Fourth-quarter 2017 compared to fourth-quarter 2016
• Net income increased by 156 per cent to C$2,611 million, and diluted earnings per share (EPS)
increased by 164 per cent to C$3.48. Included in net income was a deferred income tax recovery
of C$1,764 million (C$2.35 per diluted share) resulting from the enactment of a lower U.S. federal
corporate income tax rate.
• Adjusted net income decreased by six per cent to C$897 million, and adjusted diluted EPS
decreased by two per cent to C$1.20. (1)
• Operating income decreased by seven per cent to C$1,301 million.
• Revenues increased by two per cent to C$3,285 million.
• Revenue ton-miles (RTMs) increased by one per cent and carloadings increased by seven per cent.
• Operating expenses increased by nine per cent to C$1,984 million.
• Operating ratio of 60.4 per cent, an increase of 3.8 points.
Full-year 2017 compared to full-year 2016
• Net income increased by 51 per cent to C$5,484 million, and diluted EPS increased by 55 per cent
to C$7.24. Included in net income was a deferred income tax recovery of C$1,764 million (C$2.33
per diluted share) resulting from the enactment of a lower U.S. federal corporate income tax rate.
• Adjusted net income increased by six per cent to C$3,778 million, and adjusted diluted EPS
increased by nine per cent to C$4.99. (1)
• Operating income increased by five per cent to C$5,558 million.
• Revenues increased by eight per cent to C$13,041 million.
• RTMs increased by 11 per cent and carloadings increased by 10 per cent.
• Operating expenses increased by 11 per cent to C$7,483 million.
• Operating ratio of 57.4 per cent, an increase of 1.5 points.
• Free cash flow (1) was C$2,778 million, compared with C$2,520 million for 2016.
Financial Results | cn.ca
