Canadian National Railway revenue and financials
Secondary listing. The primary listing is Canadian National Railway · TSX (CAD)
$118.41Change from previous close: −0.76%Absolute change: −$0.91
In the fiscal year ended December 2025, Canadian National Railway reported revenue of $17.3B (+1.51% year over year). Net income was $4.72B, a net margin of 27.3%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- +1.51%
- 2025 vs 2024
- Net income growth
- +6.12%
- 2025 vs 2024
- Net margin
- 27.3%
- 2024: 26.1%
Financial data
Amounts in millions of CAD; per-share values in CAD; shares in millions.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | 7,049 | 6,699 | 6,965 | 6,667 | 6,971 |
| Depreciation and amortization | 1,938 | 1,892 | 1,817 | 1,729 | 1,598 |
| Capital expenditure | -3,658 | -3,549 | -3,187 | -2,750 | -2,891 |
| Investing cash flow | -3,713 | -3,607 | -3,468 | -2,510 | -2,873 |
| Financing cash flow | -3,371 | -3,620 | -3,406 | -4,667 | -3,857 |
| Dividends paid | -2,208 | -2,138 | -2,071 | -2,004 | -1,740 |
| Share repurchases | -2,129 | -2,707 | -4,634 | -4,882 | -1,672 |
| Debt issued | 1,965 | 3,483 | 3,462 | 2,462 | 469 |
| Debt repaid | -1,058 | -2,419 | -250 | -383 | -861 |
| Effect of exchange rates | -3.0 | 5.0 | -1.0 | 3.0 | — |
| Net change in cash | -38.0 | -523 | 90.0 | -507 | 241 |
| Free cash flow | 3,391 | 3,150 | 3,778 | 3,917 | 4,080 |
| Levered free cash flow | 2,382 | 2,579 | 2,858 | 3,141 | 2,451 |