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Canadian National Railway Company (CNR) investor relations material
Canadian National Railway Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Achieved 6% EPS growth and a 170 bps improvement in operating ratio to 61.4% in Q3 2025, driven by disciplined cost control, productivity gains, and targeted capital reductions despite macro and tariff headwinds.
Revenues rose 1% to $4.2 billion, with net income up 5% to $1,139 million and diluted EPS up 6% to $1.83 compared to Q3 2024.
Free cash flow for the first nine months increased 14% to $2,341 million, supporting accelerated share buybacks and a higher dividend.
Management implemented $75 million in labor cost reductions, streamlined leadership, and focused on capital efficiency.
Major capacity projects completed, including network expansions and locomotive modernization, enhancing operational fluidity.
Financial highlights
Q3 2025 revenues increased by 1% to $4.2B, with a 1% rise in RTMs and 5% higher carloads year-over-year.
Diluted EPS grew 6% to $1.83; operating income rose 6% to $1.6B; operating ratio improved to 61.4% from 63.1%.
Free cash flow exceeded $2.3 billion through September, up 14% year-over-year.
Share repurchases in Q3 totaled nearly 8 million shares for just over $1 billion.
Fuel expense decreased 20% year-over-year, aided by lower prices and improved efficiency.
Outlook and guidance
Reaffirmed full-year guidance for mid to high single-digit adjusted diluted EPS growth versus 2024.
2025 CapEx expected at $3.35 billion; 2026 CapEx set at $2.8 billion, down nearly $600 million, to improve free cash flow.
Anticipate continued weak volume growth in 2026, with macro headwinds from tariffs and soft industrial production.
Assumes slightly positive North American industrial production growth and above-average Canadian and U.S. grain crops for 2025/2026.
Full-year 2026 guidance to be provided with Q4 results.
Impact of 2026 capex reduction on growth?
CN's strategy for heightened demand risk?
Implications of vacated reciprocal switching rule?
How CapEx cut impacts future capacity?
M&A: How will CN protect its franchise?
2026 volume growth drivers beyond macro?
How does lower CapEx affect future growth agility?
CN's M&A stance if industry consolidation occurs?
Commercial strategy to drive 2026 volume growth?
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Next Canadian National Railway Company earnings date
Q4 202520 Jan, 2026
Next Canadian National Railway Company earnings date
Q4 202520 Jan, 2026
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Frequently asked questions
Canada’s National Rail Network
Canadian National Railway Company (CN) is a Canadian transportation and logistics company operating across North America. Founded in 1919, it has grown into a corporation that plays a vital role in the transportation industry. CN's network spans approximately 20,000 route miles, covering Canada and parts of the United States, The company has a diversified portfolio of transport services, including rail, intermodal, trucking, freight forwarding, warehousing, and distribution. CN is headquartered in Montreal, Quebec, and has a dual listing on both the NYSE and the TSX.
Nationalized to Privatized
Canadian National was created by the Canadian government in 1918, nationalizing and merging several failing and bankrupt railways in the country. The early years were challenging due to the amalgamated nature of the railways, differing track gauges, and financial difficulties stemming from the previous companies. Between the 1930s to the 1950s, the company modernized and expanded, becoming a crucial part of the nation's transportation infrastructure.
In 1995, the government privatized CN through one of the largest initial public offerings in Canadian history. This naturally marked a significant shift for the company, moving it from a state-owned entity to a private, profit-driven company. Post-privatization, CN expanded its operations into the United States, acquiring several American railroads. Today, CN is a leader in the rail transport industry, known for its extensive network connecting Canada and the United States.
The Rail Network
CN operates a comprehensive rail network in North America, primarily focusing on freight transportation. Its railway system spans across Canada and extends into the United States, making it one of the largest rail networks on the continent. CN's rail operations are critical in connecting different regions, facilitating the movement of a wide range of goods including agricultural products, raw materials, finished goods, and consumer products. Other important companies in the sector include Norfolk Southern, Union Pacific, and CSX Corporation.
Intermodal Transportation and More
Apart from its core railway operations, CN has diversified into several other divisions, including intermodal transportation, which integrates different transportation modes like rail and trucks. CN's intermodal services play a crucial role in streamlining supply chains and offering flexible logistics solutions. Additionally, the company has a division dedicated to automotive transport, specializing in the distribution of vehicles. CN also operates in the logistics sector, providing comprehensive supply chain management solutions that complement its rail and intermodal services. These divisions, while ancillary to CN's primary rail operations, significantly contribute to its overall business model, offering integrated transportation and logistics solutions to a wide range of industries.
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