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Stocks · Industrials · Railroads, Line-Haul Operating

CANADIAN NATIONAL RAILWAY CO

CNI Clue Score49
Quebec, Canada Fiscal year ends December CIK 0000016868
$118.52 +0.63% Close, 12 Oct 2026
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Price $118.52 +2.04% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue12.04Operating income5.03Net income3.64EPS, diluted4.67Fiscal year 2017Revenue13.04 +8.3%Operating income5.24Net income5.48 +50.7%EPS, diluted7.24 +55.0%Fiscal year 2018Revenue14.32 +9.8%Operating income5.49Net income4.33 −21.1%EPS, diluted5.87 −18.9%Fiscal year 2019Revenue14.92 +4.2%Operating income5.59Net income4.22 −2.6%EPS, diluted5.83 −0.7%Fiscal year 2020Revenue13.82 −7.4%Operating income4.78Net income3.56 −15.5%EPS, diluted5.00 −14.2%Fiscal year 2022Revenue17.11 +23.8%Operating income6.84Net income5.12 +43.7%EPS, diluted7.44 +48.8%Fiscal year 2023Revenue16.83 −1.6%Operating income6.60Net income5.63 +9.9%EPS, diluted8.53 +14.7%Fiscal year 2024Revenue17.05 +1.3%Operating income6.25Net income4.45 −20.9%EPS, diluted7.01 −17.8%Fiscal year 2025Revenue17.30 +1.5%Operating income6.59Net income4.72 +6.1%EPS, diluted7.57 +8.0%
FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Revenue 12.04 13.04 14.32 14.92 13.82 17.11 16.83 17.05 17.30
Growth +8.3% +9.8% +4.2% −7.4% +23.8% −1.6% +1.3% +1.5%
Operating income 5.03 5.24 5.49 5.59 4.78 6.84 6.60 6.25 6.59
Net income 3.64 5.48 4.33 4.22 3.56 5.12 5.63 4.45 4.72
Growth +50.7% −21.1% −2.6% −15.5% +43.7% +9.9% −20.9% +6.1%
EPS, diluted 4.67 7.24 5.87 5.83 5.00 7.44 8.53 7.01 7.57
Growth +55.0% −18.9% −0.7% −14.2% +48.8% +14.7% −17.8% +8.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin41.8%Net margin30.2%Free cash flow margin20.8%Fiscal year 2017Operating margin40.2%Net margin42.1%Free cash flow margin21.8%Fiscal year 2018Operating margin38.4%Net margin30.2%Free cash flow margin16.7%Fiscal year 2019Operating margin37.5%Net margin28.3%Free cash flow margin13.8%Fiscal year 2020Operating margin34.6%Net margin25.8%Free cash flow margin23.9%Fiscal year 2022Operating margin40.0%Net margin29.9%Free cash flow margin22.9%Fiscal year 2023Operating margin39.2%Net margin33.4%Free cash flow margin22.5%Fiscal year 2024Operating margin36.6%Net margin26.1%Free cash flow margin18.5%Fiscal year 2025Operating margin38.1%Net margin27.3%Free cash flow margin19.6%
FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Operating margin 41.8% 40.2% 38.4% 37.5% 34.6% 40.0% 39.2% 36.6% 38.1%
Net margin 30.2% 42.1% 30.2% 28.3% 25.8% 29.9% 33.4% 26.1% 27.3%
Free cash flow margin 20.8% 21.8% 16.7% 13.8% 23.9% 22.9% 22.5% 18.5% 19.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow5.20Capital expenditure−2.70Free cash flow2.51Buybacks−1.99Dividends paid−1.16Fiscal year 2017Operating cash flow5.52Capital expenditure−2.67Free cash flow2.84 +13.4%Buybacks−2.02Dividends paid−1.24Fiscal year 2018Operating cash flow5.92Capital expenditure−3.53Free cash flow2.39 −16.0%Buybacks−2.00Dividends paid−1.33Fiscal year 2019Operating cash flow5.92Capital expenditure−3.87Free cash flow2.06 −13.8%Buybacks−1.70Dividends paid−1.54Fiscal year 2020Operating cash flow6.17Capital expenditure−2.86Free cash flow3.30 +60.4%Buybacks−0.38Dividends paid−1.63Fiscal year 2022Operating cash flow6.67Capital expenditure−2.75Free cash flow3.92 +18.6%Buybacks−4.71Dividends paid−2.00Fiscal year 2023Operating cash flow6.97Capital expenditure−3.19Free cash flow3.78 −3.5%Buybacks−4.55Dividends paid−2.07Fiscal year 2024Operating cash flow6.70Capital expenditure−3.55Free cash flow3.15 −16.6%Buybacks−2.60Dividends paid−2.14Fiscal year 2025Operating cash flow7.05Capital expenditure−3.66Free cash flow3.39 +7.7%Buybacks−2.06Dividends paid−2.21
FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Operating cash flow 5.20 5.52 5.92 5.92 6.17 6.67 6.97 6.70 7.05
Capital expenditure −2.70 −2.67 −3.53 −3.87 −2.86 −2.75 −3.19 −3.55 −3.66
Free cash flow 2.51 2.84 2.39 2.06 3.30 3.92 3.78 3.15 3.39
Growth +13.4% −16.0% −13.8% +60.4% +18.6% −3.5% −16.6% +7.7%
Buybacks −1.99 −2.02 −2.00 −1.70 −0.38 −4.71 −4.55 −2.60 −2.06
Dividends paid −1.16 −1.24 −1.33 −1.54 −1.63 −2.00 −2.07 −2.14 −2.21

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.18Shareholders’ equity14.84Fiscal year 2017Cash0.07Total debt10.67Net cash (debt)−10.60Shareholders’ equity16.66Debt to equity0.64Fiscal year 2018Cash0.27Total debt12.54Net cash (debt)−12.27Shareholders’ equity17.64Debt to equity0.71Fiscal year 2019Cash0.06Total debt13.66Net cash (debt)−13.60Shareholders’ equity18.04Debt to equity0.76Fiscal year 2020Cash0.57Total debt12.83Net cash (debt)−12.26Shareholders’ equity19.65Debt to equity0.65Fiscal year 2022Cash0.33Shareholders’ equity21.38Fiscal year 2023Cash0.48Total debt18.44Net cash (debt)−17.96Shareholders’ equity20.12Debt to equity0.92Fiscal year 2024Cash0.39Total debt20.89Net cash (debt)−20.50Shareholders’ equity21.05Debt to equity0.99Fiscal year 2025Cash0.35Total debt21.20Net cash (debt)−20.85Shareholders’ equity21.57Debt to equity0.98
FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Cash 0.18 0.07 0.27 0.06 0.57 0.33 0.48 0.39 0.35
Total debt n/a 10.67 12.54 13.66 12.83 n/a 18.44 20.89 21.20
Net cash (debt) n/a −10.60 −12.27 −13.60 −12.26 n/a −17.96 −20.50 −20.85
Shareholders’ equity 14.84 16.66 17.64 18.04 19.65 21.38 20.12 21.05 21.57
Debt to equity n/a 0.64 0.71 0.76 0.65 n/a 0.92 0.99 0.98

In billions of CAD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In billions of CAD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
0.18 0.07 0.27 0.06 0.57 0.33 0.48 0.39 0.35
0.88 0.98 1.17 1.21 1.05 n/a 1.30 1.16 1.12
33.76 34.19 37.77 n/a n/a n/a n/a n/a n/a
n/a n/a 0.00 0.08 0.07 n/a 0.07 0.07 0.10
37.06 37.63 41.21 43.78 44.80 n/a 52.67 57.07 58.56
Growth +1.5% +9.5% +6.2% +2.3% +8.4% +2.6%
Liabilities
n/a 10.67 12.54 13.66 12.83 n/a 18.44 20.89 21.20
calc n/a 10.67 12.54 13.66 12.83 n/a 18.44 20.89 21.20
n/a n/a n/a n/a n/a n/a 32.55 36.02 36.99
Equity
13.24 15.56 16.62 17.63 19.16 n/a 18.66 18.35 18.92
14.84 16.66 17.64 18.04 19.65 21.38 20.12 21.05 21.57
Growth +12.2% +5.9% +2.3% +8.9% +8.8% −5.9% +4.6% +2.5%
Per share and net cash
calc n/a −10.60 −12.27 −13.60 −12.26 n/a −17.96 −20.50 −20.85
762.1 742.7 725.3 712.3 711.6 672.4 643.8 628.8 614.4
calc 19.48 22.43 24.32 25.33 27.61 31.80 31.25 33.48 35.10

Lines marked calc are worked out here from filed figures; point at one for how. Shown in CAD as filed; the screener converts to dollars.