Buyback yield (TTM)
3.26%
Shareholder yield (TTM)
5.79%
5Y share count change
-12.5%
Buyback spend (TTM)
$2.07B
Cumulative buybacks
$32.12B
Key takeaways
- Canadian National Railway (CNI) repurchased about $2.07B of stock over the trailing twelve months.
- Diluted share count is down 12.5% over the last ~5 fiscal years — buybacks are net-shrinking the share base.
- Cash buyback spend has compounded at +39.4% per year over the latest 5-year window.
- TTM repurchases used about 209% of free cash flow remaining after dividends.
Dividend & buyback yield over time for Canadian National Railway (CNI)
Stacked annual yields — buyback yield (TTM cash repurchases ÷ market cap) plus dividend yield from the same fiscal-year-end key-metrics period — show how total cash return per dollar of equity has evolved.
Diluted vs basic shares (annual) for Canadian National Railway (CNI)
Diluted weighted-average shares are the EPS denominator — a falling count means buybacks are outpacing SBC dilution.
Year-over-year change in diluted shares for Canadian National Railway (CNI)
Green is fewer shares vs the prior fiscal year (net repurchase); red is growth (dilution). The earliest year shown has no prior year to compare.
Cash buyback spend over time for Canadian National Railway (CNI)
Latest: $1.52B
Overview
In 2025, Canadian National Railway (CNI) buyback spend totalled $2.12B – declined 19.8% year-over-year.
Looking at the 2020–2025 (5 years) stretch, Canadian National Railway buyback spend compounded at +37.6% per year, with mixed annual results across the window.
Canadian National Railway buyback spend plunged from $3.54B in 2022 to $2.12B in 2025, a 40.2% drawdown.
$3.54B stands as the all-time-high annual buyback spend, posted in 2022, against a low of $0.00 during 1996.
Canadian National Railway Buyback Spend 2025: $1.52B
2025's buyback spend for Canadian National Railway came in at $1.52B, declined 20.1% below 2024.
Canadian National Railway Buyback Spend 2024: $1.89B
Canadian National Railway posted buyback spend of $1.89B in 2024, plunged 42.2% below 2023.
Canadian National Railway Buyback Spend 2023: $3.37B
In 2023, Canadian National Railway reported buyback spend of $3.37B, edged down 4.8% below 2022.
Canadian National Railway Buyback Spend 2022: $3.54B
Canadian National Railway buyback spend in 2022 was $3.54B, surged 199.4% from 2021. This figure represents the highest annual value in the available history.
Canadian National Railway Buyback Spend 2021: $1.28B
Canadian National Railway buyback spend in 2021 was $1.28B.
See more financial history for Canadian National Railway (CNI).
Buyback, SBC & dilution history
Buyback spend, SBC, net dilution effect, and share count.
| 2025 | $1.52B | $0.00 | $1.52B | 2.54% | 0.62B | -1.7% | |
| 2024 | $1.89B | $0.00 | $1.89B | 2.86% | 0.63B | -3.7% | |
| 2023 | $3.37B | $0.00 | $3.37B | 4.25% | 0.66B | -4.2% | |
| 2022 | $3.54B | $0.00 | $3.54B | 4.43% | 0.69B | -3.1% | |
| 2021 | $1.28B | $0.00 | $1.28B | 1.47% | 0.71B | -0.4% | |
| 2020 | $308.53M | $0.00 | $308.53M | 0.40% | 0.71B | -0.9% | |
| 2019 | $1.32B | $0.00 | $1.32B | 2.06% | 0.72B | -2.5% | |
| 2018 | $1.56B | $0.00 | $1.56B | 2.77% | 0.74B | -2.6% | |
| 2017 | $1.65B | $0.00 | $1.65B | 2.67% | 0.76B | -2.8% | |
| 2016 | $1.55B | $0.00 | $1.55B | 2.96% | 0.78B | -3.2% | |
| 2015 | $1.38B | $0.00 | $1.38B | 3.00% | 0.81B | -2.2% | |
| 2014 | $1.33B | $0.00 | $1.33B | 2.31% | 0.82B | -2.7% | |
| 2013 | $1.34B | $0.00 | $1.34B | 2.77% | 0.85B | +95.8% | |
| 2012 | $1.41B | $0.00 | $1.41B | 7.19% | 0.43B | -3.4% | |
| 2011 | $1.39B | $0.00 | $1.39B | 7.96% | 0.45B | -3.8% | |
| 2010 | $901.50M | $0.00 | $901.50M | 5.98% | 0.47B | -50.9% | |
| 2009 | $0.00 | $0.00 | $0.00 | — | 0.95B | +32.7% | |
| 2008 | $847.34M | $0.00 | $847.34M | 4.87% | 0.71B | +40.1% | |
| 2007 | $1.62B | $0.00 | $1.62B | 13.58% | 0.51B | -52.3% | |
| 2006 | $1.30B | $0.00 | $1.30B | 5.75% | 1.07B | -5.0% | |
| 2005 | $1.21B | $0.00 | $1.21B | 5.65% | 1.12B | -3.1% | |
| 2004 | $223.62M | $0.00 | $223.62M | 1.30% | 1.16B | -0.2% | |
| 2003 | $500.11M | $0.00 | $500.11M | 4.25% | 1.16B | -3.9% | |
| 2002 | $129.33M | $0.00 | $129.33M | 1.55% | 1.21B | +1.3% | |
| 2001 | $0.00 | $0.00 | $0.00 | — | 1.19B | -0.9% | |
| 2000 | $356.26M | $0.00 | $356.26M | — | 1.20B | -0.1% | |
| 1999 | $0.00 | $0.00 | $0.00 | — | 1.20B | +9.8% | |
| 1998 | $0.00 | $0.00 | $0.00 | — | 1.10B | -2.6% | |
| 1997 | $0.00 | $0.00 | $0.00 | — | 1.13B | +11.4% | |
| 1996 | $0.00 | $0.00 | $0.00 | — | 1.01B | — | |
| 1995 | $199.99M | $0.00 | $199.99M | — | — | — |
- 2025$1.52B
- 2024$1.89B
- 2023$3.37B
- 2022$3.54B
- 2021$1.28B
- 2020$308.53M
- 2019$1.32B
- 2018$1.56B
- 2017$1.65B
- 2016$1.55B
- 2015$1.38B
- 2014$1.33B
- 2013$1.34B
- 2012$1.41B
- 2011$1.39B
- 2010$901.50M
- 2009$0.00
- 2008$847.34M
- 2007$1.62B
- 2006$1.30B
- 2005$1.21B
- 2004$223.62M
- 2003$500.11M
- 2002$129.33M
- 2001$0.00
- 2000$356.26M
- 1999$0.00
- 1998$0.00
- 1997$0.00
- 1996$0.00
- 1995$199.99M
Buybacks vs stock-based compensation for Canadian National Railway (CNI)
Annual cash repurchases set against stock-based compensation. Coverage above 1× means buybacks fully offset the equity dilution from SBC. TTM coverage: N/A.
Buybacks vs dividends (share of cash returned) for Canadian National Railway (CNI)
How Canadian National Railway splits cash returned to shareholders between dividends and buybacks.
Sector peers by buyback spend
Companies in the same sector as Canadian National Railway, ranked by their latest buyback spend.
| $7.55B | |
| $5.19B | |
| $2.68B | |
| $1.86B | |
| $1.14B | |
| $1.13B | |
| $50.00M | |
| $0.00 |
- $7.55B
- $5.19B
- $2.68B
- $1.86B
- $1.14B
- $1.13B
- $50.00M
- $0.00
Buyback capacity (TTM)
Free cash flow minus dividends paid versus actual TTM repurchases — the headroom bar shows how much of post-dividend FCF is still being deployed elsewhere.
Headroom $985.61M (TTM FCF − TTM dividends, clamped at zero).
Frequently asked questions
Data & methodology
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