Canadian National Railway CNI

Canadian National Railway Company operates a rail and related transportation network that spans approximately 20,000 miles across Canada and the United States. The company moves more than 300 million tons of natural resources, manufactured products, and finished goods each year for a diverse set of customers. Its network links Canada’s eastern and western ports with the U. S. Midwest and the U. S. Gulf Coast, facilitating cross border trade and supporting regional economies. The company's stated purpose is to power the economy by enabling global supply chains and moving goods sustainably and efficiently, working together with customers, employees, and communities. As of December 31, 2025, CN employed a total of 23,839 people, of whom 18,078 were unionized. CN has sustainability-related commitments and climate goals, and continues to assess the impact on its operations of related initiatives, plans and proposals that it and other stakeholders pursue concerning climate change and carbon emissions. Canadian National Railway Company has been in operation since its incorporation in 1919 and continues to focus on safe, reliable, and efficient service.

Revenue is generated primarily from freight transportation services offered through 7 commodity groups. For the year ended December 31, 2025, the Intermodal commodity group contributed 22% of total revenues, making it the largest segment. Other commodity groups include petroleum and chemicals, metals and minerals, forest products, coal, grain and fertilizers, and automotive. Geographically, 37% of revenues came from overseas traffic, 29% from transborder movements between Canada and the United States, 18% from Canadian domestic traffic, and 16% from U. S. domestic traffic. The company is the originating carrier for over 85% of traffic on its network and the originating and terminating carrier for over 65% of traffic, which allows it to capitalize on service advantages and efficiently use assets. Revenues are influenced by seasonal weather conditions, general economic conditions, cyclical demand for rail transportation, and competitive forces in the transportation marketplace. Operating expenses reflect the impact of freight volumes, seasonal weather, labor costs, fuel prices, and the Company’s productivity initiatives. The company also earns revenue from ancillary services such as logistics and intermodal terminal operations.

Canadian National Railway Company holds a leading position among North American railroads, competing with major carriers such as Union Pacific Railroad, CSX Transportation, and Canadian Pacific Kansas City. Its competitive advantages stem from a broadly diversified commodity mix, extensive rail infrastructure that connects multiple coasts and inland hubs, and a high proportion of traffic where it serves as both the originating and terminating carrier. Over 85% of traffic originates on its lines and over 65% both originates and terminates on its network, enabling the company to capture service premiums and optimize asset utilization. The company's long term strategy emphasizes consistent shareholder returns through sustainable financial performance, profitable top line growth, and strong free cash flow generation. CN’s focus on safety, reliability, and operational efficiency supports its reputation as a dependable provider of rail transportation services. These factors help the company maintain resilience against economic cycles and sustain its market position.

The company serves a wide array of customers across industries including energy producers, agricultural producers, manufacturers, forest product companies, and automotive manufacturers. Its freight movements support supply chains for commodities such as crude oil, chemicals, grain, potash, lumber, coal, and finished vehicles. The network enables it to serve both domestic and international markets, connecting shippers with receivers across North America and beyond. Customers range from large multinational corporations to regional distributors and logistics providers. The base consists of shippers ranging from large multinational corporations to regional distributors.