Norfolk Southern annual free cash flow
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2025
Norfolk Southern Free Cash Flow (FCF) History (NSC)
Norfolk Southern reported $2.16B in free cash flow for fiscal 2025, an increase of 29.08% from the previous fiscal year, with a free cash flow margin of 17.71%.
View full Norfolk Southern company overviewNorfolk Southern free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | $2.16B | $486.0M | +29.08% | +17.71% |
| 2024 | 2024-12-31 | $1.67B | $819.0M | +96.13% | +13.78% |
| 2023 | 2023-12-31 | $852.0M | −$1.42B | −62.53% | +7.01% |
| 2022 | 2022-12-31 | $2.27B | −$511.0M | −18.35% | +17.84% |
| 2021 | 2021-12-31 | $2.79B | $642.0M | +29.96% | +25.00% |
| 2020 | 2020-12-31 | $2.14B | $270.0M | +14.42% | +21.89% |
| 2019 | 2019-12-31 | $1.87B | $98.0M | +5.52% | +16.58% |
| 2018 | 2018-12-31 | $1.77B | $245.0M | +16.01% | +15.49% |
| 2017 | 2017-12-31 | $1.53B | $383.0M | +33.39% | +14.50% |
| 2016 | 2016-12-31 | $1.15B | $624.0M | +119.31% | +11.60% |
| 2015 | 2015-12-31 | $523.0M | −$211.0M | −28.75% | +4.98% |
| 2014 | 2014-12-31 | $734.0M | −$373.0M | −33.69% | +6.31% |
| 2013 | 2013-12-31 | $1.11B | $283.0M | +34.34% | +9.84% |
| 2012 | 2012-12-31 | $824.0M | −$243.0M | −22.77% | +7.46% |
| 2011 | 2011-12-31 | $1.07B | −$177.0M | −14.23% | +9.55% |
| 2010 | 2010-12-31 | $1.24B | $683.0M | +121.75% | +13.07% |
| 2009 | 2009-12-31 | $561.0M | −$596.0M | −51.51% | +7.04% |
| 2008 | 2008-12-31 | $1.16B | $165.0M | +16.63% | +10.85% |
| 2007 | 2007-12-31 | $992.0M | — | — | +10.52% |
Norfolk Southern quarterly free cash flow
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| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $615.0M | $13.0M | +2.16% | +17.75% |
| Q1 2026 | 2026-03-31 | −$38.0M | −$539.0M | — | −1.27% |
| Q4 2025 | 2025-12-31 | $334.0M | $58.0M | +21.01% | +11.23% |
| Q3 2025 | 2025-09-30 | $720.0M | $75.0M | +11.63% | +23.20% |
| Q2 2025 | 2025-06-30 | $602.0M | $134.0M | +28.63% | +19.36% |
| Q1 2025 | 2025-03-31 | $501.0M | $219.0M | +77.66% | +16.74% |
| Q4 2024 | 2024-12-31 | $276.0M | $439.0M | — | +9.13% |
| Q3 2024 | 2024-09-30 | $645.0M | $528.0M | +451.28% | +21.14% |
| Q2 2024 | 2024-06-30 | $468.0M | $315.0M | +205.88% | +15.37% |
| Q1 2024 | 2024-03-31 | $282.0M | −$463.0M | −62.15% | +9.39% |
| Q4 2023 | 2023-12-31 | −$163.0M | −$295.0M | — | −5.30% |
| Q3 2023 | 2023-09-30 | $117.0M | −$851.0M | −87.91% | +3.94% |
| Q2 2023 | 2023-06-30 | $153.0M | −$416.0M | −73.11% | +5.13% |
| Q1 2023 | 2023-03-31 | $745.0M | $140.0M | +23.14% | +23.79% |
| Q4 2022 | 2022-12-31 | $132.0M | −$365.0M | −73.44% | +4.08% |
| Q3 2022 | 2022-09-30 | $968.0M | $150.0M | +18.34% | +28.96% |
| Q2 2022 | 2022-06-30 | $569.0M | −$151.0M | −20.97% | +17.51% |
| Q1 2022 | 2022-03-31 | $605.0M | −$145.0M | −19.33% | +20.75% |
| Q4 2021 | 2021-12-31 | $497.0M | $68.0M | +15.85% | +17.43% |
| Q3 2021 | 2021-09-30 | $818.0M | $127.0M | +18.38% | +28.68% |
| Q2 2021 | 2021-06-30 | $720.0M | $286.0M | +65.90% | +25.72% |
| Q1 2021 | 2021-03-31 | $750.0M | $161.0M | +27.33% | +28.42% |
| Q4 2020 | 2020-12-31 | $429.0M | $59.0M | +15.95% | +16.67% |
| Q3 2020 | 2020-09-30 | $691.0M | $161.0M | +30.38% | +27.57% |
| Q2 2020 | 2020-06-30 | $434.0M | −$125.0M | −22.36% | +20.82% |
| Q1 2020 | 2020-03-31 | $589.0M | $175.0M | +42.27% | +22.44% |
| Q4 2019 | 2019-12-31 | $370.0M | $153.0M | +70.51% | +13.75% |
| Q3 2019 | 2019-09-30 | $530.0M | −$38.0M | −6.69% | +18.66% |
| Q2 2019 | 2019-06-30 | $559.0M | $2.0M | +0.36% | +19.11% |
| Q1 2019 | 2019-03-31 | $414.0M | −$19.0M | −4.39% | +14.58% |
| Q4 2018 | 2018-12-31 | $217.0M | −$163.0M | −42.89% | +7.49% |
| Q3 2018 | 2018-09-30 | $568.0M | $111.0M | +24.29% | +19.27% |
| Q2 2018 | 2018-06-30 | $557.0M | $272.0M | +95.44% | +19.22% |
| Q1 2018 | 2018-03-31 | $433.0M | $25.0M | +6.13% | +15.94% |
| Q4 2017 | 2017-12-31 | $380.0M | $241.0M | +173.38% | +14.24% |
| Q3 2017 | 2017-09-30 | $457.0M | −$51.0M | −10.04% | +17.12% |
| Q2 2017 | 2017-06-30 | $285.0M | $266.0M | +1400.00% | +10.81% |
| Q1 2017 | 2017-03-31 | $408.0M | −$73.0M | −15.18% | +15.84% |
| Q4 2016 | 2016-12-31 | $139.0M | $47.0M | +51.09% | +5.58% |
| Q3 2016 | 2016-09-30 | $508.0M | $692.0M | — | +20.13% |
| Q2 2016 | 2016-06-30 | $19.0M | −$357.0M | −94.95% | +0.77% |
| Q1 2016 | 2016-03-31 | $481.0M | $242.0M | +101.26% | +19.88% |
| Q4 2015 | 2015-12-31 | $92.0M | $325.0M | — | +3.65% |
| Q3 2015 | 2015-09-30 | −$184.0M | −$523.0M | — | −6.78% |
| Q2 2015 | 2015-06-30 | $376.0M | −$45.0M | −10.69% | +13.86% |
| Q1 2015 | 2015-03-31 | $239.0M | $32.0M | +15.46% | +9.31% |
| Q4 2014 | 2014-12-31 | −$233.0M | −$406.0M | — | −8.12% |
| Q3 2014 | 2014-09-30 | $339.0M | $27.0M | +8.65% | +11.21% |
| Q2 2014 | 2014-06-30 | $421.0M | $143.0M | +51.44% | +13.84% |
| Q1 2014 | 2014-03-31 | $207.0M | −$137.0M | −39.83% | +7.70% |
| Q4 2013 | 2013-12-31 | $173.0M | $303.0M | — | +6.00% |
| Q3 2013 | 2013-09-30 | $312.0M | $53.0M | +20.46% | +11.05% |
| Q2 2013 | 2013-06-30 | $278.0M | $157.0M | +129.75% | +9.92% |
| Q1 2013 | 2013-03-31 | $344.0M | −$230.0M | −40.07% | +12.56% |
| Q4 2012 | 2012-12-31 | −$130.0M | $134.0M | — | −4.84% |
| Q3 2012 | 2012-09-30 | $259.0M | −$260.0M | −50.10% | +9.62% |
| Q2 2012 | 2012-06-30 | $121.0M | −$462.0M | −79.25% | +4.21% |
| Q1 2012 | 2012-03-31 | $574.0M | $345.0M | +150.66% | +20.58% |
| Q4 2011 | 2011-12-31 | −$264.0M | −$287.0M | — | −9.44% |
| Q3 2011 | 2011-09-30 | $519.0M | $111.0M | +27.21% | +17.96% |
| Q2 2011 | 2011-06-30 | $583.0M | $272.0M | +87.46% | +20.34% |
| Q1 2011 | 2011-03-31 | $229.0M | −$273.0M | −54.38% | +8.74% |
| Q4 2010 | 2010-12-31 | $23.0M | −$82.0M | −78.10% | +0.96% |
| Q3 2010 | 2010-09-30 | $408.0M | $29.0M | +7.65% | +16.61% |
| Q2 2010 | 2010-06-30 | $311.0M | $345.0M | — | +12.80% |
| Q1 2010 | 2010-03-31 | $502.0M | $391.0M | +352.25% | +22.43% |
| Q4 2009 | 2009-12-31 | $105.0M | — | — | +4.99% |
| Q3 2009 | 2009-09-30 | $379.0M | — | — | +18.37% |
| Q2 2009 | 2009-06-30 | −$34.0M | — | — | −1.83% |
| Q1 2009 | 2009-03-31 | $111.0M | — | — | +5.71% |
Norfolk Southern free cash flow growth trends
Over the last five reported fiscal years, free cash flow grew from $2.14B to $2.16B, a compound annual growth rate of 0.13%. Norfolk Southern's latest reported quarter, Q2 2026, generated $615.0M in free cash flow, an increase of 2.16% year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Norfolk Southern filings at SEC.gov ↗