Canadian National Railway Company (CNR) Registration filing summary

Company overview and business model

• Operates a nearly 20,000-mile rail network transporting over 300 million tons of goods annually across North America, connecting Canadian coasts with the U.S. Midwest and Gulf Coast.

• Freight revenues are diversified across seven commodity groups, supporting a balanced portfolio.

• Listed on the Toronto Stock Exchange (CNR) and New York Stock Exchange (CNI).

Financial performance and metrics

• As of March 31, 2026, total capitalization was $44,075 million, with total debt of $22,624 million and shareholders' equity of $21,451 million.

• Earnings coverage ratio was 7.6 times for the year ended December 31, 2025, and 7.8 times for the twelve months ended March 31, 2026.

• Net income before interest and income taxes was $7,177 million for 2025 and $7,172 million for the twelve months ended March 31, 2026.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes, including debt redemption/refinancing, share repurchases, acquisitions, and other business opportunities.