Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, scrap paper, beverages, canned goods, and consumer products; chemicals consist of sulfur and related chemicals, petroleum products, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, and sand; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal. It also transports overseas freight through various Atlantic and Gulf Coast ports; and provides commuter rail passenger transportation services and operates an intermodal network. As of December 31, 2021, the company operated approximately 19,300 route miles in 22 states and the District of Columbia. Norfolk Southern Corporation was incorporated in 1980 and is based in Atlanta, Georgia.

Norfolk Southern Corporation

Net Income

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Impairment of Investment

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Accounts Receivable

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Materials and Supplies

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Other Current Assets

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Current Liabilities Other Than Debt

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Other - Net

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Net Cash Provided by Operating Activities

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Property Additions

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Acquisition of Assets of CSR

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Property Sales and Other Transactions

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Investment Purchases

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Net Cash Provided by Investing Activities

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Dividends

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Common Stock Issued

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Common Stock Transactions

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Purchase and Retirement of Common Stock

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Proceeds from Borrowings - Net of Issuance Costs

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Proceeds from Borrowings

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Debt Repayments

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Other

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Net Cash Provided by Financing Activities

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Net Decrease in Cash and Cash Equivalents

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at Beginning of Year

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at End of Period

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Depreciation & Amortization

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Other Adjustments

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Changes in Trade Receivables

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Changes in Inventories

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Cash from Operating Activities

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Capital Expenditure

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Proceeds from Sale of Property, Plant & Equipment

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Purchases of Investments

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Payments for Business Acquisitions

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Cash from Investing Activities

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Issuance of Long-Term Debt

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Revenue

EBIT

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CapEx

Net Interest Income

Assets

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Gross Profit

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Net Revenue

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Adjusted Funds From Operations

Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	3,319	2,622	1,827	3,270	3,005	2,013	2,722	2,666	5,404	1,668	1,556
Net Income
Depreciation & Amortization	1,362	1,353	1,298	1,221	1,181	1,154	1,139	1,104	1,059	1,030	1,059
Depreciation
Other Adjustments	-253	-314	-98	1	98	587	288	2	-2,951	181	290
Deferred Income Taxes
Gains and Losses on Properties
Loss on Asset Disposal
Impairment of Investment
Changes in Trade Receivables	-29	85	-2	-171	-133	71	87	-70	-41	23	109
Accounts Receivable
Changes in Inventories	-3	-13	-11	-35	3	23	-37	15	35	42	-35
Materials and Supplies
Changes in Other Operating Activities	-233	319	165	-64	101	-211	-307	9	-253	90	-71
Other Current Assets
Current Liabilities Other Than Debt
Other - Net
Cash from Operating Activities	4,163	4,052	3,179	4,222	4,255	3,637	3,892	3,726	3,253	3,034	2,908
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-2,273	-2,381	-2,327	-1,948	-1,470	-1,494	-2,019	-1,951	-1,723	-1,887	-2,385
Property Additions
Proceeds from Sale of Property, Plant & Equipment	544	558	86	263	159	333	377	204	202	130	63
Property Sales and Other Transactions
Purchases of Investments	-927	-319	-124	-12	-10	-13	-18	-10	-7	-123	-5
Investment Purchases
Proceeds from Sale of Investments	700	1,005	205	94	99	-1	-104	99	47	48	240
Investment Sales and Other Transactions
Payments for Business Acquisitions	—	-1,643	-22	—	—	—	—	—	—	—	—
Acquisition of Assets of CSR
Cash from Investing Activities	-1,957	-2,780	-2,182	-1,603	-1,222	-1,175	-1,764	-1,658	-1,481	-1,832	-2,087
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	951	1,051	3,293	1,832	1,676	784	2,192	2,023	290	694	1,185
Proceeds from Borrowings - Net of Issuance Costs
Proceeds from Borrowings
Repayments of Long-Term Debt	-1,056	-1,055	-1,334	-553	-584	-381	-1,188	-750	-702	-600	-102
Debt Repayments
Net Issuance / (Repayments) of Long-Term Debt	-105	-4	1,959	1,279	1,092	403	1,004	1,273	-412	94	1,083
Issuance of Common Shares	23	26	3	-4	17	69	27	40	89	57	12
Common Stock Issued
Common Stock Transactions
Repurchases of Common Shares	—	—	-622	-3,110	-3,390	-1,439	-2,099	-2,781	-1,012	-803	-1,075
Purchase and Retirement of Common Stock
Net Issuance / (Repurchases) of Common Shares	23	26	-619	-3,114	-3,373	-1,370	-2,072	-2,741	-923	-746	-1,063
Common Share Dividends Paid	-1,222	-1,221	-1,225	-1,167	-1,028	-960	-949	-844	-703	-695	-713
Dividends
Other Financing Activities	—	—	—	—	—	—	23	—	—	—	—
Other
Cash from Financing Activities	-1,852	-1,199	115	-3,002	-3,309	-1,927	-1,994	-2,312	-2,038	-1,347	-693
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	—	1,671	852	2,274	2,785	2,143	1,873	1,775	1,530	1,147	523
NOPAT	—	3,206.4	2,245.2	3,807.6	3,445.9	2,388.5	3,110.3	3,042.6	6,084.7	1,943.8	1,837.6
Levered Free Cash Flow	—	1,896	2,911	3,723	3,912	1,888	2,502	3,116	4,110	1,037	1,207
Unlevered Free Cash Flow	—	2,484.4	1,370.2	2,981.6	3,260.9	1,860.5	1,886.3	2,219.6	5,202.7	1,218.8	405.6
Net Change in Cash	—	73	1,112	-383	-276	535	134	-244	-266	-145	128