Canadian National Railway Co 6-K, filed Nov 6, 2025
Canadian National Railway Co (CNI)
About this 6-K
Canadian National Railway Co filed this 6-K on November 6, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of November 2025
Commission File Number: 001-02413
Canadian National Railway Company
(Translation of registrant’s name into English)
935 de la Gauchetiere Street West
Montreal, Quebec
Canada H3B 2M9
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F | ¨ | Form 40-F | x |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Canadian National Railway Company | |||
| Date: November 6, 2025 | By: | /s/ Cristina Circelli | |
| Name: | Cristina Circelli | ||
| Title: | Vice-President, Corporate Secretary and General Counsel | ||
CANADIAN NATIONAL RAILWAY COMPANY
Table of Content
| Items | Description | |
| 1 | 2025 Investor Fact Book |
| POWERING SUSTAINABLE GROWTH 2025 INVESTOR FACT BOOK |
| FORWARD-LOOKING STATEMENTS CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and U.S. Gulf Coast, contributing to trade and the prosperity of the communities in which it operates since 1919. DELIVERING SUSTAINABLE VALUE PICTURED (ABOVE FROM LEFT): Brian Arbic, Terminal Coordinator, Intermodal, Thomas Kelly, Conductor, Crystal Monteiro, Lead Hand Operations (COVER): Noel Prasad Joseph, Conductor They are among CN’s team of railroaders who deliver service excellence and value every day. As used herein, “Company” or “CN” refers to Canadian National Railway Company and, as the context requires, its wholly owned subsidiaries. Certain statements included in this CN 2025 Investor Fact Book constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to CN. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. 2025 KEY ASSUMPTIONS: CN has made a number of economic and market assumptions in preparing its 2025 outlook. The Company continues to assume slightly positive growth in North American industrial production in 2025. For the 2024/2025 crop year, the grain crop in Canada was in line with its five-year average and the U.S. grain crop was above its five-year average. The Company now assumes that the 2025/2026 grain crop in Canada will be above its five-year average (compared to its January 30, 2025 assumption that the 2025/2026 grain crop in Canada will be in line with its five-year average) and continues to assume that the U.S. grain crop will be above its five-year average. CN continues to assume RTM growth will be in the low single-digit range. CN also continues to assume that in 2025, the value of the Canadian dollar in U.S. currency will be in the range of $0.70 to $0.75 and continues to assume that in 2025 the average price of crude oil (West Texas Intermediate) will be in the range of US$60 to US$70 per barrel. The Company notes there is a heightened demand risk as a result of the volatile macroeconomic conditions and global trade tensions. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this CN 2025 Investor Fact Book include, but are not limited to, general economic and business conditions, including factors impacting global supply chains such as pandemics and geopolitical conflicts and tensions; trade restrictions, trade barriers, or the imposition of tariffs or other changes to international trade arrangements; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings and other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; the availability of and cost competitiveness of renewable fuels and the development of new locomotive propulsion technology; reputational risks; supplier concentration; pension funding requirements and volatility; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis (MD&A) in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN. The achievement of CN’s climate goals is subject to several risks and uncertainties, including those disclosed in the MD&A in CN’s annual and interim reports. There can be no certainty that the Company will achieve any or all of these goals within the stated timeframe, or that achieving any of these goals will meet all of the expectations of its stakeholders or applicable legal requirements. Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Information contained on, or accessible through, our website is not incorporated by reference into this CN 2025 Investor Fact Book. NON-GAAP MEASURES: CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). CN may also use non-GAAP measures in this CN 2025 Investor Fact Book that do not have any standardized meaning prescribed by GAAP. These non-GAAP measures may not be comparable to similar measures presented by other companies. CN’s outlook, guidance, or targets exclude certain adjustments, which are expected to be comparable to adjustments made in prior years. However, management cannot individually quantify on a forward-looking basis the impact of these adjustments, which could be significant, are difficult to predict and may be highly variable. As a result, CN does not provide a corresponding GAAP measure for, or reconciliation to, its outlook, guidance or targets. All amounts in this CN 2025 Investor Fact Book are expressed in Canadian dollars, unless otherwise noted. |
| TICKER SYMBOLS CNR: Toronto Stock Exchange CNI: New York Stock Exchange Except where otherwise indicated, all financial information reflected in this document is presented as at December 31, 2024, or for the applicable year ended on December 31, and is expressed in Canadian dollars and determined on the basis of United States generally accepted accounting principles (GAAP). OVERVIEW 02 Competitive Strengths 03 Creating Long-Term Value 04 Strategy for Growth 05 Delivering Responsibly 06 Financial and Operating Measures MARKETS 08 Market Overview 10 Petroleum and Chemicals 12 Metals and Minerals 14 Forest Products 16 Coal 18 Grain and Fertilizers 20 Intermodal 22 Automotive 24 Supply Chain Solutions OPERATIONS 25 Operations Overview FINANCIALS 26 Financial Overview 27 Quarterly Consolidated Financial and Statistical Information 32 Non-GAAP Measures 40 Shareholder and Investor Information Contents PICTURED: A CN train moves energy-related products, including frac sand and petroleum, through Brule, AB. Photo by CN employee www.cn.ca Tim Stevens instagram.com/cnrailway STAY CONNECTED WIT H CN: facebook.com/CNrail x.com/CNRailway linkedin.com/company/cn TOTAL REVENUES $17 B NET CASH PROVIDED BY OPERATING ACTIVITIES $6.7 B DILUTED EARNINGS PER SHARE $7.01 RETURN ON INVESTED CAPITAL(1) 12.9 % OPERATING RATIO 63.4 % FREE CASH FLOW(1) $3.1 B NET CASH USED IN INVESTING ACTIVITIES $3.6 B ADJUSTED DILUTED EARNINGS PER SHARE(1) $7.10 ADJUSTED RETURN ON INVESTED CAPITAL(1) 13.1 % ADJUSTED OPERATING RATIO(1) (1) These non-GAAP measures do not have any standardized meaning 62.9 % prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other companies. See section entitled Non-GAAP Measures for an explanation of these non-GAAP measures. 2024 HIGHLIGHTS 01 |
| Kamloops Fort Nelson Hay River Fort McMurray Matane Baie-Comeau Sept-Îles Springfield East St. Louis East Peoria Conneaut Pittsburgh New London Stevens Point Omaha Sioux City Sault Ste.Marie Fond du Lac Sarnia Buffalo Baton Rouge Minneapolis/St. Paul Regina Toledo Decatur Jackson Prince George Worcester Arcadia Chippewa Falls Auburn Indianapolis Joliet Pascagoula Green Bay Gulfport Moncton Syracuse Mobile Quebec Montreal New Orleans Prince Rupert Vancouver Halifax Saint John Saskatoon Chicago Memphis Edmonton Calgary Toronto Detroit Thunder Bay Winnipeg Gary Leithton Munger West Chicago Joliet Matteson Chicago Heights Griffith Goose Lake Markham Waukegan South Chicago Chicago Outer Belt (former EJ&E) Chicago INDIANA ILLINOIS LAKE MICHIGAN FASTEST RAIL ROUTE IN AND AROUND CHICAGO COMPETITIVE STRENGTHS A FAR-REACHING AND DIVERSIFIED COMPANY TRAFFIC BY GEOGRAPHY (% of 2024 freight revenues) W 35% Overseas W 32% Transborder W 17% Canadian domestic W 16% U.S. domestic BUSINESS UNIT REVENUE MIX (% of 2024 total revenues) W 22% Intermodal W 20% Petroleum and chemicals W 20% Grain and fertilizers W 12% Metals and minerals W 11% Forest products W 6% Coal W 5% Automotive W 4% Other revenues CN main lines Secondary and feeder lines Shortline partners Ports served by CN LEGEND BROAD GEOGRAPHIC EXPOSURE BALANCED AND DIVERSE PORTFOLIO 18,900 ROUTE MILES (2025) 7major ports SERVED ON THREE COASTS 21 terminals ACROSS OUR NETWORK CN’s three-coast network is a distinct strength in powering sustainable growth. We deliver safe, reliable and efficient service to move a diverse portfolio of goods and enable global supply chains. We connect our customers with opportunities to reach or expand their markets, facilitating their growth and driving long-term value. 65%of traffic ORIGINATES AND TERMINATES ON CN’S NETWORK 209miles CAR VELOCITY (car miles per day) $3.5B CAPITAL INVESTMENTS (net of amounts reimbursed by customers) Over ADVANTAGED TRI-COAST NETWORK WITH ACCESS OPTIONALITY *All statistics are as of, or for the year ending December 31, 2024, unless otherwise noted. EXTENSIVE SINGLE-LINE ACCESS EFFICIENT OPERATIONS INVESTING IN OUR FUTURE BUSINESS | 2025 INVESTOR FACT BOOK 02 OVERVIEW MARKETS OPERATIONS FINANCIALS Delivering Responsibly Strategy for Growth Financial and Operating Measures Creating Long-term Value Competitive Strengths |
| 2,706 2,752 2,703 2,750 3,187 3,531 3,549 4,079 2,863 2,891 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 16.9% 15.8% 15.8% 15.6% 15.1% 13.3% 14.1% 15.9% 14.5% 13.1% 16.7% 16.0% 22.4% 16.6% 15.2% 12.7% 16.4% 15.8% 16.8% 12.9% CAPITAL INVESTMENTS VS. ROIC Capital Investment ($ millions) Return on Invested Capital (%) (2) Adjusted Return on Invested Capital (%) (2) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 SHAREHOLDER DISTRIBUTION ($ millions) Share Repurchases Dividends 1,239 1,159 996 1,333 1,544 1,634 1,740 2,004 2,071 2,138 2,000 2,000 1,750 2,000 1,700 379 1,582 4,709 4,551 2,651 2,746 3,159 3,239 6,713 6,622 4,789 3,333 3,244 2,013 3,322 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CNR (TSX) CNI (NYSE) S&P 500 TSX CN’S STOCK PERFORMANCE (2015–2024) (1) (Index: Closing Price on December 31, 2014 = 100) 300 250 200 150 100 50 82% SHARE PRICE RETURN SINCE JANUARY 2015(1) CN’s share price on the TSX (CNR) has increased at a compound annual growth rate (CAGR) of 7% over the last 10 years. $31B CAPITAL INVESTMENTS OVER THE LAST 10 YEARS CN has a strong track record of capital investment and return on invested capital (ROIC) to improve the safety and reliability of our service, support the growth of our customers, and digitize our processes to continue to compete effectively. $39B RETURNED TO SHAREHOLDERS OVER THE LAST 10 YEARS CN’s strong financial position allowed us to return $4.8 billion to our shareholders in 2024. With a 5% increase in 2024, we have raised our dividend every year since our initial public offering in 1995 at a compound average growth rate of 12% since 2015. SHARE PRICE PERFORMANCE RETURNING SHAREHOLDER VALUE DISCIPLINED CAPITAL INVESTMENT CREATING LONG-TERM VALUE COMMITTED TO DELIVERING SUSTAINABLE VALUE (1) Data extracted on December 31, 2024. Source: Factset (2) These non-GAAP measures do not have any standardized meaning prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other companies. See section entitled Non-GAAP Measures for an explanation of these non-GAAP measures. | 2025 INVESTOR FACT BOOK 03 OVERVIEW MARKETS OPERATIONS FINANCIALS Delivering Responsibly Strategy for Growth Financial and Operating Measures Competitive Strengths Creating Long-term Value |
| PICTURED: CN’s scheduled operating plan supports efficient service, including through our Chicago bypass loop which saves up to 48 hours of transit time by avoiding the city’s densest area. Photo by CN employee Jordan Torregrosa Make the Plan NETWORK OPERATIONS develops a plan to move volumes safely and efficiently based on customer needs, with an eye to optimizing train crews, locomotives, rail cars and rail infrastructure. This approach unlocks capacity and enables a fluid network, all while keeping a longer-term view toward ensuring future resources, assets and capital projects can support potential growth. Run the Plan FIELD OPERATIONS focuses on the day-to-day execution of the plan, ensuring trains depart on time and make their scheduled connections, while prioritizing safety and fluidity on our network and in our yards. Adherence to the plan drives higher asset velocity, more consistent utilization of locomotive power and crews, and more reliable first-mile and last-mile service for our customers. Sell the Plan OUR COMMERCIAL TEAM sells into the operating plan and our available capacity. We work closely with our customers to understand their business needs and market dynamics. This helps us plan our capacity and services to unlock opportunities and grow with them. Our Marketing and Operations teams work hand in glove to meet current and future customer demand. MEASURING OUR RESULTS: 2024 PERFORMANCE HIGHLIGHTS Operating to Plan Executing the Plan Serving Our Customers 18.9 mph THROUGH NETWORK TRAIN SPEED (miles per hour) 90% AVERAGE ORIGIN TRAIN PERFORMANCE (% of trains(1) departing origin within allowance of the scheduled time) 94% LOCAL SERVICE COMMITMENT (% of cars that successfully completed their Daily Operating Plan) STRATEGY FOR GROWTH LEVERAGING THE POWER OF OUR PLAN CN’s disciplined approach to scheduled railroading is our foundation for growth. Our operating model – what we call “Make the Plan, Run the Plan, Sell the Plan” – enables us to optimize our rail network and other hard assets like locomotives and railcars, as well as train crews. CN railroaders are committed to our scheduled operating model to drive reliable, on-time performance for our customers, helping them win in their markets. Working with our customers and supply chain partners, we are advancing our CN-specific growth opportunities to create value for our customers, employees and shareholders. | 2025 INVESTOR FACT BOOK 04 OVERVIEW MARKETS OPERATIONS FINANCIALS Delivering Responsibly Financial and Operating Measures Creating Long-term Value Competitive Strengths Strategy for Growth |
| DELIVERING RESPONSIBLY BUILDING A SUSTAINABLE FUTURE At CN, we are focused on Delivering Responsibly: moving customer goods safely and efficiently; being environmentally responsible; attracting and developing talented railroaders; and helping build safer, stronger communities, all while adhering to the highest standards of governance and supporting shareholder value creation. PICTURED: Elma, MB Photo by CN employee Ildar Noureev Listed on the Dow Jones Best‑in‑Class World Index for 13th consecutive year and on the Dow Jones Best‑in‑Class North American Index for 16th straight year. Recognized as one of the top sustainability performers in the transportation industry by the 2025 S&P Global Yearbook. Furthering Our Safety Culture Safety is our core value and the foremost priority for our people, our customers and the communities in which we operate. We are committed to providing the leadership, training and resources necessary to support our continuous improvement in safety. We foster a strong safety culture with ongoing training, including identifying and eliminating potential exposures to prevent workplace injuries and accidents. Along our network and in our workplace, we invest in advanced technologies to enhance our safety performance as we strive to be the safest railroad in North America. CN’s safety management system includes over 2,800 wayside detectors that monitor train health in real time, triggering alerts for issues like hot bearings or dragging equipment. Additionally, seven Automated Inspection Portals (AIP) use high-definition imaging and AI to help mechanics identify needed repairs as trains pass through at speed. Decarbonizing Rail Transportation CN is committed to playing a key role in the transition to a low-carbon economy. Rail has a tremendous potential to reduce the environmental impact of transportation services. To further reduce greenhouse gas (GHG) emissions, CN seeks to achieve greater fuel efficiency and strategically increase our usage of renewable fuels. In addition to ongoing fleet renewal, we continue to invest in equipping locomotives with technologies to improve overall performance and fuel efficiency. Empowering Our People Our railroaders are the engine that powers our success. We want our culture to motivate and inspire employees to support CN’s growth while creating meaningful careers. This includes cultivating a continuous learning culture to help employees expand their skills and address emerging trends. We remain focused on attracting and developing railroaders who can deliver operational and customer service excellence. Industry-leading Governance CN is committed to continuously improving our culture of integrity and ethical business conduct, building trust and confidence with all our stakeholders. In the 2024 Globe and Mail’s Report on Business, CN earned a first-place ranking among 215 companies listed on the S&P/TSX Composite Index with a score of 99 out of 100, based on a rigorous set of governance criteria. The Delivering Responsibly section of our website provides access to our most current editions of our Sustainability Report, Data Supplement, CDP Response with TCFD Index, and Indigenous Reconciliation Action Plan. www.cn.ca/delivering-responsibly 87% OF CN EMPLOYEES ARE SHAREHOLDERS 1 million TOTAL HOURS OF EMPLOYEE TRAINING RECEIVED IN 2024 IMPROVING SAFETY PERFORMANCE(1) STRONG AND ALIGNED TEAM (1) Safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available. (2) Based on Federal Railroad Administration (FRA) reporting criteria. (3) Based on FRA reporting criteria, includes only accidents with a cost in excess of US$11,300. DECOUPLING EMISSIONS FROM GROWTH 500 400 300 200 100 0 20 16 12 8 4 0 Tonnes CO2e/Million GTMs GTMs (Billions) GHG EMISSIONS INTENSITY VS. GROSS TON MILES (GTMs) 48% Reduction in GHG emissions intensity since 1993 9394959697989900010203040506070809101112131415161718192021222324 Locomotive Emissions Intensity (Tonnes CO2 e/Million GTMs) Gross Ton Miles (Billions) PERSONAL INJURY RATIO(2) (Injuries per 200,000 person-hours) TRAIN ACCIDENT RATIO(3) (Accidents per million train miles) 2019 2020 2021 2022 2023 2024 REDUCTION OBJECTIVE 55% 2030 2019 2020 2021 2022 2023 2024 2030 4 REDUCTION 5%OBJECTIVE 1.97 1.64 1.36 0.98 1.10 1.06 2.23 1.87 1.84 1.80 2.10 1.66 | 2025 INVESTOR FACT BOOK 05 OVERVIEW MARKETS OPERATIONS FINANCIALS Strategy for Growth Financial and Operating Measures Creating Long-term Value Competitive Strengths Delivering Responsibly |
| FINANCIAL AND OPERATING MEASURES 2020 2021 2022 2023 2024(1) KEY FINANCIAL PERFORMANCE INDICATORS Total revenues ($ millions) 13,819 14,477 17,107 16,828 17,046 Freight revenues ($ millions) 13,218 13,888 16,569 16,236 16,395 Operating income ($ millions) 4,777 5,616 6,840 6,597 6,247 Adjusted operating income ($ millions)(2) 5,263 5,622 6,862 6,597 6,325 Net income ($ millions) 3,545 4,899 5,118 5,625 4,448 Adjusted net income ($ millions)(2) 3,767 4,225 5,134 4,800 4,506 Diluted earnings per share ($) 4.97 6.90 7.44 8.53 7.01 Adjusted diluted earnings per share ($)(2) 5.28 5.95 7.46 7.28 7.10 Net cash provided by operating activities ($ millions) 6,165 6,971 6,667 6,965 6,699 Net cash used in investing activities ($ millions) (2,946) (2,873) (2,510) (3,468) (3,607) Free cash flow ($ millions)(2) 3,227 3,296 4,259 3,887 3,092 Gross property additions ($ millions) 2,863 2,897 2,757 3,217 3,549 Share repurchases ($ millions) 379 1,582 4,709 4,551 2,651 Dividends per share ($) 2.30 2.46 2.93 3.16 3.38 FINANCIAL POSITION Total assets ($ millions) 44,804 48,538 50,662 52,666 57,067 Total liabilities ($ millions) 25,153 25,794 29,278 32,549 36,016 Shareholders’ equity ($ millions) 19,651 22,744 21,384 20,117 21,051 FINANCIAL RATIOS Operating ratio (%) 65.4 61.2 60.0 60.8 63.4 Adjusted operating ratio (%) (2) 61.9 61.2 59.9 60.8 62.9 Adjusted debt-to-adjusted EBITDA multiple (times)(2) 1.98 1.82 1.86 2.25 2.60 Return on invested capital (ROIC) (%)(2) 12.7 16.4 15.8 16.8 12.9 Adjusted ROIC (%)(2) 13.3 14.1 15.9 14.5 13.1 (1) Financial data for full years ending on December 31. (2) These non-GAAP measures do not have any standardized meaning prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other companies. See section entitled Non-GAAP Measures for an explanation of these non-GAAP measures. FINANCIAL MEASURES 13,819 14,477 17,107 16,828 17,046 TOTAL REVENUES ($ millions) 2020 2021 2022 2023 2024 5.28 5.95 7.46 7.28 7.10 ADJUSTED DILUTED EARNINGS PER SHARE ($) (2) 2020 2021 2022 2023 2024 Diluted Earnings Per Share 61.9 61.2 59.9 60.8 62.9 ADJUSTED OPERATING RATIO (%)(2) 2020 2021 2022 2023 2024 Operating Ratio CAGR (2024 VS. 2020) CAGR (2024 VS. 2020) VARIANCE (2024 VS. 2020) +5.4% +8.0% +100 BPS FINANCIAL HIGHLIGHTS | 2025 INVESTOR FACT BOOK 06 OVERVIEW MARKETS OPERATIONS FINANCIALS Delivering Responsibly Strategy for Growth Creating Long-term Value Competitive Strengths Financial and Operating Measures 1 2 |
| 2020 2021 2022 2023 2024 STATISTICAL OPERATING DATA Gross ton miles (GTMs) (billions) 455.4 458.4 463.7 452.0 457.7 Revenue ton miles (RTMs) (billions) 230.4 233.1 235.8 232.6 235.5 Carloads (thousands) 5,595 5,701 5,697 5,436 5,390 Route miles (includes Canada and the U.S., end of year) 19,500 19,500 18,600 18,800 18,800 Employees (end of period) 24,381 22,604 23,971 24,987 24,671 Employees (average for the period) 23,786 24,084 23,396 24,920 25,304 KEY OPERATING MEASURES Freight revenue per RTM (cents) 5.74 5.96 7.03 6.98 6.96 Freight revenue per carload ($) 2,362 2,436 2,908 2,987 3,042 GTMs per average number of employees (thousands) 19,144 19,033 19,820 18,140 18,088 Operating expenses per GTM (cents) 1.99 1.93 2.21 2.26 2.36 Labor and fringe benefits expense per GTM (cents) 0.60 0.63 0.63 0.70 0.75 Diesel fuel consumed (US gallons in millions) 407.5 405.2 402.2 395.2 401.1 Average fuel price ($/US gallon) 2.42 3.28 5.42 4.62 4.41 Fuel efficiency (US gallons of locomotive fuel consumed per 1,000 GTMs) 0.895 0.884 0.867 0.874 0.876 OPERATING METRICS Car velocity (car miles per day) 185 195 196 213 209 Locomotive utilization (trailing GTMs per total horsepower) 196 198 197 191 186 Train weight (tons) 9,501 9,658 9,324 9,186 9,087 Train length (feet) 8,572 8,559 8,160 7,891 7,831 Through dwell (entire railroad, hours) 8.6 7.9 7.6 7.0 7.0 Through network train speed (miles per hour) 18.5 19.2 18.9 19.8 18.9 CN ROLLING STOCK Diesel locomotives (end of period) 2,382 2,302 2,351 2,300 2,364 Freight cars (end of period) 62,857 56,730 56,469 54,155 54,573 (3) Statistical operating data, key operating measures, operating metrics and rolling stock information are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available. Definitions of these indicators are provided on our website, www.cn.ca/glossary. OPERATING HIGHLIGHTS OPERATING MEASURES(3) CAGR (2024 VS. 2020) CAGR (2024 VS. 2020) CAGR (2024 VS. 2020) +4.9% +3.1% -5.0% 5.74 5.96 7.03 6.98 6.96 FREIGHT REVENUE PER RTM (cents) 2020 2021 2022 2023 2024 185 195 196 213 209 CAR VELOCITY (car miles per day) 2020 2021 2022 2023 2024 8.6 7.9 7.6 7.0 7.0 THROUGH DWELL (entire railroad, hours) 2020 2021 2022 2023 2024 FINANCIAL AND OPERATING MEASURES | 2025 INVESTOR FACT BOOK 07 OVERVIEW MARKETS OPERATIONS FINANCIALS Delivering Responsibly Strategy for Growth Creating Long-term Value Competitive Strengths Financial and Operating Measures 1 2 |
| MARKET OVERVIEW GROWING WITH OUR CUSTOMERS CN aims to provide the service our customers need to grow and perform in their markets. Collaboration with our customers and supply chain partners helps us plan our capacity and services to coordinate our investments to support volume growth in lockstep with new customer opportunities. Excluding other revenue, CN’s freight revenues are derived from seven main commodity groups representing a balanced, diversified portfolio of 180 product types. This diversity helps us to have better resilience through market fluctuations and economic cycles. Our transcontinental network provides customers with access to seven major ports in Canada and the U.S., facilitating global trade and service through 21 inland intermodal terminals. Our supply chain services include rail, intermodal, trucking, marine services, bulk handling, transloading and customs brokerage – offering various options for transporting natural resources, manufactured products and finished goods. >300M TONS OF CARGO CARRIED ANNUALLY 10,000+ ORIGIN-DESTINATION PAIRS 85% OF TRAFFIC ORIGINATES ON CN’S NETWORK 4% OTHER REVENUES 20% PETROLEUM AND CHEMICALS 6% COAL 20% GRAIN AND FERTILIZERS 5% AUTOMOTIVE 11% FOREST PRODUCTS 14% INTERNATIONAL INTERMODAL 8% DOMESTIC INTERMODAL 12% METALS AND MINERALS 2024 REVENUES BY COMMODITY GROUP (% of total revenues) Intermodal (22%) Bulk Products (26%) Automotive (5%) Industrial Products (23%) Petroleum and Chemicals (20%) Other (4%) 14% International Intermodal 8% International Intermodal INDUSTRIAL PRODUCTS 12% Metals and minerals 11% Forest products BULK PRODUCTS 20% Grain and fertilizers 6% Coal 20% Petroleum and chemicals 5% Automotive 4% Other revenues $17B TOTAL REVENUES BUSINESS UNIT REVENUE MIX | 2025 INVESTOR FACT BOOK 08 OVERVIEW MARKETS OPERATIONS FINANCIALS Coal Forest Products Metals and Minerals Petroleum and Chemicals Intermodal Automotive Supply Chain Solutions Grain and Fertilizers Market Overview 1 2 Over |
| REVENUES CARLOADS $ millions thousands 2020 2021 2022 2023 2024 % Change(1) 2020 2021 2022 2023 2024 % Change(1) Petroleum and chemicals 2,631 2,816 3,229 3,195 3,414 7% 597 596 636 634 648 2% Metals and minerals 1,409 1,548 1,911 2,048 2,048 0% 935 969 956 1,002 974 (3%) Forest products 1,700 1,740 2,006 1,943 1,931 (1%) 342 339 330 309 299 (3%) Coal 527 618 937 1,017 929 (9%) 289 379 503 511 456 (11%) Grain and fertilizers 2,609 2,475 2,783 3,265 3,422 5% 663 628 614 670 690 3% Intermodal 3,751 4,115 4,906 3,823 3,757 (2%) 2,582 2,611 2,450 2,078 2,115 2% Automotive 591 576 797 945 894 (5%) 187 179 208 232 208 (10%) Total rail freight 13,218 13,888 16,569 16,236 16,395 1% 5,595 5,701 5,697 5,436 5,390 (1%) Other 601 589 538 592 651 10% Total 13,819 14,477 17,107 16,828 17,046 1% REVENUE TON MILES (RTMs) FREIGHT REVENUE PER RTM millions cents 2020 2021 2022 2023 2024 % Change(1) 2020 2021 2022 2023 2024 % Change(1) Petroleum and chemicals 43,556 42,436 46,273 43,846 46,530 6% 6.04 6.64 6.98 7.29 7.34 1% Metals and minerals 21,561 26,743 27,606 28,444 28,829 1% 6.53 5.79 6.92 7.20 7.10 (1%) Forest products 25,602 25,948 25,020 23,141 22,111 (4%) 6.64 6.71 8.02 8.40 8.73 4% Coal 16,173 18,471 22,679 22,682 20,165 (11%) 3.26 3.35 4.13 4.48 4.61 3% Grain and fertilizers 61,736 58,733 55,359 63,479 64,594 2% 4.23 4.21 5.03 5.14 5.30 3% Intermodal 59,165 58,412 56,029 47,886 50,190 5% 6.34 7.04 8.76 7.98 7.49 (6%) Automotive 2,597 2,395 2,822 3,136 3,119 (1%) 22.76 24.05 28.24 30.13 28.66 (5%) Total 230,390 233,138 235,788 232,614 235,538 1% 5.74 5.96 7.03 6.98 6.96 0% $17B REVENUES 5.4M CARLOADS 236B REVENUE TON MILES (RTMs) 6.96 cents FREIGHT REVENUE PER RTM 742 miles AVERAGE LENGTH OF HAUL Performance Summary 2024 Performance Totals (1) % change from 2023 to 2024. MARKET OVERVIEW | 2025 INVESTOR FACT BOOK 09 OVERVIEW MARKETS OPERATIONS FINANCIALS Coal Forest Products Metals and Minerals Petroleum and Chemicals Intermodal Automotive Supply Chain Solutions Grain and Fertilizers Market Overview 1 2 |
| W 50% Refined Petroleum Products W 38% Chemicals and Plastics W 7% Crude and Condensate W 5% Sulfur 2024 COMMODITY BREAKDOWN (% of revenues) CAGR ( 2024 vs. 2020) MARKET DRIVERS • North American and international economic growth • Chemicals and plastics feedstock prices • North American liquified natural gas (LNG) production • Demand for propane for heating and crop drying • North American production and investment in clean energy • Greenhouse gas (GHG) reduction through renewable diesel, biodiesel and Sustainable Aviation Fuels (SAF) • Trade and tariff policy SULFUR • Molten and prilled sulfur RENEWABLE PRODUCTS • Biodiesel, renewable propane, condensate and diesel, sustainable aviation fuel (SAF) COMMODITIES PETROLEUM PRODUCTS • Propane, butane, crude oil, gasoline, diesel, jet fuel, fuel oil, lubricants, asphalt, condensate CHEMICALS AND PLASTICS • Polyethylene, polyvinyl chloride (PVC), caustic soda, sulfuric acid, pulp mill chemicals KEY FACTS • Supporting the sector as a rail carrier serving three key petrochemical hubs in North America: Alberta, Louisiana and Ontario • Moving petroleum and chemical shipments in customer-supplied private cars • Facilitating growth in propane, plastics and other petrochemical commodities through export expansion projects on Canada’s West Coast REVENUES ($ millions) 2020 2021 2022 2023 2024 2,816 2,631 3,229 3,195 3,414 CARLOADS (thousands) 2020 2021 2022 2023 2024 597 596 636 634 648 REVENUE TON MILES (RTMs) (millions) 2020 2021 2022 2023 2024 42,436 43,556 46,273 43,846 46,530 FREIGHT REVENUE PER RTM (cents) 2020 2021 2022 2023 2024 6.64 6.04 6.98 7.29 7.34 ~820 miles +7% +2% +2% +5% PETROLEUM AND CHEMICALS FUELING MARKET GROWTH FOR OUR CUSTOMERS BUSINESS UNIT OVERVIEW AND MARKET DRIVERS AVERAGE LENGTH OF HAUL (2024) $3,414M 2024 REVENUES | 2025 INVESTOR FACT BOOK 10 OVERVIEW MARKETS OPERATIONS FINANCIALS Coal Forest Products Metals and Minerals Market Overview Intermodal Automotive Supply Chain Solutions Grain and Fertilizers Petroleum and Chemicals 1 2 |
| Scotford Flat Rock Hamilton Ferndale, WA Mont Belvieu, TX Blue Hills North Vancouver Kamloops Hay River Fort McMurray Sarnia Baton Rouge Regina Prince George Joliet Mobile Quebec Montreal New Orleans Prince Rupert Vancouver Halifax Saint John Saskatoon Chicago Memphis Edmonton Toronto Detroit Thunder Bay Winnipeg Calgary Moncton Supply Chain at a Glance EXPANDING MARKET ACCESS AND GROWTH OPPORTUNITIES Petroleum Chemicals and plastics Sulfur Natural gas liquids Ports served by CN P CargoFlo® P Propane export facility P Petrochemical facility P Petrochemical hub Shale play CN’S PETROLEUM AND CHEMICALS SUPPLY CHAIN 85% OF THE CANADIAN PETROCHEMICAL INDUSTRY IS DIRECTLY SERVED BY CN 20 CargoFlo® DISTRIBUTION FACILITIES ON OUR NETWORK FOR LIQUIDS TRANSFER AND BAGGING OF BULK COMMODITIES For more information, please visit: www.cn.ca/your-industry/petroleum-chemicals KEY ADVANTAGES SPOTLIGHT Partnering to Meet Refined Fuel Demands CN identified a marketplace need to address fuel demand in the Greater Toronto Area and provide a flexible, long-term supply chain alternative to existing pipeline infrastructure and limited capacity. In partnership with customers, CN developed infrastructure surrounding the first phase of the new fuel distribution centre at CN’s MacMillan Yard in Toronto in mid-2024. The facility offers a safe, efficient cycle of rail-to-tank unloading, and tank-to-truck loading. It’s meeting crucial demand for refined petroleum products – including gasoline, diesel and ethanol – in Southern Ontario, Canada’s largest and growing fuel market. The terminal’s second phase, targeted to open in Q4 2025, will add six more tracks and five more tanks to accommodate high-throughput, interconnected unit trains. PICTURED: CN’s new fuel distribution centre, MacMillan Yard, Toronto, ON CN’s access to export terminals in Prince Rupert, Vancouver, Montreal and Mobile offers gateways to international markets for propane, plastics and renewable products. CN provides producers with single-line access to refineries in Eastern Canada as well as the U.S. Midwest and U.S. Gulf Coast. CN facilitates global supply chains with available import/export capacity at major ports on three coasts. Our network and 19 Petroleum and Chemicals transload facilities safely and efficiently move products and connect customers with their markets. CN line Major roads Existing and Proposed Facilities CN’s Scotford Yard Heartland Boundary (also includes Edmonton) North Saskatchewan River 1 Sherritt 2 Nutrien 3 Dow Chemicals 4 Keyera 5 Plains Midstream 6 AltaGas 7 Inter Pipeline 8 Pembina 9 Suncor 10 ATCO 11 Shell 12 Wolf Midstream 13 Evonik Canada 14 North West Redwater 15 Heartland Sulphur 16 Gibson Energy 17 TransCanada 18 Enbridge 19 Cenovus 20 MEG Energy DIRECT ACCESS TO OVER 20 COMPANIES WITHIN ALBERTA’S INDUSTRIAL HEARTLAND PETROLEUM AND CHEMICALS | 2025 INVESTOR FACT BOOK 11 OVERVIEW MARKETS OPERATIONS FINANCIALS Coal Forest Products Metals and Minerals Market Overview Intermodal Automotive Supply Chain Solutions Grain and Fertilizers Petroleum and Chemicals 1 2 |
| METALS AND MINERALS CONNECTING PRODUCERS WITH THEIR END MARKETS CAGR ( 2024 vs. 2020) ~360 miles +10% +1% +8% +2% REVENUES ($ millions) 2020 2021 2022 2023 2024 1,548 1,409 1,911 2,048 2,048 W 27% Metals W 25% Minerals W 28% Energy Materials W 20% Iron Ore 2024 COMMODITY BREAKDOWN (% of revenues) CARLOADS (thousands) 2020 2021 2022 2023 2024 969 935 956 1,002 974 2020 2021 2022 2023 2024 REVENUE TON MILES (RTMs) (millions) 26,743 21,561 27,606 28,444 28,829 FREIGHT REVENUE PER RTM (cents) 2020 2021 2022 2023 2024 5.79 6.53 6.92 7.20 7.10 MARKET DRIVERS • Oil and gas production • Manufacturing production (e.g., automobiles, railcars, heavy equipment, aerospace) • Non-residential construction activity • Large infrastructure projects • Global demand for ores and metals • Consumer goods production • Trade and tariff policy COMMODITIES METALS AND MINERALS • Steel, non-ferrous ore and base metals such as aluminum, spodumene (raw lithium), copper, nickel and zinc • Construction materials, machinery, railway equipment, large loads KEY FACTS • Serving 10 aluminum smelters, more than any other railroad in North America • Supporting customer growth as one of the top movers of aluminum, iron ore and base metal ore • Reaching all top shale plays in Canada, including the Western Canada Sedimentary Basin, and providing unique network access to emerging mining opportunities • Offering single-line access from Wisconsin frac sand producers to Western Canada’s Montney Formation drilling region BUSINESS UNIT OVERVIEW AND MARKET DRIVERS AVERAGE LENGTH OF HAUL (2024) $2,048M 2024 REVENUES ENERGY MATERIALS • Frac sand and pipe IRON ORE • Crude ore, iron ore pellets, chips and fines, blast furnace trim | 2025 INVESTOR FACT BOOK 12 OVERVIEW MARKETS OPERATIONS FINANCIALS Coal Forest Products Petroleum and Chemicals Market Overview Intermodal Automotive Supply Chain Solutions Grain and Fertilizers Metals and Minerals 1 2 |
| Scotford Bienfait Flat Rock Hamilton Escanaba Two Harbors Surrey North Vancouver Saguenay Fort McMurray Fort Nelson Baie-Comeau Kitimat Sept-Îles Conneaut Pittsburgh Duluth Sault Ste.Marie Minneapolis/St. Paul Toledo Decatur Jackson Prince George Chetwynd Grande Prairie Arcadia Chippewa Falls Joliet Mobile Quebec Montreal New Orleans Prince Rupert Vancouver Halifax Saint John Saskatoon Chicago Memphis Edmonton Toronto Detroit Thunder Bay Winnipeg Calgary Moncton Supply Chain at a Glance PROVIDING ACCESS AND OPTIONS FOR GROWTH Metals Minerals Energy materials Iron ore Ports served by CN E Aluminum smelters P CN metals distribution centres P CN iron ore docks CN’S METALS AND MINERALS SUPPLY CHAIN Varied fleet OF RAILCARS TO SUPPORT OUR CUSTOMERS NEEDS 14 distribution centres STRATEGICALLY LOCATED AT KEY SITES ACROSS OUR NETWORK CN’s rail network reaches deep into mining regions rich in metals, minerals, iron ore and frac sand, as well as key aluminum- and steel-producing areas. Our strong origin franchise and access to end markets makes CN among the top transporters of aluminum and iron ore in North America. CN owns and operates a fully integrated supply chain that transports iron ore commodities directly from mines to mills via rail and the Great Lakes Fleet. CN’s large rail fleet is as varied as our customers’ needs – from covered and open coil gondolas to bulkhead flatcars accommodating loads of up to 110 tons. For more information, please visit: www.cn.ca/your-industry/metals-minerals KEY ADVANTAGES SPOTLIGHT Enabling Frac Sand Growth in Northeast British Columbia In Northeast British Columbia, growing natural gas drilling activity has driven up demand for frac sand—a critical material for energy companies. Wisconsin’s high-quality sand is especially sought after, and CN plays a pivotal role in transporting it, providing direct single-line access from the mine to the heart of the Montney Formation. CN’s strategic investments are increasing capacity, supporting new terminal development, and supporting market expansion. As of Q1 2025, CN serves two unit-train facilities, with additional terminals in development. PICTURED: Wisconsin Northern White frac sand being loaded and transported to energy markets. Bienfait Flat Rock Hamilton Escanaba Two Harbors Saguenay Chetwynd Dawson Creek Shale play CN unit train facility Tumbler Ridge Grande Prairie Kamloops Fort Nelson Baie-Comeau Sept-Îles Conneaut Pittsburgh Duluth Sault Ste.Marie Minneapolis/St. Paul Toledo Decatur Jackson Prince George Arcadia Chippewa Falls Joliet Mobile Quebec Montreal New Orleans Prince Rupert Vancouver Halifax Saint John Saskatoon Chicago Memphis Edmonton Toronto Detroit Thunder Bay Winnipeg Calgary Moncton MOVING MORE FRAC SAND VOLUME INTO NORTHERN BC METALS AND MINERALS | 2025 INVESTOR FACT BOOK 13 OVERVIEW MARKETS OPERATIONS FINANCIALS Coal Forest Products Petroleum and Chemicals Market Overview Intermodal Automotive Supply Chain Solutions Grain and Fertilizers Metals and Minerals 1 2 |
| FOREST PRODUCTS ROOTED IN DELIVERING SERVICE EXCELLENCE CAGR ( 2024 vs. 2020) ~840 miles +3% -3% -4% +7% REVENUES ($ millions) 2020 2021 2022 2023 2024 1,700 1,740 2,006 1,943 1,931 W 53% Lumber and Panels W 47% Pulp and Paper 2024 COMMODITY BREAKDOWN (% of revenues) CARLOADS (thousands) 2020 2021 2022 2023 2024 342 339 330 309 299 2020 2021 2022 2023 2024 REVENUE TON MILES (RTMs) (millions) 25,602 25,948 25,020 23,141 22,111 FREIGHT REVENUE PER RTM (cents) 2020 2021 2022 2023 2024 6.64 6.71 8.02 8.40 8.73 MARKET DRIVERS LUMBER AND PANELS • Residential construction, repairs and remodelling, industrial activity • Trade and tariff policy COMMODITIES LUMBER AND PANELS • Lumber, oriented strand board (OSB) panels, plywood, siding, engineered wood products, timber mats KEY FACTS • Moving more forest products than any other rail carrier in North America • Supporting customer demand with an upgraded fleet of ~19,500 premium cars, including centrebeams and box cars for lumber, panels, pulp and paper BUSINESS UNIT OVERVIEW AND MARKET DRIVERS AVERAGE LENGTH OF HAUL (2024) $1,931M 2024 REVENUES PULP AND PAPER • Woodpulp, newsprint, printing paper, paperboard, containerboard, logs, wood chips, wood pellets PULP AND PAPER • Global consumption of pulp, paper, tissue and packaging; coal substitution for offshore power generation • Trade and tariff policy | 2025 INVESTOR FACT BOOK 14 OVERVIEW MARKETS OPERATIONS FINANCIALS Coal Metals and Minerals Petroleum and Chemicals Market Overview Intermodal Automotive Supply Chain Solutions Grain and Fertilizers Forest Products 1 2 |
| Edson Surrey North Battleford Atikokan Prince George Mobile Quebec Montreal New Orleans Prince Rupert Vancouver Halifax Saint John Saskatoon Chicago Memphis Edmonton Toronto Detroit Thunder Bay Winnipeg Moncton Calgary Supply Chain at a Glance SUPPORTING OUR CUSTOMERS IN EVOLVING MARKETS Lumber and panels Pulp and paper Wood pellets Ports served by CN P CN forest products distribution centres P Wood pellet producers CN’S FOREST PRODUCTS SUPPLY CHAIN ~9,100centrebeams CN MAINTAINS THE INDUSTRY’S LARGEST FLEET TO MEET EVOLVING DEMAND 13 distribution centres STRATEGICALLY LOCATED IN KEY LOCATIONS ACROSS OUR NETWORK CN’s network reaches Canadian and U.S. fibre-rich producing regions to move forest products across North America and access overseas markets. CN operates North America’s largest forest products railcar fleet to reliably handle customer needs and an evolving market. Our direct access to two West Coast ports provides capacity and efficiency advantages in shipping to Asia. CN is positioned to meet market demand for growth products such as wood pellets, engineered wood siding, containerboard and tissue paper. For more information, please visit: www.cn.ca/your-industry/forest-products KEY ADVANTAGES SPOTLIGHT Invested in Our Forest Products Customers CN continues its strong partnership with our forest products customers, helping them to reach existing and new markets for lumber, panels, paper, woodpulp and other goods. Aligned with a long-term commitment to support growth and efficiencies within this sector, CN has continued to invest in railcar equipment. For example, more than 1,600 high-capacity box cars have been acquired in recent years to complement our existing fleet of premium cars. CN uniquely serves forest-rich and remote regions in Northern Canada, including in British Columbia, Alberta and Quebec. 13 forest products distribution centres are located in key locations across the network enabling non-rail-served customers to benefit from CN’s reliable and cost-effective service. PICTURED: Moving forest products to market, Clinton, BC Photo by CN Employee Michael Thomas FOREST PRODUCTS | 2025 INVESTOR FACT BOOK 15 OVERVIEW MARKETS OPERATIONS FINANCIALS Coal Metals and Minerals Petroleum and Chemicals Market Overview Intermodal Automotive Supply Chain Solutions Grain and Fertilizers Forest Products 1 2 |
| COAL PROVIDING DIRECT ACCESS TO KEY MARKETS CAGR ( 2024 vs. 2020) ~390 miles +15% +12% +6% +9% REVENUES ($ millions) 2020 2021 2022 2023 2024 618 527 937 1,017 W 929 52% Canadian Coal – Export W 23% Petroleum Coke W 13% U.S. Coal – Export W 12% U.S. Coal – Domestic 2024 COMMODITY BREAKDOWN (% of revenues) CARLOADS (thousands) 2020 2021 2022 2023 2024 379 289 503 511 456 2020 2021 2022 2023 2024 REVENUE TON MILES (RTMs) (millions) 18,471 16,173 22,679 22,682 20,165 FREIGHT REVENUE PER RTM (cents) 2020 2021 2022 2023 2024 3.26 3.35 4.13 4.48 4.61 MARKET DRIVERS • Weather • Environmental regulations • Global supply/demand conditions • North American and global demand for energy and steel • North American and European natural gas prices COMMODITIES • Grades of bituminous coal from thermal to metallurgical • Metallurgical coke • Petroleum coke KEY FACTS • Moving a diversified coal portfolio with 45% thermal coal, 43% metallurgical coal, and petroleum coke comprising the remaining 12% • Facilitating Canadian coal exports, namely metallurgical coal destined for steelmaking plants in Asia BUSINESS UNIT OVERVIEW AND MARKET DRIVERS AVERAGE LENGTH OF HAUL (2024) $929M 2024 REVENUES • Supporting global supply chains as the only Canadian railway in North America with direct access to coal export terminals on Canada’s West Coast and the U.S. Gulf Coast | 2025 INVESTOR FACT BOOK 16 OVERVIEW MARKETS OPERATIONS FINANCIALS Forest Products Metals and Minerals Petroleum and Chemicals Market Overview Intermodal Automotive Supply Chain Solutions Grain Coal and Fertilizers 1 2 |
| East Dubuque Calvert City Chiles Mound City Lloydminster Kamloops Fort McMurray East St. Louis Sarnia Baton Rouge Regina Prince George Joliet Mobile Quebec Montreal New Orleans Prince Rupert Vancouver Halifax Saint John Saskatoon Chicago Memphis Edmonton Toronto Detroit Thunder Bay Winnipeg Moncton Calgary Supply Chain at a Glance ENABLING EXPORT AND DOMESTIC COAL SUPPLY CHAINS CN’S COAL SUPPLY CHAIN ~2 days faster to Asia TIME-SAVING ADVANTAGE WITH CN’S EXCLUSIVE RAIL ACCESS TO TRIGON AT THE PORT OF PRINCE RUPERT 6 export terminals CN’S ACCESS TO HIGH-CAPACITY EXPORT TERMINALS (4 IN CANADA AND 2 IN THE U.S.) CREATES DIRECT LINKS FOR OUR CUSTOMERS CN is the only railway to serve all three Canadian coal export terminals on the West Coast: Westshore, Neptune and Trigon. CN provides single-line access from coal mines in the U.S. Midwest to domestic power plants and export terminals on the Gulf Coast. Our dedicated Bulk Operations service group supports efficient customer shipments by working with all supply chain partners to manage inventories at mines and terminals, including coordination to meet vessel schedules. For more information, please visit: www.cn.ca/your-industry/coal KEY ADVANTAGES SPOTLIGHT Delivering Supply Chain Advantage for Canadian Coal Exports Metallurgical coal mines in Canada, primarily located in British Columbia and Alberta, provide coke – an essential input in the production of steel. In recent years, market conditions have improved with more favorable metallurgical coal prices and growing export demand for Canada’s high-quality, low-sulfur product, notably to supply Asian steelmaking plants. CN’s network offers a competitive advantage for producers with time-saving and cost-efficient services to transport the metallurgical coal from mines to export terminals on Canada’s West Coast, which has the closest access to the Asian market. In Northeast British Columbia, for example, the recent reactivation of the Quintette steelmaking coal mine is responding to market needs, with shipments underway and CN providing a strategic supply chain link. PICTURED: Trigon Pacific Terminals’ coal export facility in Prince Rupert, BC Canadian coal U.S. coal Petroleum coke Ports served by CN P Coal mines P Petroleum coke sourcing P Barge transload terminals E Export terminals COAL | 2025 INVESTOR FACT BOOK 17 OVERVIEW MARKETS OPERATIONS FINANCIALS Forest Products Metals and Minerals Petroleum and Chemicals Market Overview Intermodal Automotive Supply Chain Solutions Grain Coal and Fertilizers 1 2 |
| GRAIN AND FERTILIZERS EMPOWERING OUR CUSTOMERS TO FEED THE WORLD CAGR ( 2024 vs. 2020) +7% +1% +1% +6% MARKET DRIVERS GRAIN • Weather conditions, seeded and harvested acreage, mix of grain crops and crop yield, size and quality of individual crops • International market conditions, foreign government policy COMMODITIES GRAIN • Wheat, canola, peas, oats, barley, corn, soybeans, ethanol, distiller’s dried grains, canola and soybean meal and oil, other oils and fats, malt KEY FACTS • Moving Western Canadian grain for export via three ports: Vancouver, Prince Rupert and Thunder Bay • Serving the U.S. grain market from the Midwest to the Gulf Coast • Transporting fertilizer throughout North America and to/from ports on Canada’s West and East Coasts ~900 miles REVENUES ($ millions) 2020 2021 2022 2023 2024 2,475 2,609 2,783 3,265 3,422 W 42% Canadian Grain – Regulated W 12% Canadian Grain – Commercial W 17% U.S. Grain – Domestic W 7% U.S. Grain – Exports W 13% Fertilizers – Potash W 9% Fertilizers – Other 2024 COMMODITY BREAKDOWN (% of revenues) CARLOADS (thousands) 2020 2021 2022 2023 2024 628 663 614 670 690 2020 2021 2022 2023 2024 REVENUE TON MILES (RTMs) (millions) 58,733 61,736 55,359 63,479 64,594 FREIGHT REVENUE PER RTM (cents) 2020 2021 2022 2023 2024 4.23 4.21 5.03 5.14 5.30 BUSINESS UNIT OVERVIEW AND MARKET DRIVERS AVERAGE LENGTH OF HAUL (2024) $3,422M 2024 REVENUES FERTILIZER • Potash, ammonia nitrate, urea, phosphate fertilizers, anhydrous ammonia, ammonium sulphate, liquid fertilizers FERTILIZER • Input prices, demand, government policies, international competition | 2025 INVESTOR FACT BOOK 18 OVERVIEW MARKETS OPERATIONS FINANCIALS Coal Forest Products Metals and Minerals Petroleum and Chemicals Market Overview Intermodal Automotive Supply Chain Solutions Grain and Fertilizers 1 2 |
| Mobile Quebec Montreal New Orleans Prince Rupert Vancouver Halifax Saint John Saskatoon Chicago Memphis Edmonton Toronto Detroit Thunder Bay Winnipeg Moncton Calgary Supply Chain at a Glance PARTNERING TO DELIVER END-TO-END SERVICES Canadian grain U.S. grain Ports served by CN Fertilizers – potash Fertilizers – other CN’S GRAIN AND FERTILIZERS SUPPLY CHAIN 4,150hopper cars NEW HOPPER CARS HANDLE UP TO 40% MORE GRAIN PER TRAIN 70%grain elevators BUILT IN WESTERN CANADA SINCE 2015 ARE EXCLUSIVELY ON CN’S NETWORK CN’s network investments are supporting increased capacity and fluidity in key corridors, including sidings up to 12,000 feet long in Western Canada. Strategically located stuffing facilities along CN’s network load grain products into intermodal containers ready for export shipment. CN’s access to ports on three coasts and the Great Lakes helps customers meet demand in key markets in Asia and Latin America. CN supports North America’s growing renewable fuels market by transporting seed to crush plants, feedstocks to refineries, and renewable fuels to end markets. high-efficiency of high-throughput For more information, please visit: www.cn.ca/your-industry/grain and www.cn.ca/your-industry/fertilizer KEY ADVANTAGES SPOTLIGHT Growing Our Network for Agribusiness CN’s acquisition of Iowa Northern Railway (IANR) and its 175 route miles represents an opportunity to support agribusiness in Iowa while extending our reach to further serve customers and enable incremental growth. The combined CN-IANR offers a single-line service to better connect U.S. Midwest agricultural and industrial markets – including grain, fertilizer and renewable fuels – to the rest of CN’s North American network. Customers, farmers and local businesses along the IANR network will benefit from new options to respond to the current needs and accelerate growth in new markets, while preserving access to their existing carriers. IANR also builds the density of our Southern U.S. network, yielding growth opportunities for bulk grain and processed grain products. PICTURED: Grain train, Iowa Northern Railway, Greene, IA Viterra Viterra Viterra Viterra G3 G3 G3 G3 G3 G3 G3 G3 P&H P&H DG Global GrainsConnect GrainsConnect, Viterra Fraser Grain Terminal, G3 Vancouver, Fibreco Ray-Mont Logistics Richardson Richardson GrainsConnect G3 P&H AGT Foods Richardson Completed new grain elevators Waterfront export facilities NEW GRAIN ELEVATORS BUILT ON CN LINE NEW HIGH-THROUGHPUT ELEVATORS BUILT ON CN LINE GRAIN AND FERTILIZERS | 2025 INVESTOR FACT BOOK 19 OVERVIEW MARKETS OPERATIONS FINANCIALS Coal Forest Products Metals and Minerals Petroleum and Chemicals Market Overview Intermodal Automotive Supply Chain Solutions Grain and Fertilizers 1 2 |
| INTERMODAL TRI-COASTAL SOLUTIONS FOR A DYNAMIC GLOBAL MARKET CAGR ( 2024 vs. 2020) ~1,820 miles 0% -5% -4% +4% REVENUES ($ millions) 2020 2021 2022 2023 2024 4,115 3,751 4,906 3,823 3,757 W 64% International W 36% Domestic 2024 COMMODITY BREAKDOWN (% of revenues) CARLOADS (thousands) 2020 2021 2022 2023 2024 2,582 2,611 2,450 2,078 2,115 2020 2021 2022 2023 2024 REVENUE TON MILES (RTMs) (millions) 59,165 58,412 56,029 47,886 50,190 FREIGHT REVENUE PER RTM (cents) 2020 2021 2022 2023 2024 7.04 6.34 8.76 7.98 7.49 COMMODITIES INTERNATIONAL • Ocean-borne import and export dry and temperature-controlled containerized traffic KEY FACTS • Executing supply chain collaboration agreements with key ports • Offering one of Canada’s largest reefer fleets with CargoCool®, CN’s temperature-controlled transport business • Delivering flexible first-mile to last-mile options with CNTL, one of Canada’s largest trucking companies, and CN-owned TransX • Expanding reach and capacity with full membership in the Equipment Management Pool (EMP), with a supply of ~40,000 containers • Supporting customers with a dedicated Customer Experience Team MARKET DRIVERS INTERNATIONAL • North American economic and trade conditions • Global trade patterns BUSINESS UNIT OVERVIEW AND MARKET DRIVERS AVERAGE LENGTH OF HAUL (2024) $3,757M 2024 REVENUES DOMESTIC • Consumer products for large retailers • Raw materials, manufactured goods and consumer products for wholesale trucking and logistics clients • International to domestic container transload conversion options for shippers DOMESTIC • North American economy and consumer spending • North American industrial production | 2025 INVESTOR FACT BOOK 20 OVERVIEW MARKETS OPERATIONS FINANCIALS Coal Forest Products Metals and Minerals Petroleum and Chemicals Market Overview Automotive Supply Chain Solutions Grain and Fertilizers Intermodal 1 2 |
| Joliet Jackson MEXICO Arcadia Chippewa Falls Indianapolis Prince George Regina Saskatoon Halifax Chicago Detroit Mobile Toronto Montreal Memphis Moncton New Orleans Edmonton Calgary Winnipeg Prince Rupert Vancouver Saint John Supply Chain at a Glance OFFERING SEAMLESS GLOBAL AND DOMESTIC TRADE CONNECTIONS International Domestic Intermodal ports served by CN P Intermodal terminals P Logistics parks CN’S INTERMODAL SUPPLY CHAIN ~10,500 containers INCLUDING DOMESTIC AND CARGOCOOL® CONTAINERS, SUPPORTING CAPACITY AND GROWTH ~9,600 chassis ENABLE EFFICIENT AND FLEXIBLE DELIVERY TO END MARKETS CN facilitates seamless global trade connections with 21 intermodal terminals located near ports and large urban centres. CN’s intermodal service allows our customers to benefit from the lower cost, reduced emissions and higher cargo payloads of shipping by rail. With TransX and CNTL, CN pairs the efficiency of rail with the added flexibility of trucking to better serve our local and non-rail-served customers. CN provides access to ports with available import/export capacity and shorter transit times to/from Asia, the Indian subcontinent, Europe, the Middle East, Africa and South America. For more information, please visit: www.cn.ca/your-industry/consumer-goods and www.cn.ca/your-industry/temperature-controlled-cargo KEY ADVANTAGES PICTURED: Fairview Container Terminal, Port of Prince Rupert, BC SPOTLIGHT Prince Rupert: Strengthening Supply Chain Options CN’s intermodal solutions help customers reach markets across North America. With its tri-coastal network, CN has access to major gateways on the East, West and Gulf coasts, including the Port of Prince Rupert. CN’s exclusive, on-dock rail access to Prince Rupert directly connects customers to our North American network, offering the only single-line rail service from Canada’s West Coast to Detroit and Memphis. Recent expansions at the Fairview Container Terminal are increasing Prince Rupert’s capacity to 1.6 million TEUs, boosting the port’s ability to handle growing trade volumes. New projects – including the IntermodeX logistics centre and CANXPORT transloading facility – will make Prince Rupert even more attractive by providing additional transloading capacity for overseas customers to improve their round trip economics. MEXICO Chippawa Falls Regina Arcadia New York Cincinnati Indianapolis Columbus Cleveland Philadelphia Wilmington Montreal Prince George Vancouver Halifax Moncton Saskatoon Chicago Edmonton Toronto Detroit Atlanta Kansas City Winnipeg Monterrey Silao Calgary EXPANDING ACCESS THROUGH INTERLINE PARTNERSHIPS CN line Shortline partners Union Pacific Ferromex Norfolk Southern CSX Interline partnership destinations INTERMODAL | 2025 INVESTOR FACT BOOK 21 OVERVIEW MARKETS OPERATIONS FINANCIALS Coal Forest Products Metals and Minerals Petroleum and Chemicals Market Overview Automotive Supply Chain Solutions Grain and Fertilizers Intermodal 1 2 |
| CAGR ( 2024 vs. 2020) ~740 miles +11% +3% +5% +6% REVENUES ($ millions) 2020 2021 2022 2023 2024 591 576 797 945 W 93% Finished Vehicles 894 W 7% Auto Parts 2024 COMMODITY BREAKDOWN (% of revenues) CARLOADS (thousands) 2020 2021 2022 2023 2024 179 187 208 232 208 2020 2021 2022 2023 2024 REVENUE TON MILES (RTMs) (millions) 2,395 2,597 2,822 3,136 3,119 FREIGHT REVENUE PER RTM (cents) 2020 2021 2022 2023 2024 24.05 22.76 28.24 30.13 28.66 MARKET DRIVERS • Global and North American automotive production and sales • Consumer confidence and disposable income • Average age of vehicles in North America • Auto dealer inventory levels • Price of fuel • Zero-emission vehicle (ZEV) adoption and transition • Trade and tariff policy COMMODITIES • Finished vehicles • Auto parts KEY FACTS • Handling more than two million finished vehicles annually • Operating 18 automotive compounds accessing 12 North American vehicle assembly plants • Serving the industry with ~5,000 multi-level railcars • Enabling connections at three ports for finished vehicles in Vancouver, Halifax and Mobile • Handling containerized auto parts at six ports: Vancouver, Prince Rupert, Saint John, Montreal, Halifax and Mobile AUTOMOTIVE RELIABLE SERVICE WITH A FOCUS ON DYNAMIC SOLUTIONS BUSINESS UNIT OVERVIEW AND MARKET DRIVERS AVERAGE LENGTH OF HAUL (2024) $894M 2024 REVENUES | 2025 INVESTOR FACT BOOK 22 OVERVIEW MARKETS OPERATIONS FINANCIALS Coal Forest Products Metals and Minerals Petroleum and Chemicals Market Overview Intermodal Supply Chain Solutions Grain and Fertilizers Automotive 1 2 |
| Windsor Markham Charny St. John’s New Richmond Jackson Mobile Quebec Montreal Prince Rupert Vancouver Halifax Saint John Saskatoon Chicago Memphis Edmonton Toronto Detroit Winnipeg Calgary Moncton Sarnia Thunder Bay New Orleans Supply Chain at a Glance HELPING MOVE AN INTERCONNECTED AUTOMOTIVE SUPPLY CHAIN Finished vehicles Auto parts Intermodal auto parts Ports served by CN P Automotive compounds P Assembly plants CN’S AUTOMOTIVE SUPPLY CHAIN 18compounds PROVIDE SAFE AND COST-EFFECTIVE TRANSPORT OF FINISHED VEHICLES AND AUTO PARTS ACROSS NORTH AMERICA ~5,000railcar fleet OF BI-LEVEL AND TRI-LEVEL AUTORACKS HELPS CN TRANSPORT SUVS AND OTHER FINISHED VEHICLES automotive For more information, please visit: www.cn.ca/your-industry/automotive SPOTLIGHT Offering Flexible Options for Shifting Needs CN plays a vital role in North America’s automotive supply chain, serving 11 assembly plants across Michigan, Ontario and Mississippi. The Autoport-operated terminal in Halifax is the only facility in Eastern Canada with exclusive CN rail access, supporting vehicle imports from Asia, Europe and Mexico. On the West Coast, CN’s access to the Port of Vancouver offers efficient connections to and from Asian markets. Inland, CN’s distribution network includes key facilities like New Richmond, Wisconsin—an auto compound supporting finished vehicle movements across the U.S. Midwest through both single-line and interchange service. To support this evolving sector, CN has strengthened its capabilities through ongoing enhancements in infrastructure, rolling stock, and technology—building a resilient, scalable network aligned with shifting supply chain strategies. PICTURED: CN’s Autoport, Port of Halifax, NS KEY ADVANTAGES CN’s three-coast network enables imports of finished vehicles and auto parts globally. CN manages the full automotive supply chain, including rail, truck, transload, customs, customer service and special vehicle processing requests. CN provides transportation solutions to support the zero-emission vehicle (ZEV) supply chain – from mines to battery packs to completed ZEV vehicles. Our intermodal service offers an efficient option for auto parts for domestic shippers and overseas suppliers. Sarnia Port Huron London Milton Chicago Detroit Toronto 2 4 3 1 5 6 7 8 9 10 11 12 1 Lansing GM 2 Flint Truck GM 3 GM Orion 4 Flat Rock Ford 5 Dearborn Truck Ford 6 Stellantis Toledo 7 Windsor Stellantis 8 Ingersoll GM 9 Brampton Stellantis 10 Oakville Ford 11 Oshawa GM 12 Honda Alliston AUTOMOTIVE | 2025 INVESTOR FACT BOOK 23 OVERVIEW MARKETS OPERATIONS FINANCIALS Coal Forest Products Metals and Minerals Petroleum and Chemicals Market Overview Intermodal Supply Chain Solutions Grain and Fertilizers Automotive 1 2 |
| SUPPLY CHAIN SOLUTIONS MEETING OUR CUSTOMERS’ DIVERSE NEEDS CN’s Supply Chain Solutions go beyond rail to extend our market reach and enable our customers to benefit from rail transportation’s cost and environmental benefits. We provide a range of services designed to offer operational flexibility and capacity to support the safe and efficient movement of goods to market. We collaborate with customers to determine the right suite of services tailored to their business needs. CN works with our customers to identify, coordinate and execute cost-effective solutions to meet their current demands and be ready for future needs. Our services include: vessel and dock operations to support the iron ore supply chain; 18 auto compounds located across We collaborate with customers to determine the right suite of services tailored to their business needs. CN works with our customers to identify, coordinate and execute cost-effective solutions to meet their current demands and be ready for future needs. Our services include: vessel and dock operations to support the iron ore supply chain; 18 auto compounds located across our North American rail network to receive, store, and facilitate distribution of finished vehicles to allow our customers to serve their local markets; an extensive network of strategically positioned distribution, transfer, warehousing and reload facilities to support broader market access and facilitate the use of rail transportation. our North American rail network to receive, store, and facilitate distribution of finished vehicles to allow our customers to serve their local markets; an extensive network of strategically positioned distribution, transfer, warehousing and reload facilities to support broader market access and facilitate the use of rail transportation. BUSINESS DEVELOPMENT When companies seek to grow their business and connect to rail, CN’s Business Development team offers solutions, including Certified Rail Ready Sites in strategic markets across our network. For more information please visit: www.cn.ca/our-services SUPPLY CHAIN SALES We collaborate with our customers across North America to facilitate end-to-end supply chains that deliver essential goods businesses need to grow and meet marketplace demands. CUSTOMS BROKERAGE Our licensed customs brokers ensure our customers’ shipments moving in/ out of the U.S., Canada and Mexico are efficiently cleared and managed. IRON ORE SUPPLY CHAIN CN owns and operates a fully integrated supply chain that transports iron ore directly from mines to steel mills via rail and the Great Lakes Fleet. DISTRIBUTION SERVICES CN’s network of distribution centres, bulk transfer facilities, CargoFlo® transload terminals and warehouses are strategically located to help our customers reach and grow their markets. AUTOMOTIVE SUPPLY CHAIN CN handles finished vehicles and auto parts from domestic manufacturers and through ports on three coasts to 18 auto compounds across our network for distribution to local dealers. PICTURED: CN’s Great Lakes Fleet vessel Presque Isle, being loaded at Duluth, MI, ore dock. CN’s iron ore operation is an example of our end-to-end supply chain mindset, transporting iron ore from mine to mill entirely on CN assets. EXTENSIVE NETWORK OF SUPPLY CHAIN FACILITIES AND SERVICES || 2025 2025 INVESTOR FACT BOOK INVESTOR FACT BOOK INVESTOR FACT BOOK 24 MARKETS OVERVIEW OPERATIONS FINANCIALS Coal Forest Products Metals and Minerals Petroleum and Chemicals Market Overview Intermodal Automotive Grain and Fertilizers Supply Chain Solutions |
| SOUTHERN REGION EASTERN REGION WESTERN REGION Mobile Quebec Montreal New Orleans Prince Rupert Vancouver Saint John Halifax Saskatoon Chicago Memphis Edmonton Toronto Detroit Thunder Bay Winnipeg Calgary Moncton 7.0 hours THROUGH DWELL (entire railroad, hours) OPERATIONS OVERVIEW DELIVERING SERVICE EXCELLENCE For up-to-date weekly key operating metrics, please visit: www.cn.ca/investors/key-weekly-metrics Close collaboration across the entire organization to deliver safe, efficient and reliable transportation solutions for our customers. 458B GROSS TON MILES W 52% Western Region W 21% Eastern Region W 27% Southern Region GTMs BY REGION (% of 2024 total GTMs) W 52% Western Region W 21% Eastern Region W 27% Southern Region GTMs BY REGION (% of 2024 total GTMs) W 52% Western Region W 21% Eastern Region W 27% Southern Region GTMs BY REGION (% of 2024 total GTMs) CN’s focus on operational excellence is rooted in our commitment to customer service. Our scheduled operating model allows us to optimize our network, rolling stock and crews to match customer volumes, and we are deploying incremental capacity to support our customers’ growth. Our Operations team structure complements our operating model and aligns the distinct capabilities required to develop the plan with the daily demands necessary to safely and efficiently execute it. Our railroaders understand their role in executing the plan. They work together with a focus on delivering efficiency and reliability – helping to meet customer commitments and continually enhance service excellence. Our operating plan also drives resiliency and our ability to manage supply chain disruptions. When these situations arise, we are agile and take the necessary steps to safely return to a scheduled operation. GTMs BY REGION 209 miles CAR VELOCITY (car miles per day) 70–100 million 50–70 million 30–50 million 10–30 million Up to 10 million Ports served by CN TRAFFIC DENSITY LEGEND (GTMs per route mile) | 2025 INVESTOR FACT BOOK 25 OVERVIEW MARKETS OPERATIONS FINANCIALS |
| FINANCIAL OVERVIEW DRIVING LONG-TERM SHAREHOLDER VALUE CREATION (1) These non-GAAP measures do not have any standardized meaning prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other companies. See section entitled Non-GAAP Measures for an explanation of these non-GAAP measures. (2) Net of amounts reimbursed by customers. (3) Dividends and share repurchases are subject to Board approval. Bringing Top-Line Growth to the Bottom Line • Growing faster than the economy and pricing ahead of rail inflation • Incremental efficiency improvements Consistent Approach to Capital Allocation • Reinvesting in the business • Maintaining a strong balance sheet • Dividend growth in line with earnings growth over the long term(3) CN is dedicated to driving long-term shareholder value creation through profitable top-line growth, strong cash flow generation and a consistent capital allocation policy. We strategically invest in our network and infrastructure to enhance safety and efficiency, and grow capacity in line with our customers’ needs. We are focused on rewarding shareholders through dividend growth and executing on our annual share repurchase programs. In 2024, we delivered $7.01 diluted earnings per share (EPS), $7.10 in adjusted diluted EPS,(1) a return on invested capital (ROIC) of 12.9%,(1) and an adjusted ROIC of 13.1%.(1) Our $3.5 billion(2) strategic capital investment strengthened our network to further support customer service and be ready for future growth. With an efficient and resilient operating model, CN-specific growth opportunities and a strong leadership team to execute, we aim to deliver long-term shareholder value. Trimble, TN Photo by CN employee Eric Graf A DISCIPLINED EXECUTION OF OUR PLAN | 2025 INVESTOR FACT BOOK 26 OVERVIEW MARKETS OPERATIONS FINANCIALS Quarterly Consolidated Financial and Statistical Information Non-GAAP Measures Shareholder and Investor Information Financial Overview |
| Quarterly Consolidated Statements of Income Unaudited ($ millions, unless otherwise indicated) 2023 2024 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year REVENUES 4,313 4,057 3,987 4,471 16,828 4,249 4,329 4,110 4,358 17,046 OPERATING EXPENSES Labor and fringe benefits 812 747 773 818 3,150 894 850 795 883 3,422 Purchased services and material 593 571 534 556 2,254 571 578 566 598 2,313 Fuel 557 485 486 569 2,097 514 546 519 481 2,060 Depreciation and amortization 448 449 457 463 1,817 462 466 475 489 1,892 Equipment rents 90 83 89 97 359 99 102 93 98 392 Other 151 122 131 150 554 163 151 147 181 642 Loss on assets held for sale - - - - ‑ - 78 - - 78 Total operating expenses 2,651 2,457 2,470 2,653 10,231 2,703 2,771 2,595 2,730 10,799 Operating income 1,662 1,600 1,517 1,818 6,597 1,546 1,558 1,515 1,628 6,247 Interest expense (165) (173) (185) (199) (722) (210) (220) (230) (231) (891) Other components of net periodic benefit income 119 120 121 119 479 113 114 114 113 454 Other income (loss) 1 1 (2) 134 134 2 32 10 (2) 42 Income before income taxes 1,617 1,548 1,451 1,872 6,488 1,451 1,484 1,409 1,508 5,852 Income tax recovery (expense) (397) (381) (343) 258 (863) (348) (370) (324) (362) (1,404) Net income 1,220 1,167 1,108 2,130 5,625 1,103 1,114 1,085 1,146 4,448 Operating ratio 61.5% 60.6% 62.0% 59.3% 60.8% 63.6% 64.0% 63.1% 62.6% 63.4% EARNINGS PER SHARE ($) Basic 1.83 1.76 1.69 3.30 8.55 1.72 1.75 1.72 1.82 7.02 Diluted 1.82 1.76 1.69 3.29 8.53 1.72 1.75 1.72 1.82 7.01 WEIGHTED AVERAGE NUMBER OF SHARES (millions) Basic 668.3 661.6 654.3 646.4 657.7 640.7 635.0 629.6 628.9 633.5 Diluted 669.9 663.1 655.6 647.6 659.1 641.9 636.2 630.5 629.5 634.5 Dividends declared per share ($) 0.7900 0.7900 0.7900 0.7900 3.1600 0.8450 0.8450 0.8450 0.8450 3.3800 For more information on our financial results, please visit www.cn.ca/investors/financial-results | 2025 INVESTOR FACT BOOK 27 OVERVIEW MARKETS OPERATIONS FINANCIALS 1 2 3 4 5 Financial Overview Shareholder and Non-GAAP Measures Investor Information Quarterly Consolidated Financial and Statistical Information |
| Quarterly Consolidated Balance Sheets Unaudited ($ millions) 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ASSETS Current assets Cash and cash equivalents 484 539 491 475 412 335 273 389 Restricted cash and cash equivalents 453 451 451 449 449 449 425 12 Accounts receivable 1,385 1,223 1,284 1,300 1,313 1,223 1,243 1,164 Material and supplies 764 757 761 699 783 788 725 720 Other current assets 330 296 384 166 324 335 377 334 Total current assets 3,416 3,266 3,371 3,089 3,281 3,130 3,043 2,619 Properties 43,499 43,546 44,525 44,617 45,179 45,701 46,194 47,960 Operating lease right-of-use assets 443 416 432 424 392 379 372 485 Pension asset 3,139 3,245 3,350 3,140 3,247 3,358 3,467 4,541 Deferred income tax assets – – – 682 685 679 659 689 Intangible assets, goodwill and other 406 403 411 714 740 741 746 773 Total assets 50,903 50,876 52,089 52,666 53,524 53,988 54,481 57,067 Unaudited ($ millions) 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable and other 2,289 2,394 2,360 2,695 2,467 2,520 2,640 2,810 Current portion of long-term debt 2,325 1,107 2,296 2,340 3,007 2,410 2,079 1,166 Total current liabilities 4,614 3,501 4,656 5,035 5,474 4,930 4,719 3,976 Deferred income tax liabilities 9,858 9,910 10,134 10,066 10,183 10,291 10,398 10,874 Other liabilities and deferred credits 445 461 453 522 502 524 563 612 Pension and other postretirement benefits 484 480 480 495 493 491 487 483 Long-term debt 14,323 15,831 16,086 16,133 16,754 18,100 18,619 19,728 Operating lease liabilities 320 295 309 298 264 248 237 343 Total liabilities 30,044 30,478 32,118 32,549 33,670 34,584 35,023 36,016 SHAREHOLDERS’ EQUITY Common shares 3,589 3,573 3,533 3,512 3,510 3,484 3,477 3,474 Common shares in Share Trusts (141) (142) (143) (144) (128) (129) (128) (129) Additional paid-in capital 360 369 375 373 350 364 360 372 Accumulated other comprehensive loss (1,986) (2,079) (1,910) (2,279) (2,133) (2,064) (2,138) (1,020) Retained earnings 19,037 18,677 18,116 18,655 18,255 17,749 17,887 18,354 Total shareholders’ equity 20,859 20,398 19,971 20,117 19,854 19,404 19,458 21,051 Total liabilities and shareholders' equity 50,903 50,876 52,089 52,666 53,524 53,988 54,481 57,067 | 2025 INVESTOR FACT BOOK 28 OVERVIEW MARKETS OPERATIONS FINANCIALS 1 2 3 4 5 Financial Overview Shareholder and Non-GAAP Measures Investor Information Quarterly Consolidated Financial and Statistical Information |
| Quarterly Consolidated Statements of Cash Flows Unaudited ($ millions) 2023 2024 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year OPERATING ACTIVITIES Net income 1,220 1,167 1,108 2,130 5,625 1,103 1,114 1,085 1,146 4,448 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 448 449 457 463 1,817 462 466 475 489 1,892 Pension income and funding (105) (105) (104) (104) (418) (95) (98) (95) (97) (385) Gain on disposal of property – – – (129) (129) – – – – – Deferred income taxes 70 109 124 (591) (288) 68 87 152 18 325 Loss on assets held for sale – – – – – – 78 – – 78 Changes in operating assets and liabilities: Accounts receivable (21) 165 (55) (18) 71 (13) 91 (5) 132 205 Material and supplies (73) 3 8 44 (18) (79) (3) 59 17 (6) Accounts payable and other (557) 105 (81) 342 (191) (272) (17) 1 181 (107) Other current assets (30) 51 (6) 70 85 (123) 30 70 23 – Other operating activities, net 103 41 61 206 411 66 65 32 86 249 Net cash provided by operating activities 1,055 1,985 1,512 2,413 6,965 1,117 1,813 1,774 1,995 6,699 INVESTING ACTIVITIES Property additions (461) (875) (917) (934) (3,187) (576) (853) (1,176) (944) (3,549) Proceeds from disposal of property - - - 129 129 - - - - – Business acquisitions and combinations - - - (390) (390) - - - - – Other investing activities, net (1) (10) (14) 5 (20) (12) (13) (14) (19) (58) Net cash used in investing activities (462) (885) (931) (1,190) (3,468) (588) (866) (1,190) (963) (3,607) | 2025 INVESTOR FACT BOOK 29 OVERVIEW MARKETS OPERATIONS FINANCIALS 1 2 3 4 5 Financial Overview Shareholder and Non-GAAP Measures Investor Information Quarterly Consolidated Financial and Statistical Information |
| Quarterly Consolidated Statements of Cash Flows (cont.) Unaudited ($ millions) 2023 2024 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year FINANCING ACTIVITIES Issuance of debt - 1,730 - 824 2,554 861 1,245 1,011 366 3,483 Repayment of debt (12) (215) (11) (12) (250) (374) (137) (17) (510) (1,038) Change in commercial paper, net 1,228 (989) 1,073 (404) 908 458 (539) (675) (625) (1,381) Settlement of foreign exchange forward contracts on debt 10 (12) 23 17 38 (19) 32 (15) 122 120 Issuance of common shares for stock options exercised 13 18 2 16 49 24 8 6 3 41 Withholding taxes remitted on the net settlement of equity settled awards (35) (2) (1) (13) (51) (48) (3) (1) - (52) Repurchase of common shares (1,160) (1,045) (1,194) (1,152) (4,551) (926) (1,086) (438) (150) (2,600) Purchase of common shares for settlement of equity settled awards (1) (2) (1) - (4) (1) (3) (1) - (5) Purchase of common shares by Share Trusts (7) (7) (7) (7) (28) (28) (7) (7) (8) (50) Dividends paid (526) (521) (515) (509) (2,071) (540) (535) (532) (531) (2,138) Net cash used in financing activities (490) (1,045) (631) (1,240) (3,406) (593) (1,025) (669) (1,333) (3,620) Effect of foreign exchange fluctuations on cash, cash equivalents, restricted cash, and restricted cash equivalents - (2) 2 (1) (1) 1 1 (1) 4 5 Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 103 53 (48) (18) 90 (63) (77) (86) (297) (523) Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period 834 937 990 942 834 924 861 784 698 924 Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period 937 990 942 924 924 861 784 698 401 401 Cash and cash equivalents, end of period 484 539 491 475 475 412 335 273 389 389 Restricted cash and cash equivalents, end of period 453 451 451 449 449 449 449 425 12 12 Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period 937 990 942 924 924 861 784 698 401 401 SUPPLEMENTAL CASH FLOW INFORMATION Interest paid (251) (115) (256) (154) (776) (263) (188) (265) (210) (926) Income taxes paid (424) (284) (279) (210) (1,197) (370) (301) (262) (288) (1,221) | 2025 INVESTOR FACT BOOK 30 OVERVIEW MARKETS OPERATIONS FINANCIALS 1 2 3 4 5 Financial Overview Shareholder and Non-GAAP Measures Investor Information Quarterly Consolidated Financial and Statistical Information |
| Quarterly Financial and Statistical Data (1) Based on Federal Railroad Administration (FRA) reporting criteria. Unaudited 2023 2024 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year REVENUES ($ millions) Petroleum and chemicals 828 748 758 861 3,195 857 850 839 868 3,414 Metals and minerals 529 497 515 507 2,048 530 528 502 488 2,048 Forest products 511 480 466 486 1,943 494 501 467 469 1,931 Coal 263 263 242 249 1,017 221 241 229 238 929 Grain and fertilizers 861 688 722 994 3,265 860 738 786 1,038 3,422 Intermodal 1,012 983 880 948 3,823 959 1,040 882 876 3,757 Automotive 215 235 237 258 945 216 255 217 206 894 Total freight revenues 4,219 3,894 3,820 4,303 16,236 4,137 4,153 3,922 4,183 16,395 Other revenues 94 163 167 168 592 112 176 188 175 651 Total revenues 4,313 4,057 3,987 4,471 16,828 4,249 4,329 4,110 4,358 17,046 STATISTICAL OPERATING DATA Gross ton miles (GTMs) (millions) 115,442 109,693 108,221 118,687 452,043 115,627 117,852 110,555 113,660 457,694 Revenue ton miles (RTMs) (millions) 59,961 55,877 55,640 61,136 232,614 59,749 59,936 56,548 59,305 235,538 Carloads (thousands) 1,353 1,369 1,326 1,388 5,436 1,343 1,419 1,304 1,324 5,390 Route miles (includes Canada and the U.S.) 18,600 18,600 18,600 18,800 18,800 18,800 18,800 18,800 18,800 18,800 Employees (end of period) 24,718 25,178 25,101 24,987 24,987 25,179 25,656 25,428 24,671 24,671 Employees (average for the period) 24,403 25,005 25,168 25,102 24,920 25,191 25,570 25,593 24,862 25,304 KEY OPERATING MEASURES Freight revenue per RTM (cents) 7.04 6.97 6.87 7.04 6.98 6.92 6.93 6.94 7.05 6.96 Freight revenue per carload ($) 3,118 2,844 2,881 3,100 2,987 3,080 2,927 3,008 3,159 3,042 GTMs per average number of employees (thousands) 4,731 4,387 4,300 4,728 18,140 4,590 4,609 4,320 4,572 18,088 Operating expenses per GTM (cents) 2.30 2.24 2.28 2.24 2.26 2.34 2.35 2.35 2.40 2.36 Labor and fringe benefits expense per GTM (cents) 0.70 0.68 0.71 0.69 0.70 0.77 0.72 0.72 0.78 0.75 Diesel fuel consumed (US gallons in millions) 104.1 97.4 90.0 103.7 395.2 103.6 103.0 94.4 100.1 401.1 Average fuel price ($/US gallon) 4.79 4.24 4.66 4.76 4.62 4.50 4.57 4.43 4.15 4.41 Fuel efficiency (US gallons of locomotive fuel consumed per 1,000 GTMs) 0.902 0.888 0.832 0.874 0.874 0.896 0.874 0.854 0.881 0.876 SAFETY INDICATORS(1) Injury frequency rate (per 200,000 person-hours) 0.98 1.04 1.08 0.83 0.98 1.20 1.17 1.04 1.12 1.06 Accident rate (per million train miles) 1.53 1.98 2.10 1.62 1.80 1.68 1.54 1.46 1.75 1.66 Statistical operating data, key operating measures and safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available. Definitions of these indicators are provided on our website, www.cn.ca/glossary. | 2025 INVESTOR FACT BOOK 31 OVERVIEW MARKETS OPERATIONS FINANCIALS 1 2 3 4 5 Financial Overview Shareholder and Non-GAAP Measures Investor Information Quarterly Consolidated Financial and Statistical Information |
| Non-GAAP Measures PICTURED: Aberdeen, SK Photo by CN employee Steven Holschen CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). CN may also use non-GAAP measures in this CN 2025 Investor Fact Book that do not have any standardized meaning prescribed by GAAP. These non-GAAP measures may not be comparable to similar measures presented by other companies. Adjusted Performance Measures Adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted operating expenses and adjusted operating ratio are non-GAAP measures that are used to set performance goals and to measure CN’s performance and may include the following adjustments: i. operating expense adjustments: workforce reduction program, depreciation expense on the deployment of a replacement system, advisory fees related to shareholder matters, losses and recoveries from assets held for sale, business acquisition-related costs; ii. non-operating expense adjustments: business acquisition-related financing fees, merger termination income, gains and losses on disposal of property; and iii. the effect of changes in tax laws including rate enactments and changes in tax positions affecting prior years. | 2025 INVESTOR FACT BOOK 32 OVERVIEW MARKETS OPERATIONS FINANCIALS 1 2 3 4 5 6 7 8 Quarterly Consolidated Financial and Statistical Information Financial Overview Shareholder and Non-GAAP Measures Investor Information |
| ADJUSTED NET INCOME AND EARNINGS PER SHARE Adjusted net income is defined as Net income in accordance with GAAP adjusted for certain significant items. Management believes that adjusted net income provides additional insight to management and investors into the Company’s operations and underlying business trends as well as facilitate period-to-period comparisons, as it excludes certain significant items that are not reflective of CN’s underlying business operations and could distort the analysis of trends in business performance. Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted-average diluted shares outstanding. This measure helps management and investors evaluate the Company’s profitability on a per-share basis, facilitating the assessment of period-over-period performance by removing the impact of significant, non-recurring items. The following table provides a reconciliation of Net income and Earnings per share in accordance with GAAP, as reported for the periods specified, to the non-GAAP adjusted performance measures presented herein: For the year ended December 31, 2024, the Company’s adjusted net income was $4,506 million, or $7.10 per diluted share, which excludes a loss on assets held for sale of $78 million, or $58 million after-tax ($0.09 per diluted share), recorded in the second quarter, resulting from an agreement to transfer the ownership and related risks and obligations of the Quebec Bridge located in Quebec, Canada, to the Government of Canada. Unaudited Year ended December 31 ($ millions, except per share data) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net income (1) 3,529 3,630 5,470 4,312 4,198 3,545 4,899 5,118 5,625 4,448 Adjustments: Operating expense adjustments: Workforce reduction program – – – 27 31 – 39 - - - Depreciation expense on the deployment of replacement system – – – – 84 – – - - - Advisory fees related to shareholder matters – – – – – – 20 22 - - Loss (recovery) on assets held for sale – – – – – 486 (137) - - 78 Transaction-related costs – – – – – – 84 - - -Non-operating expense adjustments: Amortization of bridge financing and other fees - - - – – – 97 - - - Merger termination fee - - - – – – (886) - - - Gains on disposal of property – 76 – (338) – – – - (129) -Tax adjustments: Tax-deductible goodwill and related impacts (2) – – – – – – – - (713) - Tax effect of adjustments (3) – 10 – 39 (30) (123) 109 (6) 17 (20) Tax law changes and rate enactments 42 7 (1,706) – (112) (141) – - - -Total adjustments 42 (59) (1,706) (272) (27) 222 (674) 16 (825) 58 Adjusted net income (1) 3,571 3,571 3,764 4,040 4,171 3,767 4,225 5,134 4,800 4,506 Diluted earnings per share (1) 4.38 4.66 7.22 5.85 5.81 4.97 6.90 7.44 8.53 7.01 Impact of adjustments, per share 0.05 (0.08) (2.25) (0.37) (0.03) 0.31 (0.95) 0.02 (1.25) 0.09 Adjusted diluted earnings per share (1) 4.43 4.58 4.97 5.48 5.78 5.28 5.95 7.46 7.28 7.10 (1) In the first quarter of 2022, the Company changed its method of calculating market-related values of pension assets for its defined benefit plans using a retrospective approach. See the Company’s selected financial information restated for change in accounting policy filed on September 9, 2022, which may be found online on SEDAR+ at www.sedarplus.com, on the SEC’s website at www.sec.gov through EDGAR, and on the Company’s website at www.cn.ca in the Investors section, for additional information. (2) Relates to the impacts resulting from tax filings consistent with a ruling that the Company received in a non-U.S. foreign jurisdiction in connection with prior taxation years. (3) The tax impact of adjustments is based on the nature of the item for tax purposes and related tax rates in the applicable jurisdiction. Non-GAAP Measures (cont.) | 2025 INVESTOR FACT BOOK 33 OVERVIEW MARKETS OPERATIONS FINANCIALS 1 2 3 4 5 6 7 8 Quarterly Consolidated Financial and Statistical Information Financial Overview Shareholder and Non-GAAP Measures Investor Information |
| For the year ended December 31, 2023, the Company’s adjusted net income was $4,800 million, or $7.28 per diluted share, which excludes: • a gain on disposal of property within the Bala Subdivision located in Markham and Richmond Hill, Ontario, Canada of $129 million, or $112 million after-tax ($0.17 per diluted share) recorded in the fourth quarter in Other income within the Consolidated Statements of Income; and • a net deferred income tax recovery of $713 million ($1.08 per diluted share) recorded in the fourth quarter resulting from tax filings consistent with a ruling that the Company received in a non-U.S. foreign jurisdiction in connection with prior taxation years. For the year ended December 31, 2022, the Company’s adjusted net income was $5,134 million, or $7.46 per diluted share, which excludes advisory fees related to shareholder matters of $22 million, or $16 million after-tax ($0.02 per diluted share) of which $12 million, or $9 million after-tax ($0.01 per diluted share) was recorded in the second quarter and $10 million, or $7 million after-tax ($0.01 per diluted share) was recorded in the first quarter in Other expense within the Consolidated Statements of Income. For the year ended December 31, 2021, the Company reported adjusted net income of $4,225 million,(1) or $5.95 per diluted share,(1) which excludes: • employee termination benefits and severance costs related to a workforce reduction program of $39 million, or $29 million after-tax ($0.04 per diluted share) recorded in the third quarter in Labor and fringe benefits within the Consolidated Statements of Income; • advisory fees related to shareholder matters of $20 million, or $15 million after-tax ($0.02 per diluted share) of which $13 million, or $10 million after-tax ($0.01 per diluted share) was recorded in the fourth quarter and $7 million, or $5 million after-tax ($0.01 per diluted share) was recorded in the third quarter in Other expense within the Consolidated Statements of Income; • the recovery of $137 million, or $102 million after-tax ($0.14 per diluted share) recorded in the first quarter related to the loss on assets held for sale in the second quarter of 2020, to reflect an agreement for the sale for ongoing rail operations, certain non-core rail lines in Wisconsin, Michigan and Ontario to a short line operator; • transaction-related costs, consisting of an advance to Kansas City Southern (KCS) and a related refund, net of transaction costs, of $84 million, or $70 million after-tax ($0.10 per diluted share), recorded in the third quarter resulting from the terminated CN Merger Agreement with KCS; • amortization of bridge financing and other fees of $97 million, or $84 million after-tax ($0.11 per diluted share), of which $65 million, or $60 million after-tax ($0.08 per diluted share) was recorded in the third quarter and $32 million, or $24 million after-tax ($0.03 per diluted share) was recorded in the second quarter, resulting from the KCS transaction, recorded in Interest expense within the Consolidated Statements of Income; and • merger termination fee paid by KCS to CN of $886 million, or $770 million after-tax ($1.08 per diluted share), recorded in the third quarter resulting from KCS’ notice of termination of the CN Merger Agreement with KCS. For the year ended December 31, 2020, the Company reported adjusted net income of $3,767 million,(1) or $5.28 per diluted share,(1) which excludes a loss of $486 million, or $363 million after-tax ($0.51 per diluted share) in the second quarter, resulting from the Company’s decision to market for sale for ongoing rail operations, certain non-core lines in Wisconsin, Michigan and Ontario, and a current income tax recovery of $141 million ($0.20 per diluted share) in the first quarter resulting from the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a U.S. tax-and-spending package aimed at providing additional stimulus to address the economic impact of the COVID-19 pandemic. Non-GAAP Measures (cont.) (1) In the first quarter of 2022, the Company changed its method of calculating market-related values of pension assets for its defined benefit plans using a retrospective approach. See the Company’s selected financial information restated for change in accounting policy filed on September 9, 2022, which may be found online on SEDAR+ at www.sedarplus.com, on the SEC’s website at www.sec.gov through EDGAR, and on the Company’s website at www.cn.ca in the Investors section, for additional information. | 2025 INVESTOR FACT BOOK 34 OVERVIEW MARKETS OPERATIONS FINANCIALS 1 2 3 4 5 6 7 8 Quarterly Consolidated Financial and Statistical Information Financial Overview Shareholder and Non-GAAP Measures Investor Information |
| For the year ended December 31, 2019, the Company reported adjusted net income of $4,171 million,(1) or $5.78 per diluted share,(1) which excludes employee termination benefits and severance costs related to a workforce reduction program of $31 million, or $23 million after-tax ($0.03 per diluted share) in the fourth quarter; a deferred income tax recovery of $112 million ($0.15 per diluted share) in the second quarter, resulting from the enactment of a lower provincial corporate income tax rate; and a depreciation expense of $84 million, or $62 million after-tax ($0.09 per diluted share) in the first quarter, related to costs previously capitalized for a Positive Train Control (PTC) back office system following the deployment of a replacement system. For the year ended December 31, 2018, the Company reported adjusted net income of $4,040 million,(1) or $5.48 per diluted share,(1) which excludes employee termination benefits and severance costs related to a workforce reduction program of $27 million, or $20 million after-tax ($0.03 per diluted share) in the fourth quarter and gains on disposal of property of $338 million, or $292 million after-tax ($0.40 per diluted share), consisting of the following: • in the fourth quarter, a gain previously deferred on the 2014 disposal of a segment of the Guelph Subdivision located between Georgetown and Kitchener, Ontario, together with the rail fixtures and certain passenger agreements (the “Guelph”), of $79 million, or $70 million after-tax ($0.10 per diluted share); • in the third quarter, a gain on disposal of property located in Montreal, Quebec, (the “Doney and St-François Spurs”) of $36 million, or $32 million after-tax ($0.04 per diluted share); and • in the second quarter, a gain on transfer of the Company’s finance lease in the passenger rail facilities in Montreal, Quebec, together with its interests in related railway operating agreements (the “Central Station Railway Lease”), of $184 million, or $156 million after-tax ($0.21 per diluted share), and a gain on disposal of land located in Calgary, Alberta, excluding the rail fixtures (the “Calgary Industrial Lead”), of $39 million, or $34 million after-tax ($0.05 per diluted share). For the year ended December 31, 2017, the Company reported adjusted net income of $3,764 million,(1) or $4.97 per diluted share,(1) which excludes a net deferred income tax recovery of $1,706 million ($2.25 per diluted share) consisting of the following: • in the fourth quarter, a deferred income tax recovery of $1,764 million ($2.33 per diluted share) resulting from the enactment of a lower U.S. federal corporate income tax rate due to the Tax Cuts and Jobs Act (“U.S. Tax Reform”) and a deferred income tax expense of $50 million ($0.07 per diluted share) resulting from the enactment of higher provincial corporate income tax rates; • in the third quarter, a deferred income tax expense of $31 million ($0.04 per diluted share) resulting from the enactment of a higher state corporate income tax rate; • in the second quarter, a deferred income tax recovery of $18 million ($0.02 per diluted share) resulting from the enactment of a lower provincial corporate income tax rate; and • in the first quarter, a deferred income tax recovery of $5 million ($0.01 per diluted share) resulting from the enactment of a lower provincial corporate income tax rate. For the year ended December 31, 2016, the Company reported adjusted net income of $3,571 million,(1) or $4.58 per diluted share,(1) which excludes a gain on disposal of approximately one mile of elevated track leading into Montreal’s Central Station, together with the rail fixtures, of $76 million, or $66 million after-tax ($0.09 per diluted share) in the fourth quarter, and a deferred income tax expense of $7 million ($0.01 per diluted share) resulting from the enactment of a higher provincial corporate income tax rate in the second quarter. For the year ended December 31, 2015, the Company reported adjusted net income of $3,571 million,(1) or $4.43 per diluted share,(1) which excludes a deferred income tax expense of $42 million ($0.05 per diluted share) resulting from the enactment of a higher provincial corporate income tax rate in the second quarter. Non-GAAP Measures (cont.) (1) In the first quarter of 2022, the Company changed its method of calculating market-related values of pension assets for its defined benefit plans using a retrospective approach. See the Company’s selected financial information restated for change in accounting policy filed on September 9, 2022, which may be found online on SEDAR+ at www.sedarplus.com, on the SEC’s website at www.sec.gov through EDGAR, and on the Company’s website at www.cn.ca in the Investors section, for additional information. | 2025 INVESTOR FACT BOOK 35 OVERVIEW MARKETS OPERATIONS FINANCIALS 1 2 3 4 5 6 7 8 Quarterly Consolidated Financial and Statistical Information Financial Overview Shareholder and Non-GAAP Measures Investor Information |
| ADJUSTED OPERATING INCOME, OPERATING EXPENSES AND OPERATING RATIO Adjusted operating income is defined as Operating income in accordance with GAAP adjusted for certain significant operating expense items that are not reflective of CN’s underlying business operations. This measure helps management and investors assess the Company’s core operating results by excluding items that may distort the analysis of ongoing business performance. Adjusted operating expenses is defined as Operating expenses in accordance with GAAP adjusted for certain significant operating expense items that are not reflective of CN’s underlying business operations. This measure provides management and investors with a view of ongoing costs which exclude unusual or non-recurring items, enabling more accurate assessment of cost management and resource allocation across reporting periods. Adjusted operating ratio is defined as adjusted operating expenses as a percentage of revenues. For management and investors, the adjusted operating ratio serves as a key performance indicator of cost management and overall operational effectiveness, as it demonstrates how effectively management controls costs relative to total revenue by excluding unusual or non-recurring items. The following table provides a reconciliation of Operating income, Operating expenses and operating ratio, as reported for the periods specified, to the non-GAAP adjusted performance measures presented herein: Unaudited Year ended December 31 ($ millions, except percentages) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Operating income 5,155 5,032 5,243 5,493 5,593 4,777 5,616 6,840 6,597 6,247 Operating expense adjustments: Workforce reduction program - - - 27 31 – 39 - - - Depreciation expense on the deployment of replacement system - - - – 84 – – - - - Advisory fees related to shareholder matters - - - – – – 20 22 – – Loss (recovery) on assets held for sale - - - – – 486 (137) - - 78 Transaction-related costs - - - – – – 84 - - - Total operating expense adjustments - - - 27 115 486 6 22 – 78 Adjusted operating income 5,155 5,032 5,243 5,520 5,708 5,263 5,622 6,862 6,597 6,325 Operating expenses 7,456 7,005 7,798 8,828 9,324 9,042 8,861 10,267 10,231 10,799 Total operating expense adjustments - - - (27) (115) (486) (6) (22) – (78) Adjusted operating expenses 7,456 7,005 7,798 8,801 9,209 8,556 8,855 10,245 10,231 10,721 Operating ratio(1) 59.1% 58.2% 59.8% 61.6% 62.5% 65.4% 61.2% 60.0% 60.8% 63.4% Impact of adjustments – – – (0.1)% (0.8)% (3.5)% – (0.1)% – (0.5)% Adjusted operating ratio 59.1% 58.2% 59.8% 61.5% 61.7% 61.9% 61.2% 59.9% 60.8% 62.9% (1) Operating ratio is defined as operating expenses as a percentage of revenues. Non-GAAP Measures (cont.) | 2025 INVESTOR FACT BOOK 36 OVERVIEW MARKETS OPERATIONS FINANCIALS 1 2 3 4 5 6 7 8 Quarterly Consolidated Financial and Statistical Information Financial Overview Shareholder and Non-GAAP Measures Investor Information |
| Free Cash Flow Free cash flow is a useful measure of liquidity as it demonstrates the Company’s ability to generate cash for debt obligations and for discretionary uses such as payment of dividends, share repurchases and strategic opportunities. The Company defines its free cash flow measure as the difference between net cash provided by operating activities and net cash used in investing activities, adjusted for the impact of (i) business acquisitions and combinations, and (ii) merger transaction-related payments, cash receipts and cash income taxes, which are items that are not indicative of operating trends. Free cash flow does not have any standardized meaning prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other companies. The following table provides a reconciliation of Net cash provided by operating activities in accordance with GAAP, as reported for the periods specified, to the non-GAAP free cash flow presented herein: (1) Relates to income tax payments of $102 million for KCS merger transaction-related payments and cash receipts. See Note 4 – Acquisitions, Terminated CN Kansas City Southern (KCS) merger agreement, to the Company’s 2022 Annual Consolidated Financial Statements and the section entitled Adjusted performance measures to the Company’s 2022 Annual MD&A filed on January 31, 2023, which may be found online on SEDAR+ at www.sedarplus.com, on the SEC’s website at www.sec.gov through EDGAR, and on the Company’s website at www.cn.ca in the Investors section, for additional information. (2) Relates to the terminated CN KCS merger agreement. See Note 3 – Acquisitions, Terminated CN KCS merger agreement, to the Company’s 2021 Annual Consolidated Financial Statements and the section entitled Adjusted performance measures to the Company’s 2021 Annual MD&A filed on February 1, 2022, which may be found online on SEDAR+ at www.sedarplus.com, on the SEC’s website at www.sec.gov through EDGAR, and on the Company’s website at www.cn.ca in the Investors section, for additional information. (3) Relates to the acquisitions of H&R Transport Limited (“H&R”) and the TransX Group of Companies (“TransX”). See the section entitled Liquidity and capital resources – Investing activities to the Company’s 2021 Annual MD&A filed on February 1, 2022, which may be found online on SEDAR+ at www.sedarplus.com, on the SEC’s website at www.sec.gov through EDGAR, and on the Company’s website at www.cn.ca in the Investors section, for additional information. (4) Relates to the acquisition of the shares of Iowa Northern Railway Company and the business combination of Cape Breton & Central Nova Scotia Railway. See Note 4 – Business acquisitions and combinations to the Company’s 2023 Annual Consolidated Financial Statements filed on January 31, 2024, which may be found online on SEDAR+ at www.sedarplus.com, on the SEC’s website at www.sec.gov through EDGAR, and on the Company’s website at www.cn.ca in the Investors section, for additional information. Unaudited Year ended December 31 ($ millions) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net cash provided by operating activities 5,140 5,202 5,516 5,918 5,923 6,165 6,971 6,667 6,965 6,699 Net cash used in investing activities (2,767) (2,682) (2,738) (3,404) (4,190) (2,946) (2,873) (2,510) (3,468) (3,607) Net cash provided before financing activities 2,373 2,520 2,778 2,514 1,733 3,219 4,098 4,157 3,497 3,092 Adjustments: Cash income taxes for merger transaction-related payments and cash receipts(1) – – – – – – – 102 - -Transaction-related costs paid(2) – – – – – – 125 - - -Advance for acquisition(2) – – – – – – 845 - - -Refund of advance for acquisition(2) – – – – – – (886) - - -Merger termination fee (2) – – – – – – (886) - - -Business acquisitions and combinations(3)(4) – – – – 259 8 – - 390 -Total adjustments – – – – 259 8 (802) 102 390 -Free cash flow 2,373 2,520 2,778 2,514 1,992 3,227 3,296 4,259 3,887 3,092 Non-GAAP Measures (cont.) | 2025 INVESTOR FACT BOOK 37 OVERVIEW MARKETS OPERATIONS FINANCIALS 1 2 3 4 5 6 7 8 Quarterly Consolidated Financial and Statistical Information Financial Overview Shareholder and Non-GAAP Measures Investor Information |
| Adjusted Debt-To-Adjusted EBITDA Multiple Management believes that the adjusted debt-to-adjusted EBITDA multiple is a useful credit measure because it reflects the Company’s ability to service its debt and other long-term obligations. The Company calculates the adjusted debt-to-adjusted EBITDA multiple as adjusted debt divided by the last 12 months of adjusted EBITDA. Adjusted debt is defined as the sum of Long-term debt and Current portion of long-term debt as reported on the Company’s Consolidated Balance Sheets as well as Operating lease liabilities, including current portion and pension plans in deficiency recognized on the Company’s Consolidated Balance Sheets due to the debt-like nature of their contractual and financial obligations. Adjusted EBITDA is calculated as Net income excluding Interest expense, Income tax expense, Depreciation and amortization, operating lease cost, Other components of net periodic benefit income, Other income (loss), and other significant items that are not reflective of CN’s underlying business operations and which could distort the analysis of trends in business performance. Adjusted debt and adjusted EBITDA are non-GAAP measures used to compute the Adjusted debt-to-adjusted EBITDA multiple. These measures do not have any standardized meaning prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other companies. The following table provides a reconciliation of debt and Net income in accordance with GAAP, reported as at and for the periods specified, to adjusted debt and adjusted EBITDA, which have been used to calculate the non-GAAP adjusted debt-to-adjusted EBITDA multiple: Unaudited As at and for the year ended December 31 ($ millions, unless otherwise indicated) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt 10,427 10,937 10,828 12,569 13,796 12,906 12,485 15,429 18,473 20,894 Adjustments: Operating lease liabilities, including current portion (1) 607 533 478 579 501 418 430 466 415 477 Pension plans in deficiency (2) 469 442 455 477 521 553 447 353 362 350 Adjusted debt 11,503 11,912 11,761 13,625 14,818 13,877 13,362 16,248 19,250 21,721 Net income (3) 3,529 3,630 5,470 4,312 4,198 3,545 4,899 5,118 5,625 4,448 Interest expense 439 480 481 489 538 554 610 548 722 891 Income tax expense (recovery) (3) 1,333 1,283 (400) 1,348 1,207 976 1,443 1,645 863 1,404 Depreciation and amortization 1,158 1,225 1,281 1,329 1,562 1,589 1,598 1,729 1,817 1,892 Operating lease cost(4) 204 197 191 218 171 143 131 142 149 153 Other components of net periodic benefit income (3) (99) (266) (296) (280) (297) (292) (407) (498) (479) (454) Other loss (income) (47) (95) (12) (376) (53) (6) (43) 27 (134) (42) Adjustments: Workforce reduction program (5) – – – 27 31 – 39 - - -Advisory fees related to shareholder matters (6) – – – – – – 20 22 - - Loss (recovery) on assets held for sale (7) – – – – – 486 (137) - - 78 Transaction-related costs (8) – – – – – – 84 - - - Merger termination fee (8) – – – – – – (886) - - - Adjusted EBITDA 6,517 6,454 6,715 7,067 7,357 6,995 7,351 8,733 8,563 8,370 Adjusted debt-to-adjusted EBITDA multiple (times) 1.77 1.85 1.75 1.93 2.01 1.98 1.82 1.86 2.25 2.60 (1) Represents the present value of operating lease payments. (2) Represents the total funded deficit of all defined benefit pension plans with a projected benefit obligation in excess of plan assets. (3) In the first quarter of 2022, the Company changed its method of calculating market-related values of pension assets for its defined benefit plans using a retrospective approach. See the Company’s selected financial information restated for change in accounting policy filed on September 9, 2022, which may be found online on SEDAR+ at www.sedarplus.com, on the SEC’s website at www.sec.gov through EDGAR, and on the Company’s website at www.cn.ca in the Investors section, for additional information. (4) Represents the operating lease costs recorded in Purchased services and material and Equipment rents within the Consolidated Statements of Income. (5) Relates to employee termination benefits and severance costs for a workforce reduction program, recorded in Labor and fringe benefits within the Consolidated Statements of Income. (6) Relates to advisory fees related to shareholder matters recorded in Other expense within the Consolidated Statements of Income. (7) Relates to the loss (recovery) on assets held for sale resulting from the Company entering into an agreement for the sale of non-core lines and a loss on assets held for sale resulting from an agreement to transfer the ownership and related risks and obligations of the Quebec Bridge located in Quebec, Canada, to the Government of Canada. (8) Relates to the terminated CN KCS merger agreement. Non-GAAP Measures (cont.) | 2025 INVESTOR FACT BOOK 38 OVERVIEW MARKETS OPERATIONS FINANCIALS 1 2 3 4 5 6 7 8 Quarterly Consolidated Financial and Statistical Information Financial Overview Shareholder and Non-GAAP Measures Investor Information |
| ROIC and Adjusted ROIC ROIC and adjusted ROIC are useful measures for management and investors to evaluate the efficiency of the Company’s use of capital funds and allow investors to assess the operating and investment decisions made by management. The Company calculates ROIC as return divided by average invested capital, both of which are non-GAAP measures. Return is defined as Net income plus interest expense after-tax, calculated using the Company’s effective tax rate. Average invested capital is defined as the sum of Total shareholders’ equity, Long-term debt and Current portion of long-term debt less Cash and cash equivalents, and Restricted cash and cash equivalents, averaged between the beginning and ending balance over the last 12-month period. The Company calculates adjusted ROIC as adjusted return divided by average invested capital, both of which are non-GAAP measures. Adjusted return is defined as adjusted net income plus interest expense after-tax, calculated using the Company’s adjusted effective tax rate. Return, average invested capital, ROIC, adjusted return and adjusted ROIC do not have any standardized meaning prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other companies. The following table provides a reconciliation of Net income and adjusted net income to return and adjusted return, respectively, as well as the calculation of average invested capital, which have been used to calculate ROIC and adjusted ROIC: (1) In the first quarter of 2022, the Company changed its method of calculating market-related values of pension assets for its defined benefit plans using a retrospective approach. See the Company’s selected financial information restated for change in accounting policy filed on September 9, 2022, which may be found online on SEDAR+ at www.sedarplus.com, on the SEC’s website at www.sec.gov through EDGAR, and on the Company’s website at www.cn.ca in the Investors section, for additional information. (2) The effective tax rate, defined as Income tax expense as a percentage of Income before income taxes, used to calculate the tax on Interest expense for 2024 was 24.0% (2023 - 24.5%, 2022 - 24.3%, 2021 - 22.8%, 2020 - 21.6%, 2019 - 22.3%, 2018 - 23.8%, 2017 - 25.8%, 2016 - 26.1%, 2015 - 27.4%). Due to the significantly lower effective tax rate reported by the Company in 2023, tax on interest expense for 2023 was calculated using an adjusted effective tax rate. Due to the negative effective tax rate reported by the Company in 2017, tax on interest expense for 2017 was calculated using an adjusted effective tax rate. (3) In the fourth quarter of 2015, the Company adopted ASU 2015-03 Interest – Imputation of Interest on a retrospective basis. As a result, debt issuance costs were reclassified from assets to Long-term debt in the amount of $42 million, $37 million, as at December 31, 2015, 2014 respectively. (4) This non-GAAP measure does not have any standardized meaning prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other companies. See the section entitled Adjusted performance measures for an explanation of this non-GAAP measure. (5) Relates to amortization of bridge financing and other fees resulting from the KCS transaction, recorded in Interest expense within the Consolidated Statements of Income. (6) The adjusted effective tax rate is a non-GAAP measure, defined as Income tax expense, net of tax adjustments as presented in Adjusted performance measures as a percentage of Income before taxes, net of pre-tax adjustments as presented in Adjusted performance measures. This measure does not have any standardized meaning prescribed by GAAP and, therefore, may not be comparable to a similar measure presented by other companies. The adjusted effective tax rate used to calculate the adjusted tax on interest expense for 2024 was 24.0% (2023 - 24.5%, 2022 - 24.3%, 2021 - 24.0%, 2020 - 24.8%, 2019 - 24.4%, 2018 - 24.5%, 2017 - 25.8%, 2016 - 26.2%, 2015 - 26.6%). Unaudited As at and for the year ended December 31 ($ millions, except percentage) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net income (1) 3,529 3,630 5,470 4,312 4,198 3,545 4,899 5,118 5,625 4,448 Interest expense 439 480 481 489 538 554 610 548 722 891 Tax on interest expense (2) (120) (125) (124) (116) (120) (120) (139) (133) (177) (214) Return(1) 3,848 3,985 5,827 4,685 4,616 3,979 5,370 5,533 6,170 5,125 Average total shareholders' equity 14,210 14,896 15,749 17,149 17,841 18,846 21,198 22,064 20,751 20,584 Average long-term debt(3) 8,407 9,217 9,098 10,067 11,626 11,931 11,987 13,175 15,253 17,931 Average current portion of long-term debt 993 1,466 1,785 1,632 1,557 1,420 709 783 1,699 1,753 Less: Average cash, cash equivalents, restricted cash and restricted cash equivalents (596) (674) (613) (656) (674) (844) (1,221) (1,088) (879) (663) Average invested capital 23,014 24,905 26,019 28,192 30,350 31,353 32,673 34,934 36,824 39,605 ROIC(1) 16.7% 16.0% 22.4% 16.6% 15.2% 12.7% 16.4% 15.8% 16.8% 12.9% Adjusted net income (1)(4) 3,571 3,571 3,764 4,040 4,171 3,767 4,225 5,134 4,800 4,506 Interest expense 439 480 481 489 538 554 610 548 722 891 Less: Amortization of bridge financing and other fees (5) - - - – – – (97) - - - Adjusted tax on interest expense (6) (117) (126) (124) (120) (131) (137) (123) (133) (177) (214) Adjusted return(1) 3,893 3,925 4,121 4,409 4,578 4,184 4,615 5,549 5,345 5,183 Average invested capital 23,014 24,905 26,019 28,192 30,350 31,353 32,673 34,934 36,824 39,605 Adjusted ROIC(1) 16.9% 15.8% 15.8% 15.6% 15.1% 13.3% 14.1% 15.9% 14.5% 13.1% Non-GAAP Measures (cont.) | 2025 INVESTOR FACT BOOK 39 OVERVIEW MARKETS OPERATIONS FINANCIALS 1 2 3 4 5 6 7 8 Quarterly Consolidated Financial and Statistical Information Financial Overview Shareholder and Non-GAAP Measures Investor Information |
| Shareholder and Investor Information Transfer Agent and Registrar Computershare Trust Company of Canada Offices in: Montreal, QC; Toronto, ON; Calgary, AB; Vancouver, BC Telephone: 1-800-564-6253 www.investorcentre.com Co-Transfer Agent and Co-Registrar Computershare Investor Services Attn: Shareholder Services Overnight mail delivery: 320 Bay Street, 14th Floor Toronto, ON M5H 4A6 Regular mail delivery: P.O. Box 505000 Louisville, KY 40233-5000 Telephone: 1-800-962-4284 Shareholder Services Shareholders with questions concerning their shares should contact: Computershare Trust Company of Canada Shareholder Services 100 University Avenue, 8th Floor Toronto, ON M5J 2Y1 Telephone: 1-800-564-6253 www.computershare.com Investor Relations Stacy Alderson Assistant Vice-President Investor Relations Telephone: 514-399-0052 Greg Hamilton Senior Manager Investor Relations Telephone: 514-399-4654 Nicole Smith Expert Investor Relations Telephone: 403-827-2344 Fax: 514-399-5985 Email: investor.relations@cn.ca Mailing Address CN Investor Relations 935 de La Gauchetière St. W. 16th Floor Montreal, QC H3B 2M9 www.cn.ca/investors | 2025 INVESTOR FACT BOOK 40 OVERVIEW MARKETS OPERATIONS FINANCIALS 1 2 Quarterly Consolidated Financial and Statistical Information Financial Overview Non-GAAP Measures Shareholder and Investor Information |
| CN Investor Relations understands the importance of communicating the CN story and sharing the most current and timely information with our shareholders, the financial community and other stakeholders. The Investors section of our website holds a wealth of information to keep investors and potential investors informed and up to date. Key Weekly Metrics Each week, CN reports measures representing key indicators of railroad performance. We report weekly volume data for RTMs and carloads, and weekly operating metrics such as car velocity, average train speed and through dwell. www.cn.ca/investors/key-weekly-metrics Interactive Analyst Center CN provides an interactive dashboard of our Company’s historical GAAP and non-GAAP financial and operating results. This accessible and easy-to-use platform allows investors and analysts to view and capture key performance indicators, build custom charts, and export data. www.cn.ca/investors/interactive-analyst-center Latest Financial Results and Reports We offer access to the latest and historical financial and other company reports, including the Investor Fact Book, Annual Report and Sustainability Report. Each quarter, we update our Investor Presentation as part of our commitment to share the CN story. www.cn.ca/investors/reports-and-archives Upcoming Webcasts and Events Our executive team regularly interacts with the investment community through our quarterly investor call and industry conferences. We provide a comprehensive schedule of upcoming investor events on our website, including webcast information. Stay informed about the latest news and events from CN. www.cn.ca/investors/events www.cn.ca/investors Current Stock Information We have various tools that provide helpful data about CN’s common shares on the Toronto Stock Exchange (TSX: CNR) and the New York Stock Exchange (NYSE: CNI). These tools include stock information, interactive charts, stock price history and splits, an investment calculator and dividends. www.cn.ca/investors/stock-information KEEPING INVESTORS UP TO DATE ONLINE INVESTOR TOOLS |
