Canadian National Railway annual debt-to-equity ratio
2020
2021
2022
2023
2024
2025
Canadian National Railway Debt-to-Equity Ratio Growth & History (CNI)
Canadian National Railway's debt-to-equity ratio was 1.00 for fiscal 2025.
View full Canadian National Railway company overviewCanadian National Railway annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 1.00 | −0.01 | −1.21% |
| 2024 | 2024-12-31 | 1.02 | 0.08 | +8.13% |
| 2023 | 2023-12-31 | 0.94 | 0.20 | +26.31% |
| 2022 | 2022-12-31 | 0.74 | — | — |
| 2021 | 2021-03-31 | 0.11 | — | — |
| 2020 | 2020-12-31 | 0.68 | — | — |
Canadian National Railway quarterly debt-to-equity ratio
As of Jun 30, 2009
As of Sep 30, 2009
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 1.03 | 0.07 | +7.16% |
| Q1 2026 | 2026-03-31 | 1.05 | — | — |
| Q4 2025 | 2025-12-31 | 1.00 | — | — |
| Q3 2025 | 2025-09-30 | 1.01 | — | — |
| Q2 2025 | 2025-06-30 | 0.96 | — | — |
| As of Sep 30, 2009 | 2009-09-30 | 0.57 | — | — |
| As of Jun 30, 2009 | 2009-06-30 | 0.64 | — | — |
Canadian National Railway debt-to-equity ratio trends
Over the last five fiscal years, Canadian National Railway's debt-to-equity ratio increased from 0.68 to 1.00, a change of 0.32. The latest reported quarter, Q2 2026, shows 1.03.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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