# CANADIAN NATIONAL RAILWAY CO (CNI) MD&A by fiscal year

Verbatim Item 7 Management's Discussion and Analysis sections from CANADIAN NATIONAL RAILWAY CO's 10-K filings, one page per fiscal year. Extracted from SEC filings with the same bounded parser for every year. Filer text, not grepcent analysis or investment advice.

- FY 2025: filed 2026-02-04; accession 0001104659-26-010352 (https://www.sec.gov/Archives/edgar/data/16868/000110465926010352/tm261145d1_40f.htm); MD&A text quarantined because Item 7 boundaries were low-confidence; no filing narrative is published for this year.

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