Canadian National Railway Co. (CNI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.96	$2.08	+6.1%	—	—	—
Q4 26	$1.81	$1.8	-0.6%	—	—	—
Q3 26	$1.98	$2.08	+5.1%	—	—	—
Q2 26	$1.77	$1.83	+3.4%	—	—	—
Q1 26	$1.87	$1.87	0.0%	—	—	—
Q4 25	$1.78	$1.85	+3.9%	—	—	—
Q3 25	$1.93	$1.82	-5.7%	—	—	—
Q2 25	$1.7	$1.72	+1.2%	—	—	—
Q1 25	$1.93	$1.84	-4.7%	—	—	—
Q4 24	$1.72	$1.72	0.0%	—	—	—
Q3 24	$1.98	$2.02	+2.0%	—	—	—
Q2 24	$1.71	$1.69	-1.2%	—	—	—
Q1 24	$1.81	$1.76	-2.8%	—	—	—
Q4 23	$1.72	$1.82	+5.8%	—	—	—
Q3 23	$2.08	$2.1	+1.0%	—	—	—
Q2 23	$2	$2.13	+6.5%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.58	—	—	$17.3B	—
FY24	—	$7.02	—	—	$12.5B	—
FY23	—	$8.55	—	—	$16.8B	—
FY22	—	$7.46	—	—	$17.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$12B	$13B	$14.3B	$14.9B	$13.8B	$14.5B	$17.1B	$16.8B	$12.5B	$17.3B
YoY change	-4.55%	+8.34%	+9.82%	+4.16%	-7.36%	+4.76%	+18.2%	-1.63%	-25.6%	+38.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	12B	13B	14.3B	14.9B	13.8B	14.5B	17.1B	16.8B	12.5B	17.3B
Cost of revenue	6.6B	7.4B	8.4B	8.8B	8B	8.4B	9.7B	9.7B	7.4B	10B
Gross profit	5.4B	5.7B	6B	6.1B	5.8B	6.1B	7.4B	7.2B	5.1B	7.3B
Gross margin	44.8%	43.5%	41.6%	40.8%	41.8%	41.9%	43.2%	42.5%	40.9%	42.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	-280M	-315M	-302M	-321M	-292M	-407M	-498M	-479M	—	—
Operating expenses	83M	117M	167M	171M	216M	99M	58M	75M	471.6M	745M
Operating income	5.3B	5.6B	5.8B	5.9B	5.6B	6B	7.3B	7.1B	4.6B	6.6B
Operating margin	44.1%	42.6%	40.5%	39.6%	40.2%	41.2%	42.9%	42%	37.1%	38.1%
Non-operating income, net	95M	12M	376M	53M	-480M	982M	-27M	134M	307.1M	590M
Pretax income	4.9B	5.1B	5.7B	5.4B	4.5B	6.3B	6.8B	6.5B	4.3B	6.3B
Income tax	1.3B	-395M	1.4B	1.2B	976M	1.4B	1.6B	863M	1B	1.5B
Net income	3.6B	5.5B	4.3B	4.2B	3.5B	4.9B	5.1B	5.6B	3.3B	4.7B
Net margin	30.2%	42.1%	30.2%	28.3%	25.7%	33.8%	29.9%	33.4%	26.1%	27.3%
EBITDA	6.5B	6.8B	7.1B	7.5B	7.1B	7.6B	9.1B	8.9B	6.4B	9B
EPS	4.69	7.28	5.89	5.85	5.01	6.91	7.46	8.55	7.02	7.58
Diluted EPS	4.67	7.24	5.87	5.83	5	6.9	7.44	8.53	7.01	7.57

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4B	4.5B	4.2B	4.3B	2.9B	3.2B	4.4B	4.3B	4.2B	4.5B	4.4B	4.8B
Cost of revenue	2.3B	2.5B	2.5B	2.5B	1.7B	1.9B	2.6B	2.4B	2.4B	2.5B	2.6B	2.8B
Gross profit	1.6B	2B	1.7B	1.8B	1.2B	1.3B	1.8B	1.8B	1.8B	2B	1.8B	2B
Gross margin	41.3%	44%	40.2%	41.3%	40.4%	41.5%	40.4%	42.8%	42.4%	43.9%	40.3%	41.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	-121M	-119M	-113M	-114M	-81.2M	—	—	—	—	—	—	—
Operating expenses	10M	31M	50M	37M	23.5M	133M	167M	189M	161M	228M	214M	191M
Operating income	1.6B	1.9B	1.5B	1.6B	1.1B	1.2B	1.6B	1.6B	1.6B	1.7B	1.5B	1.8B
Operating margin	41.1%	43.3%	36.4%	37.8%	36.9%	37.4%	36.6%	38.3%	38.6%	38.8%	35.4%	37.5%
Non-operating income, net	-2M	253M	115M	68M	88.3M	81.5M	150M	142M	128M	170M	206M	140M
Pretax income	1.5B	1.9B	1.5B	1.5B	1B	1.1B	1.5B	1.6B	1.5B	1.7B	1.5B	1.7B
Income tax	343M	-258M	348M	370M	230.8M	265.9M	366M	389M	368M	421M	375M	431M
Net income	1.1B	2.1B	1.1B	1.1B	772.9M	841.9M	1.2B	1.2B	1.1B	1.2B	1.1B	1.2B
Net margin	27.8%	47.6%	26%	25.7%	26.4%	26.3%	26.4%	27.4%	27.3%	28%	26.2%	26.3%
EBITDA	2.1B	2.5B	2.1B	2.2B	1.5B	1.6B	2.3B	2.3B	2.2B	2.3B	2.2B	2.4B
EPS	1.69	3.3	1.72	1.75	1.72	1.82	1.85	1.87	1.83	2.03	1.87	2.06
Diluted EPS	1.69	3.29	1.72	1.75	1.72	1.82	1.85	1.87	1.83	2.03	1.87	2.06

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	76B	90.3B	79.1B	94.6B	113.5B	126.5B	118.6B	117.5B	—	—	73.2B
Enterprise value	86.8B	101.1B	91.4B	108.9B	126.3B	138.6B	134.1B	135.9B	—	—	67.5B
Shares outstanding	1.1B	1.1B	1.1B	1B	1B	1B	997.3M	935.6M	465.4M	623.1M	623.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20.9	16.5	18.3	22.4	32	25.8	23.2	20.9	—	—	21.9
P/S	6.31	6.93	5.52	6.34	8.22	8.74	6.93	6.98	—	—	4.11
P/B	5.12	5.42	4.48	5.25	5.78	5.56	5.54	5.84	—	—	4.69
EV/EBITDA	13.3	14.8	12.8	14.6	17.7	18.3	14.8	15.3	—	—	10.4
EV/Sales	7.21	7.75	6.38	7.3	9.14	9.57	7.84	8.08	—	—	5.38
Earnings yield	4.79%	6.07%	5.47%	4.45%	3.12%	3.87%	4.32%	4.79%	—	—	4.56%
FCF yield	3.3%	3.15%	3.02%	2.17%	2.91%	3.23%	3.3%	3.21%	—	—	2.92%
PEG	—	—	—	—	—	—	—	—	—	—	2.16

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	44.8%	43.5%	41.6%	40.8%	41.8%	41.9%	43.2%	42.5%	40.9%	42.4%	41.5%
Operating margin	44.1%	42.6%	40.5%	39.6%	40.2%	41.2%	42.9%	42%	37.1%	38.1%	40.3%
Net margin	30.2%	42.1%	30.2%	28.3%	25.7%	33.8%	29.9%	33.4%	26.1%	27.3%	26.9%
ROE	24.5%	32.9%	24.5%	23.4%	18%	21.5%	23.9%	28%	21.1%	21.9%	22%
ROA	9.82%	14.6%	10.5%	9.63%	7.91%	10.1%	10.1%	10.7%	7.79%	8.06%	7.72%
ROIC	15.3%	20.3%	14.7%	14.2%	13.4%	13.2%	15%	15.9%	11.4%	11.6%	11.3%
Return on tangible assets	9.86%	14.6%	10.5%	9.73%	7.99%	10.2%	10.2%	10.8%	7.85%	8.12%	8.03%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.7	0.55	0.78	0.66	0.95	1.1	0.84	0.61	0.66	0.67	0.87
Quick ratio	0.58	0.44	0.62	0.52	0.77	0.91	0.66	0.47	0.48	0.47	0.61
Debt / equity	0.74	0.65	0.71	0.79	0.68	0.57	0.74	0.94	1.02	1	1.04
Debt / assets	0.3	0.29	0.3	0.33	0.3	0.27	0.31	0.36	0.37	0.37	0.38
Net debt / EBITDA	1.65	1.58	1.72	1.9	1.79	1.6	1.72	2.07	2.42	2.36	2.44
Interest coverage	11.3	11.6	12.6	11.1	9.16	11.4	13.3	9.99	7.57	7.86	7.81
Effective tax rate	26.1%	0%	23.8%	22.3%	21.6%	22.8%	24.3%	13.3%	24%	24.6%	25%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	10.7	11.9	13.4	14.3	13.4	14.1	17.2	18	26.9	27.8	28.9
EPS (basic)	4.69	7.28	5.89	5.85	5.01	6.91	7.46	8.55	7.02	7.58	7.58
EPS (diluted)	4.67	7.24	5.87	5.83	5	6.9	7.44	8.53	7.01	7.57	5.5
Book value per share	13.2	15.2	16.5	17.2	19	22.1	21.4	21.5	33.2	34.6	25.7
FCF per share	2.22	2.6	2.24	1.97	3.19	3.96	3.93	4.04	4.97	5.44	5.84
Cash per share	0.16	0.06	0.25	0.06	0.55	0.81	0.33	0.51	0.61	0.56	0.51
Capex per share	2.31	2.44	3.13	3.69	2.77	2.81	2.76	3.27	5.6	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	21.7%	20.5%	23.3%	25.9%	20.7%	20%	16.1%	18.2%	20.8%	—	—
Capex / operating cash flow	49.5%	46.1%	51.6%	62.2%	48.6%	39%	39%	40.7%	50.7%	—	—
Payout ratio	31.8%	22.6%	30.8%	36.6%	46.1%	35.5%	39.2%	36.8%	48.1%	46.8%	46.3%
Dividend yield	1.53%	1.37%	1.69%	1.63%	1.44%	1.38%	1.69%	1.76%	—	—	2.19%

Yield

2.19%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.663

ex-dividend Sep 8, 2026

Payout ratio

46%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 8, 2026	$0.663
Jun 9, 2026	$0.656
Mar 10, 2026	$0.674

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4B	$4.5B	$4.2B	$4.3B	$2.9B	$3.2B	$4.4B	$4.3B	$4.2B	$4.5B	$4.4B	$4.8B
YoY change	-11.7%	-1.56%	-1.48%	+6.7%	-26.6%	-28.4%	+3.62%	-1.32%	+42.3%	+39.4%	-0.55%	+11.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	176M	70M	266M	64M	569M	838M	328M	475M	285.8M	350M
Receivables	875M	984M	1.2B	1.2B	1.1B	1.1B	1.4B	1.3B	855.1M	—
Inventory	363M	424M	557M	611M	583M	589M	692M	699M	528.9M	734M
Total current assets	2.1B	2.2B	2.7B	2.8B	3.1B	3.4B	3.2B	3.1B	1.9B	2.5B
Property, plant & equipment	103.2B	104.8B	114.7B	119.7B	81B	39.7B	41.8B	42.8B	33.8B	47B
Goodwill & intangibles	134M	124M	146M	458M	430M	418M	414M	402M	292.4M	440M
Total assets	37.1B	37.6B	41.2B	43.8B	44.8B	48.5B	50.7B	52.7B	41.9B	58.6B
Accounts payable	484M	738M	982M	866M	780M	903M	954M	968M	757.4M	890M
Short-term debt	1.5B	2.1B	1.2B	2.1B	1B	616M	1.2B	2.5B	955M	1B
Total current liabilities	3B	4B	3.5B	4.3B	3.3B	3.1B	3.8B	5B	2.9B	3.7B
Long-term debt	9.4B	8.7B	11.4B	12.2B	12.3B	12.3B	14.7B	16.4B	14.7B	20.6B
Total liabilities	22.2B	21B	23.6B	25.7B	25.2B	25.8B	29.3B	32.5B	26.5B	37B
Shareholders' equity	14.8B	16.7B	17.6B	18B	19.7B	22.7B	21.4B	20.1B	15.5B	21.6B
Total debt	10.9B	10.8B	12.6B	14.3B	13.3B	12.9B	15.9B	18.9B	15.7B	21.6B
Net debt	10.8B	10.8B	12.3B	14.2B	12.8B	12.1B	15.6B	18.4B	15.4B	21.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	491M	475M	412M	335M	194.5M	285.8M	232M	216M	214M	350M	573M	280M
Receivables	1.3B	1.3B	1.3B	1.2B	885.5M	855.1M	1.3B	1.1B	1.2B	1.1B	1.3B	1.3B
Inventory	761M	699M	783M	788M	516.5M	528.9M	809M	817M	780M	734M	831M	861M
Total current assets	3.4B	3.1B	3.3B	3.1B	2.2B	1.9B	2.7B	2.9B	2.5B	2.5B	3B	2.8B
Property, plant & equipment	45B	42.8B	45.6B	46.1B	33.2B	33.8B	48.9B	48B	49.1B	47B	49.8B	50.5B
Goodwill & intangibles	411M	402M	740M	741M	531.4M	292.4M	491M	484M	500M	440M	489M	542M
Total assets	52.1B	52.7B	53.5B	54B	38.8B	41.9B	57.4B	2.9B	2.5B	2.5B	3B	60.1B
Accounts payable	2.4B	968M	2.5B	2.5B	1.9B	757.4M	2.5B	2.4B	2.6B	890M	2.8B	2.8B
Short-term debt	2.3B	2.5B	3B	2.4B	1.5B	955M	1.8B	1.1B	1.6B	1B	1.8B	512M
Total current liabilities	4.7B	5B	5.5B	4.9B	3.4B	2.9B	4.3B	3.5B	4.2B	3.7B	4.6B	3.3B
Long-term debt	16.4B	16.4B	17B	18.3B	13.4B	14.7B	19.3B	19.6B	19.9B	20.6B	20.8B	22.1B
Total liabilities	32.1B	32.5B	33.7B	34.6B	24.9B	26.5B	35.8B	35.2B	36.4B	37B	38B	38.2B
Shareholders' equity	20B	20.1B	19.9B	19.4B	13.9B	15.5B	21.6B	21.5B	21.3B	21.6B	21.5B	21.9B
Total debt	18.7B	18.9B	20B	20.8B	14.9B	15.7B	21.1B	20.8B	21.5B	21.6B	22.5B	22.6B
Net debt	18.2B	18.4B	19.6B	20.4B	14.7B	15.4B	20.9B	20.5B	21.2B	21.3B	21.9B	22.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3.6B	5.5B	4.3B	4.2B	3.5B	4.9B	5.1B	5.6B	3.3B	4.7B
Depreciation & amortization	1.2B	1.3B	1.3B	1.6B	1.6B	1.6B	1.7B	1.8B	1.4B	1.9B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-35M	143M	182M	-560M	129M	147M	-411M	-53M	67.6M	165M
Operating cash flow	5.3B	5.8B	6.5B	6.2B	5.9B	7.4B	7.1B	7.5B	5.1B	7B
Capital expenditure	-2.6B	-2.7B	-3.3B	-3.9B	-2.9B	-2.9B	-2.8B	-3.1B	-2.6B	—
Investing cash flow	-2.7B	-2.7B	-3.4B	-4.2B	-2.9B	-2.9B	-2.5B	-3.5B	-2.6B	-55M
Dividends paid	-1.2B	-1.2B	-1.3B	-1.5B	-1.6B	-1.7B	-2B	-2.1B	-1.6B	-2.2B
Share repurchases	-2.1B	-2.1B	-2.1B	-1.7B	-402M	-1.6B	-4.8B	-4.6B	-1.9B	-2.1B
Financing cash flow	-6.1B	-7.1B	-11.7B	-9B	-10.1B	-9.4B	-16.4B	-18.2B	-18.6B	-29.5B
Net change in cash	-3.5B	-4B	-8.7B	-7B	-7.1B	-4.9B	-11.9B	-14.1B	-16.1B	-22.5B
Free cash flow	2.5B	2.8B	2.4B	2.1B	3.3B	4.1B	3.9B	3.8B	2.3B	3.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	1.1B	1.2B	1.1B	1.2B
Depreciation & amortization	—	—	—	—	—	—	—	—	500M	456M	484M	486M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	205M	314M	-254M	-127M
Operating cash flow	61M	206M	66M	46M	23.5M	86M	47M	7M	1.9B	2.2B	1.3B	1.6B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	-15M	-3M	-10M	26M
Dividends paid	—	—	—	—	—	—	—	—	-550M	-545M	-558M	-554M
Share repurchases	—	—	—	—	—	—	—	—	-1B	-611M	-893M	-464M
Financing cash flow	—	—	—	—	—	—	—	—	-7.5B	-8.7B	-4.3B	-7.7B
Net change in cash	61M	206M	66M	46M	23.5M	86M	47M	7M	-5.6B	-6.5B	-3B	-6.1B
Free cash flow	—	—	—	—	—	—	—	—	808M	998M	826M	916M

Date	Ratio
Dec 2, 2013	2:1
Mar 1, 2006	2:1
Mar 1, 2004	3:2
Sep 28, 1999	2:1

Canadian National Railway Co. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history