Revenue growth remains stagnant with quarterly fluctuations between -2.5% and 3.6%, though the company maintains resilient pricing power evidenced by a peak gross margin of 46.3% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 17.29B | 17.29B | 17.05B | 16.83B | 17.11B | 14.48B | 13.82B | 14.92B | 14.32B | 13.04B | 12.04B | 12.61B | 12.13B | 10.57B | 9.92B | 9.03B | 8.3B | 7.37B | 8.48B | 7.9B | 7.93B | 7.24B | 6.55B | 5.88B | 6.11B | 5.65B | 5.43B | 5.24B | 4.09B | 4.33B | 3.96B |
| Revenue Growth % | 0.54% | 1.43% | 1.3% | -1.63% | 18.17% | 4.76% | -7.36% | 4.16% | 9.82% | 8.34% | -4.55% | 3.93% | 14.74% | 6.6% | 9.88% | 8.81% | 12.62% | -13.15% | 7.41% | -0.4% | 9.52% | 10.57% | 11.28% | -3.7% | 8.1% | 4.13% | 3.67% | 28.06% | -5.49% | 9.34% | 0.07% |
| Cost of Goods Sold | 9.65B | 9.53B | 10.08B | 9.68B | 9.71B | 8.41B | 8.05B | 8.83B | 8.36B | 7.37B | 6.64B | 6.95B | 7.14B | 6.41B | 5.9B | 5.46B | 4.91B | 2.13B | 2.8B | 2.32B | 1.93B | 1.74B | 1.27B | 1.35B | 2.97B | 1.07B | 1.2B | 836.69M | 932.32M | 1.14B | 1.19B |
| COGS % of Revenue | - | 55.13% | 59.13% | 57.51% | 56.77% | 58.08% | 58.24% | 59.21% | 58.37% | 56.48% | 55.18% | 55.12% | 58.86% | 60.59% | 59.45% | 60.43% | 59.12% | 28.93% | 33.03% | 29.35% | 24.35% | 24.01% | 19.43% | 23.02% | 48.61% | 18.87% | 22.19% | 15.98% | 22.8% | 26.35% | 30.05% |
| Gross Profit | 7.64B | 7.76B | 6.97B | 7.15B | 7.4B | 6.07B | 5.77B | 6.08B | 5.96B | 5.67B | 5.39B | 5.66B | 4.99B | 4.17B | 4.02B | 3.57B | 3.39B | 5.24B | 5.68B | 5.58B | 5.79B | 5.5B | 5.28B | 4.53B | 3.14B | 4.59B | 4.22B | 4.42B | 3.16B | 3.19B | 2.77B |
| Gross Margin % | 44.21% | 44.87% | 40.87% | 42.49% | 43.23% | 41.92% | 41.76% | 40.79% | 41.63% | 43.52% | 44.82% | 44.88% | 41.14% | 39.41% | 40.55% | 39.57% | 40.88% | 71.07% | 66.97% | 70.65% | 72.97% | 75.99% | 80.57% | 76.98% | 51.39% | 81.13% | 77.81% | 84.34% | 77.2% | 73.65% | 69.95% |
| Gross Profit Growth % | - | 11.35% | -2.57% | -3.31% | 21.87% | 5.16% | -5.16% | 2.06% | 5.06% | 5.19% | -4.68% | 13.38% | 19.77% | 3.6% | 12.63% | 5.31% | -35.22% | -7.82% | 1.81% | -3.57% | 5.16% | 4.29% | 16.47% | 44.26% | -31.53% | 8.58% | -4.36% | 39.9% | -0.94% | 15.12% | 15.56% |
| Operating Expenses | 1.11B | 1.18B | 720M | 554M | 556M | 453M | 994M | 171M | 167M | 117M | 83M | 394M | 368M | 295M | 338M | 276M | 368M | 2.83B | 2.79B | 2.7B | 4.9B | 4.62B | 4.38B | 4.11B | 4.64B | 3.97B | 3.78B | 3.77B | 1.72B | 1.89B | 1.84B |
| OpEx % of Revenue | - | 6.8% | 4.22% | 3.29% | 3.25% | 3.13% | 7.19% | 1.15% | 1.17% | 0.9% | 0.69% | 3.12% | 3.03% | 2.79% | 3.41% | 3.06% | 4.44% | 38.41% | 32.85% | 34.23% | 61.79% | 63.76% | 66.89% | 69.8% | 75.96% | 70.24% | 69.64% | 71.98% | 41.95% | 43.59% | 46.43% |
| Selling, General & Admin | 924.94M | 1.18B | 0 | -479M | -498M | -407M | -292M | -321M | -302M | -315M | -280M | 0 | 0 | 0 | 0 | 2.09B | 2.11B | 2.04B | 2.06B | 2.03B | 2.1B | 2.27B | 2.52B | 2.7B | 1.54B | 2.51B | 2.28B | 2.27B | 1.67B | 1.75B | 1.81B |
| SG&A % of Revenue | - | 6.8% | - | -2.85% | -2.91% | -2.81% | -2.11% | -2.15% | -2.11% | -2.42% | -2.33% | - | - | - | - | 23.13% | 25.45% | 27.69% | 24.3% | 25.66% | 26.49% | 31.33% | 38.54% | 45.92% | 25.24% | 44.4% | 42.06% | 43.43% | 40.87% | 40.56% | 45.83% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 720M | 1.03B | 1.05B | 860M | 1.29B | 492M | 469M | 432M | 363M | 394M | 368M | 295M | 338M | -1.81B | -1.74B | 790M | 725M | 677M | 2.8B | 2.35B | 1.86B | 1.4B | 3.1B | 1.46B | 1.5B | 1.49B | 44.05M | 131.08M | 23.99M |
| Operating Income | 6.53B | 6.58B | 6.25B | 6.6B | 6.84B | 5.62B | 4.78B | 5.59B | 5.49B | 5.24B | 5.03B | 5.27B | 4.62B | 3.87B | 3.69B | 3.3B | 3.02B | 2.41B | 2.89B | 2.88B | 3.03B | 2.62B | 2.17B | 1.78B | 1.47B | 1.68B | 1.65B | 1.47B | 1.44B | 1.3B | 930.4M |
| Operating Margin % | 37.75% | 38.07% | 36.65% | 39.2% | 39.98% | 38.79% | 34.57% | 37.49% | 38.36% | 40.2% | 41.8% | 41.76% | 38.11% | 36.62% | 37.15% | 36.51% | 36.45% | 32.66% | 34.12% | 36.42% | 38.21% | 36.24% | 33.11% | 30.2% | 24.04% | 29.76% | 30.36% | 28.02% | 35.25% | 30.06% | 23.51% |
| Operating Income Growth % | - | 5.36% | -5.31% | -3.55% | 21.79% | 17.56% | -14.59% | 1.82% | 4.77% | 4.19% | -4.44% | 13.88% | 19.39% | 5.1% | 11.8% | 8.99% | 25.69% | -16.86% | 0.63% | -5.08% | 15.47% | 21.03% | 22% | 20.97% | -12.66% | 2.06% | 12.34% | 1.79% | 10.83% | 39.76% | 12.91% |
| EBITDA | 8.46B | 8.52B | 8.14B | 8.41B | 8.57B | 7.21B | 6.37B | 7.16B | 6.82B | 6.52B | 6.26B | 6.42B | 5.67B | 4.85B | 4.61B | 4.18B | 3.86B | 3.2B | 3.62B | 3.55B | 3.68B | 3.25B | 2.77B | 2.34B | 2.06B | 2.22B | 2.18B | 1.96B | 1.12B | 1.1B | 735.35M |
| EBITDA Margin % | 48.92% | 49.27% | 47.75% | 50% | 50.09% | 49.83% | 46.07% | 47.97% | 47.64% | 50.03% | 51.98% | 50.94% | 46.76% | 45.89% | 46.46% | 46.3% | 46.5% | 43.38% | 42.67% | 45% | 46.45% | 44.94% | 42.3% | 39.72% | 33.72% | 39.28% | 40.18% | 37.49% | 27.51% | 25.38% | 18.59% |
| EBITDA Growth % | 2.73% | 4.66% | -3.27% | -1.81% | 18.78% | 13.32% | -11.03% | 4.88% | 4.57% | 4.27% | -2.6% | 13.22% | 16.92% | 5.29% | 10.26% | 8.35% | 20.71% | -11.69% | 1.83% | -3.5% | 13.18% | 17.47% | 18.53% | 13.45% | -7.21% | 1.79% | 11.11% | 74.52% | 2.43% | 49.34% | 24.64% |
| D&A (Non-Cash Add-back) | 1.93B | 1.94B | 1.89B | 1.82B | 1.73B | 1.6B | 1.59B | 1.56B | 1.33B | 1.28B | 1.23B | 1.16B | 1.05B | 980M | 924M | 884M | 834M | 790M | 725M | 678M | 653M | 630M | 602M | 560M | 591M | 538M | 533M | 496M | -316.4M | -202.2M | -195.04M |
| EBIT | 6.67B | 7.17B | 6.74B | 7.21B | 7.31B | 6.95B | 5.08B | 5.97B | 6.17B | 5.57B | 5.41B | 5.31B | 4.73B | 3.95B | 4B | 3.7B | 3.24B | 2.67B | 2.92B | 3.04B | 3.03B | 2.62B | 2.17B | 1.78B | 1.47B | 1.68B | 1.65B | 1.47B | 1.44B | 1.3B | 930.4M |
| Net Interest Income | -850.4M | -912.26M | -891M | -722M | -548M | -610M | -554M | -538M | -489M | -481M | -480M | -439M | -371M | -357M | -342M | -341M | -360M | -412M | -375M | -336M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 850.4M | 912.26M | 891M | 722M | 548M | 610M | 554M | 538M | 489M | 481M | 480M | 439M | 371M | 357M | 342M | 341M | 360M | 412M | 375M | 336M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -268.02M | -322.74M | -395M | -109M | -77M | 726M | -256M | -164M | 189M | -154M | -105M | -392M | -264M | -284M | -27M | 60M | -148M | -145M | -349M | -170M | -301M | -287M | -314M | -294M | -285M | -262M | -175M | -259M | -1.14B | -465.51M | -776.34M |
| Pretax Income | 6.26B | 6.26B | 5.85B | 6.49B | 6.76B | 6.34B | 4.52B | 5.43B | 5.68B | 5.09B | 4.93B | 4.87B | 4.36B | 3.59B | 3.66B | 3.36B | 2.88B | 2.26B | 2.54B | 2.71B | 2.73B | 2.34B | 1.85B | 1.48B | 1.18B | 1.42B | 1.47B | 1.21B | 296.44M | 834.86M | 154.06M |
| Pretax Margin % | 36.2% | 36.2% | 34.33% | 38.55% | 39.53% | 43.81% | 32.72% | 36.39% | 39.68% | 39.02% | 40.93% | 38.65% | 35.93% | 33.94% | 36.88% | 37.17% | 34.66% | 30.69% | 30% | 34.27% | 34.42% | 32.28% | 28.31% | 25.2% | 19.38% | 25.12% | 27.14% | 23.07% | 7.25% | 19.3% | 3.89% |
| Income Tax | 1.55B | 1.54B | 1.4B | 863M | 1.65B | 1.44B | 976M | 1.21B | 1.35B | -395M | 1.29B | 1.34B | 1.19B | 977M | 978M | 899M | 772M | 407M | 650M | 548M | 642M | 781M | 596M | 517M | 384M | 380M | 536M | 462M | 73.73M | 365.34M | -694.1M |
| Effective Tax Rate % | 24.82% | 24.65% | 23.99% | 13.3% | 24.32% | 22.75% | 21.59% | 22.34% | 23.83% | -7.76% | 26.12% | 27.41% | 27.36% | 27.22% | 26.74% | 26.79% | 26.84% | 18% | 25.54% | 20.25% | 23.53% | 33.42% | 32.15% | 34.86% | 32.43% | 26.76% | 36.39% | 38.25% | 24.87% | 43.76% | -450.53% |
| Net Income | 4.71B | 4.72B | 4.45B | 5.63B | 5.12B | 4.9B | 3.54B | 4.22B | 4.33B | 5.48B | 3.64B | 3.54B | 3.17B | 2.61B | 2.68B | 2.46B | 2.1B | 1.85B | 1.9B | 2.16B | 2.09B | 1.56B | 1.26B | 1.01B | 800M | 1.04B | 937M | 751M | 264.18M | 1.04B | 846.1M |
| Net Margin % | 27.22% | 27.28% | 26.09% | 33.43% | 29.92% | 33.84% | 25.65% | 28.26% | 30.22% | 42.05% | 30.24% | 28.05% | 26.1% | 24.7% | 27.02% | 27.22% | 25.36% | 25.17% | 22.34% | 27.33% | 26.32% | 21.49% | 19.21% | 17.23% | 13.09% | 18.4% | 17.26% | 14.34% | 6.46% | 24.06% | 21.38% |
| Net Income Growth % | 4.46% | 6.03% | -20.92% | 9.91% | 4.47% | 38.19% | -15.92% | -2.59% | -21.08% | 50.66% | 2.88% | 11.71% | 21.25% | -2.54% | 9.08% | 16.78% | 13.48% | -2.16% | -12.19% | 3.4% | 34.13% | 23.69% | 24.06% | 26.75% | -23.08% | 10.99% | 24.77% | 184.27% | -74.62% | 23.04% | 177.98% |
| Net Income (Continuing) | 4.71B | 4.72B | 4.45B | 5.63B | 5.12B | 4.9B | 3.54B | 4.22B | 4.33B | 5.48B | 3.64B | 3.54B | 3.17B | 2.61B | 2.68B | 2.46B | 2.1B | 1.85B | 1.9B | 2.16B | 2.09B | 1.56B | 1.26B | 966M | 800M | 1.04B | 937M | 746M | 222.71M | 469.52M | 848.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.69 | 7.56 | 7.01 | 8.53 | 7.44 | 6.90 | 5.00 | 5.86 | 5.87 | 7.24 | 4.67 | 4.39 | 3.85 | 3.09 | 6.20 | 5.49 | 4.52 | 1.96 | 2.66 | 4.24 | 1.96 | 1.39 | 1.09 | 0.87 | 0.66 | 0.87 | 0.78 | 0.62 | 0.24 | 0.92 | 0.84 |
| EPS Growth % | 6.44% | 7.85% | -17.82% | 14.65% | 7.83% | 38% | -14.68% | -0.17% | -18.92% | 55.03% | 6.38% | 14.03% | 24.6% | -50.16% | 12.93% | 21.46% | 130.61% | -26.32% | -37.26% | 116.33% | 41.01% | 27.52% | 25.29% | 31.82% | -24.14% | 11.54% | 25.81% | 158.33% | -73.91% | 9.52% | 179.25% |
| EPS (Basic) | - | 7.57 | 7.02 | 8.53 | 10.02 | 8.81 | 5.01 | 5.85 | 5.89 | 7.28 | 4.69 | 4.42 | 3.86 | 3.10 | 6.23 | 5.53 | 4.56 | 1.98 | 2.00 | 4.29 | 1.99 | 1.41 | 1.10 | 0.89 | 0.68 | 0.90 | 0.80 | 0.64 | 0.24 | 0.92 | 0.84 |
| Diluted Shares Outstanding | 611.9M | 623.7M | 634.5M | 659.1M | 688.3M | 710.3M | 713M | 719.15M | 737.7M | 757.3M | 779.2M | 805.1M | 823.5M | 846.1M | 432.1M | 447.45M | 465.1M | 947M | 713.5M | 509.4M | 1.07B | 1.12B | 1.16B | 1.16B | 1.21B | 1.19B | 1.2B | 1.2B | 1.1B | 1.13B | 1.01B |
| Basic Shares Outstanding | 611.3M | 623.1M | 633.5M | 657.7M | 687.9M | 710M | 713.28M | 720.49M | 737.31M | 757.46M | 779.44M | 805.92M | 822.6M | 845.31M | 430.3M | 444.65M | 461.45M | 938.4M | 706M | 502.65M | 1.05B | 1.1B | 1.14B | 1.15B | 1.18B | 1.15B | 1.17B | 1.18B | 1.1B | 1.13B | 1.01B |
| Dividend Payout Ratio | - | 46.78% | 48.07% | 36.82% | 39.16% | 35.52% | 46.09% | 36.62% | 30.8% | 22.59% | 31.84% | 28.15% | 25.83% | 27.72% | 24.33% | 23.81% | 23.91% | 25.57% | 23.01% | 19.37% | 16.29% | 17.67% | 17.65% | 18.84% | 21.25% | 14.42% | 14.51% | 15.71% | 37.21% | 7.51% | 8.04% |
Regulatory and labor volatility
According to the provided quarterly income statements, CNI's revenue growth has remained largely stagnant, fluctuating between -2.5% and 3.6% over the last ten quarters, which suggests that the company is struggling to achieve consistent volume expansion in a competitive North American freight environment.
The lack of sustained revenue momentum appears to reflect broader industrial cyclicality and the challenges of maintaining market share against an increasingly integrated transcontinental competitor. Investors should monitor whether the company can leverage its unique three-coast network to drive volume growth, or if it remains tethered to the slow-growth profile of its core commodity segments.
As reported in financial statements, CNI has maintained a robust gross margin profile, peaking at 46.3% in 2025Q4, which indicates that the company retains significant pricing power despite the inherent volatility of fuel costs and the capital-intensive nature of its 19,500-mile rail network.
The ability to sustain gross margins above 40% in most periods suggests that management's implementation of Precision Scheduled Railroading remains an effective tool for cost mitigation. However, the periodic compression seen in early 2025 warrants further investigation into whether rising labor or maintenance costs are beginning to erode the structural efficiency of the network.
Based on CNI's reported figures, operating income has largely tracked sideways, failing to scale meaningfully relative to gross profit, which may indicate that the company is currently facing diminishing returns on its operational efficiency initiatives in the face of rising overhead and network complexity.
The operating margin's oscillation between 35% and 40% suggests that while the company is not losing control of its cost structure, it is also not demonstrating the operating leverage typically expected from a mature rail operator. This trend may imply that the costs of maintaining network fluidity are rising faster than the incremental revenue generated from additional freight volume.
Analysis of the income statement reveals that CNI's net income has been subject to significant non-operating volatility, such as the 2023Q4 spike, which suggests that investors should be cautious about relying on headline EPS as a pure indicator of core rail operational performance.
The presence of non-operating items and the potential for pension-related accounting adjustments suggest that the quality of earnings may be less stable than the operating margins imply. Short-term fluctuations in net income, often driven by factors outside of core freight movement, warrant further investigation into the sustainability of the company's bottom-line growth trajectory.
Quick answers to the most common questions about buying CNI stock.
For fiscal year 2025, Canadian National Railway Company (CNI) reported total revenue of $17.29B. This represents a 337.0% increase compared to $3.96B in 1996.
Canadian National Railway Company (CNI) is profitable, generating $4.72B in net income for the fiscal year ending 2025 with a net profit margin of 27.3%.
Canadian National Railway Company (CNI) reported an operating income of $6.58B, resulting in an operating profit margin of 38.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Canadian National Railway Company (CNI) generated $7.76B in gross profit for the year, representing a gross profit margin of 44.9%. This demonstrates the company's core pricing power and production efficiency.