Canadian National Railway Co. (TSX: CN, NYSE: CNI)

[Dividend Watcher]

Canadian National Railway Co.
(TSX: CN, NYSE: CNI)

GICS Sector: Industrials
Sub-Industry: Railroads

In this installment, I am looking at Canadian National Railway as part of the railroad industry in general. If you wish to see the why's about these spreadsheets, see the thread on NSC located here.

About Canadian National Railway

From their latest annual report for 2024:

Quote:CN is engaged in the rail and related transportation business and 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 the Gulf of Mexico, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919. 

CN's freight revenues are derived from seven commodity groups representing a diversified and balanced portfolio of goods transported between a wide range of origins and destinations. This product and geographic diversity better position the Company to face economic fluctuations and enhances its potential for growth opportunities. For the year ended December 31, 2024, CN's largest commodity group, Intermodal, accounted for 22% of total revenues. From a geographic standpoint, 35% of revenues relate to overseas traffic, 32% to transborder traffic, 17% to Canadian domestic traffic and 16% to U.S. domestic traffic. The Company is the originating carrier for over 85%, and the originating and terminating carrier for over 65%, of traffic moving along its network, which allows it both to capitalize on service advantages and build on opportunities to efficiently use assets.

My Spreadsheet

Attached to this thread is the latest copy of my analysis spreadsheet on CN/CNI. The spreadsheet data is in Canadian dollars as reported by the company in their 10-K statements. The summary section I used US dollars where necessary as I'm am writing as a US-based investor. I tried to identify which currency was used in each section. The numbers may not agree with US statistics due to currency fluctuations but the shown statistics should give you a good idea of the business performance. 

The spreadsheet only has data back to 2011 as that is all that I found on CN's investor relations web site. I probably could have gotten the remaining data from the SEC but didn't bother digging much deeper. I left those previous years in the spreadsheet in case you wanted to research and add them in later.

I've added a few features from previous editions.

• I've added railroad specific statistics for any railroad analysis sheets. CN/CNI reports on these consistently for the last 10 years and have quite a variety of statistics they discuss.
  
  
• Revenue is broken down into the different categories of products transported. Usually this does not total 100% of GAAP reported revenues as there are miscellaneous other sources also. I just wanted to get a feel for which sectors of the economy make up their sales.
  
  
• Lastly, I've added a graph to the share price history tab. This is a rough version of the FastGraphs graph with data points based on the previous years' results. If you don't like it, you can just delete it. It just helps me look at valuation.
  

I'd appreciate any feedback or thoughts on improving these spreadsheets.

Disclosure:

My wife and I both have shares of CNI in our IRAs.