Canadian National Railway Income Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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
Revenue	17,304	17,046	16,828	17,107	14,477
Revenue Growth (YoY)	1.51%	1.29%	-1.63%	18.17%	4.76%
Cost of Revenue	7,498	7,733	7,381	7,484	6,364
Gross Profit	9,806	9,313	9,447	9,623	8,113
Other Operating Expenses	745	642	554	556	506
Operating Expenses	2,683	2,534	2,371	2,285	2,104
Operating Income	7,123	6,779	7,076	7,338	6,009
Interest Expense	-913	-891	-722	-548	-610
Currency Exchange Gain (Loss)	32	12	7	-7	-18
Other Non Operating Income (Expenses)	-16	10	-9	-6	18
EBT Excluding Unusual Items	6,226	5,910	6,352	6,777	5,399
Merger & Restructuring Charges	-34	-	-	-	763
Gain (Loss) on Sale of Investments	24	-	-	-29	20
Gain (Loss) on Sale of Assets	48	-58	136	15	160
Pretax Income	6,264	5,852	6,488	6,763	6,342
Income Tax Expense	1,544	1,404	863	1,645	1,443
Net Income	4,720	4,448	5,625	5,118	4,899
Net Income to Common	4,720	4,448	5,625	5,118	4,899
Net Income Growth	6.12%	-20.92%	9.91%	4.47%	38.20%
Shares Outstanding (Basic)	623	634	658	686	709
Shares Outstanding (Diluted)	624	635	659	688	710
Shares Change (YoY)	-1.70%	-3.73%	-4.24%	-3.10%	-0.38%
EPS (Basic)	7.58	7.02	8.55	7.46	6.91
EPS (Diluted)	7.57	7.01	8.53	7.44	6.90
EPS Growth	7.99%	-17.82%	14.65%	7.83%	38.83%
Free Cash Flow	3,391	3,150	3,778	3,917	4,080
Free Cash Flow Per Share	5.44	4.96	5.73	5.69	5.74
Dividend Per Share	3.550	3.380	3.160	2.930	2.460
Dividend Growth	5.03%	6.96%	7.85%	19.11%	6.96%
Gross Margin	56.67%	54.63%	56.14%	56.25%	56.04%
Operating Margin	41.16%	39.77%	42.05%	42.90%	41.51%
Profit Margin	27.28%	26.09%	33.43%	29.92%	33.84%
Free Cash Flow Margin	19.60%	18.48%	22.45%	22.90%	28.18%
EBITDA	9,061	8,671	8,893	9,067	7,607
EBITDA Margin	52.36%	50.87%	52.85%	53.00%	52.54%
D&A For EBITDA	1,938	1,892	1,817	1,729	1,598
EBIT	7,123	6,779	7,076	7,338	6,009
EBIT Margin	41.16%	39.77%	42.05%	42.90%	41.51%
Effective Tax Rate	24.65%	23.99%	13.30%	24.32%	22.75%

Updated Jan 30, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q