Canadian National Railway Company CNR
TorontoTransport and logisticsFinancials to Jun 30, 2026 · Updated Oct 6, 2026
Moat ranks
Balance sheet
| CA$B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 0.4 | 0.3 |
| Securities | 0.0 | 0.0 |
| Debt | 21.2 | 22.3 |
| Net cash | -20.9 | -22.0 |
| Equity | 21.6 | 21.9 |
- Debt / EBITDA
- 2.59×
- Debt / equity
- 1.02×
- Leases (6/30/26)
- CA$469M
- Diluted shares
- 608M
- Book value / share
- CA$36.05
- Price / book
- 4.7×
- Net cash / share
- −CA$36.16
- Market cap
- CA$103.0B
- Enterprise value
- CA$124.9B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 11.3% | +12.6 pts | |
| Operating margin | 37.5% | -0.9 pts | |
| FCF margin | 19.3% | -2.7 pts | |
| Capex / revenue | 14.6% | -4.2 pts | |
| Revenue ton miles | 62,250 | +5% | |
| Route miles | 18,900 | 0% | |
| Car velocity | 211 | -1% | |
| Through dwell | 7 | +4% | |
| Fuel efficiency | 1 | -3% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About CNR
CN carries bulk goods, containers and automobiles across an 18,900-mile network linking Canada's two coasts with the US Midwest and Gulf. Freight produced 96.4% of FY2025 revenue; ancillary rail-linked services produced 3.6%.
- Permits Rights Of Way
Rail corridors and operating rights-of-way are hard to replicate; expansions, line construction/abandonments, and certain transactions face regulatory approvals in both Canada (CTA) and the U.S. (STB).
- Physical Network Density
Large, interconnected rail network with unique corridor coverage (Canada coast-to-coast with U.S.
- Scale Economies Unit Cost
High fixed infrastructure and operating costs reward large scale and utilization; railroads fund/maintain their own networks while some competing modes use publicly funded rights-of-way.
- Oct 6, 2026
CN reported a record 7.94 million tonnes of Western Canadian grain moved in Q3, supporting use of its existing network.
- Sep 29, 2026
CN published its 2026–2027 Winter Plan with equipment maintenance and cold-weather measures to protect service on its northern network.
- Sep 14, 2026
CN and TCRC began bargaining for a new agreement covering about 6,000 Canadian operating employees ahead of the December 31 expiry.
- Sep 9, 2026
CN filed proposed access conditions for the UP-NS merger with the STB, seeking protection for affected shippers and expanded Midwest routes.
- Jul 24, 2026
CN raised 2026 guidance after Q2 revenue ton miles rose 5%, showing stronger demand despite higher operating costs per ton mile.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (CA$) | |||||||||||||
| Revenue | 15.45 | 17.22 | 19.41 | 20.64 | 19.38 | 20.38 | 24.85 | 25.53 | 26.87 | 27.74 | 29.24 | +6.7%/yr | |
| Cash flow | 6.68 | 7.28 | 8.02 | 8.20 | 8.65 | 9.81 | 9.69 | 10.57 | 10.56 | 11.30 | 11.55 | +6.0%/yr | |
| Earnings | 4.67 | 7.24 | 5.87 | 5.83 | 4.97 | 6.90 | 7.44 | 8.53 | 7.01 | 7.57 | 7.87 | +5.5%/yr | |
| Free cash flow | 3.22 | 3.75 | 3.24 | 2.85 | 4.63 | 5.74 | 5.69 | 5.73 | 4.96 | 5.44 | 5.84 | +6.0%/yr | |
| Capex | 3.46 | 3.53 | 4.79 | 5.35 | 4.02 | 4.07 | 4.00 | 4.84 | 5.59 | 5.86 | 5.71 | +6.0%/yr | |
| Dividends | 1.49 | 1.64 | 1.81 | 2.14 | 2.29 | 2.45 | 2.91 | 3.14 | 3.37 | 3.54 | 3.63 | +10.1%/yr | |
| Book value | 19.05 | 21.99 | 23.91 | 24.97 | 27.56 | 32.02 | 31.07 | 30.52 | 33.18 | 34.58 | 36.05 | +6.9%/yr | |
| Diluted shares (M) | 779 | 757 | 738 | 723 | 713 | 710 | 688 | 659 | 635 | 624 | 608 | -2.4%/yr | |
| Totals (CA$B) | |||||||||||||
| Revenue | 12.0 | 13.0 | 14.3 | 14.9 | 13.8 | 14.5 | 17.1 | 16.8 | 17.0 | 17.3 | 17.8 | +4.1%/yr | |
| Operating income | 5.0 | 5.2 | 5.5 | 5.6 | 4.8 | 5.6 | 6.8 | 6.6 | 6.2 | 6.6 | 6.7 | +3.0%/yr | |
| Net income | 3.6 | 5.5 | 4.3 | 4.2 | 3.5 | 4.9 | 5.1 | 5.6 | 4.4 | 4.7 | 4.8 | +2.9%/yr | |
| Free cash flow | 2.5 | 2.8 | 2.4 | 2.1 | 3.3 | 4.1 | 3.9 | 3.8 | 3.2 | 3.4 | 3.5 | +3.4%/yr | |
| Buybacks | 2.0 | 2.0 | 2.0 | 1.7 | 0.4 | 1.6 | 4.7 | 4.6 | 2.6 | 2.1 | 3.0 | +0.4%/yr | |
| Dividends | 1.2 | 1.2 | 1.3 | 1.5 | 1.6 | 1.7 | 2.0 | 2.1 | 2.1 | 2.2 | 2.2 | +7.4%/yr | |
| Net cash | -10.4 | -10.6 | -12.3 | -13.6 | -12.3 | -11.6 | -15.1 | -18.0 | -20.5 | -20.9 | -22.0 | −CA$10.4B | |
| Margins & returns (%) | |||||||||||||
| Operating margin | 41.8 | 40.2 | 38.4 | 37.5 | 34.6 | 38.8 | 40.0 | 39.2 | 36.6 | 38.1 | 37.5 | -3.7 pts | |
| Net margin | 30.2 | 42.1 | 30.2 | 28.3 | 25.7 | 33.8 | 29.9 | 33.4 | 26.1 | 27.3 | 26.9 | -3.0 pts | |
| FCF margin | 20.8 | 21.8 | 16.7 | 13.8 | 23.9 | 28.2 | 22.9 | 22.5 | 18.5 | 19.6 | 20.0 | -1.2 pts | |
| ROIC | 15.1 | 14.5 | 13.9 | 13.4 | 11.3 | 12.4 | 14.2 | 13.1 | 11.4 | 11.7 | 11.5 | -3.3 pts | |
| Return on equity | 24.5 | 32.9 | 24.5 | 23.4 | 18.0 | 21.5 | 23.9 | 28.0 | 21.1 | 21.9 | 21.8 | -2.6 pts | |
| Stock pay % of revenue | 0.9 | 0.9 | 0.6 | 0.4 | 0.5 | 0.6 | 0.4 | 0.4 | 0.4 | 0.6 | 0.6 | -0.3 pts | |
| Capex % of revenue | 22.4 | 20.5 | 24.7 | 25.9 | 20.7 | 20.0 | 16.1 | 18.9 | 20.8 | 21.1 | 19.5 | -1.2 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Duopoly
- Durability
- durable
- Trajectory
- stable
- Pricing power
- moderate
- Rail freight transportation network96.4%3 claims
- Non-rail logistics and ancillary services3.6%No moat
Moat claims
- Applies to
- Rail freight transportation network
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Rail corridors and operating rights-of-way are hard to replicate; expansions, line construction/abandonments, and certain transactions face regulatory approvals in both Canada (CTA) and the U.S. (STB).
Scarce corridors remain protected by construction approvals and rights of way. The July agreement grants additional access only if the UP-NS merger is approved and closes; it has not removed the entry barrier.
- Route miles18,9000%
- Freight revenue per revenue ton mile7+6%
- Regulatory changes that increase mandated access or constrain pricing
- Political scrutiny of rail service levels and safety
- Long-haul interswitching / reciprocal switching expansion
- FilingCN 2025 Annual Report - MD&A (Regulation section)Feb 4, 2026
- Applies to
- Rail freight transportation network
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Large, interconnected rail network with unique corridor coverage (Canada coast-to-coast with U.S. Midwest/Gulf connectivity) supports density, service options, and asset utilization advantages.
Route miles remain 18,900. Q2 revenue ton miles rose a reported 5%, and Q3 grain reached 7.94 million tonnes, but Q2 car velocity fell to 211 from 213 and accidents rose, so service gains are mixed.
- Revenue ton miles62,250+5%
- Route miles18,9000%
- Car velocity211-1%
- Through dwell7+4%
- Freight revenue per revenue ton mile7+6%
- Accident rate2+47%
- Western Canadian grain moved8
- Service reliability deterioration causing share loss to CPKC or trucking
- Port diversification and routing flexibility reducing corridor advantages
- Climate-driven disruptions (wildfires, floods, extreme cold) impairing network
- A UP-NS combination changes interchange and competitive dynamics despite CN's contingent access agreement
- FilingCN 2026 Quarterly Review - Second QuarterJul 24, 2026
- FilingCN 2025 Annual Report - MD&A (Business profile)Feb 4, 2026
- NewsUnion Pacific and CN customer-access agreementJul 22, 2026
- Applies to
- Rail freight transportation network
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
High fixed infrastructure and operating costs reward large scale and utilization; railroads fund/maintain their own networks while some competing modes use publicly funded rights-of-way.
Q2 labor productivity rose a reported 9% to 5,105 thousand gross ton miles per employee and fuel use improved to 0.836 gallons per 1,000 gross ton miles. Operating cost per gross ton mile rose to 2.45 cents, so better productivity has not yet lowered overall unit costs.
- Revenue ton miles62,250+5%
- Fuel efficiency1-3%
- Labor productivity5,105+9%
- Operating cost per gross ton mile2+9%
- Western Canadian grain moved8
- Prolonged volume declines reducing asset utilization
- Inflation in labor and materials outpacing pricing
- Higher required capex for safety and resiliency
- FilingCN 2025 Annual Report - MD&A (Competition section)Feb 4, 2026
- FilingCN 2026 Quarterly Review - Second QuarterJul 24, 2026
Profile change log
- Oct 6, 2026 · business change
CN reported a record 7.94 million tonnes of Western Canadian grain moved in Q3, supporting use of its existing network.
- Oct 6, 2026 · business change
CN published its 2026–2027 Winter Plan with equipment maintenance and cold-weather measures to protect service on its northern network.
- Oct 6, 2026 · business change
CN and TCRC began bargaining for a new agreement covering about 6,000 Canadian operating employees ahead of the December 31 expiry.
- Oct 6, 2026 · business change
CN filed proposed access conditions for the UP-NS merger with the STB, seeking protection for affected shippers and expanded Midwest routes.
- Oct 6, 2026 · business change
CN raised 2026 guidance after Q2 revenue ton miles rose 5%, showing stronger demand despite higher operating costs per ton mile.
- Oct 6, 2026 · business change
CN and Union Pacific signed a binding framework for Midwest access and terminal interests if the UP-NS merger receives approval and closes; the routes are not part of CN today.
- Oct 6, 2026 · business change
A CN train derailed 46 railcars in Repentigny. CN later linked it to a preliminary finding of misapplied rail engineering standards, raising service and safety risk while the independent investigation continues.
- Oct 6, 2026 · business change
CN took control of Iowa Northern after STB approval, adding its Iowa network to consolidated operations; the investment had been purchased in December 2023.
- Oct 6, 2026 · analyst revision
The 2025 annual report identifies ancillary logistics as rail-support services competing on service, access and price; no separate protection is evidenced. This small group is classified as verified no moat.
- Oct 6, 2026 · analyst revision
Moat trajectories remain stable: productivity improved, but total unit costs, service and safety give mixed evidence. Revenue weights now use FY2025 freight and other revenue. The prior track-ownership proxy is removed from market share because it does not measure traffic or revenue.
Industry & peers
Peer map
Peers appear on the map as their numbers are collected.
North American freight rail
Class I long-distance freight networks, including intermodal, industrial, agricultural, energy and coal shipments. Western US routes principally pit BNSF against Union Pacific; rail also competes with trucks, barges and pipelines. The player list names Class I networks, not shares of all freight transport. The profile also covers rail-linked terminal, transload and logistics services sold to the same shippers; the leader list names Class I rail carriers rather than shares of ancillary services.
- BNSF
- Union Pacific
- CSX
- Norfolk Southern
- Canadian National
- Canadian Pacific Kansas City
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| CNR | 96 | – | 37.5% | |
| Industry median | 11 | 90 | 13.2% | 30.0% |
| Sector median | 88 | 76 | 37.0% | 17.5% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- The economic cycle has a strong effect on industrial, retail and import volumes. Interest rates also affect housing, autos and capital spending, while refinancing and pensions create a moderate direct earnings channel. Higher traffic spreads track, yard and crew costs over more shipments.
- Route density, terminal capacity and dependable service support longer hauls. Unit volumes test network use, while revenue alone can rise with fuel surcharges.
- Diesel prices have a moderate effect after fuel surcharges, with timing differences. Rail fuel efficiency relative to trucking supports its competitive position.
- Grain harvests, energy demand and port flows can move traffic independently of the economic cycle. CN reported a Q3 2026 record 7.94 million tonnes of Western Canadian grain; a single commodity does not establish growth across the network.
- Regulation has a strong effect on entry, safety costs, service obligations and merger options. Replacement rights of way are difficult to assemble.
- Coal plant retirements reduce a historically important traffic source. Higher natural-gas prices can temporarily help coal demand without reversing the long-term risk.
- Wage, maintenance and equipment costs can rise faster than traffic. A network advantage does not guarantee efficient operation.
- Trade restrictions and tariffs can reduce intermodal and industrial demand. For Canadian carriers, USD revenue, costs and borrowing balances also affect reported CAD results; customer trade flows create an additional currency channel.
- A proposed Union Pacific–Norfolk Southern merger could improve a rival’s through-service offering. The outcome remains subject to regulatory review.
- Trucking capacity and poor rail service can move shipments off rail. Safety failures or labor disruption can stop service and trigger intervention.
Bulls & bears
Can CN turn higher traffic into reliable service and lower unit costs while protecting access against rail consolidation and labor disruption?
Arguments
What to watch
- 1Revenue ton miles and car velocity versus CPKC and modal alternatives
- 2Operating expenses per gross ton mile, labor productivity and fuel efficiency
- 3Accident rate, TCRC agreement progress and final STB access conditions
Next check: Q3 2026 results on October 30, 2026; then December 31 TCRC contract expiry and the STB merger process.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 96/100 by <a href="https://www.findmymoat.com/stocks/XTSE:CNR">Find My Moat</a> (as of September 2026)Request update
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