	-	-	$869.0M	$826.0M	$845.0M
Operating Cash Flow	$4.4B	$4.1B	$3.2B	$3.6B	$3.9B	$3.7B	$3.3B	$3.0B	$3.3B	$3.0B	$2.9B	$2.9B	$3.2B	$2.7B	$1.9B
Capital Expenditures	$2.2B	$2.4B	$2.3B	$1.5B	$2.0B	$2.0B	$1.7B	$1.9B	$1.7B	$1.9B	$2.4B	$2.1B	$2.2B	$1.5B	$1.3B
Free Cash Flow	$2.2B	$1.7B	$852.0M	$2.1B	$1.9B	$1.8B	$1.5B	$1.1B	$1.5B	$1.1B	$523.0M	$734.0M	$1.1B	$1.2B	$561.0M
Share Buybacks	$534.0M	$0	$622.0M	$1.4B	$2.1B	$2.8B	$1.0B	$803.0M	$1.0B	$803.0M	$1.1B	$318.0M	$2.1B	$863.0M	$0
Dividends Paid	$1.2B	$1.2B	$1.2B	$960.0M	$949.0M	$844.0M	$703.0M	$695.0M	$703.0M	$695.0M	$713.0M	$687.0M	$576.0M	$514.0M	$500.0M
FCF Margin	17.7%	13.8%	7.0%	21.9%	16.6%	15.5%	14.5%	11.6%	59.4%	11.6%	5.0%	6.3%	9.6%	13.1%	7.0%

Other Financial Statements

Income Statement Balance Sheet All Financial Data

Scores & Analysis

Piotroski F-Score Altman Z-Score Financial Ratios

Norfolk Southern Profile All Financial Data

Item

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

FY2018

FY2017

FY2016

FY2015

FY2014

FY2013

FY2012

FY2011

Net Income

$2.9B

$2.6B

$1.8B

$2.0B

$2.7B

$5.4B

$1.7B

$5.4B

$1.7B

$1.6B

$2.0B

$1.9B

$1.5B

$1.0B

Depreciation & Amortization

$1.4B

$1.3B

$1.2B

$1.1B

$1.0B

$1.1B

$1.0B

$869.0M

$826.0M

$845.0M

Operating Cash Flow

$4.4B

$4.1B

$3.2B

$3.6B

$3.9B

$3.7B

$3.3B

$3.0B

$3.3B

$3.0B

$2.9B

$3.2B

$2.7B

$1.9B

Capital Expenditures

$2.2B

$2.4B

$2.3B

$1.5B

$2.0B

$1.7B

$1.9B

$1.7B

$1.9B

$2.4B

$2.1B

$2.2B

$1.5B

$1.3B

Free Cash Flow

$2.2B

$1.7B

$852.0M

$2.1B

$1.9B

$1.8B

$1.5B

$1.1B

$1.5B

$1.1B

$523.0M

$734.0M

$1.1B

$1.2B

$561.0M

Share Buybacks

$534.0M

$622.0M

$1.4B

$2.1B

$2.8B

$1.0B

$803.0M

$1.0B

$803.0M

$1.1B

$318.0M

$2.1B

$863.0M

Dividends Paid

$1.2B

$960.0M

$949.0M

$844.0M

$703.0M

$695.0M

$703.0M

$695.0M

$713.0M

$687.0M

$576.0M

$514.0M

$500.0M

FCF Margin

17.7%

13.8%

7.0%

21.9%

16.6%

15.5%

14.5%

11.6%

59.4%

11.6%

5.0%

6.3%

9.6%

13.1%

7.0%