Canadian National Railway Company(CNI)Earnings, Financials & Key Ratios
CNI•NYSE
$112.19
$68.59B mkt cap·20.2× P/E·Price updated May 6, 2026
AboutCanadian National Railway Company, together with its subsidiaries, engages in the rail and related transportation business. The company's portfolio of goods includes petroleum and chemicals, grain and fertilizers, coal, metals and minerals, forest products, intermodal, and automotive products serving exporters, importers, retailers, farmers, and manufacturers. It operates a network of 19,500 route miles of track spanning Canada and the United States. The company also provides vessels and docks, transloading and distribution, automotive logistics, and freight forwarding and transportation management services. Canadian National Railway Company was incorporated in 1919 and is headquartered in Montreal, Canada.Show more
- Revenue$17.29B+1.4%
- EBITDA$8.52B+4.7%
- Net Income$4.72B+6.0%
- EPS (Diluted)7.56+7.8%
- Gross Margin44.87%+9.8%
- EBITDA Margin49.27%+3.2%
- Operating Margin38.07%+3.9%
- Net Margin27.28%+4.5%
- ROE22.14%+2.5%
- ROIC11.61%-0.2%
- Debt/Equity1.01-0.3%
- Interest Coverage7.86+3.9%
CNI Key Insights
Canadian National Railway Company (CNI) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Excellent 3Y average ROE of 23.6%
- ✓Strong Piotroski F-Score: 8/9
- ✓FCF machine: 19.6% free cash flow margin
- ✓12 consecutive years of dividend growth
- ✓High quality earnings: Operating CF exceeds net income
- ✓Healthy dividend yield of 2.3%
✗Weaknesses
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
CNI Price & Volume
Canadian National Railway Company (CNI) stock price & volume — 10-year historical chart
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CNI Growth Metrics
Canadian National Railway Company (CNI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years3.21%
5 Years4.58%
3 Years0.36%
TTM0.54%
Profit CAGR
10 Years2.92%
5 Years5.88%
3 Years-2.69%
TTM4.46%
EPS CAGR
10 Years5.59%
5 Years8.62%
3 Years0.53%
TTM6.44%
Return on Capital
10 Years13.84%
5 Years13.26%
3 Years12.86%
Last Year12.2%
CNI Recent Earnings
Canadian National Railway Company (CNI) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
Apr 29, 2026EPS
$1.31
Est $1.31
+0.0%
Revenue
$3.1B
Est $3.1B
+0.0%
Q1 2026
Jan 30, 2026EPS
$1.49
Est $1.43
+4.2%
Revenue
$3.3B
Est $3.2B
+0.1%
Q4 2025
Oct 31, 2025EPS
$1.33
Est $1.28
+3.9%
Revenue
$2.1B
Est $4.4B
-51.6%
Q3 2025
Jul 22, 2025EPS
$1.35
Est $1.37
-1.5%
Revenue
$3.1B
Est $4.2B
-24.8%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 29, 2026 | $1.31vs $1.31+0.0% | $3.1Bvs $3.1B+0.0% |
| Q1 2026 | Jan 30, 2026 | $1.49vs $1.43+4.2% | $3.3Bvs $3.2B+0.1% |
| Q4 2025 | Oct 31, 2025 | $1.33vs $1.28+3.9% | $2.1Bvs $4.4B-51.6% |
| Q3 2025 | Jul 22, 2025 | $1.35vs $1.37-1.5% | $3.1Bvs $4.2B-24.8% |
Based on last 12 quarters of dataView full earnings history →
CNI Peer Comparison
Canadian National Railway Company (CNI) competitors in North American freight railroads — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 CP | 77.19B | 85.98 | 25.90 | 3.66% | 27.21% | 10.09% | 0.50 | |
 UNP | 159.24B | 268.23 | 22.41 | 1.07% | 29.82% | 42.37% | 1.72 | |
 CSX | 84.69B | 45.58 | 29.60 | -3.08% | 21.55% | 23.52% | 1.47 | |
 NSC | 71.25B | 317.25 | 24.88 | 0.47% | 21.91% | 17.43% | 1.10 | |
 WAB | 45.9B | 270.49 | 39.60 | 7.51% | 10.52% | 10.9% | 0.50 | |
 GATX | 7.12B | 199.55 | 25.65 | 12.38% | 18.35% | 11.5% | 3.45 | |
 TRN | 2.89B | 36.25 | 11.89 | -29.95% | 12.37% | 21.27% | 4.75 | |
 CAT | 431.16B | 926.64 | 49.21 | 4.29% | 13.31% | 47.51% | 2.03 |
Compare CNI vs Peers
Canadian National Railway Company (CNI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
CNI Income Statement
Canadian National Railway Company (CNI) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 13.04B | 14.32B | 14.92B | 13.82B | 14.48B | 17.11B | 16.83B | 17.05B | 17.29B | 17.29B |
| Revenue Growth % | 8.34% | 9.82% | 4.16% | -7.36% | 4.76% | 18.17% | -1.63% | 1.3% | 1.43% | 0.54% |
| Cost of Goods Sold | 7.37B | 8.36B | 8.83B | 8.05B | 8.41B | 9.71B | 9.68B | 10.08B | 9.53B | 9.65B |
| COGS % of Revenue | 56.48% | 58.37% | 59.21% | 58.24% | 58.08% | 56.77% | 57.51% | 59.13% | 55.13% | - |
| Gross Profit | 5.67B▲ 0% | 5.96B▲ 5.1% | 6.08B▲ 2.1% | 5.77B▼ 5.2% | 6.07B▲ 5.2% | 7.4B▲ 21.9% | 7.15B▼ 3.3% | 6.97B▼ 2.6% | 7.76B▲ 11.3% | 7.64B▲ 0% |
| Gross Margin % | 43.52% | 41.63% | 40.79% | 41.76% | 41.92% | 43.23% | 42.49% | 40.87% | 44.87% | 44.21% |
| Gross Profit Growth % | 5.19% | 5.06% | 2.06% | -5.16% | 5.16% | 21.87% | -3.31% | -2.57% | 11.35% | - |
| Operating Expenses | 117M | 167M | 171M | 994M | 453M | 556M | 554M | 720M | 1.18B | 1.11B |
| OpEx % of Revenue | 0.9% | 1.17% | 1.15% | 7.19% | 3.13% | 3.25% | 3.29% | 4.22% | 6.8% | - |
| Selling, General & Admin | -315M | -302M | -321M | -292M | -407M | -498M | -479M | 0 | 1.18B | 924.94M |
| SG&A % of Revenue | -2.42% | -2.11% | -2.15% | -2.11% | -2.81% | -2.91% | -2.85% | - | 6.8% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 432M | 469M | 492M | 1.29B | 860M | 1.05B | 1.03B | 720M | 0 | 1000K |
| Operating Income | 5.24B▲ 0% | 5.49B▲ 4.8% | 5.59B▲ 1.8% | 4.78B▼ 14.6% | 5.62B▲ 17.6% | 6.84B▲ 21.8% | 6.6B▼ 3.6% | 6.25B▼ 5.3% | 6.58B▲ 5.4% | 6.53B▲ 0% |
| Operating Margin % | 40.2% | 38.36% | 37.49% | 34.57% | 38.79% | 39.98% | 39.2% | 36.65% | 38.07% | 37.75% |
| Operating Income Growth % | 4.19% | 4.77% | 1.82% | -14.59% | 17.56% | 21.79% | -3.55% | -5.31% | 5.36% | - |
| EBITDA | 6.52B | 6.82B | 7.16B | 6.37B | 7.21B | 8.57B | 8.41B | 8.14B | 8.52B | 8.46B |
| EBITDA Margin % | 50.03% | 47.64% | 47.97% | 46.07% | 49.83% | 50.09% | 50% | 47.75% | 49.27% | 48.92% |
| EBITDA Growth % | 4.27% | 4.57% | 4.88% | -11.03% | 13.32% | 18.78% | -1.81% | -3.27% | 4.66% | 2.73% |
| D&A (Non-Cash Add-back) | 1.28B | 1.33B | 1.56B | 1.59B | 1.6B | 1.73B | 1.82B | 1.89B | 1.94B | 1.93B |
| EBIT | 5.57B | 6.17B | 5.97B | 5.08B | 6.95B | 7.31B | 7.21B | 6.74B | 7.17B | 6.67B |
| Net Interest Income | -481M | -489M | -538M | -554M | -610M | -548M | -722M | -891M | -912.26M | -850.4M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 481M | 489M | 538M | 554M | 610M | 548M | 722M | 891M | 912.26M | 850.4M |
| Other Income/Expense | -154M | 189M | -164M | -256M | 726M | -77M | -109M | -395M | -322.74M | -268.02M |
| Pretax Income | 5.09B▲ 0% | 5.68B▲ 11.7% | 5.43B▼ 4.5% | 4.52B▼ 16.7% | 6.34B▲ 40.3% | 6.76B▲ 6.6% | 6.49B▼ 4.1% | 5.85B▼ 9.8% | 6.26B▲ 7.0% | 6.26B▲ 0% |
| Pretax Margin % | 39.02% | 39.68% | 36.39% | 32.72% | 43.81% | 39.53% | 38.55% | 34.33% | 36.2% | 36.2% |
| Income Tax | -395M | 1.35B | 1.21B | 976M | 1.44B | 1.65B | 863M | 1.4B | 1.54B | 1.55B |
| Effective Tax Rate % | -7.76% | 23.83% | 22.34% | 21.59% | 22.75% | 24.32% | 13.3% | 23.99% | 24.65% | 24.82% |
| Net Income | 5.48B▲ 0% | 4.33B▼ 21.1% | 4.22B▼ 2.6% | 3.54B▼ 15.9% | 4.9B▲ 38.2% | 5.12B▲ 4.5% | 5.63B▲ 9.9% | 4.45B▼ 20.9% | 4.72B▲ 6.0% | 4.71B▲ 0% |
| Net Margin % | 42.05% | 30.22% | 28.26% | 25.65% | 33.84% | 29.92% | 33.43% | 26.09% | 27.28% | 27.22% |
| Net Income Growth % | 50.66% | -21.08% | -2.59% | -15.92% | 38.19% | 4.47% | 9.91% | -20.92% | 6.03% | 4.46% |
| Net Income (Continuing) | 5.48B | 4.33B | 4.22B | 3.54B | 4.9B | 5.12B | 5.63B | 4.45B | 4.72B | 4.71B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.24▲ 0% | 5.87▼ 18.9% | 5.86▼ 0.2% | 5.00▼ 14.7% | 6.90▲ 38.0% | 7.44▲ 7.8% | 8.53▲ 14.7% | 7.01▼ 17.8% | 7.56▲ 7.8% | 7.69▲ 0% |
| EPS Growth % | 55.03% | -18.92% | -0.17% | -14.68% | 38% | 7.83% | 14.65% | -17.82% | 7.85% | 6.44% |
| EPS (Basic) | 7.28 | 5.89 | 5.85 | 5.01 | 8.81 | 10.02 | 8.53 | 7.02 | 7.57 | - |
| Diluted Shares Outstanding | 757.3M | 737.7M | 719.15M | 713M | 710.3M | 688.3M | 659.1M | 634.5M | 623.7M | 611.9M |
| Basic Shares Outstanding | 757.46M | 737.31M | 720.49M | 713.28M | 710M | 687.9M | 657.7M | 633.5M | 623.1M | 611.3M |
| Dividend Payout Ratio | 22.59% | 30.8% | 36.62% | 46.09% | 35.52% | 39.16% | 36.82% | 48.07% | 46.78% | - |
CNI Balance Sheet
Canadian National Railway Company (CNI) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 2.19B | 2.73B | 2.83B | 3.1B | 3.43B | 3.22B | 3.09B | 2.62B | 2.47B | 3.06B |
| Cash & Short-Term Investments | 70M | 266M | 64M | 569M | 838M | 328M | 475M | 389M | 362.7M | 587.51M |
| Cash Only | 70M | 266M | 64M | 569M | 838M | 328M | 475M | 389M | 362.7M | 587.51M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 984M | 1.17B | 1.43B | 1.14B | 1.07B | 1.42B | 1.3B | 1.31B | 1.12B | 1.26B |
| Days Sales Outstanding | 27.54 | 29.79 | 35.04 | 30.08 | 27.08 | 30.23 | 28.2 | 27.99 | 23.56 | 25.05 |
| Inventory | 424M | 557M | 611M | 583M | 589M | 692M | 699M | 720M | 733.4M | 833.15M |
| Days Inventory Outstanding | 21.01 | 24.32 | 25.25 | 26.44 | 25.57 | 26.01 | 26.37 | 26.07 | 28.08 | 29.92 |
| Other Current Assets | 712M | 736M | 581M | 663M | 783M | 594M | 482M | 90M | 256.79M | 379.98M |
| Total Non-Current Assets | 35.44B | 38.49B | 40.95B | 41.7B | 45.11B | 47.45B | 49.58B | 54.45B | 56.04B | 56.56B |
| Property, Plant & Equipment | 34.19B | 37.77B | 40.19B | 40.5B | 41.62B | 44.01B | 45.04B | 48.45B | 49.55B | 49.96B |
| Fixed Asset Turnover | 0.38x | 0.38x | 0.37x | 0.34x | 0.35x | 0.39x | 0.37x | 0.35x | 0.35x | 0.35x |
| Goodwill | 0 | 0 | 77M | 70M | 70M | 70M | 70M | 71M | 522.57M | 0 |
| Intangible Assets | 62M | 73M | 152M | 145M | 139M | 137M | 131M | 128M | 0 | 490.26M |
| Long-Term Investments | 73M | 70M | 84M | 83M | 119M | 94M | 402M | 428M | 0 | 0 |
| Other Non-Current Assets | 1.11B | 570M | 452M | 900M | 3.16B | 3.14B | 3.25B | 4.69B | 5.36B | 20.51B |
| Total Assets | 37.63B▲ 0% | 41.21B▲ 9.5% | 43.78B▲ 6.2% | 44.8B▲ 2.3% | 48.54B▲ 8.3% | 50.66B▲ 4.4% | 52.67B▲ 4.0% | 57.07B▲ 8.4% | 58.51B▲ 2.5% | 59.62B▲ 0% |
| Asset Turnover | 0.35x | 0.35x | 0.34x | 0.31x | 0.30x | 0.34x | 0.32x | 0.30x | 0.30x | 0.30x |
| Asset Growth % | 1.54% | 9.53% | 6.24% | 2.33% | 8.33% | 4.38% | 3.96% | 8.36% | 2.52% | 17.37% |
| Total Current Liabilities | 3.98B | 3.5B | 4.29B | 3.27B | 3.12B | 3.84B | 5.04B | 3.98B | 3.69B | 4.57B |
| Accounts Payable | 738M | 982M | 866M | 780M | 903M | 954M | 968M | 1.03B | 2.79B | 2.82B |
| Days Payables Outstanding | 36.57 | 42.88 | 35.79 | 35.38 | 39.2 | 35.86 | 36.51 | 37.34 | 106.75 | 100.03 |
| Short-Term Debt | 2.08B | 1.18B | 1.93B | 910M | 508M | 1.06B | 2.34B | 1.17B | 905.26M | 1.76B |
| Deferred Revenue (Current) | 0 | 3M | 50M | 115M | 74M | 12M | 13M | 5M | 0 | 0 |
| Other Current Liabilities | 433M | 455M | 144M | 169M | 127M | 104M | 166M | 97M | 0 | 0 |
| Current Ratio | 0.55x | 0.78x | 0.66x | 0.95x | 1.10x | 0.84x | 0.61x | 0.66x | 0.67x | 0.67x |
| Quick Ratio | 0.44x | 0.62x | 0.52x | 0.77x | 0.91x | 0.66x | 0.47x | 0.48x | 0.47x | 0.47x |
| Cash Conversion Cycle | 11.98 | 11.24 | 24.5 | 21.15 | 13.45 | 20.39 | 18.05 | 16.72 | -55.1 | -45.06 |
| Total Non-Current Liabilities | 16.99B | 20.07B | 21.46B | 21.88B | 22.67B | 25.44B | 27.51B | 32.04B | 33.26B | 33.54B |
| Long-Term Debt | 8.75B | 11.37B | 11.87B | 12B | 11.98B | 14.37B | 16.13B | 19.73B | 20.6B | 20.5B |
| Capital Lease Obligations | 0 | 0 | 379M | 311M | 322M | 341M | 298M | 343M | 315.74M | 1.3B |
| Deferred Tax Liabilities | 0 | 0 | 7.84B | 8.27B | 9.3B | 9.8B | 10.07B | 10.87B | 11.21B | 44.47B |
| Other Non-Current Liabilities | 8.24B | 8.71B | 1.21B | 1.22B | 1.07B | 911M | 935M | 909M | 1.14B | 4.69B |
| Total Liabilities | 20.97B | 23.57B | 25.74B | 25.15B | 25.79B | 29.28B | 32.55B | 36.02B | 36.96B | 38.11B |
| Total Debt | 10.83B | 12.57B | 14.3B | 13.32B | 12.91B | 15.89B | 18.89B | 21.37B | 21.82B | 22.57B |
| Net Debt | 10.76B | 12.3B | 14.23B | 12.76B | 12.08B | 15.57B | 18.41B | 20.98B | 21.46B | 21.99B |
| Debt / Equity | 0.65x | 0.71x | 0.79x | 0.68x | 0.57x | 0.74x | 0.94x | 1.02x | 1.01x | 1.01x |
| Debt / EBITDA | 1.66x | 1.84x | 2.00x | 2.09x | 1.79x | 1.85x | 2.24x | 2.63x | 2.56x | 2.67x |
| Net Debt / EBITDA | 1.65x | 1.80x | 1.99x | 2.00x | 1.67x | 1.82x | 2.19x | 2.58x | 2.52x | 2.52x |
| Interest Coverage | 11.58x | 12.62x | 11.09x | 9.16x | 11.40x | 13.34x | 9.99x | 7.57x | 7.86x | 7.85x |
| Total Equity | 16.66B▲ 0% | 17.64B▲ 5.9% | 18.04B▲ 2.3% | 19.65B▲ 8.9% | 22.74B▲ 15.7% | 21.38B▼ 6.0% | 20.12B▼ 5.9% | 21.05B▲ 4.6% | 21.55B▲ 2.4% | 21.51B▲ 0% |
| Equity Growth % | 12.23% | 5.91% | 2.27% | 8.92% | 15.74% | -5.98% | -5.92% | 4.64% | 2.37% | 22.14% |
| Book Value per Share | 21.99 | 23.91 | 25.09 | 27.56 | 32.02 | 31.07 | 30.52 | 33.18 | 34.55 | 35.15 |
| Total Shareholders' Equity | 16.66B | 17.64B | 18.04B | 19.65B | 22.74B | 21.38B | 20.12B | 21.05B | 21.55B | 21.51B |
| Common Stock | 3.61B | 3.63B | 3.65B | 3.7B | 3.7B | 3.61B | 3.51B | 3.47B | 3.45B | 3.47B |
| Retained Earnings | 15.56B | 16.62B | 17.63B | 19.16B | 20.99B | 19.53B | 18.66B | 18.35B | 18.9B | 18.74B |
| Treasury Stock | -168M | -175M | -163M | -115M | -103M | -170M | -144M | -129M | -151.88M | -150.39M |
| Accumulated OCI | -2.95B | -3.02B | -3.48B | -3.47B | -2.24B | -1.97B | -2.28B | -1.02B | -1.07B | -962.48M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
CNI Cash Flow Statement
Canadian National Railway Company (CNI) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 5.52B | 5.92B | 5.92B | 6.17B | 6.97B | 6.67B | 6.96B | 6.7B | 7.04B | 7.04B |
| Operating CF Margin % | 42.3% | 41.32% | 39.71% | 44.61% | 48.15% | 38.97% | 41.39% | 39.3% | 40.74% | - |
| Operating CF Growth % | 6.04% | 7.29% | 0.08% | 4.09% | 13.07% | -4.36% | 4.47% | -3.82% | 5.14% | 24.58% |
| Net Income | 5.48B | 4.33B | 4.22B | 3.54B | 4.9B | 5.12B | 5.63B | 4.45B | 4.72B | 4.71B |
| Depreciation & Amortization | 1.28B | 1.33B | 1.56B | 1.59B | 1.6B | 1.73B | 1.82B | 1.89B | 1.94B | 1.93B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.2B | 527M | 569M | 481M | 513M | 404M | -288M | 325M | 333.73M | 358M |
| Other Non-Cash Items | -197M | -448M | 136M | 421M | -186M | -173M | -136M | -58M | -409.67M | -390.35M |
| Working Capital Changes | 143M | 182M | -560M | 129M | 147M | -411M | -53M | 92M | 466.62M | 546.98M |
| Change in Receivables | -125M | -91M | -7M | 158M | -22M | -290M | 71M | 205M | 91.93M | 54.57M |
| Change in Inventory | -70M | -120M | -60M | 20M | -7M | -82M | -18M | -6M | -23.98M | -28.27M |
| Change in Payables | 418M | 379M | -498M | -49M | 141M | -9M | -191M | -107M | 219.82M | 336.83M |
| Cash from Investing | -2.74B | -3.4B | -4.19B | -2.95B | -2.87B | -2.51B | -3.47B | -3.61B | -3.71B | -3.54B |
| Capital Expenditures | -2.67B | -3.53B | -3.87B | -2.86B | -2.89B | -2.75B | -3.19B | -3.55B | -3.66B | -3.58B |
| CapEx % of Revenue | 20.5% | 24.66% | 25.91% | 20.72% | 19.97% | 16.08% | 18.94% | 20.82% | 21.14% | - |
| Acquisitions | 0 | 0 | -259M | -8M | -22M | 0 | -390M | 0 | 0 | 84.22M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -65M | 127M | -66M | -75M | 40M | 240M | 109M | -58M | -54.96M | -46.02M |
| Cash from Financing | -2.9B | -2.31B | -1.9B | -2.71B | -3.86B | -4.67B | -3.41B | -3.62B | -3.37B | -3.27B |
| Debt Issued (Net) | 454M | 974M | 1.39B | -705M | -392M | 2.08B | 3.21B | 1.06B | 906.26M | 1.82B |
| Equity Issued (Net) | -2.1B | -2.05B | -1.74B | -402M | -1.61B | -4.81B | -4.58B | -2.65B | -2.06B | -2.8B |
| Dividends Paid | -1.24B | -1.33B | -1.54B | -1.63B | -1.74B | -2B | -2.07B | -2.14B | -2.21B | -2.21B |
| Share Repurchases | -2.1B | -2.05B | -1.74B | -402M | -1.61B | -4.81B | -4.58B | -2.65B | -2.12B | -2.85B |
| Other Financing | -14M | 105M | -7M | 34M | -117M | 72M | 36M | 104M | -6M | -73.1M |
| Net Change in Cash | -119M▲ 0% | 206M▲ 273.1% | -171M▼ 183.0% | 512M▲ 399.4% | 241M▼ 52.9% | -507M▼ 310.4% | 90M▲ 117.8% | -523M▼ 681.1% | -19.65M▲ 96.2% | 340.93M▲ 0% |
| Free Cash Flow | 2.84B▲ 0% | 2.39B▼ 16.0% | 2.06B▼ 13.8% | 3.3B▲ 60.4% | 4.08B▲ 23.6% | 3.92B▼ 4.0% | 3.78B▼ 3.5% | 3.15B▼ 16.6% | 3.39B▲ 7.6% | 3.57B▲ 0% |
| FCF Margin % | 21.8% | 16.67% | 13.8% | 23.89% | 28.18% | 22.9% | 22.45% | 18.48% | 19.6% | 20.66% |
| FCF Growth % | 13.4% | -16.04% | -13.78% | 60.45% | 23.56% | -4% | -3.55% | -16.62% | 7.56% | 9.81% |
| FCF per Share | 3.75 | 3.24 | 2.86 | 4.63 | 5.74 | 5.69 | 5.73 | 4.96 | 5.43 | 5.43 |
| FCF Conversion (FCF/Net Income) | 1.01x | 1.37x | 1.40x | 1.74x | 1.42x | 1.30x | 1.24x | 1.51x | 1.49x | 0.76x |
| Interest Paid | 477M | 488M | 521M | 551M | 512M | 542M | 776M | 926M | 0 | 471M |
| Taxes Paid | 712M | 776M | 822M | 353M | 759M | 1.29B | 1.2B | 1.22B | 0 | 496M |
CNI Key Ratios
Canadian National Railway Company (CNI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 34.82% | 25.24% | 23.63% | 18.81% | 23.11% | 23.2% | 27.11% | 21.61% | 22.14% | 21.93% |
| Return on Invested Capital (ROIC) | 14.83% | 14.37% | 13.48% | 11.08% | 12.53% | 14.3% | 13.11% | 11.63% | 11.61% | 11.61% |
| Gross Margin | 43.52% | 41.63% | 40.79% | 41.76% | 41.92% | 43.23% | 42.49% | 40.87% | 44.87% | 44.21% |
| Net Margin | 42.05% | 30.22% | 28.26% | 25.65% | 33.84% | 29.92% | 33.43% | 26.09% | 27.28% | 27.22% |
| Debt / Equity | 0.65x | 0.71x | 0.79x | 0.68x | 0.57x | 0.74x | 0.94x | 1.02x | 1.01x | 1.01x |
| Interest Coverage | 11.58x | 12.62x | 11.09x | 9.16x | 11.40x | 13.34x | 9.99x | 7.57x | 7.86x | 7.85x |
| FCF Conversion | 1.01x | 1.37x | 1.40x | 1.74x | 1.42x | 1.30x | 1.24x | 1.51x | 1.49x | 0.76x |
| Revenue Growth | 8.34% | 9.82% | 4.16% | -7.36% | 4.76% | 18.17% | -1.63% | 1.3% | 1.43% | 0.54% |
CNI Frequently Asked Questions
Canadian National Railway Company (CNI) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Canadian National Railway Company (CNI) reported $17.29B in revenue for fiscal year 2025. This represents a 337% increase from $3.96B in 1996.
Canadian National Railway Company (CNI) grew revenue by 1.4% over the past year. Growth has been modest.
Yes, Canadian National Railway Company (CNI) is profitable, generating $4.71B in net income for fiscal year 2025 (27.3% net margin).
Dividend & Returns
Yes, Canadian National Railway Company (CNI) pays a dividend with a yield of 2.32%. This makes it attractive for income-focused investors.
Canadian National Railway Company (CNI) has a return on equity (ROE) of 22.1%. This is excellent, indicating efficient use of shareholder capital.
Canadian National Railway Company (CNI) generated $3.57B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
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Canadian National Railway Company (CNI) financial analysis — history, returns, DCA and operating performance tools
Full CNI Stock Analysis
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Financial Ratios
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Valuation
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