Income Statement

Revenue

+1%

+25%

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
Revenue
Interest Expense	91	179	268	353	347	342	331	317	304	289	278	294	285	295	300	299	299	296	306	312	325	335	331	336	334	336	350	375	401	422	427	412	392	375	368	360	354	348	343	341	341	342	341	342	345	347	352	357	360	365	370	371	385	397	414	439	458	469	476	480	479	486	487	481	481	482	484	489	498	510	524	538	547	555	557	554	545	559	619	610	606	576	520	548	587	632	676	722	767	814	859	891	914	913	910	913
Revenue	5 763 N/A	5 922 +3%	6 100 +3%	6 110 +0%	6 097 0%	6 009 -1%	5 919 -1%	5 884 -1%	5 826 -1%	6 028 +3%	6 324 +5%	6 548 +4%	6 816 +4%	6 989 +3%	7 090 +1%	7 446 +5%	7 431 0%	7 593 +2%	7 815 +3%	7 929 +1%	7 938 +0%	7 965 +0%	7 956 0%	7 897 -1%	7 918 +0%	7 989 +1%	8 223 +3%	8 482 +3%	8 414 -1%	8 097 -4%	7 685 -5%	7 367 -4%	7 473 +1%	7 785 +4%	8 062 +4%	8 297 +3%	8 416 +1%	8 583 +2%	8 768 +2%	9 028 +3%	9 290 +3%	9 573 +3%	9 763 +2%	9 920 +2%	10 040 +1%	10 163 +1%	10 364 +2%	10 575 +2%	10 802 +2%	11 252 +4%	11 672 +4%	12 134 +4%	12 539 +3%	12 548 +0%	12 652 +1%	12 611 0%	12 477 -1%	12 194 -2%	11 986 -2%	12 037 +0%	12 279 +2%	12 766 +4%	12 973 +2%	13 041 +1%	13 029 0%	13 331 +2%	13 798 +4%	14 321 +4%	14 671 +2%	14 999 +2%	15 141 +1%	14 917 -1%	14 918 +0%	14 168 -5%	13 747 -3%	13 819 +1%	13 809 0%	14 198 +3%	14 380 +1%	14 477 +1%	14 650 +1%	15 396 +5%	16 318 +6%	17 107 +5%	17 712 +4%	17 425 -2%	16 899 -3%	16 828 0%	16 764 0%	17 036 +2%	17 159 +1%	17 046 -1%	17 200 +1%	17 143 0%	17 198 +0%	17 304 +1%
Gross Profit
Cost of Revenue	(1 267)	(1 279)	(1 317)	(1 367)	(1 384)	(1 379)	(1 334)	(1 350)	(1 319)	(1 284)	(1 304)	(1 274)	(1 334)	(1 405)	(1 452)	(1 723)	(1 629)	(1 728)	(1 844)	(1 919)	(1 952)	(1 990)	(2 003)	(2 071)	(2 171)	(2 341)	(2 501)	(2 593)	(2 418)	(2 188)	(1 962)	(1 847)	(1 885)	(1 938)	(2 001)	(2 084)	(2 186)	(2 302)	(2 428)	(2 532)	(2 594)	(2 657)	(2 709)	(2 772)	(2 830)	(2 889)	(2 924)	(2 970)	(3 093)	(3 224)	(3 340)	(3 444)	(3 406)	(3 293)	(3 163)	(3 014)	(2 839)	(2 698)	(2 644)	(2 643)	(2 782)	(2 923)	(3 019)	(3 131)	(3 223)	(3 376)	(3 562)	(3 703)	(3 785)	(3 884)	(3 905)	(3 904)	(3 886)	(3 618)	(3 428)	(3 304)	(3 279)	(3 441)	(3 540)	(3 595)	(3 745)	(4 067)	(4 384)	(4 709)	(4 796)	(4 623)	(4 474)	(4 351)	(4 286)	(4 354)	(4 419)	(4 373)	(4 383)	(4 248)	(4 143)	(4 092)
Gross Profit	4 496 N/A	4 643 +3%	4 783 +3%	4 743 -1%	4 713 -1%	4 630 -2%	4 585 -1%	4 534 -1%	4 507 -1%	4 744 +5%	5 020 +6%	5 274 +5%	5 482 +4%	5 584 +2%	5 638 +1%	5 723 +2%	5 802 +1%	5 865 +1%	5 971 +2%	6 010 +1%	5 986 0%	5 975 0%	5 953 0%	5 826 -2%	5 747 -1%	5 648 -2%	5 722 +1%	5 889 +3%	5 996 +2%	5 909 -1%	5 723 -3%	5 520 -4%	5 588 +1%	5 847 +5%	6 061 +4%	6 213 +3%	6 230 +0%	6 281 +1%	6 340 +1%	6 496 +2%	6 696 +3%	6 916 +3%	7 054 +2%	7 148 +1%	7 210 +1%	7 274 +1%	7 440 +2%	7 605 +2%	7 709 +1%	8 028 +4%	8 332 +4%	8 690 +4%	9 133 +5%	9 255 +1%	9 489 +3%	9 597 +1%	9 638 +0%	9 496 -1%	9 342 -2%	9 394 +1%	9 497 +1%	9 843 +4%	9 954 +1%	9 910 0%	9 806 -1%	9 955 +2%	10 236 +3%	10 618 +4%	10 886 +3%	11 115 +2%	11 236 +1%	11 013 -2%	11 032 +0%	10 550 -4%	10 319 -2%	10 515 +2%	10 530 +0%	10 757 +2%	10 840 +1%	10 882 +0%	10 905 +0%	11 329 +4%	11 934 +5%	12 398 +4%	12 916 +4%	12 802 -1%	12 425 -3%	12 477 +0%	12 478 +0%	12 682 +2%	12 740 +0%	12 673 -1%	12 817 +1%	12 895 +1%	13 055 +1%	13 212 +1%
Operating Income
Operating Expenses	(3 025)	(3 135)	(3 249)	(3 645)	(3 643)	(3 605)	(3 588)	(3 166)	(3 071)	(3 051)	(3 047)	(3 106)	(3 128)	(3 096)	(3 061)	(3 099)	(3 001)	(2 985)	(2 945)	(2 980)	(3 020)	(3 003)	(3 057)	(2 950)	(2 909)	(2 914)	(2 912)	(2 995)	(3 144)	(3 181)	(3 150)	(3 114)	(3 060)	(3 089)	(3 158)	(3 189)	(3 164)	(3 154)	(3 109)	(3 200)	(3 252)	(3 361)	(3 452)	(3 463)	(3 538)	(3 545)	(3 612)	(3 732)	(3 796)	(3 899)	(4 001)	(4 066)	(4 266)	(4 284)	(4 317)	(4 331)	(4 218)	(4 145)	(4 071)	(4 362)	(4 178)	(4 402)	(4 461)	(4 667)	(4 916)	(4 961)	(5 209)	(5 125)	(5 343)	(5 409)	(5 409)	(5 420)	(5 304)	(5 233)	(5 249)	(5 252)	(5 292)	(5 408)	(5 432)	(5 319)	(5 305)	(5 342)	(5 440)	(5 558)	(5 641)	(5 696)	(5 734)	(5 880)	(5 997)	(6 165)	(6 225)	(6 348)	(6 506)	(6 504)	(6 573)	(6 625)
Selling, General & Administrative	(2 243)	(2 301)	(2 347)	(2 422)	(2 405)	(2 372)	(2 358)	(2 228)	(2 158)	(2 136)	(2 116)	(2 063)	(2 154)	(2 111)	(2 082)	(2 048)	(2 046)	(2 026)	(1 989)	(2 021)	(2 032)	(2 049)	(2 085)	(1 948)	(1 922)	(1 882)	(1 860)	(1 936)	(1 947)	(1 978)	(1 977)	(1 980)	(1 974)	(1 965)	(1 981)	(1 987)	(1 981)	(1 993)	(1 951)	(2 040)	(2 087)	(2 164)	(2 248)	(2 201)	(2 267)	(2 270)	(2 319)	(2 457)	(2 484)	(2 562)	(2 636)	(2 648)	(2 746)	(2 727)	(2 745)	(2 779)	(2 702)	(2 638)	(2 544)	(2 774)	(2 569)	(2 718)	(2 763)	(2 954)	(3 180)	(3 230)	(3 432)	(3 327)	(3 412)	(3 437)	(3 411)	(3 366)	(3 302)	(3 187)	(3 164)	(3 155)	(3 181)	(3 286)	(3 311)	(3 215)	(3 189)	(3 182)	(3 214)	(3 273)	(3 327)	(3 389)	(3 409)	(3 509)	(3 600)	(3 722)	(3 748)	(3 814)	(3 859)	(3 874)	(3 904)	(3 942)
Depreciation & Amortization	(476)	(478)	(500)	(499)	(504)	(500)	(486)	(472)	(469)	(478)	(493)	(598)	(530)	(540)	(527)	(627)	(538)	(561)	(602)	(650)	(657)	(663)	(671)	(677)	(681)	(689)	(701)	(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)
Other Operating Expenses	(306)	(356)	(402)	(724)	(734)	(733)	(744)	(466)	(444)	(437)	(438)	(445)	(444)	(445)	(452)	(424)	(417)	(398)	(354)	(309)	(331)	(291)	(301)	(325)	(306)	(343)	(351)	(334)	(444)	(427)	(383)	(344)	(294)	(326)	(366)	(368)	(336)	(302)	(285)	(276)	(269)	(288)	(286)	(338)	(342)	(326)	(330)	(295)	(311)	(329)	(340)	(368)	(430)	(439)	(425)	(394)	(347)	(327)	(322)	(363)	(368)	(413)	(423)	(432)	(455)	(446)	(478)	(469)	(485)	(493)	(477)	(492)	(488)	(491)	(511)	(508)	(510)	(519)	(504)	(506)	(502)	(529)	(565)	(556)	(557)	(524)	(520)	(554)	(566)	(595)	(611)	(642)	(724)	(684)	(698)	(745)
Operating Income	1 471 N/A	1 508 +3%	1 534 +2%	1 098 -28%	1 070 -3%	1 025 -4%	997 -3%	1 368 +37%	1 436 +5%	1 693 +18%	1 973 +17%	2 168 +10%	2 354 +9%	2 488 +6%	2 577 +4%	2 624 +2%	2 801 +7%	2 880 +3%	3 026 +5%	3 030 +0%	2 966 -2%	2 972 +0%	2 896 -3%	2 876 -1%	2 838 -1%	2 734 -4%	2 810 +3%	2 894 +3%	2 852 -1%	2 728 -4%	2 573 -6%	2 406 -6%	2 528 +5%	2 758 +9%	2 903 +5%	3 024 +4%	3 066 +1%	3 127 +2%	3 231 +3%	3 296 +2%	3 444 +4%	3 555 +3%	3 602 +1%	3 685 +2%	3 672 0%	3 729 +2%	3 828 +3%	3 873 +1%	3 913 +1%	4 129 +6%	4 331 +5%	4 624 +7%	4 867 +5%	4 971 +2%	5 172 +4%	5 266 +2%	5 420 +3%	5 351 -1%	5 271 -1%	5 032 -5%	5 319 +6%	5 441 +2%	5 493 +1%	5 243 -5%	4 890 -7%	4 994 +2%	5 027 +1%	5 493 +9%	5 543 +1%	5 706 +3%	5 827 +2%	5 593 -4%	5 728 +2%	5 317 -7%	5 070 -5%	5 263 +4%	5 238 0%	5 349 +2%	5 408 +1%	5 563 +3%	5 600 +1%	5 987 +7%	6 494 +8%	6 840 +5%	7 275 +6%	7 106 -2%	6 691 -6%	6 597 -1%	6 481 -2%	6 517 +1%	6 515 0%	6 325 -3%	6 311 0%	6 391 +1%	6 482 +1%	6 587 +2%
Pre-Tax Income
Interest Income Expense	(328)	(342)	(360)	(353)	(347)	(342)	(331)	(317)	(304)	(289)	(278)	(294)	(285)	(295)	(300)	(283)	(299)	(296)	(306)	(300)	(325)	(335)	(331)	(246)	(334)	(336)	(350)	(384)	(401)	(422)	(427)	(401)	(392)	(375)	(368)	(355)	(354)	(348)	(343)	(338)	(341)	(342)	(341)	(342)	(345)	(347)	(352)	(357)	(360)	(365)	(370)	(362)	(394)	(413)	(393)	(378)	(478)	(484)	(511)	(481)	(497)	(528)	(588)	(553)	(494)	(428)	(346)	(332)	(385)	(464)	(497)	(613)	(705)	(747)	(802)	(557)	(687)	(654)	(712)	(628)	(663)	(620)	(536)	(541)	(587)	(632)	(676)	(715)	(767)	(814)	(859)	(879)	(887)	(936)	(893)	(873)
Non-Reccuring Items	(98)	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(486)	(486)	(486)	(349)	137	939	939	802	802	0	0	0	0	0	0	0	(78)	(78)	(78)	0	0	0	0
Gain/Loss on Disposition of Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	26	0	0	0	16	0	0	0	106	0	0	0	22	0	0	0	238	152	152	152	177	288	288	348	378	341	341	281	315	40	0	0	83	134	123	134	120	3	0	0	52	0	0	0	93	0	0	0	22	0	223	259	365	0	0	0	50	0	0	0	11	0	0	0	23	0	0	0	15	0	0	0	136	0	0	0	20	0	0	0	48
Total Other Income	(7)	105	102	76	42	15	20	21	4	(15)	(37)	(20)	(11)	7	27	(30)	15	15	(6)	(17)	16	22	34	(30)	156	164	166	13	193	193	210	18	116	121	124	30	62	58	44	20	53	52	60	0	24	83	70	(10)	(9)	(22)	(40)	(22)	25	47	23	(66)	68	46	55	283	189	295	359	377	501	435	434	156	564	432	434	399	540	544	568	313	468	492	481	436	515	469	496	449	480	487	482	470	608	633	638	464	504	550	514	502
Pre-Tax Income	1 038 N/A	1 271 +22%	1 276 +0%	821 -36%	765 -7%	698 -9%	686 -2%	1 072 +56%	1 136 +6%	1 389 +22%	1 658 +19%	1 854 +12%	2 058 +11%	2 200 +7%	2 304 +5%	2 337 +1%	2 517 +8%	2 599 +3%	2 714 +4%	2 729 +1%	2 657 -3%	2 659 +0%	2 599 -2%	2 706 +4%	2 660 -2%	2 562 -4%	2 626 +2%	2 545 -3%	2 644 +4%	2 499 -5%	2 356 -6%	2 261 -4%	2 404 +6%	2 656 +10%	2 811 +6%	2 876 +2%	3 062 +6%	3 125 +2%	3 280 +5%	3 356 +2%	3 497 +4%	3 606 +3%	3 602 0%	3 658 +2%	3 391 -7%	3 465 +2%	3 546 +2%	3 589 +1%	3 678 +2%	3 865 +5%	4 055 +5%	4 360 +8%	4 501 +3%	4 605 +2%	4 802 +4%	4 874 +1%	5 010 +3%	4 913 -2%	4 815 -2%	4 927 +2%	5 011 +2%	5 208 +4%	5 264 +1%	5 089 -3%	4 897 -4%	5 224 +7%	5 374 +3%	5 682 +6%	5 722 +1%	5 674 -1%	5 764 +2%	5 429 -6%	5 563 +2%	4 628 -17%	4 350 -6%	4 544 +4%	4 670 +3%	5 324 +14%	6 116 +15%	6 333 +4%	6 254 -1%	6 638 +6%	6 454 -3%	6 763 +5%	7 168 +6%	6 961 -3%	6 497 -7%	6 488 0%	6 322 -3%	6 258 -1%	6 216 -1%	5 852 -6%	5 928 +1%	6 005 +1%	6 103 +2%	6 264 +3%
Net Income
Tax Provision	(374)	(440)	(440)	(268)	(240)	(203)	(165)	(338)	(363)	(455)	(565)	(596)	(684)	(741)	(782)	(781)	(848)	(624)	(672)	(642)	(608)	(823)	(775)	(548)	(515)	(474)	(471)	(650)	(636)	(563)	(511)	(407)	(463)	(568)	(628)	(772)	(801)	(860)	(912)	(899)	(933)	(949)	(940)	(978)	(931)	(919)	(959)	(977)	(998)	(1 055)	(1 097)	(1 193)	(1 253)	(1 318)	(1 361)	(1 336)	(1 384)	(1 315)	(1 252)	(1 287)	(1 279)	(1 303)	(1 373)	2 159	2 208	2 160	2 186	(1 354)	(1 349)	(1 249)	(1 278)	(1 213)	(1 263)	(1 145)	(1 077)	(1 123)	(1 286)	(1 451)	(1 543)	(1 441)	(1 418)	(1 511)	(1 557)	(1 645)	(1 748)	(1 699)	(1 582)	(863)	(814)	(803)	(784)	(1 404)	(1 422)	(1 441)	(1 485)	(1 544)
Income from Continuing Operations	664	831	836	553	525	495	521	734	773	934	1 093	1 258	1 374	1 459	1 522	1 556	1 669	1 975	2 042	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	7 248	7 105	7 384	7 560	4 328	4 373	4 425	4 486	4 216	4 300	3 483	3 273	3 421	3 384	3 873	4 573	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
Net Income (Common)	652 N/A	819 +26%	827 +1%	547 -34%	522 -5%	495 -5%	521 +5%	734 +41%	773 +5%	934 +21%	1 093 +17%	1 258 +15%	1 374 +9%	1 459 +6%	1 522 +4%	1 556 +2%	1 669 +7%	1 975 +18%	2 042 +3%	2 087 +2%	2 049 -2%	1 836 -10%	1 824 -1%	2 158 +18%	2 145 -1%	2 088 -3%	2 155 +3%	1 895 -12%	2 008 +6%	1 936 -4%	1 845 -5%	1 854 +0%	1 941 +5%	2 088 +8%	2 183 +5%	2 104 -4%	2 261 +7%	2 265 +0%	2 368 +5%	2 457 +4%	2 564 +4%	2 657 +4%	2 662 +0%	2 680 +1%	2 460 -8%	2 546 +3%	2 587 +2%	2 612 +1%	2 680 +3%	2 810 +5%	2 958 +5%	3 167 +7%	3 248 +3%	3 287 +1%	3 441 +5%	3 538 +3%	3 626 +2%	3 598 -1%	3 563 -1%	3 640 +2%	3 732 +3%	3 905 +5%	3 891 0%	5 484 +41%	5 341 -3%	5 620 +5%	5 796 +3%	4 328 -25%	4 373 +1%	4 425 +1%	4 486 +1%	4 216 -6%	4 441 +5%	3 624 -18%	3 414 -6%	3 562 +4%	3 525 -1%	4 014 +14%	4 714 +17%	4 892 +4%	4 836 -1%	5 127 +6%	4 897 -4%	5 118 +5%	5 420 +6%	5 262 -3%	4 915 -7%	5 625 +14%	5 508 -2%	5 455 -1%	5 432 0%	4 448 -18%	4 506 +1%	4 564 +1%	4 618 +1%	4 720 +2%
EPS (Diluted)	0.53 N/A	0.67 +26%	0.68 +1%	0.45 -34%	0.43 -4%	0.41 -5%	0.44 +7%	0.63 +43%	0.67 +6%	0.81 +21%	0.95 +17%	1.09 +15%	1.19 +9%	1.27 +7%	1.36 +7%	1.38 +1%	1.53 +11%	1.83 +20%	1.92 +5%	1.95 +2%	1.97 +1%	1.79 -9%	1.8 +1%	2.12 +18%	2.19 +3%	2.16 -1%	2.25 +4%	1.97 -12%	2.12 +8%	2.05 -3%	1.96 -4%	1.96 N/A	2.05 +5%	2.2 +7%	2.33 +6%	2.24 -4%	2.44 +9%	2.47 +1%	2.62 +6%	2.7 +3%	2.89 +7%	3.02 +4%	3.05 +1%	3.06 +0%	2.87 -6%	2.99 +4%	3.07 +3%	3.09 +1%	3.22 +4%	3.4 +6%	3.6 +6%	3.85 +7%	3.98 +3%	4.06 +2%	4.29 +6%	4.39 +2%	4.59 +5%	4.6 +0%	4.59 0%	4.67 +2%	4.88 +4%	5.14 +5%	5.15 +0%	7.24 +41%	7.17 -1%	7.6 +6%	7.87 +4%	5.87 -25%	6 +2%	6.1 +2%	6.22 +2%	5.83 -6%	6.22 +7%	5.08 -18%	4.78 -6%	4.99 +4%	4.94 -1%	5.64 +14%	6.63 +18%	6.89 +4%	6.9 +0%	7.41 +7%	7.15 -4%	7.44 +4%	8.09 +9%	7.93 -2%	7.49 -6%	8.53 +14%	8.58 +1%	8.57 0%	8.61 +0%	7.01 -19%	7.17 +2%	7.26 +1%	7.41 +2%	7.57 +2%

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Canadian National Railway Co
TSX:CNR

Income Statement

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Canadian National Railway Co

Income Statement
Canadian National Railway Co

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Canadian National Railway Co TSX:CNR

Income Statement

Earnings Waterfall Canadian National Railway Co

Income Statement Canadian National Railway Co

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Canadian National Railway Co
TSX:CNR

Earnings Waterfall
Canadian National Railway Co

Income Statement
Canadian National Railway Co