• Canadian National Railway average return on tangible equity for 2023 was 25.77, a 11.03% increase from 2022.
• Canadian National Railway average return on tangible equity for 2022 was 23.21, a 7.01% increase from 2021.
• Canadian National Railway average return on tangible equity for 2021 was 21.69, a 4.83% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.