Canadian National Railway Company (CNI): Business Model Canvas [Jan-2025 Mis à jour]

Canadian National Railway Company (CNI) est un titan de transport, tissant un réseau complexe de solutions logistiques et de fret qui pulsent à travers l'Amérique du Nord comme les artères industrielles. En reliant stratégiquement diverses industries grâce à son infrastructure ferroviaire complète, CNI transforme les défis complexes du transport en voyages sans couture et efficaces qui alimentent la connectivité économique. Des produits agricoles aux pièces automobiles, ce géant ferroviaire exploite les technologies de pointe, les partenariats stratégiques et un vaste écosystème de transport pour offrir une valeur qui s'étend bien au-delà de l'expédition traditionnelle - créant un modèle commercial dynamique qui propulse le commerce mondial.

Canadian National Railway Company (CNI) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les grandes autorités portuaires

Canadian National Railway entretient des partenariats stratégiques avec:

• Port de Vancouver (le plus grand port du Canada)
• Port de Prince Rupert
• Port de Montréal
• Port de la Nouvelle-Orléans (États-Unis)

Port	Volume de conteneurs annuel	Durée du partenariat
Port de Vancouver	3,4 millions d'EVP	20 ans et plus
Port de Prince Rupert	1,2 million d'EVP	15 ans et plus

Partenariats d'expédition et de logistique intermodales

Les collaborations logistiques clés comprennent:

• Ligne Maersk
• Compagnie maritime méditerranéenne
• Groupe CMA CGM
• Hapag-loyd

Fournisseurs de technologies

Partenaire technologique	Foyer technologique	Investissement annuel
Siemens	Systèmes de contrôle de la locomotive	42 millions de dollars
Wabtec Corporation	Technologies de gestion des rails	38 millions de dollars

Fabricants d'équipements

Partenariats de fabrication d'équipements primaires:

• Transport électrique général
• Transport de Bombardier
• SERVICES Rail de progrès

Partenariats de matières premières agricoles et industriels

Producteur de marchandises	Volume de transport annuel	Valeur du contrat
Cargot	2,3 millions de tonnes métriques	215 millions de dollars
Viterra	1,8 million de tonnes métriques	180 millions de dollars

Canadian National Railway Company (CNI) - Modèle d'entreprise: activités clés

Transport de fret long-courrier à travers l'Amérique du Nord

Canadian National Railway exploite un réseau ferroviaire de 33 331 kilomètres couvrant le Canada et les États-Unis. En 2022, la société a transporté 302 millions de tonnes métriques de fret.

Catégorie de fret	Volume (millions de tonnes métriques)
Pétrole et produits chimiques	74.2
Grain et engrais	55.6
Produits forestiers	42.3
Métaux et minéraux	38.9

Services de fret intermodal et gestion des réseaux ferroviaires

CN Rail gère un système de transport intermodal complexe avec 23 bornes intermodales à travers l'Amérique du Nord.

• Trafic intermodal annuel: 2,4 millions d'EVP (unités équivalentes de vingt pieds)
• Revenus intermodaux: 3,1 milliards de dollars en 2022
• Plus de 400 trains programmés par jour

Entretien de vastes infrastructures ferroviaires

L'investissement de maintenance des infrastructures en 2022 était de 2,9 milliards de dollars, couvrant la piste, les ponts et le roulement.

Composant d'infrastructure	Dépenses de maintenance annuelles
Infrastructure de piste	1,2 milliard de dollars
Matériel roulant	850 millions de dollars
Ponts et tunnels	650 millions de dollars

Logistique et optimisation de la chaîne d'approvisionnement

CN Rail fonctionne avec chemin de fer programmé de précision Méthodologie, atteignant un rapport de fonctionnement de 65% en 2022.

• Longueur moyenne du train: 12 500 pieds
• Poids du train moyen: 10 500 tonnes
• Vitesse moyenne du train: 24,1 miles par heure

Développement de la technologie du suivi numérique et du transport

L'investissement technologique en 2022 a totalisé 385 millions de dollars, en se concentrant sur la transformation numérique et l'efficacité opérationnelle.

• Système de suivi des expéditions en temps réel
• Technologies de maintenance prédictive
• Recherche de contrôle des trains autonomes

Canadian National Railway Company (CNI) - Modèle d'entreprise: Ressources clés

Réseau ferroviaire étendu

Réseau ferroviaire total: 33 000 kilomètres de route couvrant le Canada et les États-Unis

Couverture réseau	Kilomètres
Réseau canadien	22 500 kilomètres
Réseau des États-Unis	10 500 kilomètres

Flotte de locomotive et de wagon

Composition de la flotte à partir de 2023:

Type d'actif	Total des unités
Locomotives	1 900 unités
Cars de chemin de fer de marchandises	48 600 unités

Technologies numériques

• Systèmes de suivi GPS avancé
• Plateformes de gestion de la logistique en temps réel
• Technologies de maintenance prédictive

Composition de la main-d'œuvre

Catégorie des employés	Nombre d'employés
Total de main-d'œuvre	24 320 employés
Professionnels du transport	15 680 employés

Corridors de transport stratégique

Connexions du couloir clé: Vancouver, Prince Rupert, Toronto, Chicago, Nouvelle-Orléans

Canadian National Railway Company (CNI) - Modèle d'entreprise: propositions de valeur

Transport de fret inter-continental efficace et rentable

Canadian National Railway exploite un réseau de 20 300 miles de route à travers le Canada et les États-Unis. En 2022, la société a transporté 21,7 millions de tonnes de fret, générant 16,7 milliards de dollars de revenus totaux.

Segment de fret	Volume annuel (tonnes métriques)	Contribution des revenus
Intermodal	7,2 millions	5,4 milliards de dollars
En gros	5,9 millions	4,2 milliards de dollars
Marchandises	4,8 millions	4,1 milliards de dollars
Automobile	3,8 millions	3,0 milliards de dollars

Services d'expédition fiables et cohérents

CN Railway a obtenu une performance à temps de 92,1% en 2022, avec une vitesse de train moyenne de 17,3 miles par heure.

• Total des miles de train opérés: 122,4 millions
• Flotte de locomotive: 1 900 unités
• Longueur moyenne du train: 9 500 pieds

Solution de transport environnementale durable

En 2022, CN Railway a réduit ses émissions de gaz à effet de serre de 4,2% par rapport à la ligne de base de 2019. L'entreprise a investi 350 millions de dollars dans les technologies de réduction des efficacité énergétique et des émissions.

Métrique de réduction des émissions	2022 Performance
Réduction des émissions de CO2	4.2%
Amélioration de l'efficacité énergétique	2.8%

Logistique intégrée et gestion de la chaîne d'approvisionnement

CN Railway fournit des solutions logistiques de bout en bout dans plusieurs industries, desservant plus de 15 secteurs clés avec des services de transport spécialisés.

• Produits agricoles: 35% du volume total de fret
• Énergie et produits chimiques: 22% du volume total du fret
• Produits forestiers: 15% du volume total de fret
• Automobile et métaux: 18% du volume total de fret

Réseau de transport complet

CN Railway relie les principaux centres économiques à travers l'Amérique du Nord, avec un accès stratégique à trois côtes: Pacifique, Atlantique et Golfe du Mexique.

Connectivité réseau	Portée géographique
Les provinces canadiennes servaient	8
Les États américains ont servi	16
Connexions portuaires majeures	8

Canadian National Railway Company (CNI) - Modèle d'entreprise: Relations clients

Relations à long terme basées sur les contrats avec les principales industries

CN Railway maintient des contrats stratégiques à long terme avec des secteurs industriels clés, notamment:

Secteur de l'industrie	Valeur du contrat annuel	Durée du contrat
Automobile	385 millions de dollars	5-7 ans
Transport chimique	452 millions de dollars	3-5 ans
Produits agricoles	678 millions de dollars	4-6 ans

Service client dédié et gestion des comptes

CN Railway fournit un support client spécialisé avec:

• Équipes de gestion des comptes 24/7 24/7
• Consultation en logistique personnalisée
• Canaux de communication en temps réel

Plateformes numériques pour le suivi des expéditions et la gestion

Fonctionnalité de plate-forme numérique	Engagement des utilisateurs	Utilisation annuelle de la plate-forme
Suivi des expéditions en ligne	Adoption de 92% des clients	3,2 millions de demandes de suivi
Application mobile	78% d'utilisation du client	1,7 million d'utilisateurs actifs

Solutions de transport personnalisées

Les offres de transport spécialisées comprennent:

• Services de fret intermodal
• Transport à température contrôlée
• Logistique des matières dangereuses

Optimisation et communication des performances continues

Métrique de performance	Amélioration annuelle	Taux de satisfaction client
Livraison à temps	Amélioration de 2,5% d'une année à l'autre	88.6%
Fiabilité du service	3,1% d'amélioration annuelle	91.2%

Canadian National Railway Company (CNI) - Modèle d'entreprise: canaux

Équipes de vente directes

Canadian National Railway emploie 24 107 employés à temps plein en 2023, avec environ 1 200 professionnels des ventes dévoués à travers l'Amérique du Nord.

Catégorie de canal de vente	Nombre de représentants	Couverture géographique
Équipe de vente de fret	850	Canada et États-Unis
Représentants des ventes de logistique	250	Régions industrielles majeures
Gestionnaires de comptes clés	100	Clients industriels stratégiques

Plates-formes numériques en ligne et systèmes de réservation

CNI exploite une plate-forme numérique complète avec les métriques des canaux numériques suivants:

• Traitement du système de réservation de fret en ligne 85% des transactions clients
• Application mobile avec 125 000 utilisateurs professionnels actifs
• Gestion des plateformes numériques Volume de transactions annuelles de 3,2 millions d'expédition

Salons et conférences de l'industrie

Participation annuelle aux événements de transport et de logistique:

Type d'événement	Nombre de conférences annuelles	Interactions de réseautage estimé
Conférences de transport nord-américaines	18	4 500 interactions commerciales directes
Expositions de logistique internationale	6	2 200 engagements potentiels des clients

Gestion de compte stratégique

CNI gère des comptes stratégiques avec une approche spécialisée:

• 187 gestionnaires de comptes stratégiques dédiés
• Servant les 250 meilleurs clients de niveau d'entreprise
• Valeur du compte moyen: 42,3 millions de dollars par an

Communication numérique et portails de support client

Détails de l'infrastructure du support client:

Canal de support	Volume de contact annuel	Temps de réponse moyen
Portail d'assistance en ligne	1,4 million d'interactions	2,5 heures
Support téléphonique	620 000 appels	12 minutes
Assistance par e-mail	480 000 communications par e-mail	6 heures

Canadian National Railway Company (CNI) - Modèle d'entreprise: segments de clients

Producteurs de produits agricoles

Le chemin de fer national canadien a transporté 22,4 millions de tonnes métriques de céréales en 2022. Les revenus des céréales étaient de 1,85 milliard de dollars la même année.

Type de marchandise	Volume (millions de tonnes métriques)	Contribution des revenus
Blé	9.6	792 millions de dollars
Canola	4.8	456 millions de dollars
Orge	3.2	312 millions de dollars

Fabrication et entreprises industrielles

CN Railway a servi 19 500 clients industriels en 2022.

• Transport des pièces automobiles: 1,2 million de cargaisons
• Produits chimiques et pétroliers: 1,1 milliard de dollars de revenus
• Revenu total de fret industriel: 3,4 milliards de dollars

Industrie automobile

CN Railway a transporté 435 000 unités automobiles en 2022.

Segment automobile	Volume	Revenu
Véhicules finis	285 000 unités	612 millions de dollars
Pièces automobiles	150 000 unités	348 millions de dollars

Secteurs de l'énergie et des ressources naturelles

CN Railway a transporté 29,7 millions de tonnes métriques de produits énergétiques en 2022.

• Transport du pétrole brut: 12,4 millions de barils
• Transport du charbon: 8,2 millions de tonnes métriques
• Revenu total du secteur de l'énergie: 2,3 milliards de dollars

Sociétés de vente au détail et de biens de consommation

CN Railway a géré 1,6 million de conteneurs intermodaux en 2022.

Catégorie de biens de consommation	Volume de conteneur	Revenu
Produits de consommation emballés	780 000 conteneurs	1,2 milliard de dollars
Marchandises au détail	520 000 conteneurs	892 millions de dollars

Compagnie nationale canadienne des chemins de fer (CNI) - Modèle d'entreprise: Structure des coûts

Fourges et dépenses énergétiques

En 2022, les dépenses en carburant du National Railway canadien ont totalisé 2,1 milliards de dollars. La consommation de carburant diesel était d'environ 475 millions de gallons par an. Le coût moyen du carburant diesel par gallon était de 4,42 $.

Année	Total des dépenses de carburant	Consommation de diesel	Coût moyen de carburant par gallon
2022	2,1 milliards de dollars	475 millions de gallons	$4.42

Maintenance et développement des infrastructures

L'investissement en infrastructure pour 2022 a atteint 1,8 milliard de dollars. Les coûts de maintenance des voies étaient de 712 millions de dollars, avec des dépenses en capital pour l'expansion du réseau à 1,088 milliard de dollars.

• Entretien de la piste: 712 millions de dollars
• Investissements d'expansion du réseau: 1,088 milliard de dollars
• Dépenses totales d'infrastructure: 1,8 milliard de dollars

Coûts de main-d'œuvre et de main-d'œuvre

Les dépenses totales de la main-d'œuvre en 2022 étaient de 2,5 milliards de dollars. Le nombre d'employés était de 24 795 avec une compensation annuelle moyenne de 101 000 $ par employé.

Total des dépenses de main-d'œuvre	Total des employés	Compensation moyenne
2,5 milliards de dollars	24,795	$101,000

Investissements technologiques et système numériques

Les investissements technologiques pour 2022 ont totalisé 385 millions de dollars. Les dépenses de transformation numérique et de cybersécurité étaient de 142 millions de dollars.

• Investissements technologiques totaux: 385 millions de dollars
• Dépenses de transformation numérique: 142 millions de dollars

Acquisition et maintenance de la flotte

Les coûts de maintenance de la flotte en 2022 étaient de 673 millions de dollars. Les nouvelles acquisitions de locomotive s'élevaient à 412 millions de dollars.

Coûts de maintenance de la flotte	Nouveaux investissements de locomotive
673 millions de dollars	412 millions de dollars

Canadian National Railway Company (CNI) - Modèle d'entreprise: Strots de revenus

Frais de transport de marchandises

En 2022, le Canadian National Railway a déclaré des revenus totaux de fret de 14,54 milliards de dollars. Répartition des revenus de fret par marchandise:

Segment des matières premières	Revenus ($ m)	Pourcentage
Pétrole et produits chimiques	3,212	22.1%
Grain et engrais	2,987	20.5%
Intermodal	2,756	19.0%
Produits forestiers	1,894	13.0%
Métaux et minéraux	1,645	11.3%
Automobile	1,042	7.2%

Services d'expédition intermodaux

La livraison intermodale a généré 2,756 milliards de dollars de revenus en 2022, ce qui représente 19% du total des revenus de fret.

• Volume total du trafic intermodal: 2,4 millions d'EVP (unités équivalentes de vingt pieds)
• Revenus intermodaux transfrontaliers: 1,2 milliard de dollars
• Revenus intermodaux intérieurs: 1,556 milliard de dollars

Gestion de la logistique et de la chaîne d'approvisionnement

Les services logistiques de CN ont généré environ 387 millions de dollars de revenus auxiliaires en 2022.

Service logistique	Revenus ($ m)
Transfert de fret	156
Entrepôts	124
Solutions de chaîne d'approvisionnement	107

Contrats de transport à long terme

Les contrats à long terme ont représenté 3,8 milliards de dollars de revenus garantis pour 2022-2024.

• Contrats du secteur agricole: 1,2 milliard de dollars
• Contrats du secteur de l'énergie: 1,5 milliard de dollars
• Contrats du secteur manufacturier: 1,1 milliard de dollars

Services logistiques à valeur ajoutée

Les services à valeur ajoutée ont généré 276 millions de dollars de revenus supplémentaires en 2022.

Type de service	Revenus ($ m)
Location d'équipement spécialisée	112
Solutions logistiques personnalisées	86
Services de suivi et de technologie	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.