Canadian National Railway (CNI) Net Long-Term Debt Issued (Repaid) (2009 - 2025)

As of Dec 31, 2025, Canadian National Railway reported Non-Current Debt of $14.53 billion, up 0.8% from the prior year.

• Annual Non-Current Debt has increased for eight straight years, with a five-year compound annual growth rate of 10.3% (years ended Dec 2020 to Dec 2025).
• Across earlier years, Non-Current Debt came in at $14.41 billion in the year ended Dec 31, 2024 (+20.5%), $11.96 billion in the year ended Dec 31, 2023 (+8.2%), $11.05 billion in the year ended Dec 31, 2022 (+15.7%) and $9.56 billion in the year ended Dec 31, 2021 (+7.3%).
• The figure for the quarter ended Jun 30, 2026 is the highest quarterly Non-Current Debt in data going back to the quarter ended Mar 31, 2009.
• On a year-over-year basis, Non-Current Debt has increased for 12 consecutive quarters, with growth averaging 112.3% over the last eight quarters.
• Peak year-over-year performance for Non-Current Debt in the last five years was growth of 487.3% in the quarter ended Jun 30, 2025, against a decline of 88.4% in the quarter ended Jun 30, 2023 at the low end.
• Per Business Quant, the preceding three quarters came in at $14.91 billion (quarter ended Mar 31, 2026), $14.56 billion (quarter ended Dec 31, 2025) and $14.21 billion (quarter ended Sep 30, 2025).