Canadian National Railway Company

CNR.TOTSXIndustrials● Active

$168.67

+$0.73(+0.43%)

Market Cap$102.3B

P/E Ratio—

52W High$169.9

52W Low$126.11

Avg Volume1.7M

Open$167.46

Beta1.00

Free Cash Flow Financials Revenue

Canadian National Railway Company (CNR.TO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

CNR.TO · free cash flow · updated Jun 8, 2026

Core FCF metrics

CNR.TO · FCF · TTM · margin & CAGR

Free cash flow was $3.39B for FY2025 (fiscal year ending 2025-12-31), up 7.7% year-over-year The FCF margin was 19.6%. Five-year CAGR stands at +0.5%.

FY2025 Free Cash Flow$3.39B▲ +7.7% YoY

Trailing 12M (TTM)$3.57Btrailing 4 quarters sum

FCF Margin19.6%$3.39B ÷ revenue

3-Year CAGR-4.7%FY2022 → FY2025

5-Year CAGR+0.5%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

CNR.TO · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$7.05B(3.66B)$3.39B▲ +7.7%19.6%

FY2024$6.70B(3.55B)$3.15B▼ 16.6%18.5%

FY2023$6.96B(3.19B)$3.78B▼ 3.5%22.4%

FY2022$6.67B(2.75B)$3.92B▼ 4.0%22.9%

FY2021$6.97B(2.89B)$4.08B▲ +23.6%28.2%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

CNR.TO · P/FCF · FCF yield · FCF per share

Canadian National Railway Company (CNR.TO) trades at a FCF yield of 3.50% and a price-to-free-cash-flow ratio of 29.4x. FCF per share stands at $5.73, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

3.50%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$5.73

TTM FCF ÷ Shares Outstanding

Price / FCF

x29.4

Share Price ÷ FCF per Share

EV / FCF (TTM)

x34.7

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

CNR.TO · cash flow statement · operating / investing / financing

For FY2025, Canadian National Railway Company generated $7.05B in operating cash flow and spent 3.66B in capital expenditures, yielding $3.39B in free cash flow.

Operating Activities

+$7.05B

Cash from core business operations

2025-12-31

Investing Activities

−$3.71B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$3.37B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($7.05B) − |CapEx| (3.66B) = FCF ($3.39B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

CNR.TO vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Canadian National Railway CompanyYOU

CNR.TO

$3.39B+7.7%19.6%

33%

Space Exploration Technologies Corp.

SPCX

−$13.95B-159.0%-74.7%

Loss

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Canadian National Railway Company (CNR.TO) reported free cash flow of $3.39B for FY2025 (fiscal year ending 2025-12-31), up 7.7% year-over-year. The FCF margin was 19.6%.

Based on available data, Canadian National Railway Company has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $4.08B in FY2021. The 5-year CAGR stands at +0.5%.

Canadian National Railway Company's FCF yield is 3.50% and price-to-FCF ratio is 29.4x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

CNR.TO free cash flow · 8 questions

Canadian National Railway Company free cash flow was $3.39B for FY2025, up 7.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $3.57B.

CNR.TO free cash flowCNR.TO FCFCNR.TO FCF 2025CNR.TO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Canadian National Railway Company · Canadian National Railway Company SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026