Norfolk Southern Corporation (NSC) — Capital Reinvestment Ratio
Norfolk Southern Corporation (NSC) has a Capital Reinvestment Ratio of 1.39x as of December 2025, meaning it reinvests 1% of its operating cash flow ($1.06 Billion) in capital expenditures ($1.48 Billion). Check Norfolk Southern Corporation tangible net worth ratio to evaluate the tangible quality of the company's equity base.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
Norfolk Southern Corporation Capital Reinvestment Ratio (1989–2025)
This chart tracks Norfolk Southern Corporation's Capital Reinvestment Ratio across 37 annual periods. For the full cash flow conversion analysis, see NSC cash flow conversion.
Annual Capital Reinvestment Ratio for Norfolk Southern Corporation (1989–2025)
Year-by-year Capital Reinvestment Ratio for Norfolk Southern Corporation from 1989 to 2025. See how much free cash does Norfolk Southern Corporation generate to measure how efficiently the company converts operating cash flow to free cash.
| Year | Reinvestment Ratio | Operating CF (USD) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2025 | 0.51x | $4.36 Billion | $2.20 Billion | ▼ -14.0% |
| 2024 | 0.59x | $4.05 Billion | $2.38 Billion | ▼ -20.5% |
| 2023 | 0.74x | $3.18 Billion | $2.35 Billion | ▲ +60.1% |
| 2022 | 0.46x | $4.22 Billion | $1.95 Billion | ▲ +33.6% |
| 2021 | 0.35x | $4.25 Billion | $1.47 Billion | ▼ -15.9% |
| 2020 | 0.41x | $3.64 Billion | $1.49 Billion | ▼ -20.8% |
| 2019 | 0.52x | $3.89 Billion | $2.02 Billion | ▼ -0.9% |
| 2018 | 0.52x | $3.73 Billion | $1.95 Billion | ▼ -1.1% |
| 2017 | 0.53x | $3.25 Billion | $1.72 Billion | ▼ -14.8% |
| 2016 | 0.62x | $3.03 Billion | $1.89 Billion | ▼ -25.0% |
| 2015 | 0.83x | $2.88 Billion | $2.38 Billion | ▲ +11.6% |
| 2014 | 0.74x | $2.85 Billion | $2.12 Billion | ▲ +16.0% |
| 2013 | 0.64x | $3.08 Billion | $1.97 Billion | ▼ -12.4% |
| 2012 | 0.73x | $3.06 Billion | $2.24 Billion | ▲ +9.2% |
| 2011 | 0.67x | $3.23 Billion | $2.16 Billion | ▲ +23.6% |
| 2010 | 0.54x | $2.71 Billion | $1.47 Billion | ▼ -22.4% |
| 2009 | 0.70x | $1.86 Billion | $1.30 Billion | ▲ +21.7% |
| 2008 | 0.57x | $2.71 Billion | $1.56 Billion | ▼ -0.2% |
| 2007 | 0.57x | $2.33 Billion | $1.34 Billion | ▲ +7.6% |
| 2006 | 0.53x | $2.21 Billion | $1.18 Billion | ▲ +9.7% |
| 2005 | 0.49x | $2.10 Billion | $1.02 Billion | ▼ -22.3% |
| 2004 | 0.63x | $1.66 Billion | $1.04 Billion | ▼ -8.3% |
| 2003 | 0.68x | $1.05 Billion | $720.00 Million | ▼ -20.4% |
| 2002 | 0.86x | $803.00 Million | $689.00 Million | ▼ -24.8% |
| 2001 | 1.14x | $654.00 Million | $746.00 Million | ▲ +109.4% |
| 2000 | 0.54x | $1.34 Billion | $731.00 Million | ▼ -68.2% |
| 1999 | 1.71x | $533.00 Million | $912.00 Million | ▲ +59.3% |
| 1998 | 1.07x | $890.00 Million | $956.00 Million | ▲ +41.2% |
| 1997 | 0.76x | $1.15 Billion | $875.00 Million | ▲ +33.2% |
| 1996 | 0.57x | $1.20 Billion | $688.20 Million | ▲ +7.3% |
| 1995 | 0.53x | $1.24 Billion | $658.90 Million | ▼ -14.5% |
| 1994 | 0.62x | $1.14 Billion | $712.90 Million | ▼ -18.6% |
| 1993 | 0.77x | $874.60 Million | $669.20 Million | ▲ +2.4% |
| 1992 | 0.75x | $958.20 Million | $716.10 Million | ▼ -13.6% |
| 1991 | 0.86x | $762.40 Million | $659.40 Million | ▲ +28.5% |
| 1990 | 0.67x | $994.70 Million | $669.70 Million | ▲ +14.4% |
| 1989 | 0.59x | $1.11 Billion | $651.60 Million | — |