CNI

MKT CAP:$70B

Canadian National Railway Company

Market Cap

$70B

Industrials·Railroads·🇨🇦 Canada·NYSE

Industrials·Railroads·🇨🇦·NYSE

Stock Price

$114.85+$14.55 (+14.51%)

Apr 24, 2026

Company Details

Canadian National Railway Company, together with its subsidiaries, engages in the rail and related transportation business. The company's portfolio of goods includes petroleum and chemicals, grain and fertilizers, coal, metals and minerals,...

CEO

Tracy A. Robinson

IPO Date

Nov 26, 1996

Website

www.cn.ca

Key Metrics TTM

Revenue

$12.6B

+1.5% YoY

Net Income

$3.4B

EPS (Diluted)

$5.53

Free Cash Flow

$2.5B

Revenue / Share

$20.53

Gross Margin

43.6%

Operating Margin

38.1%

Net Margin

27.3%

FCF Margin

19.6%

P/S

5.6x

P/E

20.4x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 4, 2026

$12.6B+1.4%EPS $5.52

Q4 2025

Feb 4, 2026

$3.3B+2.3%EPS $1.48

Q3 2025

Oct 31, 2025

$3.0B+1.5%EPS $1.34

Q2 2025

Jun 30, 2025

$3.1B-1.3%EPS $1.37

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$2.7B	$1.2B	$1.1B
Q2 22	$3.2B	$1.4B	$1.3B
Q3 22	$3.3B	$1.5B	$1.4B
Q4 22	$3.3B	$1.5B	$1.4B
Q1 23	$3.2B	$1.3B	$1.2B
Q2 23	$3.0B	$1.3B	$1.2B
Q3 23	$2.9B	$1.2B	$1.1B
Q4 23	$3.3B	$1.4B	$1.3B
Q1 24	$3.1B	$1.2B	$1.1B
Q2 24	$3.2B	$1.3B	$1.1B
Q3 24	$3.0B	$1.2B	$1.1B
Q4 24	$3.2B	$1.3B	$1.2B
Q1 25	$3.2B	$1.3B	$1.2B
Q2 25	$3.1B	$1.3B	$1.2B
Q3 25	$3.0B	$1.4B	$1.2B
Q4 25	$3.3B	$1.5B	$1.3B

Valuation

Quarter	P/S	P/E
Q4 21	8.1x	23.8x
Q2 22	7.0x	20.4x
Q3 22	6.4x	18.4x
Q4 22	6.6x	20.8x
Q1 23	6.1x	19.9x
Q2 23	6.2x	20.7x
Q3 23	5.6x	19.1x
Q4 23	6.5x	19.5x
Q1 24	6.9x	20.9x
Q2 24	6.0x	18.8x
Q3 24	5.9x	18.7x
Q4 24	5.1x	19.7x
Q1 25	4.9x	18.8x
Q2 25	5.2x	19.6x
Q3 25	4.7x	17.5x
Q4 25	4.9x	17.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$1.5B	$856M
Q2 22	$1.3B	$735M
Q3 22	$1.5B	$1000M
Q4 22	$1.7B	$988M
Q1 23	$771M	$434M
Q2 23	$1.5B	$811M
Q3 23	$1.1B	$435M
Q4 23	$1.8B	$1.1B
Q1 24	$816M	$395M
Q2 24	$1.3B	$702M
Q3 24	$1.3B	$437M
Q4 24	$1.5B	$768M
Q1 25	$851M	$471M
Q2 25	$1.3B	$687M
Q3 25	$1.4B	$590M
Q4 25	$1.6B	$729M

Capital Expenditures

Quarter	CapEx
Q4 21	$668M
Q2 22	$517M
Q3 22	$544M
Q4 22	$672M
Q1 23	$337M
Q2 23	$639M
Q3 23	$670M
Q4 23	$683M
Q1 24	$421M
Q2 24	$623M
Q3 24	$859M
Q4 24	$690M
Q1 25	$379M
Q2 25	$588M
Q3 25	$808M
Q4 25	$897M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+2.7%	-2.6%
Q2 22	+22.9%	+16.6%
Q3 22	+25.4%	+16.5%
Q4 22	+26.5%	+16.9%
Q1 23	+14.9%	+21.2%
Q2 23	-6.6%	-4.6%
Q3 23	-11.7%	-4.3%
Q4 23	-1.6%	+0.9%
Q1 24	-1.5%	+2.0%
Q2 24	+6.7%	+12.8%
Q3 24	+3.1%	+5.1%
Q4 24	-2.5%	+2.9%
Q1 25	+3.6%	+3.3%
Q2 25	-1.3%	-4.9%
Q3 25	+1.5%	-1.2%
Q4 25	+2.3%	-0.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q2 22	$11M	0.3%
Q3 22	$11M	0.3%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$23M	0.7%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q3 25	$193M
Q4 25	$244M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$358M	$0	$358M
Q2 22	$340M	$0	$340M
Q3 22	$295M	$0	$295M
Q4 22	$240M	$0	$240M
Q1 23	$354M	$0	$354M
Q2 23	$394M	$0	$394M
Q3 23	$359M	$0	$359M
Q4 23	$347M	$0	$347M
Q1 24	$301M	$0	$301M
Q2 24	$245M	$0	$245M
Q3 24	$200M	$0	$200M
Q4 24	$284M	$0	$284M
Q1 25	$170M	$0	$170M
Q2 25	$158M	$0	$158M
Q3 25	$165M	$0	$165M
Q4 25	$265M	$0	$265M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	705M	-0.7%	-1.1%
Q2 22	692M	-1.9%	-3.0%
Q3 22	684M	-1.1%	-3.7%
Q4 22	677M	-1.1%	-4.7%
Q1 23	670M	-1.0%	-5.0%
Q2 23	663M	-1.0%	-4.1%
Q3 23	656M	-1.1%	-4.2%
Q4 23	648M	-1.2%	-4.3%
Q1 24	642M	-0.9%	-4.2%
Q2 24	636M	-0.9%	-4.1%
Q3 24	631M	-0.9%	-3.8%
Q4 24	630M	-0.2%	-2.8%
Q1 25	628M	-0.2%	-2.1%
Q2 25	628M	-0.0%	-1.3%
Q3 25	622M	-0.9%	-1.3%
Q4 25	616M	-1.0%	-2.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$121.3K	23K
Q2 22	$140.4K	23K
Q3 22	$145.9K	23K
Q4 22	$138.5K	24K
Q1 23	$131.5K	24K
Q2 23	$123.7K	24K
Q3 23	$121.5K	24K
Q4 23	$130.8K	25K
Q1 24	$124.3K	25K
Q2 24	$126.6K	25K
Q3 24	$120.2K	25K
Q4 24	$129.1K	25K
Q1 25	$130.4K	25K
Q2 25	$126.5K	25K
Q3 25	$123.5K	25K
Q4 25	$136.7K	24K

Revenue / Employee