Compañía Nacional de Ferrocarriles de Canadá (CNI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Canadian National Railway Company (CNI) se erige como un titán de transporte, tejiendo una intrincada red de logística y soluciones de carga que pulsan en América del Norte, como las arterias industriales. Al conectar estratégicamente a diversas industrias a través de su infraestructura ferroviaria integral, CNI transforma los complejos desafíos de transporte en viajes sin interrupciones y eficientes que alimentan la conectividad económica. Desde productos agrícolas hasta piezas automotrices, este gigante ferroviario aprovecha la tecnología de punta, las asociaciones estratégicas y un ecosistema de transporte expansivo para ofrecer un valor que se extiende mucho más allá del envío tradicional, creando un modelo de negocio dinámico que impulsa el comercio global hacia adelante.

Canadian National Railway Company (CNI) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con las principales autoridades portuarias

Canadian National Railway mantiene asociaciones estratégicas con:

• Puerto de Vancouver (puerto más grande de Canadá)
• Puerto del Príncipe Rupert
• Puerto de Montreal
• Puerto de Nueva Orleans (Estados Unidos)

Puerto	Volumen anual de contenedores	Duración de la asociación
Puerto de Vancouver	3.4 millones de teus	Más de 20 años
Puerto del Príncipe Rupert	1.2 millones de teus	Más de 15 años

Asociaciones de envío y logística intermodales

Las colaboraciones de logística clave incluyen:

• Línea de Maersk
• Compañía de envío mediterráneo
• Grupo CGM CMA
• Hapag-lloyd

Proveedores de tecnología

Socio tecnológico	Enfoque tecnológico	Inversión anual
Siemens	Sistemas de control de locomotoras	$ 42 millones
Wabtec Corporation	Tecnologías de gestión ferroviaria	$ 38 millones

Fabricantes de equipos

Asociaciones de fabricación de equipos primarios:

• Transporte eléctrico general
• Transporte de Bombardier
• Servicios ferroviarios de progreso

Asociaciones de productos agrícolas e industriales

Productor de productos básicos	Volumen de transporte anual	Valor de contrato
Cargill	2.3 millones de toneladas métricas	$ 215 millones
Viterra	1.8 millones de toneladas métricas	$ 180 millones

Canadian National Railway Company (CNI) - Modelo de negocios: actividades clave

Transporte de carga de larga distancia en América del Norte

Canadian National Railway opera una red ferroviaria de 33,331 kilómetros que abarca Canadá y Estados Unidos. En 2022, la compañía transportó 302 millones de toneladas métricas de carga.

Categoría de flete	Volumen (millones de toneladas métricas)
Petróleo y productos químicos	74.2
Grano y fertilizantes	55.6
Productos forestales	42.3
Metales y minerales	38.9

Servicios de carga intermodales y gestión de redes ferroviarias

CN Rail administra un complejo sistema de transporte intermodal con 23 terminales intermodales en América del Norte.

• Tráfico intermodal anual: 2.4 millones de TEU (unidades equivalentes de veinte pies)
• Ingresos intermodales: $ 3.1 mil millones en 2022
• Más de 400 trenes programados por día

Mantenimiento de una infraestructura ferroviaria extensa

La inversión en mantenimiento de infraestructura en 2022 fue de $ 2.9 mil millones, cubriendo la vía, los puentes y el stock rodante.

Componente de infraestructura	Gastos de mantenimiento anual
Rastrear la infraestructura	$ 1.2 mil millones
Material rodante	$ 850 millones
Puentes y túneles	$ 650 millones

Logística y optimización de la cadena de suministro

CN Rail opera con Ferrocarril programado de precisión Metodología, logrando una relación operativa del 65% en 2022.

• Longitud promedio del tren: 12,500 pies
• Peso promedio del tren: 10,500 toneladas
• Velocidad promedio del tren: 24.1 millas por hora

Desarrollo de tecnología de seguimiento digital y transporte

La inversión tecnológica en 2022 totalizó $ 385 millones, centrándose en la transformación digital y la eficiencia operativa.

• Sistema de seguimiento de envío en tiempo real
• Tecnologías de mantenimiento predictivo
• Investigación de control de trenes autónomos

Canadian National Railway Company (CNI) - Modelo de negocios: recursos clave

Red ferroviaria extensa

Total Rail Network: 33,000 kilómetros de ruta que abarcan Canadá y Estados Unidos

Cobertura de red	Kilómetros
Red canadiense	22,500 kilómetros
Red de los Estados Unidos	10,500 kilómetros

Flota de locomotores y vagones

Composición de la flota a partir de 2023:

Tipo de activo	Unidades totales
Locomotoras	1.900 unidades
Vagones de flete	48,600 unidades

Tecnologías digitales

• Sistemas avanzados de seguimiento del GPS
• Plataformas de gestión de logística en tiempo real
• Tecnologías de mantenimiento predictivo

Composición de la fuerza laboral

Categoría de empleado	Número de empleados
Fuerza de trabajo total	24,320 empleados
Profesionales de transporte	15,680 empleados

Corredores de transporte estratégico

Conexiones de corredor clave: Vancouver, Prince Rupert, Toronto, Chicago, Nueva Orleans

Canadian National Railway Company (CNI) - Modelo de negocio: propuestas de valor

Transporte de flete de transmisión cruzada eficiente y rentable

Canadian National Railway opera una red de 20,300 millas de ruta a través de Canadá y Estados Unidos. En 2022, la compañía transportó 21.7 millones de toneladas métricas de carga, generando $ 16.7 mil millones en ingresos totales.

Segmento de flete	Volumen anual (toneladas métricas)	Contribución de ingresos
Intermodal	7.2 millones	$ 5.4 mil millones
A granel	5.9 millones	$ 4.2 mil millones
Mercancías	4.8 millones	$ 4.1 mil millones
Automotor	3.8 millones	$ 3.0 mil millones

Servicios de envío confiables y consistentes

CN Railway logró un rendimiento a tiempo de 92.1% en 2022, con una velocidad promedio de tren de 17.3 millas por hora.

• Total de millas de tren operadas: 122.4 millones
• Flota de locomotoras: 1.900 unidades
• Longitud promedio del tren: 9,500 pies

Solución de transporte ambientalmente sostenible

En 2022, CN Railway redujo sus emisiones de gases de efecto invernadero en un 4,2% en comparación con la línea de base de 2019. La compañía invirtió $ 350 millones en tecnologías de eficiencia de combustible y reducción de emisiones.

Métrica de reducción de emisiones	Rendimiento 2022
Reducción de emisiones de CO2	4.2%
Mejora de la eficiencia del combustible	2.8%

Logística integrada y gestión de la cadena de suministro

CN Railway ofrece soluciones logísticas de extremo a extremo en múltiples industrias, que atiende a más de 15 sectores clave con servicios de transporte especializados.

• Productos agrícolas: 35% del volumen total de flete
• Energía y productos químicos: 22% del volumen total de flete
• Productos forestales: 15% del volumen total de flete
• Automotriz y metales: 18% del volumen total de flete

Red de transporte integral

CN Railway conecta los principales centros económicos en América del Norte, con acceso estratégico a tres costas: Pacífico, Atlántico y Golfo de México.

Conectividad de red	Alcance geográfico
Provincias canadienses atendidas	8
Estados Unidos atendió	16
Conexiones de puerto principales	8

Canadian National Railway Company (CNI) - Modelo de negocios: relaciones con los clientes

Relaciones contractuales a largo plazo con las principales industrias

CN Railway mantiene contratos estratégicos a largo plazo con sectores industriales clave, que incluyen:

Sector industrial	Valor anual del contrato	Duración del contrato
Automotor	$ 385 millones	5-7 años
Transporte químico	$ 452 millones	3-5 años
Productos agrícolas	$ 678 millones	4-6 años

Servicio al cliente dedicado y gestión de cuentas

CN Railway ofrece atención al cliente especializada con:

• Equipos de gestión de cuentas dedicados 24/7
• Consulta logística personalizada
• Canales de comunicación en tiempo real

Plataformas digitales para el seguimiento y la gestión de envíos

Función de plataforma digital	Compromiso de usuario	Uso anual de la plataforma
Seguimiento de envío en línea	92% de adopción del cliente	3.2 millones de solicitudes de seguimiento
Aplicación móvil	78% de uso del cliente	1.7 millones de usuarios activos

Soluciones de transporte personalizadas

Las ofertas de transporte especializadas incluyen:

• Servicios de flete intermodales
• Transporte controlado por temperatura
• Logística de material peligroso

Optimización y comunicación del rendimiento continuo

Métrico de rendimiento	Mejora anual	Tasa de satisfacción del cliente
Entrega a tiempo	2,5% de mejora año tras año	88.6%
Confiabilidad del servicio	Mejora anual de 3.1%	91.2%

Canadian National Railway Company (CNI) - Modelo de negocios: canales

Equipos de ventas directos

Canadian National Railway emplea 24,107 empleados a tiempo completo a partir de 2023, con aproximadamente 1,200 profesionales de ventas dedicados en América del Norte.

Categoría de canal de ventas	Número de representantes	Cobertura geográfica
Equipo de ventas de flete	850	Canadá y Estados Unidos
Representantes de ventas de logística	250	Grandes regiones industriales
Gerentes de cuentas clave	100	Clientes industriales estratégicos

Plataformas digitales en línea y sistemas de reserva

CNI opera una plataforma digital integral con las siguientes métricas de canal digital:

• Procesamiento del sistema de reservas de carga en línea 85% de las transacciones de los clientes
• Aplicación móvil con 125,000 usuarios de negocios activos
• Manejo de plataforma digital Volumen de transacción anual de 3.2 millones de envíos

Ferias y conferencias comerciales de la industria

Participación anual en eventos de transporte y logística:

Tipo de evento	Número de conferencias anuales	Interacciones estimadas de redes
Conferencias de transporte de América del Norte	18	4.500 interacciones comerciales directas
Exposiciones de logística internacional	6	2,200 compromisos de clientes potenciales

Gestión de cuentas estratégicas

CNI administra cuentas estratégicas con un enfoque especializado:

• 187 Gerentes de cuentas estratégicas dedicadas
• Sirviendo a los 250 mejores clientes de nivel empresarial
• Valor de cuenta promedio: $ 42.3 millones anuales

Comunicación digital y portales de atención al cliente

Detalles de la infraestructura de atención al cliente:

Canal de soporte	Volumen de contacto anual	Tiempo de respuesta promedio
Portal de soporte en línea	1,4 millones de interacciones	2.5 horas
Soporte telefónico	620,000 llamadas	12 minutos
Soporte por correo electrónico	480,000 comunicaciones por correo electrónico	6 horas

Canadian National Railway Company (CNI) - Modelo de negocios: segmentos de clientes

Productores de productos básicos agrícolas

El ferrocarril nacional canadiense transportó 22.4 millones de toneladas métricas de grano en 2022. Los ingresos de granos fueron de $ 1.85 mil millones en el mismo año.

Tipo de mercancía	Volumen (millones de toneladas métricas)	Contribución de ingresos
Trigo	9.6	$ 792 millones
Canola	4.8	$ 456 millones
Cebada	3.2	$ 312 millones

Empresas de fabricación e industrial

CN Railway sirvió a 19,500 clientes industriales en 2022.

• Transporte de piezas automotrices: 1.2 millones de cargas
• Productos químicos y petroleros: $ 1.1 mil millones en ingresos
• Ingresos totales de flete industrial: $ 3.4 mil millones

Industria automotriz

CN Railway transportó 435,000 unidades automotrices en 2022.

Segmento automotriz	Volumen	Ganancia
Vehículos terminados	285,000 unidades	$ 612 millones
Piezas automotrices	150,000 unidades	$ 348 millones

Sectores de energía y recursos naturales

CN Railway transportó 29.7 millones de toneladas métricas de productos energéticos en 2022.

• Transporte de petróleo crudo: 12.4 millones de barriles
• Transporte de carbón: 8,2 millones de toneladas métricas
• Ingresos totales del sector energético: $ 2.3 mil millones

Empresas de bienes minoristas y de consumo

CN Railway manejó 1.6 millones de contenedores intermodales en 2022.

Categoría de bienes de consumo	Volumen de contenedor	Ganancia
Productos envasados ​​por el consumidor	780,000 contenedores	$ 1.2 mil millones
Mercancía minorista	520,000 contenedores	$ 892 millones

Canadian National Railway Company (CNI) - Modelo de negocio: Estructura de costos

Gastos de combustible y energía

En 2022, los gastos de combustible de Canadian National Railway totalizaron $ 2.1 mil millones. El consumo de combustible diesel fue de aproximadamente 475 millones de galones anuales. El costo promedio de combustible diesel por galón fue de $ 4.42.

Año	Gastos totales de combustible	Consumo diesel	Costo promedio de combustible por galón
2022	$ 2.1 mil millones	475 millones de galones	$4.42

Mantenimiento y desarrollo de infraestructura

La inversión en infraestructura para 2022 alcanzó los $ 1.8 mil millones. Los costos de mantenimiento de la pista fueron de $ 712 millones, con gastos de capital para la expansión de la red en $ 1.088 mil millones.

• Mantenimiento de la pista: $ 712 millones
• Inversiones de expansión de la red: $ 1.088 mil millones
• Gasto total de infraestructura: $ 1.8 mil millones

Costos de mano de obra y de la fuerza laboral

Los gastos totales de la fuerza laboral en 2022 fueron de $ 2.5 mil millones. El recuento de empleados fue de 24,795 con una compensación anual promedio de $ 101,000 por empleado.

Gastos laborales totales	Total de empleados	Compensación promedio
$ 2.5 mil millones	24,795	$101,000

Tecnología e inversiones en sistemas digitales

Las inversiones tecnológicas para 2022 totalizaron $ 385 millones. La transformación digital y los gastos de ciberseguridad fueron de $ 142 millones.

• Inversiones tecnológicas totales: $ 385 millones
• Gasto de transformación digital: $ 142 millones

Adquisición y mantenimiento de la flota

Los costos de mantenimiento de la flota en 2022 fueron de $ 673 millones. Las nuevas adquisiciones de locomotoras ascendieron a $ 412 millones.

Costos de mantenimiento de la flota	Nuevas inversiones de locomotoras
$ 673 millones	$ 412 millones

Canadian National Railway Company (CNI) - Modelo de negocios: flujos de ingresos

Tasas de transporte de carga

En 2022, Canadian National Railway reportó ingresos totales de flete de $ 14.54 mil millones. Desglose de ingresos de flete por mercancía:

Segmento de productos básicos	Ingresos ($ M)	Porcentaje
Petróleo y productos químicos	3,212	22.1%
Grano y fertilizantes	2,987	20.5%
Intermodal	2,756	19.0%
Productos forestales	1,894	13.0%
Metales y minerales	1,645	11.3%
Automotor	1,042	7.2%

Servicios de envío intermodal

El envío intermodal generó $ 2.756 mil millones en ingresos en 2022, lo que representa el 19% de los ingresos totales de carga.

• Volumen de tráfico intermodal total: 2.4 millones de TEU (unidades equivalentes de veinte pies)
• Ingresos intermodales transfronterizos: $ 1.2 mil millones
• Ingresos intermodales nacionales: $ 1.556 mil millones

Logística y gestión de la cadena de suministro

Los servicios de logística de CN generaron aproximadamente $ 387 millones en ingresos auxiliares en 2022.

Servicio logístico	Ingresos ($ M)
Reenvío de flete	156
Almacenamiento	124
Soluciones de cadena de suministro	107

Contratos de transporte a largo plazo

Los contratos a largo plazo representaron $ 3.8 mil millones en ingresos garantizados para 2022-2024.

• Contratos del sector agrícola: $ 1.2 mil millones
• Contratos del sector energético: $ 1.5 mil millones
• Contratos del sector de fabricación: $ 1.1 mil millones

Servicios de logística de valor agregado

Los servicios de valor agregado generaron $ 276 millones en ingresos adicionales en 2022.

Tipo de servicio	Ingresos ($ M)
Arrendamiento de equipos especializados	112
Soluciones logísticas personalizadas	86
Servicios de seguimiento y tecnología	78

Canadian National Railway Company (CNI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why shippers choose Canadian National Railway Company (CNI) over other options, and honestly, the network geography is the first thing that jumps out.

The unique access to three coasts is a massive differentiator. It's not just about having tracks; it's about where those tracks end up, connecting you to global trade lanes seamlessly.

• Vast rail network spanning close to 32,000 km (or nearly 20,000 miles) of track across Canada and the United States.
• The only transcontinental rail network in North America connecting to the Atlantic, Pacific, and Gulf of Mexico coasts.
• This reach provides unparalleled access to major West Coast ports like Vancouver and Prince Rupert, which serve as primary gateways to Asia.

For high-volume shippers, the value proposition centers on economies of scale, which is where rail beats trucking over long distances. Canadian National Railway Company moves a staggering amount of freight, powering the economy by safely transporting more than 300 million tons of goods annually.

The operational discipline shows up directly in the cost structure. Here's a quick look at the Q3 2025 performance that underpins that cost-effectiveness:

Metric	Value (Q3 2025)	Context/Unit
Operating Ratio	61.4%	Operating expenses as a percentage of revenues.
Revenues	C$4,165 million	Increase of 1% year-over-year.
Operating Income	C$1,606 million	Increase of 6% year-over-year.
Diluted EPS	C$1.83	Increase of 6% year-over-year.
Through Dwell	7.0	Decreased 1% (hours, entire railroad).
Locomotive Fuel Efficiency	0.833	US gallons per 1,000 GTMs, 2% more efficient.

The improvement in the operating ratio to 61.4% from 63.1% the prior year shows management is actively focused on making the firm more profitable through productivity, even with modest volume growth. Also, the intermodal segment, a key part of integrated logistics, saw revenues rise 11%, fueled by a 15% increase in carloads in Q3 2025.

Canadian National Railway Company provides integrated logistics solutions, meaning you can use their services for end-to-end supply chain simplicity. They offer a unique combination of rail service, warehousing, and distribution, often using well-established partnerships for seamless offline service into major North American markets. This helps shippers convert road freight to rail for the long haul, which is the core of cost-effective, high-volume transport.

Finally, the commitment to safety and environmental sustainability is quantified through ongoing investment and goal setting. You can count on their focus on network fluidity, which is intrinsically linked to safety.

• Locomotive fleet availability reached 92.2% year-to-date in 2025.
• The company consumes approximately 15% less locomotive fuel per gross ton mile than the industry average.
• Canadian National Railway Company received approval for its science-based net-zero goal from the Science Based Targets initiative in 2024.

The 2025 capital program, which includes nearly $2.48 billion dedicated to tracks, yards, and rolling stock, directly supports maintaining service performance and network resiliency.

Canadian National Railway Company (CNI) - Canvas Business Model: Customer Relationships

Canadian National Railway Company emphasizes deep, ongoing collaboration with its B2B freight customers, which is foundational to its scheduled operating model. The company's commitment to service excellence is quantified through specific performance metrics and significant capital deployment aimed at network reliability.

High service quality, evidenced by a 95% local service commitment performance.

While the target of 95% is the stated goal, Canadian National Railway Company reported that performance under its Local Service Commitment Plan (LSCP) improved to 94% in 2024, measuring if customers received the right cars in the committed switch window. This focus on reliability is supported by investments designed to enhance network fluidity and capacity.

The investments in 2025 directly support the service quality promised to customers:

Metric/Program	2025 Planned Amount/Scope	Context/Purpose
Total Capital Program (Net of Customer Reimbursements)	Approximately C$3.4 billion CAD	Strengthening resilience, efficiency, and sustainability of operations.
Rolling Stock Upgrade & Expansion Allocation	Over $500 million CAD	Reinforcing safe, reliable, and efficient service delivery.
New Rail Installation (Projects Underway)	Over 225 miles	Alleviating congestion and improving throughput.
Capacity Building Projects in Western Canada	Approximately 8 projects scheduled to come online	Building capacity to meet growing demands.

Dedicated account management for large B2B freight customers.

Canadian National Railway Company maintains a focus on customer collaboration, as highlighted by the President and Chief Executive Officer in Q1 2025. The company recognizes over 30 customers, suppliers, and supply chain partners through its EcoConnexions Partnership Program for their leadership in sustainability, demonstrating a formalized structure for deep engagement with key stakeholders.

Consultative approach to supply chain optimization.

The company works with customers on operational alignment, such as blocking trains to reduce switching time for commodities like propane, which is a form of supply chain optimization. This consultative effort is part of the broader strategy to enhance service and convert road traffic to rail. The industry context shows that companies are losing an estimated $1.5 trillion annually due to supply chain inefficiencies, driving the demand for such optimization guidance.

Digital self-service tools for tracking and booking shipments.

Canadian National Railway Company invests in data analytic systems, including artificial intelligence, to support data-driven decision-making for customers. The company utilizes robust supply chain visibility tools to improve data quality and responsiveness. While specific adoption rates are not public, the general industry benchmark for strong digital service adoption, which Canadian National Railway Company likely targets, typically exceeds 70%.

Long-term contracts with major shippers for stable volume and pricing.

The stability in the market is leading shippers to lengthen their bid cycles and secure longer contracts with trusted carriers for stable rates. Historically, the rail sector has been able to raise prices at a CAGR of about +5.7%, which is quicker than the rate of inflation, suggesting the value derived from these stable, long-term agreements.

• The company utilizes a Voice of the Customer Survey to gather direct insights. [cite: 10 from first search]
• Customer-focused reporting includes the Efficient Receiver Report and the Winter Situation Report. [cite: 4 from third search]

Canadian National Railway Company (CNI) - Canvas Business Model: Channels

You're looking at how Canadian National Railway Company (CNI) gets its services-from bulk commodities to intermodal containers-to the customer. It's a massive physical network supported by direct sales engagement.

Direct sales force targeting large industrial and resource companies.

CNI deploys a direct sales approach to secure high-volume, long-term contracts with major players in sectors like energy, automotive, and agriculture. This team works to integrate CNI's services directly into the customer's supply chain planning. For the third quarter ending September 30, 2025, Canadian National Railway Company reported sales revenues of $\text{C\$4.17 billion}$. This revenue base is directly influenced by the success of these direct engagements across their core commodity groups.

Intermodal terminals and ports (e.g., Vancouver, Prince Rupert, New Orleans).

The physical reach of CNI is defined by its network connecting three coasts: the Atlantic, the Pacific, and the Gulf of Mexico, spanning approximately $\text{20,000-mile}$ across Canada and Mid-America. This network is the backbone for intermodal traffic, which moves containers and trailers. While overall Class I intermodal volume growth moderated in early 2025 after a strong January, Canadian National's year-to-date grain volumes showed significant strength, up $\text{17%}$ compared to 2024. The company's Q2 2025 revenues were $\text{C\$4,272 million}$, with Revenue Ton Miles (RTMs) at $\text{59,215 million}$.

Transload and distribution centers for converting freight modes.

To bridge the gap between rail and local trucking, Canadian National Railway Company operates a significant network of facilities designed for seamless commodity exchange. They maintain $\text{31}$ strategically located distribution centers across Canada and the United States. These centers support various commodities, including specialized facilities for forest products, metals, and automotive. Specifically, there are $\text{18}$ bulk distribution facilities dedicated to liquid and dry bulk transloading through the CargoFlo service. Furthermore, the automotive segment utilizes $\text{18}$ automotive facilities, which handle over $\text{2 million}$ vehicles annually. A recent example of channel enhancement was the opening of a $\text{20,000}$ sq. ft. transload logistics facility in Flat Rock, Michigan, in 2024.

Third-party logistics (3PL) providers for end-to-end solutions.

Canadian National Railway Company partners with trusted Top Tier partners to extend its reach, offering shippers end-to-end solutions that go beyond the rail line. This collaboration is essential for providing the flexibility of short-haul truck delivery alongside long-distance rail economy. The company also offers dedicated services like Customs Brokerage, which handles over $\text{250,000}$ clearances annually, supporting the international flow through these channel partners. The Distribution Services Team, consisting of nearly $\text{300}$ employees, coordinates these logistics, including equipment operation and transloading.

Here is a snapshot of the operational scale supporting these channels as of mid-to-late 2025 financial reporting periods:

Channel/Metric Category	Specific Data Point	Value/Amount	Reporting Period/Context
Overall Network Reach	Miles in Network	$\text{20,000-mile}$	As of 2025
Revenue Channel Scale	Q3 2025 Sales Revenues	$\text{C\$4.17 billion}$	Quarter ended September 30, 2025
Intermodal Channel Activity	Year-to-Date Grain Volume Growth (CN)	$\text{17%}$ increase	Compared to 2024
Transload Channel Footprint	Total Distribution Centers	$\text{31}$ facilities	Across Canada and the U.S.
Transload Channel Specialization	Bulk Distribution Facilities (CargoFlo)	$\text{18}$ facilities	For liquid and dry bulk transloading
Logistics Channel Support	Annual Customs Clearances	Over $\text{250,000}$	Via Customs Brokerage Services
Operational Efficiency	Q2 2025 Operating Ratio	$\text{61.7%}$	Q2 2025

The company's Q1 2025 results showed Revenue Ton Miles (RTMs) at $\text{60,049 million}$, representing a $\text{1%}$ increase year-over-year, with revenues of $\text{C\$4,403 million}$. This demonstrates the transactional throughput moving through these various channels.

• Direct Sales Target Segments: Industrial, Resource, Agricultural.
• Key Port Access Points: Vancouver, Prince Rupert, New Orleans.
• Transload Services: CargoFlo for liquid/dry bulk, specialized handling for forest products and metals.
• Logistics Support: Access to approximately $\text{1,000}$ trucks network-wide for first and last mile delivery.

Finance: review Q3 $\text{2025}$ operating ratio against Q2 $\text{2025}$ to assess channel cost effectiveness by end of next week.

Canadian National Railway Company (CNI) - Canvas Business Model: Customer Segments

You're looking at the core customers Canadian National Railway Company (CNI) serves, the businesses that rely on its nearly 20,000-mile network to move massive volumes across North America. This isn't about individual consumers; it's strictly B2B, moving raw materials and finished goods that power the continent's economy.

The customer base is highly concentrated in bulk commodities and high-volume container traffic. For instance, Intermodal shippers, which include major shipping lines and large retailers moving containers, accounted for a significant chunk of the business in 2024. Honestly, understanding this concentration is key to seeing where CNI focuses its operational muscle.

Here's a look at the financial weight of the top segments based on 2024 revenue, which totaled C$17,046 million:

Customer Segment	2024 Revenue Share (as provided)	Approximate 2024 Revenue (CAD)
Intermodal shippers (e.g., shipping lines, retailers)	22%	C$3,750.12 million
Energy and chemical producers	20%	C$3,409.2 million

The math on that is simple: 42% of the total 2024 revenue came from just those two groups. Still, the agricultural sector is arguably the most strategically vital, especially given the seasonal demands and the sheer scale of Canadian resource exports.

For the Agricultural sector, which includes grain and fertilizer, CNI is a market leader. The company has stated it holds a dominant 50% market share in grain transportation, connecting producers to global markets. You see their performance in the latest operational reports; for example, Canadian National Railway Company set a new all-time monthly record for grain movement in October 2025, moving over 3.4 million metric tonnes of grain from Western Canada. This segment is mandated to account for 70% of Canadian grain exports, making their network performance directly tied to national trade balances.

Beyond these top revenue drivers, Canadian National Railway Company serves several other critical industrial customer groups. These are the other pillars of their freight volume:

• Forest products.
• Metals and minerals.
• Automotive manufacturers.

To be fair, the network's utility extends beyond direct end-to-end shipping for these major commodity movers. Canadian National Railway Company also serves other Class I railroads, which is essential for maintaining a seamless continental rail network. This interline traffic exchange ensures cargo can move smoothly across competitor lines when necessary, keeping the entire system fluid.

You can see the breadth of their customer engagement through the commodities they handle, which total over 300 million tons of goods annually. This diverse portfolio helps mitigate risk when one specific commodity market slows down.

Finance: draft 13-week cash view by Friday.

Canadian National Railway Company (CNI) - Canvas Business Model: Cost Structure

The Cost Structure for Canadian National Railway Company is heavily weighted toward maintaining its extensive physical network, which involves significant fixed and capital costs. You'll see a clear commitment to infrastructure investment alongside variable cost management, especially concerning labor and fuel.

The network maintenance component is substantial, with a planned expenditure of C$2.9 billion for 2025 maintenance. This is separate from the broader capital program, which Canadian National Railway Company continues to plan at approximately C$3.35 billion for the full year 2025, net of amounts reimbursed by customers. This focus on infrastructure is a core, non-negotiable cost of running a Class I railroad.

Variable costs are managed actively, particularly fuel expenses. For instance, in the second quarter of 2025, fuel expenses decreased by 25% compared to the prior year period, driven partly by a 23% decrease in the price per gallon. Labor costs are another major area of focus, especially following recent contract negotiations. Engineers and conductors secured a wage hike of 3% per year under a contract retroactive to January 1, 2024. To offset this and other pressures, Canadian National Railway Company is pursuing productivity efforts, which included an additional C$75 million in labor cost reductions reported in the third quarter of 2025. The company has also reduced its workforce, with a total of 1200 layoffs since October 2024.

Debt servicing costs are managed against a stated financial target. Canadian National Railway Company continues to manage to its adjusted debt-to-adjusted EBITDA target of 2.5x. As of the twelve months ended September 30, 2025, the actual leverage ratio stood at 2.54x. This leverage management guides capital allocation decisions, including future spending plans.

Here's a look at the planned capital spending trajectory:

Year	Planned Capital Expenditure (C$)	Notes
2025	C$3.35 billion	Net of amounts reimbursed by customers
2026	C$2.8 billion	Down nearly C$600 million from 2025 levels

The cost base is also influenced by ongoing productivity and workforce adjustments:

• Total workforce reductions since October 2024: 1200
• Q3 2025 productivity savings from labor costs: C$75 million
• Wage increase for engineers/conductors: 3% per year
• Leverage ratio as of Q2 2025: 2.5x

Canadian National Railway Company (CNI) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine for Canadian National Railway Company as of late 2025, and it's clear the business relies on a highly diversified freight base, even while navigating sector-specific tariff headwinds.

Canadian National Railway Company's revenue streams are fundamentally built upon moving vast quantities of goods across its network, segmented into distinct commodity groups. The company reported total revenues for Q3 2025 were C$4.2 billion, reflecting a 1% increase year-over-year, according to their latest filings. This modest top-line growth, despite volume pressures in certain areas, was achieved through strong cost control, which improved the operating ratio to 61.4% in the quarter.

The Intermodal segment remains a critical component, often cited as the largest revenue contributor. This stream comes from transporting shipping containers and trailers, and it showed significant strength in Q3 2025, with revenues rising 11% year-over-year, partly recovering from prior year disruptions.

Bulk commodity revenue is another pillar, primarily driven by essential resources. For the third quarter, the Coal segment saw revenue growth of 3%, and the Petroleum & Chemicals segment grew by 1%. Grain shipments experienced a dip last quarter due to a late harvest, but expectations are for record highs to boost volumes in the coming months.

Merchandise revenue covers a range of industrial goods. Here, the impact of sector-specific tariffs was more noticeable. Forest products revenue decreased by -4%, and Metals & Minerals revenue fell by -6%. Chemicals, which is often grouped with petroleum, saw a 1% revenue increase.

Here's a quick look at how some of the key freight segments performed in Q3 2025 compared to the prior year:

Revenue Stream Segment	Q3 Revenue Change (Year-over-Year)	Key Driver/Impact
Intermodal	+11%	Container and trailer transport recovery
Coal	+3%	On us growth initiatives
Petroleum & Chemicals	+1%	Higher crude oil shipments
Forest Products	-4%	Sector-specific tariffs
Metals & Minerals	-6%	Sector-specific tariffs

To be fair, the seven diversified commodity groups that make up freight revenue include more than just the above, but these represent the key areas showing movement in the latest report. The company's ability to generate cash flow is strong, with net cash provided by operating activities reaching C$4,822 million for the first nine months of 2025. Plus, Canadian National Railway Company demonstrated a commitment to shareholder returns, repurchasing close to 8 million shares in the third quarter for approximately C$1 billion.

You can see the revenue generation broken down by the major components that drive the business:

• Freight revenue from seven diversified commodity groups.
• Intermodal revenue, the largest segment, from container and trailer transport.
• Bulk commodity revenue from grain, coal, and petroleum.
• Merchandise revenue from forest products, metals, and chemicals.
• Q3 2025 total revenue was C$4.2 billion.

Finance: draft 13-week cash view by Friday.