15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings, in CAD as reported — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 4.6% per year over the past 5 years.
Net income has grown faster than revenue (5.8% vs 4.6% per year).
Operating margin has expanded, at 38.1% in the latest year.
Free cash flow has grown 0.5% per year over the past 5 years.
Financial health
Total debt (CA$21.3B) exceeds cash (CA$350M); net debt is CA$21.0B.
Total debt has grown faster than revenue (10.6% vs 4.6% per year).
Operating income covered interest expense 7.2× in the latest year.
Total debt is 2.5× EBITDA.
Shareholder returns
Dividends have been paid for 12 consecutive years, consuming 46.8% of earnings and 65.1% of free cash flow.
The dividend has grown 6.2% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2025
CA$17.3B
CA$4.7B
0.0%
38.1%
21.9%
8.1%
CA$3.4B
CA$21.3B
CA$350M
2024
CA$17.0B
CA$4.4B
0.0%
36.6%
21.1%
7.8%
CA$3.1B
CA$21.6B
CA$389M
2023
CA$16.8B
CA$5.6B
0.0%
39.2%
28.0%
10.7%
CA$3.8B
CA$20.2B
CA$475M
2022
CA$17.1B
CA$5.1B
0.0%
40.0%
23.9%
—
CA$3.9B
—
CA$328M
2020
CA$13.8B
CA$3.6B
0.0%
34.6%
18.1%
8.0%
CA$3.3B
CA$12.9B
CA$569M
2019
CA$14.9B
CA$4.2B
0.0%
37.5%
23.4%
9.6%
CA$2.1B
CA$14.9B
CA$64M
2018
CA$14.3B
CA$4.3B
0.0%
38.4%
24.5%
10.5%
CA$2.4B
CA$13.7B
CA$266M
2017
CA$13.0B
CA$5.5B
0.0%
40.2%
32.9%
14.6%
CA$2.8B
CA$11.6B
CA$70M
2016
CA$12.0B
CA$3.6B
0.0%
41.8%
24.5%
9.8%
CA$2.5B
—
CA$176M
2015
—
CA$3.5B
—
—
23.7%
9.7%
CA$2.4B
—
CA$153M
2014
—
CA$3.2B
—
—
23.5%
10.0%
CA$2.1B
CA$8.4B
CA$52M
2013
—
CA$2.6B
—
—
20.2%
8.7%
CA$1.6B
CA$8.1B
CA$214M
2012
—
CA$2.7B
—
—
24.3%
10.1%
CA$1.3B
CA$6.9B
CA$155M
2011
—
CA$2.5B
—
—
—
9.4%
CA$1.4B
CA$6.6B
CA$101M
2010
—
CA$2.1B
—
—
—
8.3%
CA$1.4B
CA$6.1B
CA$490M
Net income
Net income
Return on equity & assets (ROE / ROA)
ROEROA
Shareholders' equity (book value)
Equity
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Sep '09
—
CA$461M
—
—
—
1.8%
CA$308M
—
CA$233M
Jun '09
—
CA$387M
—
—
3.5%
1.4%
CA$323M
—
CA$431M
Sep '08
—
CA$552M
—
—
—
2.2%
CA$542M
—
CA$288M
Jun '08
—
CA$459M
—
—
4.5%
1.9%
CA$57M
—
CA$161M
Valuation over time
How the market has priced CNI against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 19.2× (Mar '23) to 22.9× (Nov '26).
The price-to-sales ratio has risen from 5.7× (Mar '23) to 6.3× (Nov '26).
The dividend yield has fallen from 2.0% (Mar '23) to 2.0% (Nov '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is CNI growing its revenue and profit?
Over the past 5 years, Canadian National Railway Co's revenue has grown 4.6% per year, and net income grown 5.8% per year. These are computed facts, not advice.
How much debt does CNI have?
As of FY2025, Canadian National Railway Co reported CA$21.3B of total debt against CA$350M of cash; operating income covered interest expense 7.2×.
What is CNI's profit margin?
In FY2025, gross margin was —, operating margin 38.1%, and net margin 27.3%.
What is CNI's P/E ratio?
Canadian National Railway Co's P/E (TTM) is 22.94 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the CNI stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 22.9× as of Nov '26) can differ. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — its annual and interim reports, in CAD as reported (valuation multiples convert at the Federal Reserve H.10 rate of each date, via FRED) (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (annual and interim filings, reported in CAD) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · FX: Federal Reserve H.10 via FRED (DEXCAUS; 1 CAD = 0.7165 USD on 2026-10-30), the rate of each date for the valuation history · This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis. ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.