Canadian National Railway Company
NYSE: CNI · INDUSTRIALS · RAILROADS
Updated 2026-06-05
Canadian National Railway Company (CNI) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.95B | $2.42B | $2.03B | $2.28B | $3.00B | $2.98B | $3.06B | $3.55B | $4.38B | $5.14B | $5.20B | $5.52B | $5.92B | $5.92B | $6.17B | $6.97B | $6.67B | $6.96B | $6.70B | $7.04B |
| Capital expenditures | $1.30B | $1.39B | $1.42B | $1.40B | $1.59B | $1.63B | $1.73B | $1.97B | $2.30B | $2.71B | $2.69B | $2.67B | $3.53B | $3.87B | $2.86B | $2.89B | $2.75B | $3.19B | $3.55B | $3.66B |
| Depreciation | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Stock-based comp | — | $-270.42M | — | $-226.00M | — | $-348.00M | $129.00M | $166.00M | $195.00M | $99.00M | $113.00M | $111.00M | $90.00M | $-288.00M | $252.00M | $-451.00M | $63.00M | $64.00M | — | — |
| Free cash flow | $1.65B | $1.03B | $607.00M | $877.00M | $1.41B | $1.35B | $1.33B | $1.57B | $2.08B | $2.43B | $2.51B | $2.84B | $2.39B | $2.06B | $3.30B | $4.08B | $3.92B | $3.78B | $3.15B | $3.39B |
| Investing cash flow | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | $340.00M | $418.00M | $436.00M | $474.00M | $503.00M | $585.00M | $652.00M | $724.00M | $818.00M | $996.00M | $1.16B | $1.24B | $1.33B | $1.54B | $1.63B | $1.74B | $2.00B | $2.07B | $2.14B | $2.21B |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net change in cash | — | — | — | — | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — |
Frequently asked questions
What is Canadian National Railway Company's revenue?
Canadian National Railway Company's trailing twelve-month revenue is $17.28B, and consensus projects about $21.33B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is CNI?
In its most recent fiscal year, CNI ran a gross margin of 44.87%, an operating margin of 38.07%, and a net margin of 27.28%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does CNI generate?
CNI produced $3.39B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is CNI's balance sheet healthy?
CNI holds $362.70M in cash and equivalents against $20.30B in long-term debt, on $21.55B of shareholder equity. That debt is best read against the cash flow the business throws off each year.