Canadian National Railway revenue and financials
$168.34Change from previous close: −1.24%Absolute change: −$2.11
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 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 7,049 | 6,699 | 6,965 | 6,667 | 6,971 | 6,165 | 5,923 | 5,918 | 5,516 | 5,202 |
| Depreciation and amortization | 1,938 | 1,892 | 1,817 | 1,729 | 1,598 | 1,589 | 1,562 | 1,329 | 1,281 | 1,225 |
| Capital expenditure | -3,658 | -3,549 | -3,187 | -2,750 | -2,891 | -2,863 | -3,865 | -3,531 | -2,673 | -2,695 |
| Investing cash flow | -3,713 | -3,607 | -3,468 | -2,510 | -2,873 | -2,946 | -4,190 | -3,404 | -2,738 | -2,682 |
| Financing cash flow | -3,371 | -3,620 | -3,406 | -4,667 | -3,857 | -2,707 | -1,903 | -2,308 | -2,895 | -2,539 |
| Dividends paid | -2,208 | -2,138 | -2,071 | -2,004 | -1,740 | -1,634 | -1,544 | -1,333 | -1,239 | -1,159 |
| Share repurchases | -2,129 | -2,707 | -4,634 | -4,882 | -1,672 | -450 | -1,805 | -2,105 | -2,153 | -2,111 |
| Debt issued | 1,965 | 3,483 | 3,462 | 2,462 | 469 | 1,789 | 1,794 | 3,367 | 1,295 | 1,646 |
| Debt repaid | -1,058 | -2,419 | -250 | -383 | -861 | -2,494 | -402 | -2,393 | -841 | -955 |
| Effect of exchange rates | -3.0 | 5.0 | -1.0 | 3.0 | — | — | -1.0 | — | -2.0 | 15.0 |
| Net change in cash | -38.0 | -523 | 90.0 | -507 | 241 | 512 | -171 | 206 | -119 | -4.0 |
| 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 | 2,488 | 1,056 | 1,275 | 2,087 | 1,695 |