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Canadian National Railway

CNI · Industrials

Last earnings Oct 30, 2026

Important announcements

CN Q3 2026 CEO AND CFO CERTIFICATESOct 30, 2026

Key results

Revenuequarter

C$4,165 million

(1)(2) Revenues of C$4,165 million, an increase of C$55 million, or 1%.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

Operating incomequarter

C$1,606 million

Operating income of C$1,606 million, an increase of $91 million, or 6%.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

Net incomequarter

C$1,139 million

Net income of C$1,139 million, an increase of C$54 million, or 5%.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

EPSquarter

C$1.83

Diluted EPS of C$1.83, an increase of 6%.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

Free cash flowytd

C$2,341 million

(1) Free cash flow for the first nine months of 2025 was C$2,341 million, an increase of C$281 million, or 14%, from the prior period in 2024.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

Revenue ton miles (RTMs) increased 1% to 57,188 (millions).

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

Company's net incomeytd

$1,139 million

For the three and nine months ended September 30, 2025, the Company's net income was $1,139 million, or $1.83 per diluted share, and $3,472 million, or $5.54 per diluted share, respectively.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

Company's adjusted net incomeytd

$1,085 million

For the three and nine months ended September 30, 2024, the Company's adjusted net income was $1,085 million, or $1.72 per diluted share, and $3,360 million, or $5.28 per diluted share, respectively.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

AI analysis

Q3 2025 · reported Oct 31, 2025

Based on: Earnings release (6-K exhibit) + parent 6-K — transcript not held

Revenue · Q3 2025
C$4,165M
EX-99 · Oct 31, 2025
EPS · Q3 2025
C$1.83
EX-99 · Oct 31, 2025
Net income · Q3 2025
C$1,139M
EX-99 · Oct 31, 2025
Operating income · Q3 2025
C$1,606M
EX-99 · Oct 31, 2025

Headline figures

MetricQ3 2025Prior qtrYear ago
RevenueC$4,165 million——
Operating incomeC$1,606 millionC$1,638 million—
Net incomeC$1,139 million$1,172 million—
EPSC$1.83C$1.87—

EX-99 · Oct 31, 2025

Guidance · company-stated

Direction: Reiterated

EPS

“(2) Tracy Robinson, President and Chief Executive Officer, CN Highlights ** Maintaining guidance for 2025 of mid-to-high single digit adjusted diluted earnings per share (EPS) growth .”

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Cash flow & capex

Free cash flowC$2,341M

Capital allocation

CapexC$2.8B
DividendC$0.8875

Repurchased close to 8 million shares in the quarter for approximately C$1 billion.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

CN Q3 2025 EARNINGS NEWS RELEASE Document PRESS RELEASE CN Delivers Strong Third Q uarter Financial and Operating Results Delivered 6% Earnings Growth and Operating Ratio of 61.4%, an improvement of 170 basis points

Based on: Earnings release (6-K exhibit) + parent 6-K — transcript not held

Guidance & outlook

Direction: Reiterated

EPS: “(2) Tracy Robinson, President and Chief Executive Officer, CN Highlights ** Maintaining guidance for 2025 of mid-to-high single digit adjusted diluted earnings per share (EPS) growth .”

EPS — Reiterated (“Maintaining”)
“(2) Tracy Robinson, President and Chief Executive Officer, CN Highlights ** Maintaining guidance for 2025 of mid-to-high single digit adjusted diluted earnings per share (EPS) growth .”

Classified from the release's primary full-year outlook statement.

Capital allocation

Repurchased close to 8 million shares in the quarter for approximately C$1 billion.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

Guiding to 2026 capital expenditures of C$2.8 billion*.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

Adjusted debt-to-adjusted EBITDA of 2.54 times as at and for the twelve months ended September 30, 2025.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

(1) The Company repurchased close to 8 million shares in the third quarter for approximately C$1 billion.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

CN 2025 Quarterly Review Third Quarter 1 PRESS RELEASE Dividends CN's Board of Directors has approved a fourth-quarter 2025 dividend on the Company s common shares outstanding.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

A quarterly dividend of eighty-eight and three-quarter cents (C$0.8875) per common share will be paid on December 30, 2025, to shareholders of record at the close of business on December 9, 2025.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

Strategy & priorities

Our seasoned team of railroaders continues to run a safe, on time, and efficient operation focused on service, and capturing every freight movement opportunity across our unique network and diversified portfolio.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

These measures are used by the CODM to assess segment profitability, allocate resources across CN's network, benchmark performance against targets and industry standards, analyze trends for strategic planning and forecasting and communicating results to stakeholders.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

CN has sustainability-related commitments and climate goals, and continues to assess the impact on its operations of related initiatives, plans and proposals that CN and other stakeholders (including government, regulatory and other bodies) are pursuing in relation to climate change and carbon emissions.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

During the third quarter of 2025, fewer network disruptions including the impact of the TCRC-related labor uncertainty and work stoppage in the third quarter of 2024 and the Company's continued focus on its scheduled operating plan drove improvements across all key operating metrics.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

Risks & headwinds

By their nature, forward-looking statements involve risks, uncertainties and assumptions.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

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.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

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.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

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.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

The achievement of CN s climate goals is subject to several risks and uncertainties, including those disclosed in the section entitled Business risks Reputation of the Company's 2024 Annual MD A.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

The forward-looking statements discussed in this 2025 Business outlook and assumptions section are subject to risks and uncertainties that could cause actual results or performance to differ materially from those expressed or implied in such statements and are based on certain factors and assumptions which the Company considers reasonable, about events, developments, prospects and opportunities that may not materialize or that may be offset entirely or partially by other events and developments.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

What changed vs prior quarter

Revenue — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

Operating income — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

EPS — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Canadian National Railway — Earnings release (6-K exhibit)EX-99Oct 31, 2025

Documents

Earnings deck slides

2 decks with slide view

Canadian National Railway — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Canadian National Railway — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Canadian National Railway — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Canadian National Railway — Presentation / slide deck (8-K exhibit) — Slide view unavailable — the original PDF could not be retrieved for segmentation (file exceeds size cap).

Slide history — recurring slides by stated title

Slides are matched across this company’s decks by their stated title only; a title listed here appeared in more than one held deck.

1 – Summary of significant accounting policies — Mar 21, 2024 · slide 107 · Mar 26, 2025 · slide 107

935 de La Gauchetière Street West — Mar 21, 2024 · slide 152 · Mar 26, 2025 · slide 152

Additional copies of this — Mar 21, 2024 · slide 151 · Mar 26, 2025 · slide 151

BOARD OF — Mar 21, 2024 · slide 27 · Mar 26, 2025 · slide 27

Business risks — Mar 21, 2024 · slide 89 · Mar 26, 2025 · slide 89

Certain statements included in this annual report constitute “forward‑looking statements” within the meaning of the United States Private Securities — Mar 21, 2024 · slide 2 · Mar 26, 2025 · slide 2

CONSOLIDATED BALANCE SHEETS — Mar 21, 2024 · slide 104 · Mar 26, 2025 · slide 104

CONSOLIDATED STATEMENTS OF CASH FLOWS — Mar 21, 2024 · slide 106 · Mar 26, 2025 · slide 106

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY — Mar 21, 2024 · slide 105 · Mar 26, 2025 · slide 105

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME — Mar 21, 2024 · slide 103 · Mar 26, 2025 · slide 103

Contents — Mar 21, 2024 · slide 32 · Mar 26, 2025 · slide 32

Controls and procedures — Mar 21, 2024 · slide 97 · Mar 26, 2025 · slide 97

Critical accounting estimates — Mar 21, 2024 · slide 82 · Mar 26, 2025 · slide 82

Financial highlights — Mar 21, 2024 · slide 44 · Mar 26, 2025 · slide 46

Financial position — Mar 21, 2024 · slide 67 · Mar 26, 2025 · slide 69

Forward-looking statements — Mar 21, 2024 · slide 33 · Mar 26, 2025 · slide 33

GOVERNANCE — Mar 21, 2024 · slide 28 · Mar 26, 2025 · slide 28

GROW OUR — Mar 21, 2024 · slide 17 · Mar 26, 2025 · slide 15

Human capital management — Mar 21, 2024 · slide 40 · Mar 26, 2025 · slide 42

Introduction — Mar 21, 2024 · slide 34 · Mar 26, 2025 · slide 34

LETTER FROM — Mar 21, 2024 · slide 6 · Mar 26, 2025 · slide 6

Liquidity and capital resources — Mar 21, 2024 · slide 68 · Mar 26, 2025 · slide 70

MANAGEMENT'S DISCUSSION AND ANALYSIS — Mar 21, 2024 · slide 36 · Mar 26, 2025 · slide 36

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING — Mar 21, 2024 · slide 98 · Mar 26, 2025 · slide 98

Non-GAAP measures — Mar 21, 2024 · slide 45 · Mar 26, 2025 · slide 48

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — Mar 21, 2024 · slide 108 · Mar 26, 2025 · slide 108

Off balance sheet arrangements — Mar 21, 2024 · slide 78 · Mar 26, 2025 · slide 78

Operating expenses — Mar 21, 2024 · slide 56 · Mar 26, 2025 · slide 58

Other income and expenses — Mar 21, 2024 · slide 58 · Mar 26, 2025 · slide 60

Recent accounting pronouncements — Mar 21, 2024 · slide 81 · Mar 26, 2025 · slide 81

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM — Mar 21, 2024 · slide 99 · Mar 26, 2025 · slide 99

Revenues — Mar 21, 2024 · slide 50 · Mar 26, 2025 · slide 52

SELECTED RAILROAD STATISTICS - UNAUDITED — Mar 21, 2024 · slide 31 · Mar 26, 2025 · slide 31

SHAREHOLDER AND — Mar 21, 2024 · slide 30 · Mar 26, 2025 · slide 30

Summary of quarterly financial data — Mar 21, 2024 · slide 66 · Mar 26, 2025 · slide 68

SUSTAIN AND BUILD — Mar 21, 2024 · slide 12 · Mar 26, 2025 · slide 10

TABLE OF — Mar 21, 2024 · slide 3 · Mar 26, 2025 · slide 3

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

RELX (RELX) IndustrialsThomson Reuters (TRI) IndustrialsFedEx (FDX) IndustrialsVertiv (VRT) IndustrialsAerCap Holdings (AER) IndustrialsCanadian Pacific Kansas City (CP) IndustrialsGeneral Dynamics (GD) IndustrialsA. O. Smith (AOS) Industrials

Filings

91 documents

Earnings releases

53 documents

Presentations

6 documents

Transcripts

0 documents

No transcripts for Canadian National Railway are held in this edition of the library.

Mentioned by

2 companies

Other tracked companies whose held documents mention Canadian National Railway by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.