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 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 1,611 | 1,265 | 2,227 | 1,913 | 1,745 | 1,164 | 1,995 | 1,774 | 1,813 | 1,117 | 2,413 | 1,512 |
| Depreciation and amortization | 486 | 484 | 456 | 500 | 489 | 493 | 489 | 475 | 466 | 462 | 463 | 457 |
| Capital expenditure | -695 | -439 | -1,229 | -1,105 | -805 | -519 | -944 | -1,176 | -853 | -576 | -934 | -917 |
| Investing cash flow | -669 | -365 | -1,232 | -1,120 | -823 | -538 | -963 | -1,190 | -866 | -588 | -1,190 | -931 |
| Financing cash flow | -1,236 | -678 | -857 | -1,209 | -522 | -783 | -1,333 | -669 | -1,025 | -593 | -1,240 | -631 |
| Dividends paid | -554 | -558 | -545 | -550 | -556 | -557 | -531 | -532 | -535 | -540 | -509 | -515 |
| Share repurchases | -466 | -903 | -614 | -1,042 | -305 | -168 | -158 | -447 | -1,099 | -1,003 | -1,172 | -1,203 |
| Debt issued | 1,016 | 1,486 | 944 | 719 | 995 | — | 366 | 1,011 | 1,245 | 1,319 | 420 | 1,073 |
| Debt repaid | -1,326 | -705 | -638 | -371 | -613 | -129 | -1,135 | -692 | -676 | -374 | -12.0 | -11.0 |
| Effect of exchange rates | 2.0 | 1.0 | -1.0 | 2.0 | -4.0 | — | 4.0 | -1.0 | 1.0 | 1.0 | -1.0 | 2.0 |
| Net change in cash | -292 | 223 | 137 | -414 | 396 | -157 | -297 | -86.0 | -77.0 | -63.0 | -18.0 | -48.0 |
| Free cash flow | 916 | 826 | 998 | 808 | 940 | 645 | 1,051 | 598 | 960 | 541 | 1,479 | 595 |
| Levered free cash flow | 748 | 659 | 658 | 959 | 320 | 443 | 1,208 | 321 | 716 | 334 | 1,230 | 268 |