CANADIAN NATIONAL RAILWAY (CNI) Company Report

Canadian National Railway (CNI) reported stronger-than-expected third-quarter results and anticipates delivering on its guidance, with year-to-date volumes up 1%, Q4 volumes up 6%, and November volumes up 15%.
The company is implementing a $75 million cost reduction initiative focused on management positions and has furloughed over 700 employees, achieving a recall rate exceeding 90%.
CNI announced a $550 million reduction in CapEx for 2026, noting its strong existing capacity and rejuvenated locomotive fleet, and indicated this reduction could extend beyond one year.
Significant management appointments include Pat Whiteside as Chief Operating Officer and Janet Drysdale as EVP and Chief Marketing Officer.
CNI maintains a 2.5 times leverage target but is re-evaluating this, while continuing opportunistic share buybacks, including 8 million shares for over $1 billion in Q3.

Nov 24, 2025, 1:00 PM

Transcript

CNI Discusses Q3 Results, Cost Reductions, and Strategic Appointments at Desjardins Conference

CNI

Management Change

Share Buyback

Guidance Update

CNI reported stronger than expected third-quarter results and improved its Operating Ratio by 170 basis points in Q3, continuing a trend of quarterly improvements.
The company implemented a $75 million cost reduction initiative targeting management positions and announced a $550 million CapEx reduction for 2026.
In Q3, CNI executed a significant share buyback, acquiring 8 million shares for over $1 billion, and is currently debating its 2.5 times leverage target.
Key leadership changes include the appointment of Pat Whiteside as Chief Operating Officer and Janet Drysdale as EVP and Chief Marketing Officer.
CNI expressed its opposition to the Transcon Merger, stating it does not solve a problem and committing to protect its franchise.

Nov 24, 2025, 1:00 PM

Transcript

CNI Updates on Q3 Performance, Cost Reductions, and Capital Allocation

CNI

Guidance Update

Share Buyback

Layoffs

Canadian National Railway (CNI) reported strong third-quarter results, improving its Operating Ratio by 170 basis points and expressing confidence in meeting its guidance for the year.
The company announced a CAD 75 million cost reduction initiative targeting management positions and a CAD 550 million reduction in CapEx for 2026, bringing the CapEx to a sustainable level of CAD 2.8 billion.
CNI saw positive volume trends in Q4, with volumes up 6% quarter-to-date and 15% in November-to-date, driven by strong performance in intermodal, petroleum, chemicals, and a record Canadian grain crop, despite difficulties in lumber and iron ore.
In Q3, CNI executed an opportunistic share buyback of 8 million shares for over CAD 1 billion, believing its stock price is undervalued, and plans to continue this strategy.
The company also discussed its opposition to the Transcon Merger, management changes including a new COO and CMO, and ongoing pilots for battery electric and hybrid locomotives.

Nov 24, 2025, 1:00 PM

Transcript

CN Rail Discusses Q3 Performance, 2026 Capital Program, and Strategic Outlook at Scotiabank Conference

CNI

Guidance Update

Share Buyback

M&A

CN Rail reported 6% EPS growth and an improved operating ratio of 61.4% (a 170 basis point improvement) in Q3 on flattish volumes, and expects to land within its guidance range for the year, likely at the lower end.
The company has set its 2026 capital program at CAD 2.8 billion, which is CAD 600 million less than the current year, and is leaning into its buyback program, having retired 8 million shares in Q3. This reduction in CapEx is expected to accelerate free cash flow, which will be returned to shareholders.
CN has significant latent capacity across its network, having debottlenecked key lines like the Edson Sub, and is prepared for future economic growth. The Prince Rupert port is expected to see a 10% CAGR in growth over the next few years, with carload volumes projected to reach 60% by 2030.
Despite an uncertain macroeconomic environment and an ongoing freight recession since early 2022, CN is focused on productivity, with T&E productivity up 13% this year and 20% in Q3.
Regarding potential U.S. rail consolidation, CN is ready to participate in the process and sees opportunities for deeper access into the U.S. market through potential concessions.

Nov 18, 2025, 1:00 PM

Transcript

CN Discusses Q3 Performance, 2026 Outlook, and Strategic Initiatives

CNI

Guidance Update

Share Buyback

New Projects/Investments

CN reported 6% EPS growth and an operating ratio improvement of 170 basis points to 61.4% in Q3 2025, on flattish volumes. The company expects to land within its 2025 guidance range, likely towards the lower end.
For 2026, CN anticipates a continued soft macroeconomic environment and softer overall volumes, with a focus on productivity and cost management. The 2026 capital program is set at CAD 2.8 billion, which is CAD 600 million less than 2025.
CN leaned into its share buyback program in Q3 2025, retiring 8 million shares, and expects increased free cash flow from reduced capital investment to be returned to shareholders.
The company projects 10% CAGR growth in Prince Rupert over the next few years, driven by increasing carload volumes, projected to reach 60% by 2030.
Regarding potential US rail consolidation, CN is ready to participate in the process and seeks opportunities to drive deeper into the US market through concessions.

Nov 18, 2025, 1:00 PM

Transcript

CN Rail Updates on Performance, Capital, and Growth Strategy

CNI

Guidance Update

Share Buyback

New Projects/Investments

CN Rail reported 6% EPS growth and an operating ratio improvement of 170 basis points to 61.4% in the last quarter. The company expects to meet its 2025 guidance, likely at the lower end, and anticipates a continued soft macroeconomic environment into 2026.
The 2026 capital program is set at CAD 2.8 billion, which is CAD 600 million less than the current year. CN retired 8 million shares in Q3 through its buyback program and plans to return increasing free cash flow to shareholders.
Operational efficiency improved, with the operating ratio improving by 20 basis points in Q1, 50 basis points in Q2, and 770 basis points in Q3. The company aims for an operating ratio starting with a five in a normal economic environment.
The Prince Rupert port is a key strategic growth area, with carload volume increasing to 55% currently (from 45% in 2022) and projected 10% CAGR growth over the next few years.
Regarding potential US rail consolidation, CN is prepared to engage in discussions, seeking concessions for deeper access into the US market and viewing its Chicago EG&E asset as an opportunity.

Nov 18, 2025, 1:00 PM

Transcript

CN Announces US$700 Million Debt Offering

CNI

Debt Issuance

Canadian National Railway Company (CN) announced a public debt offering of US$700 million on November 6, 2025.
The offering is comprised of US$300 million aggregate principal amount of 4.200% Notes due 2031 and US$400 million aggregate principal amount of 4.750% Notes due 2035.
CN expects to close the offering on November 12, 2025, subject to customary closing conditions.
The net proceeds from the offering will be used to repay US$500 million principal amount of its 2.75% notes due in March 2026 and for general corporate purposes, including the repayment of commercial paper.

Nov 7, 2025, 2:19 AM

6-K

CANADIAN NATIONAL RAILWAY CO Reports Full-Year 2024 Financial Results

CNI

Earnings

Dividends

Share Buyback

CANADIAN NATIONAL RAILWAY CO (CNI) reported full-year 2024 total revenues of $17,046 million and diluted earnings per share of $7.01.
The company's adjusted diluted earnings per share for 2024 was $7.10, with an adjusted operating ratio of 62.9%.
CNI generated $3,092 million in free cash flow and returned $4.8 billion to shareholders in 2024, which included $2,651 million in share repurchases and $2,138 million in dividends.
The adjusted Return on Invested Capital (ROIC) for 2024 stood at 13.1%.

Nov 6, 2025, 9:23 PM

6-K

CNI Reports Strong Q3 2025 Results and Outlines 2026 Capital Plans

CNI

Earnings

Guidance Update

Share Buyback

CNI reported Q3 2025 EPS of $1.83, a 6% increase year-over-year, with revenues up 1% and an operating ratio improvement of 170 basis points to 61.4%. The company's free cash flow was up 14% year-to-date, totaling over $2.3 billion through September.
The company reaffirmed its 2025 guidance for mid to high single-digit EPS growth and expects 2025 capital expenditures to be around $3.35 billion.
For 2026, CNI plans to reduce its capital spend to $2.8 billion, a decrease of nearly $600 million from 2025, which will position its capital intensity at mid-teens as a percentage of revenue. This reduction is largely due to the completion of capacity expansion projects and fleet upgrades.
CNI is intensely focused on cost management, including a plan to take $75 million out of management labor costs, with the full impact expected in 2026. The company also accelerated share repurchases in Q3, buying back close to 8 million shares for over $1 billion.
Despite expectations for limited volume growth in 2026, CNI's new "boots-on-the-ground" sales program generated $35 million in Q3 and is projected to reach $100 million in Q4.

Oct 31, 2025, 12:30 PM

Transcript

CN Reports Strong Q3 2025 Financial and Operating Results

CNI

Earnings

Share Buyback

Guidance Update

Canadian National Railway Co (CN) reported Q3 2025 revenues of C$4,165 million, a 1% increase, with net income rising 5% to C$1,139 million and diluted EPS up 6% to C$1.83.
The company achieved an operating ratio of 61.4% in Q3 2025, an improvement of 170 basis points, and repurchased approximately 8 million shares for about C$1 billion during the quarter.
For the first nine months of 2025, free cash flow increased by 14% to C$2,341 million compared to the prior period in 2024.
CN is maintaining its 2025 guidance for mid-to-high single digit adjusted diluted EPS growth and has set 2026 capital expenditures at C$2.8 billion, which is nearly C$600 million less than 2025 levels.

Oct 31, 2025, 11:35 AM

6-K

Earnings Transcripts

Quarterly earnings call transcripts for CANADIAN NATIONAL RAILWAY.

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