Canadian National Railway Company (CNI)

Canadian National Railway Income Statement

Financials in millions CAD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	17,198	17,046	16,828	17,107	14,477	13,819
Revenue Growth (YoY)	0.23%	1.29%	-1.63%	18.17%	4.76%	-7.36%
Cost of Revenue	7,558	7,733	7,381	7,484	6,364	6,167
Gross Profit	9,640	9,313	9,447	9,623	8,113	7,652
Other Operating Expenses	698	642	554	556	506	-
Operating Expenses	2,669	2,534	2,371	2,285	2,104	1,589
Operating Income	6,971	6,779	7,076	7,338	6,009	6,063
Interest Expense	-900	-891	-722	-548	-610	-554
Currency Exchange Gain (Loss)	-92	12	7	-7	-18	-3
Other Non Operating Income (Expenses)	80	10	-9	-6	18	-2
EBT Excluding Unusual Items	6,059	5,910	6,352	6,777	5,399	5,504
Merger & Restructuring Charges	-	-	-	-	763	-
Gain (Loss) on Sale of Investments	24	-	-	-29	20	-
Gain (Loss) on Sale of Assets	20	-58	136	15	160	-475
Other Unusual Items	-	-	-	-	-	-508
Pretax Income	6,103	5,852	6,488	6,763	6,342	4,521
Income Tax Expense	1,485	1,404	863	1,645	1,443	976
Net Income	4,618	4,448	5,625	5,118	4,899	3,545
Net Income to Common	4,618	4,448	5,625	5,118	4,899	3,545
Net Income Growth	-14.99%	-20.92%	9.91%	4.47%	38.20%	-15.92%
Shares Outstanding (Basic)	626	634	658	686	709	711
Shares Outstanding (Diluted)	627	635	659	688	710	713
Shares Change (YoY)	-1.89%	-3.73%	-4.24%	-3.10%	-0.38%	-1.33%
EPS (Basic)	7.37	7.02	8.55	7.46	6.91	4.98
EPS (Diluted)	7.36	7.01	8.53	7.44	6.90	4.97
EPS Growth	-13.38%	-17.82%	14.65%	7.83%	38.83%	-14.75%
Free Cash Flow	3,444	3,150	3,778	3,917	4,080	3,302
Free Cash Flow Per Share	5.49	4.96	5.73	5.69	5.74	4.63
Dividend Per Share	3.507	3.380	3.160	2.930	2.460	2.300
Dividend Growth	5.49%	6.96%	7.85%	19.11%	6.96%	6.98%
Gross Margin	56.05%	54.63%	56.14%	56.25%	56.04%	55.37%
Operating Margin	40.53%	39.77%	42.05%	42.90%	41.51%	43.87%
Profit Margin	26.85%	26.09%	33.43%	29.92%	33.84%	25.65%
Free Cash Flow Margin	20.03%	18.48%	22.45%	22.90%	28.18%	23.89%
EBITDA	8,942	8,671	8,893	9,067	7,607	7,652
EBITDA Margin	51.99%	50.87%	52.85%	53.00%	52.54%	55.37%
D&A For EBITDA	1,971	1,892	1,817	1,729	1,598	1,589
EBIT	6,971	6,779	7,076	7,338	6,009	6,063
EBIT Margin	40.53%	39.77%	42.05%	42.90%	41.51%	43.87%
Effective Tax Rate	24.33%	23.99%	13.30%	24.32%	22.75%	21.59%

Updated Oct 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q