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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 2026-09-19

Canadian National Railway Company (CNI) operates in the RAILROADS industry and is headquartered in Montreal, Canada with about 23,825 employees. Its market capitalization is roughly $72 billion. In the fiscal year ended 2025-12-31, CNI reported C$17.3B in revenue and C$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.

Interactive charts & full statements → Open the CNI valuation workbench →

CNI Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	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	C$17.8B	C$17.3B	C$17.0B	C$16.8B	C$17.1B	C$14.5B	C$13.8B	C$14.9B	C$14.3B	C$13.0B	C$12.0B	C$12.6B	C$12.1B	C$10.6B	C$9.9B	C$9.0B	C$8.3B	C$7.4B	C$8.5B	C$7.9B	C$7.9B
Gross Profit	C$7.8B	C$7.8B	C$7.0B	C$7.2B	C$7.4B	C$6.1B	C$5.8B	C$6.1B	C$6.0B	C$5.7B	C$5.4B	C$5.7B	C$5.0B	C$4.2B	C$4.0B	C$3.6B	C$3.4B	C$5.2B	C$5.7B	C$5.6B	C$5.8B
Gross Margin %	43.8%	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)	C$6.7B	C$6.6B	C$6.2B	C$6.6B	C$6.8B	C$5.6B	C$4.8B	C$5.6B	C$5.5B	C$5.2B	C$5.0B	C$5.3B	C$4.6B	C$3.9B	C$3.7B	C$3.3B	C$3.0B	C$2.4B	C$2.9B	C$2.9B	C$3.0B
Operating Margin %	37.5%	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	C$4.8B	C$4.7B	C$4.4B	C$5.6B	C$5.1B	C$4.9B	C$3.5B	C$4.2B	C$4.3B	C$5.5B	C$3.6B	C$3.5B	C$3.2B	C$2.6B	C$2.7B	C$2.5B	C$2.1B	C$1.9B	C$1.9B	C$2.2B	C$2.1B
Net Margin %	26.9%	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	—	C$9.1B	C$8.6B	C$9.0B	C$9.0B	C$8.6B	C$6.7B	C$7.5B	C$7.5B	C$6.9B	C$6.6B	C$6.5B	C$5.8B	C$4.9B	C$4.9B	C$4.6B	C$4.1B	C$3.5B	C$3.6B	C$3.7B	C$3.7B
Earnings Per Share (EPS)	C$7.79	C$7.56	C$7.01	C$8.53	C$7.44	C$6.90	C$4.97	C$5.86	C$5.87	C$7.24	C$4.67	C$4.39	C$3.85	C$3.09	C$6.20	C$5.49	C$4.52	C$1.96	C$2.66	C$4.24	C$1.95
Shares Outstanding (M)	—	624M	634M	659M	688M	710M	713M	719M	738M	757M	779M	805M	824M	846M	432M	447M	465M	947M	714M	509M	1,068M

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

CNI Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	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	C$4.8B	C$4.4B	C$4.5B	C$4.2B	C$4.3B	C$4.4B	C$4.4B	C$4.1B	C$4.3B
Gross Profit	C$2.0B	C$1.9B	C$2.1B	C$1.9B	C$1.8B	C$1.8B	C$1.8B	C$1.7B	C$1.8B
Gross Margin %	41.5%	42.8%	46.3%	44.9%	42.8%	40.4%	41.5%	40.4%	41.3%
Operating Income (EBIT)	C$1.8B	C$1.6B	C$1.7B	C$1.6B	C$1.6B	C$1.6B	C$1.6B	C$1.5B	C$1.6B
Operating Margin %	37.5%	35.4%	38.8%	38.5%	38.3%	36.6%	37.4%	36.9%	36.0%
Net Income	C$1.2B	C$1.1B	C$1.2B	C$1.1B	C$1.2B	C$1.2B	C$1.1B	C$1.1B	C$1.1B
Net Margin %	26.3%	26.2%	28.0%	27.3%	27.4%	26.4%	26.3%	26.4%	25.7%
EBITDA	—	C$2.2B	C$2.4B	C$2.2B	C$2.3B	C$2.3B	C$2.2B	C$2.1B	C$2.2B
Earnings Per Share (EPS)	C$2.06	C$1.88	C$2.02	C$1.83	C$1.87	C$1.85	C$1.82	C$1.72	C$1.75
Shares Outstanding (M)	—	612M	616M	622M	628M	628M	630M	630M	636M

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

CNI Free Cash Flow History

Cash flow	TTM → 2026-06-30	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)	C$7.0B	C$7.0B	C$6.7B	C$7.0B	C$6.7B	C$7.0B	C$6.2B	C$5.9B	C$5.9B	C$5.5B	C$5.2B	C$5.1B	C$4.4B	C$3.5B	C$3.1B	C$3.0B	C$3.0B	C$2.3B	C$2.0B	C$2.4B	C$3.0B
Capital Expenditures (CapEx)	C$3.5B	C$3.7B	C$3.5B	C$3.2B	C$2.8B	C$2.9B	C$2.9B	C$3.9B	C$3.5B	C$2.7B	C$2.7B	C$2.7B	C$2.3B	C$2.0B	C$1.7B	C$1.6B	C$1.6B	C$1.4B	C$1.4B	C$1.4B	C$1.3B
Free Cash Flow (FCF)	C$3.5B	C$3.4B	C$3.1B	C$3.8B	C$3.9B	C$4.1B	C$3.3B	C$2.1B	C$2.4B	C$2.8B	C$2.5B	C$2.4B	C$2.1B	C$1.6B	C$1.3B	C$1.4B	C$1.4B	C$877M	C$607M	C$1.0B	C$1.7B
FCF Margin %	20.0%	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	—	C$2.2B	C$2.1B	C$2.1B	C$2.0B	C$1.7B	C$1.6B	C$1.5B	C$1.3B	C$1.2B	C$1.2B	C$996M	C$818M	C$724M	C$652M	C$585M	C$503M	C$474M	C$436M	C$418M	C$340M

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

CNI Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	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)	C$1.6B	C$1.3B	C$2.2B	C$1.9B	C$1.7B	C$1.2B	C$2.0B	C$1.8B	C$1.8B
Capital Expenditures (CapEx)	C$695M	C$440M	C$1.2B	C$1.1B	C$805M	C$519M	C$944M	C$1.2B	C$853M
Free Cash Flow (FCF)	C$916M	C$828M	C$997M	C$808M	C$940M	C$645M	C$1.1B	C$598M	C$960M
FCF Margin %	19.3%	18.9%	22.4%	19.4%	22.0%	14.6%	24.1%	14.5%	22.2%
Dividends Paid	—	C$559M	C$545M	C$550M	C$556M	C$557M	C$531M	C$532M	C$535M

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

CNI Balance Sheet History

Balance sheet	2026-06-30	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	C$60.1B	C$58.5B	C$57.1B	C$52.7B	C$50.7B	C$48.5B	C$44.8B	C$43.8B	C$41.2B	C$37.6B	C$37.1B	C$36.4B	C$31.7B	C$30.2B	C$26.7B	C$26.0B	C$25.2B	C$25.2B	C$26.7B	C$23.5B	C$24.0B
Cash & Cash Equivalents	C$280M	C$363M	C$389M	C$475M	C$328M	C$838M	C$569M	C$64M	C$266M	C$70M	C$176M	C$153M	C$52M	C$214M	C$155M	C$101M	C$490M	C$352M	C$413M	C$310M	C$179M
Total Liabilities	C$38.2B	C$37.0B	C$36.0B	C$32.5B	C$29.3B	C$25.8B	C$25.2B	C$25.7B	C$23.6B	C$21.0B	C$22.2B	C$21.5B	C$18.2B	C$17.2B	C$15.6B	C$15.3B	C$13.9B	C$13.9B	C$16.2B	C$13.3B	C$14.2B
Total Debt (Short + Long-Term)	C$22.6B	C$21.2B	C$21.0B	C$18.6B	C$15.6B	C$12.6B	C$13.0B	C$13.8B	C$12.6B	C$10.7B	C$10.9B	C$10.4B	C$7.3B	C$7.4B	C$7.0B	C$6.5B	C$6.1B	C$6.2B	C$6.6B	C$7.0B	C$4.8B
Total Shareholders' Equity	C$21.9B	C$21.6B	C$21.1B	C$20.1B	C$21.4B	C$22.7B	C$19.7B	C$18.0B	C$17.6B	C$16.7B	C$14.8B	C$14.9B	C$13.5B	C$13.0B	C$11.0B	C$10.7B	C$11.3B	C$11.2B	C$10.6B	C$10.2B	C$9.8B

CAD; C$M / C$B as marked (reporting currency). 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.

CNI Metric Deep Dives

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