Cash flow Canadian National Railway Company

Equities

CNR

CA1363751027

Ground Freight & Logistics

Delayed Toronto S.E. Other stock markets 09:49:40 2025-06-17 am EDT			5-day change	1st Jan Change
141.06 ^CAD	-0.83%		-1.47%	-3.37%

Jun. 16	CN To Invest $60 Million In Minnesota To Build Capacity & Power Sustainable Growth	RE
Jun. 16	CN Rail To Invest US$60 Million In Minnesota, US$85 Million In Michigan	MT

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Published financial data: CANADIAN NATIONAL RAILWAY COMPANY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	13.82B	14.48B	17.11B	16.83B	17.05B
Total Revenues	13.82B	14.48B	17.11B	16.83B	17.05B
Cost of Goods Sold, Total	6.14B	6.37B	7.48B	7.38B	7.73B
Gross Profit	7.68B	8.1B	9.62B	9.45B	9.31B
Depreciation & Amortization - (IS)	1.59B	1.6B	1.73B	1.82B	1.89B
Other Operating Expenses	508M	-	-	554M	642M
Other Operating Expenses, Total	2.1B	1.6B	1.73B	2.37B	2.53B
Operating Income	5.58B	6.51B	7.89B	7.08B	6.78B
Interest Expense, Total	-554M	-610M	-548M	-722M	-891M
Net Interest Expenses	-554M	-610M	-548M	-722M	-891M
Currency Exchange Gains (Loss)	-3M	-18M	129M	-45M	12M
Other Non Operating Income (Expenses)	-2M	6M	-142M	43M	10M
EBT, Excl. Unusual Items	5.02B	5.88B	7.33B	6.35B	5.91B
Restructuring Charges	-	-39M	-	-	-
Merger & Related Restructuring Charges	-	802M	-	-	-
Gain (Loss) On Sale Of Investments	-	32M	-29M	-	-
Gain (Loss) On Sale Of Assets	-475M	160M	15M	136M	-58M
Other Unusual Items	-	-506M	-556M	-	-
EBT, Incl. Unusual Items	4.54B	6.33B	6.76B	6.49B	5.85B
Income Tax Expense	982M	1.44B	1.64B	863M	1.4B
Earnings From Continuing Operations	3.56B	4.89B	5.12B	5.62B	4.45B
Net Income to Company	3.56B	4.89B	5.12B	5.62B	4.45B
Net Income - (IS)	3.56B	4.89B	5.12B	5.62B	4.45B
Net Income to Common Incl Extra Items	3.56B	4.89B	5.12B	5.62B	4.45B
Net Income to Common Excl. Extra Items	3.56B	4.89B	5.12B	5.62B	4.45B
Per Share Items
Net EPS - Basic	5.01	6.9	7.46	8.55	7.02
Basic EPS - Continuing Operations	5.01	6.9	7.46	8.55	7.02
Basic Weighted Average Shares Outstanding	711M	708M	686M	658M	634M
Net EPS - Diluted	5	6.89	7.44	8.53	7.01
Diluted EPS - Continuing Operations	5	6.89	7.44	8.53	7.01
Diluted Weighted Average Shares Outstanding	713M	710M	688M	659M	634M
Normalized Basic EPS	4.41	5.19	6.68	6.04	5.83
Normalized Diluted EPS	4.4	5.18	6.66	6.02	5.82
Dividend Per Share	2.3	2.46	2.93	3.16	3.38
Payout Ratio	45.87	35.57	39.16	36.82	48.07
American Depositary Receipts Ratio (ADR)	0.04	0.04	0.04	0.04	0.04
Supplemental Items
EBITDA	7.17B	8.1B	9.62B	8.89B	8.67B
EBITA	5.58B	6.51B	7.89B	7.08B	6.78B
EBIT	5.58B	6.51B	7.89B	7.08B	6.78B
EBITDAR	7.42B	8.32B	9.86B	9.12B	8.92B
Effective Tax Rate - (Ratio)	21.61	22.75	24.32	13.3	23.99
Current Domestic Taxes	616M	763M	956M	896M	860M
Current Foreign Taxes	-121M	167M	285M	255M	219M
Total Current Taxes	495M	930M	1.24B	1.15B	1.08B
Deferred Domestic Taxes	389M	358M	298M	360M	282M
Deferred Foreign Taxes	98M	153M	106M	-648M	43M
Total Deferred Taxes	487M	511M	404M	-288M	325M
Normalized Net Income	3.14B	3.68B	4.58B	3.97B	3.69B
Interest on Long-Term Debt	3M	1M	-	-	-
Non-Cash Pension Expense	-316M	-398M	-497M	-476M	-451M
Supplemental Operating Expense Items
Net Rental Expense, Total	248M	215M	233M	231M	248M
Imputed Operating Lease Interest Expense	79.59M	79.97M	70.91M	76.72M	87.82M
Imputed Operating Lease Depreciation	168M	135M	162M	154M	160M
Stock-Based Comp., COGS (Total)	64M	81M	63M	64M	74M
Total Stock-Based Compensation	64M	81M	63M	64M	74M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	569M	838M	328M	475M	389M
Total Cash And Short Term Investments	569M	838M	328M	475M	389M
Accounts Receivable, Total	1.05B	1.07B	1.37B	1.3B	1.16B
Other Receivables	85M	-	46M	-	143M
Total Receivables	1.14B	1.07B	1.42B	1.3B	1.31B
Inventory	583M	589M	692M	699M	720M
Prepaid Expenses	148M	142M	186M	133M	113M
Restricted Cash	531M	503M	506M	449M	12M
Other Current Assets, Total	132M	280M	88M	33M	78M
Total Current Assets	3.1B	3.43B	3.22B	3.09B	2.62B
Gross Property Plant And Equipment	52.73B	54.3B	57.86B	59.56B	64.28B
Accumulated Depreciation	-13.61B	-14.13B	-15.37B	-16.06B	-17.5B
Net Property Plant And Equipment	39.12B	40.17B	42.49B	43.49B	46.78B
Long-term Investments	83M	119M	94M	402M	428M
Goodwill	70M	70M	70M	70M	71M
Other Intangibles, Total	1.53B	1.59B	1.65B	1.68B	1.8B
Deferred Tax Assets Long-Term	-	-	-	682M	689M
Deferred Charges Long-Term	64M	59M	66M	83M	118M
Other Long-Term Assets, Total	836M	3.1B	3.07B	3.17B	4.57B
Total Assets	44.8B	48.54B	50.66B	52.67B	57.07B
Liabilities
Accounts Payable, Total	780M	903M	954M	968M	1.03B
Accrued Expenses, Total	864M	954M	1.08B	1.01B	1.08B
Current Portion of Long-Term Debt	840M	501M	1.06B	2.31B	1.16B
Current Portion of Leases	177M	115M	126M	148M	135M
Current Income Taxes Payable	223M	309M	388M	310M	327M
Unearned Revenue Current, Total	115M	74M	12M	13M	5M
Other Current Liabilities	275M	264M	227M	280M	229M
Total Current Liabilities	3.27B	3.12B	3.84B	5.04B	3.98B
Long-Term Debt	11.99B	11.97B	14.36B	16.13B	19.72B
Long-Term Leases	315M	325M	350M	305M	349M
Unearned Revenue Non Current	85M	-	16M	82M	186M
Pension & Other Post Retirement Benefits	767M	645M	486M	495M	483M
Deferred Tax Liability Non Current	8.27B	9.3B	9.8B	10.07B	10.87B
Other Non Current Liabilities	449M	427M	425M	440M	426M
Total Liabilities	25.15B	25.79B	29.28B	32.55B	36.02B
Common Stock, Total	3.7B	3.7B	3.61B	3.51B	3.47B
Additional Paid In Capital	379M	397M	381M	373M	372M
Retained Earnings	19.16B	20.74B	19.53B	18.66B	18.35B
Comprehensive Income and Other	-3.59B	-2.1B	-2.14B	-2.42B	-1.15B
Total Common Equity	19.65B	22.74B	21.38B	20.12B	21.05B
Total Equity	19.65B	22.74B	21.38B	20.12B	21.05B
Total Liabilities And Equity	44.8B	48.54B	50.66B	52.67B	57.07B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	710M	700M	668M	641M	627M
ECS Total Common Shares Outstanding	710M	701M	671M	643M	628M
Book Value / Share	27.67	32.45	31.87	31.3	33.53
Tangible Book Value	18.05B	21.08B	19.66B	18.37B	19.18B
Tangible Book Value Per Share	25.41	30.08	29.3	28.58	30.55
Total Debt	13.32B	12.92B	15.9B	18.89B	21.37B
Net Debt	12.76B	12.08B	15.57B	18.41B	20.98B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-224M	-2.6B	-2.68B	-2.78B	-4.19B
Debt Equivalent Oper. Leases	1.98B	1.72B	1.86B	1.85B	1.98B
Equity Method Investments, Total	56M	59M	60M	367M	389M
Account Code - Inventory Valuation	6	6	6	6	6
Land - (BS)	2.32B	2.31B	2.48B	2.5B	2.68B
Buildings, Total	2.02B	2.02B	2.18B	2.23B	2.42B
Machinery, Total	7.6B	7.76B	8.22B	8.52B	9.47B
Full Time Employees	24.38K	22.6K	23.97K	24.99K	24.67K
Assets under Capital Lease - Gross	601M	538M	545M	568M	-
Assets under Capital Lease - Accumulated Depreciation	-124M	-130M	-143M	-152M	-
Accumulated Allowance for Doubtful Accounts (Supple)	26M	28M	15M	25M	21M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	3.56B	4.89B	5.12B	5.62B	4.45B
Depreciation & Amortization - CF	1.59B	1.6B	1.73B	1.82B	1.89B
Depreciation & Amortization, Total	1.59B	1.6B	1.73B	1.82B	1.89B
Amortization of Deferred Charges, Total - (CF)	-	97M	-	-	-
(Gain) Loss From Sale Of Asset	486M	-137M	-	-129M	78M
Other Operating Activities, Total	399M	374M	231M	-295M	189M
Change In Accounts Receivable	158M	-22M	-290M	71M	205M
Change In Inventories	20M	-7M	-82M	-18M	-6M
Change In Accounts Payable	-49M	141M	-9M	-191M	-107M
Change in Other Net Operating Assets	-	35M	-30M	85M	-
Cash from Operations	6.16B	6.97B	6.67B	6.96B	6.7B
Capital Expenditure	-2.86B	-2.89B	-2.75B	-3.19B	-3.55B
Sale of Property, Plant, and Equipment	-	-	-	129M	-
Cash Acquisitions	-8M	-908M	-	-390M	-
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Other Investing Activities, Total	-75M	926M	240M	-20M	-58M
Cash from Investing	-2.95B	-2.87B	-2.51B	-3.47B	-3.61B
Short Term Debt Issued, Total	-	66M	563M	908M	-
Long-Term Debt Issued, Total	1.79B	403M	1.9B	2.55B	3.48B
Total Debt Issued	1.79B	469M	2.46B	3.46B	3.48B
Short Term Debt Repaid, Total	-1.27B	-	-	-	-1.38B
Long-Term Debt Repaid, Total	-1.22B	-861M	-383M	-250M	-1.04B
Total Debt Repaid	-2.49B	-861M	-383M	-250M	-2.42B
Issuance of Common Stock	56M	52M	61M	49M	41M
Repurchase of Common Stock	-450M	-1.67B	-4.88B	-4.63B	-2.71B
Common Dividends Paid	-1.63B	-1.74B	-2B	-2.07B	-2.14B
Common & Preferred Stock Dividends Paid	-1.63B	-1.74B	-2B	-2.07B	-2.14B
Other Financing Activities, Total	26M	-105M	79M	38M	120M
Cash from Financing	-2.71B	-3.86B	-4.67B	-3.41B	-3.62B
Foreign Exchange Rate Adjustments	-	-	3M	-1M	5M
Net Change in Cash	512M	241M	-507M	90M	-523M
Supplemental Items
Cash Interest Paid	551M	512M	542M	776M	926M
Cash Income Tax Paid (Refund)	353M	759M	1.29B	1.2B	1.22B
Levered Free Cash Flow	2.18B	2.76B	3.49B	2.86B	2.58B
Unlevered Free Cash Flow	2.53B	3.05B	3.83B	3.31B	3.14B
Change In Net Working Capital	-255M	-192M	145M	-193M	-482M
Net Debt Issued / Repaid	-705M	-392M	2.08B	3.21B	1.06B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	7.87	8.71	9.95	8.56	7.72
Return on Total Capital	10.68	11.85	13.53	11.59	10.41
Return On Equity %	18.9	23.08	23.2	27.11	21.61
Return on Common Equity	18.9	23.08	23.2	27.11	21.61
Margin Analysis
Gross Profit Margin %	55.54	55.98	56.25	56.14	54.63
EBITDA Margin %	51.86	55.98	56.25	52.85	50.87
EBITA Margin %	40.36	44.94	46.14	42.05	39.77
EBIT Margin %	40.36	44.94	46.14	42.05	39.77
Income From Continuing Operations Margin %	25.78	33.79	29.92	33.43	26.09
Net Income Margin %	25.78	33.79	29.92	33.43	26.09
Net Avail. For Common Margin %	25.78	33.79	29.92	33.43	26.09
Normalized Net Income Margin	22.7	25.4	26.79	23.59	21.67
Levered Free Cash Flow Margin	15.81	19.08	20.39	16.98	15.13
Unlevered Free Cash Flow Margin	18.32	21.04	22.39	19.67	18.4
Asset Turnover
Asset Turnover	0.31	0.31	0.34	0.33	0.31
Fixed Assets Turnover	0.35	0.37	0.41	0.39	0.38
Receivables Turnover (Average Receivables)	12.19	13.61	13.99	12.6	13.84
Inventory Turnover (Average Inventory)	10.29	10.88	11.68	10.61	10.9
Short Term Liquidity
Current Ratio	0.95	1.1	0.84	0.61	0.66
Quick Ratio	0.52	0.61	0.45	0.35	0.43
Operating Cash Flow to Current Liabilities	1.88	2.23	1.74	1.38	1.68
Days Sales Outstanding (Average Receivables)	30.02	26.83	26.08	28.97	26.45
Days Outstanding Inventory (Average Inventory)	35.56	33.56	31.24	34.39	33.58
Average Days Payable Outstanding	49.25	48.15	44.67	47.48	47.18
Cash Conversion Cycle (Average Days)	16.33	12.24	12.65	15.88	12.86
Long Term Solvency
Total Debt/Equity	67.8	56.78	74.33	93.89	101.52
Total Debt / Total Capital	40.41	36.22	42.64	48.42	50.38
LT Debt/Equity	62.63	54.08	68.8	81.68	95.34
Long-Term Debt / Total Capital	37.32	34.49	39.47	42.13	47.31
Total Liabilities / Total Assets	56.14	53.14	57.79	61.8	63.11
EBIT / Interest Expense	10.07	10.67	14.41	9.8	7.61
EBITDA / Interest Expense	13.38	13.64	17.99	12.64	10.01
(EBITDA - Capex) / Interest Expense	8.22	8.9	12.97	8.22	6.03
Total Debt / EBITDA	1.8	1.55	1.61	2.07	2.4
Net Debt / EBITDA	1.72	1.45	1.58	2.02	2.35
Total Debt / (EBITDA - Capex)	2.93	2.38	2.24	3.18	3.98
Net Debt / (EBITDA - Capex)	2.8	2.22	2.19	3.1	3.91
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-7.36	4.76	18.17	-1.63	1.3
Gross Profit, 1 Yr. Growth %	-4.05	5.59	18.61	-1.83	-1.42
EBITDA, 1 Yr. Growth %	-4.53	5.59	18.61	-1.92	-2.5
EBITA, 1 Yr. Growth %	-6.17	6.9	21.17	-3.57	-4.2
EBIT, 1 Yr. Growth %	-6.17	6.9	21.17	-3.57	-4.2
Earnings From Cont. Operations, 1 Yr. Growth %	-15.51	37.34	4.47	9.91	-20.92
Net Income, 1 Yr. Growth %	-15.51	37.34	4.47	9.91	-20.92
Normalized Net Income, 1 Yr. Growth %	-7.23	6.46	24.18	-6.27	-6.96
Diluted EPS Before Extra, 1 Yr. Growth %	-14.24	37.8	7.83	14.65	-17.82
Accounts Receivable, 1 Yr. Growth %	-13.11	1.9	27.65	-5.18	-10.46
Inventory, 1 Yr. Growth %	-4.58	1.03	17.49	1.01	3
Net Property, Plant and Equip., 1 Yr. Growth %	0.55	2.69	5.78	2.35	7.55
Total Assets, 1 Yr. Growth %	2.33	8.33	4.38	3.96	8.36
Tangible Book Value, 1 Yr. Growth %	9.21	16.79	-6.73	-6.59	4.44
Common Equity, 1 Yr. Growth %	8.92	15.74	-5.98	-5.92	4.64
Cash From Operations, 1 Yr. Growth %	4.09	13.07	-4.36	4.47	-3.82
Capital Expenditures, 1 Yr. Growth %	-25.92	0.98	-4.88	15.89	11.36
Levered Free Cash Flow, 1 Yr. Growth %	191.97	10.37	26.04	-8.99	-9.77
Unlevered Free Cash Flow, 1 Yr. Growth %	133.38	6.93	25.52	-4.99	-5.25
Dividend Per Share, 1 Yr. Growth %	6.98	6.96	19.11	7.85	6.96
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-1.77	-1.49	11.26	7.81	-0.18
Gross Profit, 2 Yr. CAGR %	0.54	0.65	12.14	7.91	-1.62
EBITDA, 2 Yr. CAGR %	0.3	0.65	12.14	8.12	-2.21
EBITA, 2 Yr. CAGR %	-1.89	0.53	14.1	8.52	-3.88
EBIT, 2 Yr. CAGR %	-1.89	0.53	14.1	8.52	-3.88
Earnings From Cont. Operations, 2 Yr. CAGR %	-9.28	7.72	20.16	7.15	-6.78
Net Income, 2 Yr. CAGR %	-9.28	7.72	20.16	7.15	-6.78
Normalized Net Income, 2 Yr. CAGR %	-2.93	-0.15	15.43	8.47	-6.62
Diluted EPS Before Extra, 2 Yr. CAGR %	-7.71	8.71	22.35	11.19	-2.93
Accounts Receivable, 2 Yr. CAGR %	-5.05	-5.9	14.05	10.02	-7.86
Inventory, 2 Yr. CAGR %	2.31	-1.82	8.95	8.94	2
Net Property, Plant and Equip., 2 Yr. CAGR %	3.29	1.61	4.22	4.05	4.92
Total Assets, 2 Yr. CAGR %	4.26	5.29	6.34	4.17	6.13
Tangible Book Value, 2 Yr. CAGR %	4.72	12.94	4.37	-6.66	-1.23
Common Equity, 2 Yr. CAGR %	5.54	12.28	4.32	-5.95	-0.78
Cash From Operations, 2 Yr. CAGR %	2.07	8.49	3.99	-0.04	0.24
Capital Expenditures, 2 Yr. CAGR %	-9.95	-13.51	-1.99	4.99	13.6
Levered Free Cash Flow, 2 Yr. CAGR %	30.9	61.74	18.4	7.98	-9.38
Unlevered Free Cash Flow, 2 Yr. CAGR %	26.54	47.93	16.26	9.99	-5.12
Dividend Per Share, 2 Yr. CAGR %	12.42	6.97	12.87	13.34	7.4
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.95	0.36	4.67	6.79	5.6
Gross Profit, 3 Yr. CAGR %	1.82	2.19	6.36	7.28	4.71
EBITDA, 3 Yr. CAGR %	1.57	4.39	6.36	5.14	4.46
EBITA, 3 Yr. CAGR %	0.12	3.93	7.04	5.29	4.1
EBIT, 3 Yr. CAGR %	0.12	3.93	7.04	5.29	4.1
Earnings From Cont. Operations, 3 Yr. CAGR %	-13.4	4.17	6.68	16.64	-3.17
Net Income, 3 Yr. CAGR %	-13.4	4.17	6.68	16.64	-3.17
Normalized Net Income, 3 Yr. CAGR %	-0.32	3.37	7.5	4.89	3.06
Diluted EPS Before Extra, 3 Yr. CAGR %	-11.61	5.49	8.47	19.73	0.53
Accounts Receivable, 3 Yr. CAGR %	2.32	-2.79	4.17	7.24	2.72
Inventory, 3 Yr. CAGR %	11.2	1.88	4.24	6.24	6.92
Net Property, Plant and Equip., 3 Yr. CAGR %	5.38	3.09	2.98	3.6	5.21
Total Assets, 3 Yr. CAGR %	5.99	5.6	4.98	5.54	5.54
Tangible Book Value, 3 Yr. CAGR %	4.47	8.6	5.96	0.58	-3.1
Common Equity, 3 Yr. CAGR %	5.67	8.84	5.83	0.78	-2.55
Cash From Operations, 3 Yr. CAGR %	3.78	5.61	4.02	4.15	-1.32
Capital Expenditures, 3 Yr. CAGR %	2.32	-6.45	-10.73	3.64	7.07
Levered Free Cash Flow, 3 Yr. CAGR %	1.54	29.38	48.94	4.73	1.71
Unlevered Free Cash Flow, 3 Yr. CAGR %	1.96	24.44	40.13	5.3	4.66
Dividend Per Share, 3 Yr. CAGR %	11.71	10.57	10.87	11.17	11.17
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.85	3.76	5.58	3.28	2.7
Gross Profit, 5 Yr. CAGR %	2.4	3.27	5.77	4.47	3.09
EBITDA, 5 Yr. CAGR %	2.21	4.39	7.07	4.54	1.63
EBITA, 5 Yr. CAGR %	1.16	4.14	7.27	4.08	1.04
EBIT, 5 Yr. CAGR %	1.16	4.14	7.27	4.08	1.04
Earnings From Cont. Operations, 5 Yr. CAGR %	0.14	6.09	-1.37	5.38	1.08
Net Income, 5 Yr. CAGR %	0.14	6.09	-1.37	5.38	1.08
Normalized Net Income, 5 Yr. CAGR %	0.8	4.01	7.67	3.58	0.03
Diluted EPS Before Extra, 5 Yr. CAGR %	2.64	8.09	0.55	7.76	3.76
Accounts Receivable, 5 Yr. CAGR %	3.72	4.18	6.86	2.15	-0.82
Inventory, 5 Yr. CAGR %	10.43	10.16	10.29	4.65	3.34
Net Property, Plant and Equip., 5 Yr. CAGR %	4.02	3.89	4.92	3.48	3.75
Total Assets, 5 Yr. CAGR %	4.24	5.55	6.13	5.03	5.44
Tangible Book Value, 5 Yr. CAGR %	4.65	8.22	4.43	2.22	3.03
Common Equity, 5 Yr. CAGR %	5.62	8.91	5.12	2.66	3.13
Cash From Operations, 5 Yr. CAGR %	3.7	6.03	3.86	3.31	2.49
Capital Expenditures, 5 Yr. CAGR %	1.13	1.41	0.57	-2.03	-1.69
Levered Free Cash Flow, 5 Yr. CAGR %	9.19	10.26	10.82	17.52	19.56
Unlevered Free Cash Flow, 5 Yr. CAGR %	8.51	8.83	9.92	15.92	17.63
Dividend Per Share, 5 Yr. CAGR %	12.97	10.4	12.17	11.67	9.47