Cash Flow Statement

Operating Cash Flow

+6%

+14%

10Y

Currency: CAD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	667	831	836	553	522	495	521	734	773	934	1 093	1 258	1 335	1 420	1 483	1 556	1 622	1 928	1 995	2 087	2 049	1 836	1 824	2 158	2 145	2 088	2 155	1 895	2 008	1 936	1 845	1 854	1 941	2 088	2 183	2 104	2 261	2 265	2 368	2 457	2 564	2 657	2 662	2 680	2 460	2 546	2 587	2 612	2 680	2 810	2 958	3 167	3 248	3 287	3 441	3 538	3 626	3 598	3 563	3 640	3 732	3 905	3 891	5 484	5 341	5 620	5 796	4 328	4 373	4 425	4 486	4 216	4 441	3 624	3 414	3 562	3 525	4 014	4 714	4 892	4 836	5 127	4 897	5 118	5 420	5 262	4 915	5 625	5 508	5 455	5 432	4 448	4 506	4 564	4 618	4 720
Depreciation & Amortization	481	484	507	506	512	508	492	478	474	483	498	602	615	624	612	630	657	680	722	653	661	667	673	678	681	688	700	725	753	776	790	790	792	798	811	834	847	859	873	884	896	909	918	924	929	949	963	980	1 001	1 008	1 025	1 050	1 090	1 118	1 147	1 158	1 169	1 180	1 205	1 225	1 241	1 271	1 275	1 281	1 281	1 285	1 299	1 329	1 446	1 479	1 521	1 562	1 514	1 555	1 574	1 589	1 601	1 603	1 617	1 598	1 614	1 631	1 661	1 729	1 757	1 783	1 805	1 817	1 831	1 848	1 866	1 892	1 923	1 946	1 971	1 938
Change in Deffered Taxes	297	337	354	156	157	157	141	232	230	271	414	366	452	528	521	547	448	139	53	3	(37)	147	148	(82)	(64)	(18)	(20)	230	215	166	189	138	198	199	336	418	452	530	401	531	621	580	535	451	340	335	289	331	343	323	377	416	391	485	564	600	685	709	701	704	694	657	648	(1 195)	(1 225)	(1 245)	(1 202)	527	512	493	605	569	763	653	462	487	344	457	472	511	348	370	370	404	486	475	491	(288)	(290)	(312)	(284)	325	278	268	208	334
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	79	29	73	112	62	61	23	0	27	14	33	53	90	131	116	114	104	81	99	46	112	82	87	130	105	119	98	98	136	127	169	206	161	165	110	69	61	60	71	75	57	72	80	72	75	65	65	64	90	104	103	96	57	50	39	40	64	72	81	89	81	91	91	89	63	70	75	72	64	74	76	68	74	72	80	99	106
Other Non-Cash Items	30	(95)	(60)	368	401	365	367	(17)	2	9	10	0	(3)	(7)	(6)	0	0	0	0	0	0	0	0	(153)	(153)	(153)	(153)	0	(157)	(157)	(157)	(226)	(221)	(221)	(221)	(152)	(288)	(288)	(348)	(348)	(341)	(341)	(281)	(281)	(40)	(69)	(69)	(69)	(109)	(80)	(80)	(80)	0	0	0	0	0	0	0	(76)	0	0	0	0	0	(223)	(259)	(338)	(453)	(283)	(297)	(288)	(265)	228	238	252	98	(360)	(304)	(345)	(211)	(285)	(392)	(387)	(380)	(393)	(406)	(547)	(537)	(452)	(443)	(307)	(315)	(396)	(402)	(410)
Cash Taxes Paid	101	130	151	65	85	52	47	86	48	83	95	92	111	91	144	186	191	276	231	307	693	772	837	867	527	469	478	425	419	374	301	245	186	166	238	214	327	352	351	482	371	296	298	289	573	716	805	890	711	718	736	722	818	852	802	725	733	709	710	653	581	588	585	712	823	833	883	776	743	813	751	822	571	320	538	353	550	(17)	575	759	891	1 830	1 131	1 288	1 392	1 306	1 321	1 197	1 143	1 160	1 143	1 221	1 063	1 027	996	935
Cash Interest Paid	417	509	592	390	362	351	350	327	319	292	281	282	299	297	319	306	303	304	297	294	320	340	340	340	326	343	339	396	402	405	430	407	392	380	365	366	362	356	351	329	352	353	355	364	344	352	348	344	359	380	382	409	395	401	411	432	458	466	490	470	487	478	486	477	483	468	503	488	499	495	522	521	553	554	549	551	542	535	523	512	509	510	518	542	622	651	725	776	788	861	870	926	955	959	973	979
Change in Working Capital	(80)	(187)	(166)	(410)	(336)	(241)	(144)	73	18	12	(137)	(87)	25	54	96	(25)	12	(389)	(201)	207	(79)	305	(98)	(184)	(290)	(643)	(209)	(819)	(635)	(314)	(567)	(277)	(152)	(79)	(486)	(205)	(371)	(425)	146	(548)	(1 138)	(891)	(907)	(714)	(433)	(653)	(596)	(306)	(43)	21	64	(172)	(1)	(232)	(170)	(156)	(267)	(206)	(352)	(291)	(198)	(130)	(193)	(54)	(382)	(245)	(284)	72	282	80	7	(136)	(347)	87	(13)	275	369	(59)	394	315	2	(16)	(55)	(197)	(131)	297	19	358	515	316	546	341	354	296	422	467
Cash from Operating Activities	1 395 N/A	1 370 -2%	1 471 +7%	1 173 -20%	1 256 +7%	1 284 +2%	1 377 +7%	1 500 +9%	1 497 0%	1 709 +14%	1 878 +10%	2 139 +14%	2 417 +13%	2 612 +8%	2 699 +3%	2 708 +0%	2 744 +1%	2 364 -14%	2 575 +9%	2 950 +15%	2 594 -12%	2 955 +14%	2 547 -14%	2 417 -5%	2 319 -4%	1 962 -15%	2 473 +26%	2 031 -18%	2 184 +8%	2 407 +10%	2 100 -13%	2 279 +9%	2 558 +12%	2 785 +9%	2 623 -6%	2 999 +14%	2 901 -3%	2 941 +1%	3 440 +17%	2 976 -13%	2 602 -13%	2 914 +12%	2 927 +0%	3 060 +5%	3 256 +6%	3 108 -5%	3 174 +2%	3 548 +12%	3 872 +9%	4 082 +5%	4 344 +6%	4 381 +1%	4 728 +8%	4 658 -1%	4 982 +7%	5 140 +3%	5 213 +1%	5 281 +1%	5 117 -3%	5 202 +2%	5 393 +4%	5 627 +4%	5 545 -1%	5 516 -1%	5 015 -9%	5 192 +4%	5 350 +3%	5 918 +11%	6 160 +4%	6 194 +1%	6 322 +2%	5 923 -6%	6 106 +3%	6 147 +1%	5 675 -8%	6 165 +9%	5 937 -4%	5 655 -5%	6 893 +22%	6 971 +1%	6 589 -5%	6 827 +4%	6 481 -5%	6 667 +3%	7 152 +7%	7 424 +4%	6 824 -8%	6 965 +2%	7 027 +1%	6 855 -2%	7 117 +4%	6 699 -6%	6 746 +1%	6 678 -1%	6 817 +2%	7 049 +3%
Investing Cash Flow
Capital Expenditures	(622)	(574)	(611)	(571)	(573)	(594)	(602)	(583)	(635)	(740)	(898)	(1 072)	(1 100)	(1 159)	(1 157)	(1 180)	(1 182)	(1 151)	(1 214)	(1 298)	(1 346)	(1 403)	(1 369)	(1 387)	(1 361)	(1 369)	(1 434)	(1 424)	(1 434)	(1 391)	(1 318)	(1 402)	(1 349)	(1 341)	(1 388)	(1 586)	(1 672)	(1 748)	(1 774)	(1 625)	(1 629)	(1 641)	(1 734)	(1 731)	(1 735)	(1 764)	(1 795)	(1 973)	(1 993)	(2 057)	(2 138)	(2 297)	(2 517)	(2 694)	(3 011)	(2 706)	(2 707)	(2 718)	(2 671)	(2 695)	(2 622)	(2 627)	(2 461)	(2 673)	(2 702)	(2 867)	(3 145)	(3 531)	(3 809)	(4 152)	(4 111)	(3 865)	(3 765)	(3 296)	(3 026)	(2 863)	(2 672)	(2 687)	(2 832)	(2 891)	(2 858)	(2 836)	(2 744)	(2 750)	(2 832)	(3 000)	(3 173)	(3 187)	(3 302)	(3 280)	(3 539)	(3 549)	(3 492)	(3 444)	(3 373)	(3 658)
Other Items	(1 154)	(1 173)	(1 134)	95	10	31	30	(16)	130	(406)	(1 384)	(1 339)	(1 476)	(885)	113	105	47	(13)	(24)	(51)	13	6	14	492	493	500	508	24	(246)	(182)	(184)	(35)	375	336	319	203	365	(133)	(83)	(104)	(104)	383	291	310	64	48	47	121	128	109	217	121	34	43	(111)	(121)	(119)	(133)	(71)	13	12	10	14	(65)	(61)	90	133	127	(40)	(192)	(246)	(325)	(154)	(169)	(169)	(83)	(80)	(958)	(49)	18	297	1 201	311	240	(39)	(40)	(42)	(281)	(292)	(295)	(295)	(58)	(65)	(70)	(71)	(55)
Cash from Investing Activities	(1 776) N/A	(1 747) +2%	(1 745) +0%	(476) +73%	(563) -18%	(563) N/A	(572) -2%	(599) -5%	(505) +16%	(1 146) -127%	(2 282) -99%	(2 411) -6%	(2 576) -7%	(2 044) +21%	(1 044) +49%	(1 075) -3%	(1 135) -6%	(1 164) -3%	(1 238) -6%	(1 349) -9%	(1 333) +1%	(1 397) -5%	(1 355) +3%	(895) +34%	(868) +3%	(869) 0%	(926) -7%	(1 400) -51%	(1 680) -20%	(1 573) +6%	(1 502) +5%	(1 437) +4%	(974) +32%	(1 005) -3%	(1 069) -6%	(1 383) -29%	(1 307) +5%	(1 881) -44%	(1 857) +1%	(1 729) +7%	(1 733) 0%	(1 258) +27%	(1 443) -15%	(1 421) +2%	(1 671) -18%	(1 716) -3%	(1 748) -2%	(1 852) -6%	(1 865) -1%	(1 948) -4%	(1 921) +1%	(2 176) -13%	(2 483) -14%	(2 651) -7%	(3 122) -18%	(2 827) +9%	(2 826) +0%	(2 851) -1%	(2 742) +4%	(2 682) +2%	(2 610) +3%	(2 617) 0%	(2 447) +6%	(2 738) -12%	(2 763) -1%	(2 777) -1%	(3 012) -8%	(3 404) -13%	(3 849) -13%	(4 344) -13%	(4 357) 0%	(4 190) +4%	(3 919) +6%	(3 465) +12%	(3 195) +8%	(2 946) +8%	(2 752) +7%	(3 645) -32%	(2 881) +21%	(2 873) +0%	(2 561) +11%	(1 635) +36%	(2 433) -49%	(2 510) -3%	(2 871) -14%	(3 040) -6%	(3 215) -6%	(3 468) -8%	(3 594) -4%	(3 575) +1%	(3 834) -7%	(3 607) +6%	(3 557) +1%	(3 514) +1%	(3 444) +2%	(3 713) -8%
Financing Cash Flow
Net Issuance of Common Stock	60	70	71	(134)	(514)	(716)	(783)	(573)	(208)	(14)	75	(187)	(478)	(886)	(1 272)	(1 303)	(1 330)	(1 278)	(1 311)	(1 363)	(1 384)	(1 348)	(1 397)	(1 507)	(1 531)	(1 535)	(1 410)	(967)	(616)	(296)	51	73	(6)	(314)	(558)	(798)	(1 041)	(1 122)	(1 324)	(1 343)	(1 322)	(1 296)	(1 233)	(1 283)	(1 331)	(1 323)	(1 352)	(1 369)	(1 380)	(1 379)	(1 373)	(1 475)	(1 517)	(1 619)	(1 729)	(1 767)	(1 868)	(1 963)	(1 956)	(2 006)	(2 010)	(1 965)	(2 019)	(2 038)	(2 140)	(1 993)	(1 971)	(1 951)	(1 741)	(1 831)	(1 725)	(1 667)	(1 635)	(1 198)	(778)	(346)	(245)	(388)	(492)	(1 583)	(2 554)	(3 600)	(4 680)	(4 777)	(4 697)	(4 545)	(4 580)	(4 534)	(4 310)	(4 362)	(3 602)	(2 614)	(1 808)	(1 019)	(1 617)	(2 064)
Net Issuance of Debt	500	547	(421)	(412)	40	219	264	(32)	(496)	(338)	553	698	902	589	(133)	(137)	(14)	440	238	219	416	231	805	582	768	801	360	844	537	171	(235)	(483)	(669)	(504)	(196)	(184)	(188)	(119)	(55)	278	632	416	362	353	352	350	622	437	186	60	(262)	(77)	106	463	1 168	540	543	718	399	691	504	128	108	454	1 205	1 197	1 156	974	915	1 164	1 291	1 392	1 266	419	(46)	(705)	(1 206)	442	209	(392)	467	240	788	2 079	2 292	2 144	3 062	3 212	2 941	2 984	2 241	1 064	(10)	(197)	(168)	907
Cash Paid for Dividends	(168)	(177)	(182)	(179)	(186)	(187)	(188)	(191)	(197)	(206)	(214)	(222)	(238)	(251)	(263)	(275)	(291)	(307)	(324)	(340)	(360)	(380)	(399)	(418)	(422)	(426)	(430)	(436)	(443)	(452)	(463)	(474)	(483)	(491)	(497)	(503)	(525)	(546)	(566)	(585)	(601)	(617)	(635)	(652)	(670)	(689)	(706)	(724)	(747)	(771)	(795)	(818)	(864)	(908)	(952)	(996)	(1 037)	(1 078)	(1 118)	(1 159)	(1 179)	(1 198)	(1 219)	(1 239)	(1 262)	(1 286)	(1 309)	(1 333)	(1 386)	(1 439)	(1 492)	(1 544)	(1 564)	(1 585)	(1 608)	(1 634)	(1 661)	(1 689)	(1 716)	(1 740)	(1 813)	(1 881)	(1 944)	(2 004)	(2 021)	(2 038)	(2 055)	(2 071)	(2 085)	(2 099)	(2 116)	(2 138)	(2 155)	(2 176)	(2 194)	(2 208)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(26)	(60)	(55)	(65)	(94)	(53)	(95)	(72)	(63)	(63)	2	2	4	0	(65)	(84)	(62)	(26)	(15)	(22)	(36)	(183)	(141)	(142)	(130)	(27)	3	35	34	25	1	(13)	(55)	(12)	(50)	68	163	85	132	(6)
Cash from Financing Activities	392 N/A	440 +12%	(532) N/A	(725) -36%	(660) +9%	(684) -4%	(707) -3%	(796) -13%	(901) -13%	(558) +38%	414 N/A	289 -30%	186 -36%	(548) N/A	(1 668) -204%	(1 715) -3%	(1 635) +5%	(1 145) +30%	(1 397) -22%	(1 484) -6%	(1 328) +11%	(1 497) -13%	(991) +34%	(1 343) -36%	(1 185) +12%	(1 160) +2%	(1 480) -28%	(559) +62%	(522) +7%	(577) -11%	(647) -12%	(884) -37%	(1 158) -31%	(1 309) -13%	(1 251) +4%	(1 485) -19%	(1 754) -18%	(1 787) -2%	(1 945) -9%	(1 650) +15%	(1 291) +22%	(1 497) -16%	(1 506) -1%	(1 582) -5%	(1 649) -4%	(1 662) -1%	(1 436) +14%	(1 656) -15%	(1 941) -17%	(2 090) -8%	(2 430) -16%	(2 370) +2%	(2 275) +4%	(2 064) +9%	(1 513) +27%	(2 223) -47%	(2 388) -7%	(2 383) +0%	(2 730) -15%	(2 539) +7%	(2 779) -9%	(3 088) -11%	(3 225) -4%	(2 895) +10%	(2 260) +22%	(2 145) +5%	(2 122) +1%	(2 308) -9%	(2 208) +4%	(2 106) +5%	(1 991) +5%	(1 903) +4%	(1 995) -5%	(2 390) -20%	(2 447) -2%	(2 707) -11%	(3 148) -16%	(1 818) +42%	(2 140) -18%	(3 857) -80%	(4 030) -4%	(5 268) -31%	(5 833) -11%	(4 667) +20%	(4 392) +6%	(4 414) -1%	(3 572) +19%	(3 406) +5%	(3 509) -3%	(3 489) +1%	(3 527) -1%	(3 620) -3%	(3 810) -5%	(3 307) +13%	(3 847) -16%	(3 371) +12%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(3)	0	0	0	(1)	(1)	(28)	(44)	(48)	(38)	(13)	7	31	33	13	(6)	(19)	(27)	(6)	12	7	5	6	6	14	11	11	5	(3)	10	12	17	19	4	(4)	1	3	10	16	14	11	11	14	10	15	9	0	3	(2)	9	17	2	0	(9)	(11)	(1)	(1)	2	0	1	0	(3)	(2)	(1)	0	0	2	4	3	0	0	(1)	(1)	0	3	0	5	4	(1)	2	(3)
Net Change in Cash	11 N/A	63 +473%	(806) N/A	(28) +97%	33 N/A	37 +12%	98 +165%	105 +7%	91 -13%	5 -95%	10 +100%	17 +70%	27 +59%	20 -26%	(13) N/A	(85) -554%	(26) +69%	55 N/A	(60) N/A	116 N/A	(68) N/A	33 N/A	157 +376%	131 -17%	228 +74%	(80) N/A	74 N/A	103 +39%	15 -85%	270 +1 700%	(55) N/A	(61) -11%	399 N/A	465 +17%	315 -32%	138 -56%	(155) N/A	(721) -365%	(356) +51%	(389) -9%	(411) -6%	170 N/A	(17) N/A	54 N/A	(54) N/A	(258) -378%	7 N/A	59 +743%	70 +19%	40 -43%	(6) N/A	(162) -2 600%	(20) +88%	(41) -105%	361 N/A	101 -72%	10 -90%	61 +510%	(345) N/A	(4) +99%	13 N/A	(78) N/A	(124) -59%	(119) +4%	1 N/A	287 +28 600%	218 -24%	206 -6%	94 -54%	(267) N/A	(27) +90%	(171) -533%	194 N/A	292 +51%	34 -88%	512 +1 406%	34 -93%	190 +459%	1 871 +885%	241 -87%	(2) N/A	(74) -3 600%	(1 781) -2 307%	(507) +72%	(111) +78%	(30) +73%	36 N/A	90 +150%	(76) N/A	(206) -171%	(244) -18%	(523) -114%	(617) -18%	(144) +77%	(472) -228%	(38) +92%
Free Cash Flow
Free Cash Flow	773 N/A	796 +3%	860 +8%	602 -30%	683 +13%	690 +1%	775 +12%	917 +18%	862 -6%	969 +12%	980 +1%	1 067 +9%	1 317 +23%	1 453 +10%	1 542 +6%	1 528 -1%	1 562 +2%	1 213 -22%	1 361 +12%	1 652 +21%	1 248 -24%	1 552 +24%	1 178 -24%	1 030 -13%	958 -7%	593 -38%	1 039 +75%	607 -42%	750 +24%	1 016 +35%	782 -23%	877 +12%	1 209 +38%	1 444 +19%	1 235 -14%	1 413 +14%	1 229 -13%	1 193 -3%	1 666 +40%	1 351 -19%	973 -28%	1 273 +31%	1 193 -6%	1 329 +11%	1 521 +14%	1 344 -12%	1 379 +3%	1 575 +14%	1 879 +19%	2 025 +8%	2 206 +9%	2 084 -6%	2 211 +6%	1 964 -11%	1 971 +0%	2 434 +23%	2 506 +3%	2 563 +2%	2 446 -5%	2 507 +2%	2 771 +11%	3 000 +8%	3 084 +3%	2 843 -8%	2 313 -19%	2 325 +1%	2 205 -5%	2 387 +8%	2 351 -2%	2 042 -13%	2 211 +8%	2 058 -7%	2 341 +14%	2 851 +22%	2 649 -7%	3 302 +25%	3 265 -1%	2 968 -9%	4 061 +37%	4 080 +0%	3 731 -9%	3 991 +7%	3 737 -6%	3 917 +5%	4 320 +10%	4 424 +2%	3 651 -17%	3 778 +3%	3 725 -1%	3 575 -4%	3 578 +0%	3 150 -12%	3 254 +3%	3 234 -1%	3 444 +6%	3 391 -2%

Income Statement Balance Sheet Cash Flow Statement

Canadian National Railway Co
TSX:CNR

Cash Flow Statement

Cash Flow Statement
Canadian National Railway Co

See Also

Company

Help

Tools

Stocks

Canadian National Railway Co TSX:CNR

Cash Flow Statement

Cash Flow Statement Canadian National Railway Co

See Also

Company

Help

Tools

Stocks

Canadian National Railway Co
TSX:CNR

Cash Flow Statement
Canadian National Railway Co