CNI Q4 2023 Earnings Report — Canadian National Railway Company Revenue & Financial Results | Market Cap Arena

Canadian National Railway CompanyCNI

Q4 2023 Earnings

Reported January 31, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2023	Q3 2023	Q4 2022	QoQ Change	YoY Change
Revenue	$3.3B	$2.9B	$3.3B	12.1%	-1.6%
Op. Income	$1.3B	$1.1B	$1.4B	19.8%	-4.9%
Gross Margin	44.0%	41.3%	44.6%	2.7pp	-0.6pp
Net Margin	47.6%	27.8%	31.3%	19.9pp	16.4pp
EPS (Diluted)	$2.40	$1.24	$1.53	94.7%	56.7%
Free Cash Flow	$1.1B	$435M	$988M	148.6%	9.4%

Revenue Flow

Item	Amount
REVENUE	$3.3B
Cost of Revenue	$1.8B
GROSS PROFIT	$1.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	-$87M
SG&A Expenses	-$87M
Other Expenses	$197M
Operating Expenses	$110M
Cost & Expenses	$1.9B
OPERATING INCOME	$1.3B
Interest Income	$0
Interest Expense	$145M
Other Income/Expenses	$39M
INCOME BEFORE TAX	$1.4B
Income Tax Expense	-$189M
Net Income from Continuing Ops	$1.6B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.6B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.6B
D&A	$338M
EBIT	$1.5B
EBITDA	$1.9B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$3.3B
Cost of Revenue	$1.8B
GROSS PROFIT	$1.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	-$87M
SG&A Expenses	-$87M
Other Expenses	$197M
Operating Expenses	$110M
Cost & Expenses	$1.9B
OPERATING INCOME	$1.3B
Interest Income	$0
Interest Expense	$145M
Other Income/Expenses	$39M
INCOME BEFORE TAX	$1.4B
Income Tax Expense	-$189M
Net Income from Continuing Ops	$1.6B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.6B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.6B
D&A	$338M
EBIT	$1.5B
EBITDA	$1.9B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$1.6B
Depreciation & Amortization	$338M
Stock-Based Compensation	$0
Deferred Income Tax	-$432M
Other Non-Cash Items	-$20M
Change in Working Capital	$320M
OPERATING CASH FLOW	$1.8B
Capital Expenditure	-$683M
Acquisitions (Net)	-$191M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$4M
NET CASH FROM INVESTING	-$870M
Net Debt Issuance	$298M
Common Stock Repurchased	-$847M
Common Dividends Paid	-$372M
Other Financing Activities	$15M
NET CASH FROM FINANCING	-$906M
FREE CASH FLOW	$1.1B
Net Change in Cash	-$13M

Balance Sheet

Item	Amount
Cash & Equivalents	$347M
Short-Term Investments	$0
Net Receivables	$950M
Inventory	$511M
Other Current Assets	$352M
TOTAL CURRENT ASSETS	$2.3B
PP&E (Net)	$32.9B
Goodwill	$51M
Intangible Assets	$96M
Long-Term Investments	$294M
Tax Assets	$498M
Other Non-Current Assets	$2.4B
TOTAL NON-CURRENT ASSETS	$36.2B
TOTAL ASSETS	$38.5B
Account Payables	$707M
Short-Term Debt	$1.7B
Deferred Revenue	$10M
Other Current Liabilities	$121M
TOTAL CURRENT LIABILITIES	$3.7B
Long-Term Debt	$11.8B
Deferred Revenue NC	$60M
Deferred Tax Liabilities	$7.4B
Other Non-Current Liabilities	$683M
TOTAL NON-CURRENT LIABILITIES	$20.1B
TOTAL LIABILITIES	$23.8B
Common Stock	$2.6B
Additional Paid-In Capital	$273M
Retained Earnings	$13.6B
Treasury Stock	-$105M
Accum. Other Comp. Income	-$1.7B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$14.7B
Minority Interest	$0
TOTAL EQUITY	$14.7B
TOTAL LIABILITIES & EQUITY	$38.5B
Total Debt	$13.8B
Net Debt	$13.5B