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

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

–    Tracy Robinson, President and Chief Executive Officer, CN

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 Three months ended June 30 Six months ended June 30 2026 2025 % Change
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Fav (Unfav)  2026 2025 % Change
Fav (Unfav) % Change at
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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.

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.

Posted by Defense World Staff on Jul 24th, 2026

Bank of Nova Scotia lessened its stake in shares of Canadian National Railway Company (NYSE:CNI – Free Report) (TSE:CNR) by 50.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,397,099 shares of the transportation company’s stock after selling 1,429,311 shares during the quarter. Bank of Nova Scotia owned 0.23% of Canadian National Railway worth $143,761,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Scharf Investments LLC purchased a new position in shares of Canadian National Railway in the fourth quarter valued at $8,283,000. Fisher Asset Management LLC grew its stake in Canadian National Railway by 10.5% in the 4th quarter. Fisher Asset Management LLC now owns 2,279,778 shares of the transportation company’s stock valued at $225,356,000 after acquiring an additional 216,963 shares during the last quarter. Norges Bank purchased a new position in Canadian National Railway during the 4th quarter valued at about $570,161,000. Clean Energy Transition LLP purchased a new position in Canadian National Railway during the 4th quarter valued at about $47,268,000. Finally, QV Investors Inc. increased its holdings in Canadian National Railway by 7.4% during the 4th quarter. QV Investors Inc. now owns 629,069 shares of the transportation company’s stock valued at $62,299,000 after acquiring an additional 43,523 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth Several analysts have issued reports on the stock. Barclays upped their price target on shares of Canadian National Railway from $99.00 to $109.00 and gave the company an “equal weight” rating in a report on Thursday, June 25th. Bank of America lifted their price objective on Canadian National Railway from $132.00 to $134.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Evercore raised Canadian National Railway from an “in-line” rating to an “outperform” rating and set a $124.00 target price on the stock in a research note on Thursday, June 25th. Weiss Ratings cut Canadian National Railway from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, July 9th. Finally, Citizens Jmp initiated coverage on Canadian National Railway in a report on Wednesday, July 15th. They issued a “market perform” rating for the company. Eight research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, Canadian National Railway presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.12.

Check Out Our Latest Stock Report on CNI

Canadian National Railway Stock Performance NYSE:CNI opened at $130.54 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.67 and a quick ratio of 0.49. The firm has a market cap of $79.11 billion, a PE ratio of 23.73, a P/E/G ratio of 2.44 and a beta of 0.96. The firm has a 50 day simple moving average of $119.80 and a 200-day simple moving average of $110.51. Canadian National Railway Company has a 1-year low of $90.74 and a 1-year high of $131.21.

Canadian National Railway (NYSE:CNI – Get Free Report) (TSE:CNR) last announced its earnings results on Wednesday, April 29th. The transportation company reported $1.31 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.31. The firm had revenue of $3.15 billion for the quarter, compared to analyst estimates of $3.15 billion. Canadian National Railway had a net margin of 27.22% and a return on equity of 21.90%. Canadian National Railway’s revenue was down .5% compared to the same quarter last year. During the same quarter last year, the business earned $1.85 earnings per share. On average, equities analysts expect that Canadian National Railway Company will post 5.67 EPS for the current year.

Canadian National Railway Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th were issued a dividend of $0.915 per share. The ex-dividend date was Tuesday, June 9th. This represents a $3.66 annualized dividend and a dividend yield of 2.8%. Canadian National Railway’s dividend payout ratio (DPR) is 48.55%.

About Canadian National Railway (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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MONTREAL, July 23, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) will issue its second-quarter 2026 financial and operating results at 7:30 a.m. Eastern Time on July 24, 2026.

July 22, 2026 20:06 ET  | Source: Canadian National Railway Company

MONTRÉAL, 22 juill. 2026 (GLOBE NEWSWIRE) -- Le CN (TSX : CNR) (NYSE : CNI) et Union Pacific (NYSE : UNP) ont annoncé aujourd’hui la signature d’un protocole d’entente exécutoire établissant un cadre pour permettre au CN d’obtenir un accès concurrentiel dans le cadre de l’opération proposée entre Union Pacific et Norfolk Southern (NYSE : NSC).

L’entente de règlement préserve les options des clients et résout les enjeux de propriété des terminaux ferroviaires, tout en accroissant la présence du CN dans le Midwest et en réaffirmant la protection des points d’accès pour tous les clients et les chemins de fer.

Aux termes de l’entente de règlement, qui est subordonné à l’approbation du Surface Transportation Board (STB) et à la finalisation de la fusion :

Le CN obtient l’accès aux installations des expéditeurs lorsque les options des chemins de fer de classe I sont réduites de 2 à 1 ou de 3 à 2, si le contexte commercial et l’exploitation le permettent.Le CN acquiert les participations de Norfolk Southern dans la Kansas City Terminal Railway Company (KCT) et la Terminal Railroad Association of St. Louis (TRRA). Le CN obtient un nouvel accès au Midwest grâce aux droits généraux entre Tuscola, en Illinois, et East St. Louis, en Illinois, et aux droits de desservir les clients entre St. Louis, au Missouri, et Kansas City, au Missouri. Pour la première fois, le CN sera présent au cœur de Kansas City, grâce à l’utilisation du triage Neff d’Union Pacific. Le CN ne s’opposera pas à la fusion entre Union Pacific et Norfolk Southern. Les deux parties collaboreront dans le cadre du processus du STB afin d’assurer la mise en œuvre de cette entente. « Dès le premier jour, nous avons affirmé que notre fusion avec Norfolk Southern préserverait et renforcerait nos options concurrentielles et créerait un secteur ferroviaire plus fort qui offre un meilleur service aux clients », a déclaré Jim Vena, PDG d’Union Pacific. « Cette entente de règlement renforce ces engagements en accordant un accès et des droits d’exploitation élargis à un concurrent redoutable. »

« Alors que le secteur ferroviaire envisage d’importants changements structurels, il est essentiel que les clients continuent de profiter d’une véritable concurrence et de choix », a déclaré Tracy Robinson, présidente-directrice générale du CN. « Ce cadre permettrait de préserver l’accès concurrentiel aux principaux marchés, notamment Kansas City, tout en positionnant le CN de manière à ce qu’il continue à offrir des options fiables et efficaces à ses clients partout en Amérique du Nord. »

Énoncés prospectifs
Certains énoncés contenus dans le présent communiqué constituent des « énoncés prospectifs » au sens de la Private Securities Litigation Reform Act of 1995 des États-Unis et en vertu des lois canadiennes sur les valeurs mobilières. Ces énoncés, de par leur caractère prospectif, impliquent des risques, des incertitudes et des hypothèses. Le CN et Union Pacific préviennent que leurs hypothèses pourraient ne pas s’avérer et qu’en raison de la conjoncture économique actuelle, ces hypothèses, qui étaient raisonnables au moment où elles ont été formulées, comportent un degré plus élevé d’incertitude. Les énoncés prospectifs peuvent se reconnaître à l’emploi de termes comme « croit », « prévoit », « s’attend à », « présume », « perspective », « planifie », « vise » ou d’autres termes semblables. Les énoncés prospectifs sont fondés sur l’information disponible à la date où ils sont formulés. Le CN et Union Pacific ne peuvent être tenu de mettre à jour ou de réviser les énoncés prospectifs pour tenir compte d’événements futurs, de changements de situations ou de changements de convictions, à moins que ne l’exigent les lois applicables sur les valeurs mobilières. Si le CN ou Union Pacific décidait de mettre à jour un énoncé prospectif, il ne faudrait pas en conclure qu’ils feront d’autres mises à jour relatives à cet énoncé, à des questions connexes ou à tout autre énoncé de nature prospective.

À propos du CN
Le CN propulse l’économie en acheminant annuellement en toute sécurité plus de 300 millions de tonnes de ressources naturelles, de produits manufacturés et de produits finis partout en Amérique du Nord pour ses clients. Grâce à son réseau ferroviaire de près de 20 000 milles et à ses services de transport connexes, le CN relie les côtes est et ouest du Canada au Midwest des États-Unis et à la côte du Golfe aux États-Unis, contribuant au commerce durable et à la prospérité des collectivités qu’il dessert depuis 1919.

Sources :
 MédiasInvestisseursAshley MichnowskiJamie LockwoodDirectrice principaleVice-présidentRelations avec les médias
438 596-4329
[email protected] avec les investisseurs et Projets
spéciaux
514 399-0052
[email protected]
À PROPOS D’UNION PACIFIC
Union Pacific (NYSE : UNP) livre, au moyen d’un service sécuritaire, fiable et efficace, les biens que les familles et les entreprises utilisent au quotidien. Présente dans 23 États de l’ouest des États-Unis, l’entreprise relie ses clients et les collectivités à l’économie mondiale. Le train est le moyen de transport de marchandises le plus écologique, ce qui permet à Union Pacific de protéger les générations futures. Pour en savoir davantage sur Union Pacific, consultez le site www.up.com.

Personne-ressource des médias d’Union Pacific : [email protected].
www.up.com
www.facebook.com/unionpacific
www.twitter.com/unionpacific

Agreement expands operating rights in Chicago and creates new Canada-Mexico service opportunities for customers July 22, 2026 18:50 ET  | Source: Canadian National Railway Company

MONTREAL, July 22, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) and Union Pacific (NYSE: UNP) today announced the signing of a binding Memorandum of Understanding that will strengthen rail service across North America, improving both railroads' ability to serve customers.

The agreement provides Union Pacific with expanded operating rights over CN's Elgin, Joliet & Eastern Railway (EJ&E) corridor through Chicago, while granting CN new rights over Union Pacific's network between Memphis, Tennessee, and Eagle Pass, Texas, to support freight movements between Canada and Mexico.

“We are thrilled to have an agreement with Union Pacific to expand CN’s access to Mexico. This is a natural extension of our north-south franchise and will open new routes for customers, provide greater choice and strengthen connections between Canada and Mexico,” said Tracy Robinson, President and CEO of CN. “By extending our reach, we are creating new opportunities for growth while continuing to deliver the safe, reliable service our customers expect. This is another example of CN’s commitment to strengthening rail competitiveness across North America.”

"I’ve seen the benefits first-hand of what the EJ&E route around Chicago can do for a railroad, and we look forward to having access to the quickest way around Chicago,” said Jim Vena, CEO of Union Pacific.

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

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

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

Union Pacific Media Contact: [email protected]
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On July 16, 2026, Canadian National Railway Co (CNI) shares rose 3.4% to a current price of $128.22. This increase is part of a broader upward trend, as the sto

Key Takeaways Canadian National Railway moved a record 2.67 million metric tons of grain in June 2026.CNI maintained network fluidity despite heavy rainfall by adjusting plans and sourcing grain.Higher grain volumes may support freight revenues, asset utilization & growth amid wide export demand. Canadian National Railway (CNI - Free Report) moved a record 2.67 million metric tons of grain in June 2026, surpassing the previous June record of 2.64 million metric tons set in 2020. This performance highlights the strong demand for Canadian grain exports and demonstrates CNI’s ability to handle elevated shipment volumes across its extensive rail network. By efficiently connecting producers, grain companies and export terminals, CNI continues to play a critical role in Canada’s agricultural supply chain.

Despite heavy rainfall across parts of Western Canada, CNI maintained strong network fluidity and kept grain moving to export markets. The company collaborated closely with customers, adjusted shipping plans and sourced grain from available locations to minimize disruptions. These actions underscore CNI’s operational flexibility, disciplined execution and commitment to providing reliable service under challenging conditions.

The record grain movement should provide a tailwind to CNI’s freight revenue performance because grain remains one of the company’s most important bulk commodities. Higher shipment volumes can improve asset utilization and support revenue growth as long as export demand stays healthy. Although factors such as pricing, fuel costs, currency movements and demand in other business segments also influence quarterly results, CNI’s record June performance signals healthy underlying demand. It also reinforces the company’s position as a leading transportation provider for Canadian agricultural exports.

CNI’s Share Price PerformanceCanadian National Railway’s shares have gained 25.8% over the year-to-date period compared with the  Transportation - Rail industry’s 25.3% growth.

Image Source: Zacks Investment Research

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

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

EXPD currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Expeditors has an expected earnings growth rate of 12.3% for 2026.  The company has an encouraging earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 13.96%.

Teekay Tankers Ltd currently sports a Zacks Rank #1.

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

July 03, 2026 11:30 ET  | Source: Canadian National Railway Company

MONTREAL, July 03, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that it established a new monthly record for grain movement across its network. In June, CN moved 2.67 million metric tonnes (MMT) of grain from Western Canada, surpassing the previous June record of 2.64 MMT set in June 2020.

This record performance reflects continued strong customer demand, close collaboration across the grain supply chain and CN’s operational flexibility across its network. Despite heavy rainfall that affected parts of Western Canada, CN worked with customers to adjust shipping plans and move grain from available locations, maintaining strong network fluidity and efficiently moving the grain to export markets.

As the growing season continues, CN remains focused on delivering safe, consistent and reliable service for producers, grain companies and supply chain partners.

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
[email protected]
(514) 399-0052
[email protected] 
  

Key Takeaways CNI signed a conditional long-term lease for PlasCred's proposed Neos recycling facility in Alberta.CNI's Scotford Yard offers rail access to move plastic waste and refined condensate more efficiently.Neos aims to process 100 tons of plastics daily into about 500 barrels of condensate for new products Canadian National Railway (CNI - Free Report) strengthened its role in supporting sustainable industrial development by entering into a conditional long-term lease agreement with PlasCred Circular Innovations for the proposed Neos advanced recycling facility at its Scotford Yard in Fort Saskatchewan, Alberta. The agreement provides PlasCred with an initial 15-year lease, with options to extend site control for up to 30 years. By making available an existing 35,000-square-foot industrial building and a 200-car rail siding, CNI enables the project to leverage established infrastructure while reducing development costs and timelines.

The Scotford Yard location offers significant logistical advantages through direct access to CNI's extensive North American rail network. The rail connectivity streamlines the transportation of inbound mixed plastic waste and outbound refined hydrocarbon condensate, improving supply chain efficiency and lowering transportation costs. These advantages also position the facility for future expansion without requiring substantial new logistics infrastructure.

Once operational, the Neos facility is expected to process up to 100 tons of hard-to-recycle plastics per day and convert them into approximately 500 barrels of refined hydrocarbon condensate daily. The output will serve as feedstock for manufacturing new plastics and other industrial applications, supporting the circular economy initiatives by diverting difficult-to-recycle plastic waste from landfills and giving it a new commercial use.

Although the lease remains conditional on certain requirements being satisfied before its effective date, the agreement represents a meaningful step forward for both PlasCred and CNI. For Canadian National, the partnership highlights the strategic value of its rail infrastructure in supporting emerging clean technology projects while expanding freight opportunities. As PlasCred advances engineering work, regulatory approvals and construction planning, the project has the potential to create long-term transportation demand and reinforce CNI's position as a key logistics partner for Canada's growing sustainability-focused industries.

CNI’s Share Price PerformanceCNI’s shares have gained 20.6% over the past year compared with the Transportation - Rail industry’s 15.9% 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 Teekay Tankers Ltd (TNK - Free Report) . 

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

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

Teekay Tankers Ltd currently sports a Zacks Rank #1.

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

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Based in Montreal Quebec, Canadian National (CNI - Free Report) is in the Transportation sector, and so far this year, shares have seen a price change of 21.76%. The railroad is paying out a dividend of $0.67 per share at the moment, with a dividend yield of 2.22% compared to the Transportation - Rail industry's yield of 0.78% and the S&P 500's yield of 1.45%.

Looking at dividend growth, the company's current annualized dividend of $2.67 is up 5% from last year. Over the last 5 years, Canadian National has increased its dividend 5 times on a year-over-year basis for an average annual increase of 7.31%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. CN's current payout ratio is 49%, meaning it paid out 49% of its trailing 12-month EPS as dividend.

Earnings growth looks solid for CNI for this fiscal year. The Zacks Consensus Estimate for 2026 is $5.75 per share, with earnings expected to increase 5.31% from the year ago period.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. It's important to keep in mind that not all companies provide a quarterly payout.

Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, CNI is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

June 25, 2026 11:30 ET  | Source: Canadian National Railway Company

MONTREAL, June 25, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today released its 2025 Sustainability Data Supplement, including progress against its key sustainability priorities. Over the past year, the Company was recognized by several leading organizations for its sustainability practices.

“Sustainability is fundamental to CN’s strategy and to how we create long-term value. By advancing safety, improving operational efficiency, and reducing our environmental impact, we are strengthening our business while supporting our customers and the communities where we operate. Our progress is a testament to the consistent execution and dedication of our railroaders.”

                    - Tracy Robinson, President and Chief Executive Officer at CN

The 2025 Sustainability Data Supplement outlines CN’s performance across environment, safety, people, community, and governance. It maintains a focus on transparent, comparable, and decision-useful reporting aligned with recognized industry standards. Highlights include progress toward CN’s 2030 emissions reduction targets, safety performance, and efforts toward its representation objectives.

Recognition for Sustainability Practices
CN’s sustainability performance has recently been recognized by leading industry and rating organizations, reflecting its focus on responsible operations and long-term performance. As of June 15, 2026, the Company was:

Selected for the Dow Jones Best-in-Class World Index for the 14th consecutive year, the Dow Jones Best-in-Class North America Index for the 17th straight year and named as a Sustainability Yearbook Member.Selected as one of the Best 50 Corporate Citizens in Canada by Corporate Knights for the 18th year in a row.Recognized by MSCI ESG through a ‘AA’ rating for its approach to managing sustainability risks and opportunities.Earned a notable score of ‘B’ from the 2025 CDP Climate Change Questionnaire for its commitment to corporate transparency and consistent efforts to take action on climate change.Received a Silver medal from EcoVadis for placing in the Top 15% of all rated companies.
For more than two decades, CN has advanced initiatives aligned with its objective to create long-term shareholder value and support sustainable business growth. The Company remains focused on operating a safe and efficient railroad, delivering reliable service, and improving performance over time.

To learn more about CN’s sustainability performance, visit:
https://www.cn.ca/en/delivering-responsibly

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

Contacts:

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

On May 28, 2026, we conducted a discounted cash flow (DCF) analysis for Canadian National Railway Co (CNI), which has shown a positive price performance recentl

MONTRÉAL, 28 mai 2026 (GLOBE NEWSWIRE) -- Le CN (TSX: CNR) (NYSE: CNI) salue la décision du Surface Transportation Board (STB) de suspendre l'examen de la fusion et d'ordonner à Union Pacific (UP) et à Norfolk Southern (NS) de fournir d'importants renseignements supplémentaires.

CN (CNI) reported earnings 30 days ago. What's next for the stock?

MONTREAL, June 03, 2026 (GLOBE NEWSWIRE) -- Janet Drysdale, Executive Vice-President and Chief Commercial Officer and Patrick Whitehead, Executive Vice-President and Chief Operating Officer of CN (TSX: CNR) (NYSE: CNI), will address the Wells Fargo 16th Annual Industrials and Materials Conference on June 11, 2026, at 9:45 a.m. Eastern Time (ET).

MONTREAL, June 04, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that propane export shipments from South Beamer, Alberta to Watson Island, British Columbia reached an all-time monthly record for the corridor in May, while staying within the existing commercial arrangements. The achievement represents an increase in carloads of 40% compared to May 2025 and beating CN's previous monthly record from August 2024, reflecting continued operational improvements across the supply chain.

BHP inks rail deals with CNI and CP, giving the Jansen potash project dual access to Vancouver's Westshore as first production nears.

Key Takeaways CNI secured a transport agreement with BHP for the Jansen Potash Mine in Saskatchewan. Canadian National Railway will move potash to Canada's West Coast export terminals. CNI could benefit from higher shipment volumes and a stronger bulk commodity business. Canadian National Railway (CNI - Free Report) strengthened its long-term growth prospects by securing a transportation agreement with BHP for the Jansen Potash Mine, one of the world's largest new potash developments. The agreement positions CNI to transport potash from Saskatchewan to export terminals on Canada's West Coast, creating a new avenue for freight growth and reinforcing its role in supporting Canada's resource economy.

The deal highlights the strategic advantage of CNI's extensive rail network, which efficiently connects resource-producing regions with key export gateways. As production at the Jansen mine ramps up, CNI stands to benefit from higher shipment volumes, improved network utilization and increased participation in the growing potash export market. The agreement also strengthens the company's bulk commodity franchise, a key contributor to its overall revenue base.

Potash remains a critical component of global fertilizer production, and rising demand for agricultural products should support long-term growth in fertilizer exports. By partnering with BHP on this landmark project, CNI positions itself to capitalize on durable agricultural and commodity demand trends while deepening its relationship with a major global mining company.

Overall, the agreement reflects CNI's ability to secure strategic, long-duration transportation contracts that support future volume growth. As the Jansen project advances toward full production, CNI could benefit from sustained freight demand, enhancing revenue visibility and strengthening its position as a leading North American rail transportation provider.

CNI’s Share Price PerformanceCNI’s shares have gained 23.2% in the past six months compared with the Transportation - Rail industry’s 20% 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 International Seaways (INSW - Free Report) . 

EXPD currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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

INSW currently sports a Zacks Rank #1.

INSW 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 33.93%.

Here we pick two railroad stocks, UNP and CNI, which have a solid five-year dividend growth history.