CNI Q3 2023 Earnings Report — Canadian National Railway Company Revenue & Financial Results | Market Cap Arena

Canadian National Railway CompanyCNI

Q3 2023 Earnings

Reported September 30, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2023	Q2 2023	Q3 2022	QoQ Change	YoY Change
Revenue	$2.9B	$3.0B	$3.3B	-1.7%	-11.7%
Op. Income	$1.1B	$1.2B	$1.4B	-5.2%	-21.5%
Gross Margin	41.3%	42.4%	45.8%	-1.1pp	-4.5pp
Net Margin	27.8%	28.8%	32.2%	-1.0pp	-4.4pp
EPS (Diluted)	$1.24	$1.29	$1.56	-4.0%	-20.7%
Free Cash Flow	$435M	$811M	$1000M	-46.4%	-56.5%

Revenue Flow

Item	Amount
REVENUE	$2.9B
Cost of Revenue	$1.7B
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	-$88M
SG&A Expenses	-$88M
Other Expenses	$184M
Operating Expenses	$96M
Cost & Expenses	$1.8B
OPERATING INCOME	$1.1B
Interest Income	$0
Interest Expense	$135M
Other Income/Expenses	-$48M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$251M
Net Income from Continuing Ops	$810M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$810M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$810M
D&A	$334M
EBIT	$1.2B
EBITDA	$1.5B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$2.9B
Cost of Revenue	$1.7B
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	-$88M
SG&A Expenses	-$88M
Other Expenses	$184M
Operating Expenses	$96M
Cost & Expenses	$1.8B
OPERATING INCOME	$1.1B
Interest Income	$0
Interest Expense	$135M
Other Income/Expenses	-$48M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$251M
Net Income from Continuing Ops	$810M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$810M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$810M
D&A	$334M
EBIT	$1.2B
EBITDA	$1.5B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$810M
Depreciation & Amortization	$334M
Stock-Based Compensation	$0
Deferred Income Tax	$91M
Other Non-Cash Items	-$31M
Change in Working Capital	-$98M
OPERATING CASH FLOW	$1.1B
Capital Expenditure	-$670M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$10M
NET CASH FROM INVESTING	-$680M
Net Debt Issuance	$776M
Common Stock Repurchased	-$878M
Common Dividends Paid	-$376M
Other Financing Activities	$18M
NET CASH FROM FINANCING	-$461M
FREE CASH FLOW	$435M
Net Change in Cash	-$35M

Balance Sheet

Item	Amount
Cash & Equivalents	$359M
Short-Term Investments	$0
Net Receivables	$938M
Inventory	$556M
Other Current Assets	$610M
TOTAL CURRENT ASSETS	$2.5B
PP&E (Net)	$32.9B
Goodwill	$0
Intangible Assets	$300M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$2.4B
TOTAL NON-CURRENT ASSETS	$35.6B
TOTAL ASSETS	$38.1B
Account Payables	$1.7B
Short-Term Debt	$1.7B
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$3.4B
Long-Term Debt	$11.8B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$7.4B
Other Non-Current Liabilities	$682M
TOTAL NON-CURRENT LIABILITIES	$20.1B
TOTAL LIABILITIES	$23.5B
Common Stock	$2.6B
Additional Paid-In Capital	$274M
Retained Earnings	$13.2B
Treasury Stock	-$105M
Accum. Other Comp. Income	-$1.4B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$14.6B
Minority Interest	$0
TOTAL EQUITY	$14.6B
TOTAL LIABILITIES & EQUITY	$38.1B
Total Debt	$13.7B
Net Debt	$13.3B