Canadian National Railway Company (CNI) quarterly cash flow statement — complete operating, investing & financing history
Canadian National Railway Company (CNI) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|
| Cash from Operations | 1.85B | 1.61B | 1.27B | 2.23B | 1.91B | 1.75B | 1.16B | 2B | 1.77B | 1.81B | 1.12B | 2.41B | 1.51B | 1.99B | 1.05B | 2.27B | 2.11B | 1.71B | 455.54M | 2.09B |
| Operating CF Margin % | 39.91% | 33.89% | 28.89% | 49.89% | 45.87% | 40.85% | 26.44% | 45.78% | 43.16% | 41.88% | 26.29% | 53.97% | 37.92% | 48.93% | 24.46% | 50.02% | 46.8% | 39.43% | 12.29% | 55.58% |
| Operating CF Growth % | -3.07% | -7.64% | 8.96% | 11.54% | 7.84% | -3.75% | 4.21% | -17.32% | 17.33% | -8.67% | 5.88% | 6.21% | -28.41% | 15.88% | 131.59% | 8.92% | -14.08% | 16.14% | -52.15% | 3.88% |
| Net Income | 1.18B | 1.25B | 1.15B | 1.25B | 1.14B | 1.17B | 1.16B | 1.15B | 1.08B | 1.11B | 1.1B | 2.13B | 1.11B | 1.17B | 1.22B | 1.42B | 1.46B | 1.32B | 733.67M | 1.2B |
| Depreciation & Amortization | 483.04M | 486.21M | 485.25M | 455.63M | 500M | 489M | 493M | 489M | 475M | 466M | 462M | 463M | 457M | 449M | 448M | 451M | 435M | 423M | 335.66M | 383M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31M | 0 | 0 | 0 | 0 | 0 | 15M | 15M | 0 | 0 |
| Deferred Taxes | 80.83M | 93.04M | 45.12M | 143.88M | 92M | 77M | 21M | 18M | 152M | 87M | 91.7M | -591M | 124M | 109M | 70M | 188M | 108M | 120M | -9.59M | 154M |
| Other Non-Cash Items | 3.9M | -114.05M | -168.43M | -104.91M | -23M | -94M | -56M | -11M | -63M | 45M | -83.7M | -27M | -43M | -64M | -2M | -126M | -6M | -49M | -89.51M | -74M |
| Working Capital Changes | 109.07M | -103.04M | -242.63M | 483.61M | 205M | 101M | -455M | 353M | 125M | 101M | -487M | 438M | -134M | 324M | -681M | 339M | 105M | -121M | -514.68M | 422M |
| Change in Receivables | -55.51M | -65.03M | -125.32M | 131.89M | -83M | 131M | -88M | 132M | -5M | 91M | -17.53M | -18M | -55M | 165M | -21M | 126M | -132M | -29M | -203.8M | 135M |
| Change in Inventory | -18.5M | -28.01M | -92.24M | 42.96M | 43M | -22M | -88M | 17M | 59M | -3M | -106.54M | 44M | 8M | 3M | -73M | 11M | 39M | -65M | -53.55M | 30M |
| Change in Payables | 77.91M | -42.02M | -20.05M | 148.88M | 233M | -25M | -137M | 181M | 1M | -17M | -366.82M | 342M | -81M | 105M | -557M | 272M | 140M | -52M | -294.9M | 281M |
| Cash from Investing | -806.37M | -669.29M | -365.94M | -1.23B | -1.12B | -823M | -538M | -963M | -1.19B | -866M | -588M | -1.19B | -931M | -885M | -462M | -937M | -756M | -716M | -80.72M | -860M |
| Capital Expenditures | -783.97M | -695.3M | -440.13M | -1.23B | -1.1B | -805M | -519M | -944M | -1.18B | -853M | -576M | -934M | -917M | -875M | -461M | -920M | -744M | -707M | -302.9M | -914M |
| CapEx % of Revenue | 16.87% | 14.62% | 10.03% | 27.53% | 26.49% | 18.84% | 11.79% | 21.66% | 28.61% | 19.7% | 13.56% | 20.89% | 23% | 21.57% | 10.69% | 20.26% | 16.49% | 16.28% | 8.17% | 24.35% |
| Acquisitions | 0 | 0 | 84.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -261M | 0 | 0 | 0 | 0 | 0 | 0 | 218.18M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -22.4M | 26.01M | -10.03M | -3M | -15M | -18M | -19M | -19M | -14M | -13M | -12M | 5M | -14M | -10M | -1M | -17M | -12M | -9M | 4M | 54M |
| Cash from Financing | -596.01M | -1.24B | -679.75M | -856.3M | -1.21B | -522M | -783M | -1.33B | -669M | -1.02B | -593M | -1.24B | -631M | -1.04B | -490M | -1.41B | -1.47B | -1.02B | -611.39M | -2.57B |
| Debt Issued (Net) | 568.74M | -310.13M | 783.02M | 305.75M | 348M | 382M | -129M | -769M | 319M | 569M | 945M | 408M | 1.06B | 526M | 1.22B | 258M | 144M | 674M | 801.6M | -1.03B |
| Equity Issued (Net) | -610.62M | -443.19M | -859.21M | -601.51M | -1.04B | -303M | -162M | -158M | -446M | -1.09B | -955M | -1.16B | -1.2B | -1.05B | -1.17B | -1.21B | -1.17B | -1.19B | -987.01M | -1.11B |
| Dividends Paid | -537.58M | -554.24M | -559.44M | -544.56M | -550M | -556M | -557M | -531M | -532M | -535M | -540M | -509M | -515M | -521M | -526M | -493M | -498M | -504M | -406.79M | -433M |
| Share Repurchases | -632.04M | -465.2M | -898.32M | -611.5M | -1.04B | -303M | -162M | -158M | -446M | -1.09B | -955M | -1.16B | -1.2B | -1.05B | -1.17B | -1.21B | -1.17B | -1.19B | -1.01B | -1.1B |
| Other Financing | -16.56M | 71.03M | -44.11M | -15.99M | 31M | -45M | 65M | 125M | -10M | 34M | -43M | 20M | 24M | 4M | -12M | 39M | 51M | 1M | -19.18M | 2M |
| Net Change in Cash | 450.21M | -304.55M | 218.88M | 140.05M | -414M | 396M | -157M | -297M | -86M | -77M | -63M | -18M | -48M | 53M | 103M | -72M | -114M | -25M | -225.03M | -1.35B |
| Free Cash Flow | 1.07B | 916.4M | 828.13M | 997.19M | 808M | 940M | 645M | 1.05B | 598M | 960M | 541M | 1.48B | 595M | 1.11B | 594M | 1.35B | 1.37B | 1.01B | 152.65M | 1.17B |
| FCF Margin % | 23.04% | 19.27% | 18.86% | 22.36% | 19.37% | 22% | 14.65% | 24.12% | 14.55% | 22.18% | 12.73% | 33.08% | 14.92% | 27.36% | 13.77% | 29.77% | 30.31% | 23.16% | 4.12% | 31.23% |
| FCF Growth % | 32.46% | -2.51% | 28.39% | -5.12% | 35.12% | -2.08% | 19.22% | -28.94% | 0.5% | -13.51% | -8.92% | 9.39% | -56.51% | 10.34% | 289.13% | 15.36% | -15.66% | 34.85% | -71.73% | 1.65% |
| FCF per Share | 1.77 | 1.51 | 1.35 | 1.62 | 1.30 | 1.50 | 1.03 | 1.67 | 0.95 | 1.51 | 0.84 | 2.28 | 0.91 | 1.67 | 0.89 | 2.00 | 2.00 | 1.45 | 0.22 | 1.66 |
| FCF Conversion (FCF/Net Income) | 1.57x | 1.29x | 1.10x | 1.78x | 1.68x | 1.49x | 1.00x | 1.74x | 1.64x | 1.63x | 1.01x | 1.13x | 1.36x | 1.70x | 0.86x | 1.60x | 1.45x | 1.29x | 0.50x | 1.74x |
| Interest Paid | 0 | 227M | 276M | 216M | 279M | 192M | 292M | 210M | 265M | 188M | 263M | 154M | 256M | 115M | 251M | 103M | 182M | 86M | 0 | 79M |
| Taxes Paid | 0 | 389M | 273M | 227M | 231M | 265M | 212M | 288M | 262M | 301M | 370M | 210M | 279M | 284M | 424M | 334M | 264M | 370M | 0 | 177M |