Canadian National (CNI - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 30. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis railroad is expected to post quarterly earnings of $1.49 per share in its upcoming report, which represents a year-over-year change of +12%.
Revenues are expected to be $3.27 billion, up 8.1% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.01% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for CN?For CN, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.57%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that CN will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that CN would post earnings of $1.39 per share when it actually produced earnings of $1.50, delivering a surprise of +7.91%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
CN doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerCanadian Pacific Kansas City (CP - Free Report) , another stock in the Zacks Transportation - Rail industry, is expected to report earnings per share of $0.95 for the quarter ended September 2026. This estimate points to a year-over-year change of +18.8%. Revenues for the quarter are expected to be $3.02 billion, up 13.6% from the year-ago quarter.
The consensus EPS estimate for Canadian Pacific Kansas City has been revised 0.4% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -1.03%.
When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Canadian Pacific Kansas City will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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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Proficient Auto Logistics (NASDAQ:PAL – Get Free Report) and Canadian National Railway (NYSE:CNI – Get Free Report) are both industrials companies, but which is the superior business? We will contrast the two companies based on the strength of their dividends, earnings, valuation, risk, analyst recommendations, profitability and institutional ownership.
Profitability This table compares Proficient Auto Logistics and Canadian National Railway’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Proficient Auto Logistics -9.24% -0.49% -0.33% Canadian National Railway 26.92% 22.22% 8.12% Institutional & Insider Ownership 80.7% of Canadian National Railway shares are held by institutional investors. 14.2% of Proficient Auto Logistics shares are held by insiders. Comparatively, 2.4% of Canadian National Railway shares are held by insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a stock is poised for long-term growth.
Volatility and Risk Proficient Auto Logistics has a beta of 1.31, indicating that its share price is 31% more volatile than the S&P 500. Comparatively, Canadian National Railway has a beta of 0.96, indicating that its share price is 4% less volatile than the S&P 500. Analyst Ratings This is a summary of current ratings and price targets for Proficient Auto Logistics and Canadian National Railway, as provided by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Proficient Auto Logistics 1 1 2 0 2.25 Canadian National Railway 0 9 9 0 2.50 Proficient Auto Logistics currently has a consensus target price of $11.00, indicating a potential upside of 207.26%. Canadian National Railway has a consensus target price of $137.49, indicating a potential upside of 16.74%. Given Proficient Auto Logistics’ higher probable upside, equities analysts plainly believe Proficient Auto Logistics is more favorable than Canadian National Railway.
Valuation and Earnings This table compares Proficient Auto Logistics and Canadian National Railway”s gross revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Proficient Auto Logistics $430.42 million 0.23 -$36.02 million ($1.41) -2.54 Canadian National Railway $12.38 billion 5.74 $3.38 billion $5.64 20.88 Canadian National Railway has higher revenue and earnings than Proficient Auto Logistics. Proficient Auto Logistics is trading at a lower price-to-earnings ratio than Canadian National Railway, indicating that it is currently the more affordable of the two stocks.
Summary Canadian National Railway beats Proficient Auto Logistics on 11 of the 14 factors compared between the two stocks.
(Get Free Report)
Proficient Auto Logistics, Inc. focuses on providing auto transportation and logistics services in North America. It primarily focuses on transporting and delivering finished vehicles from automotive production facilities, ports of entry, and rail yards to a network of automotive dealerships. The company operates approximately 1,130 auto transport vehicles and trailers, including 615 company-owned transport vehicles and trailers. It serves auto companies, electric vehicle producers, auto dealers, auto auctions, rental car companies, and auto leasing companies. The company was formerly known as AH Acquisition Corp. and changed its name to Proficient Auto Logistics, Inc. in October 2023. The company was incorporated in 2023 and is based in Jacksonville, Florida.
About Canadian National Railway (Get Free Report)
Canadian National Railway Company, together with its subsidiaries, engages in the rail, intermodal, trucking, and marine transportation and logistics business in Canada and the United States. The company provides rail services, which include equipment, custom brokerage services, transloading and distribution, business development and real estate, and private car storage services; and intermodal services, such as temperature controlled cargo, port partnerships, and logistics parks. It offers trucking services, such as door-to-door services, import and export dray, interline services, and specialized services, comprising flatbed trucks, on-deck mobile transport trays, expedited cargo, and permit/overweight services; and supply chain services. It serves automotive, coal, fertilizers, temperature controlled cargo, forest products, dimensional, grain, metal and minerals, petroleum and chemicals, consumer goods, and third party logistics applications. The company operates a rail network of approximately 20,000 route-miles of track and shipping spanning. Canadian National Railway Company was incorporated in 1919 and is headquartered in Montreal, Canada.
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, /PRNewswire/ -- Large caps closed out the week near record territory, with the S&P 500 and Nasdaq Composite both finishing higher even after a rocky start to the week. Small caps told a different story, with the Russell 2000 slipping on the week as volatility measures eased. Deal and contract news kept the tape busy, from convenience store consolidation to defense procurement, enterprise software acquisitions and rail freight records. Active Companies from around the markets with current developments this week include: Alimentation Couche-Tard Inc. (TSX: ATD), RTX (NYSE: RTX), SAP SE (NYSE: SAP), Canadian National Railway Company (TSX: CNR) (NYSE: CNI), and Eli Lilly and Company (NYSE: LLY).
The S&P 500 closed at 7807.12, up 0.54% on the day and 1.09% for the week, finishing just below its 52-week high of 7844.52 set earlier in the session. The Nasdaq Composite added 0.57% on the day to end at 27349.51, with a weekly gain of 0.58% after touching a week high of 27722.75. The Dow Jones Industrial Average rose 0.70% to 51590.64, up 0.81% on the week.
The Russell 2000 bucked the trend, closing at 2804.34 and down 1.01% for the week despite a 0.37% gain on the day, as small caps stayed pinned near their 200-day moving average support around 2788.86. The RSI14 reading of 37.5 on the small-cap index contrasted with readings above 59 on the S&P 500 and Nasdaq, underscoring the divergence between large and small caps.
Volatility continued to ease, with the VIX closing at 14.84, down 0.57 on the day and 0.68 for the week, while the VXN fell to 20.70. Commodities were mixed: gold rose 1.42% to $4215.90 an ounce, silver jumped 3.53% on the day, WTI crude added 2.38% for the week to $91.56 a barrel, and the 10-year Treasury yield ticked up 3 basis points to 5.26%.
The full report also breaks down key index support and resistance levels, sector sentiment and what traders are watching heading into next week.
CONTINUED... Read this and more news for Alimentation Couche-Tard Inc. (TSX: ATD), RTX (NYSE: RTX), SAP SE (NYSE: SAP), Canadian National Railway Company (TSX: CNR) (NYSE: CNI), and Eli Lilly and Company (NYSE: LLY) at: https://stockpreachers.com/articles/big-caps-shrug-off-a-rough-monday-to-close-the-week-near-highs/
In other industry developments and happenings in the market this week include:
Alimentation Couche-Tard Inc. (TSX: ATD) Alimentation Couche-Tard Inc. announced a definitive agreement with Irving Oil to acquire certain retail assets in Quebec and Ontario, including 50 retail sites already operated by Couche-Tard under the Quebec Alliance, two additional retail sites in Pembroke and Cornwall, Ontario, and fuel supply arrangements covering 71 Couche-Tard owned and operated retail sites in Quebec.
The transaction also includes 18 cardlock sites, split between 16 in Quebec and two in Ontario, with existing Irving Oil fleet customers continuing to be served under a long-term agreement between the two companies. The deal remains subject to customary closing conditions and regulatory approvals, including under the Competition Act.
"This agreement builds on our longstanding relationship with Irving Oil and our experience operating these locations," said Stephane Trudel, Senior Vice President of Operations at Alimentation Couche-Tard. "These are markets and customers we know well. The transaction would support our continued investment in the everyday convenience experience we offer our customers." Read the release.
RTX (NYSE: RTX) RTX's Raytheon business secured a five-year contract, with two additional option years, valued up to $6.3 billion for the production and sustainment of Standard Missile-3 Block IB interceptors, part of recent landmark agreements between Raytheon and the Department of War supporting replenishment of missile defense inventory.
Production under the contract will be primarily completed at Raytheon facilities in Tucson, Arizona and Huntsville, Alabama. SM-3 IB is a ship and land based missile defense interceptor designed to defeat short to intermediate range ballistic missiles during the midcourse phase of flight, first used in combat in 2024.
"This award underscores Raytheon's commitment to increasing production of critical munitions, ensuring our customers have the defensive capabilities they need, when they need them," said Phil Jasper, Raytheon President. "SM-3 Block IB has proven its relevance in combat and this contract helps ensure we can replenish inventories and keep pace with the evolving threats the U.S. Navy, MDA and their partners face around the world." Read the release.
SAP SE (NYSE: SAP) SAP SE and TechWolf announced an agreement for SAP to acquire TechWolf, provider of an AI work intelligence platform built on a proprietary context graph for work. The deal is expected to close in the fourth quarter of 2026, subject to usual closing conditions including regulatory approval, with terms not disclosed.
TechWolf is expected to become part of the SAP SuccessFactors portfolio, powering workforce and talent strategies including skills mapping, workforce planning and organizational redesign. TechWolf will remain an independent entity under CEO Andreas De Neve in its Ghent headquarters, with its platform remaining available to both SAP and non-SAP customers.
"TechWolf's proprietary context graph for skills and work provides an excellent grounding layer for agent queries regarding work and skills planning and talent management," said Manoj Swaminathan, president and chief product officer for SAP Autonomous Suite. "It makes token usage more efficient, lowers the cost of deploying workforce agents and will make Joule more intelligent in AI-driven HR scenarios." Read the release.
Canadian National Railway Company (TSX: CNR) (NYSE: CNI) Canadian National Railway Company announced it set a new quarterly record for grain movement, moving 7.94 million metric tonnes of grain from Western Canada in its third quarter, surpassing the previous record of 7.48 million metric tonnes set in 2020.
The company attributed the performance to robust customer demand, close collaboration across the grain supply chain and consistent execution of its operating plan. CN said it remains focused on sustaining momentum through winter while continuing to deliver service to producers, grain companies and supply chain partners, supported by its recently published 2026-2027 Winter Plan. Read the release.
Eli Lilly and Company (NYSE: LLY) Eli Lilly and Company announced that the FDA approved an additional indication for Jaypirca (pirtobrutinib), allowing its use as a first-line treatment for adult patients with previously untreated chronic lymphocytic leukemia or small lymphocytic lymphoma without a known 17p deletion.
The approval is based on the BRUIN CLL-313 trial, in which progression-free survival was significantly improved with pirtobrutinib compared to bendamustine plus rituximab, with median PFS not yet reached for pirtobrutinib versus 33.5 months for the comparator arm. Overall response rate was 94% for pirtobrutinib versus 81% for the comparator.
"This additional approval for Jaypirca, based on BRUIN CLL-313, marks a significant step forward, expanding its potential to reach more patients who may benefit, this time as an initial treatment for certain previously untreated patients with CLL or SLL," said Jacob Van Naarden, executive vice president and president of Lilly Oncology. Read the release.
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Key Takeaways CNI moved a record 7.94 MMT of Western Canadian grain in Q3 2026, outpacing the 7.48 MMT record set in 2020.Customer demand, supply-chain coordination and effective strategy execution drove CNI's performance.Canadian National's Winter Plan focuses on network fluidity, equipment reliability and winter readiness. Canadian National Railway(CNI - Free Report) has achieved a new quarterly record for grain movement for the third quarter of 2026. The company moved 7.94 million metric tonnes (MMT) of grain from Western Canada in its third quarter, exceeding the previous record of 7.48 MMT set in 2020.
The solid performance underscores sustained customer demand, strong coordination across the grain supply chain and effective execution of CNI’s operating strategy. CNI remains committed to carrying this momentum into winter by providing safe, dependable and efficient services to grain producers, companies and supply chain partners.
In addition, CNI recently unveiled its 2026–2027 Winter Plan, wherein the company reflects on the actions, investments and technologies it plans to implement in its railway operations to perform efficiently during the upcoming winter months. The 2026–2027 Winter Plan has been built on the positive combination of network fluidity, equipment reliability and assurance of maintaining the right set of equipped people and resources, as and when needed during extreme weather conditions affecting the network. The overall aim of this year's Winter Plan is to promote safe working conditions, meet customer demands, improve network performance and enhance network resilience.
Apart from CNI, another railroad company that has reported grain movement for the third quarter is Canadian Pacific Kansas City (CP - Free Report) . CP’s record grain volumes in September and the third quarter highlight the strength and efficiency of its North American grain transportation operations. CP moved 2.94 million metric tons in Canada and 2.51 million metric tons in the United States during September, demonstrating its ability to handle significant volumes during a critical period of the crop year.
Both Canada and the United States set new third-quarter records, reflecting strong grain movement and the importance of reliable rail transportation in connecting producers and grain customers with domestic and international markets. Surpassing the previous records set in 2020 further underscores CP’s strong performance.
CNI’s shares have gained 17.4% so far this year compared with the Transportation - Rail industry’s 18.1% growth.
CNI Stock’s YTD Price Comparison Image Source: Zacks Investment Research
A Stock to ConsiderInvestors interested in the Zacks Transportation sector may consider a better-ranked stock like Herc Holdings (HRI - Free Report) .
Herc Holdings currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
HRI has a negative expected earnings growth rate of 8.4% for the current year. However, 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 60.64%.
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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MONTREAL, Oct. 06, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) will issue its third-quarter 2026 financial and operating results before the markets open on October 30, 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 October 30. 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 5186426 as the passcode. Participants are advised to dial in 10 minutes prior to the call.
CN will webcast the presentation live and furnish slides supporting the officers' remarks via the Investors section of its website at www.cn.ca/investors. A webcast replay will be available after the call ends.
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.
MONTREAL, Oct. 06, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that it set a new quarterly record for grain movement. CN moved 7.94 million metric tonnes (MMT) of grain from Western Canada in its third quarter, surpassing the previous record of 7.48 MMT set in 2020.
The strong performance reflects robust customer demand, close collaboration across the grain supply chain and consistent execution of CN’s operating plan. CN remains focused on sustaining this momentum through winter while continuing to deliver safe, reliable and consistent service to producers, grain companies and supply chain partners.
CN Winter Plan
As CN prepares for winter operations, the Company recently published its 2026-2027 Winter Plan, outlining the proactive solutions in place across its network to support safe and reliable service.
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 Canadian National's Winter Plan focuses on network fluidity, equipment reliability and winter readiness.CNI has invested nearly $64 million in air braking technology, including engine and compressor replacements.Canadian National plans rapid deployment teams, snow-clearing equipment and backup resources for winter. Canadian National Railway(CNI - Free Report) is gearing up for the upcoming winter months. To this end, Canadian National has unveiled its 2026–2027 Winter Plan, wherein the company reflects on the actions, investments and technologies it plans to implement in its railway operations to perform efficiently during the upcoming winter months.
The 2026–2027 Winter Plan has been built on the positive combination of network fluidity, equipment reliability and assurance of maintaining the right set of equipped people and resources, as and when needed during extreme weather conditions affecting the network.
CNI is improving the reliability of its fleet of more than 100 distributed air braking cars through predictive maintenance, which includes the replacement of 21 engines and compressors, and fleet-wide modifications manufactured to enhance air car performance in extreme cold. Since launching the program, CNI has invested almost $64 million in the technology.
To combat cold-weather conditions, CNI continues to advance high-flow brake system technology by using multiple air sources along a train. This shall help maintain stable brake pressure when air leakage increases in extreme cold. CNI is also pursuing a permanent regulatory exemption for the technology in Canada. Meanwhile, the company is also operating with higher airflow between Chicago and Winnipeg under a two-year U.S. regulatory waiver.
Other initiatives include the availability of proper staffing resources in the form of rapid deployment teams, rules-qualified managers and the temporary redeployment of qualified employees. The railroad company also assures it will maintain Mechanical and Engineering resources, snow-clearing equipment, backup power, critical materials and locomotives in important locations ahead of winter.
Tracy Robinson, president and chief executive officer at CNI, said, “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.”
To sum up, the overall aim of this year's Winter Plan is to promote safe working conditions, meet customer demands, improve network performance and enhance network resilience.
CNI’s Share Price PerformanceCNI’s shares have gained 17.3% over the past six months compared with the Transportation - Rail industry’s 12.9% 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 Expeditors International of Washington, Inc. (EXPD - Free Report) and Schneider National, Inc. (SNDR - 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 beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 17.15%.
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.
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]
Canadian National Railway Company (CNR:CA) 25th Annual CIBC Eastern Institutional Investor Conference September 24, 2026 8:00 AM EDT
Company Participants
Ghislain Houle - Executive VP & CFO
Conference Call Participants
Kevin Chiang - CIBC Capital Markets, Research Division
Presentation
Kevin Chiang
CIBC Capital Markets, Research Division
First session here. Thank you very much, everyone, for joining us at our Eastern Conference. It's my pleasure to introduce Ghislain Houle from CN Rail, I think, a man that doesn't need any introduction here. We have Nicolas Schmidt from CN, Senior Manager of IR, in the audience as well. I've got a bunch of questions here. It will be a fireside chat. But if anyone has any questions in the audience, please raise your hand and I'll call you out. So Ghislain, thank you for joining us here in Montreal.
Ghislain Houle
Executive VP & CFO
Thank you, Kevin. [Foreign Language] Thanks for you guys to be here today. It's a pleasure to be here, Kevin. And thanks to the people on the webcast listening and taking interest in our great company called Canadian National Railway. If you agree, Kevin, I'll make a few -- and even if you don't, I'll make a few introductory remarks, and then we can go through that. So listen, let's start talking about our volumes. I think -- our volumes, we're very pleased with where our volumes are either quarter-to-date or year-to-date.
I mean, as you know, our volumes, and we talk volumes in terms of revenue ton-miles because that's a better proxy versus carloads. Our volumes are up 4.5% quarter-to-date, and they're up 4% year-to-date. And this is a lot on the back of Canadian grain. As you know, we have -- and we're benefiting from a bumper crop in Canada this year, which is good because that allows us to move grain well into the third quarter, which
Key Takeaways Dividend-paying stocks are less susceptible to market swings and act as a hedge against economic uncertainty.UNP offers a 2.06% yield with a 45% payout ratio and has increased dividends for 126 consecutive years.CNI provides a 2.17% yield, supported by consistent buybacks and a 48% payout ratio. Prospects of the Zacks Transportation - Rail industry’s participants are being weighed down by challenges like tariff-induced economic uncertainties, inflationary pressures and resultant high interest rates, as well as concerns pertaining to supply-chain disruptions. High fuel costs, due to the ongoing conflict in the Middle East, have been hurting the bottom-line growth of industry players.
Despite these headwinds, the industry has outperformed the Zacks S&P 500 Composite and the Zacks Transportation sector so far this year. Over this period, the industry has gained 20% compared with the S&P 500 Index’s northward movement of 12% and the broader sector’s surge of 7%.
YTD Price Performance Image Source: Zacks Investment Research
Despite the challenges surrounding the industry, some railroad companies, like West Japan Railway Company (WJRYY - Free Report) ), Union Pacific Corporation (UNP - Free Report) and Canadian National Railway Company (CNI - Free Report) , have consistently paid dividends to their shareholders, thus highlighting their pro-shareholder stance.
Dividend growth stocks generally belong to mature companies, which are less susceptible to significant market swings, and act as a hedge against uncertainty-induced stock market volatility, as is the case currently. They offer downside protection with their consistent increase in payouts.
Additionally, these companies generally have strong fundamentals like a sustainable business model, a long track record of profitability, rising cash flows, good liquidity and a strong balance sheet.
How to Pick Stocks With Solid Dividend Payouts?Investing in dividend stocks is a prudent strategy that offers a dual advantage: steady income and a cushion against market volatility. It's no wonder investors actively seek companies with a consistent and growing dividend history. These stocks provide a reliable income stream, acting as a buffer during market downturns and contributing to overall portfolio stability.
To guide investors interested in the railroad industry, we came up with certain parameters using the Zacks Stocks Screener. We shortlisted transportation stocks based on the following:
a) A dividend payout ratio of less than 60% (the dividend payout ratio — dividends paid/net income — gives the proportion of earnings paid out as dividends to shareholders. A payout ratio below 60 looks quite sustainable).
b) A dividend yield of greater than 2% (dividend yield denotes the percentage of a company’s share price that it pays out as dividends annually).
The selected stocks have exhibited dividend growth in the past five years.
West Japan Railway: Based in Kita, Japan, West Japan Railway Company manages the railway operation business in Japan. Currently, the company has a market capitalization of $8.78 billion and has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
West Japan Railway’s quarterly dividend of 39 cents per share (annualized) gives a 2.01% yield at the current stock price. The company’s payout ratio is 22% of its earnings at present. The five-year dividend growth rate is 7.17%. (Check West Japan Railway’s dividend history here).
Union Pacific: Headquartered in Omaha, NE, Union Pacific, through its subsidiary, Union Pacific Railroad Company, operates in the railroad business in the United States. Currently, UNP has a market capitalization of $163.69 billion and carries a Zacks Rank #3 (Hold).
UNP’s quarterly dividend of $1.42 ($5.68 annualized) per share gives a 2.06% yield at the current stock price. The company’s payout ratio is 45% of its earnings at present. The five-year dividend growth rate is 3.55%. (Check Union Pacific’s dividend history here).
UNP has paid dividends on its common stock for 126 consecutive years, reflecting its pro-shareholder approach. Union Pacific’s consistent initiatives to reward its shareholders through dividends and share repurchases look encouraging. In 2023, the company returned $3.9 billion to its shareholders through dividends ($3.17 billion) and buybacks ($705 million). During 2024, UNP paid $3.21 billion in dividends and repurchased shares worth $1.50 billion. During 2025, UNP paid $3.23 billion in dividends and repurchased shares worth $2.67 billion. During the first six months of 2026, UNP paid $1.64 billion in dividends and repurchased shares worth $26 million.
Canadian National: Based in Montreal, Canada, Canadian National is involved in the rail, intermodal, trucking, and marine transportation and logistics business in Canada and the United States. Currently, CNI has a market capitalization of $72.18 billion and carries a Zacks Rank #3.
CNI’s quarterly dividend of 65 cents ($2.60 annualized) per share gives a 2.17% yield at the current stock price. This company’s payout ratio is 48% of its earnings at present. The five-year dividend growth rate is 5.60%. (Check Canadian National’s dividend history here).
CNI’s consistent efforts to reward its shareholders via dividends and buybacks are encouraging and highlight the company's financial strength. In 2023, CNI paid dividends of C$2.07 billion and repurchased shares worth C$4.55 billion. During 2024, CNI paid dividends of C$2.14 billion and repurchased shares worth C$2.60 billion. During 2025, CNI paid dividends of C$2.20 billion and repurchased shares worth C$2.05 billion. During the first six months of 2026, CSX paid $1.11 billion in dividends and repurchased shares worth $1.33 billion.
Such shareholder-friendly moves indicate the company’s commitment to creating value for shareholders and underline its confidence in its business.
Safety Stocks Are Not What They Used to Be: 4 Names Built for a Weaker DollarCanadian National Railway NYSE: CNI Executive Vice President and Chief Financial Officer Ghislain Houle said the railroad remains comfortable with its full-year guidance as strong Canadian grain shipments, network fluidity and productivity gains support results despite softness in lumber and international intermodal markets.
Speaking at an investor conference in Montreal, Houle said revenue ton miles were up 4.5% quarter to date and 4% year to date, driven largely by a bumper Canadian grain crop. Excluding grain, volumes were up 1% both quarter to date and year to date.
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3 Boring Infrastructure Stocks That Could Beat the Market in 2026“We’re very pleased with where our volumes are,” Houle said. He noted that grain shipments have continued into the third quarter, an unusual pattern compared with an average crop year, when grain volumes typically decline by the end of the second quarter.
Network Performance and Productivity Houle said CN’s network has remained fluid while handling higher volumes, with car velocity running above 200 car miles per day. He pointed to first-half gains in several productivity metrics, including a 13% increase in crew productivity, a 7% increase in locomotive utilization and a 3% year-over-year improvement in fuel efficiency.
3 Stocks To Watch For When Tariffs Subside The company’s Fast Track initiative, which reviews processes across yards, terminals, auto compounds, fleet operations and other facilities, delivered nearly CAD 100 million in savings during the first half, Houle said. While he said the company is continuing to identify efficiency opportunities, he cautioned investors not to expect another CAD 100 million to CAD 300 million in savings from the program.
“The lion’s share has been achieved,” Houle said. “But we’re not done.”
CN is also examining its vehicle fleet and real estate footprint as part of the initiative. Houle said the company has roughly 5,000 vehicles and is reviewing whether all are necessary, along with evaluating smaller engineering facilities and associated real estate costs.
Fuel, Capital Spending and Cash Flow Houle updated the company’s fuel-surcharge outlook after diesel prices rose from levels discussed during CN’s second-quarter call. He said an expected third-quarter earnings-per-share tailwind of CAD 0.15 is now closer to CAD 0.10, while the fourth-quarter benefit is estimated at CAD 0.05 to CAD 0.10.
If fuel prices remain at then-current levels through year-end, Houle said the operating ratio would face an estimated 50-basis-point negative impact in the third quarter and a 150- to 200-basis-point negative impact in the fourth quarter. He noted that fuel prices remain volatile.
The CFO said CN is on track to invest CAD 2.8 billion in capital expenditures, down from 2025. He said the lower capital level is not expected to be a one-year event because the railroad has sufficient capacity in railcars and locomotives. CN expects its capital spending as a percentage of revenue to remain more in line with U.S. railroad peers for at least the next couple of years.
Houle also said a Canadian government productivity deduction could increase CN’s free cash flow by about CAD 150 million next year and by more than CAD 200 million in 2028. The measure would affect cash taxes rather than earnings per share, he said.
CN’s capital-allocation priorities are not expected to change significantly as a result, although Houle said the company could consider being “more aggressive a little bit” with share repurchases. The company plans to return its adjusted debt-to-adjusted EBITDA leverage ratio to 2.5 times next year after temporarily lifting leverage from its prior 2.5-to-2.7-times range.
Trade Shifts, Mexico Access and Growth Opportunities Houle said changing trade conditions have affected freight categories differently. Metals, energy and automotive traffic have performed well, while lumber remains weak amid a 45% tariff and muted U.S. housing starts of about 1.3 million. He said metals traffic has shifted within Canada, including shipments from Ontario to Vancouver, while aluminum continues to move to the United States despite tariffs.
CN also sees opportunity in its memorandum of understanding with Union Pacific, which Houle said expands the railroad’s reach toward Mexico. He said trade between Canada and Mexico totals about CAD 45 billion, with approximately 80% involving eastern Canada.
According to Houle, CN’s route from eastern Canada is about 400 miles shorter than that of its Canadian competitor and benefits from CN’s ability to move through Chicago on its own tracks. Under the arrangement, CN expects to interchange traffic with Union Pacific in Memphis rather than Chicago.
Houle said the agreement is not dependent on a merger, though access to Kansas City would depend on the merger referenced during the discussion. He described the Mexico opportunity as a long-term growth avenue across automotive, agriculture and other freight categories, complementing the Falcon service’s focus on converting long-haul truck freight to rail intermodal service.
CN has excess capacity on its Joliet-area “J” line, Houle said, and views Union Pacific traffic as an opportunity to monetize that capacity. If additional infrastructure is eventually required, he said Union Pacific would fund the needed capacity “in one way, shape or form.”
Technology and Regulation Houle said CN is using artificial intelligence and automation in areas including accounting, but characterized the effort as still developing. He said technology represents the next stage of both safety and productivity improvements for railroads.
However, he said regulatory requirements continue to limit the benefits from automated inspection systems. Houle cited CN’s use of portals equipped with high-resolution cameras and algorithms that can inspect trains, while manual certified car inspections are still required.
“That train should go right through a portal,” Houle said, describing an inspection process that can otherwise keep a 12,000-foot train stopped for about an hour and a half. He said Canadian and U.S. regulatory environments have been similarly slow to permit replacement of manual processes with technology.
Looking ahead, Houle said CN’s network, access to three coasts, position in Canada’s natural-resource markets and connection through Chicago to New Orleans support its long-term outlook. “I think the future of CN is looking great,” he said.
About Canadian National Railway (NYSE:CNI)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. Its rail system connects the Atlantic, Pacific and Gulf coasts with major industrial centers, ports and distribution markets, supporting trade across North America.
CN transports a diverse range of products, including grain and fertilizers, coal and minerals, forest products, petroleum and chemicals, metals, automotive goods, and consumer and manufactured products.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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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.
MONTREAL, Sept. 22, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) and Total Grain Marketing (TGM) announced that on September 16th, 2026, CN shipped the first unit train from TGM’s recently expanded grain elevator at Lis, Illinois. The project includes a new 115-car loop track that replaces the existing 25-car footprint, along with expanded receiving, storage, and shipping capacity.
The expansion at Lis includes the construction of 3.1 million bushels of grain storage capacity along with three truck dump pits that allow the facility to receive up to 85,000 bushels of grain per hour. New shipping capacity will allow unit trains to be loaded in as little as eight hours.
“Lis represents the biggest project in the history of TGM. We appreciate the partnership and engagement with CN every step of the way through this project.”
- Ken Meinhart, Grain Division Manager, Total Grain Marketing
“The operational efficiencies that this project will generate for TGM, its customers, and CN will make a real difference to the end-to-end grain supply chain in CN’s Southern Region.”
“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.”
- Sandra Ellis, Vice-President, Bulk, Industrial and Business Development, CN
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.
About TGM:
Total Grain Marketing (TGM) is a full-service grain company dedicated to providing comprehensive grain marketing solutions to meet the needs of both producers and consumers. Established in 2006 as a joint venture between South Central FS, GROWMARK, Inc., and Wabash Valley Service Company, TGM operates 25 elevators across Illinois and Indiana.
Contacts:
MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior Manager Vice-PresidentMedia RelationsInvestor Relations and Special Projects(438) 596-4329(514) 399-0052 [email protected] [email protected]
Photos accompanying this announcement are available at
MONTREAL, Sept. 21, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today launched its annual Rail Safety Week campaign to raise awareness about the risks of unsafe behaviour around railway tracks and property.
CN Police Officers Engage with Communities Across the United States to Raise Awareness and Save Lives CN Police Officers Engage with Communities Across the United States to Raise Awareness and Save Lives
Safety Stocks Are Not What They Used to Be: 4 Names Built for a Weaker DollarCanadian National Railway NYSE: CNI CEO Tracy Robinson said the railroad is pursuing growth opportunities in Mexico, energy, agriculture and selected domestic markets while relying on prior infrastructure investments to support volume gains without a major increase in capital spending.
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Speaking at the Laguna Conference, Robinson said CN’s agreement with Union Pacific would extend its network access to Mexico through Memphis and a connection with Ferromex, or FXE. She described the arrangement as a “once-in-a-generation opportunity,” citing approximately C$45 billion in Canada-Mexico trade across commodities.
3 Boring Infrastructure Stocks That Could Beat the Market in 2026“We’ve got this tremendous origination network, so we’re matching that in a really lean, fast route through Memphis down to FXE,” Robinson said. She noted that FXE is Mexico’s largest railroad and said it has been growing faster than other North American railroads this year.
Mexico Opportunity Includes Existing Rail Freight and Truck Conversion Robinson said CN sees three stages of opportunity from the Mexico arrangement. First, traffic that had moved through Chicago to reach Mexico can be rerouted through Memphis, extending CN’s haul and providing an immediate revenue benefit. Second, CN plans to pursue rail traffic already moving between Canada and Mexico, particularly into Eastern Canada, where she said the route could offer a three- to four-day transit-time advantage.
3 Stocks To Watch For When Tariffs Subside Third, the company sees an opportunity to convert freight from trucking to rail. Robinson estimated the Canada-Mexico truck market at C$3.5 billion and said trucking economics, including fuel and labor costs, could make rail a more attractive alternative.
She said 80% of the C$45 billion in trade between Canada and Mexico is between Mexico and Eastern Canada. CN expects to work with FXE on near-, medium- and long-term commercial plans, although Robinson said the company would provide more detail after those plans are established.
CN also has an agreement involving potential access to Kansas City if a pending merger receives approval. Robinson said the arrangement would include a haulage and trackage route into Kansas City, first rights to purchase the line under certain circumstances, and access to Neff Yard. The company expects the route would immediately extend its haul from Chicago to Kansas City, though it remains contingent on the merger proceeding.
Energy, Agriculture and Port-Linked Development Robinson said CN remains bullish on energy and agricultural freight, emphasizing that several opportunities are tied to long-term infrastructure investment and global demand rather than solely to the North American economic cycle.
She pointed to development in the Western Canadian energy complex, including natural gas liquids, crude and related products. Robinson cited investments and projects involving AltaGas facilities in Prince Rupert, Keyera’s ACE Rail Terminal, the Strathcona crude facility, Dow’s Path2Zero project in Edmonton, the CANXPORT facility in Prince Rupert and BHP’s Jansen potash mine.
According to Robinson, natural gas liquids exports through Prince Rupert have increased at an annualized rate of about 8% over the past three years, and CN expects that growth rate to double over the next three years.
CN reported 4.5% growth in revenue ton-miles so far this year, though Robinson said growth would moderate in the fourth quarter because of a more difficult comparison period. She also said the railroad gained grain market share during a record crop year and has capacity in place to handle future demand.
In automotive, metals and domestic intermodal, Robinson said CN is pursuing both larger initiatives and smaller customer-specific opportunities. She said automotive volume growth has included import traffic through Halifax and Vancouver, while steel movements have shifted toward domestic Canadian and U.S. routes rather than cross-border traffic.
Productivity, Capital Spending and Returns Robinson said CN’s network remains fluid, with car velocity up 6%, dwell down 5% and locomotive utilization up 7% in the Western Corridor despite higher grain and energy volumes. Workforce productivity has improved 5% this year, she said, while train-crew productivity has improved 13%.
The company has invested in debottlenecking, added 25% capacity in Western Canada and modernized its locomotive fleet, Robinson said. As a result, CN expects normalized capital spending of 15% to 17% of revenue going forward, including continued selective capacity additions.
Robinson said cost-reduction efforts under the company’s Fast Track initiative are continuing beyond yards and terminals into facilities, engineering equipment, procurement and support functions. She characterized the work as an extension of scheduled railroading and said the benefits from this year’s actions would carry into next year, alongside further initiatives.
CN is also using data from autonomous inspections and locomotive technology to improve predictive maintenance and network optimization, Robinson said. The company is exploring hybrid battery technology and has improved fuel efficiency by about 4% over the last three or four years, reaching record levels this year.
On profitability, Robinson said operating ratio is an output of growth, productivity and asset utilization rather than the company’s sole focus. Still, she said CN expects its operating ratio to “start with a five,” while emphasizing earnings growth, free cash flow and shareholder value.
Robinson added that fuel-price changes could create a modest earnings tailwind of roughly C$0.10 across the third and fourth quarters if prices remain at current levels. She estimated the operating-ratio benefit could be roughly 50 basis points in the third quarter and potentially 150 to 200 basis points in the fourth quarter, depending on fuel prices.
About Canadian National Railway (NYSE:CNI)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. Its rail system connects the Atlantic, Pacific and Gulf coasts with major industrial centers, ports and distribution markets, supporting trade across North America.
CN transports a diverse range of products, including grain and fertilizers, coal and minerals, forest products, petroleum and chemicals, metals, automotive goods, and consumer and manufactured products.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Key Takeaways CNI's eight-year Amtrak deal resolves a decade-long proceeding and sets clearer operating terms. Canadian National Railway gains regular schedule reviews and processes to address operational issues. CNI's OSE deployment aims to improve grade-crossing train detection, backed by FRA funding. Canadian National Railway (CNI - Free Report) is strengthening its partnership with Amtrak through a new eight-year operating agreement covering passenger services on CNI-owned U.S. rail lines. The agreement resolves a more than decade-long proceeding before the Surface Transportation Board and establishes a clearer framework for managing Amtrak operations, schedules, performance payments and disputes. This should help improve coordination between the two parties and support more predictable passenger and freight operations across shared corridors.
The revised performance payment system, which is more closely aligned with the Federal Railroad Administration’s on-time performance standard, could encourage greater operational efficiency. Regular schedule reviews and defined processes for addressing operational issues are also expected to facilitate smoother coordination between Canadian National and Amtrak. Improved passenger train reliability could enhance service quality while allowing CNI to better manage the movement of freight and passenger traffic across its network.
The deployment of Onboard Shunt Enhancers (“OSEs”) represents another positive development for CNI. The technology is designed to improve train detection at grade crossings, helping warning systems activate appropriately while providing greater operating flexibility. FRA funding for the installation of OSEs also reduces the financial burden associated with the technology while supporting safety improvements across communities served by Canadian National and Amtrak.
Overall, the agreements provide CNI with a more structured framework for managing passenger rail operations while advancing safety and network efficiency. The resolution of the long-running dispute, combined with investments in crossing technology and closer coordination with Amtrak, should help reduce operational friction and support reliable passenger and freight services on CNI’s U.S. network.
Share Price PerformanceCNI’s shares have gained 19.1% over the past six months compared with the Transportation - Rail industry’s 18.4% growth.
Image Source: Zacks Investment Research
CNI’s Zacks RankCNI 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 Seanergy Maritime Holdings (SHIP - 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 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%.
MONTREAL, Sept. 17, 2026 (GLOBE NEWSWIRE) -- Ghislain Houle, Executive Vice-President and Chief Financial Officer of CN (TSX: CNR) (NYSE: CNI), will address the 25th Annual CIBC Eastern Institutional Investor Conference on September 24, 2026, at 8:00 a.m. Eastern Time (ET).
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.
Canadian National Railway Company (CNR:CA) Morgan Stanley's 14th Annual Laguna Conference September 16, 2026 10:00 AM EDT
Company Participants
Tracy Robinson - President, CEO & Director
Conference Call Participants
Ravi Shanker - Morgan Stanley, Research Division
Presentation
Ravi Shanker
Morgan Stanley, Research Division
Great. Good morning, everyone, and welcome back to Day 2 of the Laguna Conference. We had an exciting day yesterday and hoping for a lot more great content today. So very happy to kick off our day 2 schedule with Canadian National Railroad, and very happy to welcome back to Laguna, CEO, Tracy Robinson. Tracy, thanks for being here.
Tracy Robinson
President, CEO & Director
Thanks, Ravi. Always good to be in Laguna and always happy to come back and talk you about what's going on in the rail space.
Ravi Shanker
Morgan Stanley, Research Division
Great. That's awesome. I will let you open with some opening remarks. But before that, I have to say that for important disclosures, please see Morgan Stanley's research disclosure website at morganstanley.com/researchdisclosures or please read our recent research.
And with that, Tracy, do you want to just open up with the lay of land?
Tracy Robinson
President, CEO & Director
Sure. Listen, I'm really proud of the way the last year has unfolded. But what I maybe I'll do before we get to your questions, Ravi, is I'll spend just a couple of minutes on where I'm focusing my time and where we're all focusing our time as we look forward as well. And that being on some pretty interesting growth opportunities combined with some disciplined operating execution and how that kind of combines to create some interesting shareholder value.
So on growth opportunities, first, I got to tell you, I am really happy to be sitting here this year with a network
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]
MONTREAL, Sept. 16, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) Police officers along with other CN spokespeople will be available to members of the media during Rail Safety Week from September 21-25, 2026. This annual public awareness campaign highlights the importance of safe behaviours near railway crossings and the danger of trespassing on railway property.
Uniformed CN Police officers and CN spokespeople will be available for interviews across Canada and will take part in community events throughout the week. Media outlets can contact CN’s media relations team to schedule phone, virtual or in-person (where possible) interviews as well as requests visuals to support broadcast, print, and online coverage.
Why Rail Safety Matters
Every year, preventable accidents occur at rail crossings and along railway property. CN’s message is simple: Safety is a shared responsibility. By working together with schools, communities, and media partners, CN aims to reduce incidents and save lives.
Rail Safety Week Activities
CN is proud to partner with Operation Lifesaver and local authorities across North America to deliver a range of online and in-person activities during Rail Safety Week. These initiatives promote safe practices, raise awareness about rail crossing safety, and highlight the risks of trespassing on railway property. CN continues to invest in rail safety and invites all communities across its network to participate in Rail Safety Week activities.
About CN Police
Every year, CN Police Services respond to hundreds of events across the eight Canadian provinces and 16 U.S. states within our network. In addition to protecting CN property, CNPS officers deliver rail safety presentations to schools, trucking agencies, bus operators and community organizations. By rolling out strategic educational initiatives and conducting targeted operations, CNPS aims to promote safe behaviours and increase awareness of rail safety. CNPS is committed to making CN the safest railroad in North America.
For more information or to schedule an interview with a CN Police Officer, please contact:
Alberta
Atlantic
British Columbia
Manitoba
Ontario
Quebec
Saskatchewan
Canada
HOMEWOOD, Ill., Sept. 16, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) Police officers along with other CN spokespeople will be available to members of the media during See Tracks?
Proposed conditions would give customers greater access to CN’s reliable service and strengthen rail competition in key Midwest markets | Source: Canadian National Railway Company
MONTREAL, Sept. 10, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) filed last night with the Surface Transportation Board (STB) a description of the anticipated conditions it plans to seek in connection with the proposed Union Pacific (UP) and Norfolk Southern (NS) transaction.
The filing builds on the binding Memorandum of Understanding announced by CN and UP in July, which established a framework for CN to secure access to new locations and customers as a remedy for competitive harms of the proposed transaction. The conditions are designed to preserve meaningful rail competition and customer choice while expanding access to CN’s network and service in key Midwest markets.
“Competition matters because it supports better service, stronger customer options and incentivizes investment. The conditions we are proposing would preserve competitive access in key Midwest markets, expand CN’s reach and create additional opportunities to grow with our customers.”
– Olivier Chouc, Senior Vice-President and Chief Legal Officer, CN
CN’s proposed conditions would strengthen its Midwest presence by connecting its network to key areas in St. Louis and Kansas City and preserving competitive rail options for shippers in Des Moines, Iowa and central and southern Illinois that would otherwise see the number of Class I railroads serving their facilities substantially reduced as a result of the proposed UP-NS merger.
With its existing Midwest network, strong operating performance and ability to provide competitive service at scale, CN believes it is uniquely positioned to serve as a preferred remedy carrier where conditions are required to preserve competition.
As outlined in CN’s filing, the proposed conditions include:
Preserving competitive options for 2-to 1 shippers in central and Southern Illinois, including Hillsboro and Carlinville, Bloomington, Mt. Vernon, Granite City, Momence, Federal, Alton, and Danville as well as Des Moines, Iowa, where the proposed transaction would reduce Class I rail options from two to one. Preserving competitive options for 3-to-2 shippers in Des Moines and Avon, Iowa, where the proposed transaction would reduce Class I rail options from three to two.New access to Kansas City, including rights between Kansas City and St. Louis, as well as leasing UP’s Neff Yard in Kansas City, remedying the loss of a Class I carrier in areas where UP’s and NS’s networks overlap.Improved Access to East St. Louis, Illinois and St. Louis, Missouri, including overhead trackage rights between Tuscola, Illinois and East St. Louis, Illinois. CN believes these conditions would address competitive harms from the proposed transaction, strengthen competition across the Midwest and provide shippers with additional service and routing options. CN is committed to investing in these expanded services to preserve competition for shippers and provide additional transportation options.
These anticipated conditions remain subject to STB approval and the closing of the proposed UP-NS transaction. Formal requests for conditions are due on November 18.
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]
MONTREAL, Sept. 09, 2026 (GLOBE NEWSWIRE) -- Tracy Robinson, President and Chief Executive Officer of CN (TSX: CNR) (NYSE: CNI), will address the Morgan Stanley’s 14th Annual Laguna Conference on September 16, 2026, starting at 10:00 a.m. Eastern Time.
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.
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%.
Key Takeaways Canadian National moved a record 2.50 MMT of grain in August, topping the prior August record of 2.34 MMT.CNI's added capacity, customer coordination and operating execution supported higher volumes and reliability.CNI's 2026-2027 Grain Plan targets adequate resources and capacity to handle the upcoming harvest. 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.
Looking ahead, Canadian National’s 2026-2027 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 14.3% over the past six months compared with the Transportation - Rail industry’s 14.2% growth.
CNI Stock’s Six-Month Price Comparison Image Source: Zacks Investment Research
CNI’s Zacks Rank and Stocks to ConsiderCurrently, CNI 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%.
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 UNP offers a 1.78% yield with a 45% payout ratio and has increased dividends for 126 consecutive years.CNI provides a 2.10% yield, supported by consistent buybacks and a 48% payout ratio.Dividend-paying stocks are less susceptible to market swings and act as a hedge against economic uncertainty. Prospects of the Zacks Transportation - Rail industry’s participants are being weighed down by challenges like tariff-induced economic uncertainties, inflationary pressures and resultant high interest rates, as well as concerns regarding supply-chain disruptions. High fuel costs, due to the ongoing conflict in the Middle East, have been hurting the bottom-line growth of industry players.
Despite these headwinds, the industry has outperformed the Zacks S&P 500 Composite as well as the Zacks Transportation sector so far this year. Over this period, the industry has gained 31.8% compared with the S&P 500 Index’s northward movement of 11.8% and the broader sector’s surge of 14.5%.
YTD Price Performance Image Source: Zacks Investment Research
Despite the challenges surrounding the industry, some railroad companies, like Union Pacific Corporation (UNP - Free Report) and Canadian National Railway Company (CNI - Free Report) , have consistently paid dividends to their shareholders, thus highlighting their pro-shareholder stance.
Dividend growth stocks generally belong to mature companies, which are less susceptible to significant market swings, and act as a hedge against uncertainty-induced stock market volatility, as is the case currently. They offer downside protection with their consistent increase in payouts.
Additionally, these companies generally have strong fundamentals like a sustainable business model, a long track of profitability, rising cash flows, good liquidity and a strong balance sheet.
How to Pick Stocks With Solid Dividend Payouts?Investing in dividend stocks is a prudent strategy that offers a dual advantage: steady income and a cushion against market volatility. It's no wonder investors actively seek companies with a consistent and growing dividend history. These stocks provide a reliable income stream, acting as a buffer during market downturns and contributing to overall portfolio stability.
To guide investors interested in the railroad industry, we came up with certain parameters using the Zacks Stocks Screener. We shortlisted transportation stocks based on the following:
a) A dividend payout ratio of less than 60% (the dividend payout ratio — dividends paid/net income — gives the proportion of earnings paid out as dividends to shareholders. A payout ratio below 60 looks quite sustainable).
b) A dividend yield of greater than 1% (dividend yield denotes the percentage of a company’s share price that it shells out as dividends annually).
The selected stocks have exhibited dividend growth in the past five years, apart from currently carrying a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Union Pacific: Headquartered in Omaha, NE, Union Pacific, through its subsidiary, Union Pacific Railroad Company, operates in the railroad business in the United States. Currently, UNP has a market capitalization of $183.92 billion.
UNP’s quarterly dividend leads to $5.52 per share (annualized), giving a 1.78% yield at the current stock price. The company’s payout ratio is 45% of its earnings at present. The five-year dividend growth rate is 3.55%. (Check Union Pacific’s dividend history here).
UNP has paid dividends on its common stock for 126 consecutive years, reflecting its pro-shareholder approach. Union Pacific’s consistent initiatives to reward its shareholders through dividends and share repurchases look encouraging. In 2023, the company returned $3.9 billion to its shareholders through dividends ($3.17 billion) and buybacks ($705 million). During 2024, UNP paid $3.21 billion in dividends and repurchased shares worth $1.50 billion. It paid $3.23 billion in dividends and repurchased shares worth $2.67 billion in 2025. During the first six months of 2026, UNP paid $1.64 billion in dividends and repurchased shares worth $26 million.
Canadian National: Based in Montreal, Canada, Canadian National is involved in the rail, intermodal, trucking, and marine transportation and logistics business in Canada and the United States. Currently, CNI has a market capitalization of $76.93 billion.
CNI’s quarterly dividend leads to $2.67 per share (annualized), which gives it a 2.10% yield at the current stock price. This company’s payout ratio is 48% of its earnings at present. The five-year dividend growth rate is 5.60%. (Check Canadian National’s dividend history here).
CNI’s consistent efforts to reward its shareholders via dividends and buybacks are encouraging and highlight the company's financial strength. In 2023, CNI paid dividends of C$2.07 billion and repurchased shares worth C$4.55 billion. The company paid dividends of C$2.14 billion and repurchased shares worth C$2.60 billion in 2024.During 2025, it paid dividends of C$2.20 billion and repurchased shares worth C$2.05 billion. During the first six months of 2026, CNI paid $1.11 billion in dividends and repurchased shares worth $1.33 billion.
Such shareholder-friendly moves indicate the company’s commitment to creating value for shareholders and underline its confidence in its business.
Shares of Canadian National Railway Company (NYSE: CNI - Get Free Report) (TSE: CNR) have been given a consensus rating of "Moderate Buy" by the seventeen research firms that are currently covering the stock, MarketBeat.com reports. Eight research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company.
Key Takeaways CNI has three hybrid locomotives in testing and plans two more conversions by the end of 2026. CNI's initial pilot delivered up to 50% better fuel efficiency, fewer engine failures and less idling. CNI's upgraded locomotives pair 2.8 MWh batteries with Tier 4 engines and boost horsepower to 3,800 HP Canadian National Railway (CNI - Free Report) continues to advance its hybrid locomotive development program, with three locomotives currently undergoing testing. It plans to convert two additional locomotives into hybrid-electric platforms with AC traction technology by the end of 2026. The initiative is aimed at improving fuel efficiency, reliability and operational performance while extending the useful life of existing yard locomotives and reducing emissions.
The program has already delivered encouraging results. During its initial hybrid locomotive pilot, CNI achieved up to a 50% improvement in fuel efficiency, along with fewer engine-related failures, higher horsepower and reduced idling. These improvements could help lower fuel consumption and operating costs while reducing noise and emissions in communities along CNI’s network.
The upgraded locomotives feature solid-state batteries, a larger 2.8 MWh battery system paired with an 800-horsepower Tier 4 engine, and increased total horsepower from 3,200 to 3,800 HP. The integration of AC traction motors into the existing DC motor frame also allows CNI to enhance locomotive performance while maintaining the same truck interface.
Overall, the hybrid locomotive program represents a positive step in CNI’s fleet modernization and sustainability efforts. The ability to repower existing locomotives rather than fully replace them could support capital efficiency while improving fuel economy, asset utilization and environmental performance. Continued testing under real-world operating conditions should help CNI further assess the technology’s potential for broader deployment across its North American network.
CNI’s Share Price PerformanceCNI’s shares have gained 36.1% over the past year compared with the Transportation - Rail industry’s 32% growth.
Image Source: Zacks Investment Research
CNI’s Zacks RankCNI 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 LATAM Airlines Group (LTM - Free Report) .
Expeditors currently carries 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%.
LATAM Airlines Group currently sports a Zacks Rank #1.
LTM has an expected earnings growth rate of 10.3% 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 97.9%.
MONTREAL, Aug. 14, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today announced the advancement of its hybrid locomotive development program, marking another important milestone in the company's commitment to innovative, more efficient and more sustainable rail operations.
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%.
MONTREAL, Aug. 11, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that it closed the 2025–26 crop year with a record movement of more than 33.8 million metric tonnes (MMT) of grain from Western Canada, exceeding the previous record of 31.2 MMT set in the 2024-25 crop year. The record-setting year was capped by a strong finish in July, when CN moved 2.62 MMT of grain, surpassing the previous July record of 2.43 MMT set in 2020.
Canadian National Railway (TSE:CNR – Get Free Report) (NYSE:CNI) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$155.35 and traded as high as C$179.19. Canadian National Railway shares last traded at C$179.05, with a volume of 1,993,320 shares.
Analyst Upgrades and Downgrades Several analysts have recently commented on the company. Raymond James Financial increased their price objective on Canadian National Railway from C$198.00 to C$200.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Barclays upped their target price on Canadian National Railway from C$155.00 to C$185.00 and gave the company an “equal weight” rating in a research report on Monday, July 27th. National Bank Financial increased their price target on Canadian National Railway from C$173.00 to C$192.00 and gave the company a “sector perform” rating in a research note on Monday, July 27th. Desjardins increased their price target on Canadian National Railway from C$185.00 to C$199.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Finally, Susquehanna downgraded Canadian National Railway from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$183.29.
Get Our Latest Stock Analysis on Canadian National Railway
Canadian National Railway Price Performance The stock’s 50 day simple moving average is C$171.64 and its 200-day simple moving average is C$155.35. The firm has a market cap of C$108.61 billion, a price-to-earnings ratio of 22.98, a price-to-earnings-growth ratio of 3.38 and a beta of 1.18. The company has a debt-to-equity ratio of 103.26, a quick ratio of 0.57 and a current ratio of 0.87.
Canadian National Railway (TSE:CNR – Get Free Report) (NYSE:CNI) last posted its quarterly earnings data on Friday, July 24th. The company reported C$2.08 EPS for the quarter. The business had revenue of C$4.75 billion during the quarter. Canadian National Railway had a net margin of 26.92% and a return on equity of 22.19%. Equities research analysts anticipate that Canadian National Railway will post 8.2610275 EPS for the current fiscal year.
Insider Buying and Selling In other news, Director Justin M. Howell purchased 350 shares of the stock in a transaction on Friday, May 15th. The stock was bought at an average price of C$152.74 per share, with a total value of C$53,459.00. Following the transaction, the director owned 350 shares in the company, valued at C$53,459. The trade was a ∞ increase in their position. Corporate insiders own 2.64% of the company’s stock.
Canadian National Railway Company Profile (Get Free Report)
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.
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CN concludes 2025-2026 crop year with record grain movements across its network July 31, 2026 10:00 ET | Source: Canadian National Railway Company
MONTREAL, July 31, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today published its 2026-2027 Grain Plan outlining how the company will continue delivering safe, reliable, and efficient service to support Canada’s agricultural sector and strengthen the country’s grain supply chain.
As the 2025-2026 crop year concludes, CN is pleased to have achieved 10 months of record grain movement across its network. This performance reflects the collaboration among producers, grain companies, terminals, customers and CN railroaders to manage capacity and ensure the resiliency of Canada’s integrated grain supply chain.
"Every crop year presents new challenges and opportunities, but our focus remains constant: operating safely, delivering reliably for our customers and keeping the grain supply chain moving. Our Grain Plan reflects years of investment in our network and the importance of working closely with customers and supply chain partners. When we plan together, we perform better, helping ensure Canadian grain reaches domestic and global markets efficiently and reliably."
- Tracy Robinson, President and Chief Executive Officer, CN
Highlights from the 2026–2027 Grain Plan include:
Prepared to Meet Demand: CN anticipates shipments of 30 to 33 million metric tonnes (MMT) of grain and processed grain products during the 2026–2027 crop year compared to crop year maximum sustainable end-to-end grain supply chain capacity of 36.7 MMT. CN has the people, equipment, and operating plan to meet the anticipated demand.Supply Chain Collaboration: CN recognizes that reliable grain movement depends on close coordination among farmers, country elevators, processors, railways, ports, terminals, vessel operators, customers and governments. The company remains committed to working collaboratively across the supply chain to improve overall.Transparency and Accountability: CN will continue providing weekly public performance metrics and monthly reporting to customers, government and other stakeholders, supporting transparency throughout the crop year.Ready to Adapt: While confident in its ability to meet customer demand, CN remains prepared to adapt to changing market conditions throughout the crop year while maintaining a safe and fluid railway. The 2026–2027 Grain Plan reinforces CN’s long-standing commitment to Canadian agriculture and to supporting Canada’s competitiveness in global markets. Through disciplined planning, strategic investments and collaboration across the supply chain, CN continues to help move Canadian grain safely and efficiently to customers globally.
For more information and to access the full 2026–2027 CN Grain Plan, visit www.cn.ca/grain.
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.
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]
Assetmark Inc. cut its stake in Canadian National Railway Company (NYSE:CNI – Free Report) (TSE:CNR) by 89.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 646 shares of the transportation company’s stock after selling 5,323 shares during the quarter. Assetmark Inc.’s holdings in Canadian National Railway were worth $66,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. High Point Wealth Management LLC bought a new position in Canadian National Railway in the 4th quarter valued at about $27,000. Curio Wealth LLC acquired a new stake in Canadian National Railway during the fourth quarter worth approximately $31,000. MidFirst Bank bought a new stake in shares of Canadian National Railway during the fourth quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Canadian National Railway by 378.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 354 shares of the transportation company’s stock worth $35,000 after acquiring an additional 280 shares during the period. Finally, MBM Wealth Consultants LLC acquired a new position in shares of Canadian National Railway in the first quarter valued at approximately $37,000. Institutional investors and hedge funds own 80.74% of the company’s stock.
Canadian National Railway Price Performance Shares of CNI stock opened at $129.77 on Thursday. The company has a market cap of $78.64 billion, a P/E ratio of 23.01, a P/E/G ratio of 2.44 and a beta of 0.96. The company has a quick ratio of 0.49, a current ratio of 0.87 and a debt-to-equity ratio of 0.99. The business has a fifty day simple moving average of $121.11 and a 200 day simple moving average of $111.36. Canadian National Railway Company has a twelve month low of $90.74 and a twelve month high of $131.55.
Canadian National Railway (NYSE:CNI – Get Free Report) (TSE:CNR) last issued its earnings results on Friday, July 24th. The transportation company reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.11. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.26 billion. Canadian National Railway had a net margin of 26.92% and a return on equity of 22.22%. The company’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the business posted $1.87 earnings per share. On average, sell-side analysts forecast that Canadian National Railway Company will post 5.75 EPS for the current fiscal year.
Canadian National Railway Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 8th will be issued a dividend of $0.915 per share. This represents a $3.66 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 8th. Canadian National Railway’s payout ratio is 47.34%.
Wall Street Analysts Forecast Growth CNI has been the subject of several recent research reports. Royal Bank Of Canada boosted their price target on Canadian National Railway from $195.00 to $205.00 and gave the company an “outperform” rating in a research note on Monday. Stephens raised shares of Canadian National Railway to a “hold” rating in a report on Wednesday, July 8th. Evercore raised shares of Canadian National Railway from an “in-line” rating to an “outperform” rating and set a $124.00 target price on the stock in a report on Thursday, June 25th. Benchmark reiterated a “hold” rating on shares of Canadian National Railway in a research report on Monday. Finally, Bank of America boosted their price target on Canadian National Railway from $132.00 to $134.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Eight research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $137.40.
Read Our Latest Report on CNI
Canadian National Railway Company Profile (Free Report)
Canadian National Railway Company (NYSE: CNI) is a Class I freight railway that operates an integrated rail network across Canada and the United States. Headquartered in Montreal, Quebec, CN provides long-haul freight transportation and related logistics services that connect major ports, industrial centers and inland markets throughout North America. Its transcontinental system enables cross-border movement of goods and supports supply chains that span coast-to-coast in Canada and into the central and eastern United States.
CN’s core business is the railborne transportation of a broad mix of commodities, including intermodal container traffic, forest and paper products, grain and other agricultural products, metallurgical and industrial products, petroleum and chemical products, coal and automotive shipments.
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Canadian National Railway delivered strong 2Q26 results, driven by operational excellence and surges in energy and grain volumes. I downgrade CNI to 'hold' from 'buy' as the valuation discount has diminished, with a new $126 price target based on 22x FY26 earnings. Much of the recent growth stemmed from temporary factors such as record grain crops and fuel surcharges, unlikely to be sustained in the long run.
Key Takeaways CNI's Q2 earnings and revenues beat estimates as grain and energy volumes drove broad freight growth.Fuel costs surged 59.6%, pushing the adjusted operating ratio 50 basis points higher to 62.2%.CNI raised its 2026 outlook to low-single-digit RTM growth and mid-to-high-single-digit earnings growth. Canadian National Railway Company (CNI - Free Report) reported second-quarter 2026 adjusted earnings of $1.50 per share (C$2.08), beating the Zacks Consensus Estimate of $1.39 by 7.9%. Adjusted earnings increased 11.2% year over year in Canadian-dollar terms.
Revenues of $3.43 billion (C$4.75 billion) topped the consensus estimate by 5.4% and rose 11.2% year over year. Strong grain and energy volumes supported the performance, while revenue ton-miles, a measure of freight volume, increased 5.1%.
CNI's Freight Revenues Advance BroadlyFreight revenues increased 11.5% year over year to C$4.56 billion. Grain and fertilizers revenues climbed 17.5% year over year, while petroleum and chemicals rose 16.5%. Automotive revenues increased 18.3% year over year, aided by strong imports to Canada and market-share gains.
On a year-over-year basis, intermodal revenues advanced 7.8%, forest products increased 7.4%, and metals and minerals rose 6.5%. Coal revenues were nearly flat. Total carloads slipped 0.4%, but freight revenue per carload increased 11.9% year over year to C$3,236, reflecting improved volume mix and yield.
Canadian National's Costs Weigh on EfficiencyOperating expenses increased 12.8% year over year to C$2.97 billion. Fuel expense surged 59.6% year over year to C$659 million due to higher prices, although stronger fuel efficiency and higher volumes partly tempered the impact. Purchased services and material costs rose 11.3% year over year, while labor and fringe benefits increased 3.1%.
Operating income grew 8.7% year over year to C$1.78 billion. However, the adjusted operating ratio deteriorated 50 basis points to 62.2%, as fuel alone had a 210-basis-point unfavorable impact. The adjusted result excluded C$17 million of advisory costs related to rail consolidation matters.
CNI's Productivity Gains Support OperationsGross ton-miles increased 3.2% year over year, while gross ton-miles per average employee improved 8.8%. Locomotive utilization rose 6.3% year over year, and train length increased 0.8%. These gains reflected resource alignment, plan discipline and continued emphasis on asset utilization.
Network service measures were mixed. Car velocity declined 0.9% year over year to 211 miles per day, and through dwell increased 4.4% to 7.1 hours. Through network train speed improved 1.1% to 19.1 miles per hour, while the local service commitment rate declined to 93% from 95%.
Canadian National's Cash Flow Remains SolidNet cash provided by operating activities totaled C$1.61 billion, down 7.7% year over year. Lower investing outflows helped free cash flow increase 2.2% to C$942 million. Gross property additions declined 13.7% to C$695 million.
CNI ended June with C$280 million in cash and cash equivalents compared with C$350 million at 2025-end. Long-term debt increased to C$21.74 billion from C$20.30 billion. The company repurchased 2.9 million shares for C$454 million during the quarter.
CNI Sees Uneven Freight Trends AheadManagement expects Canadian grain strength in the third quarter due to higher carry-outs from the record 2025-2026 crop. Petroleum and chemicals should benefit from refined-product growth, new crude oil business and added natural gas liquids fractionation capacity.
The outlook is less favorable for international intermodal, where North American imports remain challenging, and lower-profitability volume has been demarketed. Forest products face flat housing starts and U.S. tariffs and duties, while weak iron ore fundamentals remain a drag on metals and minerals.
Canadian National Raises Its 2026 OutlookCanadian National now expects low-single-digit RTM growth in 2026, up from its prior assumption of flattish growth. The company raised its adjusted diluted earnings growth outlook to the mid-to-high-single-digit range from its earlier expectation for growth slightly above RTM gains.
The railroad continues to plan approximately C$2.8 billion of capital expenditures, net of customer reimbursements. Its updated assumptions include a Canadian dollar value of 71 U.S. cents and West Texas Intermediate crude prices of $80-$110 per barrel. Management also flagged heightened demand risk from volatile macroeconomic conditions, geopolitical conflicts and global trade tensions.
Currently, CNI carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q2 Performances of Other Transportation CompaniesDelta Air Lines (DAL - Free Report) reported second-quarter 2026 earnings (excluding 88 cents from non-recurring items) of $1.56 per share, beating the Zacks Consensus Estimate of $1.51. Earnings declined in double digits (% wise) from a year ago as sharply higher fuel costs pressured profitability.
Revenues rose on a year-over-year basis to $17.67 billion but missed the consensus estimate of $17.76 billion. Broad demand strength lifted adjusted total revenue per available seat mile, or TRASM, 12.4%, while premium and diversified revenue streams continued to expand.
United Airlines Holdings, Inc. (UAL - Free Report) reported second-quarter 2026 adjusted earnings of $1.99 per share, down 48.6% year over year but above the Zacks Consensus Estimate of $1.92 by 3.7%.
Operating revenues rose 16% to $17.67 billion and were essentially in line with the $17.68-billion consensus mark. A 12.1% increase in total revenue per available seat mile, or TRASM, and broad-based gains across premium, loyalty and cargo revenues supported the top line despite sharply higher fuel costs.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported second-quarter 2026 earnings of $1.91 per share, up 45.8% from $1.31 a year ago. The figure beat the Zacks Consensus Estimate of $1.71 by 11.7%.
Operating revenues climbed 19.4% year over year to $3.50 billion and surpassed the consensus mark of $3.19 billion by 9.5%. Higher volumes and pricing across several businesses supported growth, led by a 10% increase in Intermodal loads.
Canadian National Railway Co (NYSE:CNI) on Friday posted better-than-expected earnings for the second quarter.
The company reported quarterly earnings of $1.50 per share which beat the analyst consensus estimate of $1.40 per share. The company reported quarterly sales of $3.433 billion which beat the analyst consensus estimate of $3.250 billion.
Canadian National Railway shares fell 0.4% to trade at $129.05 on Monday.
These analysts made changes to their price targets on Canadian National Railway following earnings announcement.
Considering buying CNI stock? Here’s what analysts think:
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Canadian National Railway delivered strong Q2 2026 results, with revenue up 11% and EPS up 10%, prompting raised full-year guidance. Key uncertainties—freight recession, trade conflict, and the pending UNP-NSC merger—remain but have diminished impact on CNI's valuation and outlook. Capital allocation flexibility has improved via reduced capex and a temporary leverage increase, enabling substantial share buybacks and prudent dividend growth.
Canadian National Railway Company delivered strong Q2 results, with 11% revenue and EPS growth, driven by price discipline and volume increases. CNI's operational efficiency improved despite some minor setbacks, and management raised EPS guidance based on internal execution rather than macro tailwinds. The strategic agreement with Union Pacific mitigates merger risks, expands reach into Mexico, and enhances long-term growth opportunities.
3 Boring Infrastructure Stocks That Could Beat the Market in 2026Canadian National Railway NYSE: CNI raised its 2026 outlook after reporting second-quarter earnings growth, higher volumes and what management described as improved productivity across its network.
President and Chief Executive Officer Tracy Robinson said the company delivered 12% exchange-adjusted earnings-per-share growth on 5% volume growth during the quarter. CN now expects low-single-digit growth in revenue ton miles for 2026 and mid- to high-single-digit adjusted diluted EPS growth, compared with its prior assumption for roughly flat volumes.
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3 Stocks To Watch For When Tariffs Subside “The engine's running well,” Robinson said, citing operating execution, commercial activity, cost discipline and capital management. She said the company expects year-over-year comparisons to become more difficult in the fourth quarter, particularly because it is lapping record grain performance from the prior year.
Second-quarter financial performance Chief Financial Officer Gilles Lelièvre said reported diluted EPS totaled C$2.06, up 10% from a year earlier. Adjusted diluted EPS was C$2.08, up 11%, or C$2.09 on an exchange-adjusted basis, representing 12% growth. The results included a C$17 million adjustment for advisory fees related to industry consolidation.
Trade War Bargain Stocks: Top 3 Picks Too Good to Pass UpRevenue rose 11% year over year as RTMs increased 5%, according to Chief Commercial Officer Janet Drysdale. CN reported an adjusted operating ratio of 62.2%, compared with 61.7% a year earlier. Lelièvre said higher fuel prices had a 210-basis-point unfavorable effect on the operating ratio.
Year-to-date free cash flow increased about 20%, or roughly C$300 million, driven by stronger earnings, disciplined capital spending and working-capital management, partly offset by higher tax payments. CN ended the quarter with leverage of 2.6 times and maintained its target of 2.7 times adjusted debt to adjusted EBITDA for 2026.
On an exchange-adjusted basis, labor expense increased 3%, reflecting wage increases and about C$40 million more in incentive compensation, partly offset by a 5% reduction in average headcount. Fuel expense increased about C$250 million from the prior-year period because of higher prices, while purchased services and materials rose 11%, including advisory costs and higher trucking and vessel costs associated with volume growth.
Productivity and network operations Chief Operating Officer Pat Whitehead said CN moved 3% more gross ton miles while using existing assets and capacity more efficiently. Locomotive productivity improved about 6%, employee productivity improved about 9%, and train-and-engine employee productivity increased about 13%. Average train length rose approximately 1%.
CN also reported its best second-quarter and first-half fuel-efficiency performance in its history. Whitehead said the company improved efficiency through train handling, locomotive utilization and operating practices while maintaining transit-time performance.
The company’s Fast Track continuous-improvement program generated close to C$100 million in realized benefits so far this year, Whitehead said. The review of an initial group of major terminals has largely been completed, while work continues at intermodal terminals, network operations centers and other areas including purchased services and facilities.
Whitehead said car velocity and network train speed were largely flat year over year despite higher volumes, while metrics improved during the quarter after being affected by the end of winter conditions in April. In Western Canada, CN handled record grain volumes alongside higher refined petroleum products, potash and natural gas liquids, while car velocity, train speed and dwell each improved by roughly 3%.
CN is monitoring active wildfires in Northern Ontario and British Columbia. Whitehead said the company’s main line through Northern Ontario was open and management did not expect a significant effect on the business, though it had experienced some traffic bunching during a shutdown.
Commodity trends and second-half outlook Drysdale highlighted record second-quarter volumes for Western Canadian grain and potash, as well as strong U.S. grain movements. Petroleum and chemicals RTMs rose 11%, supported by increased long-haul refined-product shipments from Western to Eastern Canada, growth into the Greater Toronto Area fuel terminal and higher NGL exports through Prince Rupert.
Metals volumes increased 11% despite tariffs on steel and aluminum, as CN worked with customers on supply-chain changes, according to Drysdale. Domestic intermodal also grew, while overseas intermodal volumes rose sequentially but declined from a year earlier due to difficult comparisons with tariff-related volume pull-forwards in the prior year.
CN expects grain strength to be a principal driver of third-quarter RTM growth. Management expects continued momentum in refined products, new crude business and NGL exports. Domestic intermodal is expected to remain strong, while overseas intermodal is expected to weaken in the second half, partly due to the demarketing of certain low-profitability Port of Vancouver shipments. Automotive share gains and offshore imports into Canada are expected to offset generally flat production. Canadian coal volumes will depend on mine production and operating conditions, while U.S. export demand remains supportive. Union Pacific agreements expand market access Robinson also discussed two agreements announced with Union Pacific. A commercial agreement, which is effective once definitive documentation is completed and is not contingent on a merger, gives CN rights for Canada-to-Mexico traffic through Memphis and direct access to Ferromex. CN said the arrangement extends its length of haul from Chicago to Memphis and creates opportunities for northbound and southbound traffic across commodities, including automotive, intermodal, agriculture, energy and chemicals.
In return, Union Pacific will receive rights to additional capacity on CN’s EJ&E line for U.S. traffic. Robinson said CN will retain control over capacity and Union Pacific would fund any required expansion tied to its volumes.
A separate settlement agreement, contingent on Surface Transportation Board approval and closing of the proposed Union Pacific merger, would provide CN access to Kansas City and use of Union Pacific’s NEF yard. CN said it identified five “two-to-one” customers under the agreement, with additional “three-to-two” opportunities expected to evolve through the regulatory process.
CN agreed not to oppose the merger, saying the agreements had largely addressed its concerns while creating new growth opportunities. Robinson said the company would still participate if questions arise concerning its agreements with Union Pacific.
About Canadian National Railway (NYSE:CNI)Canadian National Railway Company NYSE: CNI is a Class I freight railway that operates an integrated rail network across Canada and the United States. Headquartered in Montreal, Quebec, CN provides long-haul freight transportation and related logistics services that connect major ports, industrial centers and inland markets throughout North America. Its transcontinental system enables cross-border movement of goods and supports supply chains that span coast-to-coast in Canada and into the central and eastern United States.
CN's core business is the railborne transportation of a broad mix of commodities, including intermodal container traffic, forest and paper products, grain and other agricultural products, metallurgical and industrial products, petroleum and chemical products, coal and automotive shipments.
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For the quarter ended June 2026, Canadian National (CNI - Free Report) reported revenue of $3.43 billion, up 11.2% over the same period last year. EPS came in at $1.50, compared to $1.35 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $3.26 billion, representing a surprise of +5.44%. The company delivered an EPS surprise of +7.91%, with the consensus EPS estimate being $1.39.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how CN performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Operating Ratio: 62.5% versus the five-analyst average estimate of 63.2%.Carloads - Total: 1.41 million versus 1.41 million estimated by four analysts on average.Carloads - Coal: 110 thousand versus the four-analyst average estimate of 110.81 thousand.Carloads - Forest Products: 70 thousand versus 69.24 thousand estimated by four analysts on average.Carloads - Automotive: 58 thousand versus 57.05 thousand estimated by four analysts on average.Carloads - Intermodal: 573 thousand versus the four-analyst average estimate of 586.5 thousand.Revenue Ton Miles - Petroleum & Chemicals: 11.87 billion versus 11.64 billion estimated by four analysts on average.Carloads - Petroleum & Chemicals: 170 thousand compared to the 166.4 thousand average estimate based on four analysts.Revenue Ton Miles (RTM): 62.25 billion compared to the 60.86 billion average estimate based on four analysts.Revenue Ton Miles - Metals & Minerals: 7.03 billion versus the four-analyst average estimate of 6.85 billion.Revenue Ton Miles - Automotive: 953 million compared to the 899.93 million average estimate based on four analysts.Carloads - Metals & Minerals: 234 thousand versus 231.96 thousand estimated by four analysts on average.View all Key Company Metrics for CN here>>>
Shares of CN have returned +8.5% over the past month versus the Zacks S&P 500 composite's +0.6% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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.
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.
July 24, 2026 07:31 ET | Source: Canadian National Railway Company
MONTREAL, July 24, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that its 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.
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.
The Canadian railroad boosted its full-year outlook, citing firmer freight demand and shifting economic conditions, after posting higher profit and revenue in the second quarter.
