CNI on NYSE

Canadian National Railway

Logo: Allan Fleming, Public domain, via Wikimedia Commons5

Canadian Class I freight railway company

The Canadian National Railway Company (French: Compagnie des chemins de fer nationaux du Canada) (reporting mark CN) is a Canadian Class I freight railway headquartered in Montreal, Quebec, which serves Canada and the Midwestern and Southern United States. It is one of Canada's two main freight rail companies, along with Canadian Pacific Kansas City.3 It was founded by Government of Canada.1 Its shares trade on NYSE under the symbol CNI.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

Jun 6, 1919Founded1

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  • TickerCNI on NYSE1
  • Industryrail freight transport1
  • HeadquartersDowntown Montreal1
  • Websitewww.cn.ca
  • Legal formCrown corporation, business corporation1
  • Listed onNew York Stock Exchange (CNI), Toronto Stock Exchange (CNR)1
  • Incorporated inQuebec, Canada6
  • Business address935 De La Gauchetiere St W, Montreal Quebec, Canada, A8 H3B 2M96
  • Filer categoryLarge Accelerated6
  • LEI3SU7BEP7TH9YEQOZCS774
  • StatusActive4
  • LEI statusIssued and current4
  • Registered address935 DE LA GAUCHETIERE ST. W., H3B 2M9 Montreal, Canada4
  • Registered withCorporations Canada, 010533-34
Canadian National Railway HQ sign 2007
Photo: Kurt Raschke, CC BY 2.0, via Wikimedia Commons8

The Canadian National Railway Company (French: Compagnie des chemins de fer nationaux du Canada) (reporting mark CN) is a Canadian Class I freight railway headquartered in Montreal, Quebec, which serves Canada and the Midwestern and Southern United States. It is one of Canada's two main freight rail companies, along with Canadian Pacific Kansas City.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Fiscal year202020212022202320242025
Shares outstanding711.6M shares9702.0M shares10672.4M shares11643.8M shares12628.8M shares13614.4M shares14

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Corporate structure

Canadian National Railway sits at the top of its group. 13 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Canadian National Railway

  • TCI Fund Management Ltd Filed SCHEDULE 13D/A on Canadian National Railway, latest Apr 30, 2025 (5 filings since Oct 18, 2021)
  • Melinda French Gates Filed SCHEDULE 13G/A on Canadian National Railway, latest Oct 8, 2024 (4 filings since Jul 25, 2022)
  • CASCADE INVESTMENT, L.L.C. Filed SC 13D/A on Canadian National Railway, latest Jul 22, 2022 (4 filings since Dec 20, 2021)

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Canadian National Railway reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Stakes and holdings (Wikidata)

  • Amqui
  • Bessemer and Lake Erie Railroad
  • Blue River railway station
  • Bridge Subdivision
  • CN Beachburg Subdivision
  • CN Lévis Subdivision
  • CN Montmagny Subdivision
  • Canadian Northern Ontario Railway Federal Bridge
  • Cap-Rouge trestle
  • Carbondale
  • Centralia
  • Clarkson GO Station
  • Coteau railway station
  • Drummondville Subdivision
  • Du Quoin
  • Duluth, Missabe and Iron Range Railway
  • Effingham
  • Exhibition GO Station
  • Freeport Subdivision
  • Gilman
  • Halifax railway station
  • Homewood
  • Illinois Terminal
  • InterContinental Toronto Centre
All 49 holdings
  • Joffre Yard
  • Kankakee
  • La Tuque Subdivision
  • Lac-St-Jean Subdivision
  • Lakeshore West line
  • Long Branch GO Station
  • Matapédia
  • Mattoon
  • Mimico GO Station
  • Mont-Joli railway station
  • Oliver Bridge
  • Port Credit GO Station
  • Quebec Bridge
  • Québec City–Windsor Corridor
  • RMS Lady Nelson
  • Rantoul
  • Richmond Hill line
  • Rivière-Blanche railway station
  • SS Prince George
  • Sackville railway station
  • Sayabec
  • Springhill Junction railway station
  • Toronto Terminals Railway
  • Truro railway station
  • Victoria Bridge

Things Wikidata records the company as owning, with the share when stated.1

The story

Founded by Government of Canada on Jun 6, 1919.1

History

The Canadian National Railways (CNR) was incorporated on June 6, 1919, comprising several railways that had become bankrupt and fallen into Government of Canada hands, along with some railways already owned by the government. Primarily a freight railway, CN also operated passenger services until 1978, when they were assumed by Via Rail. The only passenger services run by CN after 1978 were several mixed trains (freight and passenger) in Newfoundland, and several commuter trains both on CN's electrified routes and towards the South Shore in the Montreal area (the latter lasted without any public subsidy until 1986). The Newfoundland mixed trains lasted until 1988, while the Montreal commuter trains are now operated by Montreal's Exo.

On November 17, 1995, the Government of Canada privatized CN. Over the next decade, the company expanded significantly into the United States, purchasing Illinois Central Railroad in 1998 and Wisconsin Central Transportation in 2001, among others.

Creation of the company, 1918–1923

The excessive construction of railway lines in Canada led to significant financial difficulties striking many of them in the years leading up to 1920. In response to public concerns, the Government of Canada assumed majority ownership of the near-bankrupt Canadian Northern Railway (CNoR) on September 6, 1918, and appointed a "Board of Management" to oversee the company. At the same time, CNoR was also directed to assume management of Canadian Government Railways (CGR), a system mainly comprising the Intercolonial Railway of Canada (IRC), National Transcontinental Railway (NTR), Prince Edward Island Railway (PEIR), and the Hudson Bay Railway (HBR). On December 20, 1918, the Government of Canada created the Canadian National Railways (CNR) – a body with no corporate powers – through Order in Council as a means to simplify the funding and operation of the various railway companies. The absorption of the Intercolonial Railway would see CNR adopt that system's slogan, The People's Railway. Another Canadian railway, the Grand Trunk Pacific Railway (GTPR), encountered financial difficulty on March 7, 1919, when its parent company Grand Trunk Railway (GTR) defaulted on repayment of construction loans to the Government of Canada.

The Canadian National Railway Company then evolved through the following steps:

the "railways, works and undertakings of the Companies comprised in the Canadian Northern System" were vested in the newly incorporated Company in June 1919, with provision for the later inclusion of any of the Government Railways

vesting of the Grand Trunk Pacific Railway System in the Minister of Railways and Canals, acting as Government Receiver, in March 1919

acquisition of the Grand Trunk Railway System in November 1919, implemented in May 1920

GTR management and shareholders opposed to nationalization took legal action, but after several years of arbitration, the GTR was finally absorbed into the CNR on January 30, 1923. Although several smaller independent railways would be added to the CNR in subsequent years as they went bankrupt or it became politically expedient to do so, the system was more or less finalized at that point. However, certain related lawsuits were not resolved until as late as 1936.

Read the full text

Canadian National Railways was born out of both wartime and domestic urgency. Until the rise of the personal automobile and creation of taxpayer-funded all-weather highways, railways were the only viable long-distance land transportation available in Canada. As such, their operation consumed a great deal of public and political attention. Canada was one of many nations to engage in railway nationalization in order to safeguard critical transportation infrastructure during the First World War.

In the early 20th century, many governments were taking a more interventionist role in the economy, foreshadowing the influence of economists like John Maynard Keynes. This political trend, combined with broader geo-political events, made nationalization an appealing choice for Canada. The Winnipeg General Strike of 1919 and allied involvement in the Russian Revolution seemed to validate the continuing process. The need for a viable rail system was paramount in a time of civil unrest and foreign military action.

Acquisitions

Bessemer & Lake Erie Railroad

The B&LE was acquired with the purchase of Great Lakes Transportation and the DM&IR.

British Columbia Railway

In 2003, BCOL sold to Canadian National and leased the railroad to CN for 60 years.

Central Vermont Railway

Central Vermont was nationalized in 1918 and consolidated into the Grand Trunk Western in 1971 with the creation of the Grand Trunk Corporation.

Duluth Missabe & Iron Range Railroad

The DM&IR was purchased by Great Lakes Transportation and in 2011 the DM&IR was merged into CN's Wisconsin Central Subsidiary. The DM&IR was acquired at the same time as the Bessemer & Lake Erie Railroad.

Duluth Winnipeg & Pacific Railroad

The DWP was nationalized with CN in 1918 and became a part of CN's Grand Trunk Corporation in 1971. In 2011 the DWP was merged into the larger Wisconsin Central Subsidiary of CN.

Elgin, Joliet and Eastern Railway

In 2009, CN acquired the Elgin, Joliet and Eastern Railway to assist with traffic congestion in Chicago and the surrounding area. In 2013 EJ&E was merged into the greater Wisconsin Central Subsidiary of CN.

Grand Trunk Western Railroad

The GTW was merged with Central Vermont in 1971 with the creation of the Grand Trunk Corporation. In 1991 the GTW was merged with CN under the "North America" consolidation program. Many of GTWs locomotives and rolling stock would be repainted and the motive power would get the new CN scheme.

Illinois Central Railroad

In 1998, IC was purchased by CN, which also acquired the Chicago Central in the deal. A year later, the two railroads were formally amalgamated into the CN system.

Iowa Northern Railway

In 2023, CN acquired the Iowa Northern Railway, but the transaction is awaiting approval by the Surface Transportation Board (STB). On January 14, 2025, the STB approved the CN acquisition of the Iowa Northern Railway, a Class III shortline that specializes in the transport of grain, ethanol, and other bio-fuels commodities in the state of Iowa.

Mackenzie Northern Railway

In 2006, CN acquired Mackenzie Northern Railway, previously purchased by RailAmerica. This purchase allowed CN to increase their network footprint and hold the northernmost trackage of the contiguous North American railway network. Since being purchased by CN in 2006, it has been officially known as the Meander River Subdivision.

Newfoundland Railway

On March 31, 1949, CNR acquired the assets of the Newfoundland Railway, which in 1979 were reorganized into Terra Transport. CN officially abandoned its rail network in Newfoundland on October 1, 1988.

Savage Alberta Railway

On December 1, 2006, CN announced that it had purchased Savage Alberta Railway for $25 million and that it had begun operating the railway the same day.

TransX Group of Companies

In 2018, CN acquired the Winnipeg-based TransX Group of Companies. TransX continues to operate independently.

Wisconsin Central Railroad

In January 2001, CN acquired the WC for $800 million.

CN's U.S. subsidiaries before privatization

In the late 1980s, CN's railway network consisted of the company's Canadian trackage, along with the following U.S. subsidiary lines: Grand Trunk Western Railroad (GTW) operating in Michigan, Indiana, and Illinois; Duluth, Winnipeg and Pacific Railway (DWP) operating in Minnesota; Central Vermont Railway (CV) operating down the Connecticut River valley from Quebec to Long Island Sound; and the Berlin subdivision to Portland, Maine, known informally as the Grand Trunk Eastern, sold to a short-line operator in 1989.

Privatization

In 1992, a new management team led by ex-federal government bureaucrats Paul Tellier and Michael Sabia started preparing CN for privatization by emphasizing increased productivity. This was achieved largely by cutting the company's management structure, laying off many employees, and continuing to abandon or sell branch lines. In 1993 and 1994, the company replaced the names CN, Grand Trunk Western, and Duluth, Winnipeg, and Pacific with CN North America. CPR and CN officials began to discuss a merger. When the idea was rejected by the Canadian government, CPR offered to purchase outright all of CN's lines from Ontario to Nova Scotia, while an unidentified U.S. railroad (rumoured to have been Burlington Northern Railroad) would purchase CN's lines in western Canada. This too was rejected. In 1995, the entire company, including its U.S. subsidiaries, reverted to using CN.

The CN Commercialization Act was enacted on July 13, 1995, and by November 28, 1995, the Government of Canada had completed an initial public offering (IPO) and transferred all of its shares to private investors. Under the legislation, no individual or corporate shareholder may own more than 15 percent of CN, and the company's headquarters must remain in Montreal, thus maintaining CN as a Canadian corporation.

Contraction and expansion since privatization

Following the successful IPO, CN has recorded impressive gains in its stock price, largely through an aggressive network rationalization and purchase of newer more fuel-efficient locomotives. Numerous branch lines were shed in the late 1990s across Canada, resulting in dozens of independent short line railway companies being established to operate former CN track that had been considered marginal. This network rationalization resulted in a core east–west freight railway stretching from Halifax to Chicago and Toronto to Vancouver and Prince Rupert. The railway also operated trains from Winnipeg to Chicago using trackage rights for part of the route south of Duluth.

In addition to the rationalization in Canada, the company also expanded in a strategic north–south direction in the central United States. In 1998, in an era of mergers in the U.S. rail industry, CN bought the Illinois Central Railroad (IC), which connected the already existing lines from Vancouver, British Columbia, to Halifax, Nova Scotia, with a line running from Chicago, Illinois, to New Orleans, Louisiana. This single purchase of IC transformed CN's entire corporate focus from being an east–west uniting presence within Canada (sometimes to the detriment of logical business models) into a north–south NAFTA railway (in reference to the North American Free Trade Agreement). CN was then feeding Canadian raw material exports into the U.S. heartland and beyond to Mexico through a strategic alliance with Kansas City Southern Railway (KCS).

In 1999, CN and BNSF Railway, the second-largest rail system in the U.S., announced their intent to merge, forming a new corporate entity North American Railways, headquartered in Montreal to conform to the CN Commercialization Act of 1995. The merger announcement by CN's Paul Tellier and BNSF's Robert Krebs was greeted with skepticism by the U.S. government's Surface Transportation Board (STB), and protested by other major North American rail companies, namely CPR and Union Pacific Railroad (UP). Rail customers also denounced the proposed merger, following the confusion and poor service sustained in southeastern Texas in 1998 following UP's purchase of Southern Pacific Railroad two years earlier. In response to the rail industry, shippers, and political pressure, the STB placed a 15-month moratorium on all rail-industry mergers, effectively scuttling CN-BNSF plans. Both companies dropped their merger applications and have never refiled.

After the STB moratorium expired, CN purchased Wisconsin Central (WC) in 2001, which allowed the company's rail network to encircle Lake Michigan and Lake Superior, permitting more efficient connections from Chicago to western Canada. The deal also included Canadian WC subsidiary Algoma Central Railway (ACR), giving access to Sault Ste. Marie and Michigan's Upper Peninsula. The purchase of Wisconsin Central also made CN the owner of EWS, the principal freight train operator in the United Kingdom.

On May 13, 2003, the provincial government of British Columbia announced the provincial Crown corporation, BC Rail (BCR), would be sold with the winning bidder receiving BCR's surface operating assets (locomotives, cars, and service facilities). The provincial government is retaining ownership of the tracks and right-of-way. On November 25, 2003, it was announced CN's bid of CA$1 billion would be accepted over those of CPR and several U.S. companies. The transaction was closed effective July 15, 2004. Many opponents – including CPR – accused the government and CN of rigging the bidding process, though this has been denied by the government. Documents relating to the case are under court seal, as they are connected to a parallel marijuana grow-op investigation connected with two senior government aides also involved in the sale of BC Rail.

Also contested was the economic stimulus package the government gave cities along the BC Rail route. Some saw it as a buy-off to get the municipalities to cooperate with the lease, though the government asserted the package was intended to promote economic development along the corridor. Passenger service along the route had been ended by BC Rail a few years earlier due to ongoing losses resulting from deteriorating service. The cancelled passenger service has subsequently been replaced by a blue-plate tourist service, the Rocky Mountaineer, with fares well over double what the BCR coach fares had been.

CN also announced in October 2003 an agreement to purchase Great Lakes Transportation (GLT), a holding company owned by Blackstone Group for US$380 million. GLT was the owner of Bessemer & Lake Erie Railroad, Duluth, Missabe and Iron Range Railway (DM&IR), and the Pittsburgh & Conneaut Dock Company. The key instigator for the deal was that since the Wisconsin Central purchase, CN was required to use DM&IR trackage rights for a short 18 km (11 mi) "gap" near Duluth, Minnesota, on the route between Chicago and Winnipeg. To purchase this short section, CN was told by GLT it would have to purchase the entire company. Also included in GLT's portfolio were eight Great Lakes vessels for transporting bulk commodities such as coal and iron ore as well as various port facilities. Following Surface Transportation Board approval for the transaction, CN completed the purchase of GLT on May 10, 2004.

On December 24, 2008, the STB approved CN's purchase for $300 million of the principal lines of the Elgin, Joliet & Eastern Railway Company (EJ&E) (reporting mark EJE) from the U.S. Steel Corporation, originally announced on September 27, 2007. The STB's decision was to become effective on January 23, 2009, with a closure of the transaction shortly thereafter. The EJ&E lines create a bypass around the western side of heavily congested Chicago-area rail hub and its conversion to use for mainline freight traffic is expected to alleviate substantial bottlenecks for both regional and intercontinental rail traffic subject to lengthy delays entering and exiting Chicago freight yards. The purchase of the lightly used EJ&E corridor was positioned by CN as a boon not only for its own business but for the efficiency of the entire U.S. rail system.

On December 31, 2011, CN completed the merger of DM&IR, DWP, and WC into its Wisconsin Central Ltd. (WCL) subsidiary.

In March 2021, CN subsidiary WCL reached a deal to sell roughly 1,400 km (900 mi) of non-core rail lines and assets in Michigan, Wisconsin, and Ontario to short-line operator Watco.

In April 2021, CN bid nearly $30 billion for Kansas City Southern (KCS), ostensibly creating a bidding war between itself and CPR, who had placed a $25 billion bid for the company in March. CN's offer represented a 21percent premium to the one made by Canadian Pacific, offering $325 for each share and including $200 in cash. The move by CN was influenced by the projected economic upturn once the world began to emerge from the COVID-19 pandemic, with KCS's railroad network reaching from Canada, through the United States, and running along the Panama Canal. On May 21, CN and KCS agreed to merge, but lengthy regulatory approvals are required to put it into effect. However, on August 31, the US Surface Transportation Board (STB) denied a voting trust between CN and KCS. With the decision by the STB, KCS re-engaged with CP on CP's original offer. The merger between the Kansas City Southern and Canadian Pacific Railway was ultimately approved on March 15, 2023, and the two railroads merged on April 14, 2023.

After losing the battle against CP for the purchase of KCS, in hearings before the STB for the CP-KCS merger, CN filed a plan to acquire the KCS line linking Kansas City with Springfield, IL, St. Louis, MO and East St. Louis, IL, the former Gateway Western, tie it to its former IC Gilman Subdivision, and thus create a new corridor between Kansas City and St. Louis with Michigan and Eastern Canada, bypassing Chicago, and which, according to the plan presented by CN, divert 80,000 long haul-truck shipments to rail annually. A few months later, CN resigned its intentions to purchase the Springfield Line in order to try to obtain trackage rights on the line, always with the same intention of creating the corridor proposed in the original plan to purchase the line filed with the STB. Both the initial plan to purchase the line and the subsequent plan to acquire trackage rights included the execution of corridor improvement works, valued at more than US$250 million. The STB would ultimately reject plans submitted by CN to operate on the Springfield Line.

Due to a failure to reach an agreement with the Teamsters Canada Rail Conference Canadian National's Canadian operations, along with those of CPKC, shut down from August 22, 2024 as the companies engaged in a lockout.

In December 2023, CN set to acquire the Iowa Northern Railway (IANR) with the proposition to be reviewed by the Surface Transportation Board (STB). On January 14, 2025, the STB approved the CN acquisition of the Iowa Northern Railway.

Early years

When CNR was first created, it inherited a large number of routes from its constituent railways, but eventually pieced its passenger network into one coherent network. For example, on December 3, 1920, CNR inaugurated the Continental Limited, which operated over four of its predecessors, as well as the Temiskaming and Northern Ontario Railway. The 1920s saw growth in passenger travel, and CNR inaugurated several new routes and introduced new services, such as radio, on its trains. However, the growth in passenger travel ended with the Great Depression, which lasted between 1929 and 1939, but picked up somewhat in World War II. By the end of World War II, many of CNR's passenger cars were old and worn down. Accidents at Dugald, Manitoba, in 1947 and Canoe River, British Columbia, in 1950, wherein extra passenger trains composed of older, wooden equipment collided with transcontinental passenger trains composed of newer, all-steel equipment, demonstrated the dangers inherent in the older cars. In 1953, CNR ordered 359 lightweight passenger cars, allowing them to re-equip their major routes.

On April 24, 1955, the same day that the CPR introduced its transcontinental train The Canadian, CNR introduced its own new transcontinental passenger train, the Super Continental, which used new streamlined rolling stock. However, the Super Continental was never considered as glamorous as the Canadian. For example, it did not include dome cars. Dome cars would be added in the early 1960s with the purchase of six former Milwaukee Road "Super Domes". They were used on the Super Continental in the summer tourist season.

From Wikipedia’s article on Canadian National Railway, shared under CC BY-SA 4.0.7

Leadership

Who has led Canadian National Railway, and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Michael Sabia1993–1999
197019801990200020102020

Products and brands

Non-rail subsidiaries

CN Telegraph

CN Telegraph originated as the Great North West Telegraph Company in 1880 to connect Ontario and Manitoba and became a subsidiary of Western Union in 1881. In 1915, facing bankruptcy, GNWTC was acquired by the Canadian Northern Railway's telegraph company. When Canadian Northern was nationalized in 1918 and amalgamated into Canadian National Railways in 1921, its telegraph arm was renamed the Canadian National Telegraph Company. CN Telegraphs began co-operating with its Canadian Pacific-owned rival CPR Telegraphs in the 1930s, sharing telegraph networks and co-founding a teleprinter system in 1957. In 1967 the two services were amalgamated into a joint venture CNCP Telecommunications which evolved into a telecoms company. CN sold its stake of the company to CP in 1984.

CNR Radio

In 1923 CNR's second president, Sir Henry Thornton who succeeded David Blyth Hanna (1919–1922), created the CNR Radio Department to provide passengers with entertainment radio reception and give the railway a competitive advantage over its rival, CP. This led to the creation of a network of CNR radio stations across the country, North America's first radio network. As anyone in the vicinity of a station could hear its broadcasts the network's audience extended far beyond train passengers to the public at large.

Claims of unfair competition from CP as well as pressure on the government to create a public broadcasting system similar to the British Broadcasting Corporation led the government of R. B. Bennett (who had been a corporate lawyer with Canadian Pacific as a client prior to entering politics) to pressure CNR into ending its on-train radio service in 1931 and then withdrawing from the radio business entirely in 1933. CNR's radio assets were sold for $50,000 to a new public broadcaster, the Canadian Radio Broadcasting Commission, which in turn became the Canadian Broadcasting Corporation in 1936.

CN Hotels

Canadian railways built and operated their own resort hotels, ostensibly to provide rail passengers travelling long distances a place to sleep overnight. These hotels became attractions in and of themselves – a place for a rail passenger to go for a holiday. As each railway company sought to be more attractive than its competitors, they made their hotels more attractive and luxurious.

Read the full text

Canadian National Hotels was the CNRs chain of hotels and was a combination of hotels inherited by the CNR when it acquired various railways and structures built by the CNR itself. The chain's principal rival was Canadian Pacific Hotels.

Canadian National Steamship Company

Canadian National operated a fleet of passenger and cargo vessels on both the West Coast and East Coast of Canada which operated under a branch of the company known as Canadian National Steamships, later CN Marine.

West Coast

Swan Hunter and Wigham Richardson of Wallsend, England, built Prince George and Prince Rupert for the Grand Trunk Pacific Railway in 1910. In 1930 Cammell Laird of Birkenhead, England, built Prince David, Prince Henry and Prince Robert. Prince Henry was sold in 1937. Prince George was destroyed by fire in 1945. Prince David and Prince Robert were requisitioned in 1939 as Royal Canadian Navy armed merchant cruisers, converted into landing ships in 1943, and sold in 1948. In 1948 a second Prince George was built by Yarrows Limited, becoming CN's sole remaining Pacific Coast passenger liner. She was switched from scheduled routes to pleasure cruises, and was the last CN ship that served the west coast. After a fire in 1975 she was sold in 1976 (first to British Columbia Steamship Company and finally Wong Brother Enterprises) before finally being sold to Chinese breakers in 1995 (and sank on her way to China in 1996 in Unimak Pass).

Former Canadian Northern Pacific ships

SS Canora was built in 1918 for the Canadian Northern Pacific's Patricia Bay to Port Mann route. In 1919 the ship became part of Canadian National.

Former Grand Trunk Pacific steamships

These ships served the Pacific coast with GTP until Canadian National took possession of them in 1925:

Prince Rupert (1910–56)

Prince George (1910–45) – Caught fire and destroyed in 1945.

Prince Albert

Prince John

CN-built steamships for the West Coast

Ships specially built for CN for the West Coast. After the Second World War steamship service had dropped and by the 1950s the ships were withdrawn. Prince George (II) stayed in service, but to do cruises on the West Coast. By 1975 Prince George (II) was retired, ending CN's steamship era on the West Coast.

Prince Henry

Prince David

Prince Robert

Prince Charles

Prince William

Prince George (II) (1948–1975) – Built and replaced the first Prince George after it caught fire in 1945. Prince George (II) was the last ship that served the west coast for CN.

East Coast

In 1928–29 Cammell Laird built a set of five ships for CN to carry mail, passengers and freight between eastern Canada and the Caribbean via Bermuda. Each ship was named after the wife of an English or British admiral who was noted for his actions in the Caribbean, and who had been knighted or ennobled. They were therefore nicknamed the Lady-liners or Lady-boats. Lady Nelson along with Lady Hawkins and Lady Drake were designed for service to the eastern islands of the British West Indies and had larger passenger capacity but lesser cargo capacity than Lady Rodney and Lady Somers who were built for service to western islands. In the Second World War Lady Somers was requisitioned as an ocean boarding vessel while her four sister ships continued in CN service. The Italian submarine Morosini sank Lady Somers in 1941. Lady Hawkins and Lady Drake were sunk by German U-boats in 1942. Lady Nelson was torpedoed in 1942 but refloated and converted to a hospital ship, while Lady Rodney survived the war unscathed. The two surviving Lady Boats, Nelson and Rodney, were sold in 1952 after declining passenger traffic and rising labour costs made them too expensive to run.

Cargo ships

In 1928 CN took over most of the fleet of Canadian Government Merchant Marine Ltd, giving it a fleet of about 45 cargo ships. When France surrendered to Germany in June 1940 the Canadian Government seized CGT's MV Maurienne and contracted CN to manage her.

Aquatrain

CN operated a rail barge service between Prince Rupert, British Columbia, to Whittier, Alaska, from 1963 to 2021.

New services

Rail passenger traffic in Canada declined significantly between World War II and 1960 due to automobiles and airplanes. In the 1960s CN's privately owned rival CPR reduced its passenger services significantly. However, the government-owned CN continued much of its passenger services and marketed new schemes. One, introduced on April 5, 1962, was the "Red, White and Blue" fare structure, which offered deep discounts on off-peak days ("red") and were credited with increasing passenger numbers on some routes as much as 600%. Another exercise was the rebranding of the express trains in the Ontario–Quebec corridor with the Rapido label.

In 1968, CN introduced a new high-speed train, the United Aircraft Turbo, which was powered by gas turbines instead of diesel engines. It made the trip between Toronto and Montreal in four hours, but was not entirely successful because it was somewhat uneconomical and not always reliable. The trainsets were retired in 1982 and later scrapped at Metrecy, in Laval, Quebec.

On CN's narrow gauge lines in Newfoundland, CN also operated a main line passenger train that ran from St. John's to Port aux Basques called the Caribou. Nicknamed the Newfie Bullett, this train ran until June 1969. It was replaced by the CN Roadcruiser Buses. The CN Roadcruiser service was started in fall 1968 and was run in direct competition with the company's own passenger train. Travellers saw that the buses could travel between St. John's and Port aux Basques in 14 hours versus the train's 22 hours. After the demise of the Caribou, the only passenger train service run by CN on the island were the mixed (freight and passenger) trains that ran on the Bonavista, Carbonear and Argentia branch lines. The only passenger service surviving on the main line was between Bishop's Falls and Corner Brook.

In 1976, CN created an entity called Via-CN as a separate operating unit for its passenger services. Via evolved into a coordinated marketing effort with CP Rail for rail passenger services, and later into a separate Crown corporation responsible for inter-city passenger services in Canada. Via Rail took over CN's passenger services on April 1, 1978.

Expansion and service cuts

From the acquisition of the Algoma Central Railway in 2001 until service cancellation in July 2015, CN operated passenger service between Sault Ste. Marie and Hearst, Ontario. The passenger service operated three days per week and provided year-round access to remote tourist camps and resorts.

In January 2014, CN announced it was cutting the service, blaming the Government of Canada for cutting a subsidy necessary to keep the service running. It was argued as an essential service; however, the service had always been deemed financially uneconomic, and despite an extension of funding in April 2014, Algoma Central service was suspended as of July 2015.

CN operates the Agawa Canyon Tour excursion, an excursion that runs from Sault Ste. Marie, Ontario, north to the Agawa Canyon. The canyon tour train consists of up to 28 passenger cars and 2 dining cars, the majority of which were built for CN by Canadian Car and Foundry in 1953–54. These cars were transferred to the D&RGW Ski Train and bought back by CN in 2009.

After CN acquired BC Rail in 2004, it started operating a railbus service between Seton Portage and Lillooet, British Columbia called the Kaoham Shuttle.

CN crews used to operate commuter trains on behalf of GO Transit in the Toronto and the surrounding vicinity. This changed in 2008 when a deal was reached with Bombardier Transportation that switched all CN crews for Bombardier crews.

Major facilities

CN owns a large number of large yards and repair shops across their system. They are used for many operations, ranging from intermodal terminals to classification yards. Examples include:

Hump yards

Hump yards work by using a small hill over which cars are pushed before being released down a slope and switched automatically into cuts of cars, ready to join into outbound trains. CN's active humps include:

Vaughan, Ontario: MacMillan Yard

Winnipeg, Manitoba: Symington Yard

Gary, Indiana: Kirk Yard

Memphis, Tennessee: Harrison Yard

From Wikipedia’s article on Canadian National Railway, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Owners

Subsidiaries

Also owns

  • Amqui
  • Blue River railway station
  • Bridge Subdivision
  • CN Beachburg Subdivision
  • CN Lévis Subdivision
  • CN Montmagny Subdivision
  • Canadian Northern Ontario Railway Federal Bridge
  • Cap-Rouge trestle
  • Carbondale
  • Centralia
  • Clarkson GO Station
  • Coteau railway station
  • Drummondville Subdivision
  • Du Quoin
  • Effingham
  • Exhibition GO Station
  • Freeport Subdivision
  • Gilman
  • Halifax railway station
  • Homewood
  • Illinois Terminal
  • InterContinental Toronto Centre
  • Joffre Yard
  • Kankakee
All 47 also owns
  • La Tuque Subdivision
  • Lac-St-Jean Subdivision
  • Lakeshore West line
  • Long Branch GO Station
  • Matapédia
  • Mattoon
  • Mimico GO Station
  • Mont-Joli railway station
  • Oliver Bridge
  • Port Credit GO Station
  • Quebec Bridge
  • Québec City–Windsor Corridor
  • RMS Lady Nelson
  • Rantoul
  • Richmond Hill line
  • Rivière-Blanche railway station
  • SS Prince George
  • Sackville railway station
  • Sayabec
  • Springhill Junction railway station
  • Truro railway station
  • Victoria Bridge
  • Toronto Terminals Railway since 1923

Former owners and parents

  • Government of Canada until 1995

From Wikidata.1

Acquisitions

  1. 2004Bessemer and Lake Erie Railroad became a subsidiary1
  2. 2004Duluth, Missabe and Iron Range Railway became a subsidiary1
  3. 2001Acquired Algoma Central Railway1
  4. 2001Wisconsin Central Ltd. became a subsidiary1
  5. 1984Acquired CNCP Telecommunications1
  6. 1951Acquired Charlevoix Railway1
  7. 1923Acquired Toronto Terminals Railway1
  8. 1923Acquired Waterloo Spur Line1
  9. 1919Acquired Duluth, Winnipeg and Pacific Railway1
  10. Succeeded BC Rail1
  11. Succeeded Brockville, Westport and North-Western Railway1
  12. Succeeded Chemin de fer de la Matapédia et du Golfe1
  13. Succeeded Chicago Central and Pacific Railroad1
  14. Succeeded Intercolonial Railway1
  15. Succeeded Inverness and Richmond Railway1
  16. Succeeded New Brunswick East Coast Railway1
  17. Succeeded Northern Alberta Railways1
  18. Succeeded Thousand Islands Railway1
  19. Succeeded Wellington, Grey and Bruce Railway1
  20. Succeeded Quebec and Lake St. John Railway1
  21. Succeeded Grand Trunk Pacific Railway1
  22. Succeeded Grand Trunk Railway1
  23. Succeeded Canadian Northern Railway1
  24. Succeeded Newfoundland Railway1
  25. Succeeded Illinois Central Railroad1
  26. Succeeded by Carlton Trail Railway1

Timeline

  1. Nov 17, 1995Went public Listed on Toronto Stock Exchange1
  2. Nov 17, 1995Went public Listed on NYSE1
  3. Jun 6, 1919Founded Founded1

Calendar

Coming up

  1. Oct 30, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $1.33 a share, on Oct 31, 2025.15

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

164 filings to the SEC since October 2021: 5 annual reports, 13 large holders, 146 other. The latest 20:

  1. Aug 25, 20266-K EDGAR
  2. Jul 24, 20266-K EDGAR
  3. Jul 23, 20266-K EDGAR
  4. Jul 23, 20266-K EDGAR
  5. May 8, 2026SUPPL EDGAR
  6. May 8, 20266-K EDGAR
  7. May 7, 2026FWP EDGAR
  8. May 7, 2026SUPPL EDGAR
  9. May 4, 2026EFFECT EDGAR
  10. May 1, 20266-K EDGAR
  11. May 1, 20266-K EDGAR
  12. Apr 29, 20266-K EDGAR
  13. Apr 29, 2026F-X EDGAR
  14. Apr 29, 2026F-X EDGAR
  15. Apr 29, 2026F-10 EDGAR
  16. Apr 29, 20266-K EDGAR
  17. Mar 25, 20266-K EDGAR
  18. Mar 25, 20266-K EDGAR
  19. Feb 6, 20266-K EDGAR
  20. Feb 5, 20266-K EDGAR

The 164 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Gates Foundation Trust51,826,786$6.2B18.0%No change
Royal Bank Of Canada31,156,081$3.7B0.6%+3,646,856
FIL Ltd19,129,315$2.3B1.6%+2,288,097
Caisse de depot et placement du Quebec18,962,558$2.3B3.2%+178,385
1832 Asset Management L.P.16,518,344$2.0B2.4%−2,164,896
Vanguard Capital Management LLC15,918,701$1.9B0.0%+120,099
Bank Of Montreal /can/14,841,305$1.8B0.6%+845,548
Mackenzie Financial Corp8,939,323$1.5B1.5%+163,017
TD Asset Management Inc9,907,691$1.2B1.0%−2,223,622
Tci Fund Management Ltd9,433,422$1.1B2.1%−416,512
Wellington Management Group Llp8,537,192$1.0B0.2%−2,985,994
CIBC Asset Management Inc6,861,848$819.9M1.8%+3,193,207
National Bank Of Canada /fi/6,761,268$805.3M0.7%+76,139
Massachusetts Financial Services Co /ma/1,417,278$784.1M0.2%−2,333,392
Deutsche Bank Ag\6,062,146$722.9M0.2%−1,142,973
Clearbridge Investments, LLC5,964,425$711.2M0.6%+711,429
Geode Capital Management, LLC5,829,986$706.7M0.0%+607,775
Norges Bank5,695,165$679.0M0.1%New
Connor, Clark & Lunn Investment Management Ltd.5,674,241$676.4M1.3%+1,099,056
Harding Loevner LP5,390,831$648.4M6.1%+2,549,371
Fiera Capital Corp5,406,877$644.0M2.3%−784,633
Manufacturers Life Insurance Company, The5,303,746$631.7M0.5%+899,494
Arrowstreet Capital, Limited Partnership5,152,780$614.4M0.3%+424,278
Cibc World Market Inc.5,025,832$602.2M1.0%−73,565
Vanguard Fiduciary Trust Co4,816,343$574.8M0.1%+21,121

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

9 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jan 15, 2025Jared MoskowitzDemocratic, HouseSale$1,001 - $15,000+9.2%Report
Jan 15, 2025Jared MoskowitzDemocratic, HouseSale$1,001 - $15,000+9.2%Report
Jan 15, 2025Jared MoskowitzDemocratic, HouseSale$1,001 - $15,000+9.2%Report
Feb 17, 2021Peter Meijer, HouseSale$15,001 - $50,000+84.9%Report
May 12, 2020Greg Gianforte, HousePartial sale$100,001 - $250,000+119.6%Report
May 8, 2020Josh GottheimerDemocratic, HousePartial sale$1,001 - $15,000+115.4%Report
Jan 13, 2020Greg Gianforte, HouseBuy$15,001 - $50,000−105.0%Report
Jun 24, 2019Donna Shalala, HouseSale$1,001 - $15,000+130.8%Report
Feb 15, 2019Donna Shalala, HousePartial sale$1,001 - $15,000+133.4%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Canadian National Railway is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCANADIAN NATIONAL RAILWAY CO2
  • CIK0000016868
  • Employer ID (EIN)98-001860919
  • Filer statusLarge accelerated not an emerging growth company2
  • Incorporated inCanada19
  • Fiscal year endsDecember 312
  • Industry code (SIC)4011 Railroads, Line-Haul Operating2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address935 De La Gauchetiere St W, Montreal Quebec, Canada, A8 H3B 2M92
  • Mailing address935 De La Gauchetiere St West, Montreal Quebec, Canada H3B 2M9, A8 000002
  • Phone51439965692
  • Shares outstanding614,433,951 shares as of Dec 31, 202519
  • AuditorKPMG LLP, Montreal, Quebec, Canada PCAOB ID 85; it also attests to the company’s internal control over financial reporting19
  • On EDGAR sinceFeb 10, 19972
  • Filings1,084 in all: 6-K (573), 425 (198), SUPPL (42), SC 13G/A (39), 11-K (28), 40-F (25), FWP (19), F-X (18)2
    All 38 form types

    SC 13D/A (17), UPLOAD (13), EFFECT (10), CORRESP (9), F-X/A (9), S-8 (9), SC 13G (9), 144 (7), F-10 (7), F-4/A (6), S-8 POS (6), 6-K/A (4), F-9 (4), F-9/A (4), S-4/A (4), SC 14D1/A (4), F-4 (3), SC 13D (3), F-10/A (2), NTN 10Q (2), 15-12B (1), 25 (1), 3 (1), 40-F/A (1), 424B3 (1), PRER14A (1), S-4 (1), SC 14D1 (1), SCHEDULE 13D/A (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (40-F) Feb 4, 2026

Securities registered for trading

ClassSymbolExchange
Common sharesCNINew York Stock Exchange

From the cover page of the 40-F filed Feb 4, 2026 (Section 12(b) of the Exchange Act).19