# CANADIAN NATIONAL RAILWAY CO (CNI)

Informational only - not investment advice.

CIK: 0000016868
SIC: 4011 Railroads, Line-Haul Operating
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Railroad Transportation](/major-group/40/) > [SIC 4011 Railroads, Line-Haul Operating](/industry/4011/)
Latest 10-K filed: 2026-02-04
SEC page: https://www.sec.gov/edgar/browse/?CIK=16868
Filing source: https://www.sec.gov/Archives/edgar/data/16868/000110465926010352/tm261145d1_40f.htm

## Peer comparisons

CNI is compared with peers in: [North American Class I railroads](/compare/railroads/).

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 17304000000 | CAD | 2025 | 2026-02-04 |
| Net income | 4720000000 | CAD | 2025 | 2026-02-04 |
| Assets | 58555000000 | CAD | 2025 | 2026-02-04 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000016868.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 12,037,000,000 | 13,041,000,000 | 14,321,000,000 | 14,917,000,000 | 13,819,000,000 |  | 17,107,000,000 | 16,828,000,000 | 17,046,000,000 | 17,304,000,000 |
| Net income |  | 3,538,000,000 | 3,640,000,000 | 5,484,000,000 | 4,328,000,000 | 4,216,000,000 | 3,562,000,000 |  | 5,118,000,000 | 5,625,000,000 | 4,448,000,000 | 4,720,000,000 |
| Operating income |  | 5,266,000,000 | 5,032,000,000 | 5,243,000,000 | 5,493,000,000 | 5,593,000,000 | 4,777,000,000 |  | 6,840,000,000 | 6,597,000,000 | 6,247,000,000 | 6,587,000,000 |
| Diluted EPS |  | 4.39 | 4.67 | 7.24 | 5.87 | 5.83 | 5.00 |  | 7.44 | 8.53 | 7.01 | 7.57 |
| Operating cash flow |  | 5,140,000,000 | 5,202,000,000 | 5,516,000,000 | 5,918,000,000 | 5,923,000,000 | 6,165,000,000 |  | 6,667,000,000 | 6,965,000,000 | 6,699,000,000 | 7,049,000,000 |
| Capital expenditures |  | 2,706,000,000 | 2,695,000,000 | 2,673,000,000 | 3,531,000,000 | 3,865,000,000 | 2,863,000,000 |  | 2,750,000,000 | 3,187,000,000 | 3,549,000,000 | 3,658,000,000 |
| Dividends paid |  | 996,000,000 | 1,159,000,000 | 1,239,000,000 | 1,333,000,000 | 1,544,000,000 | 1,634,000,000 |  | 2,004,000,000 | 2,071,000,000 | 2,138,000,000 | 2,208,000,000 |
| Share buybacks |  | 1,742,000,000 | 1,992,000,000 | 2,016,000,000 | 2,000,000,000 | 1,700,000,000 | 379,000,000 |  | 4,709,000,000 | 4,551,000,000 | 2,600,000,000 | 2,059,000,000 |
| Assets | 31,687,000,000 | 36,402,000,000 | 37,057,000,000 | 37,629,000,000 | 41,214,000,000 | 43,784,000,000 | 44,804,000,000 |  |  | 52,666,000,000 | 57,067,000,000 | 58,555,000,000 |
| Liabilities |  |  |  |  |  |  |  |  |  | 32,549,000,000 | 36,016,000,000 | 36,987,000,000 |
| Stockholders' equity |  |  | 14,841,000,000 | 16,656,000,000 | 17,641,000,000 | 18,041,000,000 | 19,651,000,000 | 22,744,000,000 | 21,384,000,000 | 20,117,000,000 | 21,051,000,000 | 21,568,000,000 |
| Cash and cash equivalents |  | 153,000,000 | 176,000,000 | 70,000,000 | 266,000,000 | 64,000,000 | 569,000,000 |  | 328,000,000 | 475,000,000 | 389,000,000 | 350,000,000 |
| Free cash flow |  | 2,434,000,000 | 2,507,000,000 | 2,843,000,000 | 2,387,000,000 | 2,058,000,000 | 3,302,000,000 |  | 3,917,000,000 | 3,778,000,000 | 3,150,000,000 | 3,391,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | 30.24% | 42.05% | 30.22% | 28.26% | 25.78% |  | 29.92% | 33.43% | 26.09% | 27.28% |
| Operating margin |  |  | 41.80% | 40.20% | 38.36% | 37.49% | 34.57% |  | 39.98% | 39.20% | 36.65% | 38.07% |
| Return on equity |  |  | 24.53% | 32.93% | 24.53% | 23.37% | 18.13% |  | 23.93% | 27.96% | 21.13% | 21.88% |
| Return on assets |  | 9.72% | 9.82% | 14.57% | 10.50% | 9.63% | 7.95% |  |  | 10.68% | 7.79% | 8.06% |
| Liabilities / equity |  |  |  |  |  |  |  |  |  | 1.62 | 1.71 | 1.71 |
| Current ratio | 0.91 | 0.72 | 0.70 | 0.55 | 0.78 | 0.66 | 0.95 |  |  | 0.61 | 0.66 | 0.67 |

## Quarterly

No clean discrete quarterly SEC companyfacts metrics were extracted for this company.

## Macro Cross-References
- [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit
- [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food
- [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy
- [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index
- [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate
- [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate
- [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio
- [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed
- [CE16OV](/indicator/CE16OV/): Employment Level
- [ICSA](/indicator/ICSA/): Initial Claims
- [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm
- [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period
- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate
- [M2SL](/indicator/M2SL/): M2
- [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance
- [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States
- [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States
- [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States
- [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States
- [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States
- [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized
- [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized
- [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks
- [GDP](/indicator/GDP/): Gross Domestic Product
- [GPDI](/indicator/GPDI/): Gross Private Domestic Investment
- [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment
- [PCEC](/indicator/PCEC/): Personal Consumption Expenditures
- [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services
- [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt
- [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit
- [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts
- [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures
- [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing
- [USCONS](/indicator/USCONS/): All Employees, Construction
- [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade
- [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities
- [USGOVT](/indicator/USGOVT/): All Employees, Government
- [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private
- [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods
- [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- [BUSINV](/indicator/BUSINV/): Total Business Inventories
- [EXPGS](/indicator/EXPGS/): Exports of Goods and Services
- [IMPGS](/indicator/IMPGS/): Imports of Goods and Services
- [IR](/indicator/IR/): Import Price Index (End Use): All Commodities
- [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand

## Latest quarter (10-Q)

No recent 10-Q filing was found in the SEC submissions feed for this filer.

## Latest 10-K MD&A

Low-confidence quarantine: Item 7 boundaries were not detected after HTML sanitization.
Confidence: low

_Quarantined: low-confidence Item 7 boundaries; no MD&A text emitted._