$128.35
+1.62%Research · Oct 31, 2026
CN (CNI) Q3 2026 Earnings: Labor Costs Outpace Rail Volume Growth
CN's Q3 2026 adjusted EPS rose 18% on 4% volume growth and a C$0.14 fuel lift, but labor costs rose 6.9% and non-fuel costs outpaced volume.
Research · Oct 19, 2026
[CNI] CN: Q3 2026 earnings preview on the fuel surcharge lag and grain volumes
CN grew Q2 2026 revenue 11% to C$4.75 billion with adjusted EPS of C$2.08; Q3 tests whether the fuel surcharge lag becomes the roughly C$0.15 EPS tailwind management flagged.
Research · Sep 3, 2026
[CNI] CN Rail Thesis 2026: Operating Ratio Discipline Holds Through Flat Revenue Year
Canadian National Railway FY25 (Dec 31, 2025; CAD) at C$17.29B revenue (+1%). NI C$4.72B; EPS C$7.56 (+8%). Op margin 38.1% (+140bp). FCF C$3.39B. Capex C$3.66B. Capital return ~C$4.3B (C$2.21B div + C$2.12B buyback). Steady execution year; no major strategic shifts.