Detailed financial statements for Canadian National Railway Company (CNI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Canadian National Railway Company (CNI), together with its subsidiary operations, functions as a key player in the railway and related logistics industry. The firm handles a wide array of freight, including petroleum products and chemicals, agricultural commodities such as grain and fertilizers, various minerals like coal and metals, timber and paper goods, intermodal containers, and finished automobiles.
Analysis Summary
Canadian National Railway Company reported revenue of 17.29B CAD in the most recent fiscal year, growing at a 5-year CAGR of 4.6%. Net income reached 4.72B CAD, with a 5.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 44.3%, operating margin 37.6%, net margin 26.4%. Free cash flow grew at 0.5% CAGR over 5 years.
At $123.69 (closing price, October 30, 2026), CNI trades at a P/E of 21.71 and an ROE of 22.34%. Market capitalisation stands at $74.9B, placing it among large-cap names.
Balance sheet quality for CNI: current ratio of 0.7, net debt of 21.46B CAD. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of 3.39B CAD represents 72% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 12.04B CAD | 13.04B CAD | 14.32B CAD | 14.92B CAD | 13.82B CAD | 14.48B CAD | 17.11B CAD | 16.83B CAD | 17.05B CAD | 17.29B CAD |
| Cost of Revenue | 6.64B CAD | 7.37B CAD | 8.36B CAD | 8.83B CAD | 8.05B CAD | 8.41B CAD | 9.71B CAD | 9.68B CAD | 10.08B CAD | 9.53B CAD |
| Gross Profit | 5.39B CAD | 5.67B CAD | 5.96B CAD | 6.08B CAD | 5.77B CAD | 6.07B CAD | 7.40B CAD | 7.15B CAD | 6.97B CAD | 7.76B CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | -280.0M CAD | -315.0M CAD | -302.0M CAD | -321.0M CAD | -292.0M CAD | -407.0M CAD | -498.0M CAD | -479.0M CAD | 0 | 1.18B CAD |
| Operating Expenses | 83.0M CAD | 117.0M CAD | 167.0M CAD | 171.0M CAD | 994.0M CAD | 453.0M CAD | 556.0M CAD | 554.0M CAD | 720.0M CAD | 1.18B CAD |
| Operating Income | 5.03B CAD | 5.24B CAD | 5.49B CAD | 5.59B CAD | 4.78B CAD | 5.62B CAD | 6.84B CAD | 6.60B CAD | 6.25B CAD | 6.58B CAD |
| EBITDA | 6.63B CAD | 6.85B CAD | 7.50B CAD | 7.53B CAD | 6.66B CAD | 8.55B CAD | 9.04B CAD | 9.03B CAD | 8.63B CAD | 9.11B CAD |
| Interest Expense | 480.0M CAD | 481.0M CAD | 489.0M CAD | 538.0M CAD | 554.0M CAD | 610.0M CAD | 548.0M CAD | 722.0M CAD | 891.0M CAD | 912.3M CAD |
| Pre-tax Income | 4.93B CAD | 5.09B CAD | 5.68B CAD | 5.43B CAD | 4.52B CAD | 6.34B CAD | 6.76B CAD | 6.49B CAD | 5.85B CAD | 6.26B CAD |
| Income Tax | 1.29B CAD | -395.0M CAD | 1.35B CAD | 1.21B CAD | 976.0M CAD | 1.44B CAD | 1.65B CAD | 863.0M CAD | 1.40B CAD | 1.54B CAD |
| Net Income | 3.64B CAD | 5.48B CAD | 4.33B CAD | 4.22B CAD | 3.54B CAD | 4.90B CAD | 5.12B CAD | 5.62B CAD | 4.45B CAD | 4.72B CAD |
| EPS | 4.67 CAD | 7.24 CAD | 5.89 CAD | 5.86 CAD | 5.00 CAD | 8.81 CAD | 10.02 CAD | 8.53 CAD | 7.02 CAD | 7.57 CAD |
| EPS (Diluted) | 4.67 CAD | 7.24 CAD | 5.87 CAD | 5.86 CAD | 5.00 CAD | 6.90 CAD | 7.44 CAD | 8.53 CAD | 7.01 CAD | 7.56 CAD |
| Shares Outstanding (Diluted) | 779.2 M | 757.3 M | 737.7 M | 719.1 M | 713.0 M | 710.3 M | 688.3 M | 659.1 M | 634.5 M | 623.7 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 4.46B CAD | 4.39B CAD | 4.76B CAD | 4.65B CAD |
| Gross Profit | 2.07B CAD | 1.88B CAD | 2.08B CAD | 2.06B CAD |
| Operating Income | 1.73B CAD | 1.55B CAD | 1.78B CAD | 1.80B CAD |
| EBITDA | 2.36B CAD | 2.24B CAD | 2.27B CAD | 2.28B CAD |
| Net Income | 1.25B CAD | 1.15B CAD | 1.25B CAD | 1.18B CAD |
| EPS | 2.03 CAD | 1.88 CAD | 2.06 CAD | 1.96 CAD |
| EPS (Diluted) | 2.02 CAD | 1.88 CAD | 2.06 CAD | 1.94 CAD |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 176.0M CAD | 70.0M CAD | 266.0M CAD | 64.0M CAD | 569.0M CAD | 838.0M CAD | 328.0M CAD | 475.0M CAD | 389.0M CAD | 362.7M CAD |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 875.0M CAD | 984.0M CAD | 1.17B CAD | 1.43B CAD | 1.14B CAD | 1.07B CAD | 1.42B CAD | 1.30B CAD | 1.31B CAD | 1.12B CAD |
| Inventory | 363.0M CAD | 424.0M CAD | 557.0M CAD | 611.0M CAD | 583.0M CAD | 589.0M CAD | 692.0M CAD | 699.0M CAD | 720.0M CAD | 733.4M CAD |
| Total Current Assets | 2.11B CAD | 2.19B CAD | 2.73B CAD | 2.83B CAD | 3.10B CAD | 3.43B CAD | 3.22B CAD | 3.09B CAD | 2.62B CAD | 2.47B CAD |
| Property, Plant & Equipment | 33.76B CAD | 34.19B CAD | 37.77B CAD | 40.19B CAD | 40.50B CAD | 41.62B CAD | 44.01B CAD | 45.04B CAD | 48.45B CAD | 49.55B CAD |
| Goodwill | 0 | 0 | 0 | 77.0M CAD | 70.0M CAD | 70.0M CAD | 70.0M CAD | 70.0M CAD | 71.0M CAD | 522.6M CAD |
| Intangible Assets | 67.0M CAD | 62.0M CAD | 73.0M CAD | 152.0M CAD | 145.0M CAD | 139.0M CAD | 137.0M CAD | 131.0M CAD | 128.0M CAD | 0 |
| Total Assets | 37.06B CAD | 37.63B CAD | 41.21B CAD | 43.78B CAD | 44.80B CAD | 48.54B CAD | 50.66B CAD | 52.67B CAD | 57.07B CAD | 58.51B CAD |
| Accounts Payable | 484.0M CAD | 738.0M CAD | 982.0M CAD | 866.0M CAD | 780.0M CAD | 903.0M CAD | 954.0M CAD | 968.0M CAD | 1.03B CAD | 2.79B CAD |
| Short-term Debt | 1.49B CAD | 2.08B CAD | 1.18B CAD | 1.93B CAD | 910.0M CAD | 508.0M CAD | 1.06B CAD | 2.34B CAD | 1.17B CAD | 905.3M CAD |
| Total Current Liabilities | 3.01B CAD | 3.98B CAD | 3.50B CAD | 4.29B CAD | 3.27B CAD | 3.12B CAD | 3.84B CAD | 5.04B CAD | 3.98B CAD | 3.69B CAD |
| Long-term Debt | 9.45B CAD | 8.75B CAD | 11.37B CAD | 11.87B CAD | 12.00B CAD | 11.98B CAD | 14.37B CAD | 16.13B CAD | 19.73B CAD | 20.60B CAD |
| Total Liabilities | 22.22B CAD | 20.97B CAD | 23.57B CAD | 25.74B CAD | 25.15B CAD | 25.79B CAD | 29.28B CAD | 32.55B CAD | 36.02B CAD | 36.96B CAD |
| Retained Earnings | 13.24B CAD | 15.56B CAD | 16.62B CAD | 17.63B CAD | 19.16B CAD | 20.99B CAD | 19.53B CAD | 18.66B CAD | 18.35B CAD | 18.90B CAD |
| Total Equity | 14.84B CAD | 16.66B CAD | 17.64B CAD | 18.04B CAD | 19.65B CAD | 22.74B CAD | 21.38B CAD | 20.12B CAD | 21.05B CAD | 21.55B CAD |
| Total Debt | 10.94B CAD | 10.83B CAD | 12.57B CAD | 14.30B CAD | 13.32B CAD | 12.91B CAD | 15.89B CAD | 18.89B CAD | 21.37B CAD | 21.82B CAD |
| Net Debt | 10.76B CAD | 10.76B CAD | 12.30B CAD | 14.23B CAD | 12.76B CAD | 12.08B CAD | 15.57B CAD | 18.41B CAD | 20.98B CAD | 21.46B CAD |
| Working Capital | -901.0M CAD | -1.79B CAD | -772.0M CAD | -1.46B CAD | -172.0M CAD | 306.0M CAD | -625.0M CAD | -1.95B CAD | -1.36B CAD | -1.22B CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 226.3M CAD | 362.7M CAD | 587.5M CAD | 294.1M CAD |
| Total Assets | 57.65B CAD | 58.51B CAD | 59.62B CAD | 60.12B CAD |
| Total Liabilities | 36.38B CAD | 36.96B CAD | 38.11B CAD | 38.21B CAD |
| Total Equity | 21.27B CAD | 21.55B CAD | 21.51B CAD | 21.91B CAD |
| Total Debt | 21.83B CAD | 21.82B CAD | 22.57B CAD | 22.63B CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 3.64B CAD | 5.48B CAD | 4.33B CAD | 4.22B CAD | 3.54B CAD | 4.90B CAD | 5.12B CAD | 5.62B CAD | 4.45B CAD | 4.72B CAD |
| Depreciation & Amortization | 1.23B CAD | 1.28B CAD | 1.33B CAD | 1.56B CAD | 1.59B CAD | 1.60B CAD | 1.73B CAD | 1.82B CAD | 1.89B CAD | 1.94B CAD |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -35.0M CAD | 143.0M CAD | 182.0M CAD | -560.0M CAD | 129.0M CAD | 147.0M CAD | -411.0M CAD | -53.0M CAD | 92.0M CAD | 466.6M CAD |
| Operating Cash Flow | 5.20B CAD | 5.52B CAD | 5.92B CAD | 5.92B CAD | 6.17B CAD | 6.97B CAD | 6.67B CAD | 6.96B CAD | 6.70B CAD | 7.04B CAD |
| Capital Expenditure | -2.69B CAD | -2.67B CAD | -3.53B CAD | -3.87B CAD | -2.86B CAD | -2.89B CAD | -2.75B CAD | -3.19B CAD | -3.55B CAD | -3.66B CAD |
| Acquisitions | 0 | 0 | 0 | -259.0M CAD | -8.0M CAD | -22.0M CAD | 0 | -390.0M CAD | 0 | 0 |
| Stock Repurchased | -2.07B CAD | -2.10B CAD | -2.05B CAD | -1.74B CAD | -402.0M CAD | -1.61B CAD | -4.81B CAD | -4.58B CAD | -2.65B CAD | -2.12B CAD |
| Dividends Paid | -1.16B CAD | -1.24B CAD | -1.33B CAD | -1.54B CAD | -1.63B CAD | -1.74B CAD | -2.00B CAD | -2.07B CAD | -2.14B CAD | -2.21B CAD |
| Free Cash Flow | 2.51B CAD | 2.84B CAD | 2.39B CAD | 2.06B CAD | 3.30B CAD | 4.08B CAD | 3.92B CAD | 3.78B CAD | 3.15B CAD | 3.39B CAD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 1.91B CAD | 2.23B CAD | 1.27B CAD | 1.61B CAD |
| Capital Expenditure | -1.10B CAD | -1.23B CAD | -440.1M CAD | -695.3M CAD |
| Free Cash Flow | 808.0M CAD | 997.2M CAD | 828.1M CAD | 916.4M CAD |
| Dividends Paid | -550.0M CAD | -544.6M CAD | -559.4M CAD | -554.2M CAD |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.3% | +9.8% | +4.2% | -7.4% | +4.8% | +18.2% | -1.6% | +1.3% | +1.4% | |
| Net Income Growth (YoY) | +50.7% | -21.1% | -2.6% | -15.9% | +38.2% | +4.5% | +9.9% | -20.9% | +6.0% | |
| EPS Growth (YoY) | +55.0% | -18.6% | -0.5% | -14.7% | +76.2% | +13.7% | -14.9% | -17.7% | +7.8% | |
| Shares Change (YoY) | -2.8% | -2.6% | -2.5% | -0.9% | -0.4% | -3.1% | -4.2% | -3.7% | -1.7% | |
| FCF Growth (YoY) | +13.4% | -16.0% | -13.8% | +60.4% | +23.6% | -4.0% | -3.5% | -16.6% | +7.6% | |
| Gross Margin | 44.8% | 43.5% | 41.6% | 40.8% | 41.8% | 41.9% | 43.2% | 42.5% | 40.9% | 44.9% |
| Operating Margin | 41.8% | 40.2% | 38.4% | 37.5% | 34.6% | 38.8% | 40.0% | 39.2% | 36.6% | 38.1% |
| EBITDA Margin | 55.1% | 52.5% | 52.4% | 50.5% | 48.2% | 59.1% | 52.8% | 53.6% | 50.7% | 52.7% |
| Net Margin | 30.2% | 42.1% | 30.2% | 28.3% | 25.7% | 33.8% | 29.9% | 33.4% | 26.1% | 27.3% |
| FCF Margin | 20.8% | 21.8% | 16.7% | 13.8% | 23.9% | 28.2% | 22.9% | 22.5% | 18.5% | 19.6% |
| Effective Tax Rate | 26.1% | -7.8% | 23.8% | 22.3% | 21.6% | 22.8% | 24.3% | 13.3% | 24.0% | 24.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 3.22 CAD | 3.75 CAD | 3.24 CAD | 2.86 CAD | 4.63 CAD | 5.74 CAD | 5.69 CAD | 5.73 CAD | 4.96 CAD | 5.43 CAD |
| Dividends Per Share | 1.49 CAD | 1.64 CAD | 1.81 CAD | 2.15 CAD | 2.29 CAD | 2.45 CAD | 2.91 CAD | 3.14 CAD | 3.37 CAD | 3.54 CAD |
| Shares Outstanding (Basic) | 779.2 M | 757.3 M | 737.3 M | 719.1 M | 713.0 M | 710.0 M | 687.9 M | 657.7 M | 633.5 M | 623.1 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 22.34% |
| Return on Invested Capital | 8.89% |
| Return on Assets | 7.95% |
| Gross Margin | 44.29% |
| Operating Margin | 37.63% |
| Net Margin | 26.42% |
Financial Health
| Debt / Equity | 1.06 |
| Current Ratio | 0.82 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 2.47 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.39 | 14.34 | 17.17 | 20.03 | 28.02 | 17.63 | 16.07 | 19.50 | 20.79 | 17.92 |
| P/B | 4.75 | 4.72 | 4.23 | 4.68 | 5.08 | 4.85 | 5.18 | 5.44 | 4.39 | 3.92 |
| P/S | 5.86 | 6.03 | 5.21 | 5.66 | 7.23 | 7.62 | 6.47 | 6.50 | 5.43 | 4.89 |
| Gross Margin | 44.8% | 43.5% | 41.6% | 40.8% | 41.8% | 41.9% | 43.2% | 42.5% | 40.9% | 44.9% |
| Operating Margin | 41.8% | 40.2% | 38.4% | 37.5% | 34.6% | 38.8% | 40.0% | 39.2% | 36.6% | 38.1% |
| Net Margin | 30.2% | 42.1% | 30.2% | 28.3% | 25.7% | 33.8% | 29.9% | 33.4% | 26.1% | 27.3% |
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