Norfolk Southern Corporation

NSCNYSEIndustrials● Active

$312.06

$-1.39(-0.44%)

Market Cap$70.1B

P/E Ratio—

52W High$326

52W Low$245.19

Avg Volume1.3M

Open$315.02

Beta1.27

Free Cash Flow Financials Revenue

Norfolk Southern Corporation (NSC) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NSC · free cash flow · updated Jun 8, 2026

Core FCF metrics

NSC · FCF · TTM · margin & CAGR

Free cash flow was $2.16B for FY2025 (fiscal year ending 2025-12-31), up 29.1% year-over-year The FCF margin was 17.7%. Five-year CAGR stands at +0.1%.

FY2025 Free Cash Flow$2.16B▲ +29.1% YoY

Trailing 12M (TTM)$3.82Btrailing 4 quarters sum

FCF Margin17.7%$2.16B ÷ revenue

3-Year CAGR-1.8%FY2022 → FY2025

5-Year CAGR+0.1%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NSC · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$4.36B(2.20B)$2.16B▲ +29.1%17.7%

FY2024$4.05B(2.38B)$1.67B▲ +101.3%13.8%

FY2023$3.18B(2.35B)$830.0M▼ 63.5%6.8%

FY2022$4.22B(1.95B)$2.27B▼ 18.3%17.8%

FY2021$4.25B(1.47B)$2.79B▲ +30.0%25.0%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NSC · P/FCF · FCF yield · FCF per share

Norfolk Southern Corporation (NSC) trades at a FCF yield of 5.46% and a price-to-free-cash-flow ratio of 18.4x. FCF per share stands at $17.00, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

5.46%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$17.00

TTM FCF ÷ Shares Outstanding

Price / FCF

x18.4

Share Price ÷ FCF per Share

EV / FCF (TTM)

x22.4

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

NSC · cash flow statement · operating / investing / financing

For FY2025, Norfolk Southern Corporation generated $4.36B in operating cash flow and spent 2.20B in capital expenditures, yielding $2.16B in free cash flow.

Operating Activities

+$4.36B

Cash from core business operations

2025-12-31

Investing Activities

−$2.56B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$1.91B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($4.36B) − |CapEx| (2.20B) = FCF ($2.16B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

NSC vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Norfolk Southern CorporationYOU

NSC

$2.16B+29.1%17.7%

21%

Space Exploration Technologies Corp.

SPCX

−$13.95B-159.0%-74.7%

Loss

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Norfolk Southern Corporation (NSC) reported free cash flow of $2.16B for FY2025 (fiscal year ending 2025-12-31), up 29.1% year-over-year. The FCF margin was 17.7%.

Based on available data, Norfolk Southern Corporation has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $2.79B in FY2021. The 5-year CAGR stands at +0.1%.

Norfolk Southern Corporation's FCF yield is 5.46% and price-to-FCF ratio is 18.4x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NSC free cash flow · 8 questions

Norfolk Southern Corporation free cash flow was $2.16B for FY2025, up 29.1% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $3.82B.

NSC free cash flowNSC FCFNSC FCF 2025NSC free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Norfolk Southern Corporation · Norfolk Southern Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026