Basis: Trailing twelve months (TTM). Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 37.54% is in line with its 5-year average of 38.31%, around the middle of its 5-year range (33.09%–42.81%).
0.43% below its 12-month average of 37.70%.
Reported quarterly operating margin; no daily interpolation. Q2 FY2026 (2026-06-30): 37.47%.
OPERATING MARGIN
37.54%
OPERATING MARGIN AVG TTM
37.70%
OPERATING MARGIN AVG 3Y
37.68%
OPERATING MARGIN AVG 5Y
38.31%
OPERATING MARGIN AVG 10Y
38.89%
OPERATING MARGIN AVG 15Y
38.73%
OPERATING MARGIN AVG 20Y
38.22%
CURRENT VS TTM AVG
-0.43%
CURRENT VS 3Y AVG
-0.37%
CURRENT VS 5Y AVG
-2.02%
CURRENT VS 10Y AVG
-3.46%
CURRENT VS 15Y AVG
-3.07%
CURRENT VS 20Y AVG
-1.79%
SECTOR MEDIAN · INDUSTRIALS
11.95%
median of 154 covered companies
CURRENT VS SECTOR MEDIAN
+214.27%
vs the sector median at left
Canadian National Railway Company
Market Cap
$73.15B
Operating Margin
37.54%
TTM Avg
37.70%
3Y Avg
37.68%
5Y Avg
38.31%
Market Cap
$72.53B
Operating Margin
10.18%
TTM Avg
10.43%
3Y Avg
9.29%
5Y Avg
10.67%
Market Cap
$70.30B
Operating Margin
31.63%
TTM Avg
31.98%
3Y Avg
31.05%
5Y Avg
33.01%
Market Cap
$76.40B
Operating Margin
36.84%
TTM Avg
36.40%
3Y Avg
36.38%
5Y Avg
38.09%
Market Cap
$78.92B
Operating Margin
26.50%
TTM Avg
26.55%
3Y Avg
25.49%
5Y Avg
24.82%
Market Cap
$67.37B
Operating Margin
14.09%
TTM Avg
18.38%
3Y Avg
18.34%
5Y Avg
18.14%
Market Cap
$79.80B
Operating Margin
7.31%
TTM Avg
9.21%
3Y Avg
10.43%
5Y Avg
10.75%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Canadian National Railway Company (CNI) | $73.15B | 37.54% | 37.70% | 37.68% | 38.31% |
| Northrop Grumman Corporation (NOC)vs › | $72.53B | 10.18% | 10.43% | 9.29% | 10.67% |
| Cummins Inc. (CMI)vs › | $72.45B | 11.13% | 11.24% | 9.52% | 10.13% |
| Norfolk Southern Corporation (NSC)vs › | $70.30B | 31.63% | 31.98% | 31.05% | 33.01% |
| Canadian Pacific Kansas City Ltd. (CP)vs › | $76.40B | 36.84% | 36.40% | 36.38% | 38.09% |
| FedEx Corporation (FDX)vs › | $67.63B | 6.74% | 6.96% | 6.77% | 6.87% |
| Illinois Tool Works Inc. (ITW)vs › | $78.92B | 26.50% | 26.55% | 25.49% | 24.82% |
| Honeywell International Inc. (HON)vs › | $67.37B | 14.09% | 18.38% | 18.34% | 18.14% |
| United Parcel Service, Inc. (UPS)vs › | $79.80B | 7.31% | 9.21% | 10.43% | 10.75% |
| Cintas Corporation (CTAS)vs › | $80.00B | 23.14% | 22.98% | 21.99% | 21.27% |
Gross Margin
44.4%
Operating Margin
37.5%
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-06-30 | 37.47% |
| 2026-03-31 | 35.37% |
| 2025-12-31 | 38.82% |
| 2025-09-30 | 38.50% |
| 2025-06-30 | 38.34% |
| 2025-03-31 | 36.57% |
| 2024-12-31 | 37.36% |
| 2024-09-30 | 36.86% |
| 2024-06-30 | 35.99% |
| 2024-03-31 | 36.39% |
| 2023-12-31 | 40.66% |
| 2023-09-30 | 38.05% |
| 2023-06-30 | 39.44% |
| 2023-03-31 | 38.53% |
| 2022-12-31 | 42.10% |
| 2022-09-30 | 42.81% |
| 2022-06-30 | 40.72% |
| 2022-03-31 | 33.09% |
| 2021-12-31 | 41.73% |
| 2021-09-30 | 37.34% |
| 2021-06-30 | 38.41% |
| 2021-03-31 | 37.54% |
| 2020-12-31 | 38.59% |
| 2020-09-30 | 40.07% |
| 2020-06-30 | 24.46% |
| 2020-03-31 | 34.27% |
| 2019-12-31 | 33.98% |
| 2019-09-30 | 42.11% |
| 2019-06-30 | 42.49% |
| 2019-03-31 | 30.47% |
| 2018-12-31 | 38.13% |
| 2018-09-30 | 40.46% |
| 2018-06-30 | 41.83% |
| 2018-03-31 | 32.25% |
| 2017-12-31 | 39.60% |
| 2017-09-30 | 42.81% |
| 2017-06-30 | 42.51% |
| 2017-03-31 | 38.18% |
| 2016-12-31 | 43.36% |
| 2016-09-30 | 46.68% |
| 2016-06-30 | 45.50% |
| 2016-03-31 | 41.06% |
| 2015-12-31 | 42.77% |
| 2015-09-30 | 46.15% |
| 2015-06-30 | 43.58% |
| 2015-03-31 | 34.31% |
| 2014-12-31 | 39.29% |
| 2014-09-30 | 41.24% |
| 2014-06-30 | 40.37% |
| 2014-03-31 | 30.45% |
| 2013-12-31 | 35.23% |
| 2013-09-30 | 40.18% |
| 2013-06-30 | 39.08% |
| 2013-03-31 | 31.63% |
| 2012-12-31 | 36.39% |
| 2012-09-30 | 39.45% |
| 2012-06-30 | 38.73% |
| 2012-03-31 | 33.80% |
| 2011-12-31 | 35.30% |
| 2011-09-30 | 40.66% |
| 2011-06-30 | 38.67% |
| 2011-03-31 | 30.95% |
| 2010-12-31 | 36.56% |
| 2010-09-30 | 39.30% |
| 2010-06-30 | 38.84% |
| 2010-03-31 | 30.69% |
| 2009-12-31 | 34.70% |
| 2009-09-30 | 37.34% |
| 2009-06-30 | 32.73% |
| 2009-03-31 | 25.87% |
| 2008-12-31 | 37.27% |
| 2008-09-30 | 37.39% |
| 2008-06-30 | 33.70% |
| 2008-03-31 | 27.14% |
| 2007-12-31 | 37.95% |
| 2007-09-30 | 37.96% |
| 2007-06-30 | 40.01% |
| 2007-03-31 | 29.40% |
| 2006-12-31 | 38.91% |
| 2006-09-30 | 42.61% |
| 2006-06-30 | 41.38% |
| 2006-03-31 | 33.82% |
| 2005-12-31 | 35.37% |
| 2005-09-30 | 46.66% |
| 2005-06-30 | 38.81% |
| 2005-03-31 | 31.25% |
| 2004-12-31 | 32.11% |
| 2004-09-30 | 35.62% |
| 2004-06-30 | 35.58% |
| 2004-03-31 | 28.47% |
| 2003-12-31 | 51.00% |
| 2003-10-20 | 23.33% |
| 2003-06-30 | 22.90% |
| 2003-03-31 | 22.79% |
| 2002-12-31 | 22.63% |
| 2002-09-30 | 24.08% |
