Revenues | | | | | | | | | | | | | | | | In millions | Year ended December 31, | 2025 | 2024 | 2023 | | Freight revenues | | | | | | Petroleum and chemicals | | $ | 3,478 | | $ | 3,414 | | $ | 3,195 | | | Metals and minerals | | 1,962 | | 2,048 | | 2,048 | | | Forest products | | 1,839 | | 1,931 | | 1,943 | | | Coal | | 960 | | 929 | | 1,017 | | | Grain and fertilizers | | 3,658 | | 3,422 | | 3,265 | | | Intermodal | | 3,892 | | 3,757 | | 3,823 | | | Automotive | | 892 | | 894 | | 945 | | | Total freight revenues | | 16,681 | | 16,395 | | 16,236 | | | Other revenues | | 623 | | 651 | | 592 | | Total revenues (1) (2) | | $ | 17,304 | | $ | 17,046 | | $ | 16,828 | |
(1)As at December 31, 2025, the Company had remaining performance obligations related to freight in-transit, for which revenues of $103 million (2024 - $102 million) are expected to be recognized in the next period. (2)See Note 23 – Segmented information for the disaggregation of revenues by geographic area. Contract liabilities
| | | | | | | | | | | | | In millions | | 2025 | 2024 | | Beginning of year | | $ | 191 | | $ | 95 | | | Revenue recognized included in the beginning balance | (18) | | (15) | | | Increase due to consideration received, net of revenue recognized | 354 | | 111 | | | End of year | | $ | 527 | | $ | 191 | | | Current portion - end of year | | $ | 7 | | $ | 5 | |
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