This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2026	<-Estimates			https://www.annualreports.com/Company/canadian-national-railway-company
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			4/30/26	<-Estimates
Canadian National Railway						TSX:	CNR	NYSE:	CNI	https://www.cn.ca/		Fiscal Yr:	Dec 31
Year	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27	12/31/28		Value	Description	#Y	Item	Total G
Accounting Rules	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP					Accounting Rules
Split Date	12/02/13												unaudited
Split	2																				Split
														$55,865	<-12 mths	222.84%
98 Act chge
Revenue*	$10,575	$12,134	$12,611	$12,037	$13,041	$14,321	$14,917	$13,819	$14,477	$17,107	$16,828	$17,046	$17,304	$17,662	$18,570			37.21%	<-Total Growth	10	Revenue	+ Alpha Sp
Increase	6.60%	14.74%	3.93%	-4.55%	8.34%	9.82%	4.16%	-7.36%	4.76%	18.17%	-1.63%	1.30%	1.51%	2.07%	5.14%			3.21%	<-IRR #YR->	10	Revenue	37.21%
5 year Running Average	$9,037	$9,991	$10,854	$11,455	$12,080	$12,829	$13,385	$13,627	$14,115	$14,928	$15,430	$15,855	$16,552	$17,189	$17,482			4.60%	<-IRR #YR->	5	Revenue	25.22%
Revenue per Share	$12.73	$14.99	$16.02	$15.80	$17.56	$19.74	$20.94	$19.46	$20.65	$25.49	$26.18	$27.15	$28.21	$28.80	$30.28			4.31%	<-IRR #YR->	10	5 yr Running Average	52.51%
Increase	9.97%	17.75%	6.86%	-1.40%	11.17%	12.43%	6.06%	-7.10%	6.17%	23.43%	2.70%	3.68%	3.93%	2.07%	5.14%			3.97%	<-IRR #YR->	5	5 yr Running Average	21.47%
5 year Running Average	$10.27	$11.71	$13.11	$14.22	$15.42	$16.82	$18.01	$18.70	$19.67	$21.26	$22.55	$23.79	$25.54	$27.17	$28.12			5.82%	<-IRR #YR->	10	Revenue per Share	76.12%
P/S (Price/Sales) Med	4.19	4.76	4.96	5.09	5.62	5.30	5.40	6.25	7.10	6.12	5.97	5.97	4.97	4.69	0.00			7.72%	<-IRR #YR->	5	Revenue per Share	45.02%
P/S (Price/Sales) Close	4.76	5.34	4.83	5.72	5.90	5.12	5.61	7.19	6.56	6.31	6.36	5.38	4.81	4.87	4.63			6.90%	<-IRR #YR->	10	5 yr Running Average	94.86%
*Revenue in M CDN $					P/S Med	20 yr	4.97	15 yr	5.30	10 yr	5.81	5 yr	6.31		-16.26%	Diff M/C		6.43%	<-IRR #YR->	5	5 yr Running Average	36.57%
			-$12,611	$0	$0	$0	$0	$0	$0	$0	$0	$0	$17,304
								-$13,819	$0	$0	$0	$0	$17,304
			-$10,854	$0	$0	$0	$0	$0	$0	$0	$0	$0	$16,552
								-$13,627	$0	$0	$0	$0	$16,552
			-$16.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$28.21
								-$19.46	$0.00	$0.00	$0.00	$0.00	$28.21
			-$13.11	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.54
								-$18.70	$0.00	$0.00	$0.00	$0.00	$25.54
														$7.63	<-12 mths	0.00%
Adjusted Profit CDN$	$2,582	$3,095	$3,580	$3,581	$3,778	$4,056	$4,189	$3,784	$4,225	$5,134	$4,800	$4,506	$4,756					32.85%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE	19.93%	22.98%	23.95%	24.13%	22.68%	22.99%	23.22%	19.26%	18.58%	24.01%	23.86%	21.41%	22.05%					22.84%	<-Median->	10	Return on Equity ROE
5Yr Median	19.93%	20.54%	22.29%	22.98%	22.98%	22.99%	23.22%	22.99%	22.68%	22.99%	23.22%	21.41%	22.05%					-1.07%	<-Total Growth	10	AEPS
Basic	$3.07	$3.77	$4.47	$4.61	$5.02	$5.52	$5.81	$5.32	$5.96	$7.48	$7.30	$7.11	$7.63					70.76%	<-Total Growth	10	AEPS
pre-split '13
AEPS* Dilued	$3.06	$3.76	$4.44	$4.59	$4.99	$5.50	$5.80	$5.31	$5.83	$7.46	$7.28	$7.10	$7.63	$8.02	$8.89	$10.00		71.85%	<-Total Growth	10	AEPS
Increase	8.90%	22.88%	18.09%	3.38%	8.71%	10.22%	5.45%	-8.45%	9.79%	27.96%	-2.41%	-2.47%	7.46%	5.11%	10.85%	12.49%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$2.40	$2.83	$3.30	$3.73	$4.17	$4.66	$5.06	$5.24	$5.49	$5.98	$6.34	$6.60	$7.06	$7.50	$7.78	$8.33		5.56%	<-IRR #YR->	10	AEPS	71.85%
AEPS Yield	5.05%	4.70%	5.74%	5.08%	4.81%	5.44%	4.94%	3.79%	4.31%	4.64%	4.37%	4.86%	5.62%	5.72%	6.34%	7.14%		7.52%	<-IRR #YR->	5	AEPS	43.69%
Payout Ratio	28.10%	26.60%	28.15%	32.68%	33.07%	33.09%	37.07%	43.31%	42.20%	39.28%	43.41%	47.61%	46.53%	45.64%	41.17%	36.60%		7.91%	<-IRR #YR->	10	5 yr Running Average	114.07%
5 year Running Average	27.71%	26.79%	27.28%	28.44%	29.72%	30.72%	32.81%	35.84%	37.75%	38.99%	41.05%	43.16%	43.80%	44.49%	44.87%	43.51%		6.15%	<-IRR #YR->	5	5 yr Running Average	34.78%
Price/AEPS Median	17.45	18.99	17.89	17.53	19.77	19.03	19.49	22.91	25.15	20.91	21.46	22.85	18.39	16.85	0.00	0.00		20.34	<-Median->	10	Price/AEPS Median
Price/AEPS High	20.09	22.61	19.84	20.01	21.57	21.51	21.96	27.76	28.73	23.19	23.11	25.30	20.10	17.37	0.00	0.00		22.54	<-Median->	10	Price/AEPS High
Price/AEPS Low	14.81	15.37	15.95	15.04	17.98	16.55	17.03	18.06	21.58	18.62	19.80	20.39	16.67	16.33	0.00	0.00		18.02	<-Median->	10	Price/AEPS Low
Price/AEPS Close	19.79	21.28	17.42	19.69	20.77	18.38	20.25	26.35	23.23	21.56	22.88	20.56	17.79	17.47	15.76	14.01		20.67	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	21.55	26.15	20.57	20.35	22.58	20.26	21.36	24.13	25.50	27.59	22.33	20.05	19.12	18.37	17.47	15.76		21.84	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	18.69	20.81	16.25	19.74	P/AEPS	5 Yrs	in order	21.46	23.19	19.80	21.56		-18.56%	Diff M/C					DPR 75% to 95% best
* Adjusted Net Income
			-$4.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.63
								-$5.31	$0.00	$0.00	$0.00	$0.00	$7.63
			-$3.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.06
								-$5.24	$0.00	$0.00	$0.00	$0.00	$7.06
														$7.50	<-12 mths	-0.92%
Difference Basic and Diluted	0.32%	0.26%	0.68%	0.43%	0.55%	0.34%	0.34%	0.20%	0.14%	0.27%	0.23%	0.14%	0.13%					0.00	<-Median->	0	Difference Basic and Diluted	+ Alpha Sp
pre-split '99
pre-split '04
pre-split '06
pre-split '13
EPS Basic	$3.10	$3.86	$4.42	$4.69	$7.28	$5.89	$5.85	$5.01	$6.90	$7.46	$8.55	$7.02	$7.58					71.49%	<-Total Growth	10	EPS Basic
pre-split '99
pre-split '04
pre-split '06
pre-split '13
EPS Diluted*	$3.09	$3.85	$4.39	$4.67	$7.24	$5.87	$5.83	$5.00	$6.89	$7.44	$8.53	$7.01	$7.57	$7.92	$8.80			72.44%	<-Total Growth	10	EPS Diluted
Increase	0.98%	24.60%	14.03%	6.38%	55.03%	-18.92%	-0.68%	-14.24%	37.80%	7.98%	14.65%	-17.82%	7.99%	4.56%	11.18%			10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	5.1%	4.8%	5.7%	5.2%	7.0%	5.8%	5.0%	3.6%	5.1%	4.6%	5.1%	4.8%	5.6%	5.6%	6.3%			5.60%	<-IRR #YR->	10	Earnings per Share	72.44%
5 year Running Average	$2.61	$2.99	$3.42	$3.81	$4.65	$5.20	$5.60	$5.72	$6.17	$6.21	$6.74	$6.97	$7.49	$7.69	$7.97			8.65%	<-IRR #YR->	5	Earnings per Share	51.40%
10 year Running Average	$2.16	$2.43	$2.74	$3.01	$3.52	$3.91	$4.29	$4.57	$4.99	$5.43	$5.97	$6.29	$6.61	$6.93	$7.09			8.16%	<-IRR #YR->	10	5 yr Running Average	119.01%
* Diluted ESP per share									E/P	10 Yrs	5.10%	5Yrs	5.09%					5.53%	<-IRR #YR->	5	5 yr Running Average	30.86%
			-$4.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.57
								-$5.00	$0.00	$0.00	$0.00	$0.00	$7.57
			-$3.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.49
								-$5.72	$0.00	$0.00	$0.00	$0.00	$7.49
Dividend*														$3.66	$3.72				Estimate		Dividend*
Increase														3.18%	1.64%				Estimate		Increase
Payout Ratio EPS														46.28%	42.31%				Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
pre-split '99
pre-split '04
pre-split '06
pre-split '13
Dividend*	$0.86	$1.00	$1.25	$1.50	$1.65	$1.82	$2.15	$2.30	$2.46	$2.93	$3.16	$3.38	$3.55	$3.66	$3.66	$3.66		184.00%	<-Total Growth	10	Dividends
Increase	14.67%	16.28%	25.00%	20.00%	10.00%	10.30%	18.13%	6.98%	6.96%	19.11%	7.85%	6.96%	5.03%	3.10%	0.00%	0.00%		29	0	29	Years of data, Count P, N	100.00%
Average Increases 5 Year Running	13.43%	14.73%	18.34%	18.27%	17.19%	16.32%	16.69%	13.08%	10.47%	12.29%	11.80%	9.57%	9.18%	8.41%	4.59%	3.02%		-49.94%	<-Total Growth	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.66	$0.76	$0.90	$1.07	$1.25	$1.44	$1.67	$1.88	$2.08	$2.33	$2.60	$2.85	$3.10	$3.34	$3.48	$3.58		243.24%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	1.61%	1.40%	1.57%	1.86%	1.67%	1.74%	1.90%	1.89%	1.68%	1.88%	2.02%	2.08%	2.53%	2.71%				1.88%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.40%	1.18%	1.42%	1.63%	1.53%	1.54%	1.69%	1.56%	1.47%	1.69%	1.88%	1.88%	2.31%	2.63%				1.66%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	1.90%	1.73%	1.77%	2.17%	1.84%	2.00%	2.18%	2.40%	1.96%	2.11%	2.19%	2.33%	2.79%	2.79%				2.17%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	1.42%	1.25%	1.62%	1.66%	1.59%	1.80%	1.83%	1.64%	1.82%	1.82%	1.90%	2.32%	2.62%	2.61%	2.61%	2.61%		1.82%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	27.83%	25.97%	28.47%	32.12%	22.79%	31.01%	36.88%	46.00%	35.70%	39.38%	37.05%	48.22%	46.90%	46.24%	41.59%	#DIV/0!		36.96%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	25.32%	25.43%	26.38%	28.12%	26.94%	27.75%	29.89%	32.93%	33.67%	37.58%	38.59%	40.81%	41.35%	43.36%	43.72%	#DIV/0!		33.30%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	20.13%	16.75%	19.14%	21.97%	22.21%	22.31%	25.86%	26.50%	24.73%	29.49%	29.16%	31.68%	30.89%	31.77%	27.69%	#DIV/0!		26.18%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	19.57%	18.59%	19.02%	19.73%	20.18%	20.68%	22.46%	23.90%	24.41%	25.89%	27.25%	28.42%	29.27%	30.63%	30.15%	#DIV/0!		24.16%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	18.53%	16.18%	18.58%	20.81%	22.00%	22.58%	25.28%	27.74%	25.90%	28.64%	30.74%	33.38%	33.08%	31.77%	27.69%	#DIV/0!		26.82%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	17.20%	16.74%	17.39%	18.38%	19.41%	20.24%	22.02%	23.81%	24.80%	26.15%	27.78%	29.39%	30.43%	31.54%	31.16%	#DIV/0!		24.30%	<-Median->	10	DPR CF WC 5 Yr Running
Median 5 Yrs	10 Yr Med	10 Yr Cl	1.88%	1.82%	5 Yr Med	5 Yr Cl	2.02%	1.90%	5 Yr Med	Payout	39.38%	29.49%	30.74%					9.07%	<-IRR #YR->	5	Dividend	54.35%
* Dividends per share	10 Yr Med	and Cur.	38.59%	43.57%	5 Yr Med	and Cur.	29.09%	37.65%	Last Div Inc --->		$0.8875	$0.9150	3.10%					11.00%	<-IRR #YR->	10	Dividend	184.00%
Dividends Growth 15																		13.38%	<-IRR #YR->	15	Dividends	557.41%
Dividends Growth 20																		14.19%	<-IRR #YR->	20	Dividends	1320.00%
Dividends Growth 25																		14.64%	<-IRR #YR->	25	Dividends	2715.38%
Dividends Growth 30																		14.69%	<-IRR #YR->	29	Dividends
Dividends Growth 5								-$2.30	$0.00	$0.00	$0.00	$0.00	$3.55								Dividends Growth 5
Dividends Growth 10			-$1.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.55								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.55								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.55								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.55								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.55								Dividends Growth 30
Historical Dividends	Historical	High Div	2.40%	Low Div	1.05%	10 Yr High	2.75%	10 Yr Low	1.48%	Med Div	1.68%	Close Div	1.62%								Historical Dividends
High/Ave/Median Values	Curr diff	Cheap	8.82%		148.73%	Exp.	-5.03%		76.46%	Cheap	55.46%	Cheap	61.31%								High/Ave/Median
Future Dividend Yield					Div Yd	4.03%	earning in	5	Years	at IRR of	9.07%	Div Inc.	54.35%								Future Dividend Yield	Div Yd
Future Dividend Yield					Div Yd	6.22%	earning in	10	Years	at IRR of	9.07%	Div Inc.	138.23%								Future Dividend Yield	4.03%
Future Dividend Yield					Div Yd	9.60%	earning in	15	Years	at IRR of	9.07%	Div Inc.	267.71%								Future Dividend Yield	6.22%
																						9.60%
Future Dividend Paid					Div Paid	$5.65	earning in	5	Years	at IRR of	9.07%	Div Inc.	54.35%								Future Dividend Paid
Future Dividend Paid					Div Paid	$8.72	earning in	10	Years	at IRR of	9.07%	Div Inc.	138.23%								Future Dividend Paid	Div Pd
Future Dividend Paid					Div Paid	$13.46	earning in	15	Years	at IRR of	9.07%	Div Inc.	267.71%								Future Dividend Paid	$5.65
																						$8.72
Dividend Covering Cost					Total Div	$21.93	over	5	Years	at IRR of	9.07%	Div Cov.	15.65%								Dividend Covering Cost	$13.46
Dividend Covering Cost					Total Div	$50.14	over	10	Years	at IRR of	9.07%	Div Cov.	35.78%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$93.67	over	15	Years	at IRR of	9.07%	Div Cov.	66.84%								Dividend Covering Cost
I am earning GC					Div Gr	617.65%	28/01/09	# yrs ->	17	2009	$22.32	Cap Gain	527.87%								I am earning GC
I am earning Div					org yield	2.28%	12/31/26	Trading	Div G Yrly	11.62%	Div start	$0.51	-2.28%	16.40%							I am earning Div	Item
																						Revenue Growth
I am earning GC					Div Gr	1364.00%	06/07/05	# yrs ->	21	2005	$18.03	Cap Gain	677.26%								I am earning GC	AEPS Growth
I am earning Div					org yield	1.39%	12/31/26	Trading	Div G Yrly	13.29%	Div start	$0.25	-1.39%	20.30%							I am earning Div	Net Income Growth
																						Cash Flow Growth
Yield if held 5 years	3.51%	4.13%	4.10%	4.11%	3.96%	3.41%	3.01%	2.89%	3.06%	2.97%	3.02%	2.99%	2.92%	2.50%	2.35%	2.34%		3.02%	<-Median->	10	Paid Median Price	Dividend Growth
Yield if held 10 years	7.17%	6.28%	6.15%	5.99%	6.21%	7.42%	8.89%	7.54%	6.74%	7.03%	5.92%	4.73%	4.47%	4.55%	3.71%	3.50%		6.48%	<-Median->	10	Paid Median Price	Stock Price Growth
Yield if held 15 years	12.95%	13.50%	18.03%	14.98%	13.98%	15.17%	13.51%	11.32%	9.82%	11.03%	12.89%	13.98%	11.64%	10.03%	8.78%	6.85%		13.20%	<-Median->	10	Paid Median Price
Yield if held 20 years					31.74%	27.41%	29.02%	33.17%	24.57%	24.83%	26.33%	21.24%	17.47%	14.61%	13.78%	14.93%		26.33%	<-Median->	9	Paid Median Price	Revenue Growth
Yield if held 25 years										56.37%	47.59%	45.62%	51.20%	36.55%	31.02%	30.50%		49.40%	<-Median->	4	Paid Median Price	AEPS Growth
Yield if held 30 years															70.41%	55.12%		#NUM!	<-Median->	0	Paid Median Price
																						Net Income Growth
Cost covered if held 5 years	13.48%	15.71%	14.78%	14.69%	15.02%	13.52%	11.72%	11.86%	12.90%	11.82%	12.42%	12.59%	12.72%	11.37%	11.16%	11.47%		12.65%	<-Median->	10	Paid Median Price	Cash Flow Growth
Cost covered if held 10 years	41.29%	36.20%	33.27%	31.67%	34.50%	42.92%	50.32%	45.66%	43.14%	43.01%	37.87%	31.66%	31.34%	33.64%	29.46%	29.53%		40.39%	<-Median->	10	Paid Median Price	Dividend Growth
Cost covered if held 15 years	84.53%	87.91%	110.28%	90.05%	89.17%	101.46%	88.80%	79.63%	73.11%	78.39%	95.94%	109.16%	96.40%	88.86%	84.79%	71.40%		89.61%	<-Median->	10	Paid Median Price	Stock Price Growth
Cost covered if held 20 years					213.56%	193.27%	200.89%	246.14%	193.72%	187.99%	209.79%	178.22%	155.81%	139.69%	143.92%	168.98%		193.72%	<-Median->	9	Paid Median Price
Cost covered if held 25 years										437.89%	389.07%	392.97%	469.41%	360.31%	335.53%	359.04%		415.43%	<-Median->	4	Paid Median Price
Cost covered if held 30 years															772.83%	658.81%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$13,819	$14,477	$17,107	$16,828	$17,046	$17,304	$55,865	<-12 mths	222.84%		25.22%	<-Total Growth	5	Revenue Growth	25.22%
AEPS Growth								$5.31	$5.83	$7.46	$7.28	$7.10	$7.63	$7.63	<-12 mths	0.00%		43.69%	<-Total Growth	5	AEPS Growth	43.69%
Net Income Growth								$3,562	$4,892	$5,118	$5,625	$4,448	$4,720	$4,641	<-12 mths	-1.67%		32.51%	<-Total Growth	5	Net Income Growth	32.51%
Cash Flow Growth								$6,165	$6,971	$6,667	$6,965	$6,699	$7,049					14.34%	<-Total Growth	5	Cash Flow Growth	14.34%
Dividend Growth								$2.30	$2.46	$2.93	$3.16	$3.38	$3.55	$3.66	<-12 mths	3.10%		54.35%	<-Total Growth	5	Dividend Growth	54.35%
Stock Price Growth								$139.94	$135.42	$160.84	$166.55	$145.97	$135.75	$140.14	<-12 mths	3.23%		-3.09%	<-Total Growth	5	Stock Price Growth	-3.09%
Revenue Growth			$12,611	$12,037	$13,041	$14,321	$14,917	$13,819	$14,477	$17,107	$16,828	$17,046	$17,304	$17,662	<-this year	2.07%		37.21%	<-Total Growth	10	Revenue Growth	37.21%
AEPS Growth			$4.44	$4.59	$4.99	$5.50	$5.80	$5.31	$5.83	$7.46	$7.28	$7.10	$7.63	$8.02	<-this year	5.11%		71.85%	<-Total Growth	10	AEPS Growth	71.85%
Net Income Growth			$3,538	$3,640	$5,484	$4,328	$4,216	$3,562	$4,892	$5,118	$5,625	$4,448	$4,720	$4,770	<-this year	1.06%		33.41%	<-Total Growth	10	Net Income Growth	33.41%
Cash Flow Growth			$5,140	$5,202	$5,516	$5,918	$5,923	$6,165	$6,971	$6,667	$6,965	$6,699	$7,049	$7,065	<-this year	0.23%		37.14%	<-Total Growth	10	Cash Flow Growth	37.14%
Dividend Growth			$1.25	$1.50	$1.65	$1.82	$2.15	$2.30	$2.46	$2.93	$3.16	$3.38	$3.55	$3.66	<-this year	3.18%		184.00%	<-Total Growth	10	Dividend Growth	184.00%
Stock Price Growth			$77.35	$90.36	$103.65	$101.11	$117.47	$139.94	$135.42	$160.84	$166.55	$145.97	$135.75	$152.50	<-this year	12.34%		75.50%	<-Total Growth	10	Stock Price Growth	75.50%
Dividends on Shares	$191.78	$223.00	$278.75	$334.50	$367.95	$405.86	$479.45	$512.90	$548.58	$653.39	$704.68	$753.74	$791.65	$816.18	$816.18	$816.18		$7,325.74	Total Divs	28	Total Divs	12/31/96
Paid	$13,504.88	$17,844.46	$17,249.05	$20,150.28	$23,113.95	$22,547.53	$26,195.81	$31,206.62	$30,198.66	$35,867.32	$37,140.65	$32,551.31	$30,272.25	$31,251.22	$31,251.22	$31,251.22		$30,272.25	Worth	28	Worth	$4.49
																		$37,597.99
Dividends on Shares				$19.50	$21.45	$23.66	$27.95	$29.90	$31.98	$38.09	$41.08	$43.94	$46.15	$47.58	$47.58	$47.58		$323.70	Total Divs	10	Total Divs	12/31/15
Paid			$1,005.55	$1,174.68	$1,347.45	$1,314.43	$1,527.11	$1,819.22	$1,760.46	$2,090.92	$2,165.15	$1,897.61	$1,764.75	$1,821.82	$1,821.82	$1,821.82		$1,764.75	Worth	10	Worth	$77.35
																		$2,088.45
Graham No. AEPS	$32.77	$37.52	$43.56	$44.85	$50.18	$54.86	$57.49	$57.49	$65.24	$73.14	$71.60	$73.18	$77.70	$79.66	$83.87	#DIV/0!		78.39%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.63	1.90	1.82	1.79	1.97	1.91	1.97	2.12	2.25	2.13	2.18	2.22	1.81	1.70				2.04	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.88	2.27	2.02	2.05	2.14	2.16	2.22	2.56	2.57	2.37	2.35	2.45	1.97	1.75				2.28	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.38	1.54	1.63	1.54	1.79	1.66	1.72	1.67	1.93	1.90	2.01	1.98	1.64	1.64				1.75	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.85	2.13	1.78	2.01	2.07	1.84	2.04	2.43	2.08	2.20	2.33	1.99	1.75	1.76	1.67	#DIV/0!		2.05	<-Median->	10	Price/GP Ratio
Prem/Disc Close	84.82%	113.26%	77.58%	101.48%	106.55%	84.30%	104.33%	143.41%	107.56%	119.91%	132.60%	99.46%	74.71%	75.92%	67.09%	#DIV/0!		105.44%	<-Median->	10	Graham Price
Graham No. EPS	$32.93	$37.97	$43.31	$45.24	$60.45	$56.68	$57.64	$55.79	$70.93	$73.04	$77.51	$72.72	$77.39	$79.14	$83.45	#DIV/0!		78.69%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.62	1.88	1.83	1.78	1.63	1.85	1.96	2.18	2.07	2.14	2.02	2.23	1.81	1.71				1.99	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.87	2.24	2.03	2.03	1.78	2.09	2.21	2.64	2.36	2.37	2.17	2.47	1.98	1.76				2.19	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.38	1.52	1.63	1.53	1.48	1.61	1.71	1.72	1.77	1.90	1.86	1.99	1.64	1.66				1.72	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.84	2.11	1.79	2.00	1.71	1.78	2.04	2.51	1.91	2.20	2.15	2.01	1.75	1.77	1.68	#DIV/0!		2.00	<-Median->	10	Price/GP Ratio
Prem/Disc Close	83.92%	110.75%	78.59%	99.74%	71.48%	78.39%	103.80%	150.84%	90.93%	120.21%	114.88%	100.73%	75.40%	77.08%	67.94%	#DIV/0!		100.24%	<-Median->	10	Graham Price
pre-split '06
pre-split '13
Price Close	$60.56	$80.02	$77.35	$90.36	$103.65	$101.11	$117.47	$139.94	$135.42	$160.84	$166.55	$145.97	$135.75	$140.14	$140.14	$140.14		75.50%	<-Total Growth	10	Stock Price
Increase	34.09%	32.13%	-3.34%	16.82%	14.71%	-2.45%	16.18%	19.13%	-3.23%	18.77%	3.55%	-12.36%	-7.00%	3.23%	0.00%	0.00%		18.89	<-Median->	10	CAPE (10 Yr P/E)
P/E	19.60	20.78	17.62	19.35	14.32	17.22	20.15	27.99	19.65	21.62	19.53	20.82	17.93	17.71	15.93	#DIV/0!		-0.61%	<-IRR #YR->	5	Stock Price	-2.99%
Trailing P/E	19.79	25.90	20.09	20.58	22.19	13.97	20.01	24.00	27.08	23.34	22.39	17.11	19.37	18.51	17.71	15.93		5.79%	<-IRR #YR->	10	Stock Price	75.50%
CAPE (10 Yr P/E)	14.84	15.68	15.93	16.67	16.53	16.89	17.44	18.72	19.06	19.66	19.64	19.70	19.64	19.44	19.52	#DIV/0!		1.63%	<-IRR #YR->	5	Price & Dividend	9.71%
Median 10, 5 Yrs		D.  per yr	2.40%	2.23%	% Tot Ret	29.32%	137.26%	T P/E	21.39	22.39	P/E:	19.59	19.65					8.19%	<-IRR #YR->	10	Price & Dividend	109.31%
Price 15		D.  per yr	2.67%		% Tot Ret	21.32%						CAPE Diff	-6.28%					9.85%	<-IRR #YR->	15	Stock Price	309.19%
Price  20		D.  per yr	2.28%		% Tot Ret	19.82%												9.22%	<-IRR #YR->	20	Stock Price	482.99%
Price  25		D.  per yr	2.74%		% Tot Ret	18.17%												12.35%	<-IRR #YR->	25	Stock Price	1736.51%
Price  30		D.  per yr	2.60%		% Tot Ret	17.25%												12.47%	<-IRR #YR->	29	Stock Price
Price & Dividend 15																		12.52%	<-IRR #YR->	15	Price & Dividend	399.47%
Price & Dividend 20																		11.49%	<-IRR #YR->	20	Price & Dividend	620.03%
Price & Dividend 25																		15.09%	<-IRR #YR->	25	Price & Dividend	2230.12%
Price & Dividend 30																		15.07%	<-IRR #YR->	29	Price & Dividend
Price 10								-$139.94	$0.00	$0.00	$0.00	$0.00	$135.75								Price 10
Price  5			-$77.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$135.75								Price  5
Price & Dividend 10								-$139.94	$2.46	$2.93	$3.16	$3.38	$139.30								Price & Dividend 10
Price & Dividend 5			-$77.35	$1.50	$1.65	$1.82	$2.15	$2.30	$2.46	$2.93	$3.16	$3.38	$139.30								Price & Dividend 5
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$135.75								Price 15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$135.75								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$135.75								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$135.75								Price  30
Price & Dividend 15	$0.86	$1.00	$1.25	$1.50	$1.65	$1.82	$2.15	$2.30	$2.46	$2.93	$3.16	$3.38	$139.30								Price & Dividend 15
Price & Dividend 20	$0.86	$1.00	$1.25	$1.50	$1.65	$1.82	$2.15	$2.30	$2.46	$2.93	$3.16	$3.38	$139.30								Price & Dividend 20
Price & Dividend 25	$0.86	$1.00	$1.25	$1.50	$1.65	$1.82	$2.15	$2.30	$2.46	$2.93	$3.16	$3.38	$139.30								Price & Dividend 25
Price & Dividend 30	$0.86	$1.00	$1.25	$1.50	$1.65	$1.82	$2.15	$2.30	$2.46	$2.93	$3.16	$3.38	$139.30								Price & Dividend 30
Price H/L Median	$53.40	$71.39	$79.45	$80.44	$98.67	$104.67	$113.07	$121.66	$146.65	$155.98	$156.20	$162.21	$140.28	$135.17				76.56%	<-Total Growth	10	Stock Price
Increase	28.16%	33.69%	11.29%	1.25%	22.66%	6.08%	8.03%	7.60%	20.54%	6.36%	0.14%	3.85%	-13.52%	-3.65%				5.85%	<-IRR #YR->	10	Stock Price	76.56%
P/E	17.28	18.54	18.10	17.22	13.63	17.83	19.39	24.33	21.28	20.97	18.31	23.14	18.53	17.08				2.89%	<-IRR #YR->	5	Stock Price	15.30%
Trailing P/E	17.45	23.10	20.64	18.32	21.13	14.46	19.26	20.87	29.33	22.64	20.99	19.02	20.01	17.86				8.18%	<-IRR #YR->	10	Price & Dividend	109.48%
P/E on Running 5 yr Aveage	20.45	23.88	23.24	21.10	21.23	20.11	20.19	21.26	23.78	25.13	23.18	23.26	18.73	17.57				5.28%	<-IRR #YR->	5	Price & Dividend	29.92%
P/E on Running 10 yr Aveage	24.75	29.32	29.05	26.76	28.05	26.79	26.33	26.62	29.39	28.74	26.16	25.80	21.24	19.51				14.67	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	2.33%	2.39%	% Tot Ret	28.49%	45.25%	T P/E	20.44	20.99	P/E:	18.96	20.97						Count	29	Years of data
			-$79.45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$140.28
								-$121.66	$0.00	$0.00	$0.00	$0.00	$140.28
			-$79.45	$1.50	$1.65	$1.82	$2.15	$2.30	$2.46	$2.93	$3.16	$3.38	$143.83
								-$121.66	$2.46	$2.93	$3.16	$3.38	$143.83
High Months	Dec	Nov	Feb	Dec	Jun	Oct	May	Oct	Oct	Dec	Apr	Mar	Jan	Jan
pre-split '06
pre-split '13
Price High	$61.48	$85.00	$88.10	$91.84	$107.63	$118.30	$127.38	$147.42	$167.50	$173.02	$168.27	$179.65	$153.38	$139.34				74.10%	<-Total Growth	10	Stock Price
Increase	34.06%	38.26%	3.65%	4.25%	17.19%	9.91%	7.68%	15.73%	13.62%	3.30%	-2.75%	6.76%	-14.62%	-9.15%				5.70%	<-IRR #YR->	10	Stock Price	74.10%
P/E	19.90	22.08	20.07	19.67	14.87	20.15	21.85	29.48	24.31	23.26	19.73	25.63	20.26	17.60				0.80%	<-IRR #YR->	5	Stock Price	4.04%
Trailing P/E	20.09	27.51	22.88	20.92	23.05	16.34	21.70	25.29	33.50	25.11	22.62	21.06	21.88	18.41				17.53	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	22.25	22.62	P/E:	21.06	23.26					22.08	P/E Ratio		Historical High
			-$88.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$153.38
								-$147.42	$0.00	$0.00	$0.00	$0.00	$153.38
Low Months	Jan	Jan	Sep	Jan	Feb	Mar	Jan	Mar	May	Jun	Oct	Dec	Dec	Jan
pre-split '06
pre-split '13
Price Low	$45.32	$57.78	$70.80	$69.04	$89.70	$91.03	$98.76	$95.90	$125.80	$138.94	$144.12	$144.76	$127.18	$130.99				79.63%	<-Total Growth	10	Stock Price
Increase	20.93%	27.49%	22.53%	-2.49%	29.92%	1.48%	8.49%	-2.90%	31.18%	10.45%	3.73%	0.44%	-12.14%	3.00%				6.03%	<-IRR #YR->	10	Stock Price	79.63%
P/E	14.67	15.01	16.13	14.78	12.39	15.51	16.94	19.18	18.26	18.67	16.90	20.65	16.80	16.55				5.81%	<-IRR #YR->	5	Stock Price	32.62%
Trailing P/E	14.81	18.70	18.39	15.73	19.21	12.57	16.82	16.45	25.16	20.17	19.37	16.97	18.14	17.30				12.39	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	17.56	19.37	P/E:	16.92	18.26					10.40	P/E Ratio		Historical Low
			-$70.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$127.18
								-$95.90	$0.00	$0.00	$0.00	$0.00	$127.18
Free Cash Flow Mkt Screener							$1,992	$3,302	$4,080	$3,917	$3,778	$3,150	$3,405	$4,077	$4,360				<-Total Growth	6	Free Cash Flow Mkt Scree
Change								65.76%	23.56%	-4.00%	-3.55%	-16.62%	8.10%	19.74%	6.94%			2.27%	<-Median->	6	Change
Free Cash Flow WSJ							$1,992	$3,302	$4,080	$3,917	$3,778	$3,150	$3,391						<-Total Growth	6	Free Cash Flow WSJ
Change								65.76%	23.56%	-4.00%	-3.55%	-16.62%	7.65%					2.05%	<-Median->	6	Change
Free Cash Flow MS	$2,000	$2,084	$2,434	$2,507	$2,843	$2,387	$2,058	$3,302	$4,080	$3,917	$3,830	$3,150	$3,883	$4,077	$4,360			59.53%	<-Total Growth	10	Free Cash Flow
Change	100.00%	4.20%	16.79%	3.00%	13.40%	-16.04%	-13.78%	60.45%	23.56%	-4.00%	-2.22%	-17.75%	23.27%	5.00%	6.94%			3.29%	<-IRR #YR->	5	Free Cash Flow MS	17.60%
FCF/CF from Op Ratio	0.56	0.43	0.47	0.48	0.52	0.40	0.35	0.54	0.59	0.59	0.55	0.47	0.55	0.58	0.54			4.78%	<-IRR #YR->	10	Free Cash Flow MS	59.53%
Dividends paid	$724	$818	$996	$1,159	$1,239	$1,333	$1,544	$1,634	$1,740	$2,004	$2,071	$2,138	$2,208	$2,245	$2,245			121.69%	<-Total Growth	10	Dividends paid
Percentage paid		39.25%	40.92%	46.23%	43.58%	55.84%	75.02%	49.49%	42.65%	51.16%	54.07%	67.87%	56.86%	55.06%	51.48%			52.62%	<-Median->	10	Percentage paid
5 Year Coverage						45.25%	51.28%	52.75%	51.06%	52.43%	52.32%	52.45%	53.88%	56.56%	56.51%						5 Year Coverage
Dividend Coverage Ratio	2.76	2.55	2.44	2.16	2.29	1.79	1.33	2.02	2.34	1.95	1.85	1.47	1.76	1.82	1.94			1.90	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage		1.85	2.26	2.31	2.40	2.21	1.95	1.90	1.96	1.91	1.91	1.91	1.86	1.77	1.77						5 Year of Coverage
								-$3,302	$0	$0	$0	$0	$3,883
			-$2,434	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,883
Free Cash Flow Company	$1,623	$2,220	$2,373	$2,520	$2,778	$2,514	$1,992	$3,227	$3,296	$4,259	$3,887	$3,092	$3,336	$4,077	$4,360			40.58%	<-Total Growth	10	Free Cash Flow	Mkt Scn
Change	61.33%	36.78%	6.89%	6.19%	10.24%	-9.50%	-20.76%	62.00%	2.14%	29.22%	-8.73%	-20.45%	7.89%	22.21%	6.94%			0.67%	<-IRR #YR->	5	Free Cash Flow MS	3.38%
FCF/CF from Op Ratio	0.48	0.57	0.55	0.54	0.55	0.46	0.35	0.56	0.55	0.68	0.61	0.48	0.50	0.61	0.63			3.46%	<-IRR #YR->	10	Free Cash Flow MS	40.58%
Dividends paid	$724	$818	$996	$1,159	$1,239	$1,333	$1,544	$1,634	$1,740	$2,004	$2,071	$2,138	$2,208	$2,245	$2,245			121.69%	<-Total Growth	10	Dividends paid
Percentage paid	44.61%	36.85%	41.97%	45.99%	44.60%	53.02%	77.51%	50.64%	52.79%	47.05%	53.28%	69.15%	66.19%	55.06%	51.48%			$0.53	<-Median->	10	Percentage paid
5 Year Coverage	51.43%	45.93%	44.96%	44.64%	42.87%	44.70%	51.50%	53.02%	54.25%	54.00%	53.98%	53.98%	56.86%	57.19%	58.16%						5 Year Coverage
Dividend Coverage Ratio	2.24	2.71	2.38	2.17	2.24	1.89	1.29	1.97	1.89	2.13	1.88	1.45	1.51	1.82	1.94			1.89	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage	1.94	2.18	2.22	2.24	2.33	2.24	1.94	1.89	1.84	1.85	1.85	1.85	1.76	1.75	1.72						5 Year of Coverage
								-$3,227	$0	$0	$0	$0	$3,336
			-$2,373	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,336
Market Cap	$50,301	$64,768	$60,890	$68,854	$76,970	$73,335	$83,674	$99,399	$94,916	$107,924	$107,042	$91,655	$83,255	$85,948	$85,948	$0		36.73%	<-Total Growth	10	Market Cap
pre-split '04
pre-split '06
pre-split '13
Diluted # of Share in Million	846.1	823.5	805.1	779.2	757.3	737.7	722.6	713.0	710.3	688.3	659.1	634.5	623.7	623.7	623.7	623.7		-22.53%	<-Total Growth	10	Diluted
Change	-3.35%	-2.67%	-2.23%	-3.22%	-2.81%	-2.59%	-2.05%	-1.33%	-0.38%	-3.10%	-4.24%	-3.73%	-1.70%	0.00%	0.00%	0.00%		-2.52%	<-IRR #YR->	10	Diluted
Difference Diluted/Basic	-0.4%	-0.4%	-0.5%	-0.4%	-0.6%	-0.4%	-0.3%	-0.2%	-0.3%	-0.3%	-0.2%	-0.2%	-0.1%	-0.1%	-100.0%	-100.0%		-2.64%	<-IRR #YR->	5	Diluted
Change in Diluted Shares per Year
			-805.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	623.7
								-713.0	0.0	0.0	0.0	0.0	623.7
Average # of Sh in Million	843.10	819.9	800.7	776.0	752.6	734.5	720.1	711.3	708.5	686.4	657.7	633.5	623.1	623.1				-22.18%	<-Total Growth	10	Average
Change	-3.23%	-2.75%	-2.34%	-3.08%	-3.02%	-2.40%	-1.96%	-1.22%	-0.39%	-3.12%	-4.18%	-3.68%	-1.64%	0.00%				-2.71%	<-Median->	10	Change
Difference Basic/Outstanding	-1.5%	-1.3%	-1.7%	-1.8%	-1.3%	-1.3%	-1.1%	-0.1%	-1.1%	-2.2%	-2.3%	-0.9%	-1.6%	-1.6%				-1.29%	<-Median->	10	Difference Basic/Outstanding
pre-split '94
pre-split '99
pre-split '04
pre-split '06
pre-split '13
# of Share in Millions	830.6	809.4	787.2	762.0	742.6	725.3	712.3	710.3	700.9	671.0	642.7	627.9	613.3	613.3	613.3			-2.47%	<-IRR #YR->	10	Shares	-22.09%
Change	-3.06%	-2.55%	-2.74%	-3.20%	-2.55%	-2.33%	-1.79%	-0.28%	-1.32%	-4.27%	-4.22%	-2.30%	-2.33%	0.00%	0.00%			-2.89%	<-IRR #YR->	5	Shares	-13.66%
Cash Flow from Operations $M	$3,548	$4,831	$5,140	$5,202	$5,516	$5,918	$5,923	$6,165	$6,971	$6,667	$6,965	$6,699	$7,049	$7,065	$8,108			37.14%	<-Total Growth	10	Cash Flow
Increase	15.95%	36.16%	6.40%	1.21%	6.04%	7.29%	0.08%	4.09%	13.07%	-4.36%	4.47%	-3.82%	5.22%	0.23%	14.76%			SO	Buy Backs
5 year Running Average	$2,972	$3,483	$3,911	$4,356	$4,847	$5,321	$5,540	$5,745	$6,099	$6,329	$6,538	$6,693	$6,870	$6,889	$7,177			75.66%	<-Total Growth	10	CF 5 Yr Running
CFPS	$4.27	$5.97	$6.53	$6.83	$7.43	$8.16	$8.32	$8.68	$9.95	$9.94	$10.84	$10.67	$11.49	$11.52	$13.22			76.03%	<-Total Growth	10	Cash Flow per Share
Increase	19.61%	39.73%	9.40%	4.55%	8.81%	9.85%	1.91%	4.38%	14.59%	-0.10%	9.07%	-1.55%	7.73%	0.23%	14.76%			3.21%	<-IRR #YR->	10	Cash Flow	37.14%
5 year Running Average	$3.38	$4.09	$4.74	$5.43	$6.20	$6.98	$7.45	$7.88	$8.51	$9.01	$9.54	$10.01	$10.58	$10.89	$11.55			2.72%	<-IRR #YR->	5	Cash Flow	14.34%
P/CF on Med Price	12.50	11.96	12.17	11.78	13.28	12.83	13.60	14.02	14.74	15.70	14.41	15.20	12.21	11.73	0.00			5.82%	<-IRR #YR->	10	Cash Flow per Share	76.03%
P/CF on Closing Price	14.18	13.41	11.85	13.24	13.95	12.39	14.13	16.12	13.62	16.19	15.37	13.68	11.81	12.16	10.60			5.78%	<-IRR #YR->	5	Cash Flow per Share	32.42%
															-11.90%	Diff M/C		8.35%	<-IRR #YR->	10	CFPS 5 yr Running	123.06%
Excl.Working Capital CF	$306	$172	$156	$291	$54	-$72	$136	-$275	-$315	$197	-$358	-$341	-$467	$0	$0			6.06%	<-IRR #YR->	5	CFPS 5 yr Running	34.19%
CF fr Op $M WC	$3,854	$5,003	$5,296	$5,493	$5,570	$5,846	$6,059	$5,890	$6,656	$6,864	$6,607	$6,358	$6,582	$7,065	$8,108			24.28%	<-Total Growth	10	Cash Flow less WC
Increase	2.12%	29.81%	5.86%	3.72%	1.40%	4.96%	3.64%	-2.79%	13.01%	3.13%	-3.74%	-3.77%	3.52%	7.34%	14.76%			2.20%	<-IRR #YR->	10	Cash Flow less WC	24.28%
5 year Running Average	$3,378	$3,872	$4,290	$4,684	$5,043	$5,442	$5,653	$5,772	$6,004	$6,263	$6,415	$6,475	$6,613	$6,695	$6,944			2.25%	<-IRR #YR->	5	Cash Flow less WC	11.75%
CFPS Excl. WC	$4.64	$6.18	$6.73	$7.21	$7.50	$8.06	$8.51	$8.29	$9.50	$10.23	$10.28	$10.13	$10.73	$11.52	$13.22			4.42%	<-IRR #YR->	10	CF less WC 5 Yr Run	54.15%
Increase	5.34%	33.21%	8.84%	7.15%	4.05%	7.46%	5.54%	-2.52%	14.52%	7.72%	0.49%	-1.50%	5.99%	7.34%	14.76%			2.76%	<-IRR #YR->	5	CF less WC 5 Yr Run	14.59%
5 year Running Average	$3.84	$4.54	$5.19	$5.83	$6.45	$7.14	$7.60	$7.91	$8.37	$8.92	$9.36	$9.68	$10.17	$10.58	$11.18			4.78%	<-IRR #YR->	10	CFPS - Less WC	59.52%
P/CF on Med Price	11.51	11.55	11.81	11.16	13.15	12.99	13.29	14.67	15.44	15.25	15.19	16.02	13.07	11.73	0.00			5.29%	<-IRR #YR->	5	CFPS - Less WC	29.42%
P/CF on Closing Price	13.05	12.95	11.50	12.53	13.82	12.54	13.81	16.88	14.26	15.72	16.20	14.42	12.65	12.16	10.60			6.97%	<-IRR #YR->	10	CFPS 5 yr Running	96.09%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	13.81	5 yr	14.74	P/CF Med	10 yr	13.98	5 yr	15.25		-13.00%	Diff M/C		5.15%	<-IRR #YR->	5	CFPS 5 yr Running	28.55%
			-787.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	613.3								Shares
								-710.3	0.0	0.0	0.0	0.0	613.3								Shares
			-$5,140	$0	$0	$0	$0	$0	$0	$0	$0	$0	$7,049								Cash Flow
								-$6,165	$0	$0	$0	$0	$7,049								Cash Flow
			-$6.53	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.49								Cash Flow per Share
								-$8.68	$0.00	$0.00	$0.00	$0.00	$11.49								Cash Flow per Share
			-$4.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.58								CFPS 5 yr Running
								-$7.88	$0.00	$0.00	$0.00	$0.00	$10.58								CFPS 5 yr Running
			-$5,296	$0	$0	$0	$0	$0	$0	$0	$0	$0	$6,582								Cash Flow less WC
								-$5,890	$0	$0	$0	$0	$6,582								Cash Flow less WC
			-$4,290	$0	$0	$0	$0	$0	$0	$0	$0	$0	$6,613								CF less WC 5 Yr Run
								-$5,772	$0	$0	$0	$0	$6,613								CF less WC 5 Yr Run
			-$6.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.73								CFPS - Less WC
								-$8.29	$0.00	$0.00	$0.00	$0.00	$10.73								CFPS - Less WC
			-$5.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.17								5 yr Running Average
								-$7.91	$0.00	$0.00	$0.00	$0.00	$10.17								5 yr Running Average
Chge in Operating Assets & Liab.
Accounts receivable	$32	-$59	$188	-$3	-$125	-$91	-$7	$158	-$22	-$290	$71	$205	$92
Material and supplies	-$38	-$51	$4	-$2	-$70	-$120	-$60	$20	-$7	-$82	-$18	-$6	-$24
Accounts payable and other	-$245		-$282	-$51	$418	$379	-$498	-$49	$141	-$9	-$191	-$107	$220
Other current assets	$13	$5	$46	$21	-$80	$14	$5	$0	$35	-$30	$85		-$123
Pensions and other, net	-$68	-$67	-$112	-$256	-$197	-$110	$424	$146	$168
Othere Operating Activities, Net										$214	$411	$249	$302
Sum	-$306	-$172	-$156	-$291	-$54	$72	-$136	$275	$315	-$197	$358	$341	$467
Google --> TD	-$306	-$172	-$156	-$291	-$54	$72	-$136	$275	$315	-$197	$358	$341	$467
Difference	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
TD		-$172	-$156	-$291	-$54
Difference		$0	$0	$0	$0
OPM	33.55%	39.81%	40.76%	43.22%	42.30%	41.32%	39.71%	44.61%	48.15%	38.97%	41.39%	39.30%	40.74%	40.00%				-0.05%	<-Total Growth	10	OPM
Increase	8.77%	18.67%	2.37%	6.03%	-2.13%	-2.30%	-3.91%	12.36%	7.93%	-19.06%	6.20%	-5.05%	3.66%	-1.80%					Should increase		or be stable.
Diff from Ave	-18.9%	-3.7%	-1.4%	4.5%	2.3%	-0.1%	-4.0%	7.9%	16.4%	-5.8%	0.1%	-5.0%	-1.5%	-3.3%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	41.36%	5 Yrs	40.74%					should be	zero, it is a		check on calculations
														$8,457	<-12 mths	-0.80%
EBITDA mkt Scr								$6,852	$7,220	$8,591	$8,414	$8,217	$8,525	$8,804	$9,357				<-Total Growth	5	EBITDA mkt Scr
Adjusted EBITDA	$4,881	$5,702	$6,453	$6,561	$6,861	$7,040	$7,326	$6,995	$7,351	$8,733	$8,563	$8,370	$8,734	$8,804	$9,357			35.35%	<-Total Growth	10	Adjusted EBITDA
Change	5.24%	16.82%	13.17%	1.67%	4.57%	2.61%	4.06%	-4.52%	5.09%	18.80%	-1.95%	-2.25%	4.35%	0.80%	6.28%			3.34%	<-Median->	10	Change
Margin	46.16%	46.99%	51.17%	54.51%	52.61%	49.16%	49.11%	50.62%	50.78%	51.05%	50.89%	49.10%	50.47%	49.85%	50.39%			50.70%	<-Median->	10	Margin
														$6,578	<-12 mths	-0.87%
EBIT								$5,263	$5,622	$6,862	$6,597	$6,325	$6,636	$6,830	$7,326				<-Total Growth	5	EBIT
Change									6.82%	22.06%	-3.86%	-4.12%	4.92%	2.92%	7.26%			4.92%	<-Median->	5	Change
Margin								38.09%	38.83%	40.11%	39.20%	37.11%	38.35%	38.67%	39.45%			38.59%	<-Median->	6	Margin
Long Term Debt	$6,819	$7,865	$8,985	$9,448	$8,748	$11,385	$11,866	$11,996	$11,977	$14,372	$16,133	$19,728	$20,300	$20,300				125.93%	<-Total Growth	10	Debt	Type
Change	5.87%	15.34%	14.24%	5.15%	-7.41%	30.14%	4.22%	1.10%	-0.16%	20.00%	12.25%	22.28%	2.90%	0.00%				0.05	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.14	0.12	0.15	0.14	0.11	0.16	0.14	0.12	0.13	0.13	0.15	0.22	0.24	0.24				0.14	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	12.07	14.44	12.14	12.32	9.45	11.78	10.21	13.68	15.56	13.19	10.46	14.35	15.84	15.84				12.75	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Current Liabilities/Asset Ratio	0.08	0.07	0.08	0.08	0.11	0.08	0.10	0.07	0.06	0.08	0.10	0.07	0.06	0.06				0.08	<-Median->	10	Current Liab/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)	1.92	1.63	1.75	1.82	1.59	1.92	2.00	1.95	1.72	2.16	2.32	2.94	2.88	2.87				1.97	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
																						Leverage
Intangibles	$59	$62	$71	$67	$62	$73	$152	$145	$139	$335	$644	$703	$453					538.03%	<-Total Growth	10	Intangibles	D/E Ratio
Goodwill	$0	$0	$0	$0	$0	$0	$77	$70	$70	$70	$70	$70	$70					#DIV/0!	<-Total Growth	10	Goodwill
Total	$59	$62	$71	$67	$62	$73	$229	$215	$209	$405	$714	$773	$523					636.62%	<-Total Growth	10	Total
Change	3.51%	5.08%	14.52%	-5.63%	-7.46%	$0	213.70%	-6.11%	-2.79%	93.78%	76.30%	8.26%	-32.34%								Change
Intangible/Market Cap Ratio	0.00	0.00	0.00	0.00	0.00	$73	0.00	0.00	0.00	0.00	0.01	0.01	0.01					0.00	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$1,977	$2,066	$2,153	$2,107	$2,190	$2,728	$2,830	$3,102	$3,426	$3,217	$3,089	$2,619	$2,471	$2,471				Net ratio of 1.5 and up			Assets
Current Liabilities	$2,498	$2,201	$2,998	$3,008	$3,983	$3,500	$4,287	$3,274	$3,120	$3,842	$5,035	$3,976	$3,696	$3,696				0.68	<-Median->	10	Ratio
Liquidity	0.79	0.94	0.72	0.70	0.55	0.78	0.66	0.95	1.10	0.84	0.61	0.66	0.67	0.67				0.67	<-Median->	5	Ratio
Liq. with CF aft div	1.93	2.77	2.10	2.05	1.63	2.09	1.68	2.33	2.78	2.06	1.59	1.81	1.99	1.99				1.99	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.11	1.39	1.08	1.09	0.96	1.06	0.85	1.23	1.45	1.25	0.94	0.95	0.99	0.99				0.99	<-Median->	5	Ratio
CF to Cur. Debt	1.42	2.19	1.71	1.73	1.38	1.69	1.38	1.88	2.23	1.74	1.38	1.68	1.91	1.91				1.74	<-Median->	5	Ratio
Curr Long Term Debt	$1,021	$544	$1,442	$1,489	$1,489	$1,489	$1,930	$910	$508	$1,057	$2,340	$1,166	$906	$906
Liquidity Less CLTD	1.34	1.25	1.38	1.39	0.88	1.36	1.20	1.31	1.31	1.16	1.15	0.93	0.89	0.89				1.15	<-Median->	5	Ratio
Liq. with CF aft div	3.26	3.67	4.05	4.06	2.60	3.64	3.06	3.23	3.32	2.84	2.98	2.56	2.63	2.61
Assets	$30,163	$31,792	$36,402	$37,057	$37,629	$41,214	$43,784	$44,804	$48,538	$50,662	$52,666	$57,067	$58,555	$58,555				Debt Ratio of 1.5 and up, best
Liabilities	$17,210	$18,322	$21,452	$22,216	$20,973	$23,573	$25,743	$25,153	$25,794	$29,278	$32,549	$36,016	$36,987	$36,987				1.72	<-Median->	10	Ratio
Debt Ratio	1.75	1.74	1.70	1.67	1.79	1.75	1.70	1.78	1.88	1.73	1.62	1.58	1.58	1.58				1.62	<-Median->	5	Ratio
Estimates BVPS														$34.85	$36.34				Estimates		Estimates BVPS
Estimate Book Value														$21,373.5	$22,287.3				Estimates		Estimate Book Value
P/B Ratio (Close)														4.02	3.86				Estimates		P/B Ratio (Close)
Difference from 10 year median															-9.26%	Diff M/C			Estimates		Difference from 10 yr med.
Book Value	$12,953	$13,470	$14,950	$14,841	$16,656	$17,641	$18,041	$19,651	$22,744	$21,384	$20,117	$21,051	$21,568	$21,568	$21,568	$21,568		44.27%	<-Total Growth	10	Book Value
Book Value per Share	$15.59	$16.64	$18.99	$19.48	$22.43	$24.32	$25.33	$27.67	$32.45	$31.87	$31.30	$33.53	$35.17	$35.17	$35.17	#DIV/0!		85.17%	<-Total Growth	10	Book Value per Share
Change	21.27%	6.72%	14.12%	2.55%	15.16%	8.44%	4.13%	9.23%	17.29%	-1.79%	-1.78%	7.11%	4.89%	0.00%	0.00%	#DIV/0!		52.48%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	3.42	4.29	4.18	4.13	4.40	4.30	4.46	4.40	4.52	4.89	4.99	4.84	3.99	3.84	0.00	#DIV/0!		2.61	P/B Ratio		Historical Median
P/B Ratio (Close)	3.88	4.81	4.07	4.64	4.62	4.16	4.64	5.06	4.17	5.05	5.32	4.35	3.86	3.98	3.98	#DIV/0!		6.36%	<-IRR #YR->	10	Book Value per Share	85.17%
Change	10.57%	23.82%	-15.29%	13.91%	-0.39%	-10.04%	11.57%	9.06%	-17.50%	20.94%	5.43%	-18.17%	-11.34%	3.23%	0.00%	#DIV/0!		4.92%	<-IRR #YR->	5	Book Value per Share	27.11%
Leverage (A/BK) Ratio	2.33	2.36	2.43	2.50	2.26	2.34	2.43	2.28	2.13	2.37	2.62	2.71	2.71	2.71				2.40	<-Median->	10	A/BV
Debt/Equity Ratio	1.33	1.36	1.43	1.50	1.26	1.34	1.43	1.28	1.13	1.37	1.62	1.71	1.71	1.71				1.40	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	4.43	5 yr Med	4.84		-10.08%	Diff M/C
			-$18.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.17
								-$27.67	$0.00	$0.00	$0.00	$0.00	$35.17
Comprehensive Income	$4,019	$2,590	$4,198	$3,049	$5,058	$4,263	$3,582	$3,573	$6,369	$5,390	$5,315	$5,707	$4,673					11.31%	<-Total Growth	10	Comprehensive Income
Increase	77.67%	-35.56%	62.08%	-27.37%	65.89%	-15.72%	-15.97%	-0.25%	78.25%	-15.37%	-1.39%	7.38%	-18.12%					-1.39%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$2,002	$2,308	$2,879	$3,224	$3,783	$3,832	$4,030	$3,905	$4,569	$4,635	$4,846	$5,271	$5,491					1.08%	<-IRR #YR->	10	Comprehensive Income	11.31%
ROE	31.03%	19.23%	28.08%	20.54%	30.37%	24.17%	19.85%	18.18%	28.00%	25.21%	26.42%	27.11%	21.67%					5.51%	<-IRR #YR->	5	Comprehensive Income	30.79%
5Yr Median	12.43%	19.23%	20.53%	20.54%	28.08%	24.17%	24.17%	20.54%	24.17%	24.17%	25.21%	26.42%	26.42%					6.67%	<-IRR #YR->	10	5 Yr Running Average	90.71%
% Difference from NI	53.9%	-18.2%	18.7%	-16.2%	-7.8%	-1.5%	-15.0%	0.3%	30.2%	5.3%	-5.5%	28.3%	-1.0%					7.05%	<-IRR #YR->	5	5 Yr Running Average	40.61%
Median Values										Diff	5, 10 yr	-1.2%	5.3%					26.4%	<-Median->	5	Return on Equity
			-$4,198	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,673
								-$3,573	$0	$0	$0	$0	$4,673
			-$2,879	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,491
								-$3,905	$0	$0	$0	$0	$5,491
Current Liability Coverage Ratio	1.54	2.27	1.77	1.83	1.40	1.67	1.41	1.80	2.13	1.79	1.31	1.60	1.78	1.91							CFO / Current Liabilities
5 year Median	1.71	1.71	1.77	1.77	1.77	1.77	1.67	1.67	1.67	1.79	1.79	1.79	1.78	1.78				172.6%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	12.78%	15.74%	14.55%	14.82%	14.80%	14.18%	13.84%	13.15%	13.71%	13.55%	12.55%	11.14%	11.24%	12.07%							CFO / Total Assets
5 year Median	12.78%	13.54%	14.16%	14.55%	14.80%	14.80%	14.55%	14.18%	13.84%	13.71%	13.55%	13.15%	12.55%	12.07%				13.6%	<-Median->	10	Return on Assets
Return on Assets ROA	8.66%	9.96%	9.72%	9.82%	14.57%	10.50%	9.63%	7.95%	10.08%	10.10%	10.68%	7.79%	8.06%	8.15%				Net	Income/Assets		Return on Assets
5Yr Median	8.66%	9.44%	9.72%	9.82%	9.82%	9.96%	9.82%	9.82%	10.08%	10.08%	10.08%	10.08%	10.08%	8.15%				10.0%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	20.17%	23.51%	23.67%	24.53%	32.93%	24.53%	23.37%	18.13%	21.51%	23.93%	27.96%	21.13%	21.88%	22.12%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	20.17%	23.01%	23.51%	23.67%	23.67%	24.53%	24.53%	24.53%	23.37%	23.37%	23.37%	21.51%	21.88%	22.12%				23.7%	<-Median->	10	Return on Equity
														$4,641	<-12 mths	-1.67%
Net Income	$2,612	$3,167	$3,538	$3,640	$5,484	$4,328	$4,216	$3,562	$4,892	$5,118	$5,625	$4,448	$4,720	$4,770	$5,133			33.41%	<-Total Growth	10	Net Income	+ Alpha Sp
Increase	-2.54%	21.25%	11.71%	2.88%	50.66%	-21.08%	-2.59%	-15.51%	37.34%	4.62%	9.91%	-20.92%	6.12%	1.06%	7.61%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$2,341	$2,604	$2,891	$3,127	$3,688	$4,031	$4,241	$4,246	$4,496	$4,423	$4,683	$4,729	$4,961	$4,936	$4,939			2.92%	<-IRR #YR->	10	Net Income	33.41%
Operating Cash Flow	$3,548	$4,831	$5,140	$5,202	$5,516	$5,918	$5,923	$6,165	$6,971	$6,667	$6,965	$6,699	$7,049					5.79%	<-IRR #YR->	5	Net Income	32.51%
Investment Cash Flow	-$1,852	-$2,176	-$2,827	-$2,655	-$2,738	-$3,404	-$4,190	-$2,946	-$2,873	-$2,510	-$3,468	-$3,607	-$3,713					5.55%	<-IRR #YR->	10	5 Yr Running Ave.	71.60%
Total Accruals	$916	$512	$1,225	$1,093	$2,706	$1,814	$2,483	$343	$794	$961	$2,128	$1,356	$1,384					3.16%	<-IRR #YR->	5	5 Yr Running Ave.	16.83%
Total Assets	$30,163	$31,792	$36,402	$37,057	$37,629	$41,214	$43,784	$44,804	$48,538	$50,662	$52,666	$57,067	$58,555						Balance Sheet		Assets
Accruals Ratio	3.04%	1.61%	3.37%	2.95%	7.19%	4.40%	5.67%	0.77%	1.64%	1.90%	4.04%	2.38%	2.36%					2.36%	<-Median->	5	Ratio
EPS/CF Ratio	0.67	0.62	0.65	0.65	0.97	0.73	0.69	0.60	0.73	0.73	0.83	0.69	0.71					0.72	<-Median->	10	EPS/CF Ratio
			-$3,538	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,720
								-$3,562	$0	$0	$0	$0	$4,720
			-$2,891	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,961
								-$4,246	$0	$0	$0	$0	$4,961
Change in Close	34.09%	32.13%	-3.34%	16.82%	14.71%	-2.45%	16.18%	19.13%	-3.23%	18.77%	3.55%	-12.36%	-7.00%	3.23%	0.00%	0.00%			Count	30	Years of data
up/down						down		down											Count	6	20.00%
Meet Prediction?						Yes												% right	Count	2	33.33%
Financial Cash Flow	-$1,656	-$2,370	-$2,223	-$2,539	-$2,895	-$2,308	$1,903	-$2,707	-$3,857	-$4,667	-$3,406	-$3,620	-$3,371						C F Statement		Financial Cash Flow
Total Accruals	$2,572	$2,882	$3,448	$3,632	$5,601	$4,122	$580	$3,050	$4,651	$5,628	$5,534	$4,976	$4,755								Accruals
Accruals Ratio	8.53%	9.07%	9.47%	9.80%	14.88%	10.00%	1.32%	6.81%	9.58%	11.11%	10.51%	8.72%	8.12%					9.58%	<-Median->	5	Ratio
Cash	$214	$515	$676	$672	$553	$759	$588	$1,100	$1,341	$834	$924	$401	$363	$363							Cash
Cash per Share	$0.26	$0.64	$0.86	$0.88	$0.74	$1.05	$0.83	$1.55	$1.91	$1.24	$1.44	$0.64	$0.59	$0.59				$1.24	<-Median->	5	Cash per Share
Percentage of Stock Price	0.43%	0.80%	1.11%	0.98%	0.72%	1.03%	0.70%	1.11%	1.41%	0.77%	0.86%	0.44%	0.44%	0.42%				0.77%	<-Median->	5	% of Stock Price
Notes:
February 1, 2026.  Last estimates were for 17979M, 18907M, $20110M Revenue, $8.03, $8.99, $10.23 AEPS, $7.99, $8.82, $9.87 EPS, $3.59, $3.66, $3.66 Dividends,
$3733M, $4056M, $4458M FCF, $11.43, $12.86 2025/5 CFPS, $9031M, $9702M, $10383M EBITDA, $32.75, $33.44, $37.56 BVPS, $4926M, $5331M, $5794M Net Income.
January 31, 2024.  Last estimates were for 2024, 2025, 2026 of $17733M, $18734M, $19190M Revenue, $8.02, $9.03, $9.92 AEPS, $8.00, $8.99 2024/5 EPS,
$3.42, $3.55 2024/5 Dividends, $3812M, $4120M 2024/5 FCF, $11.80, $13.20 2024/5 CFPS,. $29.30, $29.90 2024/5 BVPS, $5049M, $5489M 2024/5 Net Income.
January 27, 2024.  Last estimates were for 2023, 2024 and 2025 $175750M, $18368M, $19190M for Revenue, $7.81, $8.57 and $8.98 for AEPS, $7.86, $8.66 and $9.35 for EPS,
$3.14, $3.32 and $3.65 for Dividends, $4402M, $4737M and $5023M for FCF, $11.20, $12.30 and $13.20 for CFPS, $5187M, $5559M and $5881M for Net Income.
January 28, 2022.  Last estimates were for 2022, 2023 and 2024 of $15578M, $16644M and $17511M for Revenue, $7.11, $7.98 and $8.48 for EPS, $2.77, $2.92 amd $3.30 for Dividends,
$4052M, $4457M and $4678M for FCF, $10.10, $11.50 and $12.30 for CFPS, $30.10, $30.60 and $34.90 for BVPS, and $4884M, $5298M and $5583M for Net Income.
January 25, 2022.  Last estimates were for 2021, 2022 and 2023 of 14,711M, $15775M and $16735M for Revenue, $5.92, $6.66 and $7.43 for EPS, $2.44, $2.50 and $2.70 for Dividends,
$3206M, $3756M and $4036M for FCF, $8.83, $9.68 and $10.80 for CFPS and $4177M, $4603M and $5028M for Net Income.
Januayr 30, 2021.  Last estimates were for 2020, 2021 and 2022 of $15589M, $16548M and $17403M for Revenue, $6.21, $6.87 and $7.56 for EPS,
$8.96, $10.00 and $10.40 for CPFS and $4397M, $4765M and $5100M for Net Income.
January 1, 2020.  Last estimates were for 2019. 2020 and 2021 of $15571M, $16455M and $17197M for Revenue, $6.26, $6.86 and $7.42 for EPS,
$8.94, $9.69 and $10.40 for CFPS, $4499M, $4825M and $5093M for Net Income.
February 3, 2018.  Last estimates were for 2017, 2018 and 2019 of $12999M, $13370M and $13992M for Revenue, $4.93, $5.34 and $5.84 for EPS,
$7.62, $7.59 and $8.10 for CFPS and $3752M, $3955M and $4171M for Net Income.
February 5, 2017.  Last estimates were for 2016, 2017 and 2018 of $12218M, $12911M and $13213M for Revenue, $4.51, $4.94 and $5.34 for EPS,
$6.98, $7.40 and $7.52 for CFPS and $3506M, $3705M and $3894M for Net Income.
December 10, 2016.  Last estimes were for 2016, 2017 and 2018 of $13069M, 13632M and 14465M for Revenue, $4.61, $5.00 and $5.60 for EPS,
$6.75, $6.89 and $7.80 for CFPS and $36312M, $3864M and $4109M for Net Income.
February 6, 2016.  Last estimates were for 2015, 2016 and 2017 of $12893M, $13805M and $14723M for Revenue, $4.23, $4.76, and $5.20 for EPS,
$5.87, $6.35 and $7.14 for CFPS, $3371M, $3731M and $4002M for Net Income.
February 7, 2015.  Last estimates were for 2014, 2015 and 2016 of $11504M, $12244M and $13015M for Revenue, $3.51 and $3.93 and $4.30 for EPS, $4.79 and $5.35 for 2014 and 2015 for CFPS.
February 8, 2014/  Last estimates were for 2013 and 2014 of $10,612M and $11,322M for Revenue and $6.16 and $6.88 for EPS and f$7.68 for CFPS for 2013.
February 3, 2013.  Last Estimates were for 2012 and 2013 of $9686M and $10339M for Revenues, R5.31 and $5.94 for EPS and $7.75 and f$7.68 for CFPS.
Feb 11, 2012.  Last I looked I got estimates for 2011 and 2012 of $4.70 and $5.34 for EPS and $6.85 and 7.65 for CF.
Feb 21, 2011.  Using Unaudited statements for 2010 update. When I last looked I got estimates for 2010 and 2011 of $3.70 and $4.32 for earnings and $5.79 and $6.50 for CF.
There seems to be financial facilities in place to take care of portion of long term debt for 2010.
Feb 27, 2010.  In May 2009, I got figures for 2009 and 2010 of $3.73 and $4.30 for earnings and $5.75 and $6.32 for cash flow. Earnings at $3.92 higher, CF at $4.84 lower.
May 7, 2009. Earnings for 2009 and 2010 have been revised down from $4 and $4.50 to $3.73 and $4.30
April 2009 AP 2008. Revenue growth is getting better.  Most indicators are neutral or good except for the Liquidity Ratio which is low at .93.
AP 2007. Only 2% of what I hold.  TD rates as a buy and expects it to go to $55. Has not had a bad year, however, increase in revenue is much lower than profit. WATCH REVENUE, NEEDS TO BE HIGHER
AR 2006. Revenue is increase at less than 1/2 rate of EPS for last 5 yrs. Div increase nicely. TD rates as a hold, but expects a decent return for the year.
2005.  This stock is still doing well and is doing what I expected. Dividend yield is low, but they increase nicely.
2004. Dividends have only increased Total Growth about 1.5% a year. Not significate. However, they do increase nicely. Probably more important.
2004.They do seem to know how to make money for shareholders.
Stopped being Crown Corp in July 13, 1995
Sector:
Services, Industrial
What should this stock accomplish?
You should buy this stock for diversification purposes.  You would expect this stock to be more volatile than a utility, but provide long term gains and increasing dividends.
Would I buy this company and Why.
I own this stock.  Yes, I would buy it again.
Why am I following this stock.
I am following this stock because I own it.
Why I bought this stock.
In 2005 I was look for good companies to buy at a reasonable price. This stock met by criteria. This is a dividend growth company with a good record of dividend increases.
I brought some more in 2009.
In my RRSP account, I bought this stock in 2011 and sold in 2013.  Reason for sale was to raise money in my RRSP account for future withdrawals.  I was looking for something to sell with a low dividend yield.
Dividends
Dividends are paid quarterly, in cylce 3, which is in March, June, September and December.  The dividends are paid at the end of the month. Dividends are shareholders of a month are paid in that month.
For example, the March 2014 dividend declared on January 30, 2014 is payable on March 31, 2014 to shareholders of record of March 10, 2014.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
Creading value for customers and delivering operational and service excellence
People are the foundation on which all the other principles are built. It's about making sure people know what is expected of them and have the tools and training to do the job.
Playing our role as a backbone of the ecomony and delivering responsibly.
Creating value for Shareholders
How they make their money.
Canadian National's railway spans Canada from coast to coast and extends through Chicago to the Gulf of Mexico.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2018	Feb 05	2019	Feb 01	2020	Jan 30	2021	Jan 27	2022	Jan 28	2023	Jan 27	2024	Jan 31	2025			Feb 1	2026
Robinson, Tracy										0.003	0.00%	0.004	0.00%	0.008	0.00%			0.013	0.00%		Appointed Feb 2022	71.57%
CEO - Shares - Amount											$0.550		$0.549		$1.051				$1.861
Options - percentage										0.186	0.03%	0.531	0.08%	0.540	0.09%			0.726	0.12%			34.40%
Options - amount											$31.045		$77.466		$73.334				$101.749
Ruest, Jean-Jacques		0.124	0.02%	0.147	0.02%	0.167	0.02%	0.000	0.00%
CEO - Shares - Amount			$14.580		$20.613		$22.623		$0.000
Options - percentage		0.903	0.13%	1.134	0.16%	1.460	0.21%	0.000	0.00%
Options - amount			$106.068		$158.668		$197.761		$0.000
Houle, Ghislain	-0.01%	0.070	0.01%	0.079	0.01%	0.093	0.01%	0.188	0.03%	0.124	0.02%	0.138	0.02%	0.152	0.02%			0.157	0.03%			3.26%
CFO - Shares - Amount	-$6.695		$8.231		$11.004		$12.597		$30.291		$20.657		$20.139		$20.670				$22.034
Options - percentage	0.04%	0.282	0.04%	0.000	0.00%	0.469	0.07%	1.325	0.20%	0.469	0.07%	0.551	0.09%	0.522	0.09%			0.569	0.09%			8.98%
Options - amount	$28.753		$33.112		$0.000		$63.480		$213.170		$78.134		$80.379		$70.915				$79.782
MacDonald, Douglas Allen										0.015	0.00%	0.017	0.00%	0.020	0.00%						Last report Mar 2024
Officer - Shares - Amount											$2.434		$2.495		$2.694
Options - percentage										0.103	0.02%	0.102	0.02%	0.099	0.02%
Options - amount											$17.130		$14.828		$13.411
Chouc, Olivier Pierre-Alix										0.024	0.00%	0.026	0.00%	0.026	0.00%			0.031	0.01%			22.03%
Officer - Shares - Amount											$4.074		$3.748		$3.483				$4.387
Options - percentage										0.078	0.01%	0.100	0.02%	0.099	0.02%			0.100	0.02%			1.84%
Options - amount											$12.990		$14.614		$13.390				$14.078
Girard, Josee														0.000	0.00%			0.000	0.00%			#DIV/0!
Officer - Shares - Amount															$0.000				$0.037
Options - percentage														0.030	0.00%			0.054	0.01%			77.53%
Options - amount															$4.114				$7.539
Lalonde, Remi Guy												0.000	0.00%	0.000	0.00%			0.001	0.00%		Last report Mar 2025	220.65%
Officer - Shares - Amount													$0.027		$0.025				$0.083
Options - percentage												0.033	0.01%	0.033	0.01%			0.071	0.01%			116.60%
Options - amount													$4.798		$4.462				$9.977
McKenzie, Margaret Anne						0.000	0.00%	0.005	0.00%	0.008	0.00%	0.005	0.00%	0.012	0.00%			0.013	0.00%			11.86%
Director - Shares - Amount							$0.064		$0.752		$1.381		$0.734		$1.603				$1.851
Options - percentage						0.001	0.00%	0.004	0.00%	0.006	0.00%	0.009	0.00%	0.012	0.00%			0.015	0.00%			28.27%
Options - amount							$0.093		$0.569		$1.021		$1.317		$1.618				$2.142
Jones, Susan C.										0.003	0.00%	0.003	0.00%	0.004	0.00%			0.007	0.00%			74.94%
Director - Shares - Amount											$0.458		$0.401		$0.540				$0.975
Options - percentage										0.001	0.00%	0.004	0.00%	0.007	0.00%			0.010	0.00%			49.26%
Options - amount											$0.240		$0.578		$0.900				$1.387
Freeman, David										0.001	0.00%	0.002	0.00%	0.003	0.00%			0.003	0.00%			0.00%
Director - Shares - Amount											$0.167		$0.297		$0.412				$0.426
Options - percentage										0.001	0.00%	0.004	0.00%	0.007	0.00%			0.010	0.00%			48.11%
Options - amount											$0.240		$0.578		$0.892				$1.364
Monaco, Albert												0.008	0.00%	0.015	0.00%			0.015	0.00%			0.00%
Director - Shares - Amount													$1.218		$1.975				$2.038
Options - percentage												0.002	0.00%	0.004	0.00%			0.007	0.00%			74.52%
Options - amount													$0.247		$0.577				$1.040
Bruder, Shauneen						0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.008	0.00%			0.018	0.00%			123.81%
Chairman - Shares - Amt							$0.000		$0.000		$0.000		$0.000		$1.119				$2.586
Options - percentage						0.013	0.00%	0.017	0.00%	0.021	0.00%	0.003	0.00%	0.027	0.00%			0.027	0.00%			2.61%
Options - amount							$1.753		$2.658		$3.425		$0.380		$3.614				$3.828
Pace, Robert	0.03%	0.205	0.03%	0.205	0.03%	0.209	0.03%	0.259	0.04%
Chairman - Shares - Amt	$20.774		$24.135		$28.752		$28.320		$41.678
Options - percentage	0.04%	0.301	0.04%	0.307	0.04%	0.320	0.05%	0.276	0.04%
Options - amount	$30.431		$35.356		$43.006		$43.363		$44.397
Increase in O/S Shares	0.16%	2.100	0.29%	1.150	0.16%	1.400	0.20%	1.100	0.16%	1.000	0.15%	1.000	0.16%	0.900	0.14%			0.700	0.11%		Average	0.14%
due to SO	$124.380		$212.331		$135.091		$195.916		$148.962		$160.840		$166.550		$131.373				$95.025
Book Value	$68.000		$120.310		$138.000		$121.000		$98.000		$136.000		$110.000		$112.000				$75.000
Insider Buying	-$2.486		-$0.137		-$1.398		-$2.114		-$10.238		-$1.988		-$1.675		-$4.299				-$2.353
Insider Selling	$25.884		$18.080		$29.196		$27.030		$7.036		$14.449		$14.382		$2.860				$2.572
Net Insider Selling	$23.399		$17.943		$27.799		$24.917		-$3.202		$12.460		$12.707		-$1.439				$0.219
% of Market Cap	0.03%		0.02%		0.03%		0.03%		0.00%		0.01%		0.01%		0.00%				0.00%
Directors		13		13		14		11		11		11		11				12
Women	38%	5	38%	5	38%	6	43%	5	45%	6	55%	6	55%	6	55%			7	58%
Minorities	0%	0	0%	0	0%	0	0%	1	9%	1	9%	1	9%	1	9%			1	8%
Institutions/Holdings	53.89%			20	43.84%	20	45.11%	20	56.48%	20	53.90%	20	50.82%					20	47.77%
Total Shares Held	55.04%			314.845	44.33%	321.026	45.80%	398.847	59.44%	361.666	56.27%	326.652	52.02%					293.146	47.80%
Increase/Decrease	-1.65%			0.758	0.24%	0.623	0.19%	-10.596	-2.59%	-2.783	-0.76%	0.216	0.07%					-35.578	-10.82%
Starting No. of Shares	NASDAQ			314.088	Top 20 MS	320.402	Top 20 MS	409.443	Top 20 MS	364.449	Top 20 MS	326.436	Top 20 MS					328.724	Top 20 MS
Copyright © 2008 Website of SPBrunner. All rights reserved.
My Stock
																		CDN T
																		6-Jul-05	-$21,641.00	Ca	$18.03	1,200
																		28-Jan-09	-$8,927.99	Ca	$22.32	400
																		31-Dec-25	$217,200.00		$19.11	1,600
																		10.53%	XIRR		-$135.75	1,600
																		13.18%				Splits
																		2.65%	20.10%			300
																						200
																		% from	$286,581.02		Total Value	Gain
																			$0.00		Less Sale of Stock
																			-$217,200.00		Less Stock Value
																		27.10%	$69,381.02		Dividends Paid	226.97%
																			$30,568.99		Cost of stock
																			$0.00		Sale of Stock
																		72.90%	$186,631.01		Capital Gain	610.52%
																		100.00%	$256,012.03		Total Return	837.49%
																		Start Date	6-Jul-05		Shares	1,600
																		End date	31-Dec-25		Dividends pd per Share	$43.36
																		Years	20.49		Div less cost	$24.25
																					Cost	$19.11
																					% paid by div	226.91%
																		RRSP
																		21-Sep-11	-$13,871.59
																		3-Jan-13	$9,079.01
																		7-Feb-13	$9,613.01
																		25.00%	XIRR
																		27.08%
																		2.08%	7.69%
																		Start Date	21-Sep-11
																		End date	7-Feb-13
																		Years	1.38