Canadian National Railway Company (CNI) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 4.39B | 4.46B | 4.17B | 4.27B | 4.4B | 4.36B | 4.11B | 4.33B | 4.25B | 4.47B | 3.99B | 4.06B | 4.31B | 4.54B | 4.51B | 4.34B | 3.71B | 3.75B | 3.59B | 3.6B |
| Revenue Growth % | -0.29% | 2.35% | 1.48% | -1.32% | 3.62% | -2.53% | 3.08% | 6.7% | -1.48% | -1.56% | -11.66% | -6.61% | 16.32% | 21.02% | 25.68% | 20.73% | 4.89% | 2.65% | 5.34% | 12.12% |
| Cost of Goods Sold | 2.51B | 2.4B | 2.3B | 2.44B | 2.63B | 2.55B | 2.45B | 2.54B | 2.54B | 2.5B | 2.34B | 2.33B | 2.5B | 2.51B | 2.45B | 2.42B | 2.33B | 2.06B | 2.07B | 2.09B |
| COGS % of Revenue | 57.18% | 53.7% | 55.1% | 57.23% | 59.64% | 58.49% | 59.56% | 58.72% | 59.78% | 55.98% | 58.67% | 57.55% | 57.96% | 55.35% | 54.2% | 55.71% | 62.86% | 54.94% | 57.56% | 58.03% |
| Gross Profit | 1.88B | 2.07B | 1.87B | 1.83B | 1.78B | 1.81B | 1.66B | 1.79B | 1.71B | 1.97B | 1.65B | 1.72B | 1.81B | 2.03B | 2.07B | 1.92B | 1.38B | 1.69B | 1.52B | 1.51B |
| Gross Margin % | 42.82% | 46.3% | 44.9% | 42.77% | 40.36% | 41.51% | 40.44% | 41.28% | 40.22% | 44.02% | 41.33% | 42.45% | 42.04% | 44.65% | 45.8% | 44.29% | 37.14% | 45.06% | 42.44% | 41.97% |
| Gross Profit Growth % | 5.79% | 14.17% | 12.67% | 2.24% | 3.98% | -8.08% | 0.85% | 3.77% | -5.74% | -2.96% | -20.27% | -10.5% | 31.66% | 19.93% | 35.63% | 27.42% | 2.46% | 10.23% | 2.97% | 8.63% |
| Operating Expenses | 326.84M | 333.73M | 264.37M | 189M | 167M | 181M | 147M | 229M | 163M | 150M | 131M | 122M | 151M | 116M | 135M | 155M | 150M | 125M | 183M | 128M |
| OpEx % of Revenue | 7.44% | 7.48% | 6.34% | 4.42% | 3.79% | 4.15% | 3.58% | 5.29% | 3.84% | 3.36% | 3.29% | 3.01% | 3.5% | 2.55% | 2.99% | 3.57% | 4.05% | 3.33% | 5.1% | 3.56% |
| Selling, General & Admin | 326.84M | 333.73M | 264.37M | 0 | 0 | 0 | -114M | -114M | -113M | -119M | -121M | -120M | -119M | -124M | -125M | -124M | -125M | -110M | -98M | -98M |
| SG&A % of Revenue | 7.44% | 7.48% | 6.34% | - | - | - | -2.77% | -2.63% | -2.66% | -2.66% | -3.03% | -2.96% | -2.76% | -2.73% | -2.77% | -2.85% | -3.37% | -2.93% | -2.73% | -2.72% |
| Research & Development | 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 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Operating Income | 1.55B | 1.73B | 1.61B | 1.64B | 1.61B | 1.63B | 1.51B | 1.56B | 1.55B | 1.82B | 1.52B | 1.6B | 1.66B | 1.91B | 1.93B | 1.77B | 1.23B | 1.57B | 1.34B | 1.38B |
| Operating Margin % | 35.37% | 38.82% | 38.5% | 38.34% | 36.57% | 37.36% | 36.86% | 35.99% | 36.38% | 40.66% | 38.05% | 39.44% | 38.53% | 42.1% | 42.81% | 40.72% | 33.09% | 41.73% | 37.34% | 38.41% |
| Operating Income Growth % | -3.54% | 6.36% | 6.01% | 5.13% | 4.14% | -10.45% | -0.13% | -2.63% | -6.98% | -4.92% | -21.48% | -9.55% | 35.45% | 22.09% | 44.07% | 28% | -7.54% | 10.99% | -1.83% | 76.05% |
| EBITDA | 2.04B | 2.19B | 2.11B | 2.13B | 2.1B | 2.12B | 1.99B | 2.02B | 2.01B | 2.28B | 1.97B | 2.05B | 2.11B | 2.36B | 2.37B | 2.19B | 1.65B | 1.95B | 1.75B | 1.79B |
| EBITDA Margin % | 46.43% | 49.04% | 50.51% | 49.79% | 47.76% | 48.58% | 48.42% | 46.75% | 47.26% | 51.02% | 49.51% | 50.51% | 48.92% | 52.03% | 52.45% | 50.46% | 44.42% | 51.93% | 48.62% | 49.69% |
| EBITDA Growth % | -3.08% | 3.32% | 5.86% | 5.09% | 4.73% | -7.19% | 0.81% | -1.22% | -4.83% | -3.47% | -16.6% | -6.52% | 28.11% | 21.24% | 35.57% | 22.6% | -4.85% | 7.5% | -0.63% | 50.38% |
| D&A (Non-Cash Add-back) | 485.25M | 455.63M | 500.71M | 489M | 493M | 489M | 475M | 466M | 462M | 463M | 457M | 449M | 448M | 451M | 435M | 423M | 420M | 383M | 405M | 406M |
| EBIT | 1.55B | 1.73B | 1.61B | 1.78B | 1.76B | 1.74B | 1.64B | 1.7B | 1.66B | 2.07B | 1.64B | 1.72B | 1.78B | 2.03B | 2.06B | 1.88B | 1.34B | 1.7B | 2.3B | 1.53B |
| Net Interest Income | -234.6M | -233.81M | -162.99M | -219M | -233M | -231M | -230M | -220M | -210M | -199M | -185M | -173M | -165M | -153M | -141M | -128M | -126M | -125M | -197M | -158M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 234.6M | 233.81M | 162.99M | 219M | 233M | 231M | 230M | 220M | 210M | 199M | 185M | 173M | 165M | 153M | 141M | 128M | 126M | 125M | 197M | 158M |
| Other Income/Expense | -28.07M | -63.95M | -99M | -77M | -83M | -120M | -106M | -74M | -95M | 54M | -66M | -52M | -45M | -31M | -17M | -14M | -15M | 6M | 760M | -9M |
| Pretax Income | 1.52B | 1.67B | 1.51B | 1.56B | 1.53B | 1.51B | 1.41B | 1.48B | 1.45B | 1.87B | 1.45B | 1.55B | 1.62B | 1.88B | 1.92B | 1.75B | 1.21B | 1.57B | 2.1B | 1.37B |
| Pretax Margin % | 34.73% | 37.39% | 36.13% | 36.54% | 34.68% | 34.6% | 34.28% | 34.28% | 34.15% | 41.87% | 36.39% | 38.16% | 37.49% | 41.41% | 42.43% | 40.4% | 32.69% | 41.89% | 58.51% | 38.16% |
| Income Tax | 375.97M | 420.66M | 368M | 389M | 366M | 362M | 324M | 370M | 348M | -258M | 343M | 381M | 397M | 461M | 460M | 430M | 294M | 373M | 415M | 337M |
| Effective Tax Rate % | 24.65% | 25.22% | 24.42% | 24.92% | 23.97% | 24.01% | 23% | 24.93% | 23.98% | -13.78% | 23.64% | 24.61% | 24.55% | 24.51% | 24.02% | 24.5% | 24.26% | 23.73% | 19.75% | 24.54% |
| Net Income | 1.15B | 1.25B | 1.14B | 1.17B | 1.16B | 1.15B | 1.08B | 1.11B | 1.1B | 2.13B | 1.11B | 1.17B | 1.22B | 1.42B | 1.46B | 1.32B | 918M | 1.2B | 1.69B | 1.04B |
| Net Margin % | 26.17% | 27.96% | 27.31% | 27.43% | 26.37% | 26.3% | 26.4% | 25.73% | 25.96% | 47.64% | 27.79% | 28.77% | 28.29% | 31.26% | 32.24% | 30.5% | 24.76% | 31.95% | 46.95% | 28.79% |
| Net Income Growth % | -1.04% | 8.81% | 4.98% | 5.21% | 5.26% | -46.2% | -2.08% | -4.54% | -9.59% | 50% | -23.85% | -11.92% | 32.9% | 18.43% | -13.7% | 27.9% | -5.94% | 17.43% | 71.17% | 90.09% |
| Net Income (Continuing) | 1.15B | 1.25B | 1.14B | 1.17B | 1.16B | 1.15B | 1.08B | 1.11B | 1.1B | 2.13B | 1.11B | 1.17B | 1.22B | 1.42B | 1.46B | 1.32B | 918M | 1.2B | 1.69B | 1.04B |
| Discontinued Operations | 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 |
| EPS (Diluted) | 1.88 | 2.02 | 1.83 | 1.87 | 1.85 | 1.82 | 1.72 | 1.75 | 1.72 | 3.29 | 1.69 | 1.76 | 1.82 | 2.10 | 2.13 | 1.92 | 1.31 | 1.70 | 2.37 | 1.46 |
| EPS Growth % | 1.62% | 10.99% | 6.4% | 6.86% | 7.56% | -44.68% | 1.78% | -0.57% | -5.49% | 56.67% | -20.66% | -8.33% | 38.93% | 23.53% | -10.13% | 31.51% | -4.38% | 18.88% | 71.74% | 89.61% |
| EPS (Basic) | 1.88 | 2.03 | 1.83 | 1.87 | 1.85 | 1.82 | 1.72 | 1.75 | 1.72 | 3.30 | 1.69 | 1.76 | 1.83 | 2.10 | 2.13 | 1.92 | 1.31 | 1.70 | 2.38 | 1.46 |
| Diluted Shares Outstanding | 611.9M | 616M | 622.4M | 628M | 628.3M | 629.5M | 630.5M | 636.2M | 641.9M | 647.6M | 655.6M | 663.1M | 669.9M | 676.9M | 684.3M | 691.7M | 700.2M | 705.25M | 710.4M | 710.6M |
| Basic Shares Outstanding | 611.3M | 615.4M | 621.9M | 627.4M | 627.8M | 635M | 629.6M | 635M | 640.7M | 648.01M | 654.3M | 661.6M | 670.33M | 674.9M | 682.3M | 690M | 698.4M | 704.2M | 711.39M | 709M |
| Dividend Payout Ratio | 48.69% | 43.67% | 48.29% | 47.44% | 47.98% | 46.34% | 49.03% | 48.03% | 48.96% | 23.9% | 46.48% | 44.64% | 43.11% | 34.72% | 34.23% | 38.04% | 44.31% | 36.11% | 25.8% | 42.08% |