CNINYSERailroads, Line-Haul OperatingFiscal year ends December 31

CANADIAN NATIONAL RAILWAY CO

Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Feb 4, 2026

$120.09−1.70 (-1.40%)

Close on Oct 19, 2026

Margins

Share of revenue, fiscal years 2011 to 2025

38.1%+3.5 pts over 5 years

27.3%+1.5 pts over 5 years

Compound annual growth to fiscal 2025

Per year	1 year	3 years	5 years	10 years
Revenue	+1.5%	+0.4%	+4.6%	+3.2%
Operating income	+5.4%	-1.2%	+6.6%	+2.3%
Net income	+6.1%	-2.7%	+5.8%	+2.9%
EPS, diluted	+8.0%	+0.6%	+8.6%	+5.6%
Free cash flow	+7.7%	-4.7%	+0.5%	+3.4%
Dividend per share	+5.0%	+6.6%	+9.1%	+11.0%

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	24.4%	18.9%	22.1%
Return on assets	9.9%	8.0%	8.2%
Current ratio	0.70	0.95	0.67
Debt to equity	0.78	0.66	0.99
Net debt to EBITDA	1.74×	1.95×	2.46×
Interest coverage	10.5×	8.6×	7.2×
Capex to revenue	22.4%	20.7%	21.1%
Diluted shares	779M	713M	624M

Return on equity split into margin, efficiency and leverage

Net margin27.3%

Asset turnover0.30×

Equity multiplier2.71×

Return on equity, FY202522.1%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	27.3%	0.30×	2.71×	22.1%
FY2024	26.1%	0.31×	2.67×	21.6%
FY2020	25.8%	0.31×	2.35×	18.9%
FY2019	28.3%	0.35×	2.38×	23.6%
FY2018	30.2%	0.36×	2.30×	25.2%
FY2017	42.1%	0.35×	2.37×	34.8%
FY2016	30.2%	0.33×	2.47×	24.4%

Parsed from the XBRL in Canadian National Railway's annual and quarterly filings with the SEC
Per-share figures adjusted for the 2-for-1 split on Dec 2, 2013
Fourth quarters derived from the annual report minus nine months
Every figure in the statements links to its source filing

Trailing twelve months. Peers are matched on business description, industry and size. Ticks are peers, the dot is CNI.

Revenue growth1.5% · median 3.6%

Operating margin38.1% · median 35.5%

Net margin27.3% · median 23.6%

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