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Norfolk Southern cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$736M in Q3 2026 · $1.6B over twelve months

Operating cash flow$1.3B
Capital spending−$586M
Free cash flow+$736M
Cash / net income1.7×

Analysis

In Q3 2026, Norfolk Southern generated $1.3B of operating cash flow and spent $586M on capital projects, leaving free cash flow of $736M. That is $16.0M more than in Q3 2025 ($720M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.8B; the largest uses were capital spending ($2.1B), dividends ($1.2B), net borrowing (+) / repaid (−) ($623M); besides operations, cash came from asset & business sales ($317M), other investing ($67.0M); the cash balance rose by $180M.

Operating cash flow was $1.3B against net income of $759M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$363M, other liabilities +$278M, deferred taxes +$54.0M.

Free cash flow

Norfolk Southern: free cash flow by quarterNorfolk Southern: free cash flow by quarter$276MQ4 2024$501MQ1 2025$602MQ2 2025$720MQ3 2025$334MQ4 2025−$38.0MQ1 2026$615MQ2 2026$736MQ3 2026
Operating cash flow less capital spending.
Norfolk Southern: operating cash flow against capital spendingNorfolk Southern: operating cash flow against capital spendingOperating cash flowCapital spending$951M$675MQ4 2024$950M$449MQ1 2025$1.1B$475MQ2 2025$1.3B$551MQ3 2025$1.1B$729MQ4 2025$344M$382MQ1 2026$1.1B$439MQ2 2026$1.3B$586MQ3 2026
Latest (Q3 2026): Operating cash flow $1.3B, Capital spending $586M.

Capital allocation, year by year

Norfolk Southern: where the cash came from (up) and went (down), by fiscal yearNorfolk Southern: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $4.3BFY2021: Net borrowing $1.1BFY2021: Shares issued $42.0MFY2021: Asset sales $159MFY2021: Capital spending −$1.5BFY2021: Buybacks −$3.4BFY2021: Dividends −$1.0B$5.5BFY2021FY2022: Operating cash flow $4.2BFY2022: Net borrowing $1.3BFY2022: Shares issued $25.0MFY2022: Asset sales $263MFY2022: Capital spending −$1.9BFY2022: Buybacks −$3.1BFY2022: Dividends −$1.2B$5.8BFY2022FY2023: Operating cash flow $3.2BFY2023: Net borrowing $2.0BFY2023: Shares issued $19.0MFY2023: Asset sales $86.0MFY2023: Capital spending −$2.3BFY2023: Buybacks −$622MFY2023: Dividends −$1.2B$5.2BFY2023FY2024: Operating cash flow $4.1BFY2024: Net borrowing −$4.0MFY2024: Shares issued $41.0MFY2024: Asset sales $558MFY2024: Capital spending −$2.4BFY2024: Dividends −$1.2B$4.7BFY2024FY2025: Operating cash flow $4.4BFY2025: Net borrowing −$163MFY2025: Shares issued $17.0MFY2025: Asset sales $164MFY2025: Capital spending −$2.2BFY2025: Buybacks −$534MFY2025: Dividends −$1.2B$4.5BFY2025
Over these 5 years operating cash flow totalled $20.1B; the largest uses were capital spending ($10.3B) and buybacks ($7.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debt$16.6B
Net debt$15.0B
Due within a year$649M

Norfolk Southern funds itself: free cash flow was $1.6B over the last twelve months, and $1.6B of cash and investments stands against $16.6B of debt ($649M due within a year, 2.5× covered by cash).

Norfolk Southern: debt maturities by year (FY2025)Norfolk Southern: debt maturities by year (FY2025)$625MYear 2$602MYear 3$611MYear 4$600MYear 5$14.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.6B of cash and investments now.

Where the cash came from and went

Norfolk Southern: sources (+) and uses (−) of cash, Q3 2026Norfolk Southern: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.3BCapital spending−$586MCash drawn (+) / kept (−)−$529MDividends−$304MAsset & business sales$96.0MNet borrowing (+) / repaid (−)−$11.0MOther investing$11.0MShares issued$1.0M
Norfolk Southern: sources (+) and uses (−) of cash, TTM to Q3 2026Norfolk Southern: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.8BCapital spending−$2.1BDividends−$1.2BNet borrowing (+) / repaid (−)−$623MAsset & business sales$317MCash drawn (+) / kept (−)−$180MOther investing$67.0MOther financing−$17.0MShares issued$7.0MBuybacks−$5.0M

From profit to cash

Norfolk Southern: net income to operating cash flow, Q3 2026Norfolk Southern: net income to operating cash flow, Q3 2026Net income$759MDepreciation & amortization$363MStock-based pay$23.0MDeferred taxes$54.0MGains on disposals−$1.0MReceivables−$53.0MPrepaid and other assets$17.0MOther liabilities$278MOperating cash flow$1.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.3B−$586M—−$304M−$11.0M$1.0M−$529M$736M
Q2 2026$1.1B−$439M—−$303M−$606M$1.0M$272M$615M
Q1 2026$344M−$382M−$5.0M−$303M−$1.0M$4.0M$189M−$38.0M
Q4 2025$1.1B−$729M—−$303M−$5.0M$1.0M−$112M$334M
Q3 2025$1.3B−$551M−$78.0M−$303M−$301M$10.0M−$115M$720M
Q2 2025$1.1B−$475M−$208M−$303M$144M$2.0M−$297M$602M
Q1 2025$950M−$449M−$248M−$306M−$1.0M$4.0M$635M$501M
Q4 2024$951M−$675M—−$306M−$1.0M$10.0M−$666M$276M

Norfolk Southern: income statement and cash flow

Norfolk Southern, Q3 2026: revenue $3.5B (+14% year over year), operating margin 32.6%. The chart follows the revenue to costs, profit and cash.

Norfolk Southern: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.