Canadian National Railway (CNI) financial statements

Industrials · Railroads · Market cap $70.2B

Canadian National Railway reported revenue of 17.3B CAD in fiscal 2025, up 3.6% a year over 9 years.

Net income was 4.7B CAD and the operating margin 38.1%, against 41.8% in 2015.

Free cash flow was 3.4B CAD, and the company returned 2.2B CAD in dividends and 2.1B CAD in net buybacks.

The diluted share count fell 23% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions (CAD).

051015202015201620172018201920202022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CAD, from Canadian National Railway's 10-K filings with the SEC.

Fiscal year2015201620172018201920202022202320242025
Revenue12.6B CAD12.0B CAD13.0B CAD14.3B CAD14.9B CAD13.8B CAD17.1B CAD16.8B CAD17.0B CAD17.3B CAD
Operating income5.3B CAD5.0B CAD5.2B CAD5.5B CAD5.6B CAD4.8B CAD6.8B CAD6.6B CAD6.2B CAD6.6B CAD
Interest expense439M CAD480M CAD481M CAD489M CAD538M CAD554M CAD548M CAD722M CAD891M CAD913M CAD
Pre-tax income4.9B CAD4.9B CAD5.1B CAD5.7B CAD5.4B CAD4.5B CAD6.8B CAD6.5B CAD5.9B CAD6.3B CAD
Income tax1.3B CAD1.3B CAD-395M CAD1.4B CAD1.2B CAD982M CAD1.6B CAD863M CAD1.4B CAD1.5B CAD
Net income3.5B CAD3.6B CAD5.5B CAD4.3B CAD4.2B CAD3.6B CAD5.1B CAD5.6B CAD4.4B CAD4.7B CAD
EPS (diluted)4.39 CAD4.67 CAD7.24 CAD5.87 CAD5.83 CAD5.00 CAD7.44 CAD8.53 CAD7.01 CAD7.57 CAD
Diluted shares805M779M757M738M723M713M688M659M634M624M
Operating margin41.8%41.8%40.2%38.4%37.5%34.6%40.0%39.2%36.6%38.1%
Net margin28.1%30.2%42.1%30.2%28.3%25.8%29.9%33.4%26.1%27.3%

Balance sheet

Fiscal years, in CAD, from Canadian National Railway's 10-K filings with the SEC.

Fiscal year2015201620172018201920202022202320242025
Cash and short-term investments153M CAD176M CAD70M CAD266M CAD64M CAD569M CAD328M CAD475M CAD389M CAD350M CAD
Receivables878M CAD875M CAD984M CAD1.2B CAD1.2B CAD1.1B CAD—1.3B CAD1.2B CAD1.1B CAD
Total current assets2.2B CAD2.1B CAD2.2B CAD2.7B CAD2.8B CAD3.1B CAD—3.1B CAD2.6B CAD2.5B CAD
Property, plant and equipment32.6B CAD33.8B CAD34.2B CAD37.8B CAD39.7B CAD40.1B CAD—44.6B CAD48.0B CAD49.1B CAD
Goodwill———0 CAD77M CAD70M CAD—70M CAD71M CAD100M CAD
Total assets36.4B CAD37.1B CAD37.6B CAD41.2B CAD43.8B CAD44.8B CAD—52.7B CAD57.1B CAD58.6B CAD
Total current liabilities3.0B CAD3.0B CAD4.0B CAD3.5B CAD4.3B CAD3.3B CAD—5.0B CAD4.0B CAD3.7B CAD
Long-term debt9.0B CAD9.4B CAD8.7B CAD11.4B CAD11.9B CAD12.0B CAD—16.1B CAD19.7B CAD20.3B CAD
Total liabilities21.5B CAD22.2B CAD21.0B CAD23.6B CAD25.7B CAD25.2B CAD—32.5B CAD36.0B CAD37.0B CAD
Shareholders' equity14.9B CAD14.8B CAD16.7B CAD17.6B CAD18.0B CAD19.7B CAD21.4B CAD20.1B CAD21.1B CAD21.6B CAD
Net debt8.8B CAD9.3B CAD8.7B CAD11.1B CAD11.8B CAD11.4B CAD-328M CAD15.7B CAD19.3B CAD19.9B CAD

Cash flow

Fiscal years, in CAD, from Canadian National Railway's 10-K filings with the SEC.

Fiscal year2015201620172018201920202022202320242025
Operating cash flow5.1B CAD5.2B CAD5.5B CAD5.9B CAD5.9B CAD6.2B CAD6.7B CAD7.0B CAD6.7B CAD7.0B CAD
Capital spending2.7B CAD2.7B CAD2.7B CAD3.5B CAD3.9B CAD2.9B CAD2.8B CAD3.2B CAD3.5B CAD3.7B CAD
Free cash flow2.4B CAD2.5B CAD2.8B CAD2.4B CAD2.1B CAD3.3B CAD3.9B CAD3.8B CAD3.1B CAD3.4B CAD
Stock-based compensation61M CAD113M CAD111M CAD90M CAD57M CAD64M CAD63M CAD64M CAD74M CAD106M CAD
Dividends paid996M CAD1.2B CAD1.2B CAD1.3B CAD1.5B CAD1.6B CAD2.0B CAD2.1B CAD2.1B CAD2.2B CAD
Share buybacks (net)-1.7B CAD-2.0B CAD-2.0B CAD-2.0B CAD-1.7B CAD-379M CAD-4.7B CAD-4.6B CAD-2.6B CAD-2.1B CAD
Net borrowing540M CAD691M CAD454M CAD974M CAD1.4B CAD-705M CAD2.1B CAD3.2B CAD1.1B CAD907M CAD
Free cash flow margin19.3%20.8%21.8%16.7%13.8%23.9%22.9%22.5%18.5%19.6%
Dividends per share1.24 CAD1.49 CAD1.64 CAD1.81 CAD2.14 CAD2.29 CAD2.91 CAD3.14 CAD3.37 CAD3.54 CAD
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Questions

What was Canadian National Railway's revenue in 2025?

17.3B CAD in fiscal 2025, from its 10-K filing.

How much free cash flow does Canadian National Railway generate?

3.4B CAD in fiscal 2025 (operating cash flow minus capital spending).

From Canadian National Railway's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.