15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — 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 ($21.3B) exceeds cash ($350M); net debt is $20.9B.
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
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
FCF
Total debt
Cash
2025
$17.3B
$4.7B
0.0%
38.1%
$3.4B
$21.3B
$350M
2024
$17.0B
$4.4B
0.0%
36.6%
$3.1B
$21.4B
$389M
2023
$16.8B
$5.6B
0.0%
39.2%
$3.8B
$19.8B
$475M
2022
$17.1B
$5.1B
0.0%
40.0%
$3.9B
—
$328M
2020
$13.8B
$3.6B
0.0%
34.6%
$3.3B
$12.9B
$569M
2019
$14.9B
$4.2B
0.0%
37.5%
$2.1B
$14.6B
$64M
2018
$14.3B
$4.3B
0.0%
38.4%
$2.4B
$13.4B
$266M
2017
$13.0B
$5.5B
0.0%
40.2%
$2.8B
$11.4B
$70M
2016
$12.0B
$3.6B
0.0%
41.8%
$2.5B
—
$176M
2015
—
$3.5B
—
—
$2.4B
—
$153M
2014
—
$3.2B
—
—
$2.1B
$8.4B
$52M
2013
—
$2.6B
—
—
$1.6B
$7.8B
$214M
2012
—
$2.7B
—
—
$1.3B
$6.9B
$155M
2011
—
$2.5B
—
—
$1.4B
$6.6B
$101M
2010
—
$2.1B
—
—
$1.4B
$6.1B
$490M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Sep '09
—
$461M
—
—
$308M
—
$233M
Jun '09
—
$387M
—
—
$323M
—
$431M
Sep '08
—
$552M
—
—
$542M
—
$288M
Jun '08
—
$459M
—
—
$57M
—
$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 14.4× (Mar '23) to 15.9× (Jun '26).
The price-to-sales ratio has risen from 4.3× (Mar '23) to 4.3× (Jun '26).
The dividend yield has risen from 2.7% (Mar '23) to 2.9% (Jun '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 $21.3B of total debt against $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?
As of Jun '26, Canadian National Railway Co traded at a price-to-earnings ratio of about 15.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (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 (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.