# CANADIAN NATIONAL RAILWAY CO

Summary updated: 2026-10-03T21:52:16.045517Z
Canonical: https://finbar.com/research/companies/canadian-national-railway-co

## Overview

Canadian National Railway Company (CN) is a North American freight transportation company whose core business is moving goods by rail. Its network spans Canada from the Atlantic to the Pacific, extends through the U.S. heartland to the Gulf Coast, and connects with ports and other markets. Its services support the movement of a broad range of freight, including intermodal shipments and commodities. [1](https://app.finbar.com/go?id=D308681)[2](https://www.cn.ca/en/about-cn)

CN says its focus is to transport goods safely and efficiently, reduce environmental impact, and support stronger, safer communities. The company’s website describes a network of about 20,000 route miles and approximately 24,000 railroaders. CN reported total revenue of C$17.304 billion for fiscal 2025. [3](https://app.finbar.com/go?id=P81039219)[4](https://app.finbar.com/go?id=P110653617)[1](https://app.finbar.com/go?id=D308681)[2](https://www.cn.ca/en/about-cn)
[1](https://app.finbar.com/go?id=D308681)[3](https://app.finbar.com/go?id=P81039219)[4](https://app.finbar.com/go?id=P110653617)[2](https://www.cn.ca/en/about-cn)

## Products & services

CN’s principal products are rail freight services for intermodal, grain and fertilizers, petroleum and chemicals, metals and minerals, forest products, coal, and automotive traffic. In FY2025, freight revenue was C$16.681 billion. Based on reported revenue by group, approximate shares of freight revenue were intermodal 23.3%, grain and fertilizers 21.9%, petroleum and chemicals 20.9%, metals and minerals 11.8%, forest products 11.0%, coal 5.8%, and automotive 5.3% [5](https://app.finbar.com/go?id=T1246357). The latest annual breakdown cited here is FY2025; a 2026 Q2 interim report is also available [6](https://app.finbar.com/go?id=T16345215).

Freight includes chemicals and plastics, refined petroleum, crude and condensate, and sulfur; within petroleum and chemicals, the reported mix was 49% refined petroleum, 38% chemicals and plastics, 8% crude and condensate, and 5% sulfur [7](https://app.finbar.com/go?id=P30297886)[8](https://app.finbar.com/go?id=P50959264)[9](https://app.finbar.com/go?id=T5947601). Grain and fertilizer traffic includes grains, oilseeds and processed products, potash, and other fertilizers [10](https://app.finbar.com/go?id=P63404562)[11](https://app.finbar.com/go?id=P58405059)[12](https://app.finbar.com/go?id=T1131658). Metals and minerals traffic includes energy materials, metals, minerals, iron ore, steel, aggregates, construction materials, machinery, and large or dimensional loads; its reported revenue mix was 28% energy materials, 28% metals, 27% minerals, and 17% iron ore [13](https://app.finbar.com/go?id=P37752305)[14](https://app.finbar.com/go?id=T9828196). Other freight includes forest products such as lumber, panels, paper, pulp, logs and wood pellets; coal and petroleum coke; and finished vehicles and automotive parts [15](https://app.finbar.com/go?id=P67619387)[16](https://app.finbar.com/go?id=P87079038)[17](https://app.finbar.com/go?id=T13450689)[18](https://app.finbar.com/go?id=P100553088).

Intermodal service transports containerized freight combining rail and truck, with ocean connections; CN’s annual-report description includes 53-foot containers and connections to about 120 short lines in Canada and the United States [19](https://app.finbar.com/go?id=P41352271)[20](https://app.finbar.com/go?id=P23656886). Additional offerings include container pickup and delivery, transload and distribution, warehousing, customs brokerage, and temperature-controlled freight options [21](https://www.cn.ca/en/our-services/rail)[22](https://www.cn.ca/en/our-services/intermodal/)[23](https://www.cn.ca/en/our-services/transload-and-distribution)[24](https://www.cn.ca/en/our-services/customs-brokerage-service). CN also describes Falcon Premium, a fast dry-53-foot-container service linking Canada, the U.S. Midwest, and Mexico [25](https://www.cn.ca/en/our-services/mexico-solutions/). FY2025 other revenue was C$623 million, but the reported figure is not allocated among those individual logistics services [5](https://app.finbar.com/go?id=T1246357).
[5](https://app.finbar.com/go?id=T1246357)[6](https://app.finbar.com/go?id=T16345215)[7](https://app.finbar.com/go?id=P30297886)[8](https://app.finbar.com/go?id=P50959264)[9](https://app.finbar.com/go?id=T5947601)[10](https://app.finbar.com/go?id=P63404562)[11](https://app.finbar.com/go?id=P58405059)[12](https://app.finbar.com/go?id=T1131658)[13](https://app.finbar.com/go?id=P37752305)[14](https://app.finbar.com/go?id=T9828196)[15](https://app.finbar.com/go?id=P67619387)[16](https://app.finbar.com/go?id=P87079038)[17](https://app.finbar.com/go?id=T13450689)[18](https://app.finbar.com/go?id=P100553088)[19](https://app.finbar.com/go?id=P41352271)[20](https://app.finbar.com/go?id=P23656886)[21](https://www.cn.ca/en/our-services/rail)[22](https://www.cn.ca/en/our-services/intermodal/)[23](https://www.cn.ca/en/our-services/transload-and-distribution)[24](https://www.cn.ca/en/our-services/customs-brokerage-service)[25](https://www.cn.ca/en/our-services/mexico-solutions/)

## Geographic presence

In its 2025 reporting, Canadian National Railway describes a network spanning eight Canadian provinces and 16 U.S. states, connecting Canada’s eastern and western coasts with the U.S. Gulf Coast. Its disclosed 2025 revenue mix by traffic category was 37% overseas, 29% transborder, 18% Canadian domestic, and 16% U.S. domestic. [26](https://app.finbar.com/go?id=P40921910)[27](https://app.finbar.com/go?id=P124652873) CN’s official network map shows the route footprint. [28](https://www.cn.ca/en/our-services/maps-and-network)

Key geographic corridors and gateways include the route from Edmonton, Alberta, to the British Columbia ports of Prince Rupert and Vancouver, as well as the Chicago–Western Canada corridor. [29](https://app.finbar.com/go?id=P40425628)[30](https://app.finbar.com/go?id=P121057522) CN also identifies Vancouver, Prince Rupert, Montreal, Halifax, Saint John, New Orleans, and Mobile as ports served by its international intermodal business, and reports connections with approximately 120 short lines across Canada and the United States. [31](https://app.finbar.com/go?id=P71363071)[20](https://app.finbar.com/go?id=P23656886) Its corporate address is in Montreal, Quebec; the 2025 filing describes Western, Eastern, and U.S. operating activity centers but does not provide regional employee counts. [32](https://app.finbar.com/go?id=P39995837)[33](https://app.finbar.com/go?id=P124652879)
[26](https://app.finbar.com/go?id=P40921910)[27](https://app.finbar.com/go?id=P124652873)[29](https://app.finbar.com/go?id=P40425628)[30](https://app.finbar.com/go?id=P121057522)[31](https://app.finbar.com/go?id=P71363071)[20](https://app.finbar.com/go?id=P23656886)[32](https://app.finbar.com/go?id=P39995837)[33](https://app.finbar.com/go?id=P124652879)[28](https://www.cn.ca/en/our-services/maps-and-network)

## Business segments

Canadian National Railway reports one business and reportable segment: its railway operations, managed as a single network. The commodity groups it discloses are revenue categories, not separate operating segments. [34](https://app.finbar.com/go?id=P92051283)

In 2025, the disclosed freight-revenue categories were intermodal (about 22.5% of total revenue), grain and fertilizers (21.1%), petroleum and chemicals (20.1%), metals and minerals (11.3%), forest products (10.6%), coal (5.5%), and automotive (5.2%). Other revenue contributed about 3.6%. Shares are approximate calculations using total revenue of C$17,304 million; the seven freight categories together accounted for about 96.4%. [35](https://app.finbar.com/go?id=T6295988)

The categories reflect the types of freight carried: intermodal includes domestic and international container traffic; grain and fertilizers covers grain, processed-grain products, oilseeds and fertilizers; petroleum and chemicals includes chemicals, refined petroleum, crude and related products; metals and minerals includes ores, metals, construction and industrial materials, and machinery; forest products includes lumber, paper, pulp and other wood products; coal includes metallurgical and thermal coal and coke; and automotive covers automotive freight. [7](https://app.finbar.com/go?id=P30297886)[13](https://app.finbar.com/go?id=P37752305)[15](https://app.finbar.com/go?id=P67619387)[16](https://app.finbar.com/go?id=P87079038)[10](https://app.finbar.com/go?id=P63404562)[31](https://app.finbar.com/go?id=P71363071)[36](https://app.finbar.com/go?id=P13194446)
[34](https://app.finbar.com/go?id=P92051283)[35](https://app.finbar.com/go?id=T6295988)[7](https://app.finbar.com/go?id=P30297886)[13](https://app.finbar.com/go?id=P37752305)[15](https://app.finbar.com/go?id=P67619387)[16](https://app.finbar.com/go?id=P87079038)[10](https://app.finbar.com/go?id=P63404562)[31](https://app.finbar.com/go?id=P71363071)[36](https://app.finbar.com/go?id=P13194446)

## Company history

Canadian National Railway was created by an Act of Parliament on June 6, 1919. In 1978, it shifted its focus exclusively to freight transportation. [37](https://www.cn.ca/en/news/2019/06/june-6-2019--cn-celebrates-100-years/)[38](https://www.cn.ca/en/cn/stories/20150108-sm-backbone-of-the-economy/)

A major turning point came on November 17, 1995, when the Canadian government’s share offering privatized CN and made it a publicly traded company. CN then expanded its U.S. reach through the 1998 acquisition of Illinois Central and the 2001 acquisition of Wisconsin Central. In 2004, it acquired BC Rail and Great Lakes Transportation, followed in 2009 by the Elgin, Joliet & Eastern Railway, which added routes around Chicago. [39](https://www.cn.ca/en/news/2020/11/cn-proud-to-celebrate-25th-anniversary-of-its-privatization/)[40](https://www.cn.ca/-/media/files/stories/cn-ipo25-en.pdf)[41](https://www.cn.ca/-/media/Files/Investors/Investor-Fact-Book-Archive/English/2002-CN-Investor-FactBook.pdf)[42](https://www.cn.ca/-/media/Files/Investors/Investor-Annual-Report-Archive/English/2004-CN-Annual-Report.pdf)[43](https://www.cn.ca/en/-/media/Files/Investors/Investor-Annual-Report-Archive/English/2009-CN-Annual-Report.pdf)

In a later leadership transition, Tracy Robinson became president and CEO on February 28, 2022, succeeding Jean-Jacques Ruest. [44](https://www.cn.ca/en/news/2022/01/cn-announces-appointment-of-tracy-robinson-as-president-and-chie/)
[37](https://www.cn.ca/en/news/2019/06/june-6-2019--cn-celebrates-100-years/)[38](https://www.cn.ca/en/cn/stories/20150108-sm-backbone-of-the-economy/)[39](https://www.cn.ca/en/news/2020/11/cn-proud-to-celebrate-25th-anniversary-of-its-privatization/)[40](https://www.cn.ca/-/media/files/stories/cn-ipo25-en.pdf)[41](https://www.cn.ca/-/media/Files/Investors/Investor-Fact-Book-Archive/English/2002-CN-Investor-FactBook.pdf)[42](https://www.cn.ca/-/media/Files/Investors/Investor-Annual-Report-Archive/English/2004-CN-Annual-Report.pdf)[43](https://www.cn.ca/en/-/media/Files/Investors/Investor-Annual-Report-Archive/English/2009-CN-Annual-Report.pdf)[44](https://www.cn.ca/en/news/2022/01/cn-announces-appointment-of-tracy-robinson-as-president-and-chie/)

## Sources

1. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y)](https://app.finbar.com/go?id=D308681)
2. [www.cn.ca](https://www.cn.ca/en/about-cn)
3. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p6](https://app.finbar.com/go?id=P81039219)
4. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p39](https://app.finbar.com/go?id=P110653617)
5. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p116](https://app.finbar.com/go?id=T1246357)
6. [CANADIAN NATIONAL RAILWAY CO — Partial financial report (2026 Q 2), p40](https://app.finbar.com/go?id=T16345215)
7. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p52](https://app.finbar.com/go?id=P30297886)
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9. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p52](https://app.finbar.com/go?id=T5947601)
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12. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p55](https://app.finbar.com/go?id=T1131658)
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15. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p53](https://app.finbar.com/go?id=P67619387)
16. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p54](https://app.finbar.com/go?id=P87079038)
17. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p54](https://app.finbar.com/go?id=T13450689)
18. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p56](https://app.finbar.com/go?id=P100553088)
19. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p19](https://app.finbar.com/go?id=P41352271)
20. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p19](https://app.finbar.com/go?id=P23656886)
21. [www.cn.ca](https://www.cn.ca/en/our-services/rail)
22. [www.cn.ca](https://www.cn.ca/en/our-services/intermodal/)
23. [www.cn.ca](https://www.cn.ca/en/our-services/transload-and-distribution)
24. [www.cn.ca](https://www.cn.ca/en/our-services/customs-brokerage-service)
25. [www.cn.ca](https://www.cn.ca/en/our-services/mexico-solutions/)
26. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p40](https://app.finbar.com/go?id=P40921910)
27. [CANADIAN NATIONAL RAILWAY CO — Management commentary (2025 Y), p4](https://app.finbar.com/go?id=P124652873)
28. [www.cn.ca](https://www.cn.ca/en/our-services/maps-and-network)
29. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p12](https://app.finbar.com/go?id=P40425628)
30. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p12](https://app.finbar.com/go?id=P121057522)
31. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p55](https://app.finbar.com/go?id=P71363071)
32. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p30](https://app.finbar.com/go?id=P39995837)
33. [CANADIAN NATIONAL RAILWAY CO — Management commentary (2025 Y), p5](https://app.finbar.com/go?id=P124652879)
34. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p149](https://app.finbar.com/go?id=P92051283)
35. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p51](https://app.finbar.com/go?id=T6295988)
36. [CANADIAN NATIONAL RAILWAY CO — Full financial report (2025 Y), p34](https://app.finbar.com/go?id=P13194446)
37. [www.cn.ca](https://www.cn.ca/en/news/2019/06/june-6-2019--cn-celebrates-100-years/)
38. [www.cn.ca](https://www.cn.ca/en/cn/stories/20150108-sm-backbone-of-the-economy/)
39. [www.cn.ca](https://www.cn.ca/en/news/2020/11/cn-proud-to-celebrate-25th-anniversary-of-its-privatization/)
40. [www.cn.ca](https://www.cn.ca/-/media/files/stories/cn-ipo25-en.pdf)
41. [www.cn.ca](https://www.cn.ca/-/media/Files/Investors/Investor-Fact-Book-Archive/English/2002-CN-Investor-FactBook.pdf)
42. [www.cn.ca](https://www.cn.ca/-/media/Files/Investors/Investor-Annual-Report-Archive/English/2004-CN-Annual-Report.pdf)
43. [www.cn.ca](https://www.cn.ca/en/-/media/Files/Investors/Investor-Annual-Report-Archive/English/2009-CN-Annual-Report.pdf)
44. [www.cn.ca](https://www.cn.ca/en/news/2022/01/cn-announces-appointment-of-tracy-robinson-as-president-and-chie/)

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