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CNI

Canadian National Railway Company

CNI

Canadian National Railway Company • NYSE
$95.89 ▲ 2.00% (+1.88)
Market Cap $60.07 B
52w High $111.67
52w Low $90.74
Dividend Yield 2.50%
P/E 18.26
Volume 611.04K
Outstanding Shares 626.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.99B ▼ $189.552M ▲ $817.802M ▼ 27.347% ▼ $1.32 ▼ $1.604B ▼
Q2-2025 $4.272B ▼ $189M ▲ $1.172B ▲ 27.434% ▲ $1.87 ▲ $2.269B ▲
Q1-2025 $4.403B ▲ $167M ▼ $1.161B ▲ 26.368% ▲ $1.85 ▲ $2.253B ▲
Q4-2024 $4.358B ▲ $181M ▲ $1.146B ▲ 26.296% ▼ $1.82 ▲ $2.228B ▲
Q3-2024 $4.11B $147M $1.085B 26.399% $1.72 $2.114B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $216M ▼ $56.776B ▼ $35.24B ▼ $21.536B ▼
Q1-2025 $232M ▼ $57.403B ▲ $35.779B ▼ $21.624B ▲
Q4-2024 $389M ▲ $57.067B ▲ $36.016B ▲ $21.051B ▲
Q3-2024 $273M ▼ $54.481B ▲ $35.023B ▲ $19.458B ▲
Q2-2024 $335M $53.988B $34.584B $19.404B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.172B ▲ $1.745B ▲ $-823M ▼ $-522M ▲ $396M ▲ $940M ▲
Q1-2025 $1.161B ▲ $1.164B ▼ $-538M ▲ $-783M ▲ $-157M ▲ $645M ▼
Q4-2024 $1.146B ▲ $1.995B ▲ $-963M ▲ $-1.333B ▼ $-297M ▼ $1.051B ▲
Q3-2024 $1.085B ▼ $1.774B ▼ $-1.19B ▼ $-669M ▲ $-86M ▼ $598M ▼
Q2-2024 $1.114B $1.813B $-866M $-1.025B $-77M $960M

Five-Year Company Overview

Income Statement

Income Statement Over the past five years, Canadian National’s revenue has grown moderately and stayed fairly steady, which reflects a mature but resilient rail business. Profitability has generally been strong, with healthy margins, but the most recent year shows earnings stepping down even though revenue held up. That suggests cost pressures, mix shifts, or one‑time items weighing on the bottom line. Overall, this looks like a stable, high‑quality income statement with some recent margin softness that’s worth watching to see if it is temporary or structural.

Balance Sheet

Balance Sheet The balance sheet shows a large, hard‑asset base that has grown steadily, consistent with a capital‑intensive railway. Debt has increased meaningfully over the period, while shareholders’ equity has been roughly flat, implying greater reliance on borrowing to fund growth, buybacks, or dividends. This is not unusual for a big railroad, but it does mean financial leverage is higher than it used to be, which can reduce flexibility if the economy weakens or interest costs stay elevated. Cash on hand is modest, reinforcing the importance of continued strong cash generation from operations.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been consistently strong and quite resilient, even during weaker economic periods. The company invests heavily back into the network, so capital spending is sizable every year. Despite that, Canadian National has produced solid, positive free cash flow annually, though the latest year shows a bit of pressure as spending rose and cash from operations eased slightly. Overall, the cash flow profile supports ongoing investment and shareholder returns, but there is less room for missteps as leverage rises and capital needs stay high.

Competitive Edge

Competitive Edge Canadian National enjoys a powerful competitive position built around its unique tri‑coastal rail network that links the Atlantic, Pacific, and Gulf Coasts. This network is extremely difficult and expensive to replicate, giving the company a durable “toll road” style advantage in moving key goods across North America. Precision Scheduled Railroading and strong service offerings in areas like intermodal, grain, and autos further reinforce its role as critical infrastructure. At the same time, the company is exposed to economic cycles, trade flows, regulation, labor relations, and competition from trucks and other railroads, so its moat reduces but does not eliminate business risk.

Innovation and R&D

Innovation and R&D Canadian National is leaning heavily into technology to improve safety, reliability, and efficiency. Automated and AI‑driven inspection systems for tracks and trains, predictive maintenance, and winter‑weather innovations are all aimed at preventing problems before they happen and keeping the network running smoothly. The partnership with Google Cloud and the push toward digital logistics platforms should deepen customer relationships and create more integrated supply‑chain solutions. Longer term, investments in cleaner locomotives, and exploration of battery and hydrogen options, position the company for a lower‑carbon future. These initiatives are promising but capital‑intensive, and their success depends on effective execution and regulatory alignment.

Summary

Canadian National Railway looks like a mature, strategically important infrastructure business with a strong competitive moat and a clear focus on technology and efficiency. The financials show steady revenue, solid margins, and robust cash generation, though recent profit compression and rising leverage are important areas to monitor. Heavy, ongoing investment in the network and in digital and automation capabilities supports long‑term competitiveness but keeps capital needs high. Overall, this is a stable, cash‑generative rail franchise with meaningful structural advantages, balanced by economic cyclicality, regulatory and labor risks, and the challenge of managing higher debt while funding its innovation and sustainability agenda.

NEWS

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CN Proudly Celebrates the 30th Anniversary of its Privatization

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November 17, 2025 · 9:00 AM UTC

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CN Announces US$700 Million Debt Offering

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