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Louisbourg Investments Inc. trimmed its stake in Canadian National Railway Company (NYSE:CNI – Free Report) (TSE:CNR) by 10.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 225,172 shares of the transportation company’s stock after selling 26,638 shares during the period. Canadian National Railway accounts for about 4.6% of Louisbourg Investments Inc.’s investment portfolio, making the stock its biggest holding. Louisbourg Investments Inc.’s holdings in Canadian National Railway were worth $26,885,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently modified their holdings of the stock. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Canadian National Railway by 1.2% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 9,968 shares of the transportation company’s stock valued at $1,185,000 after acquiring an additional 120 shares in the last quarter. Cordatus Wealth Management LLC grew its holdings in shares of Canadian National Railway by 1.8% during the 3rd quarter. Cordatus Wealth Management LLC now owns 7,900 shares of the transportation company’s stock worth $939,000 after acquiring an additional 143 shares during the period. Gold Investment Management Ltd. raised its position in shares of Canadian National Railway by 1.0% in the 3rd quarter. Gold Investment Management Ltd. now owns 57,181 shares of the transportation company’s stock worth $6,806,000 after acquiring an additional 552 shares in the last quarter. Brown Lisle Cummings Inc. raised its position in shares of Canadian National Railway by 0.8% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 55,358 shares of the transportation company’s stock worth $6,582,000 after acquiring an additional 430 shares in the last quarter. Finally, Birch Hill Investment Advisors LLC bought a new position in shares of Canadian National Railway in the 3rd quarter worth approximately $314,000. Institutional investors own 80.74% of the company’s stock.

Canadian National Railway Trading Up 1.0% NYSE:CNI opened at $121.32 on Wednesday. Canadian National Railway Company has a one year low of $90.74 and a one year high of $131.55. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.87 and a quick ratio of 0.61. The company’s 50-day simple moving average is $122.13 and its 200 day simple moving average is $119.39. The firm has a market capitalization of $73.10 billion, a P/E ratio of 21.33, a PEG ratio of 2.15 and a beta of 0.96.

Canadian National Railway (NYSE:CNI – Get Free Report) (TSE:CNR) last announced its quarterly earnings data on Friday, July 24th. The transportation company reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.11. Canadian National Railway had a net margin of 26.92% and a return on equity of 22.22%. The business had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the prior year, the company earned $1.87 earnings per share. The business’s revenue was up 11.3% compared to the same quarter last year. As a group, analysts forecast that Canadian National Railway Company will post 5.80 EPS for the current fiscal year. Canadian National Railway Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 8th were paid a C$0.92 dividend. The ex-dividend date was Tuesday, September 8th. This represents a $3.66 annualized dividend and a dividend yield of 3.0%. Canadian National Railway’s dividend payout ratio is presently 46.10%.

Analyst Ratings Changes A number of research analysts have recently commented on the company. Argus restated a “hold” rating on shares of Canadian National Railway in a research note on Monday, August 31st. Canadian Imperial Bank of Commerce upped their price target on Canadian National Railway from C$182.00 to C$185.00 and gave the stock an “outperformer” rating in a research note on Thursday, June 25th. Citigroup reduced their price target on Canadian National Railway from $151.00 to $143.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. Evercore upgraded Canadian National Railway from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $108.00 to $124.00 in a report on Thursday, June 25th. Finally, Susquehanna lowered their price objective on Canadian National Railway from $142.00 to $130.00 and set a “neutral” rating for the company in a research report on Friday, October 2nd. Nine equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $137.49.

View Our Latest Stock Analysis on Canadian National Railway

(Free Report)

Canadian National Railway Company (NYSE: CNI) is a transportation and logistics company that operates a major freight railway network across Canada and the United States. The company provides rail, intermodal and related transportation services for shippers, connecting production and consumption centers with ports and distribution hubs.

CN transports a broad range of commodities and manufactured goods, including petroleum and chemicals, grain and fertilizers, forest products, metals and minerals, coal, automotive products and consumer goods.

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Ausbil Investment Management Ltd lifted its stake in Canadian National Railway Company (NYSE:CNI – Free Report) (TSE:CNR) by 12.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 63,662 shares of the transportation company’s stock after buying an additional 6,856 shares during the period. Canadian National Railway makes up approximately 3.8% of Ausbil Investment Management Ltd’s investment portfolio, making the stock its 8th biggest position. Ausbil Investment Management Ltd’s holdings in Canadian National Railway were worth $7,596,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Cooper Financial Group lifted its position in shares of Canadian National Railway by 8.8% during the 3rd quarter. Cooper Financial Group now owns 1,971 shares of the transportation company’s stock valued at $234,000 after acquiring an additional 159 shares during the period. Canandaigua National Trust Co of Florida acquired a new position in Canadian National Railway in the third quarter valued at about $1,226,000. Kwmg LLC raised its stake in Canadian National Railway by 1.8% in the third quarter. Kwmg LLC now owns 67,838 shares of the transportation company’s stock valued at $8,066,000 after purchasing an additional 1,228 shares in the last quarter. QRG Capital Management Inc. lifted its position in Canadian National Railway by 7.3% during the second quarter. QRG Capital Management Inc. now owns 5,175 shares of the transportation company’s stock worth $617,000 after purchasing an additional 352 shares during the period. Finally, Andra AP fonden bought a new stake in Canadian National Railway during the second quarter worth about $2,819,000. Institutional investors own 80.74% of the company’s stock.

Analysts Set New Price Targets A number of analysts have recently weighed in on CNI shares. Citigroup cut their price target on shares of Canadian National Railway from $151.00 to $143.00 and set a “buy” rating for the company in a report on Wednesday. Citizens Jmp began coverage on shares of Canadian National Railway in a research note on Wednesday, July 15th. They issued a “market perform” rating on the stock. Wells Fargo & Company boosted their price objective on shares of Canadian National Railway from $135.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. Weiss Ratings upgraded Canadian National Railway from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, August 13th. Finally, Benchmark reaffirmed a “hold” rating on shares of Canadian National Railway in a report on Monday, July 27th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $137.49.

View Our Latest Stock Analysis on CNI Canadian National Railway Trading Down 2.3% CNI opened at $115.66 on Thursday. The company has a market cap of $69.87 billion, a P/E ratio of 20.51, a PEG ratio of 2.11 and a beta of 0.96. The company has a current ratio of 0.87, a quick ratio of 0.61 and a debt-to-equity ratio of 0.99. The company’s 50 day moving average is $123.38 and its 200-day moving average is $118.24. Canadian National Railway Company has a 1-year low of $90.74 and a 1-year high of $131.55.

Canadian National Railway (NYSE:CNI – Get Free Report) (TSE:CNR) last issued its quarterly earnings data on Friday, July 24th. The transportation company reported $1.50 EPS for the quarter, beating the consensus estimate of $1.39 by $0.11. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.26 billion. Canadian National Railway had a net margin of 26.92% and a return on equity of 22.22%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.87 EPS. Equities research analysts predict that Canadian National Railway Company will post 5.82 earnings per share for the current fiscal year.

Canadian National Railway Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 8th were given a C$0.92 dividend. The ex-dividend date was Tuesday, September 8th. This represents a $3.66 annualized dividend and a yield of 3.2%. Canadian National Railway’s dividend payout ratio (DPR) is currently 46.10%.

(Free Report)

Canadian National Railway Company (NYSE:CNI) is a transportation and logistics company that operates a major freight rail network in Canada and the United States. Its network connects the Atlantic, Pacific and Gulf coasts, serving ports, industrial centers, agricultural regions and major population markets.

CN transports a broad range of commodities and manufactured goods, including forest products, grain and fertilizers, coal, metals and minerals, petroleum and chemicals, automotive products, and consumer goods.

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 | Source: Canadian National Railway Company

Prepared for Winter. Ready to Deliver.

MONTREAL, Sept. 29, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today published its 2026–2027 Winter Plan, outlining the actions, investments and technologies the company is using to prepare its railway and support safe, reliable service through the winter months.

As North America’s most northerly Class I railway, CN builds winter readiness into its year-round operating plan. The 2026–2027 Winter Plan focuses on maintaining network fluidity, strengthening equipment reliability and ensuring CN has the people and resources positioned to respond quickly when severe weather affects the network.

“Winter readiness is built into how we run the railway all year. We prepare our people, equipment and network well before winter arrives so that when conditions change, we can respond quickly, protect network fluidity and keep delivering safely and reliably for our customers.”

– Tracy Robinson, President and Chief Executive Officer, CN

Highlights of the 2026–2027 Winter Plan:

Strengthening winter reliability: CN is enhancing the reliability of its fleet of more than 100 distributed air braking cars through predictive maintenance, including the replacement of 21 engines and compressors, and fleet-wide modifications designed to improve air car performance in extreme cold. Since launching the program, CN has invested approximately $64 million in the technology.
Advancing cold-weather technology: CN continues to advance high-flow brake system technology, using multiple air sources along a train to help maintain stable brake pressure when air leakage increases in extreme cold. CN is seeking a permanent regulatory exemption for the technology in Canada after years of demonstrating its safety advantages. CN is also operating with higher airflow between Chicago and Winnipeg under a two-year U.S. regulatory waiver.
Preparing people and resources: CN is strengthening its ability to respond to severe weather through rapid deployment teams, rules-qualified managers and the temporary redeployment of qualified employees. CN also stages Mechanical and Engineering resources, snow-clearing equipment, backup power, critical materials and locomotives in strategic locations ahead of winter. CN’s Winter Plan emphasizes the importance of collaboration across the supply chain. Accurate customer forecasts, safe and prepared facilities, fluid traffic movements at terminals and ports, and close coordination among customers and supply chain partners all play an important role in keeping goods moving when winter conditions reduce available capacity.

For more information and to download CN’s complete 2026–2027 Winter Plan, visit cn.ca/winter.

About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.

Contacts:

MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior Manager        Vice-PresidentMedia RelationsInvestor Relations and Special Projects(438) 596-4329(514) 399-0052
[email protected]
[email protected]
  

Key Takeaways CNI shipped the first unit train from TGM's expanded Lis, IL, grain elevator on Sept. 16, 2026.The Lis project adds 3.1M bushels of storage and boosts receiving capacity to 85,000 bushels per hour.Canadian National's new shipping capacity is expected to load unit trains in just eight hours. Canadian National Railway(CNI - Free Report) is again making headlines in relation to grain movement. The railroad company announced that it has successfully shipped the first unit train from Total Grain Marketing’s (“TGM”) recently expanded grain elevator at Lis, IL, on Sept. 16, 2026.

The aforesaid project includes a new 115-car loop track which replaces the existing 25-car footprint, along with extended receiving, storage and shipping capacity.

The extension at Lis includes the construction of 3.1 million bushels of grain storage capacity, coupled with three truck dump pits. This enables the facility to receive up to 85,000 bushels of grain per hour. The new shipping capacity is expected to load unit trains in just eight hours.

The project is expected to deliver meaningful operational efficiencies for TGM, its customers and CNI, thereby strengthening the end-to-end grain supply chain across CNI’s Southern Region.

Sandra Ellis, vice-president, Bulk, Industrial and Business Development, CNI, stated, “We are proud to be working so closely with TGM in making this project a reality. We look forward to working with our long-term partner to create value for both TGM and its customers.”

Continued focus on reliable service and operational execution with customers and supply chain partners should help CNI capitalize on grain demand, bring new projects online, support volume growth in the upcoming crop year and long-term economic growth while strengthening the competitiveness of North American supply chains.

We would like to remind investors that CNI’s latest grain performance for August 2026 has been noteworthy. The company moved 2.50 MMT of grain during the month, exceeding the previous August record of 2.34 MMT set in 2020. Strong demand and efficient network operations are likely to remain supportive as the company enters the new crop year.

The record grain movement reflects a robust start to the 2026–2027 crop year as the harvest season advances across Western Canada and new grain starts moving through the supply chain. The strong performance also indicates effective coordination with customers and other supply-chain partners, along with consistent execution of CNI’s operating plan. The company’s ability to unlock incremental capacity supported higher volumes while strengthening service reliability across the grain supply chain.

CNI’s Share Price PerformanceCNI’s shares have gained 18.4% over the past six months compared with the Transportation - Rail industry’s 15.2% growth.

Image Source: Zacks Investment Research

Zacks Rank and Stocks to ConsiderCanadian National carries a Zacks Rank #3 (Hold).

Investors interested in the Zacks Transportation sector may consider Seanergy Maritime Holdings (SHIP - Free Report) and Schneider National, Inc. (SNDR - Free Report) .

Seanergy Maritime Holdings currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

SHIP has an expected earnings growth rate of more than 100% for the current year. The company has an encouraging earnings surprise history. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 38%.

Schneider presently carries a Zacks Rank #2 (Buy).

Schneider has an expected earnings growth rate of 65.08% for the current year.  Schneider’s earnings outpaced the Zacks Consensus Estimate in two of the trailing four quarters (missed the mark in the remaining two quarters), delivering an average miss of 10.01%. The Zacks Consensus Estimate for Schneider’s full-year earnings has moved 14.29% north in the past 60 days.

 | Source: Canadian National Railway Company

WASHINGTON and HOMEWOOD, Ill., Sept. 16, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) U.S. rail subsidiaries (Illinois Central Railroad Company and Grand Trunk Western Railroad Company, together “CN”) and the National Railroad Passenger Corporation (Amtrak) today announced that they have reached agreements that strengthen their partnership and support safe, reliable passenger and freight service on CN’s U.S. rail network.

The parties have signed a new eight-year operating agreement governing Amtrak service on CN owned rail lines. The agreement resolves a more than decade-long proceeding before the Surface Transportation Board (STB) concerning the terms and conditions for Amtrak services such as the City of New Orleans, Illini/Saluki, and Wolverine.

The operating agreement establishes an updated framework for CN and Amtrak to work together, including a revised performance payment system more closely aligned with the Federal Railroad Administration’s (FRA) on-time performance standard, regular reviews of Amtrak’s schedules, and processes to address operational issues and resolve disputes.

In addition, the parties will work together on a process for Amtrak to equip its trains operating on CN’s network with Onboard Shunt Enhancers (OSEs), a technology that improves how trains are detected as they approach rail grade crossings. OSEs help ensure crossing warning systems, including gates, flashing lights and bells, activate when they should. OSEs both improve safety and provide greater operating flexibility, supporting improved on-time performance for passenger rail service while helping freight and passenger traffic move efficiently across corridors Amtrak shares with CN.

“CN is pleased to have reached agreements that allow us to move forward with a clear framework for safely and efficiently sharing our network. Together with the deployment of OSE technology, these agreements will support safer grade crossings and reliable passenger and freight service.”

– Patrick Whitehead, Executive Vice-President and Chief Operating Officer, CN 

“These agreements give Amtrak and CN a strong foundation to move forward together and deliver efficient, reliable passenger rail service. Together, we are improving performance for our passengers while investing in technology that enhances safety in the communities we serve. With steady encouragement from the STB and grant approval from FRA, we are able to bring this train into the station.”

– Byl Herrmann, Interim President, Amtrak 

Installation of OSEs is supported through FRA funding and builds on more than a decade of research and testing led by CN, Amtrak and the FRA.

The parties expressed gratitude to the FRA for its leadership and investment in OSE technology and to the STB for its guidance and encouragement, which was instrumental in helping the parties amicably resolve their long-running operating agreement dispute.

About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.

About Amtrak
Amtrak is seizing a once-in-a-lifetime opportunity to transform rail and Retrain Travel. By modernizing, enhancing, and expanding trains, stations, and infrastructure, Amtrak is meeting the rising demand for train travel. Amtrak offers unforgettable experiences to more than 500 destinations across 46 states and parts of Canada. Learn more at Amtrak.com, download the Amtrak app, connect with us on X, Instagram, Facebook, and LinkedIn, and join Amtrak Guest Rewards for free to start earning points toward Amtrak reward travel, upgrades, lounge access and more.

Contacts: MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior Manager        Vice-PresidentMedia RelationsInvestor Relations and Special Projects(438) 596-4329(514) 399-0052
[email protected]
[email protected]

Key Takeaways CP moved a record 2.54 MMT of Canadian grain and grain products in August 2026.Canadian Pacific's U.S. and Canada network moved a record 4.86 MMT and 50,396 carloads in August.Canadian Pacific moved 30.66 MMT of Canadian grain in 2025-2026, topping the prior annual record. Canadian Pacific Kansas City (CP - Free Report) is benefiting from strong grain export demand and continued operational efficiency, as evidenced by its record-setting grain volumes in August 2026. The company transported 2.54 million metric tonnes (MMT) of Canadian grain and grain products and 26,051 carloads during August 2026, surpassing the earlier tonnage and carload records set in August 2020.

The August achievement covers the first four weeks of the 2026-2027 crop year, which started on Aug. 1, 2026, and it reflects a solid start to the new crop year.

Across Canadian Pacific's U.S. and Canadian network, a combined monthly tonnage record of 4.86 MMT and 50,396 carloads was achieved in August.

This achievement highlights the railroad's ability to support elevated agricultural shipments while maintaining network fluidity. The record performance builds on a strong trend throughout the 2025-2026 crop year. Canadian Pacific ended the 2025-2026 crop year by moving 30.66 MMT of Canadian grain and grain products during the 12-month period. This annual volume surpassed the earlier record set in the 2020–2021 crop year. Monthly records earlier this year have been set in January, February, April, May and June.

The sustained growth underscores favorable grain production and resilient export demand across global markets. It also demonstrates the effectiveness of CP’s rail network and reinforces its role as a key transportation partner for Canada's agricultural sector. Strong grain volumes also provide a supportive backdrop for revenue generation and asset utilization.

August 2026 Grain Performance of Another Railroad CompanyApart from Canadian Pacific,Canadian National Railway (CNI - Free Report) set a new record for grain movement in August 2026. The company moved 2.50 MMT of grain during the month, exceeding the previous August record of 2.34 MMT set in 2020. Strong demand and efficient network operations are likely to remain supportive as the company enters the new crop year.

The record grain movement reflects a robust start to the 2026–2027 crop year as the harvest season advances across Western Canada and new grain starts moving through the supply chain. The strong performance also indicates effective coordination with customers and other supply-chain partners, along with consistent execution of CNI’s operating plan. The company’s ability to unlock incremental capacity supported higher volumes while strengthening service reliability across the grain supply chain.

CP’s Zacks Rank and Stocks to ConsiderCurrently, CP carries a Zacks Rank #3 (Hold).

Investors interested in the Zacks Transportation sector may consider Expeditors International of Washington, Inc. (EXPD - Free Report) and Seanergy Maritime Holdings (SHIP - Free Report) . 

Expeditors currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

EXPD has an expected earnings growth rate of 28.6% for 2026.  The company has an encouraging earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 17.15%.

Seanergy Maritime Holdings currently sports a Zacks Rank #1.

SHIP has an expected earnings growth rate of more than 100% for the current year. The company has an encouraging earnings surprise history. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 38%.

 | Source: Canadian National Railway Company

MONTREAL, Sept. 03, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that it set another a new monthly record for grain movement across its network. In August, CN moved 2.50 million metric tonnes (MMT) of grain from Western Canada, surpassing the previous record of 2.34 MMT set in August 2020.

The record movement marks a strong start to the 2026–27 crop year as the harvest progresses across Western Canada and new grain begins moving through the supply chain. This performance reflects strong customer demand, close collaboration with grain supply chain partners and the consistent execution of CN’s operating plan.

Following a record 2025–26 crop year, CN remains focused on maintaining this momentum through the fall harvest and delivering safe, consistent and reliable service for producers, grain companies and supply chain partners.

CN’s 2026–27 Grain Plan outlines how the Company has prepared its network, resources and operations to support customers through harvest and the year ahead.

About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.

Contacts:
 MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior Manager        Vice-PresidentMedia RelationsInvestor Relations and Special Projects(438) 596-4329(514) 399-0052
[email protected]
[email protected]

Key Takeaways CNI moved a record 33.8 MMT of grain from Western Canada in the 2025-26 crop year. Canadian National Railway moved a record 2.62 MMT of grain in July, topping the prior July high. CNI's 2026-27 Grain Plan targets reliable service and capacity to handle the upcoming harvest. Canadian National Railway (CNI - Free Report) moved more than 33.8 MMT of grain from Western Canada, surpassing the previous record of 32.6 MMT set in the prior crop year. The record grain movement in the 2025-26 crop year highlights the strength of its network and its ability to meet elevated customer demand.

The strong performance also reflects effective coordination with customers and other supply-chain partners, along with consistent execution of CNI’s operating plan. The company’s ability to unlock incremental capacity supported higher volumes while strengthening service reliability across the grain supply chain.

CNI’s record July performance further reinforces this momentum. The company moved 2.62 MMT of grain during the month, exceeding the previous July record of 2.43 MMT set in 2020. Strong demand and efficient network operations are likely to remain supportive as the company enters the new crop year.

Looking ahead, Canadian National’s 2026-27 Grain Plan positions the company to handle the upcoming harvest with adequate resources and capacity. Continued focus on reliable service and operational execution should help CNI capitalize on grain demand and support volume growth in the upcoming crop year.

CNI Share Price PerformanceCNI’s shares have gained 34.5% over the past year compared with the  Transportation - Rail industry’s 29.1% growth.

Image Source: Zacks Investment Research

CNI’s Zacks RankCanadian National Railway currently carries a Zacks Rank #3 (Hold).

Stocks to ConsiderInvestors interested in the Zacks Transportation sector may consider Expeditors International of Washington, Inc. (EXPD - Free Report) and Teekay Tankers Ltd (TNK - Free Report) . 

Expeditors currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

EXPD has an expected earnings growth rate of 28.6% for 2026. The company has an encouraging earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 17.15%.

Teekay Tankers currently carries a Zacks Rank #2 (Buy).

TNK has an expected earnings growth rate of more than 100% for the current year. The company has an encouraging earnings surprise history. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 10.9%.

Customer investments exceeded $2 billion in 2025 as CN continues to invest in its network July 30, 2026 12:15 ET  | Source: Canadian National Railway Company

MONTREAL, July 30, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today announced that it is supporting the development of more than 300 customer development projects across its North American network, reinforcing its role in strengthening supply chains and powering economic growth.

In 2025, CN helped bring more than 70 customer projects into service, representing over $2 billion in customer investment across its network. So far in 2026, CN has helped bring 30 customer-led projects into service and is on track to complete an additional 70 projects by the end of 2026 and into early 2027.

"Our customers are making significant investments because they have confidence in the strength of CN's network and our ability to grow alongside them. We've invested in the capacity, infrastructure and operating model needed to support new business while continuing to improve network fluidity. That allows us to move more traffic safely and efficiently while giving customers the confidence to invest, expand and bring new industrial projects online across North America."

– Sandra Ellis, Vice-President, Bulk, Industrial and Business Development, CN

Beyond supporting customer growth across its network, CN also plays a critical role in supporting the construction of major infrastructure projects. From moving specialized equipment and construction materials for the LNG Canada project in Kitimat, B.C., to supporting the BC Hydro Site C project, CN's network and supply chain expertise helped deliver the materials needed to advance these transformative investments.

In 2026, CN is investing approximately $2.8 billion through its annual capital investment program, strengthening the safety, capacity and resiliency of its network. Key projects include the Zanardi Rapids Bridge Project in Prince Rupert, and the Glen Valley double-track project in British Columbia, both of which will increase rail capacity and support future growth across Western Canada.

CN’s capital investments are already delivering results. Major capacity improvements completed in 2025 along CN's Edson Subdivision have increased corridor capacity by approximately 25 percent, helping CN support growing customer demand while maintaining a safe, fluid and reliable network.

CN continues to work closely with customers and supply chain partners to bring new projects online, supporting long-term economic growth while strengthening the resilience and competitiveness of North American supply chains.

About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.

Contacts:
MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior Manager        Vice-PresidentMedia RelationsInvestor Relations and Special Projects(438) 596-4329(514) 399-0052
[email protected]
[email protected]

Delivered diluted earnings per share (EPS) increase of 10%, or 11% on an adjusted basis and 12% on an adjusted basis at constant currency (1)Raised 2026 financial guidance, now assuming low single-digit RTM growth and expecting mid-to-high single-digit adjusted diluted EPS growthAchieved revenue ton miles (RTMs) increase of 5% year over year with strong overall volumes driven primarily by grain and energy productsRealized record first half and second quarter fuel efficiency performance Repurchased approximately 3 million shares for C$454 million Generated free cash flow of C$1,842 million, an increase of 19% for the first half of 2026 (consisting of net cash provided by operating activities of C$2,876 million and net cash used in investing activities of C$1,034 million) (1) MONTREAL, July 24, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today reported its financial and operating results for the second quarter ended June 30, 2026.

“I want to thank the CN team for the strong results this quarter, which reflect their discipline, focus, and execution. We delivered on our key commitments, with solid operational and commercial performance, improved productivity, strong cash flow generation, and continued financial discipline. We are raising our full-year guidance, supported by sustained business momentum and our continued ability to deliver results for our customers.”

–    Tracy Robinson, President and Chief Executive Officer, CN

Second-Quarter 2026 Results Highlights
CN saw improvements across operating metrics, with strong commercial and service performance. Gross ton miles (GTMs) increased by 3% to 121,082 (millions), while RTMs increased by 5% to 62,250 (millions). The Company delivered diluted EPS of C$2.06, an increase of 10%, and adjusted diluted EPS of C$2.08, an increase of 11%, or C$2.09 on an adjusted basis at constant currency, an increase of 12%. (1)

The quarter’s operating performance reflects the Company’s continued priority on operational execution as well as its ability to provide solid service to customers, allowing it to capture demand in grain and in other markets.

Quarterly Financial Results Highlights
Second-quarter 2026 compared to second-quarter 2025

Revenues of C$4,753 million, an increase of C$481 million, or 11%.Operating income of C$1,781 million, an increase of C$143 million, or 9%, and adjusted operating income of C$1,798 million, an increase of C$160 million, or 10%. (1)Operating ratio, defined as operating expenses as a percentage of revenues, of 62.5%, an increase of 80 basis points, and adjusted operating ratio of 62.2%, an increase of 50 basis points. (1)Net income of C$1,249 million, an increase of C$77 million, or 7%, and adjusted net income of C$1,261 million, an increase of C$89 million, or 8%. (1)Diluted EPS of C$2.06, an increase of 10% and adjusted diluted EPS of C$2.08, an increase of 11%, or C$2.09 on an adjusted basis at constant currency, an increase of 12%. (1)Net cash provided by operating activities of C$2,876 million and net cash used in investing activities of C$1,034 million for the first half of 2026.Free cash flow for the first half of 2026 was C$1,842 million, an increase of C$294 million, or 19%. (1)Adjusted EBITDA reported for the twelve months ended June 30, 2026 of C$8,832 million, an increase of 4%. (1)Adjusted debt-to-adjusted EBITDA of 2.61 times as at and for the twelve months ended June 30, 2026. (1)Repurchased approximately 2.9 million shares in the second quarter of 2026 for C$454 million. Quarterly Operating Performance Highlights *
Second-quarter 2026 compared to second-quarter 2025

GTMs increased 3% to 121,082 (millions).RTMs increased 5% to 62,250 (millions).Through dwell increased by 4% to 7.1 (entire railroad, hours).Car velocity decreased by 1% to 211 (car miles per day).Through network train speed increased by 1% to 19.1 (mph).Fuel efficiency of 0.836 (US gallons of locomotive fuel consumed per 1,000 GTMs), was 3% more efficient.Train length increased by 1% to 8,084 (feet).GTMs per average number of employees increased 9% to 5,105 (thousands).Operating expenses per GTM increased 9% to 2.45 (cents). * Statistical operating data and key operating measures are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available.

Dividends
CN's Board of Directors has approved a third-quarter 2026 dividend on the Company’s common shares outstanding. A quarterly dividend of ninety-one and a half cents (C$0.9150) per common share will be paid on September 29, 2026, to shareholders of record at the close of business on September 8, 2026.

Revised 2026 financial guidance (1)(2) 
Based on strong volume and solid operational execution in the first half of the year, the Company now assumes to deliver low single-digit RTM growth in 2026 (compared to its January 30, 2026 assumption of flattish growth). The Company now expects adjusted diluted EPS growth in the mid-to-high single-digit range (compared to its January 30, 2026 expectation of slightly exceeding RTM growth).

In 2026, CN continues to plan to invest approximately C$2.8 billion in its capital program, net of amounts reimbursed by customers. The Company also expects to continue improving its free cash flow conversion throughout 2026.

CONFERENCE CALL DETAILS
CN's senior officers will review the results and the railway's outlook in a conference call starting at 8:30 a.m. Eastern Time on July 24, 2026. Tracy Robinson, CN President and Chief Executive Officer, will lead the call. Parties wishing to participate via telephone may dial 1-800-715-9871 (Canada/U.S.), or 1-647-932-3411 (International), using 2015414 as the passcode. Participants are advised to dial in 10 minutes prior to the call.

(1) Non-GAAP Measures
CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). CN may also use non-GAAP measures in this news release that do not have any standardized meaning prescribed by GAAP. These non-GAAP measures may not be comparable to similar measures presented by other companies. For further details of these non-GAAP measures, including a reconciliation to the most directly comparable GAAP financial measures, refer to the attached supplementary schedule, Non-GAAP Measures.

CN's outlook, guidance or targets (2) exclude certain adjustments, which are expected to be comparable to adjustments made in prior years. However, management cannot individually quantify on a forward-looking basis the impact of these adjustments, which could be significant, are difficult to predict and may be highly variable. As a result, CN does not provide a corresponding GAAP measure for, or reconciliation to, its outlook, guidance or targets.

(2) Forward-Looking Statements
Certain statements included in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to CN. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as "believes," "expects," "anticipates," "assumes," "outlook," "plans," "targets," "goals," or other similar words.

2026 key assumptions
CN has made a number of economic and market assumptions in preparing its 2026 outlook. The 2025/2026 grain crops in Canada and the U.S. were above their respective five-year averages. The Company continues to assume that the 2026/2027 grain crops in Canada and the U.S. will be in line with their respective five-year averages. CN now assumes low single-digit RTM growth (compared to its January 30, 2026 assumption of flattish growth). CN now assumes that in 2026, the value of the Canadian dollar in U.S. currency will be $0.71 (compared to its April 29, 2026 assumption of $0.73), and continues to assume that in 2026 the average price of crude oil (West Texas Intermediate) will be in the range of US$80 - US$110 per barrel. The Company notes there is a heightened demand risk as a result of volatile macroeconomic conditions, geopolitical conflicts and global trade tensions.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, general economic and business conditions, including factors impacting global supply chains such as pandemics and geopolitical conflicts or tensions; trade restrictions, trade barriers, or the imposition of tariffs or other changes to international trade arrangements; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators and other regulatory claims or proceedings; increases in maintenance and operating costs; security threats; reliance on technology, including the use of artificial intelligence, and related cybersecurity risk; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings and other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; the availability of and cost competitiveness of renewable fuels and the development of new locomotive propulsion technology; reputational risks; supplier concentration; pension funding requirements and volatility; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis (MD&A) in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN.

The achievement of CN’s climate goals is subject to several risks and uncertainties, including those disclosed in the MD&A in CN’s annual and interim reports. There can be no certainty that the Company will achieve any or all of these goals within the stated timeframe, or that achieving any of these goals will meet all of the expectations of its stakeholders or applicable legal requirements.

Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Information contained on, or accessible through, our website is not incorporated by reference into this news release.

This earnings news release, as well as additional information, including the Financial Statements, Notes thereto and MD&A, is contained in CN’s Quarterly Review available on the Company's website at www.cn.ca/financial-results and on SEDAR+ at www.sedarplus.ca as well as on the U.S. Securities and Exchange Commission's website at www.sec.gov through EDGAR.

About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.

Contacts: MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior ManagerVice-President, Investor RelationsMedia Relationsand Special Projects(438) 596-4329(514) [email protected]@cn.ca     SELECTED RAILROAD STATISTICS – UNAUDITED

 Three months ended June 30
 Six months ended June 30
 2026 2025  2026 2025 Financial measures         Key financial performance indicators (1)         Total revenues ($ millions)4,753 4,272  9,132 8,675 Freight revenues ($ millions)4,559 4,090  8,826 8,378 Operating income ($ millions)1,781 1,638  3,330 3,248 Adjusted operating income ($ millions) (2)(3)1,798 1,638  3,364 3,248 Net income ($ millions) 1,249 1,172  2,395 2,333 Adjusted net income ($ millions) (2)(3)1,261 1,172  2,363 2,333 Diluted earnings per share ($) 2.06 1.87  3.93 3.71 Adjusted diluted earnings per share ($) (2)(3)2.08 1.87  3.88 3.71 Net cash provided by operating activities ($ millions)1,611 1,745  2,876 2,909 Net cash used in investing activities ($ millions)669 823  1,034 1,361 Free cash flow ($ millions) (2)(4)942 922  1,842 1,548 Gross property additions ($ millions)695 805  1,134 1,324 Share repurchases ($ millions)454 306  1,323 407 Dividends per share ($)0.9150 0.8875  1.8300 1.7750 Financial ratio         Operating ratio (%) (5)62.5 61.7  63.5 62.6 Adjusted operating ratio (%) (2)(3)62.2 61.7  63.2 62.6 Operational measures (6)         Statistical operating data         Gross ton miles (GTMs) (millions)121,082 117,335  239,471 232,178 Revenue ton miles (RTMs) (millions)62,250 59,215  124,084 119,264 Carloads (thousands)1,409 1,414  2,745 2,727 Route miles (includes Canada and the U.S., end of period)18,900 18,900  18,900 18,900 Employees (end of period)23,825 24,912  23,825 24,912 Employees (average for the period)23,719 25,003  23,636 24,815 Key operating measures         Freight revenue per RTM (cents)7.32 6.91  7.11 7.02 Freight revenue per carload ($)3,236 2,893  3,215 3,072 GTMs per average number of employees (thousands)5,105 4,693  10,132 9,356 Operating expenses per GTM (cents)2.45 2.24  2.42 2.34 Labor and fringe benefits expense per GTM (cents)0.73 0.73  0.75 0.77 Diesel fuel consumed (US gallons in millions)101.2 101.5  206.8 206.8 Average fuel price ($ per US gallon)5.67 3.55  4.86 3.98 Fuel efficiency (US gallons of locomotive fuel consumed per 1,000 GTMs)0.836 0.865  0.864 0.891 Train weight (tons)9,404 9,125  9,350 9,101 Train length (feet)8,084 8,016  7,979 7,863 Car velocity (car miles per day)211 213  206 200 Through dwell (entire railroad, hours)7.1 6.8  7.3 7.3 Through network train speed (miles per hour)19.1 18.9  18.9 18.3 Locomotive utilization (trailing GTMs per total horsepower)202 190  200 187 Safety indicators (7)         Injury frequency rate (per 200,000 person hours)1.01 0.83  1.09 0.97 Accident rate (per million train miles)2.30 1.56  2.26 1.82  (1)Amounts expressed in Canadian dollars and prepared in accordance with United States generally accepted accounting principles (GAAP), unless otherwise noted.(2)These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.(3)See the supplementary schedule entitled Non-GAAP Measures – Adjusted performance measures for an explanation of these non-GAAP measures.(4)See the supplementary schedule entitled Non-GAAP Measures – Free cash flow for an explanation of this non-GAAP measure.(5)Operating ratio is defined as operating expenses as a percentage of revenues.(6)Statistical operating data, key operating measures and safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available. Definitions of gross ton miles, revenue ton miles, freight revenue per RTM, fuel efficiency, train weight, train length, car velocity, through dwell and through network train speed are included within the Company’s Management’s Discussion and Analysis. Definitions of all other indicators are provided on CN's website, www.cn.ca/glossary.(7)Based on Federal Railroad Administration (FRA) reporting criteria.   SUPPLEMENTARY INFORMATION – UNAUDITED

 Three months ended June 30 Six months ended June 30 2026 2025 % Change
Fav (Unfav) % Change at
constant
currency (1)
Fav (Unfav)  2026 2025 % Change
Fav (Unfav) % Change at
constant
currency (1)
Fav (Unfav) Revenues ($ millions) (2)             Petroleum and chemicals941 808 16%17% 1,869 1,723 8%10%Metals and minerals528 496 6%7% 996 1,019 (2%)(1%)Forest products495 461 7%8% 929 955 (3%)(1%)Coal243 242 —%—% 462 488 (5%)(5%)Grain and fertilizers980 834 18%18% 2,029 1,785 14%15%Intermodal1,087 1,008 8%8% 2,049 1,948 5%6%Automotive285 241 18%18% 492 460 7%8%Total freight revenues4,559 4,090 11%12% 8,826 8,378 5%7%Other revenues194 182 7%7% 306 297 3%4%Total revenues4,753 4,272 11%11% 9,132 8,675 5%7%Revenue ton miles (RTMs) (millions) (3)             Petroleum and chemicals11,874 10,740 11%11% 24,558 22,576 9%9%Metals and minerals7,030 7,074 (1%)(1%) 13,086 13,826 (5%)(5%)Forest products5,216 5,113 2%2% 10,128 10,500 (4%)(4%)Coal5,078 5,058 —%—% 9,905 10,504 (6%)(6%)Grain and fertilizers18,369 16,513 11%11% 37,894 33,763 12%12%Intermodal13,730 13,856 (1%)(1%) 26,793 26,442 1%1%Automotive953 861 11%11% 1,720 1,653 4%4%Total RTMs62,250 59,215 5%5% 124,084 119,264 4%4%Freight revenue / RTM (cents) (2)(3)             Petroleum and chemicals7.92 7.52 5%5% 7.61 7.63 —%1%Metals and minerals7.51 7.01 7%7% 7.61 7.37 3%5%Forest products9.49 9.02 5%5% 9.17 9.10 1%3%Coal4.79 4.78 —%—% 4.66 4.65 —%1%Grain and fertilizers5.34 5.05 6%6% 5.35 5.29 1%2%Intermodal7.92 7.27 9%9% 7.65 7.37 4%4%Automotive29.91 27.99 7%7% 28.60 27.83 3%4%Total freight revenue / RTM7.32 6.91 6%6% 7.11 7.02 1%3%Carloads (thousands) (3)             Petroleum and chemicals170 154 10%10% 340 317 7%7%Metals and minerals234 239 (2%)(2%) 448 452 (1%)(1%)Forest products70 71 (1%)(1%) 137 144 (5%)(5%)Coal110 115 (4%)(4%) 218 233 (6%)(6%)Grain and fertilizers194 177 10%10% 389 355 10%10%Intermodal573 602 (5%)(5%) 1,107 1,119 (1%)(1%)Automotive58 56 4%4% 106 107 (1%)(1%)Total carloads1,409 1,414 —%—% 2,745 2,727 1%1%Freight revenue / carload ($) (2)(3)             Petroleum and chemicals5,535 5,247 5%6% 5,497 5,435 1%3%Metals and minerals2,256 2,075 9%9% 2,223 2,254 (1%)—%Forest products7,071 6,493 9%9% 6,781 6,632 2%4%Coal2,209 2,104 5%5% 2,119 2,094 1%2%Grain and fertilizers5,052 4,712 7%7% 5,216 5,028 4%5%Intermodal1,897 1,674 13%13% 1,851 1,741 6%7%Automotive4,914 4,304 14%14% 4,642 4,299 8%10%Total freight revenue / carload3,236 2,893 12%12% 3,215 3,072 5%6% (1)This non-GAAP measure does not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. See the supplementary schedule entitled Non-GAAP Measures – Constant currency for an explanation of this non-GAAP measure.(2)Amounts expressed in Canadian dollars.(3)Statistical operating data and related key operating measures are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available.   NON-GAAP MEASURES – UNAUDITED

In this supplementary schedule, the "Company" or "CN" refers to Canadian National Railway Company, together with its wholly-owned subsidiaries. Financial information included in this schedule is expressed in Canadian dollars, unless otherwise noted.

CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). The Company also uses non-GAAP measures that do not have any standardized meaning prescribed by GAAP, including adjusted performance measures, free cash flow, constant currency and adjusted debt-to-adjusted EBITDA multiple. These non-GAAP measures may not be comparable to similar measures presented by other companies. From management's perspective, these non-GAAP measures are useful measures of performance and provide investors with supplementary information to assess the Company's results of operations and liquidity. These non-GAAP measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.

Adjusted performance measures

Adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted operating expenses and adjusted operating ratio are non-GAAP measures that are used to set performance goals and to measure CN's performance and may include the following adjustments:

operating expense adjustments: workforce reduction program, advisory costs related to rail consolidation matters, depreciation expense on the deployment of a replacement system, advisory fees related to shareholder matters, losses and recoveries from assets held for sale, business acquisition-related costs;non-operating expense adjustments: business acquisition-related financing fees, merger termination income, gains and losses on disposal of property; andthe effect of changes in tax laws including rate enactments and changes in tax positions affecting prior years. These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.

For the three and six months ended June 30, 2026, the Company's adjusted net income was $1,261 million, or $2.08 per diluted share, and $2,363 million, or $3.88 per diluted share, respectively. The adjusted figures for the three and six months ended June 30, 2026 exclude advisory costs related to the analysis and advocacy for the U.S. Surface Transportation Board (STB) review of the impacts to fair competition pertaining to the potential merger between Union Pacific and Norfolk Southern of $17 million, or $12 million after-tax ($0.02 per diluted share) and $34 million, or $25 million after tax ($0.04 per diluted share), respectively, recorded in Purchased services and material within the Consolidated Statements of Income. The adjusted figures for the six months ended June 30, 2026 also exclude the sale of a portion of the Newmarket subdivision located in Washago and Sundridge, Ontario, Canada, together with rail fixtures, for cash proceeds of $84 million, which resulted in a gain of $66 million, or $57 million after-tax ($0.09 per diluted share) recorded in the first quarter of 2026 in Other income within the Consolidated Statements of Income.

For the three and six months ended June 30, 2025, the Company's net income was $1,172 million, or $1.87 per diluted share, and $2,333 million, or $3.71 per diluted share, respectively. There were no adjustments in the second quarter and the first half of 2025.

Adjusted net income is defined as Net income in accordance with GAAP adjusted for certain significant items. Management believes that adjusted net income provides additional insight to management and investors into the Company's operations and underlying business trends as well as facilitates period-to-period comparisons, as it excludes certain significant items that are not reflective of CN's underlying business operations and could distort the analysis of trends in business performance. Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted-average diluted shares outstanding. This measure helps management and investors evaluate the Company's profitability on a per-share basis, facilitating the assessment of period-over-period performance by removing the impact of significant, non-recurring items.   

The following table provides a reconciliation of Net income and Earnings per share in accordance with GAAP, as reported for the three and six months ended June 30, 2026 and 2025, to the non-GAAP adjusted performance measures presented herein:

 Three months ended June 30  Six months ended June 30 In millions, except per share data 2026  2025   2026  2025 Net income$            1,249  $        1,172  $     2,395  $      2,333 Adjustments:       Operating expense adjustment:       Advisory costs related to rail consolidation matters                    17                     —                 34                   — Non-operating expense adjustment:       Gain on disposal of property                     —                     —                (66)                 — Tax adjustment:       Tax effect of adjustments (1)                    (5)                   —                   —                   — Total adjustments$                 12  $              —  $         (32)$            — Adjusted net income$            1,261  $        1,172  $     2,363  $      2,333 Diluted earnings per share$              2.06  $         1.87  $       3.93  $       3.71 Impact of adjustments, per share                 0.02                     —            (0.05)                 — Adjusted diluted earnings per share$              2.08  $         1.87  $       3.88  $       3.71  (1)The tax impact of adjustments is based on the nature of the item for tax purposes and related tax rates in the applicable jurisdiction.   Adjusted operating income is defined as Operating income in accordance with GAAP adjusted for certain significant operating expense items that are not reflective of CN's underlying business operations. This measure helps management and investors assess the Company's core operating results by excluding items that may distort the analysis of ongoing business performance. Adjusted operating expenses is defined as Operating expenses in accordance with GAAP adjusted for certain significant operating expense items that are not reflective of CN's underlying business operations. This measure provides management and investors with a view of ongoing costs which exclude unusual or non-recurring items, enabling more accurate assessment of cost management and resource allocation across reporting periods. Adjusted operating ratio is defined as adjusted operating expenses as a percentage of revenues. For management and investors, the adjusted operating ratio serves as a key performance indicator of cost management and overall operational effectiveness, as it demonstrates how effectively management controls costs relative to total revenue by excluding unusual or non-recurring items.

The following table provides a reconciliation of Operating income, Operating expenses and operating ratio, as reported for the three and six months ended June 30, 2026 and 2025, to the non-GAAP adjusted performance measures presented herein:

 Three months ended June 30 Six months ended June 30In millions, except percentages 2026  2025   2026  2025 Operating income$1,781 $1,638  $3,330 $3,248 Adjustment:     Advisory costs related to rail consolidation matters 17  —   34  — Total adjustment$17 $—  $34 $— Adjusted operating income$1,798 $1,638  $3,364 $3,248       Operating expenses$2,972 $2,634  $5,802 $5,427 Total adjustment (17) —   (34) — Adjusted operating expenses$2,955 $2,634  $5,768 $5,427       Operating ratio 62.5% 61.7%  63.5% 62.6%Impact of adjustment (0.3
)%
 —%  (0.3
)%
 —%Adjusted operating ratio 62.2% 61.7%  63.2% 62.6%               Free cash flow

Free cash flow is a useful measure of liquidity as it demonstrates the Company's ability to generate cash for debt obligations and for discretionary uses such as payment of dividends, share repurchases, and strategic opportunities. The Company defines its free cash flow measure as the difference between net cash provided by operating activities and net cash used in investing activities, adjusted for the impact of (i) business acquisitions and combinations; and (ii) merger transaction-related payments, cash receipts and cash income taxes, which are items that are not indicative of operating trends. Free cash flow does not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.

The following table provides a reconciliation of net cash provided by operating activities in accordance with GAAP, as reported for the three and six months ended June 30, 2026 and 2025, to the non-GAAP free cash flow presented herein:

 Three months ended June 30 Six months ended June 30In millions 2026  2025   2026  2025 Net cash provided by operating activities$1,611 $1,745  $2,876 $2,909 Net cash used in investing activities (669) (823)  (1,034) (1,361)Free cash flow$942 $922  $1,842 $1,548                Constant currency

Financial results at constant currency allow results to be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons in the analysis of trends in business performance. Measures at constant currency are considered non-GAAP measures and do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. Financial results at constant currency are obtained by translating the current period results denominated in US dollars at the weighted average foreign exchange rates used to translate transactions denominated in US dollars of the comparable period of the prior year.

The weighted average foreign exchange rates were $1.384 and $1.378 per US$1.00 for the three and six months ended June 30, 2026, respectively and $1.385 and $1.411 per US$1.00 for the three and six months ended June 30, 2025, respectively. On a constant currency basis, the Company's net income for the three and six months ended June 30, 2026 would have been higher by $5 million ($0.01 per diluted share) and $26 million ($0.04 per diluted share), respectively.

The following table provides a reconciliation of the impact of constant currency and related percentage change at constant currency on the financial results, as reported for the three and six months ended June 30, 2026:

 Three months ended June 30Six months ended June 30
In millions, except per share data 2026 Constant
currency
impact
  2025 % Change at
constant
currency Fav
(Unfav)
  2026 Constant
currency
impact
  2025 % Change at
constant
currency Fav
(Unfav) Revenues        Petroleum and chemicals$941 $1 $808 17%$1,869 $25 $1,723 10%Metals and minerals 528  1  496 7% 996  17  1,019 (1%)Forest products 495  1  461 8% 929  16  955 (1%)Coal 243  —  242 —% 462  4  488 (5%)Grain and fertilizers 980  2  834 18% 2,029  24  1,785 15%Intermodal 1,087  —  1,008 8% 2,049  11  1,948 6%Automotive 285  —  241 18% 492  7  460 8%Total freight revenues 4,559  5  4,090 12% 8,826  104  8,378 7%Other revenues 194  —  182 7% 306  3  297 4%Total revenues 4,753  5  4,272 11% 9,132  107  8,675 7%Operating expenses        Labor and fringe benefits 889  (1) 862 (3%) 1,803  16  1,782 (2%)Purchased services and material 641  (2) 576 (11%) 1,264  6  1,153 (10%)Fuel 659  3  413 (60%) 1,142  26  931 (25%)Depreciation and amortization 486  —  489 1% 970  9  982 —%Equipment rents 106  —  105 (1%) 218  4  223 —%Other 191  (1) 189 (1%) 405  4  356 (15%)Total operating expenses 2,972  (1) 2,634 (13%) 5,802  65  5,427 (8%)Operating income 1,781  6  1,638 9% 3,330  42  3,248 4%Interest expense (241) —  (219)(10%) (475) (8) (452)(7%)Other components of net periodic benefit income 133  —  126 6% 266  —  251 6%Other income 7  —  16 (56%) 80  —  41 95%Income before income taxes  1,680  6  1,561 8% 3,201  34  3,088 5%Income tax expense (431) (1) (389)(11%) (806) (8) (755)(8%)Net income$1,249 $5 $1,172 7%$2,395 $26 $2,333 4%Diluted earnings per share $2.06 $0.01 $1.87 11%$3.93 $0.04 $3.71 7%         Adjusted net income (1)$1,261 $5 $1,172 8%$2,363 $26 $2,333 2%Adjusted diluted earnings per share  (1)$2.08 $0.01 $1.87 12%$3.88 $0.04 $3.71 6% (1)These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. See the section of this MD&A entitled Adjusted performance measures for an explanation and reconciliation of these non-GAAP measures. Adjusted net income at constant currency and adjusted diluted EPS at constant currency allow results to be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons in the analysis of trends in business performance. For the three months ended June 30, 2026, the Adjusted net income at constant currency was $1,266 million, calculated as adjusted net income of $1,261 million, adjusted for the impact of fluctuations in foreign currency exchange rates of $5 million. For the six months ended June 30, 2026, the Adjusted net income at constant currency was $2,389 million, calculated as adjusted net income of $2,363 million, adjusted for the impact of fluctuations in foreign currency exchange rates of $26 million. For the three months ended June 30, 2026, the Adjusted diluted EPS at constant currency was $2.09, calculated as adjusted diluted EPS of $2.08, adjusted for the impact of fluctuations in foreign currency exchange rates of $0.01 per diluted share. For the six months ended June 30, 2026, the Adjusted diluted EPS at constant currency was $3.92, calculated as adjusted diluted EPS of $3.88, adjusted for the impact of fluctuations in foreign currency exchange rates of $0.04 per diluted share.   Adjusted debt-to-adjusted EBITDA multiple

Management believes that the adjusted debt-to-adjusted EBITDA multiple is a useful credit measure because it reflects the Company's ability to service its debt and other long-term obligations. The Company calculates the adjusted debt-to-adjusted EBITDA multiple as adjusted debt divided by the last twelve months of adjusted EBITDA. Adjusted debt is defined as the sum of Long-term debt and Current portion of long-term debt as reported on the Company’s Consolidated Balance Sheets as well as Operating lease liabilities, including current portion and pension plans in deficiency recognized on the Company's Consolidated Balance Sheets due to the debt-like nature of their contractual and financial obligations. Adjusted EBITDA is calculated as Net income excluding Interest expense, Income tax expense, Depreciation and amortization, operating lease cost, Other components of net periodic benefit income, Other income (loss), and other significant items that are not reflective of CN's underlying business operations and which could distort the analysis of trends in business performance. Adjusted debt and adjusted EBITDA are non-GAAP measures used to compute the adjusted debt-to-adjusted EBITDA multiple. These measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.

The following table provides a reconciliation of debt and Net income in accordance with GAAP, reported as at and for the twelve months ended June 30, 2026 and 2025, to the adjusted measures presented herein, which have been used to calculate the non-GAAP adjusted debt-to-adjusted EBITDA multiple:

In millions, unless otherwise indicatedAs at and for the twelve months ended June 30, 2026  2025 Debt (1)$              22,254  $           20,425 Adjustments:  Operating lease liabilities, including current portion (2)                      465                       443 Pension plans in deficiency (3)                      337                       342 Adjusted debt$              23,056  $           21,210 Net income$                4,782  $             4,564 Interest expense                      936                       913 Income tax expense                   1,595                    1,441 Depreciation and amortization                   1,926                    1,946 Operating lease cost (4)                      154                       158 Other components of net periodic benefit income                    (517)                   (478)Other income                    (127)                     (49)Adjustments:  Workforce reduction program (5)
                        34                          — Advisory costs related to rail consolidation matters (6)                        49                          — Adjusted EBITDA$                8,832  $             8,495 Adjusted debt-to-adjusted EBITDA multiple (times)                    2.61                      2.50  (1)Represents the aggregate of Current portion of long-term debt and Long-term debt as disclosed on the Consolidated Balance Sheets.(2)Represents the present value of operating lease payments.(3)Represents the total funded deficit of all defined benefit pension plans with a projected benefit obligation in excess of plan assets.(4)Represents the operating lease costs recorded in Purchased services and material and Equipment rents within the Consolidated Statements of Income.(5)Relates to employee termination benefits and severance costs related to a workforce reduction program, recorded in the fourth quarter of 2025 in Labor and fringe benefits within the Consolidated Statements of Income.(6)Represents advisory costs related to the analysis and advocacy for the STB review of the impacts to fair competition pertaining to the potential merger between Union Pacific and Norfolk Southern recorded in Purchased services and material within the Consolidated Statements of Income.

Canadian National (CNI - Free Report) came out with quarterly earnings of $1.5 per share, beating the Zacks Consensus Estimate of $1.39 per share. This compares to earnings of $1.35 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +7.91%. A quarter ago, it was expected that this railroad would post earnings of $1.31 per share when it actually produced earnings of $1.31, delivering no surprise.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

CN, which belongs to the Zacks Transportation - Rail industry, posted revenues of $3.43 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.44%. This compares to year-ago revenues of $3.09 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

CN shares have added about 32.1% since the beginning of the year versus the S&P 500's gain of 8.2%.

What's Next for CN?While CN has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for CN was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.43 on $3.18 billion in revenues for the coming quarter and $5.67 on $12.89 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Rail is currently in the bottom 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Canadian Pacific Kansas City (CP - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.

This railroad is expected to post quarterly earnings of $0.89 per share in its upcoming report, which represents a year-over-year change of +9.9%. The consensus EPS estimate for the quarter has been revised 0.7% lower over the last 30 days to the current level.

Canadian Pacific Kansas City's revenues are expected to be $2.91 billion, up 9% from the year-ago quarter.

July 22, 2026 18:51 ET  | Source: Canadian National Railway Company

MONTREAL, July 22, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) and Union Pacific (NYSE: UNP) announced today that they have signed a binding Memorandum of Understanding establishing a framework for CN to secure competitive access in connection with the proposed transaction between Union Pacific and Norfolk Southern (NYSE: NSC).

The settlement agreement preserves customer options and resolves terminal railroad ownership issues, while expanding CN’s presence in the Midwest and reaffirming gateway protections for all customers and railroads.

Under the settlement agreement, which is contingent on the Surface Transportation Board’s (STB) approval and closing of the merger:

CN gains access to shipper facilities where Class I railroad options would be reduced from 2-to-1 or 3-to-2, where commercially and operationally feasible.CN acquires Norfolk Southern's ownership interests in the Kansas City Terminal Railway Company (KCT) and the Terminal Railroad Association of St. Louis (TRRA). CN gains new access in the Midwest through overhead rights between Tuscola, Illinois, and East St. Louis, Illinois, and rights to serve customers between St. Louis, Missouri, and Kansas City, Missouri. For the first time, CN will have a footprint in the heart of Kansas City, with usage of Union Pacific’s Neff Yard. CN will not oppose the Union Pacific-Norfolk Southern merger. Both parties will collaborate through the STB process to ensure that this agreement takes effect. “From day one, we’ve said our merger with Norfolk Southern will preserve and enhance competitive options and create a stronger railroad industry that delivers better service for customers,” said Union Pacific CEO Jim Vena. “This settlement agreement reinforces those commitments by giving expanded access and operating rights to a tough competitor.”

“As the rail industry considers significant structural change, it is essential that customers continue to benefit from meaningful competition and choice,” said CN President and CEO Tracy Robinson. “This framework would preserve competitive access to key markets, including Kansas City, while positioning CN to continue providing reliable and efficient options for customers across North America.”

Forward-Looking Statements
Certain statements by CN and Union Pacific included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The companies caution that their assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements reflect information as of the date on which they are made. The companies assume no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN or Union Pacific do update any forward-looking statement, no inference should be made that they will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919. 

Contacts: 
MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior ManagerVice-PresidentMedia RelationsInvestor Relations & Special Projects(438) 596-4329(514) 399-0052
[email protected]@cn.ca ABOUT UNION PACIFIC
Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.

Union Pacific Media Contact: [email protected]
www.up.com
www.facebook.com/unionpacific
www.twitter.com/unionpacific

Key Takeaways Canadian National set a monthly propane shipment record to Watson Island with 40% higher carloads Y/YCNI boosted throughput through train optimization, better asset use, and greater network efficiency.CNI said collaboration with partners supports growing propane exports and long-term revenue growth. Canadian National Railway Company’s (CNI - Free Report) record propane shipments to Watson Island in May 2026 highlight the company's improving operational efficiency and its ability to support growing export demand within existing commercial arrangements. The 40% year-over-year increase in carloads demonstrates stronger throughput on the South Beamer-to-Watson Island corridor, reflecting robust demand for Canadian propane exports and CNI’s enhanced execution across its rail network.

The new monthly record also underscores the success of CNI’s operational initiatives, including train length optimization, improved asset utilization and greater network efficiency. By surpassing the previous record set in August 2024, the company has demonstrated its ability to increase transportation capacity and reliability without significant infrastructure expansion, strengthening customer confidence in its service.

The milestone reinforces CNI’s strategic role in Canada's energy export supply chain. Reliable transportation to the West Coast enables propane producers and terminal operators to capitalize on strong international demand while supporting higher export volumes and improving the competitiveness of Canadian energy products in global markets.

Looking ahead, CNI’s continued emphasis on operational excellence and collaboration with Pembina and other supply chain partners positions the company to benefit from sustained growth in propane exports. Continued improvements in network efficiency and service reliability could support higher freight volumes and contribute positively to the company's long-term revenue growth.

CNI’s Share Price PerformanceCNI’s shares have gained 23% over the past year compared with the Transportation - Rail industry’s 22.4% growth.

Image Source: Zacks Investment Research

CNI’ Zacks RankCNI currently carries a Zacks Rank of #3 (Hold).

Stocks to ConsiderInvestors interested in the Zacks Transportation sector may consider Expeditors International of Washington, Inc. (EXPD - Free Report) and Teekay Tankers Ltd (TNK - Free Report) . 

EXPD currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Expeditors has an expected earnings growth rate of 11.9% for 2026.  The company has an encouraging earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 13.96%.

Teekay Tankers Ltd currently sports a Zacks Rank #1.

TNK has an expected earnings growth rate of 98% for the current year. The company has an encouraging earnings surprise history. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 10.2%.

July 03, 2026 09:00 ET  | Source: Canadian National Railway Company

MONTREAL, July 03, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) will issue its second-quarter 2026 financial and operating results before the markets open on July 24, 2026.

CN's senior officers will review the results and the railway's outlook in a conference call starting at 8:30 a.m. Eastern Time on July 24. Tracy Robinson, CN President and Chief Executive Officer, will lead the call.

Parties wishing to participate via telephone may dial 1-800-715-9871 (Canada/U.S.), or 1-647-932-3411 (International), using 2015414 as the passcode. Participants are advised to dial in 10 minutes prior to the call.

CN will provide a live webcast via the Investors section of its website at www.cn.ca/investors. A replay of the webcast will be available following the event.

About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.

Contacts:
 MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior ManagerVice-PresidentMedia RelationsInvestor Relations & Special Projects(438) 596-4329(514) [email protected]@cn.ca