Canadian National Railway Company (CNI)
NYSE: CNI · Real-Time Price · USD
129.52
+0.64 (0.50%)
Jul 28, 2026, 4:00 PM EDT - Market closed
Canadian National Railway Cash Flow Statement
Financials in millions CAD. Fiscal year is January - December.
Millions CAD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Net Income | 1,249 | 1,146 | 1,248 | 1,139 | 1,172 | 1,161 | 1,146 | 1,085 | 1,114 | 1,103 | 2,130 | 1,108 | 1,167 | 1,220 | 1,420 | 1,455 | 1,325 | 918 | 1,201 | 1,686 |
Depreciation & Amortization | 486 | 484 | 456 | 500 | 489 | 493 | 489 | 475 | 466 | 462 | 463 | 457 | 449 | 448 | 451 | 435 | 423 | 420 | 383 | 470 |
Other Adjustments | -21 | -123 | 39 | -9 | -24 | -82 | -79 | 57 | 67 | -27 | -695 | 20 | 4 | -35 | 96 | 17 | 28 | -124 | 192 | 58 |
Change in Receivables | -65 | -125 | 132 | -83 | 131 | -88 | 132 | -5 | 91 | -13 | -18 | -55 | 165 | -21 | 126 | -132 | -29 | -255 | 135 | 21 |
Changes in Inventories | -28 | -92 | 43 | 43 | -22 | -88 | 17 | 59 | -3 | -79 | 44 | 8 | 3 | -73 | 11 | 39 | -65 | -67 | 30 | 17 |
Changes in Accounts Payable | -42 | -20 | 149 | 233 | -25 | -137 | 181 | 1 | -17 | -272 | 342 | -81 | 105 | -557 | 272 | 140 | -52 | -369 | 281 | 82 |
Changes in Other Operating Activities | 32 | -5 | 160 | 90 | 24 | -95 | 109 | 102 | 95 | -57 | 276 | 55 | 92 | 73 | -104 | 158 | 83 | 47 | 1 | 124 |
Operating Cash Flow | 1,611 | 1,265 | 2,227 | 1,913 | 1,745 | 1,164 | 1,995 | 1,774 | 1,813 | 1,117 | 2,413 | 1,512 | 1,985 | 1,055 | 2,272 | 2,112 | 1,713 | 570 | 2,086 | 2,458 |
Operating Cash Flow Growth (YoY) | -7.68% | 8.68% | 11.63% | 7.83% | -3.75% | 4.21% | -17.32% | 17.33% | -8.67% | 5.88% | 6.21% | -28.41% | 15.88% | 85.09% | 8.92% | -14.08% | 16.14% | -40.13% | 3.88% | 101.48% |
Investing Activities
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Capital Expenditures | -695 | -439 | -1,229 | -1,105 | -805 | -519 | -944 | -1,176 | -853 | -576 | -934 | -917 | -875 | -461 | -920 | -744 | -707 | -379 | -914 | -836 |
Sale of Property, Plant & Equipment | - | 84 | - | - | - | - | - | - | - | - | - | - | - | - | 0 | - | - | 273 | - | - |
Cash Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 886 |
Other Investing Activities | 26 | -10 | -3 | -15 | -18 | -19 | -19 | -14 | -13 | -12 | 5 | -14 | -10 | -1 | -17 | -12 | -9 | 5 | 54 | -8 |
Investing Cash Flow | -669 | -365 | -1,232 | -1,120 | -823 | -538 | -963 | -1,190 | -866 | -588 | -1,190 | -931 | -885 | -462 | -937 | -756 | -716 | -101 | -860 | 42 |
Financing Activities
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Long-Term Debt Issued | 1,016 | - | 970 | - | 995 | - | 366 | 1,011 | 1,245 | 861 | 824 | - | 1,730 | - | 0 | 1,899 | - | - | 0 | - |
Long-Term Debt Repaid | -25 | -705 | -26 | -371 | -25 | -24 | -510 | -17 | -137 | -374 | -12 | -11 | -215 | -12 | -344 | -10 | -12 | -17 | -19 | -568 |
Net Long-Term Debt Issued (Repaid) | 991 | -705 | 944 | -371 | 970 | -24 | -144 | 994 | 1,108 | 487 | 812 | -11 | 1,515 | -12 | -344 | 1,889 | -12 | -17 | -19 | -568 |
Issuance of Common Stock | 22 | 39 | 10 | 2 | 5 | 39 | 3 | 6 | 8 | 24 | 16 | 2 | 18 | 13 | 21 | 5 | 6 | 29 | 11 | 19 |
Repurchase of Common Stock | -466 | -903 | -614 | -1,042 | -305 | -168 | -158 | -447 | -1,099 | -1,003 | -1,172 | -1,203 | -1,056 | -1,203 | -1,210 | -1,173 | -1,212 | -1,287 | -1,108 | -109 |
Net Common Stock Issued (Repurchased) | -444 | -864 | -604 | -1,040 | -300 | -129 | -155 | -441 | -1,091 | -979 | -1,156 | -1,201 | -1,038 | -1,190 | -1,189 | -1,168 | -1,206 | -1,258 | -1,097 | -90 |
Common Dividends Paid | -554 | -558 | -545 | -550 | -556 | -557 | -531 | -532 | -535 | -540 | -509 | -515 | -521 | -526 | -493 | -498 | -504 | -509 | -433 | -435 |
Other Financing Activities | -1,229 | 1,449 | -652 | 752 | -636 | -73 | -503 | -690 | -507 | 439 | -387 | 1,096 | -1,001 | 1,238 | 620 | -1,696 | 699 | 1,019 | -1,023 | 185 |
Financing Cash Flow | -1,236 | -678 | -857 | -1,209 | -522 | -783 | -1,333 | -669 | -1,025 | -593 | -1,240 | -631 | -1,045 | -490 | -1,406 | -1,473 | -1,023 | -765 | -2,572 | -908 |
Net Cash Flow
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Foreign Exchange Rate Adjustments | 2 | 1 | -1 | 2 | -4 | - | 4 | -1 | 1 | 1 | -1 | 2 | -2 | - | -1 | 3 | 1 | - | 0 | 1 |
Net Cash Flow | -292 | 223 | 137 | -414 | 396 | -157 | -297 | -86 | -77 | -63 | -18 | -48 | 53 | 103 | -72 | -114 | -25 | -296 | -1,346 | 1,593 |
Free Cash Flow
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Free Cash Flow | 916 | 826 | 998 | 808 | 940 | 645 | 1,051 | 598 | 960 | 541 | 1,479 | 595 | 1,110 | 594 | 1,352 | 1,368 | 1,006 | 191 | 1,172 | 1,622 |
Free Cash Flow Growth (YoY) | -2.55% | 28.06% | -5.04% | 35.12% | -2.08% | 19.22% | -28.94% | 0.50% | -13.51% | -8.92% | 9.39% | -56.51% | 10.34% | 211.00% | 15.36% | -15.66% | 34.85% | -64.63% | 1.65% | 206.62% |
FCF Margin | 19.27% | 18.86% | 22.36% | 19.40% | 22.00% | 14.65% | 24.12% | 14.55% | 22.18% | 12.73% | 33.08% | 14.92% | 27.36% | 13.77% | 29.77% | 30.31% | 23.16% | 5.15% | 31.23% | 45.17% |
Free Cash Flow Per Share | 1.51 | 1.35 | 1.62 | 1.30 | 1.50 | 1.03 | 1.67 | 0.95 | 1.51 | 0.84 | 2.28 | 0.91 | 1.67 | 0.89 | 2.00 | 2.00 | 1.45 | 0.27 | 1.66 | 2.28 |
Levered Free Cash Flow | 1,993 | 369 | 1,771 | 529 | 1,803 | 791 | 854 | 1,540 | 1,910 | 1,068 | 3,133 | 619 | 2,456 | 638 | 786 | 3,372 | 995 | 553 | 963 | 975 |
Unlevered Free Cash Flow | 1,077 | 1,095 | 874.86 | 974.82 | 890.81 | 878.11 | 1,089 | 627.63 | 857.55 | 653.22 | 2,260 | 680.4 | 980.2 | 683.95 | 1,153 | 1,496 | 1,018 | 581.36 | 975.9 | 933.12 |