| Schedule of Debt |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | In millions | | Maturity | US$ denominated amount | As at December 31, | 2025 | 2024 | Notes and debentures (1) | Canadian National series (2) | | | | | | | | 2.80% | 10-year notes | Sep 22, 2025 | | | | — | | 350 | | | 2.75% | 10-year notes | Mar 1, 2026 | US$ | 500 | | | 686 | | 719 | | | 6.90% | 30-year notes | Jul 15, 2028 | US$ | 475 | | | 652 | | 683 | | | 3.20% | 10-year notes | Jul 31, 2028 | | | | 350 | | 350 | | | 3.00% | 10-year notes | Feb 8, 2029 | | | | 350 | | 350 | | | 4.60% | 5-year notes | May 2, 2029 | | | | 700 | | 700 | | | 4.15% | 7-year notes | May 10, 2030 | | | | 550 | | 550 | | | 3.50% | 5-year notes | Jun 10, 2030 | | | | 500 | | — | | | 4.20% | 5-year notes | Mar 12, 2031 | US$ | 300 | | | 412 | | — | | | 7.38% | 30-year debentures | Oct 15, 2031 | US$ | 200 | | | 274 | | 288 | | | 3.85% | 10-year notes | Aug 5, 2032 | US$ | 800 | | | 1,098 | | 1,151 | | | 4.40% | 10-year notes | May 10, 2033 | | | | 400 | | 400 | | | 5.85% | 10-year notes | Nov 1, 2033 | US$ | 300 | | | 412 | | 431 | | | 6.25% | 30-year notes | Aug 1, 2034 | US$ | 500 | | | 686 | | 719 | | | 4.38% | 10-year notes | Sep 18, 2034 | US$ | 750 | | | 1,029 | | 1,079 | | | 4.20% | 10-year notes | Jun 10, 2035 | | | | 500 | | — | | | 4.75% | 10-year notes | Nov 12, 2035 | US$ | 400 | | | 549 | | — | | | 6.20% | 30-year notes | Jun 1, 2036 | US$ | 450 | | | 618 | | 647 | | | 6.71% | Puttable Reset Securities PURSSM | Jul 15, 2036 | US$ | 250 | | | 343 | | 360 | | | 6.38% | 30-year debentures | Nov 15, 2037 | US$ | 300 | | | 412 | | 431 | | | 3.50% | 30-year notes | Nov 15, 2042 | US$ | 250 | | | 343 | | 360 | | | 4.50% | 30-year notes | Nov 7, 2043 | US$ | 250 | | | 343 | | 360 | | | 3.95% | 30-year notes | Sep 22, 2045 | | | | 400 | | 400 | | | 3.20% | 30-year notes | Aug 2, 2046 | US$ | 650 | | | 892 | | 935 | | | 3.60% | 30-year notes | Aug 1, 2047 | | | | 500 | | 500 | | | 3.65% | 30-year notes | Feb 3, 2048 | US$ | 600 | | | 823 | | 863 | | | 3.60% | 30-year notes | Jul 31, 2048 | | | | 450 | | 450 | | | 4.45% | 30-year notes | Jan 20, 2049 | US$ | 650 | | | 892 | | 935 | | | 3.60% | 30-year notes | Feb 8, 2049 | | | | 450 | | 450 | | | 3.05% | 30-year notes | Feb 8, 2050 | | | | 450 | | 450 | | | 2.45% | 30-year notes | May 1, 2050 | US$ | 600 | | | 823 | | 863 | | | 4.40% | 30-year notes | Aug 5, 2052 | US$ | 700 | | | 961 | | 1,007 | | | 4.70% | 30-year notes | May 10, 2053 | | | | 800 | | 800 | | | 6.13% | 30-year notes | Nov 1, 2053 | US$ | 300 | | | 412 | | 431 | | | 5.10% | 30-year notes | May 2, 2054 | | | | 550 | | 550 | | | 4.00% | 50-year notes | Sep 22, 2065 | | | | 100 | | 100 | | Illinois Central series | | | | | | | | 7.70% | 100-year debentures | Sep 15, 2096 | US$ | 125 | | | 172 | | 180 | | BC Rail series | | | | | | | | Non-interest bearing 90-year subordinated notes (3) | Jul 14, 2094 | | | | 842 | | 842 | | | Total notes and debentures | 20,724 | | 19,684 | | | Other | | | | Commercial paper | 124 | | 721 | | | | | | Finance leases | 5 | | 7 | | Equipment loans and other (4) | 1,365 | | 1,489 | | | Total debt, gross | 22,218 | | 21,901 | | Fair value hedging adjustment (5) | (11) | | — | | Net unamortized discount and debt issuance costs (3) | (1,001) | | (1,007) | | Total debt (5) | 21,206 | | 20,894 | | | Less: Current portion of long-term debt | 906 | | 1,166 | | | Total long-term debt | $ | 20,300 | | $ | 19,728 | |
(1)The Company's notes and debentures are unsecured. (2)The fixed rate debt securities are redeemable, in whole or in part, at the option of the Company, at any time, at the greater of par and a formula price based on interest rates prevailing at the time of redemption. (3)As at December 31, 2025, these notes were recorded as a discounted debt of $17 million (2024 - $16 million) using an imputed interest rate of 5.75% (2024 - 5.75%). The discount of $825 million (2024 - $826 million) is included in Net unamortized discount and debt issuance costs. (4)Includes $1,329 million (2024 - $1,449 million) of equipment loans under the non-revolving credit facilities. Also included is $36 million (2024 - $40 million) of other loans payable monthly at a weighted average interest rate of 2.30% (2024 - 2.35%). (5)See Note 22 – Financial instruments.
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| Schedule of Issuances and Repayments of Commercial Paper |
| | | | | | | | | | | | | | | | In millions | Year ended December 31, | 2025 | 2024 | 2023 | Commercial paper with maturities less than 90 days | | | | | Issuance | $ | 25,471 | | $ | 18,564 | | $ | 13,767 | | | Repayment | (25,859) | | (19,851) | | (13,090) | | | Change in commercial paper with maturities less than 90 days, net | $ | (388) | | $ | (1,287) | | $ | 677 | | Commercial paper with maturities of 90 days or greater | | | | | Issuance | $ | — | | $ | 1,682 | | $ | 1,871 | | | Repayment | (224) | | (1,776) | | (1,640) | | | Change in commercial paper with maturities of 90 days or greater, net | $ | (224) | | $ | (94) | | $ | 231 | | | Change in commercial paper, net | $ | (612) | | $ | (1,381) | | $ | 908 | |
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