Canadian National Railway Company (TSX:CNR)
Canada · Delayed Price · Currency is CAD 175.21
-2.03 (-1.15%)
Nov 6, 2026, 4:00 PM EST
TSX:CNR Cash Flow Statement
Financials in millions CAD. Fiscal year is January - December.
Millions CAD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Net Income | 4,852 | 4,720 | 4,448 | 5,625 | 5,118 | 4,899 |
Depreciation & Amortization | 1,922 | 1,938 | 1,892 | 1,817 | 1,729 | 1,598 |
Other Amortization | - | - | - | - | - | 97 |
Loss (Gain) From Sale of Assets | -66 | - | 78 | -129 | - | -137 |
Other Operating Activities | 188 | 226 | 189 | -295 | 231 | 367 |
Change in Accounts Receivable | -115 | 92 | 205 | 71 | -290 | -22 |
Change in Inventory | -96 | -24 | -6 | -18 | -82 | -7 |
Change in Accounts Payable | 167 | 220 | -107 | -191 | -9 | 141 |
Change in Other Net Operating Assets | 37 | -123 | - | 85 | -30 | 35 |
Operating Cash Flow | 7,007 | 7,049 | 6,699 | 6,965 | 6,667 | 6,971 |
Operating Cash Flow Growth | 2.79% | 5.22% | -3.82% | 4.47% | -4.36% | 13.07% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Capital Expenditures | -3,168 | -3,658 | -3,549 | -3,187 | -2,750 | -2,891 |
Sale of Property, Plant & Equipment | 84 | - | - | 129 | 273 | - |
Cash Acquisitions | - | - | - | -390 | - | -908 |
Other Investing Activities | -10 | -55 | -58 | -20 | -33 | 926 |
Investing Cash Flow | -3,094 | -3,713 | -3,607 | -3,468 | -2,510 | -2,873 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Short-Term Debt Issued | - | - | - | 908 | 563 | 66 |
Long-Term Debt Issued | - | 1,965 | 3,483 | 2,554 | 1,899 | 403 |
Total Debt Issued | 2,925 | 1,965 | 3,483 | 3,462 | 2,462 | 469 |
Short-Term Debt Repaid | - | -612 | -1,381 | - | - | - |
Long-Term Debt Repaid | - | -446 | -1,038 | -250 | -383 | -861 |
Total Debt Repaid | -1,564 | -1,058 | -2,419 | -250 | -383 | -861 |
Net Debt Issued (Repaid) | 1,361 | 907 | 1,064 | 3,212 | 2,079 | -392 |
Issuance of Common Stock | 93 | 56 | 41 | 49 | 61 | 52 |
Repurchase of Common Stock | -2,632 | -2,129 | -2,707 | -4,634 | -4,882 | -1,672 |
Common Dividends Paid | -2,209 | -2,208 | -2,138 | -2,071 | -2,004 | -1,740 |
Other Financing Activities | 4 | 3 | 120 | 38 | 79 | -105 |
Financing Cash Flow | -3,383 | -3,371 | -3,620 | -3,406 | -4,667 | -3,857 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Foreign Exchange Rate Adjustments | 1 | -3 | 5 | -1 | 3 | - |
Net Cash Flow | 531 | -38 | -523 | 90 | -507 | 241 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Free Cash Flow | 3,839 | 3,391 | 3,150 | 3,778 | 3,917 | 4,080 |
Free Cash Flow Growth | 11.47% | 7.65% | -16.62% | -3.55% | -4.00% | 23.56% |
Free Cash Flow Margin | 20.90% | 19.60% | 18.48% | 22.45% | 22.90% | 28.18% |
Free Cash Flow Per Share | 6.29 | 5.44 | 4.96 | 5.73 | 5.69 | 5.74 |
Levered Free Cash Flow | 2,456 | 2,382 | 2,579 | 2,858 | 3,141 | 2,451 |
Unlevered Free Cash Flow | 3,052 | 2,953 | 3,136 | 3,310 | 3,483 | 2,736 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Cash Interest Paid | 995 | 979 | 926 | 776 | 542 | 512 |
Cash Income Tax Paid | 1,286 | 935 | 1,221 | 1,197 | 1,288 | 759 |
Change in Working Capital | -7 | 165 | 92 | -53 | -411 | 147 |