Canadian National Railway Company
Financial Statements (IFRS) · Amounts in CAD
Income Statement
Balance Sheet
Cash Flow
| Line Item | FY 2025Dec 31, 2025 | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 |
|---|---|---|---|---|---|
| Total Revenue | 17.3B | 17.0B | 16.8B | 17.1B | -- |
| Operating Revenue | 16.7B | 16.4B | 16.2B | 16.6B | -- |
| Cost Of Revenue | 10.0B | 10.1B | 9.7B | 9.7B | -- |
| Gross Profit | 7.3B | 7.0B | 7.2B | 7.4B | -- |
| Selling General And Administration | -- | -- | -479.0M | -498.0M | -407.0M |
| General And Administrative Expense | -- | -- | -479.0M | -498.0M | -407.0M |
| Other Operating Expenses | 745.0M | 642.0M | 554.0M | 556.0M | -- |
| Operating Expense | 745.0M | 642.0M | 554.0M | 556.0M | -- |
| Operating Income | 6.6B | 6.3B | 6.6B | 6.8B | -- |
| EBIT | 7.2B | 6.7B | 7.2B | 7.3B | -- |
| Interest Expense | 913.0M | 891.0M | 722.0M | 548.0M | -- |
| Interest Expense Non Operating | 913.0M | 891.0M | 722.0M | 548.0M | -- |
| Net Interest Income | -913.0M | -891.0M | -722.0M | -548.0M | -- |
| Other Income Expense | 590.0M | 418.0M | 613.0M | 471.0M | -- |
| Other Non Operating Income Expenses | 510.0M | 464.0M | 470.0M | 492.0M | -- |
| Special Income Charges | 48.0M | -58.0M | 136.0M | 15.0M | -- |
| Restructuring And Mergern Acquisition | -- | -- | 0.00 | 0.00 | -802.0M |
| Gain On Sale Of Security | 32.0M | 12.0M | 7.0M | -36.0M | -- |
| Pretax Income | 6.3B | 5.9B | 6.5B | 6.8B | -- |
| Tax Provision | 1.5B | 1.4B | 863.0M | 1.6B | -- |
| Tax Effect Of Unusual Items | 19.7M | -11.0M | 19.0M | -5.1M | -- |
| Net Income From Continuing And Discontinued Operation | 4.7B | 4.4B | 5.6B | 5.1B | -- |
| Net Income From Continuing Operation Net Minority Interest | 4.7B | 4.4B | 5.6B | 5.1B | -- |
| Net Income Including Noncontrolling Interests | 4.7B | 4.4B | 5.6B | 5.1B | -- |
| Net Income Common Stockholders | 4.7B | 4.4B | 5.6B | 5.1B | -- |
| Net Income | 4.7B | 4.4B | 5.6B | 5.1B | -- |
| EBITDA | 9.1B | 8.6B | 9.0B | 9.0B | -- |
| Normalized EBITDA | 9.0B | 8.7B | 8.9B | 9.1B | -- |
| Reconciled Depreciation | 1.9B | 1.9B | 1.8B | 1.7B | -- |
| Basic EPS | 7.58 | 7.02 | 8.55 | 7.46 | 6.91 |
| Diluted EPS | 7.57 | 7.01 | 8.53 | 7.44 | 6.90 |
| Basic Average Shares | 623.1M | 633.5M | 657.7M | 686.4M | 708.5M |
| Diluted Average Shares | 623.7M | 634.5M | 659.1M | 688.3M | 710.3M |
| Total Unusual Items | 80.0M | -46.0M | 143.0M | -21.0M | -- |
| Total Unusual Items Excluding Goodwill | 80.0M | -46.0M | 143.0M | -21.0M | -- |
| Tax Rate For Calcs | 0.25 | 0.24 | 0.13 | 0.24 | -- |
| Normalized Income | 4.7B | 4.5B | 5.5B | 5.1B | -- |
| Diluted NI Availto Com Stockholders | 4.7B | 4.4B | 5.6B | 5.1B | -- |
| Gain On Sale Of Ppe | 48.0M | -58.0M | 136.0M | 15.0M | -- |
| Net Income Continuous Operations | 4.7B | 4.4B | 5.6B | 5.1B | -- |
| Net Non Operating Interest Income Expense | -913.0M | -891.0M | -722.0M | -548.0M | -- |
| Other Special Charges | -- | -- | -- | 556.0M | 506.0M |
| Reconciled Cost Of Revenue | 10.0B | 10.1B | 9.7B | 9.7B | -- |
| Rent Expense Supplemental | 432.0M | 392.0M | 359.0M | 338.0M | -- |
| Salaries And Wages | -- | -- | -479.0M | -498.0M | -407.0M |
| Total Expenses | 10.7B | 10.7B | 10.2B | 10.3B | -- |
| Total Operating Income As Reported | 6.6B | 6.2B | 6.6B | 6.8B | -- |
| Line Item | FY 2025Dec 31, 2025 | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 |
|---|---|---|---|---|---|
| Cash And Cash Equivalents | 350.0M | 389.0M | 475.0M | 328.0M | -- |
| Cash Cash Equivalents And Short Term Investments | 350.0M | 389.0M | 475.0M | 328.0M | -- |
| Accounts Receivable | 1.1B | 1.2B | 1.3B | 1.4B | -- |
| Receivables | 1.1B | 1.3B | 1.3B | 1.4B | -- |
| Inventory | 734.0M | 720.0M | 699.0M | 692.0M | -- |
| Prepaid Assets | 208.0M | 113.0M | 133.0M | 186.0M | -- |
| Other Current Assets | 49.0M | 40.0M | 33.0M | 55.0M | -- |
| Current Assets | 2.5B | 2.6B | 3.1B | 3.2B | -- |
| Gross PPE | 68.1B | 67.4B | 62.4B | 60.5B | -- |
| Accumulated Depreciation | -18.5B | -19.0B | -17.4B | -16.5B | -- |
| Net PPE | 49.6B | 48.4B | 45.0B | 44.0B | -- |
| Goodwill | 100.0M | 71.0M | 70.0M | 70.0M | -- |
| Goodwill And Other Intangible Assets | 220.0M | 199.0M | 201.0M | 207.0M | -- |
| Other Intangible Assets | 120.0M | 128.0M | 131.0M | 137.0M | -- |
| Investments And Advances | 111.0M | 428.0M | 402.0M | 94.0M | -- |
| Other Non Current Assets | 49.0M | 12.0M | 12.0M | 13.0M | -- |
| Total Non Current Assets | 56.1B | 54.4B | 49.6B | 47.4B | -- |
| Total Assets | 58.6B | 57.1B | 52.7B | 50.7B | -- |
| Current Debt | 906.0M | 1.2B | 2.3B | 1.1B | -- |
| Current Debt And Capital Lease Obligation | 1.0B | 1.3B | 2.5B | 1.2B | -- |
| Accounts Payable | 890.0M | 1.0B | 968.0M | 954.0M | -- |
| Payables | 1.6B | 1.5B | 1.4B | 1.5B | -- |
| Payables And Accrued Expenses | 2.5B | 2.6B | 2.4B | 2.5B | -- |
| Current Accrued Expenses | 957.0M | 1.0B | 956.0M | 1.0B | -- |
| Current Deferred Revenue | 7.0M | 5.0M | 13.0M | 12.0M | -- |
| Other Current Liabilities | 10.0M | -- | 64.0M | 4.0M | -- |
| Current Liabilities | 3.7B | 4.0B | 5.0B | 3.8B | -- |
| Long Term Debt | 20.3B | 19.7B | 16.1B | 14.4B | -- |
| Long Term Debt And Capital Lease Obligation | 20.6B | 20.1B | 16.4B | 14.7B | -- |
| Long Term Capital Lease Obligation | 316.0M | 343.0M | 298.0M | 341.0M | -- |
| Total Non Current Liabilities Net Minority Interest | 33.3B | 32.0B | 27.5B | 25.4B | -- |
| Total Liabilities Net Minority Interest | 37.0B | 36.0B | 32.5B | 29.3B | -- |
| Common Stock | 3.5B | 3.5B | 3.5B | 3.6B | -- |
| Capital Stock | 3.5B | 3.5B | 3.5B | 3.6B | -- |
| Additional Paid In Capital | 415.0M | 372.0M | 373.0M | 381.0M | -- |
| Retained Earnings | 18.9B | 18.4B | 18.7B | 19.5B | -- |
| Treasury Stock | 152.0M | 129.0M | 144.0M | 170.0M | -- |
| Gains Losses Not Affecting Retained Earnings | -1.1B | -1.0B | -2.3B | -2.0B | -- |
| Other Equity Adjustments | -1.1B | -1.0B | -2.3B | -2.0B | -- |
| Common Stock Equity | 21.6B | 21.1B | 20.1B | 21.4B | -- |
| Stockholders Equity | 21.6B | 21.1B | 20.1B | 21.4B | -- |
| Total Equity Gross Minority Interest | 21.6B | 21.1B | 20.1B | 21.4B | -- |
| Total Capitalization | 41.9B | 40.8B | 36.2B | 35.8B | -- |
| Net Tangible Assets | 21.3B | 20.9B | 19.9B | 21.2B | -- |
| Tangible Book Value | 21.3B | 20.9B | 19.9B | 21.2B | -- |
| Working Capital | -1.2B | -1.4B | -1.9B | -625.0M | -- |
| Invested Capital | 42.8B | 41.9B | 38.6B | 36.8B | -- |
| Total Debt | 21.6B | 21.4B | 18.9B | 15.9B | -- |
| Net Debt | 20.9B | 20.5B | 18.0B | 15.1B | -- |
| Share Issued | 614.4M | 628.8M | 643.8M | 672.4M | -- |
| Ordinary Shares Number | 613.3M | 627.9M | 642.7M | 671.0M | -- |
| Allowance For Doubtful Accounts Receivable | -19.0M | -21.0M | -25.0M | -15.0M | -- |
| Assets Held For Sale Current | -- | -- | -- | 0.00 | 260.0M |
| Buildings And Improvements | 2.6B | 2.5B | 2.3B | 2.2B | -- |
| Capital Lease Obligations | 424.0M | 477.0M | 415.0M | 466.0M | -- |
| Current Capital Lease Obligation | 108.0M | 134.0M | 117.0M | 125.0M | -- |
| Current Deferred Liabilities | 7.0M | 5.0M | 13.0M | 12.0M | -- |
| Current Provisions | 109.0M | 87.0M | 90.0M | 86.0M | -- |
| Defined Pension Benefit | 5.4B | 4.5B | 3.1B | 3.0B | -- |
| Employee Benefits | 457.0M | 487.0M | 500.0M | 493.0M | -- |
| Gross Accounts Receivable | 1.1B | 1.2B | 1.3B | 1.4B | -- |
| Hedging Assets Current | 0.00 | 38.0M | 0.00 | 33.0M | -- |
| Interest Payable | 249.0M | 253.0M | 215.0M | 201.0M | -- |
| Leases | -- | -- | -- | -- | 94.0M |
| Long Term Provisions | 265.0M | 253.0M | 279.0M | 269.0M | -- |
| Machinery Furniture Equipment | 3.3B | 3.1B | 2.9B | 2.7B | -- |
| Non Current Accounts Receivable | 6.0M | 16.0M | 16.0M | 25.0M | -- |
| Non Current Deferred Assets | 748.0M | 807.0M | 765.0M | 66.0M | -- |
| Non Current Deferred Liabilities | 12.0B | 11.2B | 10.3B | 10.0B | -- |
| Non Current Deferred Revenue | 520.0M | 186.0M | 82.0M | 16.0M | -- |
| Non Current Deferred Taxes Assets | 611.0M | 689.0M | 682.0M | 0.00 | -- |
| Non Current Deferred Taxes Liabilities | 11.2B | 10.9B | 10.1B | 9.8B | -- |
| Non Current Pension And Other Postretirement Benefit Plans | 453.0M | 483.0M | 495.0M | 486.0M | -- |
| Other Current Borrowings | 906.0M | 1.2B | 2.3B | 1.1B | -- |
| Other Payable | 269.0M | 182.0M | 165.0M | 178.0M | -- |
| Other Properties | 62.3B | 61.8B | 57.3B | 55.7B | -- |
| Pensionand Other Post Retirement Benefit Plans Current | 10.0M | 10.0M | 12.0M | 14.0M | -- |
| Restricted Cash | 13.0M | 12.0M | 449.0M | 506.0M | -- |
| Taxes Receivable | 0.00 | 143.0M | 0.00 | 46.0M | -- |
| Total Tax Payable | 430.0M | 327.0M | 310.0M | 388.0M | -- |
| Treasury Shares Number | 1.1M | 900,000 | 1.1M | 1.4M | -- |
| Line Item | FY 2025Dec 31, 2025 | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 |
|---|---|---|---|---|---|
| Operating Cash Flow | 7.0B | 6.7B | 7.0B | 6.7B | -- |
| Cash Flow From Continuing Operating Activities | 7.0B | 6.7B | 7.0B | 6.7B | -- |
| Depreciation And Amortization | 1.9B | 1.9B | 1.8B | 1.7B | -- |
| Depreciation Amortization Depletion | 1.9B | 1.9B | 1.8B | 1.7B | -- |
| Deferred Tax | 334.0M | 325.0M | -288.0M | 404.0M | -- |
| Deferred Income Tax | 334.0M | 325.0M | -288.0M | 404.0M | -- |
| Change In Working Capital | 165.0M | 92.0M | -53.0M | -411.0M | -- |
| Changes In Account Receivables | 92.0M | 205.0M | 71.0M | -290.0M | -- |
| Change In Receivables | 92.0M | 205.0M | 71.0M | -290.0M | -- |
| Change In Inventory | -24.0M | -6.0M | -18.0M | -82.0M | -- |
| Change In Payables And Accrued Expense | 220.0M | -107.0M | -191.0M | -9.0M | -- |
| Change In Payable | 220.0M | -107.0M | -191.0M | -9.0M | -- |
| Change In Other Current Assets | -123.0M | 0.00 | 85.0M | -30.0M | -- |
| Other Non Cash Items | 302.0M | 249.0M | 411.0M | 214.0M | -- |
| Capital Expenditure | -3.7B | -3.5B | -3.2B | -2.8B | -- |
| Purchase Of PPE | -3.7B | -3.5B | -3.2B | -2.8B | -- |
| Net PPE Purchase And Sale | -3.7B | -3.5B | -3.1B | -2.8B | -- |
| Purchase Of Business | 0.00 | 0.00 | -390.0M | 0.00 | -- |
| Sale Of Business | -- | -- | 0.00 | 0.00 | 886.0M |
| Investing Cash Flow | -3.7B | -3.6B | -3.5B | -2.5B | -- |
| Cash Flow From Continuing Investing Activities | -3.7B | -3.6B | -3.5B | -2.5B | -- |
| Issuance Of Debt | 27.4B | 23.7B | 18.2B | 14.1B | -- |
| Repayment Of Debt | -26.5B | -22.7B | -15.0B | -12.1B | -- |
| Net Issuance Payments Of Debt | 907.0M | 1.1B | 3.2B | 2.1B | -- |
| Repurchase Of Capital Stock | -2.1B | -2.6B | -4.6B | -4.8B | -- |
| Net Common Stock Issuance | -2.1B | -2.6B | -4.6B | -4.8B | -- |
| Common Stock Dividend Paid | -2.2B | -2.1B | -2.1B | -2.0B | -- |
| Common Stock Payments | -2.1B | -2.6B | -4.6B | -4.8B | -- |
| Financing Cash Flow | -3.4B | -3.6B | -3.4B | -4.7B | -- |
| Cash Flow From Continuing Financing Activities | -3.4B | -3.6B | -3.4B | -4.7B | -- |
| Effect Of Exchange Rate Changes | -3.0M | 5.0M | -1.0M | 3.0M | -- |
| Changes In Cash | -35.0M | -528.0M | 91.0M | -510.0M | -- |
| Beginning Cash Position | 401.0M | 924.0M | 834.0M | 1.3B | -- |
| End Cash Position | 363.0M | 401.0M | 924.0M | 834.0M | -- |
| Free Cash Flow | 3.4B | 3.1B | 3.8B | 3.9B | -- |
| Income Tax Paid Supplemental Data | 935.0M | 1.2B | 1.2B | 1.3B | -- |
| Interest Paid Supplemental Data | 979.0M | 926.0M | 776.0M | 542.0M | -- |
| Asset Impairment Charge | -- | -- | -- | -- | -137.0M |
| Cash Dividends Paid | -2.2B | -2.1B | -2.1B | -2.0B | -- |
| Change In Account Payable | 220.0M | -107.0M | -191.0M | -9.0M | -- |
| Gain Loss On Sale Of PPE | 0.00 | 0.00 | -129.0M | 0.00 | -- |
| Long Term Debt Issuance | 2.0B | 3.5B | 2.6B | 1.9B | -- |
| Long Term Debt Payments | -446.0M | -1.0B | -250.0M | -383.0M | -- |
| Net Business Purchase And Sale | 0.00 | 0.00 | -390.0M | 0.00 | -- |
| Net Income From Continuing Operations | 4.7B | 4.4B | 5.6B | 5.1B | -- |
| Net Long Term Debt Issuance | 1.5B | 2.4B | 2.3B | 1.5B | -- |
| Net Other Financing Charges | -6.0M | 68.0M | -13.0M | 35.0M | -- |
| Net Other Investing Changes | -55.0M | -58.0M | -20.0M | 240.0M | -- |
| Net Short Term Debt Issuance | -612.0M | -1.4B | 908.0M | 563.0M | -- |
| Operating Gains Losses | -410.0M | -307.0M | -547.0M | -387.0M | -- |
| Pension And Employee Benefit Expense | -410.0M | -385.0M | -418.0M | -387.0M | -- |
| Proceeds From Stock Option Exercised | 51.0M | 36.0M | 45.0M | 37.0M | -- |
| Sale Of PPE | 0.00 | 0.00 | 129.0M | 0.00 | -- |
| Short Term Debt Issuance | 25.5B | 20.2B | 15.6B | 12.2B | -- |
| Short Term Debt Payments | -26.1B | -21.6B | -14.7B | -11.7B | -- |