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Canadian National Railway Company (CNI) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

INDUSTRIALS · RAILROADS · DATA UPDATED 2026-07-19

Canadian National Railway Company (CNI) operates in the RAILROADS industry and is headquartered in Montreal, Canada with about 23,839 employees. Its market capitalization is roughly $78 billion. In the fiscal year ended 2025-12-31, CNI reported $17.3B in revenue and $4.7B in net income.

Canadian National Railway Company, together with its subsidiaries, engages in the rail, intermodal, trucking, and related transportation businesses in Canada and the United States.

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CNI Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$17.3B	$17.3B	$17.0B	$16.8B	$17.1B	$14.5B	$13.8B	$14.9B	$14.3B	$13.0B	$12.0B	$12.6B	$12.1B	$10.6B	$9.9B	$9.0B	$8.3B	$7.4B	$8.5B	$7.9B	$7.9B
Gross Profit	$7.6B	$7.8B	$7.0B	$7.2B	$7.4B	$6.1B	$5.8B	$6.1B	$6.0B	$5.7B	$5.4B	$5.7B	$5.0B	$4.2B	$4.0B	$3.6B	$3.4B	$5.2B	$5.7B	$5.6B	$5.8B
Gross Margin %	44.2%	44.9%	40.9%	42.5%	43.2%	41.9%	41.8%	40.8%	41.6%	43.5%	44.8%	44.9%	41.1%	39.4%	40.6%	39.6%	40.9%	71.1%	67.0%	70.7%	73.0%
Operating Income (EBIT)	$6.5B	$6.6B	$6.2B	$6.6B	$6.8B	$5.6B	$4.8B	$5.6B	$5.5B	$5.2B	$5.0B	$5.3B	$4.6B	$3.9B	$3.7B	$3.3B	$3.0B	$2.4B	$2.9B	$2.9B	$3.0B
Operating Margin %	37.8%	38.1%	36.6%	39.2%	40.0%	38.8%	34.6%	37.5%	38.4%	40.2%	41.8%	41.8%	38.1%	36.6%	37.1%	36.5%	36.4%	32.7%	34.1%	36.4%	38.2%
Net Income	$4.7B	$4.7B	$4.4B	$5.6B	$5.1B	$4.9B	$3.5B	$4.2B	$4.3B	$5.5B	$3.6B	$3.5B	$3.2B	$2.6B	$2.7B	$2.5B	$2.1B	$1.9B	$1.9B	$2.2B	$2.1B
Net Margin %	27.2%	27.3%	26.1%	33.4%	29.9%	33.8%	25.7%	28.3%	30.2%	42.0%	30.2%	28.1%	26.1%	24.7%	27.0%	27.2%	25.4%	25.2%	22.3%	27.3%	26.3%
EBITDA	$9.0B	$9.1B	$8.6B	$9.0B	$9.0B	$8.6B	$6.7B	$7.5B	$7.5B	$6.9B	$6.6B	$6.5B	$5.8B	$4.9B	$4.9B	$4.6B	$4.1B	$3.5B	$3.6B	$3.7B	$3.7B
Earnings Per Share (EPS)	$7.60	$7.56	$7.01	$8.53	$7.44	$6.90	$4.97	$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	$1.95
Shares Outstanding (M)	612M	624M	634M	659M	688M	710M	713M	719M	738M	757M	779M	805M	824M	846M	432M	447M	465M	947M	714M	509M	1,068M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CNI Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$4.4B	$4.5B	$4.2B	$4.3B	$4.4B	$4.4B	$4.1B	$4.3B
Gross Profit	$1.9B	$2.1B	$1.9B	$1.8B	$1.8B	$1.8B	$1.7B	$1.8B
Gross Margin %	42.8%	46.3%	44.9%	42.8%	40.4%	41.5%	40.4%	41.3%
Operating Income (EBIT)	$1.6B	$1.7B	$1.6B	$1.6B	$1.6B	$1.6B	$1.5B	$1.6B
Operating Margin %	35.4%	38.8%	38.5%	38.3%	36.6%	37.4%	36.9%	36.0%
Net Income	$1.1B	$1.2B	$1.1B	$1.2B	$1.2B	$1.1B	$1.1B	$1.1B
Net Margin %	26.2%	28.0%	27.3%	27.4%	26.4%	26.3%	26.4%	25.7%
EBITDA	$2.2B	$2.4B	$2.2B	$2.3B	$2.3B	$2.2B	$2.1B	$2.2B
Earnings Per Share (EPS)	$1.88	$2.02	$1.83	$1.87	$1.85	$1.82	$1.72	$1.75
Shares Outstanding (M)	612M	616M	622M	628M	628M	630M	630M	636M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CNI Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$7.2B	$7.0B	$6.7B	$7.0B	$6.7B	$7.0B	$6.2B	$5.9B	$5.9B	$5.5B	$5.2B	$5.1B	$4.4B	$3.5B	$3.1B	$3.0B	$3.0B	$2.3B	$2.0B	$2.4B	$3.0B
Capital Expenditures (CapEx)	$3.6B	$3.7B	$3.5B	$3.2B	$2.8B	$2.9B	$2.9B	$3.9B	$3.5B	$2.7B	$2.7B	$2.7B	$2.3B	$2.0B	$1.7B	$1.6B	$1.6B	$1.4B	$1.4B	$1.4B	$1.3B
Free Cash Flow (FCF)	$3.6B	$3.4B	$3.1B	$3.8B	$3.9B	$4.1B	$3.3B	$2.1B	$2.4B	$2.8B	$2.5B	$2.4B	$2.1B	$1.6B	$1.3B	$1.4B	$1.4B	$877M	$607M	$1.0B	$1.7B
FCF Margin %	20.7%	19.6%	18.5%	22.4%	22.9%	28.2%	23.9%	13.8%	16.7%	21.8%	20.8%	19.3%	17.2%	14.9%	13.4%	15.0%	17.0%	11.9%	7.2%	13.0%	20.8%
Dividends Paid	$2.2B	$2.2B	$2.1B	$2.1B	$2.0B	$1.7B	$1.6B	$1.5B	$1.3B	$1.2B	$1.2B	$996M	$818M	$724M	$652M	$585M	$503M	$474M	$436M	$418M	$340M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CNI Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$1.3B	$2.2B	$1.9B	$1.7B	$1.2B	$2.0B	$1.8B	$1.8B
Capital Expenditures (CapEx)	$440M	$1.2B	$1.1B	$805M	$519M	$944M	$1.2B	$853M
Free Cash Flow (FCF)	$828M	$997M	$808M	$940M	$645M	$1.1B	$598M	$960M
FCF Margin %	18.9%	22.4%	19.4%	22.0%	14.6%	24.1%	14.5%	22.2%
Dividends Paid	$559M	$545M	$550M	$556M	$557M	$531M	$532M	$535M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CNI Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$59.6B	$58.5B	$57.1B	$52.7B	$50.7B	$48.5B	$44.8B	$43.8B	$41.2B	$37.6B	$37.1B	$36.4B	$31.7B	$30.2B	$26.7B	$26.0B	$25.2B	$25.2B	$26.7B	$23.5B	$24.0B
Cash & Cash Equivalents	$588M	$363M	$389M	$475M	$328M	$838M	$569M	$64M	$266M	$70M	$176M	$153M	$52M	$214M	$155M	$101M	$490M	$352M	$413M	$310M	$179M
Total Liabilities	$38.1B	$37.0B	$36.0B	$32.5B	$29.3B	$25.8B	$25.2B	$25.7B	$23.6B	$21.0B	$22.2B	$21.5B	$18.2B	$17.2B	$15.6B	$15.3B	$13.9B	$13.9B	$16.2B	$13.3B	$14.2B
Total Debt (Short + Long-Term)	$22.2B	$21.2B	$21.0B	$18.6B	$15.6B	$12.6B	$13.0B	$13.8B	$12.6B	$10.7B	$10.9B	$10.4B	$7.3B	$7.4B	$7.0B	$6.5B	$6.1B	$6.2B	$6.6B	$7.0B	$4.8B
Total Shareholders' Equity	$21.5B	$21.6B	$21.1B	$20.1B	$21.4B	$22.7B	$19.7B	$18.0B	$17.6B	$16.7B	$14.8B	$14.9B	$13.5B	$13.0B	$11.0B	$10.7B	$11.3B	$11.2B	$10.6B	$10.2B	$9.8B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive CNI viewer.

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