CANADIAN NATIONAL RAILWAY (CNI) Company Report

For the full year ended December 31, 2025, Canadian National Railway Co reported total revenues of $17,304 million, net income of $4,720 million, and diluted earnings per share of $7.57.
In the fourth quarter of 2025, revenues increased by 2% to $4,464 million, net income rose 9% to $1,248 million, and diluted earnings per share grew 12% to $2.03 compared to the same period in 2024. The operating ratio improved by 1.4 points to 61.2% in Q4 2025.
The company repurchased $2,047 million in common shares and paid $3.55 per share in dividends during 2025.
A new Normal Course Issuer Bid (NCIB) was approved on January 30, 2026, allowing for the repurchase of up to 24.0 million common shares between February 4, 2026, and February 3, 2027.

19 hours ago

6-K

CNI Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Outlook and Shareholder Return Plans

CNI

Earnings

Guidance Update

Share Buyback

CNI reported strong Q4 2025 EPS growth of 14% and 7% for the full year, with a Q4 operating ratio of 60.1% (a 250 basis point improvement year-over-year) and $3.3 billion in cash flow, up 8%.
For 2026, CNI anticipates flattish volumes compared to 2025, with EPS growth slightly exceeding volume growth and continued free cash flow growth.
The company plans to reduce capital spending to $2.8 billion in 2026, a $500 million reduction from the previous year.
CNI's board approved a 3% dividend increase, marking 30 consecutive years of growth, and authorized a new share buyback program for up to 24 million common shares, temporarily increasing debt leverage to approximately 2.7 times to fund repurchases.

6 days ago

Transcript

CNI Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Outlook

CNI

Earnings

Guidance Update

Share Buyback

CNI reported 14% EPS growth for Q4 2025 and 7% for the full year 2025, reaching $7.63 adjusted diluted EPS, aligning with guidance.
The company achieved significant operational efficiency improvements, with a Q4 operating ratio of 60.1% (a 250 basis point improvement year-over-year) and a full-year adjusted operating ratio of 61.7% (a 120 basis point improvement from 2024).
CNI generated over $3.3 billion in free cash flow in 2025, an 8% increase, and announced a 3% dividend increase, marking 30 consecutive years of growth.
For 2026, CNI anticipates flattish volumes compared to 2025, with EPS growth slightly exceeding volume growth, and has set capital expenditures at $2.8 billion, a $500 million reduction from 2025.
A new share buyback program was authorized for up to 24 million common shares, with debt leverage expected to temporarily increase to approximately 2.7 times to support these repurchases.

6 days ago

Transcript

CNI Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Outlook

CNI

Earnings

Guidance Update

Share Buyback

Canadian National Railway Company (CNI) reported strong Q4 and full-year 2025 results, with 14% EPS growth in Q4 and 7% for the full year, reaching CAD 7.63 adjusted diluted EPS. The operating ratio improved to 60.1% in Q4 and 61.7% for the full year.
The company generated over CAD 3.3 billion in free cash flow for 2025, an 8% increase year-over-year.
For 2026, CNI anticipates flattish volumes compared to 2025, with EPS growth slightly exceeding volume growth. Capital expenditures are projected to be CAD 2.8 billion, a CAD 500 million reduction from 2025.
CNI's board approved a 3% dividend increase, marking the 30th consecutive year of growth, and authorized a new share buyback program for up to 24 million common shares. The company expects a temporary increase in debt leverage to approximately 2.7x to facilitate these repurchases.

6 days ago

Transcript

Canadian National reports Q4 and full-year 2025 results

CNI

Earnings

Guidance Update

Demand Weakening

Canadian National (CNI) reported stronger profitability in Q4 and full-year 2025, with Q4 revenue up 2% to C$4.5 billion, net income up 9%, and adjusted diluted EPS rising 14%.
The company achieved a record adjusted operating ratio of 60.1% and increased free cash flow to approximately $3.3 billion, attributing the results to operational improvements and cost control.
Management reduced the 2026 capital expenditures plan by about 15% to C$2.8 billion, citing persistent macroeconomic and tariff-related headwinds that impacted $350 million in 2025 revenue and are expected to pressure 2026.
CN anticipates flat volume growth in 2026, with Q1 expected to be the toughest quarter due to challenging year-over-year comparables.

6 days ago

WSJ

Canadian National Railway Company Announces New Share Buyback Program

CNI

Share Buyback

Canadian National Railway Company (CNR) announced a new Normal Course Issuer Bid (NCIB) to repurchase its Common Shares.
The company intends to acquire up to 24,000,000 Common Shares, which represents 3.9% of its issued and outstanding shares as of January 22, 2026.
The NCIB is scheduled to commence on February 4, 2026, and conclude on February 3, 2027, with all repurchased shares to be cancelled.
CNR believes that the repurchase of its shares represents an appropriate and beneficial use of the Company’s funds.

6 days ago

6-K

CN Announces New Share Repurchase Program and Dividend Increase

CNI

Dividends

Share Buyback

CN's Board of Directors approved a 3% increase in the 2026 dividend, with the first-quarter 2026 dividend set at C$0.9150 per common share payable on March 31, 2026.
A new normal course issuer bid (NCIB) was announced, permitting CN to repurchase up to 24 million common shares (representing 3.9% of outstanding shares as of January 22, 2026) between February 4, 2026, and February 3, 2027.
Under the previous NCIB, which expires on February 3, 2026, CN had repurchased 15,250,222 common shares at a weighted-average price of C$134.44 per share, returning C$2,050 million to shareholders as of January 22, 2026.

6 days ago

6-K

CN Announces Q4 and Full-Year 2025 Results

CNI

Earnings

Dividends

Share Buyback

For the fourth quarter of 2025, CN reported revenues of C$4,464 million, an increase of 2%, and diluted EPS of C$2.03, an increase of 12% compared to the prior year. For the full year 2025, revenues were C$17,304 million, up 2%, and diluted EPS was C$7.57, up 8%.
The company repurchased approximately 15 million shares in 2025 for about C$2 billion.
CN's Board of Directors approved a 3% increase to the 2026 quarterly cash dividend, effective for the first quarter of 2026.
The capital program spending for 2026 is set at C$2.8 billion, a decrease of C$500 million from 2025.
For 2026, CN expects adjusted diluted EPS growth to slightly exceed volume growth, with volume growth in Revenue Ton Miles (RTMs) anticipated to be flattish.

6 days ago

6-K

Canadian National Railway Reports Strong Q4 and Full-Year 2025 Results

CNI

Earnings

Guidance Update

Share Buyback

For the fourth quarter and full year ended December 31, 2025, Canadian National Railway reported Q4 revenues of C$4,464 million and full-year revenues of C$17,304 million. Q4 diluted EPS grew 12% (or 14% on an adjusted basis), and full-year diluted EPS grew 8% (or 7% on an adjusted basis).
The company repurchased approximately 15 million shares for about C$2 billion in 2025. The Board approved a 3% increase to the 2026 quarterly cash dividend and a new Normal Course Issuer Bid (NCIB) to repurchase up to 24 million common shares starting February 4, 2026.
For 2026, CN expects adjusted diluted EPS growth to slightly exceed flattish volume growth (RTMs). The company plans capital program spending of approximately C$2.8 billion, which is a C$500 million decrease from 2025.

6 days ago

Press Release

PowerWood Canada Corp to Connect Rail Spur to Canadian National Railway Track

CNI

New Projects/Investments

Revenue Acceleration/Inflection

PowerWood Canada Corp has acquired 175 acres of land from Mackenzie County for CAD$1.1M to construct a 3.5km rail spur in northern Alberta.
This rail spur will connect to the Canadian National Railway Company track on the Hay River Line between Hay River, NWT, and Roma JCT, AB.
The spur is designed to support loading and locomotive depots for open-top unit trains transporting advanced black biofuel pellets from PowerWood's two planned production facilities.
PowerWood's first plant, 'Peace River', is expected to break ground in late spring 2026 and is projected to manufacture 350,000 tons of pellets annually, with a 10-year 'take or pay' offtake agreement already secured.