Balance Sheet Canadian National Railway Company

Equities

CNR

CA1363751027

Ground Freight & Logistics

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Published financial data: CANADIAN NATIONAL RAILWAY COMPANY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	14.48B	17.11B	16.83B	17.05B	17.3B
Total Revenues	14.48B	17.11B	16.83B	17.05B	17.3B
Cost of Goods Sold, Total	6.37B	7.48B	7.38B	7.73B	7.5B
Gross Profit	8.1B	9.62B	9.45B	9.31B	9.81B
Depreciation & Amortization - (IS)	1.6B	1.73B	1.82B	1.89B	1.94B
Other Operating Expenses	-	-	554M	642M	745M
Other Operating Expenses, Total	1.6B	1.73B	2.37B	2.53B	2.68B
Operating Income	6.51B	7.89B	7.08B	6.78B	7.12B
Interest Expense, Total	-610M	-548M	-722M	-891M	-913M
Net Interest Expenses	-610M	-548M	-722M	-891M	-913M
Currency Exchange Gains (Loss)	-18M	129M	-45M	12M	32M
Other Non Operating Income (Expenses)	6M	-142M	43M	10M	-16M
EBT, Excl. Unusual Items	5.88B	7.33B	6.35B	5.91B	6.23B
Restructuring Charges	-39M	-	-	-	-34M
Merger & Related Restructuring Charges	802M	-	-	-	-
Gain (Loss) On Sale Of Investments	32M	-29M	-	-	24M
Gain (Loss) On Sale Of Assets	160M	15M	136M	-58M	48M
Other Unusual Items	-506M	-556M	-	-	-
EBT, Incl. Unusual Items	6.33B	6.76B	6.49B	5.85B	6.26B
Income Tax Expense	1.44B	1.64B	863M	1.4B	1.54B
Earnings From Continuing Operations	4.89B	5.12B	5.62B	4.45B	4.72B
Net Income to Company	4.89B	5.12B	5.62B	4.45B	4.72B
Net Income - (IS)	4.89B	5.12B	5.62B	4.45B	4.72B
Net Income to Common Incl Extra Items	4.89B	5.12B	5.62B	4.45B	4.72B
Net Income to Common Excl. Extra Items	4.89B	5.12B	5.62B	4.45B	4.72B
Per Share Items
Net EPS - Basic	6.9	7.46	8.55	7.02	7.58
Basic EPS - Continuing Operations	6.9	7.46	8.55	7.02	7.58
Basic Weighted Average Shares Outstanding	708M	686M	658M	634M	623M
Net EPS - Diluted	6.89	7.44	8.53	7.01	7.57
Diluted EPS - Continuing Operations	6.89	7.44	8.53	7.01	7.57
Diluted Weighted Average Shares Outstanding	710M	688M	659M	634M	624M
Normalized Basic EPS	5.19	6.68	6.04	5.83	6.24
Normalized Diluted EPS	5.18	6.66	6.02	5.82	6.24
Dividend Per Share	2.46	2.93	3.16	3.38	3.55
Payout Ratio	35.57	39.16	36.82	48.07	46.78
American Depositary Receipts Ratio (ADR)	0.04	0.04	0.04	0.04	0.04
Supplemental Items
EBITDA	8.1B	9.62B	8.89B	8.67B	9.06B
EBITA	6.51B	7.89B	7.08B	6.78B	7.12B
EBIT	6.51B	7.89B	7.08B	6.78B	7.12B
EBITDAR	8.32B	9.86B	9.12B	8.92B	9.32B
Effective Tax Rate - (Ratio)	22.75	24.32	13.3	23.99	24.65
Current Domestic Taxes	763M	956M	896M	860M	947M
Current Foreign Taxes	167M	285M	255M	219M	263M
Total Current Taxes	930M	1.24B	1.15B	1.08B	1.21B
Deferred Domestic Taxes	358M	298M	360M	282M	308M
Deferred Foreign Taxes	153M	106M	-648M	43M	26M
Total Deferred Taxes	511M	404M	-288M	325M	334M
Normalized Net Income	3.68B	4.58B	3.97B	3.69B	3.89B
Interest on Long-Term Debt	1M	-	-	-	-
Non-Cash Pension Expense	-398M	-497M	-476M	-451M	-498M
Supplemental Operating Expense Items
Net Rental Expense, Total	215M	233M	231M	248M	258M
Imputed Operating Lease Interest Expense	79.97M	70.91M	76.72M	87.82M	87.65M
Imputed Operating Lease Depreciation	135M	162M	154M	160M	170M
Stock-Based Comp., COGS (Total)	81M	63M	64M	74M	106M
Total Stock-Based Compensation	81M	63M	64M	74M	106M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	838M	328M	475M	389M	350M
Total Cash And Short Term Investments	838M	328M	475M	389M	350M
Accounts Receivable, Total	1.07B	1.37B	1.3B	1.16B	1.12B
Other Receivables	-	46M	-	143M	-
Total Receivables	1.07B	1.42B	1.3B	1.31B	1.12B
Inventory	589M	692M	699M	720M	734M
Prepaid Expenses	142M	186M	133M	113M	208M
Restricted Cash	503M	506M	449M	12M	13M
Other Current Assets, Total	280M	88M	33M	78M	49M
Total Current Assets	3.43B	3.22B	3.09B	2.62B	2.47B
Gross Property Plant And Equipment	54.3B	57.86B	59.56B	64.28B	64.83B
Accumulated Depreciation	-14.13B	-15.37B	-16.06B	-17.5B	-16.92B
Net Property Plant And Equipment	40.17B	42.49B	43.49B	46.78B	47.91B
Long-term Investments	119M	94M	402M	428M	111M
Goodwill	70M	70M	70M	71M	100M
Other Intangibles, Total	1.59B	1.65B	1.68B	1.8B	1.8B
Deferred Tax Assets Long-Term	-	-	682M	689M	611M
Deferred Charges Long-Term	59M	66M	83M	118M	137M
Other Long-Term Assets, Total	3.1B	3.07B	3.17B	4.57B	5.42B
Total Assets	48.54B	50.66B	52.67B	57.07B	58.56B
Liabilities
Accounts Payable, Total	903M	954M	968M	1.03B	890M
Accrued Expenses, Total	954M	1.08B	1.01B	1.08B	1B
Current Portion of Long-Term Debt	501M	1.06B	2.31B	1.16B	902M
Current Portion of Leases	115M	126M	148M	135M	112M
Current Income Taxes Payable	309M	388M	310M	327M	430M
Unearned Revenue Current, Total	74M	12M	13M	5M	7M
Other Current Liabilities	264M	227M	280M	229M	350M
Total Current Liabilities	3.12B	3.84B	5.04B	3.98B	3.7B
Long-Term Debt	11.97B	14.36B	16.13B	19.72B	20.3B
Long-Term Leases	325M	350M	305M	349M	317M
Unearned Revenue Non Current	-	16M	82M	186M	520M
Pension & Other Post Retirement Benefits	645M	486M	495M	483M	453M
Deferred Tax Liability Non Current	9.3B	9.8B	10.07B	10.87B	11.22B
Other Non Current Liabilities	427M	425M	440M	426M	479M
Total Liabilities	25.79B	29.28B	32.55B	36.02B	36.99B
Common Stock, Total	3.7B	3.61B	3.51B	3.47B	3.45B
Additional Paid In Capital	397M	381M	373M	372M	415M
Retained Earnings	20.74B	19.53B	18.66B	18.35B	18.92B
Comprehensive Income and Other	-2.1B	-2.14B	-2.42B	-1.15B	-1.22B
Total Common Equity	22.74B	21.38B	20.12B	21.05B	21.57B
Total Equity	22.74B	21.38B	20.12B	21.05B	21.57B
Total Liabilities And Equity	48.54B	50.66B	52.67B	57.07B	58.56B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	700M	668M	641M	627M	611M
ECS Total Common Shares Outstanding	701M	671M	643M	628M	613M
Book Value / Share	32.45	31.87	31.3	33.53	35.17
Tangible Book Value	21.08B	19.66B	18.37B	19.18B	19.67B
Tangible Book Value Per Share	30.08	29.3	28.58	30.55	32.07
Total Debt	12.92B	15.9B	18.89B	21.37B	21.63B
Net Debt	12.08B	15.57B	18.41B	20.98B	21.28B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-2.6B	-2.68B	-2.78B	-4.19B	-5.03B
Debt Equivalent Oper. Leases	1.72B	1.86B	1.85B	1.98B	2.06B
Equity Method Investments, Total	59M	60M	367M	389M	73M
Account Code - Inventory Valuation	6	6	6	6	6
Land - (BS)	2.31B	2.48B	2.5B	2.68B	-
Buildings, Total	2.02B	2.18B	2.23B	2.42B	2.55B
Machinery, Total	7.76B	8.22B	8.52B	9.47B	9.52B
Full Time Employees	22.6K	23.97K	24.99K	24.67K	23.84K
Assets under Capital Lease - Gross	538M	545M	568M	-	-
Assets under Capital Lease - Accumulated Depreciation	-130M	-143M	-152M	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	28M	15M	25M	21M	19M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	4.89B	5.12B	5.62B	4.45B	4.72B
Depreciation & Amortization - CF	1.6B	1.73B	1.82B	1.89B	1.94B
Depreciation & Amortization, Total	1.6B	1.73B	1.82B	1.89B	1.94B
Amortization of Deferred Charges, Total - (CF)	97M	-	-	-	-
(Gain) Loss From Sale Of Asset	-137M	-	-129M	78M	-
Other Operating Activities, Total	374M	231M	-295M	189M	226M
Change In Accounts Receivable	-22M	-290M	71M	205M	92M
Change In Inventories	-7M	-82M	-18M	-6M	-24M
Change In Accounts Payable	141M	-9M	-191M	-107M	220M
Change in Other Net Operating Assets	35M	-30M	85M	-	-123M
Cash from Operations	6.97B	6.67B	6.96B	6.7B	7.05B
Capital Expenditure	-2.89B	-2.75B	-3.19B	-3.55B	-3.66B
Sale of Property, Plant, and Equipment	-	-	129M	-	-
Cash Acquisitions	-908M	-	-390M	-	-
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Other Investing Activities, Total	926M	240M	-20M	-58M	-55M
Cash from Investing	-2.87B	-2.51B	-3.47B	-3.61B	-3.71B
Short Term Debt Issued, Total	66M	563M	908M	-	-
Long-Term Debt Issued, Total	403M	1.9B	2.55B	3.48B	1.96B
Total Debt Issued	469M	2.46B	3.46B	3.48B	1.96B
Short Term Debt Repaid, Total	-	-	-	-1.38B	-612M
Long-Term Debt Repaid, Total	-861M	-383M	-250M	-1.04B	-446M
Total Debt Repaid	-861M	-383M	-250M	-2.42B	-1.06B
Issuance of Common Stock	52M	61M	49M	41M	56M
Repurchase of Common Stock	-1.67B	-4.88B	-4.63B	-2.71B	-2.13B
Common Dividends Paid	-1.74B	-2B	-2.07B	-2.14B	-2.21B
Common & Preferred Stock Dividends Paid	-1.74B	-2B	-2.07B	-2.14B	-2.21B
Other Financing Activities, Total	-105M	79M	38M	120M	3M
Cash from Financing	-3.86B	-4.67B	-3.41B	-3.62B	-3.37B
Foreign Exchange Rate Adjustments	-	3M	-1M	5M	-3M
Net Change in Cash	241M	-507M	90M	-523M	-38M
Supplemental Items
Cash Interest Paid	512M	542M	776M	926M	979M
Cash Income Tax Paid (Refund)	759M	1.29B	1.2B	1.22B	935M
Levered Free Cash Flow	2.76B	3.49B	2.86B	2.58B	2.38B
Unlevered Free Cash Flow	3.05B	3.83B	3.31B	3.14B	2.95B
Change In Net Working Capital	-192M	145M	-193M	-482M	-115M
Net Debt Issued / Repaid	-392M	2.08B	3.21B	1.06B	907M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	8.71	9.95	8.56	7.72	7.7
Return on Total Capital	11.85	13.53	11.59	10.41	10.4
Return On Equity %	23.08	23.2	27.11	21.61	22.15
Return on Common Equity	23.08	23.2	27.11	21.61	22.15
Margin Analysis
Gross Profit Margin %	55.98	56.25	56.14	54.63	56.67
EBITDA Margin %	55.98	56.25	52.85	50.87	52.36
EBITA Margin %	44.94	46.14	42.05	39.77	41.16
EBIT Margin %	44.94	46.14	42.05	39.77	41.16
Income From Continuing Operations Margin %	33.79	29.92	33.43	26.09	27.28
Net Income Margin %	33.79	29.92	33.43	26.09	27.28
Net Avail. For Common Margin %	33.79	29.92	33.43	26.09	27.28
Normalized Net Income Margin	25.4	26.79	23.59	21.67	22.49
Levered Free Cash Flow Margin	19.08	20.39	16.98	15.13	13.77
Unlevered Free Cash Flow Margin	21.04	22.39	19.67	18.4	17.06
Asset Turnover
Asset Turnover	0.31	0.34	0.33	0.31	0.3
Fixed Assets Turnover	0.37	0.41	0.39	0.38	0.37
Receivables Turnover (Average Receivables)	13.61	13.99	12.6	13.84	15.17
Inventory Turnover (Average Inventory)	10.88	11.68	10.61	10.9	10.31
Short Term Liquidity
Current Ratio	1.1	0.84	0.61	0.66	0.67
Quick Ratio	0.61	0.45	0.35	0.43	0.4
Operating Cash Flow to Current Liabilities	2.23	1.74	1.38	1.68	1.91
Days Sales Outstanding (Average Receivables)	26.83	26.08	28.97	26.45	24.06
Days Outstanding Inventory (Average Inventory)	33.56	31.24	34.39	33.58	35.39
Average Days Payable Outstanding	48.15	44.67	47.48	47.18	46.67
Cash Conversion Cycle (Average Days)	12.24	12.65	15.88	12.86	12.78
Long Term Solvency
Total Debt/Equity	56.78	74.33	93.89	101.52	100.29
Total Debt / Total Capital	36.22	42.64	48.42	50.38	50.07
LT Debt/Equity	54.08	68.8	81.68	95.34	95.59
Long-Term Debt / Total Capital	34.49	39.47	42.13	47.31	47.72
Total Liabilities / Total Assets	53.14	57.79	61.8	63.11	63.17
EBIT / Interest Expense	10.67	14.41	9.8	7.61	7.8
EBITDA / Interest Expense	13.64	17.99	12.64	10.01	10.21
(EBITDA - Capex) / Interest Expense	8.9	12.97	8.22	6.03	6.2
Total Debt / EBITDA	1.55	1.61	2.07	2.4	2.32
Net Debt / EBITDA	1.45	1.58	2.02	2.35	2.28
Total Debt / (EBITDA - Capex)	2.38	2.24	3.18	3.98	3.82
Net Debt / (EBITDA - Capex)	2.22	2.19	3.1	3.91	3.76
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	4.76	18.17	-1.63	1.3	1.51
Gross Profit, 1 Yr. Growth %	5.59	18.61	-1.83	-1.42	5.29
EBITDA, 1 Yr. Growth %	5.59	18.61	-1.92	-2.5	4.5
EBITA, 1 Yr. Growth %	6.9	21.17	-3.57	-4.2	5.07
EBIT, 1 Yr. Growth %	6.9	21.17	-3.57	-4.2	5.07
Earnings From Cont. Operations, 1 Yr. Growth %	37.34	4.47	9.91	-20.92	6.12
Net Income, 1 Yr. Growth %	37.34	4.47	9.91	-20.92	6.12
Normalized Net Income, 1 Yr. Growth %	6.46	24.18	-6.27	-6.96	5.35
Diluted EPS Before Extra, 1 Yr. Growth %	37.8	7.83	14.65	-17.82	7.99
Accounts Receivable, 1 Yr. Growth %	1.9	27.65	-5.18	-10.46	-4.04
Inventory, 1 Yr. Growth %	1.03	17.49	1.01	3	1.94
Net Property, Plant and Equip., 1 Yr. Growth %	2.69	5.78	2.35	7.55	2.42
Total Assets, 1 Yr. Growth %	8.33	4.38	3.96	8.36	2.61
Tangible Book Value, 1 Yr. Growth %	16.79	-6.73	-6.59	4.44	2.52
Common Equity, 1 Yr. Growth %	15.74	-5.98	-5.92	4.64	2.46
Cash From Operations, 1 Yr. Growth %	13.07	-4.36	4.47	-3.82	5.22
Capital Expenditures, 1 Yr. Growth %	0.98	-4.88	15.89	11.36	3.07
Levered Free Cash Flow, 1 Yr. Growth %	10.37	26.04	-8.99	-9.77	-7.63
Unlevered Free Cash Flow, 1 Yr. Growth %	6.93	25.52	-4.99	-5.25	-5.84
Dividend Per Share, 1 Yr. Growth %	6.96	19.11	7.85	6.96	5.03
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-1.49	11.26	7.81	-0.18	1.4
Gross Profit, 2 Yr. CAGR %	0.65	12.14	7.91	-1.62	1.88
EBITDA, 2 Yr. CAGR %	0.65	12.14	8.12	-2.21	0.94
EBITA, 2 Yr. CAGR %	0.53	14.1	8.52	-3.88	0.33
EBIT, 2 Yr. CAGR %	0.53	14.1	8.52	-3.88	0.33
Earnings From Cont. Operations, 2 Yr. CAGR %	7.72	20.16	7.15	-6.78	-8.4
Net Income, 2 Yr. CAGR %	7.72	20.16	7.15	-6.78	-8.4
Normalized Net Income, 2 Yr. CAGR %	-0.15	15.43	8.47	-6.62	-1
Diluted EPS Before Extra, 2 Yr. CAGR %	8.71	22.35	11.19	-2.93	-5.8
Accounts Receivable, 2 Yr. CAGR %	-5.9	14.05	10.02	-7.86	-7.31
Inventory, 2 Yr. CAGR %	-1.82	8.95	8.94	2	2.47
Net Property, Plant and Equip., 2 Yr. CAGR %	1.61	4.22	4.05	4.92	4.95
Total Assets, 2 Yr. CAGR %	5.29	6.34	4.17	6.13	5.44
Tangible Book Value, 2 Yr. CAGR %	12.94	4.37	-6.66	-1.23	3.48
Common Equity, 2 Yr. CAGR %	12.28	4.32	-5.95	-0.78	3.54
Cash From Operations, 2 Yr. CAGR %	8.49	3.99	-0.04	0.24	0.6
Capital Expenditures, 2 Yr. CAGR %	-13.51	-1.99	4.99	13.6	7.13
Levered Free Cash Flow, 2 Yr. CAGR %	61.74	18.4	7.98	-9.38	-8.71
Unlevered Free Cash Flow, 2 Yr. CAGR %	47.93	16.26	9.99	-5.12	-5.54
Dividend Per Share, 2 Yr. CAGR %	6.97	12.87	13.34	7.4	5.99
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	0.36	4.67	6.79	5.6	0.38
Gross Profit, 3 Yr. CAGR %	2.19	6.36	7.28	4.71	0.63
EBITDA, 3 Yr. CAGR %	4.39	6.36	5.14	4.46	-0.02
EBITA, 3 Yr. CAGR %	3.93	7.04	5.29	4.1	-0.99
EBIT, 3 Yr. CAGR %	3.93	7.04	5.29	4.1	-0.99
Earnings From Cont. Operations, 3 Yr. CAGR %	4.17	6.68	16.64	-3.17	-2.66
Net Income, 3 Yr. CAGR %	4.17	6.68	16.64	-3.17	-2.66
Normalized Net Income, 3 Yr. CAGR %	3.37	7.5	4.89	3.06	-2.79
Diluted EPS Before Extra, 3 Yr. CAGR %	5.49	8.47	19.73	0.53	0.58
Accounts Receivable, 3 Yr. CAGR %	-2.79	4.17	7.24	2.72	-6.6
Inventory, 3 Yr. CAGR %	1.88	4.24	6.24	6.92	1.98
Net Property, Plant and Equip., 3 Yr. CAGR %	3.09	2.98	3.6	5.21	4.08
Total Assets, 3 Yr. CAGR %	5.6	4.98	5.54	5.54	4.94
Tangible Book Value, 3 Yr. CAGR %	8.6	5.96	0.58	-3.1	0.01
Common Equity, 3 Yr. CAGR %	8.84	5.83	0.78	-2.55	0.29
Cash From Operations, 3 Yr. CAGR %	5.61	4.02	4.15	-1.32	1.87
Capital Expenditures, 3 Yr. CAGR %	-6.45	-10.73	3.64	7.07	9.98
Levered Free Cash Flow, 3 Yr. CAGR %	29.38	48.94	4.73	1.71	-8.8
Unlevered Free Cash Flow, 3 Yr. CAGR %	24.44	40.13	5.3	4.66	-5.36
Dividend Per Share, 3 Yr. CAGR %	10.57	10.87	11.17	11.17	6.61
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	3.76	5.58	3.28	2.7	4.6
Gross Profit, 5 Yr. CAGR %	3.27	5.77	4.47	3.09	5.09
EBITDA, 5 Yr. CAGR %	4.39	7.07	4.54	1.63	3.44
EBITA, 5 Yr. CAGR %	4.14	7.27	4.08	1.04	3.28
EBIT, 5 Yr. CAGR %	4.14	7.27	4.08	1.04	3.28
Earnings From Cont. Operations, 5 Yr. CAGR %	6.09	-1.37	5.38	1.08	5.89
Net Income, 5 Yr. CAGR %	6.09	-1.37	5.38	1.08	5.89
Normalized Net Income, 5 Yr. CAGR %	4.01	7.67	3.58	0.03	2.5
Diluted EPS Before Extra, 5 Yr. CAGR %	8.09	0.55	7.76	3.76	8.78
Accounts Receivable, 5 Yr. CAGR %	4.18	6.86	2.15	-0.82	1.17
Inventory, 5 Yr. CAGR %	10.16	10.29	4.65	3.34	4.71
Net Property, Plant and Equip., 5 Yr. CAGR %	3.89	4.92	3.48	3.75	4.14
Total Assets, 5 Yr. CAGR %	5.55	6.13	5.03	5.44	5.5
Tangible Book Value, 5 Yr. CAGR %	8.22	4.43	2.22	3.03	1.73
Common Equity, 5 Yr. CAGR %	8.91	5.12	2.66	3.13	1.88
Cash From Operations, 5 Yr. CAGR %	6.03	3.86	3.31	2.49	2.72
Capital Expenditures, 5 Yr. CAGR %	1.41	0.57	-2.03	-1.69	5.02
Levered Free Cash Flow, 5 Yr. CAGR %	10.26	10.82	17.52	19.56	-0.87
Unlevered Free Cash Flow, 5 Yr. CAGR %	8.83	9.92	15.92	17.63	0.82
Dividend Per Share, 5 Yr. CAGR %	10.4	12.17	11.67	9.47	9.07