CNR FINANCIAL STATEMENTS

Canadian National Railway Co — balance sheet, income statement and cash flow trends

CNRCanadian National Railway Co

🇨🇦 Canada · TO · Industrials · Railroads

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue17.3 B C$+0.5%

Gross Profit7.2 B C$-23.1%

Operating Income6.5 B C$+3.4%

EBITDA9.1 B C$+4.0%

Net Income4.7 B C$+4.4%

Peer Comparison· Railroads

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CNR	0.5%	41.9%	52.8%	27.2%
NSC	0.6%	45.3%	45.3%	21.9%
CSX	-0.9%	37.5%	45.9%	21.6%
WAB	9.6%	33.8%	20.1%	10.5%
UNP	1.9%	45.7%	53.0%	29.2%
AZJ	2.2%	22.5%	38.8%	7.7%
Industry median	1.9%	34.2%	45.3%	21.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity21.5 B C$36%
Current Liabilities4.6 B C$8%
Long-term Liabilities33.5 B C$56%

Key Figures

YoY change

Total Assets59.5 B C$+3.6%

Total Liabilities38 B C$+6.2%

Total Equity21.5 B C$-0.8%

Cash & ST Investments586 M C$+152.6%

Total Debt22.5 B C$+6.5%

Net Debt21.9 B C$+4.9%

Peer Comparison· Railroads

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CNR	0.67	105.0%	2.40	36.1%
NSC	0.91	108.2%	2.85	35.0%
CSX	0.97	142.4%	2.81	30.7%
WAB	1.02	62.0%	2.76	48.1%
UNP	0.92	162.2%	2.33	27.9%
AZJ	0.57	125.7%	3.35	35.6%
Industry median	0.97	108.2%	2.76	36.1%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow7.2 B C$+6.0%

Capital Expenditures3.6 B C$+2.5%

Free Cash Flow3.6 B C$+9.8%

Dividends Paid-2.2 B C$-202.5%

Peer Comparison· Railroads

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CNR	41.4%	20.7%	20.7%	152.0%
NSC	30.8%	31.4%	23.7%	140.6%
CSX	32.7%	29.2%	24.7%	151.8%
WAB	15.4%	14.3%	2.5%	146.0%
UNP	38.5%	23.1%	15.5%	132.0%
AZJ	28.2%	11.0%	17.3%	367.2%
Industry median	28.2%	13.4%	17.3%	146.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 6, 26. This content is for informational purposes only and is not investment advice.