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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Materials and Supplies

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Other Current Assets

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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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Dividends

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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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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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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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Issuance of Long-Term Debt

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Revenue

EBIT

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Adjusted Funds From Operations

Operating Activities	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23
Net Income	3,319	2,622	2,300	2,654	1,414	1,827
Net Income
Depreciation & Amortization	1,362	1,353	1,332	1,323	1,314	1,298
Depreciation
Other Adjustments	-253	-314	-314	-354	-106	-98
Deferred Income Taxes
Gains and Losses on Properties
Loss on Asset Disposal
Impairment of Investment
Changes in Trade Receivables	-29	85	-127.5	185	-31	-2
Accounts Receivable
Changes in Inventories	-3	-13	-33.5	12	-8	-11
Materials and Supplies
Changes in Other Operating Activities	-233	319	867	203	262	165
Other Current Assets
Current Liabilities Other Than Debt
Other - Net
Cash from Operating Activities	4,163	4,052	4,024	4,023	2,845	3,179
Net Cash Provided by Operating Activities

Investing Activities	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23
Capital Expenditure	-2,273	-2,381	-2,180	-2,204	-2,456	-2,327
Property Additions
Proceeds from Sale of Property, Plant & Equipment	544	558	557.5	549	98	86
Property Sales and Other Transactions
Purchases of Investments	-927	-319	-321	-119	-125	-124
Investment Purchases
Proceeds from Sale of Investments	700	1,005	425	820	512	205
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	-3,161.5	-954	-3,635	-2,182
Net Cash Provided by Investing Activities

Financing Activities	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23
Issuance of Long-Term Debt	951	1,051	1,413	1,175	3,099	3,293
Proceeds from Borrowings - Net of Issuance Costs
Proceeds from Borrowings
Repayments of Long-Term Debt	-1,056	-1,055	-1,455	-1,655	-534	-1,334
Debt Repayments
Net Issuance / (Repayments) of Long-Term Debt	-105	-4	-42	-480	2,565	1,959
Issuance of Common Shares	23	26	10.5	22	7	3
Common Stock Transactions
Repurchases of Common Shares	—	—	—	—	-459	-622
Purchase and Retirement of Common Stock
Net Issuance / (Repurchases) of Common Shares	23	26	10.5	22	-452	-619
Common Share Dividends Paid	-1,222	-1,221	-1,222.5	-1,226	-1,223	-1,225
Dividends
Other Financing Activities	—	—	—	—	—	—
Other
Cash from Financing Activities	-1,852	-1,199	-1,405.5	-1,987	890	115
Net Cash Provided by Financing Activities

Free Cash Flow	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23
Free Cash Flow	1,890	1,671	1,844	1,819	389	852
NOPAT	3,883.2	3,206.4	2,967	2,331.3	1,892.6	2,245.2
Levered Free Cash Flow	2,067	1,896	2,359.5	649	3,091	2,911
Unlevered Free Cash Flow	2,736.2	2,484.4	2,952.5	1,665.3	1,004.6	1,370.2
Net Change in Cash	354	73	-543	1,082	100	1,112