Revenues (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents disaggregated information about the Company’s revenues from contracts with customers by major source:

For the year ended December 31 (in millions of Canadian dollars)	2024		2023		2022
Grain	$	3,012	$	2,496	$	1,776
Coal	943		859		577
Potash	614		566		581
Fertilizers and sulphur	406		385		332
Forest products	816		696		403
Energy, chemicals and plastics	2,851		2,301		1,394
Metals, minerals and consumer products	1,777		1,579		884
Automotive	1,280		934		438
Intermodal	2,524		2,465		2,242
Total freight revenues	14,223		12,281		8,627
Non-freight excluding leasing revenues	191		161		103
Revenues from contracts with customers	14,414		12,442		8,730
Leasing revenues	132		113		84
Total revenues	$	14,546	$	12,555	$	8,814

Changes in Contract Liabilities

The following table summarizes the changes in contract liabilities for the years ended December 31, 2024 and 2023:

(in millions of Canadian dollars)	2024		2023
Opening balance, January 1	$	52	$	64
Contract liabilities assumed upon the acquisition of KCS (Note 10)	—		7
Revenue recognized in the period that was included in the opening balance or liabilities assumed	(33)		(36)
Increase due to consideration received, net of revenue recognized in the period	16		17
Closing balance, December 31	$	35	$	52