Canadian National Railway Company
Financial Statements (IFRS) · Amounts in CAD
Income Statement
Balance Sheet
Cash Flow
| Line Item | Q4 2025Dec 31, 2025 | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|---|---|
| Total Revenue | 4.5B | 4.2B | 4.3B | 4.4B | 4.4B | -- | -- |
| Operating Revenue | 4.3B | 4.0B | 4.1B | 4.3B | 4.2B | -- | -- |
| Cost Of Revenue | 2.5B | 2.4B | 2.4B | 2.6B | 2.5B | -- | -- |
| Gross Profit | 2.0B | 1.8B | 1.8B | 1.8B | 1.8B | -- | -- |
| Selling General And Administration | -- | -- | -- | -- | -- | -114.0M | -114.0M |
| General And Administrative Expense | -- | -- | -- | -- | -- | -114.0M | -114.0M |
| Other Operating Expenses | 228.0M | 161.0M | 189.0M | 167.0M | 181.0M | -- | -- |
| Operating Expense | 228.0M | 161.0M | 189.0M | 167.0M | 181.0M | -- | -- |
| Operating Income | 1.7B | 1.6B | 1.6B | 1.6B | 1.6B | -- | -- |
| EBIT | 1.9B | 1.7B | 1.8B | 1.8B | 1.7B | -- | -- |
| Interest Expense | 234.0M | 227.0M | 219.0M | 233.0M | 231.0M | -- | -- |
| Interest Expense Non Operating | 234.0M | 227.0M | 219.0M | 233.0M | 231.0M | -- | -- |
| Net Interest Income | -234.0M | -227.0M | -219.0M | -233.0M | -231.0M | -- | -- |
| Other Income Expense | 170.0M | 128.0M | 142.0M | 150.0M | 111.0M | -- | -- |
| Other Non Operating Income Expenses | 90.0M | 128.0M | 142.0M | 150.0M | 79.0M | -- | -- |
| Special Income Charges | 48.0M | 0.00 | 0.00 | -- | 20.0M | 0.00 | -- |
| Pretax Income | 1.7B | 1.5B | 1.6B | 1.5B | 1.5B | -- | -- |
| Tax Provision | 421.0M | 368.0M | 389.0M | 366.0M | 362.0M | -- | -- |
| Tax Effect Of Unusual Items | 20.2M | 0.00 | 0.00 | 0.00 | 7.7M | -- | -- |
| Net Income From Continuing And Discontinued Operation | 1.2B | 1.1B | 1.2B | 1.2B | 1.1B | -- | -- |
| Net Income From Continuing Operation Net Minority Interest | 1.2B | 1.1B | 1.2B | 1.2B | 1.1B | -- | -- |
| Net Income Including Noncontrolling Interests | 1.2B | 1.1B | 1.2B | 1.2B | 1.1B | -- | -- |
| Net Income Common Stockholders | 1.2B | 1.1B | 1.2B | 1.2B | 1.1B | -- | -- |
| Net Income | 1.2B | 1.1B | 1.2B | 1.2B | 1.1B | -- | -- |
| EBITDA | 2.4B | 2.2B | 2.3B | 2.3B | 2.2B | -- | -- |
| Normalized EBITDA | 2.3B | 2.2B | 2.3B | 2.3B | 2.2B | -- | -- |
| Reconciled Depreciation | 456.0M | 500.0M | 489.0M | 493.0M | 489.0M | -- | -- |
| Basic EPS | 2.03 | -- | 1.87 | 1.85 | 1.82 | 1.72 | -- |
| Diluted EPS | 2.03 | -- | 1.87 | 1.85 | 1.82 | 1.72 | -- |
| Basic Average Shares | 615.4M | -- | 627.4M | 627.8M | 628.9M | 629.6M | -- |
| Diluted Average Shares | 616.0M | -- | 628.0M | 628.3M | 629.5M | 630.5M | -- |
| Total Unusual Items | 80.0M | 0.00 | 0.00 | -- | 32.0M | 0.00 | -- |
| Total Unusual Items Excluding Goodwill | 80.0M | 0.00 | 0.00 | -- | 32.0M | 0.00 | -- |
| Tax Rate For Calcs | 0.25 | 0.24 | 0.25 | 0.24 | 0.24 | -- | -- |
| Normalized Income | 1.2B | 1.1B | 1.2B | 1.2B | 1.1B | -- | -- |
| Diluted NI Availto Com Stockholders | 1.2B | 1.1B | 1.2B | 1.2B | 1.1B | -- | -- |
| Gain On Sale Of Ppe | 48.0M | 0.00 | 0.00 | -- | 20.0M | 0.00 | -- |
| Net Income Continuous Operations | 1.2B | 1.1B | 1.2B | 1.2B | 1.1B | -- | -- |
| Net Non Operating Interest Income Expense | -234.0M | -227.0M | -219.0M | -233.0M | -231.0M | -- | -- |
| Reconciled Cost Of Revenue | 2.5B | 2.4B | 2.4B | 2.6B | 2.5B | -- | -- |
| Rent Expense Supplemental | 106.0M | 103.0M | 105.0M | 118.0M | 98.0M | -- | -- |
| Salaries And Wages | -- | -- | -- | -- | -- | -114.0M | -114.0M |
| Total Expenses | 2.7B | 2.6B | 2.6B | 2.8B | 2.7B | -- | -- |
| Total Operating Income As Reported | 1.7B | 1.6B | 1.6B | 1.6B | 1.6B | -- | -- |
| Line Item | Q4 2025Dec 31, 2025 | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|---|---|
| Cash And Cash Equivalents | 350.0M | 214.0M | 216.0M | 232.0M | 389.0M | -- | -- |
| Cash Cash Equivalents And Short Term Investments | 350.0M | 214.0M | 216.0M | 232.0M | 389.0M | -- | -- |
| Accounts Receivable | 1.1B | 1.2B | 1.1B | 1.3B | 1.2B | -- | -- |
| Receivables | 1.1B | 1.2B | 1.1B | 1.3B | 1.3B | -- | -- |
| Inventory | 734.0M | 780.0M | 817.0M | 809.0M | 720.0M | -- | -- |
| Prepaid Assets | 208.0M | -- | -- | -- | 113.0M | -- | -- |
| Other Current Assets | 49.0M | 260.0M | 279.0M | 366.0M | 40.0M | -- | -- |
| Current Assets | 2.5B | 2.5B | 2.9B | 2.7B | 2.6B | -- | -- |
| Gross PPE | 68.1B | 49.1B | 48.0B | 48.9B | 67.4B | -- | -- |
| Accumulated Depreciation | -18.5B | -- | -- | -- | -19.0B | -- | -- |
| Net PPE | 49.6B | 49.1B | 48.0B | 48.9B | 48.4B | -- | -- |
| Goodwill | 100.0M | -- | -- | -- | 71.0M | -- | -- |
| Goodwill And Other Intangible Assets | 220.0M | 500.0M | 484.0M | 491.0M | 199.0M | -- | -- |
| Other Intangible Assets | 120.0M | -- | -- | -- | 128.0M | -- | -- |
| Investments And Advances | 111.0M | -- | -- | -- | 428.0M | -- | -- |
| Other Non Current Assets | 49.0M | -- | -- | -- | 12.0M | -- | -- |
| Total Non Current Assets | 56.1B | 55.1B | 53.9B | 54.7B | 54.4B | -- | -- |
| Total Assets | 58.6B | 57.7B | 56.8B | 57.4B | 57.1B | -- | -- |
| Current Debt | 906.0M | 1.6B | 1.1B | 1.8B | 1.2B | -- | -- |
| Current Debt And Capital Lease Obligation | 1.0B | 1.6B | 1.1B | 1.8B | 1.3B | -- | -- |
| Accounts Payable | 890.0M | 2.6B | 2.4B | 2.5B | 1.0B | -- | -- |
| Payables | 1.6B | 2.6B | 2.4B | 2.5B | 1.5B | -- | -- |
| Payables And Accrued Expenses | 2.5B | 2.6B | 2.4B | 2.5B | 2.6B | -- | -- |
| Current Accrued Expenses | 957.0M | -- | -- | -- | 1.0B | -- | -- |
| Current Deferred Revenue | 7.0M | -- | -- | -- | 5.0M | -- | -- |
| Other Current Liabilities | 10.0M | -- | -- | -- | -- | -- | -- |
| Current Liabilities | 3.7B | 4.2B | 3.5B | 4.3B | 4.0B | -- | -- |
| Long Term Debt | 20.3B | 19.6B | 19.3B | 19.0B | 19.7B | -- | -- |
| Long Term Debt And Capital Lease Obligation | 20.6B | 19.9B | 19.6B | 19.3B | 20.1B | -- | -- |
| Long Term Capital Lease Obligation | 316.0M | 339.0M | 329.0M | 341.0M | 343.0M | -- | -- |
| Other Non Current Liabilities | -- | 805.0M | 754.0M | 670.0M | -- | 563.0M | 524.0M |
| Total Non Current Liabilities Net Minority Interest | 33.3B | 32.2B | 31.7B | 31.5B | 32.0B | -- | -- |
| Total Liabilities Net Minority Interest | 37.0B | 36.4B | 35.2B | 35.8B | 36.0B | -- | -- |
| Common Stock | 3.5B | 3.5B | 3.5B | 3.5B | 3.5B | -- | -- |
| Capital Stock | 3.5B | 3.5B | 3.5B | 3.5B | 3.5B | -- | -- |
| Additional Paid In Capital | 415.0M | 404.0M | 389.0M | 366.0M | 372.0M | -- | -- |
| Retained Earnings | 18.9B | 18.8B | 19.2B | 18.9B | 18.4B | -- | -- |
| Treasury Stock | 152.0M | 137.0M | 134.0M | 130.0M | 129.0M | -- | -- |
| Gains Losses Not Affecting Retained Earnings | -1.1B | -1.3B | -1.4B | -1.0B | -1.0B | -- | -- |
| Other Equity Adjustments | -1.1B | -1.3B | -1.4B | -1.0B | -1.0B | -- | -- |
| Common Stock Equity | 21.6B | 21.3B | 21.5B | 21.6B | 21.1B | -- | -- |
| Stockholders Equity | 21.6B | 21.3B | 21.5B | 21.6B | 21.1B | -- | -- |
| Total Equity Gross Minority Interest | 21.6B | 21.3B | 21.5B | 21.6B | 21.1B | -- | -- |
| Total Capitalization | 41.9B | 40.8B | 40.8B | 40.6B | 40.8B | -- | -- |
| Net Tangible Assets | 21.3B | 20.8B | 21.1B | 21.1B | 20.9B | -- | -- |
| Tangible Book Value | 21.3B | 20.8B | 21.1B | 21.1B | 20.9B | -- | -- |
| Working Capital | -1.2B | -1.7B | -642.0M | -1.6B | -1.4B | -- | -- |
| Invested Capital | 42.8B | 42.4B | 42.0B | 42.4B | 41.9B | -- | -- |
| Total Debt | 21.6B | 21.5B | 20.8B | 21.1B | 21.4B | -- | -- |
| Net Debt | 20.9B | 20.9B | 20.2B | 20.6B | 20.5B | -- | -- |
| Share Issued | 614.4M | 618.7M | 626.3M | 628.4M | 628.8M | -- | -- |
| Ordinary Shares Number | 613.3M | 617.7M | 625.4M | 627.5M | 627.9M | -- | -- |
| Allowance For Doubtful Accounts Receivable | -19.0M | -- | -- | -- | -21.0M | -- | -- |
| Buildings And Improvements | 2.6B | -- | -- | -- | 2.5B | -- | -- |
| Capital Lease Obligations | 424.0M | 339.0M | 329.0M | 341.0M | 477.0M | -- | -- |
| Current Capital Lease Obligation | 108.0M | -- | -- | -- | 134.0M | -- | -- |
| Current Deferred Liabilities | 7.0M | -- | -- | -- | 5.0M | -- | -- |
| Current Provisions | 109.0M | -- | -- | -- | 87.0M | -- | -- |
| Defined Pension Benefit | 5.4B | 4.9B | 4.8B | 4.7B | 4.5B | -- | -- |
| Employee Benefits | 457.0M | 470.0M | 472.0M | 480.0M | 487.0M | -- | -- |
| Gross Accounts Receivable | 1.1B | -- | -- | -- | 1.2B | -- | -- |
| Hedging Assets Current | 0.00 | -- | -- | -- | 38.0M | -- | -- |
| Interest Payable | 249.0M | -- | -- | -- | 253.0M | -- | -- |
| Long Term Provisions | 265.0M | -- | -- | -- | 253.0M | -- | -- |
| Machinery Furniture Equipment | 3.3B | -- | -- | -- | 3.1B | -- | -- |
| Non Current Accounts Receivable | 6.0M | -- | -- | -- | 16.0M | -- | -- |
| Non Current Deferred Assets | 748.0M | 631.0M | 629.0M | 677.0M | 807.0M | -- | -- |
| Non Current Deferred Liabilities | 12.0B | 11.0B | 10.9B | 11.0B | 11.2B | -- | -- |
| Non Current Deferred Revenue | 520.0M | -- | -- | -- | 186.0M | -- | -- |
| Non Current Deferred Taxes Assets | 611.0M | 631.0M | 629.0M | 677.0M | 689.0M | -- | -- |
| Non Current Deferred Taxes Liabilities | 11.2B | 11.0B | 10.9B | 11.0B | 10.9B | -- | -- |
| Non Current Pension And Other Postretirement Benefit Plans | 453.0M | 470.0M | 472.0M | 480.0M | 483.0M | -- | -- |
| Other Current Borrowings | 906.0M | -- | -- | -- | 1.2B | -- | -- |
| Other Payable | 269.0M | -- | -- | -- | 182.0M | -- | -- |
| Other Properties | 62.3B | 461.0M | 456.0M | 472.0M | 61.8B | -- | -- |
| Pensionand Other Post Retirement Benefit Plans Current | 10.0M | -- | -- | -- | 10.0M | -- | -- |
| Properties | -- | 48.7B | 47.6B | 48.4B | -- | 46.2B | 45.7B |
| Restricted Cash | 13.0M | 12.0M | 424.0M | 12.0M | 12.0M | -- | -- |
| Taxes Receivable | 0.00 | -- | -- | -- | 143.0M | -- | -- |
| Total Tax Payable | 430.0M | -- | -- | -- | 327.0M | -- | -- |
| Treasury Shares Number | 1.1M | 1.0M | 900,000 | 900,000 | 900,000 | -- | -- |
| Line Item | Q4 2025Dec 31, 2025 | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2.2B | 1.9B | 1.7B | 1.2B | 2.0B | -- | -- |
| Cash Flow From Continuing Operating Activities | 2.2B | 1.9B | 1.7B | 1.2B | 2.0B | -- | -- |
| Depreciation And Amortization | 456.0M | 500.0M | 489.0M | 493.0M | 489.0M | -- | -- |
| Depreciation Amortization Depletion | 456.0M | 500.0M | 489.0M | 493.0M | 489.0M | -- | -- |
| Deferred Tax | 144.0M | 92.0M | 77.0M | 21.0M | 18.0M | -- | -- |
| Deferred Income Tax | 144.0M | 92.0M | 77.0M | 21.0M | 18.0M | -- | -- |
| Change In Working Capital | 314.0M | 205.0M | 101.0M | -455.0M | 353.0M | -- | -- |
| Changes In Account Receivables | 132.0M | -83.0M | 131.0M | -88.0M | 132.0M | -- | -- |
| Change In Receivables | 132.0M | -83.0M | 131.0M | -88.0M | 132.0M | -- | -- |
| Change In Inventory | 43.0M | 43.0M | -22.0M | -88.0M | 17.0M | -- | -- |
| Change In Payables And Accrued Expense | 149.0M | 233.0M | -25.0M | -137.0M | 181.0M | -- | -- |
| Change In Payable | 149.0M | 233.0M | -25.0M | -137.0M | 181.0M | -- | -- |
| Change In Other Current Assets | -10.0M | 12.0M | 17.0M | -142.0M | 23.0M | -- | -- |
| Other Non Cash Items | 170.0M | 78.0M | 7.0M | 47.0M | 86.0M | -- | -- |
| Capital Expenditure | -1.2B | -1.1B | -805.0M | -519.0M | -944.0M | -- | -- |
| Purchase Of PPE | -1.2B | -1.1B | -805.0M | -519.0M | -944.0M | -- | -- |
| Net PPE Purchase And Sale | -1.2B | -1.1B | -805.0M | -519.0M | -944.0M | -- | -- |
| Investing Cash Flow | -1.2B | -1.1B | -823.0M | -538.0M | -963.0M | -- | -- |
| Cash Flow From Continuing Investing Activities | -1.2B | -1.1B | -823.0M | -538.0M | -963.0M | -- | -- |
| Issuance Of Debt | 8.2B | 7.0B | 6.7B | 5.5B | 6.4B | -- | -- |
| Repayment Of Debt | -7.9B | -6.6B | -6.4B | -5.6B | -7.1B | -- | -- |
| Net Issuance Payments Of Debt | 306.0M | 348.0M | 382.0M | -129.0M | -769.0M | -- | -- |
| Repurchase Of Capital Stock | -611.0M | -1.0B | -303.0M | -162.0M | -158.0M | -- | -- |
| Net Common Stock Issuance | -611.0M | -1.0B | -303.0M | -162.0M | -158.0M | -- | -- |
| Common Stock Dividend Paid | -545.0M | -550.0M | -556.0M | -557.0M | -531.0M | -- | -- |
| Common Stock Payments | -611.0M | -1.0B | -303.0M | -162.0M | -158.0M | -- | -- |
| Financing Cash Flow | -857.0M | -1.2B | -522.0M | -783.0M | -1.3B | -- | -- |
| Cash Flow From Continuing Financing Activities | -857.0M | -1.2B | -522.0M | -783.0M | -1.3B | -- | -- |
| Effect Of Exchange Rate Changes | -1.0M | 2.0M | -4.0M | 0.00 | 4.0M | -- | -- |
| Changes In Cash | 138.0M | -416.0M | 400.0M | -157.0M | -301.0M | -- | -- |
| Beginning Cash Position | 226.0M | 640.0M | 244.0M | 401.0M | 698.0M | -- | -- |
| End Cash Position | 363.0M | 226.0M | 640.0M | 244.0M | 401.0M | -- | -- |
| Free Cash Flow | 998.0M | 808.0M | 940.0M | 645.0M | 1.1B | -- | -- |
| Income Tax Paid Supplemental Data | 227.0M | 231.0M | 265.0M | 212.0M | 288.0M | -- | -- |
| Interest Paid Supplemental Data | 216.0M | 279.0M | 192.0M | 292.0M | 210.0M | -- | -- |
| Cash Dividends Paid | -545.0M | -550.0M | -556.0M | -557.0M | -531.0M | -- | -- |
| Change In Account Payable | 149.0M | 233.0M | -25.0M | -137.0M | 181.0M | -- | -- |
| Long Term Debt Issuance | 970.0M | 0.00 | 995.0M | 0.00 | 366.0M | -- | -- |
| Long Term Debt Payments | -26.0M | -371.0M | -25.0M | -24.0M | -510.0M | -- | -- |
| Net Income From Continuing Operations | 1.2B | 1.1B | 1.2B | 1.2B | 1.1B | -- | -- |
| Net Long Term Debt Issuance | 944.0M | -371.0M | 970.0M | -24.0M | -144.0M | -- | -- |
| Net Other Financing Charges | -16.0M | 31.0M | -49.0M | 28.0M | 122.0M | -- | -- |
| Net Other Investing Changes | -3.0M | -15.0M | -18.0M | -19.0M | -19.0M | -- | -- |
| Net Short Term Debt Issuance | -638.0M | 719.0M | -588.0M | -105.0M | -625.0M | -- | -- |
| Operating Gains Losses | -105.0M | -101.0M | -101.0M | -103.0M | -97.0M | -- | -- |
| Pension And Employee Benefit Expense | -105.0M | -101.0M | -101.0M | -103.0M | -97.0M | -- | -- |
| Proceeds From Stock Option Exercised | 9.0M | 1.0M | 4.0M | 37.0M | 3.0M | -- | -- |
| Short Term Debt Issuance | 7.2B | 7.0B | 5.7B | 5.5B | 6.0B | -- | -- |
| Short Term Debt Payments | -7.9B | -6.3B | -6.3B | -5.6B | -6.6B | -- | -- |