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Operating Margin for Canadian National Railway (CNI)

As of · Reported

Metric

TTM

37.7%

YoY change

+1.42pp

Trough year (1995)

20.8%

Peak year (2016)

41.8%

Operating Margin history chart for Canadian National Railway (CNI) from 1995 to 2025

Latest: 38.1%

Operating Margin change chart for Canadian National Railway (CNI) from 1995 to 2025

Latest: +1.42pp

Operating Margin history table for Canadian National Railway (CNI) from 1995 to 2025

  • 202538.1%+1.42pp
  • 202436.6%-2.55pp
  • 202339.2%-0.78pp
  • 202240.0%+1.19pp
  • 202138.8%+4.22pp
  • 202034.6%-2.93pp
  • 201937.5%-0.86pp
  • 201838.4%-1.85pp
  • 201740.2%-1.60pp
  • 201641.8%+0.05pp
  • 201541.8%+3.65pp
  • 201438.1%+1.48pp
  • 201336.6%-0.52pp
  • 201237.1%+0.64pp
  • 201136.5%+0.06pp
  • 201036.4%+3.79pp
  • 200932.7%-1.46pp
  • 200834.1%-2.30pp
  • 200736.4%-1.80pp
  • 200638.2%+1.97pp
  • 200536.2%+3.13pp
  • 200433.1%+2.91pp
  • 200330.2%+6.16pp
  • 200224.0%-5.72pp
  • 200129.8%-0.60pp
  • 200030.4%+2.34pp
  • 199928.0%-7.23pp
  • 199835.2%+5.19pp
  • 199730.1%+6.54pp
  • 199623.5%+2.68pp
  • 199520.8%—

Operating Margin values are taken from Canadian National Railway's reported income statements (interim 6-K and annual 20-F filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in CAD as filed.

About Operating Margin at Canadian National Railway (CNI)

According to Canadian National Railway's latest reported financial statements, the company's latest reported operating margin is 37.7%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.

Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .

In 2025, Canadian National Railway (CNI) operating margin totalled 38.07% – expanded 1.4 percentage points year-over-year.

Across the available history, operating margin reached its high of 41.80% in 2016 and its low of 20.84% in 1995.

Canadian National Railway Operating Margin by Year

Canadian National Railway Operating Margin 2025: 38.1%

2025's operating margin for Canadian National Railway came in at 38.07%, expanded 1.4 percentage points from 2024.

Canadian National Railway Operating Margin 2024: 36.6%

Canadian National Railway posted operating margin of 36.65% in 2024, contracted 2.6 percentage points from 2023.

Canadian National Railway Operating Margin 2023: 39.2%

In 2023, Canadian National Railway reported operating margin of 39.20%, contracted 0.8 percentage points from 2022.

Canadian National Railway Operating Margin 2022: 40.0%

Canadian National Railway operating margin in 2022 was 39.98%, expanded 1.2 percentage points from 2021.

Canadian National Railway Operating Margin 2021: 38.8%

Canadian National Railway operating margin in 2021 was 38.79%.

See more financial history for Canadian National Railway (CNI).

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