FFilingLens
Quarterly TTM Annual
Income Balance Cash flow
8Y

Three-Statement Breakdown

NSC
2026-06-30 · figures in $M

FCF UP

Free cash flow rose 29% to $2.2B, and covered net income 0.75×.

CASH FROM OPS +7.6%
4,361 35.8% MGN
CAPITAL EXPENDITURE -7.4%
2,204
FREE CASH FLOW +29.1%
2,157
FCF / NET INCOME +17.8%
0.75× TARGET >1.0×
Cash flow FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 YoY TTM 8Q
Net income
2,666 2,722 2,013 3,005 3,270 1,827 2,622 2,873 +9.6% 2,636 2024-09-30 · $1.1B2024-12-31 · $733.0M2025-03-31 · $750.0M2025-06-30 · $768.0M2025-09-30 · $711.0M2025-12-31 · $644.0M2026-03-31 · $547.0M2026-06-30 · $734.0M
Depreciation & amortization
1,104 1,139 1,154 1,181 1,221 1,298 1,353 1,393 +3.0% 1,411
Cash from operations
3,726 3,892 3,637 4,255 4,222 3,179 4,052 4,361 +7.6% 3,732 2024-09-30 · $1.2B2024-12-31 · $951.0M2025-03-31 · $950.0M2025-06-30 · $1.1B2025-09-30 · $1.3B2025-12-31 · $1.1B2026-03-31 · $344.0M2026-06-30 · $1.1B
Cash conversion
1.40× 1.43× 1.81× 1.42× 1.29× 1.74× 1.55× 1.52× -1.8% 1.42×
Capital expenditures
(1,951) (2,019) (1,494) (1,470) (1,948) (2,327) (2,381) (2,204) -7.4% (2,101)
Free cash flow
1,775 1,873 2,143 2,785 2,274 852 1,671 2,157 +29.1% 1,631 2024-09-30 · $645.0M2024-12-31 · $276.0M2025-03-31 · $501.0M2025-06-30 · $602.0M2025-09-30 · $720.0M2025-12-31 · $334.0M2026-03-31 · -$38.0M2026-06-30 · $615.0M
FCF margin
15.5% 16.6% 21.9% 25.0% 17.8% 7.0% 13.8% 17.7% +28.5% 13.0%
Cash from investing
-1,658 -1,764 -1,175 -1,222 -1,603 -2,182 -2,780 -2,562 — -1,756
Dividends paid
844 949 960 1,028 1,167 1,225 1,221 1,215 -0.5% 1,212
Share repurchases
2,781 2,099 1,439 3,390 3,110 622 0 534 — 83
Debt repayment
750 1,188 381 584 553 1,334 1,055 559 -47.0% 913
Cash from financing
-2,312 -1,994 -1,927 -3,309 -3,002 115 -1,199 -1,910 — -2,210
Net change in cash
-244 134 535 -276 -383 1,112 73 -111 — -234
Ending cash balance
358 580 1,115 839 456 1,568 1,641 1,530 -6.8% 1,069

Click a line to select it — Enter or the EXPAND pill folds out its quarter-by-quarter history.

SELECTED · FREE CASH FLOW · QoQ BRIDGE
FROM1,671 CASH FROM OPERATIONS+309 CAPITAL EXPENDITURES+177 TO2,157
↹ CLICK A LINE TO SELECT · ⌘F FIND LINE ITEM SRC 10-Q FILED 2026-07-23 ↗