67/100B127.570
USD
0.81
(0.64%)
Pre Open
Fair value112.72Plus+13%93Price 127.57142
Q4 FY2026 · Earnings report
EPS estimate 1.56Revenue estimate 3.49B
Q4 FY2026 · Earnings report
EPS estimate 1.56Revenue estimate 3.49B
Canadian National Railway total debt 1995–2026What is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.
Canadian National Railway's total debt was 23.32B CAD on 30 September 2026, up 6.8% on a year before. At the end of fiscal year 2025 it was 21.82B CAD.
Last updated 9 Nov 2026 · Next report 29 Jan 2027
Total debt
Growth
| Fiscal year | Period ending | Total debt | Growth | Cash and short-term investments | Net cash | Debt to equity |
|---|---|---|---|---|---|---|
| Latest quarter | 30 Sept 2026 | 23.32B | +6.85% | 759.66M | -22.56B | 1.06 |
| FY2025 | 31 Dec 2025 | 21.82B | +2.10% | 362.70M | -21.46B | 1.01 |
| FY2024 | 31 Dec 2024 | 21.37B | +13.15% | 389.00M | -20.98B | 1.02 |
| FY2023 | 31 Dec 2023 | 18.89B | +18.83% | 475.00M | -18.41B | 0.94 |
| FY2022 | 31 Dec 2022 | 15.90B | +23.07% | 328.00M | -15.57B | 0.74 |
| FY2021 | 31 Dec 2021 | 12.92B | -3.07% | 838.00M | -12.08B | 0.57 |
| FY2020 | 31 Dec 2020 | 13.32B | -6.81% | 569.00M | -12.76B | 0.68 |
| FY2019 | 31 Dec 2019 | 14.30B | +13.75% | 64.00M | -14.23B | 0.79 |
| FY2018 | 31 Dec 2018 | 12.57B | +16.08% | 266.00M | -12.30B | 0.71 |
| FY2017 | 31 Dec 2017 | 10.83B | -1.00% | 70.00M | -10.76B | 0.65 |
| FY2016 | 31 Dec 2016 | 10.94B | +4.89% | 176.00M | -10.76B | 0.74 |
| FY2015 | 31 Dec 2015 | 10.43B | +24.55% | 153.00M | -10.27B | 0.70 |
| FY2014 | 31 Dec 2014 | 8.37B | +6.79% | 52.00M | -8.32B | 0.62 |
| FY2013 | 31 Dec 2013 | 7.84B | +13.62% | 214.00M | -7.63B | 0.61 |
| FY2012 | 31 Dec 2012 | 6.90B | +4.93% | 155.00M | -6.75B | 0.63 |
| FY2011 | 31 Dec 2011 | 6.58B | +8.00% | 101.00M | -6.48B | 0.62 |
| FY2010 | 31 Dec 2010 | 6.09B | -6.02% | 490.00M | -5.60B | 0.54 |
| FY2009 | 31 Dec 2009 | 6.48B | -30.31% | 352.00M | -6.13B | 0.58 |
| FY2008 | 31 Dec 2008 | 9.30B | +33.71% | 413.00M | -8.88B | 0.88 |
| FY2007 | 31 Dec 2007 | 6.95B | +24.07% | 310.00M | -6.64B | 0.68 |
| FY2006 | 31 Dec 2006 | 5.60B | +10.21% | 179.00M | -5.43B | 0.57 |
| FY2005 | 31 Dec 2005 | 5.09B | -1.53% | 62.00M | -5.02B | 0.55 |
| FY2004 | 31 Dec 2004 | 5.16B | +10.86% | 147.00M | -5.02B | 0.56 |
| FY2003 | 31 Dec 2003 | 4.66B | -16.48% | 130.00M | -4.53B | 0.55 |
| FY2002 | 31 Dec 2002 | 5.58B | -5.91% | 25.00M | -5.55B | 0.67 |
| FY2001 | 31 Dec 2001 | 5.93B | +37.20% | 53.00M | -5.87B | 0.79 |
| FY2000 | 31 Dec 2000 | 4.32B | +2.07% | 15.00M | -4.31B | 0.65 |
| FY1999 | 31 Dec 1999 | 4.23B | +3.33% | 305.94M | -3.93B | 0.69 |
| FY1998 | 31 Dec 1998 | 4.10B | +143.12% | 260.03M | -3.84B | 0.82 |
| FY1997 | 31 Dec 1997 | 1.68B | +10.39% | 365.34M | -1.32B | 0.42 |
| FY1996 | 31 Dec 1996 | 1.53B | -4.67% | 105.95M | -1.42B | 0.64 |
| FY1995 | 31 Dec 1995 | 1.60B | — | 119.00M | -1.48B | 0.69 |
| Quarter | Period ending | Total debt | Growth on a year before | Cash and short-term investments | Net cash | Debt to equity |
|---|---|---|---|---|---|---|
| Q3 FY2026 | 30 Sept 2026 | 23.32B | +6.85% | 759.66M | -22.56B | 1.06 |
| Q2 FY2026 | 30 Jun 2026 | 22.63B | +9.02% | 294.13M | -22.33B | 1.03 |
| Q1 FY2026 | 31 Mar 2026 | 22.57B | +6.82% | 587.51M | -21.99B | 1.05 |
| Q4 FY2025 | 31 Dec 2025 | 21.82B | +2.10% | 362.70M | -21.46B | 1.01 |
| Q3 FY2025 | 30 Sept 2025 | 21.83B | +4.27% | 226.32M | -21.60B | 1.03 |
| Q2 FY2025 | 30 Jun 2025 | 20.75B | -0.02% | 216.00M | -20.54B | 0.96 |
| Q1 FY2025 | 31 Mar 2025 | 21.13B | +5.53% | 232.00M | -20.90B | 0.98 |
| Q4 FY2024 | 31 Dec 2024 | 21.37B | +13.15% | 389.00M | -20.98B | 1.02 |
| Q3 FY2024 | 30 Sept 2024 | 20.94B | +12.01% | 273.00M | -20.66B | 1.08 |
| Q2 FY2024 | 30 Jun 2024 | 20.76B | +20.45% | 335.00M | -20.42B | 1.07 |
| Q1 FY2024 | 31 Mar 2024 | 20.03B | +18.02% | 412.00M | -19.61B | 1.01 |
| Q4 FY2023 | 31 Dec 2023 | 18.89B | +18.83% | 475.00M | -18.41B | 0.94 |
| Q3 FY2023 | 30 Sept 2023 | 18.69B | +18.68% | 491.00M | -18.20B | 0.94 |
| Q2 FY2023 | 30 Jun 2023 | 17.23B | +17.36% | 539.00M | -16.69B | 0.84 |
| Q1 FY2023 | 31 Mar 2023 | 16.97B | +23.81% | 484.00M | -16.48B | 0.81 |
| Q4 FY2022 | 31 Dec 2022 | 15.90B | +23.07% | 328.00M | -15.57B | 0.74 |
| Q3 FY2022 | 30 Sept 2022 | 15.75B | +42.86% | 403.00M | -15.35B | 0.72 |
| Q2 FY2022 | 30 Jun 2022 | 14.68B | +4.16% | 465.00M | -14.22B | 0.68 |
| Q1 FY2022 | 31 Mar 2022 | 13.71B | +2.93% | 490.00M | -13.22B | 0.63 |
| Q4 FY2021 | 31 Dec 2021 | 12.92B | -3.07% | 838.00M | -12.08B | 0.57 |
| Q3 FY2021 | 30 Sept 2021 | 11.02B | -21.86% | 2.12B | -8.91B | 0.65 |
| Q2 FY2021 | 30 Jun 2021 | 14.10B | -2.76% | 569.00M | -13.53B | 0.69 |
| Q1 FY2021 | 31 Mar 2021 | 13.32B | -15.62% | 518.00M | -12.80B | 0.67 |
| Q4 FY2020 | 31 Dec 2020 | 13.32B | -6.81% | 569.00M | -12.76B | 0.68 |
| Q3 FY2020 | 30 Sept 2020 | 14.11B | -0.45% | 285.00M | -13.82B | 0.73 |
| Q2 FY2020 | 30 Jun 2020 | 14.50B | +5.36% | 375.00M | -14.12B | 0.77 |
| Q1 FY2020 | 31 Mar 2020 | 15.78B | +13.87% | 488.00M | -15.29B | 0.84 |
| Q4 FY2019 | 31 Dec 2019 | 14.30B | +13.75% | 64.00M | -14.23B | 0.79 |
| Q3 FY2019 | 30 Sept 2019 | 14.17B | +19.15% | 258.00M | -13.91B | 0.77 |
| Q2 FY2019 | 30 Jun 2019 | 13.76B | +15.89% | 128.00M | -13.63B | 0.77 |
| Q1 FY2019 | 31 Mar 2019 | 13.86B | +16.34% | 339.00M | -13.52B | 0.79 |
| Q4 FY2018 | 31 Dec 2018 | 12.57B | +16.08% | 266.00M | -12.30B | 0.71 |
| Q3 FY2018 | 30 Sept 2018 | 11.89B | +14.21% | 317.00M | -11.58B | 0.68 |
| Q2 FY2018 | 30 Jun 2018 | 11.87B | +12.48% | 394.00M | -11.48B | 0.68 |
| Q1 FY2018 | 31 Mar 2018 | 11.91B | +9.04% | 242.00M | -11.67B | 0.72 |
| Q4 FY2017 | 31 Dec 2017 | 10.83B | -1.00% | 70.00M | -10.76B | 0.65 |
| Q3 FY2017 | 30 Sept 2017 | 10.41B | -2.61% | 109.00M | -10.31B | 0.69 |
| Q2 FY2017 | 30 Jun 2017 | 10.56B | +2.28% | 131.00M | -10.43B | 0.70 |
| Q1 FY2017 | 31 Mar 2017 | 10.92B | +7.86% | 265.00M | -10.66B | 0.73 |
| Q4 FY2016 | 31 Dec 2016 | 10.94B | +4.89% | 176.00M | -10.76B | 0.74 |
| Q3 FY2016 | 30 Sept 2016 | 10.69B | +1.97% | 215.00M | -10.48B | 0.71 |
| Q2 FY2016 | 30 Jun 2016 | 10.32B | +10.47% | 160.00M | -10.16B | 0.70 |
| Q1 FY2016 | 31 Mar 2016 | 10.13B | +7.71% | 188.00M | -9.94B | 0.69 |
| Q4 FY2015 | 31 Dec 2015 | 10.43B | +24.00% | 153.00M | -10.27B | 0.70 |
| Q3 FY2015 | 30 Sept 2015 | 10.49B | +33.73% | 537.00M | -9.95B | 0.72 |
| Q2 FY2015 | 30 Jun 2015 | 9.34B | +21.97% | 86.00M | -9.26B | 0.67 |
| Q1 FY2015 | 31 Mar 2015 | 9.40B | +14.68% | 178.00M | -9.23B | 0.68 |
| Q4 FY2014 | 31 Dec 2014 | 8.41B | +7.26% | 52.00M | -8.36B | 0.62 |
| Q3 FY2014 | 30 Sept 2014 | 7.84B | +4.57% | 176.00M | -7.67B | 0.57 |
| Q2 FY2014 | 30 Jun 2014 | 7.66B | +2.65% | 127.00M | -7.53B | 0.57 |
| Q1 FY2014 | 31 Mar 2014 | 8.20B | +10.63% | 198.00M | -8.00B | 0.63 |
| Q4 FY2013 | 31 Dec 2013 | 7.84B | +13.62% | 214.00M | -7.63B | 0.61 |
| Q3 FY2013 | 30 Sept 2013 | 7.50B | +16.28% | 182.00M | -7.32B | 0.65 |
| Q2 FY2013 | 30 Jun 2013 | 7.46B | +10.15% | 87.00M | -7.38B | 0.66 |
| Q1 FY2013 | 31 Mar 2013 | 7.41B | +9.19% | 128.00M | -7.28B | 0.67 |
| Q4 FY2012 | 31 Dec 2012 | 6.90B | +4.93% | 155.00M | -6.75B | 0.63 |
| Q3 FY2012 | 30 Sept 2012 | 6.45B | +0.70% | 175.00M | -6.27B | 0.57 |
| Q2 FY2012 | 30 Jun 2012 | 6.78B | +14.35% | 345.00M | -6.43B | 0.61 |
| Q1 FY2012 | 31 Mar 2012 | 6.79B | +14.55% | 182.00M | -6.61B | 0.62 |
| Q4 FY2011 | 31 Dec 2011 | 6.58B | +8.00% | 101.00M | -6.48B | 0.62 |
| Q3 FY2011 | 30 Sept 2011 | 6.40B | +2.84% | 192.00M | -6.21B | 0.55 |
| Q2 FY2011 | 30 Jun 2011 | 5.93B | -9.61% | 593.00M | -5.33B | 0.52 |
| Q1 FY2011 | 31 Mar 2011 | 5.93B | -5.91% | 593.00M | -5.33B | 0.52 |
| Q4 FY2010 | 31 Dec 2010 | 6.09B | -6.02% | 490.00M | -5.60B | 0.54 |
| Q3 FY2010 | 30 Sept 2010 | 6.23B | -19.76% | 548.00M | -5.68B | 0.53 |
| Q2 FY2010 | 30 Jun 2010 | 6.56B | -26.09% | 896.00M | -5.66B | 0.56 |
| Q1 FY2010 | 31 Mar 2010 | 6.30B | -34.70% | 748.00M | -5.55B | 0.55 |
| Q4 FY2009 | 31 Dec 2009 | 6.48B | -30.31% | 352.00M | -6.13B | 0.58 |
| Q3 FY2009 | 30 Sept 2009 | 7.76B | +15.58% | 233.00M | -7.53B | 0.68 |
| Q2 FY2009 | 30 Jun 2009 | 8.87B | +36.99% | 431.00M | -8.44B | 0.80 |
| Q1 FY2009 | 31 Mar 2009 | 9.64B | +52.67% | 349.00M | -9.29B | 0.88 |
| Q4 FY2008 | 31 Dec 2008 | 9.30B | +33.71% | 413.00M | -8.88B | 0.88 |
| Q3 FY2008 | 30 Sept 2008 | 6.71B | +19.12% | 288.00M | -6.43B | 0.65 |
| Q2 FY2008 | 30 Jun 2008 | 6.47B | +16.35% | 161.00M | -6.31B | 0.64 |
| Q1 FY2008 | 31 Mar 2008 | 6.32B | +7.99% | 333.47M | -5.98B | 0.63 |
| Q4 FY2007 | 31 Dec 2007 | 6.95B | +24.07% | 310.00M | -6.64B | 0.68 |
| Q3 FY2007 | 30 Sept 2007 | 5.64B | +6.23% | 213.65M | -5.42B | 0.58 |
| Q2 FY2007 | 30 Jun 2007 | 5.56B | +2.95% | 241.47M | -5.32B | 0.57 |
| Q1 FY2007 | 31 Mar 2007 | 5.85B | +11.27% | 106.14M | -5.74B | 0.60 |
| Q4 FY2006 | 31 Dec 2006 | 5.60B | +10.21% | 179.00M | -5.43B | 0.57 |
| Q3 FY2006 | 30 Sept 2006 | 5.30B | +6.65% | 55.78M | -5.25B | 0.57 |
| Q2 FY2006 | 30 Jun 2006 | 5.40B | +5.85% | 206.85M | -5.20B | 0.59 |
| Q1 FY2006 | 31 Mar 2006 | 5.26B | +1.40% | 172.66M | -5.08B | 0.57 |
| Q4 FY2005 | 31 Dec 2005 | 5.09B | -1.53% | 62.00M | -5.02B | 0.55 |
| Q3 FY2005 | 30 Sept 2005 | 4.97B | -8.25% | 118.38M | -4.86B | 0.68 |
| Q2 FY2005 | 30 Jun 2005 | 5.11B | +5.32% | 154.32M | -4.95B | 0.70 |
| Q1 FY2005 | 31 Mar 2005 | 5.18B | +14.57% | 202.04M | -4.98B | 0.71 |
| Q4 FY2004 | 31 Dec 2004 | 5.16B | +10.86% | 147.00M | -5.02B | 0.56 |
| Q3 FY2004 | 30 Sept 2004 | 5.42B | — | 0.00 | -5.42B | 0.74 |
| Q2 FY2004 | 30 Jun 2004 | 4.85B | -5.71% | 135.42M | -4.71B | 0.69 |
| Q1 FY2004 | 31 Mar 2004 | 4.52B | -17.73% | 174.80M | -4.35B | 0.68 |
| Q4 FY2003 | 31 Dec 2003 | 4.66B | -16.48% | 130.00M | -4.53B | 0.55 |
| Q3 FY2003 | 20 Oct 2003 | 5.01B | — | 121.45M | -4.89B | 0.79 |
| Q2 FY2003 | 30 Jun 2003 | 5.14B | -3.93% | 130.44M | -5.01B | 0.82 |
| Q1 FY2003 | 31 Mar 2003 | 5.50B | -4.05% | 83.84M | -5.42B | 0.87 |
| Q4 FY2002 | 31 Dec 2002 | 5.58B | -5.91% | 25.00M | -5.55B | 0.67 |
| Q3 FY2002 | 30 Sept 2002 | 5.39B | +5.31% | 23.79M | -5.37B | 0.78 |
| Q2 FY2002 | 30 Jun 2002 | 5.35B | +28.43% | 92.77M | -5.26B | 0.80 |
| Q1 FY2002 | 31 Mar 2002 | 5.73B | +27.74% | 51.05M | -5.68B | 0.87 |
| Q4 FY2001 | 31 Dec 2001 | 5.93B | +37.20% | 53.00M | -5.87B | 0.79 |
| Q3 FY2001 | 30 Sept 2001 | 5.12B | +14.68% | 830.92M | -4.29B | 0.83 |
| Q2 FY2001 | 30 Jun 2001 | 4.17B | -3.71% | 30.35M | -4.14B | 0.69 |
| Q1 FY2001 | 31 Mar 2001 | 4.49B | +6.18% | 39.37M | -4.45B | 0.75 |
| Q4 FY2000 | 31 Dec 2000 | 4.32B | +2.07% | 15.00M | -4.31B | 0.65 |
| Q3 FY2000 | 30 Sept 2000 | 4.47B | +1.76% | 240.74M | -4.23B | 0.65 |
| Q2 FY2000 | 30 Jun 2000 | 4.33B | +19.03% | 72.60M | -4.26B | 0.65 |
| Q1 FY2000 | 31 Mar 2000 | 4.23B | +3.84% | 180.03M | -4.05B | 0.65 |
| Q4 FY1999 | 31 Dec 1999 | 4.23B | +3.33% | 305.94M | -3.93B | 0.69 |
| Q3 FY1999 | 30 Sept 1999 | 4.39B | +5.16% | 157.24M | -4.23B | 0.74 |
| Q2 FY1999 | 30 Jun 1999 | 3.64B | -10.55% | 176.57M | -3.46B | 0.63 |
| Q1 FY1999 | 31 Mar 1999 | 4.07B | +0.11% | 83.20M | -3.99B | 0.79 |
| Q4 FY1998 | 31 Dec 1998 | 4.10B | +143.12% | 260.03M | -3.84B | 0.82 |
| Q3 FY1998 | 30 Sept 1998 | 4.17B | +178.23% | 259.31M | -3.91B | 0.86 |
| Q2 FY1998 | 30 Jun 1998 | 4.06B | +164.93% | 352.19M | -3.71B | 0.80 |
| Q1 FY1998 | 31 Mar 1998 | 4.07B | +160.05% | 190.57M | -3.88B | 0.99 |
| Q4 FY1997 | 31 Dec 1997 | 1.68B | +10.39% | 365.34M | -1.32B | 0.42 |
| Q3 FY1997 | 30 Sept 1997 | 1.50B | +3.01% | 259.27M | -1.24B | 0.53 |
| Q2 FY1997 | 30 Jun 1997 | 1.53B | +4.72% | 206.93M | -1.33B | 0.57 |
| Q1 FY1997 | 31 Mar 1997 | 1.56B | +3.53% | 97.81M | -1.47B | 0.63 |
| Q4 FY1996 | 31 Dec 1996 | 1.53B | — | 105.95M | -1.42B | 0.64 |
| Q3 FY1996 | 30 Sept 1996 | 1.46B | — | 0.00 | -1.46B | 0.57 |
| Q2 FY1996 | 30 Jun 1996 | 1.47B | — | 0.00 | -1.47B | 0.59 |
| Q1 FY1996 | 31 Mar 1996 | 1.51B | — | 0.00 | -1.51B | 0.64 |
Figures in CAD at the end of each period. Net cash is cash and short-term investments less total debt; book value per share is on the diluted share count. The latest column is the most recent quarter.
Total debt counts commercial paper, term debt and lease liabilities.
See also:Revenue,Net income,EPS,Shares outstanding,Operating income,Cash on hand,Free cash flow,Stock buybacks,Balance sheet
Common questions about Canadian National Railway's debt
Source: Financial Modeling PrepVerified against SEC filings