Canadian National Railway Company (CNI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Canadian National Railway Company (CNI) permanece como um Titan de transporte, tecendo uma rede complexa de soluções de logística e frete que pulsam na América do Norte como artérias industriais. Ao conectar estrategicamente diversas indústrias por meio de sua infraestrutura ferroviária abrangente, a CNI transforma desafios de transporte complexos em jornadas perfeitas e eficientes que alimentam a conectividade econômica. De mercadorias agrícolas a peças automotivas, essa gigante ferroviária aproveita a tecnologia de ponta, parcerias estratégicas e um amplo ecossistema de transporte para entregar valor que se estende muito além do transporte tradicional-criando um modelo de negócios dinâmico que impulsiona o comércio global adiante.

Canadian National Railway Company (CNI) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com as principais autoridades portuárias

O Canadian National Railway mantém parcerias estratégicas com:

• Porto de Vancouver (maior porto do Canadá)
• Porto do príncipe Rupert
• Porto de Montreal
• Porto de Nova Orleans (Estados Unidos)

Porta	Volume anual de contêineres	Duração da parceria
Porto de Vancouver	3,4 milhões de teus	Mais de 20 anos
Porto do príncipe Rupert	1,2 milhão de teus	Mais de 15 anos

Parcerias intermodais de remessa e logística

As principais colaborações de logística incluem:

• Linha Maersk
• Companhia de transporte Mediterrâneo
• Grupo CMA CGM
• Hapag-Lloyd

Provedores de tecnologia

Parceiro de tecnologia	Foco tecnológico	Investimento anual
Siemens	Sistemas de controle locomotivo	US $ 42 milhões
WABTEC Corporation	Tecnologias de gerenciamento ferroviário	US $ 38 milhões

Fabricantes de equipamentos

Parcerias de fabricação de equipamentos primários:

• Transporte elétrico geral
• Transporte Bombardier
• Progress Rail Services

Parcerias de commodities agrícolas e industriais

Produtor de commodities	Volume anual de transporte	Valor do contrato
Cargill	2,3 milhões de toneladas métricas	US $ 215 milhões
Viterra	1,8 milhão de toneladas métricas	US $ 180 milhões

Canadian National Railway Company (CNI) - Modelo de negócios: Atividades -chave

Transporte de carga de longo curso em toda a América do Norte

A Canadian National Railway opera uma rede ferroviária de 33.331 quilômetros que abrange o Canadá e os Estados Unidos. Em 2022, a empresa transportou 302 milhões de toneladas de frete.

Categoria de frete	Volume (milhão de toneladas)
Petróleo e produtos químicos	74.2
Grãos e fertilizantes	55.6
Produtos florestais	42.3
Metais e minerais	38.9

Serviços de frete intermodal e gerenciamento de rede ferroviária

A CN Rail gerencia um complexo sistema de transporte intermodal com 23 terminais intermodais em toda a América do Norte.

• Tráfego intermodal anual: 2,4 milhões de TEUs (unidades equivalentes de vinte e pés)
• Receita intermodal: US $ 3,1 bilhões em 2022
• Mais de 400 trens programados por dia

Manutenção de extensa infraestrutura ferroviária

O investimento em manutenção de infraestrutura em 2022 foi de US $ 2,9 bilhões, cobrindo pistas, pontes e estoque de rolagem.

Componente de infraestrutura	Gastos anuais de manutenção
Rastrear infraestrutura	US $ 1,2 bilhão
Rolante	US $ 850 milhões
Pontes e túneis	US $ 650 milhões

Otimização de logística e cadeia de suprimentos

CN Rail opera com Ferrovia programada por precisão Metodologia, alcançando 65% de taxa de operação em 2022.

• Comprimento médio do trem: 12.500 pés
• Peso médio do trem: 10.500 toneladas
• Velocidade média do trem: 24,1 milhas por hora

Desenvolvimento de Tecnologia Digital de Rastreamento e Transporte

O investimento em tecnologia em 2022 totalizou US $ 385 milhões, com foco na transformação digital e na eficiência operacional.

• Sistema de rastreamento de remessa em tempo real
• Tecnologias de manutenção preditiva
• Pesquisa autônoma de controle de trem

Canadian National Railway Company (CNI) - Modelo de negócios: Recursos -chave

Extensa rede ferroviária

Rede Ferroviária Total: 33.000 quilômetros de rota que abrangem o Canadá e os Estados Unidos

Cobertura de rede	Quilômetros
Rede Canadense	22.500 quilômetros
Rede dos Estados Unidos	10.500 quilômetros

Locomotiva e frota de vagões

Composição da frota a partir de 2023:

Tipo de ativo	Unidades totais
Locomotivas	1.900 unidades
Vagões de carga	48.600 unidades

Tecnologias digitais

• Sistemas avançados de rastreamento GPS
• Plataformas de gerenciamento de logística em tempo real
• Tecnologias de manutenção preditiva

Composição da força de trabalho

Categoria de funcionários	Número de funcionários
Força de trabalho total	24.320 funcionários
Profissionais de transporte	15.680 funcionários

Corredores de transporte estratégico

Conexões de corredor -chave: Vancouver, príncipe Rupert, Toronto, Chicago, Nova Orleans

Canadian National Railway Company (CNI) - Modelo de negócios: proposições de valor

Transporte de frete eficiente e econômico e continental

A Canadian National Railway opera uma rede de 20.300 milhas de rota através do Canadá e dos Estados Unidos. Em 2022, a empresa transportou 21,7 milhões de toneladas de frete, gerando US $ 16,7 bilhões em receita total.

Segmento de frete	Volume anual (toneladas métricas)	Contribuição da receita
Intermodal	7,2 milhões	US $ 5,4 bilhões
Volume	5,9 milhões	US $ 4,2 bilhões
Mercadoria	4,8 milhões	US $ 4,1 bilhões
Automotivo	3,8 milhões	US $ 3,0 bilhões

Serviços de remessa confiáveis ​​e consistentes

A CN Railway alcançou um desempenho pontual de 92,1% em 2022, com uma velocidade média do trem de 17,3 milhas por hora.

• Miles de trem total operados: 122,4 milhões
• Frota locomotiva: 1.900 unidades
• Comprimento médio do trem: 9.500 pés

Solução de transporte ambientalmente sustentável

Em 2022, a CN Railway reduziu suas emissões de gases de efeito estufa em 4,2% em comparação com a linha de base de 2019. A empresa investiu US $ 350 milhões em tecnologias de eficiência de combustível e redução de emissões.

Métrica de redução de emissão	2022 Performance
Redução de emissões de CO2	4.2%
Melhoria da eficiência de combustível	2.8%

Gerenciamento integrado de logística e cadeia de suprimentos

A CN Railway fornece soluções de logística de ponta a ponta em vários setores, servindo mais de 15 setores-chave com serviços de transporte especializados.

• Produtos agrícolas: 35% do volume total de frete
• Energia e produtos químicos: 22% do volume total de frete
• Produtos florestais: 15% do volume total de frete
• Automotivo e metais: 18% do volume total de frete

Rede de transporte abrangente

A CN Railway conecta os principais centros econômicos da América do Norte, com acesso estratégico a três costas: Pacífico, Atlântico e Golfo do México.

Conectividade de rede	Alcance geográfico
As províncias canadenses serviram	8
Os estados dos EUA serviram	16
Principais conexões de porta	8

Canadian National Railway Company (CNI) - Modelo de Negócios: Relacionamentos do Cliente

Relacionamentos baseados em contratos de longo prazo com grandes indústrias

A CN Railway mantém contratos estratégicos de longo prazo com os principais setores industriais, incluindo:

Setor da indústria	Valor anual do contrato	Duração do contrato
Automotivo	US $ 385 milhões	5-7 anos
Transporte químico	US $ 452 milhões	3-5 anos
Produtos agrícolas	US $ 678 milhões	4-6 anos

Atendimento ao cliente dedicado e gerenciamento de contas

A CN Railway fornece suporte especializado ao cliente com:

• 24 horas por dia, 7 dias por semana, equipes de gerenciamento de contas dedicadas
• Consulta de logística personalizada
• Canais de comunicação em tempo real

Plataformas digitais para rastreamento e gerenciamento de remessa

Recurso da plataforma digital	Engajamento do usuário	Uso anual da plataforma
Rastreamento de remessa on -line	92% de adoção do cliente	3,2 milhões de solicitações de rastreamento
Aplicativo móvel	78% de uso do cliente	1,7 milhão de usuários ativos

Soluções de transporte personalizadas

As ofertas de transporte especializadas incluem:

• Serviços de frete intermodal
• Transporte controlado por temperatura
• Logística de material perigoso

Otimização e comunicação em andamento

Métrica de desempenho	Melhoria anual	Taxa de satisfação do cliente
Entrega no prazo	2,5% de melhoria ano a ano	88.6%
Confiabilidade do serviço	3,1% de aprimoramento anual	91.2%

Canadian National Railway Company (CNI) - Modelo de Negócios: Canais

Equipes de vendas diretas

A Canadian National Railway emprega 24.107 funcionários em período integral a partir de 2023, com aproximadamente 1.200 profissionais de vendas dedicados na América do Norte.

Categoria de canal de vendas	Número de representantes	Cobertura geográfica
Equipe de vendas de frete	850	Canadá e Estados Unidos
Representantes de vendas de logística	250	Principais regiões industriais
Gerentes de contas principais	100	Clientes industriais estratégicos

Plataformas digitais on -line e sistemas de reserva

A CNI opera uma plataforma digital abrangente com as seguintes métricas de canal digital:

• Sistema de frete online Processando 85% das transações de clientes
• Aplicativo móvel com 125.000 usuários de negócios ativos
• Volume anual de transações de plataforma digital de 3,2 milhões de remessas

Feiras e conferências do setor

Participação anual em eventos de transporte e logística:

Tipo de evento	Número de conferências anuais	Interações estimadas em rede
Conferências de transporte norte -americano	18	4.500 interações comerciais diretas
Exposições de logística internacional	6	2.200 compromissos potenciais de clientes

Gerenciamento de contas estratégicas

A CNI gerencia contas estratégicas com abordagem especializada:

• 187 gerentes de contas estratégicas dedicadas
• Servindo os 250 principais clientes de nível corporativo
• Valor médio da conta: US $ 42,3 milhões anualmente

Portais de comunicação digital e suporte ao cliente

Detalhes da infraestrutura de suporte ao cliente:

Canal de suporte	Volume de contato anual	Tempo médio de resposta
Portal de suporte on -line	1,4 milhão de interações	2,5 horas
Suporte telefônico	620.000 ligações	12 minutos
Suporte por e -mail	480.000 Comunicações por e -mail	6 horas

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

Produtores de commodities agrícolas

O Canadian National Railway transportou 22,4 milhões de toneladas de grãos em 2022. A receita de grãos foi de US $ 1,85 bilhão no mesmo ano.

Tipo de commodities	Volume (milhão de toneladas)	Contribuição da receita
Trigo	9.6	US $ 792 milhões
Canola	4.8	US $ 456 milhões
Cevada	3.2	US $ 312 milhões

Empresas de Manufatura e Industrial

A CN Railway atendeu 19.500 clientes industriais em 2022.

• Transporte de peças automotivas: 1,2 milhão de cargas de carros
• Produtos químicos e petrolíferos: US $ 1,1 bilhão em receita
• Receita total de frete industrial: US $ 3,4 bilhões

Indústria automotiva

A CN Railway transportou 435.000 unidades automotivas em 2022.

Segmento automotivo	Volume	Receita
Veículos acabados	285.000 unidades	US $ 612 milhões
Peças automotivas	150.000 unidades	US $ 348 milhões

Setores de energia e recursos naturais

A CN Railway transportou 29,7 milhões de toneladas de produtos de energia em 2022.

• Transporte de petróleo bruto: 12,4 milhões de barris
• Transporte de carvão: 8,2 milhões de toneladas métricas
• Receita total do setor energético: US $ 2,3 bilhões

Empresas de varejo e bens de consumo

A CN Railway lidou com 1,6 milhão de recipientes intermodais em 2022.

Categoria de bens de consumo	Volume de contêiner	Receita
Bens de consumo embalados	780.000 contêineres	US $ 1,2 bilhão
Mercadoria de varejo	520.000 contêineres	US $ 892 milhões

Canadian National Railway Company (CNI) - Modelo de negócios: estrutura de custos

Despesas de combustível e energia

Em 2022, as despesas de combustível da Canadian National Railway totalizaram US $ 2,1 bilhões. O consumo de combustível a diesel era de aproximadamente 475 milhões de galões anualmente. O custo médio de combustível diesel por galão foi de US $ 4,42.

Ano	Despesas totais de combustível	Consumo de diesel	Custo médio de combustível por galão
2022	US $ 2,1 bilhões	475 milhões de galões	$4.42

Manutenção e desenvolvimento de infraestrutura

O investimento em infraestrutura para 2022 atingiu US $ 1,8 bilhão. Os custos de manutenção da faixa foram de US $ 712 milhões, com despesas de capital para expansão da rede em US $ 1,088 bilhão.

• Manutenção da faixa: US $ 712 milhões
• Investimentos de expansão de rede: US $ 1,088 bilhão
• Gastos totais de infraestrutura: US $ 1,8 bilhão

Custos de mão -de -obra e força de trabalho

As despesas totais da força de trabalho em 2022 foram de US $ 2,5 bilhões. A contagem de funcionários foi de 24.795 com remuneração média anual de US $ 101.000 por funcionário.

Despesas totais de mão -de -obra	Total de funcionários	Compensação média
US $ 2,5 bilhões	24,795	$101,000

Investimentos de tecnologia e sistema digital

Os investimentos em tecnologia para 2022 totalizaram US $ 385 milhões. As despesas de transformação digital e cibersegurança foram de US $ 142 milhões.

• Total de investimentos em tecnologia: US $ 385 milhões
• Gastos de transformação digital: US $ 142 milhões

Aquisição e manutenção de frota

Os custos de manutenção da frota em 2022 foram de US $ 673 milhões. As novas aquisições de locomotivas totalizaram US $ 412 milhões.

Custos de manutenção da frota	Novos investimentos locomotivos
US $ 673 milhões	US $ 412 milhões

Canadian National Railway Company (CNI) - Modelo de negócios: fluxos de receita

Taxas de transporte de carga

Em 2022, a Canadian National Railway registrou receitas totais de frete de US $ 14,54 bilhões. Receita de frete quebra por mercadoria:

Segmento de commodities	Receita ($ m)	Percentagem
Petróleo e produtos químicos	3,212	22.1%
Grãos e fertilizantes	2,987	20.5%
Intermodal	2,756	19.0%
Produtos florestais	1,894	13.0%
Metais e minerais	1,645	11.3%
Automotivo	1,042	7.2%

Serviços de remessa intermodal

O transporte intermodal gerou US $ 2,756 bilhões em receita em 2022, representando 19% da receita total de frete.

• Volume total de tráfego intermodal: 2,4 milhões de TEUs (unidades equivalentes de vinte e pés)
• Receita intermodal transfronteiriça: US $ 1,2 bilhão
• Receita intermodal doméstica: US $ 1,556 bilhão

Gerenciamento de logística e cadeia de suprimentos

Os serviços de logística da CN geraram aproximadamente US $ 387 milhões em receitas auxiliares em 2022.

Serviço de logística	Receita ($ m)
Encaminhamento de frete	156
Armazenamento	124
Soluções da cadeia de suprimentos	107

Contratos de transporte de longo prazo

Os contratos de longo prazo representaram US $ 3,8 bilhões em receita garantida para 2022-2024.

• Contratos do setor agrícola: US $ 1,2 bilhão
• Contratos do setor energético: US $ 1,5 bilhão
• Contratos do setor manufatureiro: US $ 1,1 bilhão

Serviços de logística de valor agregado

Os serviços de valor agregado geraram US $ 276 milhões em receita adicional em 2022.

Tipo de serviço	Receita ($ m)
Leasing de equipamentos especializados	112
Soluções de logística personalizadas	86
Serviços de rastreamento e tecnologia	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.