Revenue rose from roughly $4.1B to $4.6B across the period while operating margin held in a 35% to 39% band, with the latest quarter at 38.7%, indicating disciplined cost control.
Canadian National Railway Company (CNI) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 18.25B | 17.29B | 17.05B | 16.83B | 17.11B | 14.48B | 13.82B | 14.92B | 14.32B | 13.04B | 12.04B | 12.61B | 12.13B | 10.57B | 9.92B | 9.03B | 8.3B | 7.37B | 8.48B | 7.9B | 7.93B | 7.24B | 6.55B | 5.88B | 6.11B | 5.65B | 5.43B | 5.24B | 4.09B | 4.33B | 3.96B |
| Revenue Growth % | 6.09% | 1.43% | 1.3% | -1.63% | 18.17% | 4.76% | -7.36% | 4.16% | 9.82% | 8.34% | -4.55% | 3.93% | 14.74% | 6.6% | 9.88% | 8.81% | 12.62% | -13.15% | 7.41% | -0.4% | 9.52% | 10.57% | 11.28% | -3.7% | 8.1% | 4.13% | 3.67% | 28.06% | -5.49% | 9.34% | 0.07% |
| Cost of Goods Sold | 10.17B | 9.53B | 10.08B | 9.68B | 9.71B | 8.41B | 8.05B | 8.83B | 8.36B | 7.37B | 6.64B | 6.95B | 7.14B | 6.41B | 5.9B | 5.46B | 4.91B | 2.13B | 2.8B | 2.32B | 1.93B | 1.74B | 1.27B | 1.35B | 2.97B | 1.07B | 1.2B | 836.69M | 932.32M | 1.14B | 1.19B |
| COGS % of Revenue | - | 55.13% | 59.13% | 57.51% | 56.77% | 58.08% | 58.24% | 59.21% | 58.37% | 56.48% | 55.18% | 55.12% | 58.86% | 60.59% | 59.45% | 60.43% | 59.12% | 28.93% | 33.03% | 29.35% | 24.35% | 24.01% | 19.43% | 23.02% | 48.61% | 18.87% | 22.19% | 15.98% | 22.8% | 26.35% | 30.05% |
| Gross Profit | 8.08B | 7.76B | 6.97B | 7.15B | 7.4B | 6.07B | 5.77B | 6.08B | 5.96B | 5.67B | 5.39B | 5.66B | 4.99B | 4.17B | 4.02B | 3.57B | 3.39B | 5.24B | 5.68B | 5.58B | 5.79B | 5.5B | 5.28B | 4.53B | 3.14B | 4.59B | 4.22B | 4.42B | 3.16B | 3.19B | 2.77B |
| Gross Margin % | 44.28% | 44.87% | 40.87% | 42.49% | 43.23% | 41.92% | 41.76% | 40.79% | 41.63% | 43.52% | 44.82% | 44.88% | 41.14% | 39.41% | 40.55% | 39.57% | 40.88% | 71.07% | 66.97% | 70.65% | 72.97% | 75.99% | 80.57% | 76.98% | 51.39% | 81.13% | 77.81% | 84.34% | 77.2% | 73.65% | 69.95% |
| Gross Profit Growth % | - | 11.35% | -2.57% | -3.31% | 21.87% | 5.16% | -5.16% | 2.06% | 5.06% | 5.19% | -4.68% | 13.38% | 19.77% | 3.6% | 12.63% | 5.31% | -35.22% | -7.82% | 1.81% | -3.57% | 5.16% | 4.29% | 16.47% | 44.26% | -31.53% | 8.58% | -4.36% | 39.9% | -0.94% | 15.12% | 15.56% |
| Operating Expenses | 1.22B | 1.18B | 720M | 554M | 556M | 453M | 994M | 171M | 167M | 117M | 83M | 394M | 368M | 295M | 338M | 276M | 368M | 2.83B | 2.79B | 2.7B | 4.9B | 4.62B | 4.38B | 4.11B | 4.64B | 3.97B | 3.78B | 3.77B | 1.72B | 1.89B | 1.84B |
| OpEx % of Revenue | - | 6.8% | 4.22% | 3.29% | 3.25% | 3.13% | 7.19% | 1.15% | 1.17% | 0.9% | 0.69% | 3.12% | 3.03% | 2.79% | 3.41% | 3.06% | 4.44% | 38.41% | 32.85% | 34.23% | 61.79% | 63.76% | 66.89% | 69.8% | 75.96% | 70.24% | 69.64% | 71.98% | 41.95% | 43.59% | 46.43% |
| Selling, General & Admin | 1.22B | 1.18B | 0 | -479M | -498M | -407M | -292M | -321M | -302M | -315M | -280M | 0 | 0 | 0 | 0 | 2.09B | 2.11B | 2.04B | 2.06B | 2.03B | 2.1B | 2.27B | 2.52B | 2.7B | 1.54B | 2.51B | 2.28B | 2.27B | 1.67B | 1.75B | 1.81B |
| SG&A % of Revenue | - | 6.8% | - | -2.85% | -2.91% | -2.81% | -2.11% | -2.15% | -2.11% | -2.42% | -2.33% | - | - | - | - | 23.13% | 25.45% | 27.69% | 24.3% | 25.66% | 26.49% | 31.33% | 38.54% | 45.92% | 25.24% | 44.4% | 42.06% | 43.43% | 40.87% | 40.56% | 45.83% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 720M | 1.03B | 1.05B | 860M | 1.29B | 492M | 469M | 432M | 363M | 394M | 368M | 295M | 338M | -1.81B | -1.74B | 790M | 725M | 677M | 2.8B | 2.35B | 1.86B | 1.4B | 3.1B | 1.46B | 1.5B | 1.49B | 44.05M | 131.08M | 23.99M |
| Operating Income | 6.87B | 6.58B | 6.25B | 6.6B | 6.84B | 5.62B | 4.78B | 5.59B | 5.49B | 5.24B | 5.03B | 5.27B | 4.62B | 3.87B | 3.69B | 3.3B | 3.02B | 2.41B | 2.89B | 2.88B | 3.03B | 2.62B | 2.17B | 1.78B | 1.47B | 1.68B | 1.65B | 1.47B | 1.44B | 1.3B | 930.4M |
| Operating Margin % | 37.62% | 38.07% | 36.65% | 39.2% | 39.98% | 38.79% | 34.57% | 37.49% | 38.36% | 40.2% | 41.8% | 41.76% | 38.11% | 36.62% | 37.15% | 36.51% | 36.45% | 32.66% | 34.12% | 36.42% | 38.21% | 36.24% | 33.11% | 30.2% | 24.04% | 29.76% | 30.36% | 28.02% | 35.25% | 30.06% | 23.51% |
| Operating Income Growth % | - | 5.36% | -5.31% | -3.55% | 21.79% | 17.56% | -14.59% | 1.82% | 4.77% | 4.19% | -4.44% | 13.88% | 19.39% | 5.1% | 11.8% | 8.99% | 25.69% | -16.86% | 0.63% | -5.08% | 15.47% | 21.03% | 22% | 20.97% | -12.66% | 2.06% | 12.34% | 1.79% | 10.83% | 39.76% | 12.91% |
| EBITDA | 8.78B | 8.52B | 8.14B | 8.41B | 8.57B | 7.21B | 6.37B | 7.16B | 6.82B | 6.52B | 6.26B | 6.42B | 5.67B | 4.85B | 4.61B | 4.18B | 3.86B | 3.2B | 3.62B | 3.55B | 3.68B | 3.25B | 2.77B | 2.34B | 2.06B | 2.22B | 2.18B | 1.96B | 1.12B | 1.1B | 735.35M |
| EBITDA Margin % | 48.08% | 49.27% | 47.75% | 50% | 50.09% | 49.83% | 46.07% | 47.97% | 47.64% | 50.03% | 51.98% | 50.94% | 46.76% | 45.89% | 46.46% | 46.3% | 46.5% | 43.38% | 42.67% | 45% | 46.45% | 44.94% | 42.3% | 39.72% | 33.72% | 39.28% | 40.18% | 37.49% | 27.51% | 25.38% | 18.59% |
| EBITDA Growth % | 3.81% | 4.66% | -3.27% | -1.81% | 18.78% | 13.32% | -11.03% | 4.88% | 4.57% | 4.27% | -2.6% | 13.22% | 16.92% | 5.29% | 10.26% | 8.35% | 20.71% | -11.69% | 1.83% | -3.5% | 13.18% | 17.47% | 18.53% | 13.45% | -7.21% | 1.79% | 11.11% | 74.52% | 2.43% | 49.34% | 24.64% |
| D&A (Non-Cash Add-back) | 1.91B | 1.94B | 1.89B | 1.82B | 1.73B | 1.6B | 1.59B | 1.56B | 1.33B | 1.28B | 1.23B | 1.16B | 1.05B | 980M | 924M | 884M | 834M | 790M | 725M | 678M | 653M | 630M | 602M | 560M | 591M | 538M | 533M | 496M | -316.4M | -202.2M | -195.04M |
| EBIT | 7.24B | 7.17B | 6.74B | 7.21B | 7.31B | 6.95B | 5.08B | 5.97B | 6.17B | 5.57B | 5.41B | 5.31B | 4.73B | 3.95B | 4B | 3.7B | 3.24B | 2.67B | 2.92B | 3.04B | 3.03B | 2.62B | 2.17B | 1.78B | 1.47B | 1.68B | 1.65B | 1.47B | 1.44B | 1.3B | 930.4M |
| Net Interest Income | -948.12M | -912.26M | -891M | -722M | -548M | -610M | -554M | -538M | -489M | -481M | -480M | -439M | -371M | -357M | -342M | -341M | -360M | -412M | -375M | -336M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 948.12M | 912.26M | 891M | 722M | 548M | 610M | 554M | 538M | 489M | 481M | 480M | 439M | 371M | 357M | 342M | 341M | 360M | 412M | 375M | 336M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -414.13M | -322.74M | -395M | -109M | -77M | 726M | -256M | -164M | 189M | -154M | -105M | -392M | -264M | -284M | -27M | 60M | -148M | -145M | -349M | -170M | -301M | -287M | -314M | -294M | -285M | -262M | -175M | -259M | -1.14B | -465.51M | -776.34M |
| Pretax Income | 6.45B | 6.26B | 5.85B | 6.49B | 6.76B | 6.34B | 4.52B | 5.43B | 5.68B | 5.09B | 4.93B | 4.87B | 4.36B | 3.59B | 3.66B | 3.36B | 2.88B | 2.26B | 2.54B | 2.71B | 2.73B | 2.34B | 1.85B | 1.48B | 1.18B | 1.42B | 1.47B | 1.21B | 296.44M | 834.86M | 154.06M |
| Pretax Margin % | 35.35% | 36.2% | 34.33% | 38.55% | 39.53% | 43.81% | 32.72% | 36.39% | 39.68% | 39.02% | 40.93% | 38.65% | 35.93% | 33.94% | 36.88% | 37.17% | 34.66% | 30.69% | 30% | 34.27% | 34.42% | 32.28% | 28.31% | 25.2% | 19.38% | 25.12% | 27.14% | 23.07% | 7.25% | 19.3% | 3.89% |
| Income Tax | 1.63B | 1.54B | 1.4B | 863M | 1.65B | 1.44B | 976M | 1.21B | 1.35B | -395M | 1.29B | 1.34B | 1.19B | 977M | 978M | 899M | 772M | 407M | 650M | 548M | 642M | 781M | 596M | 517M | 384M | 380M | 536M | 462M | 73.73M | 365.34M | -694.1M |
| Effective Tax Rate % | 25.25% | 24.65% | 23.99% | 13.3% | 24.32% | 22.75% | 21.59% | 22.34% | 23.83% | -7.76% | 26.12% | 27.41% | 27.36% | 27.22% | 26.74% | 26.79% | 26.84% | 18% | 25.54% | 20.25% | 23.53% | 33.42% | 32.15% | 34.86% | 32.43% | 26.76% | 36.39% | 38.25% | 24.87% | 43.76% | -450.53% |
| Net Income | 4.82B | 4.72B | 4.45B | 5.63B | 5.12B | 4.9B | 3.54B | 4.22B | 4.33B | 5.48B | 3.64B | 3.54B | 3.17B | 2.61B | 2.68B | 2.46B | 2.1B | 1.85B | 1.9B | 2.16B | 2.09B | 1.56B | 1.26B | 1.01B | 800M | 1.04B | 937M | 751M | 264.18M | 1.04B | 846.1M |
| Net Margin % | 26.42% | 27.28% | 26.09% | 33.43% | 29.92% | 33.84% | 25.65% | 28.26% | 30.22% | 42.05% | 30.24% | 28.05% | 26.1% | 24.7% | 27.02% | 27.22% | 25.36% | 25.17% | 22.34% | 27.33% | 26.32% | 21.49% | 19.21% | 17.23% | 13.09% | 18.4% | 17.26% | 14.34% | 6.46% | 24.06% | 21.38% |
| Net Income Growth % | 4.44% | 6.03% | -20.92% | 9.91% | 4.47% | 38.19% | -15.92% | -2.59% | -21.08% | 50.66% | 2.88% | 11.71% | 21.25% | -2.54% | 9.08% | 16.78% | 13.48% | -2.16% | -12.19% | 3.4% | 34.13% | 23.69% | 24.06% | 26.75% | -23.08% | 10.99% | 24.77% | 184.27% | -74.62% | 23.04% | 177.98% |
| Net Income (Continuing) | 4.82B | 4.72B | 4.45B | 5.63B | 5.12B | 4.9B | 3.54B | 4.22B | 4.33B | 5.48B | 3.64B | 3.54B | 3.17B | 2.61B | 2.68B | 2.46B | 2.1B | 1.85B | 1.9B | 2.16B | 2.09B | 1.56B | 1.26B | 966M | 800M | 1.04B | 937M | 746M | 222.71M | 469.52M | 848.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.97 | 7.56 | 7.01 | 8.53 | 7.44 | 6.90 | 5.00 | 5.86 | 5.87 | 7.24 | 4.67 | 4.39 | 3.85 | 3.09 | 6.20 | 5.49 | 4.52 | 1.96 | 2.66 | 4.24 | 1.96 | 1.39 | 1.09 | 0.87 | 0.66 | 0.87 | 0.78 | 0.62 | 0.24 | 0.92 | 0.84 |
| EPS Growth % | 7.19% | 7.85% | -17.82% | 14.65% | 7.83% | 38% | -14.68% | -0.17% | -18.92% | 55.03% | 6.38% | 14.03% | 24.6% | -50.16% | 12.93% | 21.46% | 130.61% | -26.32% | -37.26% | 116.33% | 41.01% | 27.52% | 25.29% | 31.82% | -24.14% | 11.54% | 25.81% | 158.33% | -73.91% | 9.52% | 179.25% |
| EPS (Basic) | - | 7.57 | 7.02 | 8.53 | 10.02 | 8.81 | 5.01 | 5.85 | 5.89 | 7.28 | 4.69 | 4.42 | 3.86 | 3.10 | 6.23 | 5.53 | 4.56 | 1.98 | 2.00 | 4.29 | 1.99 | 1.41 | 1.10 | 0.89 | 0.68 | 0.90 | 0.80 | 0.64 | 0.24 | 0.92 | 0.84 |
| Diluted Shares Outstanding | 605.2M | 623.7M | 634.5M | 659.1M | 688.3M | 710.3M | 713M | 719.15M | 737.7M | 757.3M | 779.2M | 805.1M | 823.5M | 846.1M | 432.1M | 447.45M | 465.1M | 947M | 713.5M | 509.4M | 1.07B | 1.12B | 1.16B | 1.16B | 1.21B | 1.19B | 1.2B | 1.2B | 1.1B | 1.13B | 1.01B |
| Basic Shares Outstanding | 603.7M | 623.1M | 633.5M | 657.7M | 687.9M | 710M | 713.28M | 720.49M | 737.31M | 757.46M | 779.44M | 805.92M | 822.6M | 845.31M | 430.3M | 444.65M | 461.45M | 938.4M | 706M | 502.65M | 1.05B | 1.1B | 1.14B | 1.15B | 1.18B | 1.15B | 1.17B | 1.18B | 1.1B | 1.13B | 1.01B |
| Dividend Payout Ratio | - | 46.78% | 48.07% | 36.82% | 39.16% | 35.52% | 46.09% | 36.62% | 30.8% | 22.59% | 31.84% | 28.15% | 25.83% | 27.72% | 24.33% | 23.81% | 23.91% | 25.57% | 23.01% | 19.37% | 16.29% | 17.67% | 17.65% | 18.84% | 21.25% | 14.42% | 14.51% | 15.71% | 37.21% | 7.51% | 8.04% |
Quick answers to the most common questions about buying CNI stock.
For fiscal year 2025, Canadian National Railway Company (CNI) reported total revenue of $17.29B. This represents a 337.0% increase compared to $3.96B in 1996.
Canadian National Railway Company (CNI) is profitable, generating $4.72B in net income for the fiscal year ending 2025 with a net profit margin of 27.3%.
Canadian National Railway Company (CNI) reported an operating income of $6.58B, resulting in an operating profit margin of 38.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Canadian National Railway Company (CNI) generated $7.76B in gross profit for the year, representing a gross profit margin of 44.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Labor disruption and cost inflation
Modest Top-Line Growth Amid Soft Freight
Based on the reported quarterly figures, CNI's revenue moved from roughly $4.1B to $4.6B across ten quarters, with year-over-year growth of 11.4% in the latest quarter that appears to be partly base-effect driven rather than broad-based acceleration.
The swing from negative year-over-year growth in early 2026 to double-digit growth in the most recent quarter suggests volume recovery or favorable pricing, but the sequential pattern is uneven. Investors should determine whether the latest quarter reflects durable demand or a comparison against a weak prior period before extrapolating it.
Gross Margin Holding Within a Narrow Band
As reported in the quarterly income statements, CNI's gross margin has stayed between roughly 40% and 46% over the period, with the latest quarter at 44.3%, which is consistent with a structurally pricing-supported franchise rather than a cyclical outlier.
The range suggests pricing and fuel surcharge mechanisms have largely offset input cost volatility. The dip to 40.4% in early periods indicates margins are sensitive to mix and fuel timing, which may compress when energy costs rise faster than surcharges can adjust.
Operating Margin Stability Signals Cost Discipline
Based on EDBL-style operating figures, CNI's operating margin ranged from about 35% to 39% across recent quarters, with the most recent reading at 38.7%, indicating that operating income has broadly tracked revenue rather than expanding disproportionately.
Because operating margin has not expanded meaningfully while revenue has been volatile, operating leverage appears limited in either direction. The reported SG&A line is inconsistent across periods, so efficiency conclusions from overhead alone would be unreliable and warrant further investigation.
Earnings Conversion Remains Consistently Strong
According to recent SEC filings, CNI's net margin has held in a 25% to 28% range, with the latest quarter at 25.3%, which suggests high conversion of operating income into bottom-line earnings.
Net margin running at roughly two-thirds of operating margin points to a consistent below-the-line drag, likely interest and taxes, though the reported figures do not isolate these items. Stock-based compensation is reported as zero, so no adjustment for dilution-linked expense is possible from the supplied data.
Competitive Pressure From Integrated Rival
As reported in peer comparisons, CPKC's combined network and CNI's 38.7% operating margin sit close to the rail group, but CNI's 1.4% revenue growth trails the peer set's more varied trajectory, which may invite share pressure on overlapping corridors.
The integration of a transcontinental rival may challenge CNI's pricing on north-south routes, and the modest top-line growth could leave less room to absorb fuel or labor cost increases. Margin compression is the more likely downside if pricing power weakens, although the supplied data alone cannot confirm this trend.