Financials Canadian National Railway Company

Equities

CNR

CA1363751027

Ground Freight & Logistics

Market Closed - Toronto S.E. Other stock markets 04:00:00 2025-06-13 pm EDT			5-day change	1st Jan Change
141.09 ^CAD	-1.50%		-1.85%	-3.34%

Jun. 13	National Bank of Canada Provides Monthly Canadian Freight Update	MT
Jun. 12	CN To Invest $30 Million In Tennessee	RE

Projected Income Statement: Canadian National Railway Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	13,819	14,477	17,107	16,828	17,046	17,668	18,610	19,570
Change	-	4.76%	18.17%	-1.63%	1.3%	3.65%	5.33%	5.16%
EBITDA ¹	6,852	7,220	8,591	8,414	8,217	8,867	9,519	10,148
Change	-	5.37%	18.99%	-2.06%	-2.34%	7.91%	7.35%	6.6%
EBIT ¹	5,263	5,622	6,862	6,597	6,325	6,827	7,408	7,979
Change	-	6.82%	22.06%	-3.86%	-4.12%	7.94%	8.51%	7.71%
Interest Paid ¹	-554	-610	-548	-722	-891	-930.9	-967.5	-981.7
Earnings before Tax (EBT) ¹	4,544	6,333	6,763	6,488	5,852	6,397	6,895	7,242
Change	-	39.37%	6.79%	-4.07%	-9.8%	9.31%	7.79%	5.03%
Net income ¹	3,562	4,892	5,118	5,625	4,448	4,849	5,210	5,556
Change	-	37.34%	4.62%	9.91%	-20.92%	9.01%	7.45%	6.64%
Announcement Date	1/26/21	1/25/22	1/24/23	1/23/24	1/30/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	3,209	3,409	3,656	3,535	3,598	3,591	3,753	3,708	4,344	4,513	4,542	4,313	4,057	3,987	4,471	4,249	4,329	4,110	4,358	4,403	4,340	4,334	4,592	4,574	4,544	4,513	4,766
Change	-	6.23%	7.25%	-3.31%	1.78%	-0.19%	4.51%	-1.2%	17.15%	3.89%	0.64%	-5.04%	-5.94%	-1.73%	12.14%	-4.97%	1.88%	-5.06%	6.03%	1.03%	-1.43%	-0.15%	5.97%	-0.4%	-0.64%	-0.7%	5.62%
EBITDA ¹	1,675	1,757	1,813	1,594	1,788	1,746	1,962	1,657	2,204	2,367	2,363	2,110	2,049	1,974	2,281	2,008	2,102	1,990	2,117	2,103	2,188	2,235	2,332	2,244	2,354	2,391	2,489
Change	-	4.9%	3.19%	-12.08%	12.17%	-2.35%	12.37%	-15.55%	33.01%	7.4%	-0.17%	-10.71%	-2.89%	-3.66%	15.55%	-11.97%	4.68%	-5.33%	6.38%	-0.66%	4.03%	2.16%	4.35%	-3.79%	4.91%	1.59%	4.06%
EBIT ¹	1,271	1,366	1,411	1,190	1,382	1,341	1,579	1,237	1,781	1,932	1,912	1,662	1,600	1,517	1,818	1,546	1,636	1,515	1,628	1,610	1,675	1,707	1,817	1,727	1,815	1,846	1,935
Change	-	7.47%	3.29%	-15.66%	16.13%	-2.97%	17.75%	-21.66%	43.98%	8.48%	-1.04%	-13.08%	-3.73%	-5.19%	19.84%	-14.96%	5.82%	-7.4%	7.46%	-1.11%	4.04%	1.88%	6.48%	-4.96%	5.09%	1.71%	4.85%
Charge d'intérêts ¹	-144	-137	-134	-130	-158	-197	-125	-126	-128	-141	-153	-165	-173	-185	-199	-210	-220	-230	-231	-233	-227.9	-233.1	-235.3	-244	-248	-252.5	-256
Earnings before Tax (EBT) ¹	717	1,307	1,355	1,291	1,371	2,099	1,572	1,212	1,755	1,915	1,881	1,617	1,548	1,451	1,872	1,451	1,484	1,409	1,508	1,527	1,567	1,596	1,719	1,585	1,684	1,702	1,781
Change	-	82.29%	3.67%	-4.72%	6.2%	53.1%	-25.11%	-22.9%	44.8%	9.12%	-1.78%	-14.04%	-4.27%	-6.27%	29.01%	-22.49%	2.27%	-5.05%	7.03%	1.26%	2.6%	1.85%	7.73%	-7.81%	6.25%	1.07%	4.68%
Net income ¹	545	985	1,021	974	1,034	1,685	1,199	918	1,325	1,455	1,420	1,220	1,167	1,108	2,130	1,103	1,114	1,085	1,146	1,161	1,183	1,204	1,302	1,195	1,274	1,287	1,348
Change	-	80.73%	3.65%	-4.6%	6.16%	62.96%	-28.84%	-23.44%	44.34%	9.81%	-2.41%	-14.08%	-4.34%	-5.06%	92.24%	-48.22%	1%	-2.6%	5.62%	1.31%	1.88%	1.83%	8.13%	-8.22%	6.55%	1.05%	4.71%
Announcement Date	7/21/20	10/20/20	1/26/21	4/26/21	7/20/21	10/19/21	1/25/22	4/26/22	7/26/22	10/25/22	1/24/23	4/24/23	7/25/23	10/24/23	1/23/24	4/23/24	7/23/24	10/22/24	1/30/25	5/1/25	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Canadian National Railway Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	12,337	11,647	15,101	17,998	20,505	20,974	22,228	22,464
Change	-	-5.59%	29.66%	19.18%	13.93%	2.29%	5.98%	1.06%
Announcement Date	1/26/21	1/25/22	1/24/23	1/23/24	1/30/25	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Canadian National Railway Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	2,863	2,891	2,750	3,187	3,549	3,358	3,621	3,742
Change	-	0.98%	-4.88%	15.89%	11.36%	-5.39%	7.85%	3.35%
Free Cash Flow (FCF) ¹	3,302	4,080	3,917	3,778	3,150	3,585	3,914	4,145
Change	-	23.56%	-4%	-3.55%	-16.62%	13.82%	9.17%	5.89%
Announcement Date	1/26/21	1/25/22	1/24/23	1/23/24	1/30/25	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Canadian National Railway Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	49.58%	49.87%	50.22%	50%	48.2%	50.19%	51.15%	51.85%
EBIT Margin (%)	38.09%	38.83%	40.11%	39.2%	37.11%	38.64%	39.81%	40.77%
EBT Margin (%)	32.88%	43.75%	39.53%	38.55%	34.33%	36.21%	37.05%	37.01%
Net margin (%)	25.78%	33.79%	29.92%	33.43%	26.09%	27.44%	28%	28.39%
FCF margin (%)	23.89%	28.18%	22.9%	22.45%	18.48%	20.29%	21.03%	21.18%
FCF / Net Income (%)	92.7%	83.4%	76.53%	67.16%	70.82%	73.94%	75.13%	74.6%
Profitability
ROA	8.04%	10.48%	10.32%	10.89%	8.11%	8.27%	8.61%	9%
ROE	18.9%	23.08%	23.2%	27.11%	21.61%	22.43%	24.14%	25.76%
Financial Health
Leverage (Debt/EBITDA)	1.8x	1.61x	1.76x	2.14x	2.5x	2.37x	2.34x	2.21x
Debt / Free cash flow	3.74x	2.85x	3.86x	4.76x	6.51x	5.85x	5.68x	5.42x
Capital Intensity
CAPEX / Current Assets (%)	20.72%	19.97%	16.08%	18.94%	20.82%	19%	19.46%	19.12%
CAPEX / EBITDA (%)	41.78%	40.04%	32.01%	37.88%	43.19%	37.87%	38.04%	36.88%
CAPEX / FCF (%)	86.71%	70.86%	70.21%	84.36%	112.67%	93.65%	92.51%	90.29%
Items per share
Cash flow per share ¹	8.647	9.814	9.686	10.57	10.56	11.28	12.94	-
Change	-	13.5%	-1.3%	9.1%	-0.09%	6.87%	14.69%	-
Dividend per Share ¹	2.3	2.46	2.93	3.16	3.38	3.564	3.756	3.996
Change	-	6.96%	19.11%	7.85%	6.96%	5.44%	5.39%	6.4%
Book Value Per Share ¹	27.67	32.45	31.87	30.59	33.53	35.22	36.14	38
Change	-	17.29%	-1.79%	-4.02%	9.61%	5.06%	2.6%	5.14%
EPS ¹	5	6.89	7.44	8.53	7.01	7.761	8.576	9.267
Change	-	37.8%	7.98%	14.65%	-17.82%	10.71%	10.5%	8.06%
Nbr of stocks (in thousands)	710,200	706,300	676,000	645,695	629,500	628,510	628,510	628,510
Announcement Date	1/26/21	1/25/22	1/24/23	1/23/24	1/30/25	-	-	-